AscendEX vs Binance | We Compared Their Products & Fees
Jack Moreau
Apr 2024
10 min read
Fact checked
Are you torn between choosing Ascendex vs Binance as your main exchange? Our team has conducted a thorough comparison of both exchanges, analyzing their features, trading fees, and user experience. By the end of this comparison, you will have a clear idea of which exchange is the perfect fit for you!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
AscendEX, formerly known as BitMax, is a Singapore-based cryptocurrency exchange that offers a wide range of trading pairs.
AscendEX exchange
This includes fiat-to-crypto and crypto-to-crypto pairs, as well as spot, margin, and futures trading with leverage of up to 100x.
The exchange has a user-friendly interface and provides advanced trading tools such as charting, order books, and market data. With over 1 million retail users and available in over 200 countries, AscendEX has quickly gained popularity among traders worldwide.
Binance is one of the largest and most popular trading platforms in the world, offering a comprehensive suite of services, including spot trading, futures trading, perps and marging, staking and much more.
Binance interface
The exchange supports over 350 cryptocurrencies and numerous trading pairs, catering to millions of users worldwide.
Binance has over 150 million users worldwide and is available in 186 countries, making it one of the most accessible exchanges on the market.
The platform provides various products, such as their own native blockchain (Binance Smart Chain) and Binance Launchpad, a token launch platform to incubate new projects.
Binance's Android app has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Binance app
Ascendex vs Binance Signup & KYC
When it comes to KYC verification, Binance is known for its strict requirements. All users must verify their identity through a Know Your Customer (KYC) process before they can trade on the platform.
Binance KYC
However, creating a Binance account is incredibly fast and easy, taking only a 30 seconds. Once you have an account, submitting all the necessary documents and information for verification usually takes only 5-10 minutes.
Generally, the verification process on Binance can take as short as 15 minutes and up to 2-3 business days in the worst case.
AscendEX's KYC requirements are not mandatory if you only want to deposit cryptocurrencies and use their spot exchange.
However, if you want to deposit fiat currencies or access higher withdrawal limits, you will need to complete the full KYC verification process.
AscendEX KYC process
The signup process on AscendEX is simple and can be completed in a minute. Once you have an account, you can either deposit crypto and begin trading or complete the full KYC to buy crypto with a card or deposit fiat currencies.
The KYC verification process can be completed within a few hours, but for some people, it can take 1 or 2 business days.
Ascendex vs Binance Products & Services
Binance holds the title for being the world's largest cryptocurrency exchange with a user base surpassing 150 million. The exchange offers a comprehensive suite of services tailored to beginners, seasoned traders, and institutional clients. The platform's user interface is designed to ensure ease of navigation on both its website and mobile applications.
At the core of Binance's offerings lies its spot trading platform that supports the buying and selling of over 350 cryptocurrencies, including major names like BTC, ETH, SOL, and more. This platform is further enhanced by offering margin trading with leverage options ranging from 3-10X, depending on the specific cryptocurrency.
Binance Spot Trading
A notable aspect of Binance is its accommodation of beginners through the provision of thousands of active trading bot strategies. These include a variety of approaches such as spot trading, Dollar Cost Averaging (DCA), auto-investing, and rebalancing, making it a versatile tool for new entrants in the market.
Binance Trading Bots
For the more advanced trader, Binance extends its offerings to sophisticated futures trading products including perpetual contracts and options, with leverage reaching up to 125X.
The platform includes hundreds of USD-Margined futures contracts, designed for traders looking to counter the inherent volatility of cryptocurrencies with stablecoin settlements like USDT or BUSD.
Binance Futures Contracts
Additionally, Binance offers hundreds of coin-margined futures contracts in both perpetual and delivery forms, settled directly in cryptocurrencies.
Options trading on Binance is another highlight that provides opportunities for portfolio hedging. This segment covers five underlying assets including BTC, ETH, BNB, XRP, and DOGE, totaling over 700 options contracts.
Binance Options Trading
Binance's trading platform is rich in features with advanced charting tools for technical analysis and various order types for risk management. With the highest liquidity in both spot and futures trading evidenced by over $60 billion in 24-hour trading volume, Binance ensures trades with minimal spreads.
Binance Markets & Volumes
Beyond trading, Binance delves into earning opportunities with digital assets through its Binance Earn platform. This comprehensive hub allows users to engage in staking, savings, and liquidity farming, offering interest on various assets like BTC, USDT and others with flexible or fixed durations.
Binance Earn
The Binance Launchpad caters to those seeking riskier investment ventures by providing early access to new tokens and projects. For NFT enthusiasts, Binance meets the demand with a dedicated section for buying and selling NFTs on popular blockchains like Bitcoin, Ethereum, and BNB.
Binance NFTs
Additionally, Binance addresses the needs of large-scale traders through its OTC Trading service, facilitating substantial, private transactions without market impact.
