Bitpanda vs Binance | Bitpanda Is Good But Binance Is Great
Jack Moreau
Apr 2024
9 min read
Fact checked
Are you trying to decide between Bitpanda vs Binance? Our team has conducted extensive research on both exchanges to determine which one comes out on top. We've compared their signup and KYC processes, number of available countries, their trading fees, product range and user experience. Keep reading to find out which exchange best serves your needs!
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.
Bitpanda and Binance are both well known players in the cryptocurrency exchange industry. While Bitpanda was founded in 2014 by Eric Demuth and Paul Klanschek, Binance was founded in 2017 by Changpeng Zhao.
Bitpanda is registered and headquartered in Vienna while Binance is registered in the Cayman Islands. Bitpanda has over 600 employees while Binance has ten times that.
Bitpanda is available in all European countries as well as Switzerland, the UK, Turkey, and the UAE.
Bitpanda specializes in buying and selling cryptocurrencies, stocks, ETFs, commodities like gold and silver, and fractional share trading. It has a wide selection of stocks and ETFs and provides access to its trading platform through its exchange available via browser and mobile app.
Binance is one of the largest and most popular trading platforms offering a comprehensive suite of services which includes spot trading, futures trading, staking, and different defi products such as Trust Wallet and Binance Smart Chain.
Binance supports over 350 cryptocurrencies and numerous trading pairs with world class liquidity to match. Both Bitpanda and Binance have mobile apps available on both Android and IOS.
The Binance Android app has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Bitpanda vs Binance Signup & KYC
When it comes to signup and KYC verification processes, Bitpanda and Binance actually don't differ too much from each other.
Bitpanda takes a thorough approach to KYC verification requiring users to answer a few questions about their funds and complete document uploads before gaining full access to their account.
The process can be completed in a few minutes and to get verified can take as little as 20 minutes or as much as 2 days depending on volumes.
Similarly to Bitpanda, Binance also requires all users to verify their identity through a KYC process before they can start trading.
Submitting all the necessary documents for verification typically takes only 5-10 minutes, but the verification process can take up to 2-3 business days to complete.
Bitpanda vs Binance Products & Services
Bitpanda and Binance are both two exchanges that offer a wide but albeit differing range of products and services for their users.
Bitpanda is mainly available only to European users to whom it provides access to over 100 cryptocurrencies, stocks, ETFs, crypto indices, precious metals, and commodities. The exchange also offers staking rewards for over 20 cryptos like ADA, SOL, DOT, and ATOM.
Additionally, Bitpanda has institutional custody services and a Bitpanda card that allows users to spend their crypto. The company has done an excellent job of creating a modern, beginner-friendly platform with a simple yet sleek interface.
Binance has the title of the world's largest exchange with a user base that has grown beyond an incredible 150 million. The exchange caters to a wide array of users from beginners to seasoned traders and institutional clients.
The platform's user interface is a testament to its user-centric approach where both the website and mobile applications of Binance are designed to be beginner-friendly.
At the core of Binance's diverse offerings is its spot trading platform. This platform allows for the buying and selling of an extensive range of over 350 cryptocurrencies, including coins and tokens like BTC, ETH, SOL, ATOM, ADA, BUSD and USDT, among others.
For traders interested in leveraging their trades, Binance steps up with an offering of up to 10X leverage, varying across different cryptocurrencies. Moreover, Binance caters to the modern trader with its integration of trading bots.
Offering thousands of active strategies, these bots cover a wide range of trading styles, including spot, DCA, auto-invest, and rebalancing, making it a helpful tool for beginners and experienced traders alike.
Binance of course also offers more advanced trading options with products like perpetual contracts and options, offers leverage up to an astounding 125X.
This is complemented by a substantial offering of USD-Margined futures contracts tailored for those looking to mitigate the inherent volatility of crypto with settlements in stablecoins like USDT or BUSD. Additionally, Binance provides an array of coin-margined futures contracts settled directly in cryptocurrencies as well.
Options trading on Binance is another notable feature allowing traders to hedge their portfolios. The platform offers options on five underlying assets, including BTC, ETH, BNB, XRP, and DOGE, with a total of over 700 contracts.