Binance OTC
The platform's technological innovation is further showcased through the Binance Smart Chain, a blockchain designed for DeFi application development and non-custodial wallet interactions. Binance also offers non-custodial user experience with the multifaceted Trust Wallet, popular among millions for accessing DeFi Dapps.
Binance Web 3 Wallet
Recognizing the critical importance of security in the digital asset space, Binance provides a Secure Asset Fund for Users (SAFU) and implements proof of reserves, ensuring clients can verify the integrity and safety of their assets.
Binance Proof of Reserves
In essence, Binance stands as a multifaceted, user-friendly platform that offers a broad spectrum of services and features that target beginners and professionals alike.
Moving on to AscendEX. This exchange also offers a range of products and services, including spot trading for over 280 cryptocurrencies, margin trading with up to 25X leverage, futures trading with up to 100X leverage, and long and short leveraged tokens with up to 5 leverage.
AscendEX margin trading
They also offer the ability for users to earn interest on their assets via earn programs and staking. With a respectable $250 million daily spot trading volume, AscendEX delivers solid liquidity for buying and selling without too high spreads.
AscendEX earn product
The user experience on AscendEX might not be perfect, but it provides a decent trading experience overall. There is a lot of things on most pages which makes the experience a bit overwhelming.
Let's take a closer look at the fee structures of AscendEX and Binance and find out which one is the clear winner.
Ascendex charges a spot maker fee ranging from 0.1% to 0.2% depending on the coin you're trading. Large cap coins like Bitcoin and Ethereum have a 0.1% trading fee while the majority of altcoins have a 0.2% spot trading fee.
AscendEX spot fees
If you're interested in futures trading, Ascendex offers makers a fee as low as 0.02% with even lower fees for high-volume traders. The taker fee for futures trading is 0.06%.
When it comes to the trading fees on Binance, the exchange offers a spot maker fee of 0.10% and a taker fee of 0.10%.
For futures trading, the maker fee is 0.02% while the taker fee is 0.04%. Binance also charges a margin fee for borrowing funds, which varies depending on the asset and duration of the loan.
Binance spot fees
While Binance and Ascendex have comparable spot trading fees fees for large cap coins, Binance is cheaper overall as they don't have different fee tiers for different coins. And while the maker fee for futures is equally low for both exchanges, Binance charges a lower taker fee.
Both exchanges offer a variety of deposit methods for traders to fund their accounts, but they differ in terms of supported fiat currencies and deposit fees.
Binance supports as many as 26 fiat currencies such as EUR, AUD, GBP. Binance offers several deposit methods for fiat currencies including bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). It is also possible to deposit fiat with Visa, Mastercard, PayID, and Advacash.
Fiat deposits on Binance
The deposit fees vary depending on the method you choose. If you deposit with Visa or Mastercard, you will incur a 1.8% fee, while bank transfers via SEPA come with a 1 EUR fee. For those who have an Advacash account, they can deposit with a 1.5% fee.
AscendEX on the other hand supports over 40 fiat currencies such as AED, BRL, MXN, and PHP. Fiat deposits are only supported via wire transfers with support for only USD. Wire deposits on AscendEX are free of charge.
Let's take a look at their withdrawal methods and fees offered by AscnedEX and Binance in detail. Starting with Binance, this exchange offers multiple methods for fiat currency withdrawals.
USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP). Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard.
Binance fiat withdrawals
Additionally, there is a 1 EUR withdrawal fee with SEPA and free bank withdrawals with many other fiat currencies. When it comes to cryptocurrency withdrawals, withdrawing Bitcoin comes with a 0.0002 BTC fee and withdrawing ETH comes with a 0.000768 ETH fee.
AscendEX offers fiat withdrawals only via wire transfers for US dollars which are usually processed within 3-5 days. AscendEX charges steep fees of $35 for wire transfers to US banks and $75 for international banks.
In terms of cryptocurrency withdrawals, withdrawing Bitcoin comes with a 0.0005 BTC fee and withdrawing ETH comes with a high 0.005 ETH fee.
In conclusion, AscendEX and Binance are two popular cryptocurrency exchanges with Binance having a much larger userbase of over 100 million.
When it comes to KYC verification and signup processes, Binance has strict KYC requirements that all users must abide by while AscendEX has a simpler KYC process that is not required for all users before trading.
Both exchanges offer a range of trading and finance products with Binance overall offering more products.
When it comes to fees, Binance offers a spot maker fee and taker fee of 0.10% while AscendEX only matches that fee structure for large cap coins such as Bitcoin. All other altcoins come with twice as high spot fees of 0.2% as compared to Binance.
Regarding fiat deposit methods, Binance supports more fiat currencies and offers more deposit methods.
AscendEX supports fewer fiat currencies but allows free wire deposits. Both exchanges offer several methods for fiat currency withdrawals, but Binance offers more flexibility in terms of fiat withdrawal options and charges lower withdrawal fees for cryptocurrency withdrawals
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