Binance also satisfy the needs of professional traders by integrating advanced charting tools for technical analysis and various order types for risk management. This sophisticated trading environment is complemented by the platform's high liquidity, marked by over $60 billion in 24-hour trading volume.
Beyond trading, Binance ventures into the realm of financial products by offering opportunities to earn interest on digital assets. The Binance Earn platform emerges as a comprehensive hub for savings, staking, and liquidity farming, accommodating a variety of assets with flexible or fixed durations.
For those with a penchant for high-risk investments, Binance's Launchpad provides early access to new tokens and projects, tapping into the potential of emerging crypto ventures.
NFT enthusiasts are not left behind either with Binance hosting a dedicated NFT section for the buying and selling of digital collectibles on popular blockchains like Bitcoin, Ethereum, and BNB. In addition, its OTC Trading service caters to large-scale, private transactions for individuals and institutions, ensuring market stability.
Binance has also launched its own blockchain (BSC) where users of the non-custodial Trust Wallet (Owned by Binance) can access DeFi applications in a private and decentralised manner.
Security is paramount at Binance, illustrated by its Secure Asset Fund for Users (SAFU) and the implementation of proof of reserves, ensuring clients can verify the integrity and availability of their assets with ease.
Let's take a closer look at what each exchange has to offer when it comes to trading fees. Starting with Binance's trading fees, users can expect to pay a spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, the maker fee is 0.02% and the taker fee is 0.04%.
Users on Binance can reduce their trading fees on by achieving a monthly trade volume of at least $1 million or holding at least 25 BNB tokens. Binance overall offers some of the most competitive trading fees on the market.
Moving on to Bitpanda, the maker fee on their Pro platform is 0.15% and can be lowered for high-volume traders. Meanwhile, the maximum taker fee is 0.25%. Bitpanda only offers spot trading and similar to Binance, they also does offer reduced fees for high-volume traders with users able to lower their spot trade fees by achieving a monthly trade volume of at least 100,000 Euros.
While Binance offers lower spot trading fees, Bitpanda is actually not that far off which is impressive for an exchange slash broker.
While both Bitpanda and Binance offer a host of features, one additional factor to consider is the deposit methods that each exchange supports.
Beginning with Binance, they support 26 fiat currencies including EUR, AUD, GBP and PLN. Users also have a variety of deposit methods to choose from. This includes bank transfers via Swift, Signet, SEPA, and Faster Payments. Users can also deposit fiat using Visa, Mastercard, PayID, and Advacash.
Deposits made with Visa and Mastercard come with a 1.8% fee while SEPA bank transfers have a 1 EUR fee. If you have an Advcash account, deposits can be made with 1.5% fee. While not always the cheapest option, Binance offers a diverse range of deposit methods that should suit most users.
Bitpanda supports deposits for a wide range of European fiat currencies such as EUR, GBP, CHF and otheres. Deposit methods include bank transfers (SEPA), credit/debit card deposits and e-wallets like Neteller and Skrill.
Of course, fees also vary depending on the method used. Deposits made via SEPA are free of charge while deposits made with Visa and Mastercard incur a 1.8% fee. Meanwhile, e-wallet deposits come with a fee of 3.6% or 0.9 EUR + 3.6% and 1 EUR for Neteller and Skrill. In summary, both Bitpanda and Binance do a great job offering fiat deposits methods for multiple fiat currencies with low cost options.
For those wondering about withdrawal options on Bitpanda or Binance, let's review the different methods offered by each exchange.
Starting with Binance, they offer multiple ways for users to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA and GBP via Faster Payments (FSP).
Take note that Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. This is quite a bit higher than the 1 EUR withdrawal fee with SEPA.
In terms of cryptocurrency withdrawals, Binance charges a 0.0002 BTC fee when sending Bitcoin, a low 0.000768 ETH fee when withdrawing Ethereum and and decent 0.008 SOL fee for Solana.
Moving on to Bitpanda, users can withdraw cryptocurrencies and digital assets from their Bitpanda wallet. Users can withdraw fiat money via bank transfer (SEPA) for European fiat currencies such as EUR, GBP and CHF. Tthe minimum withdrawal amount is EUR 25 and comes free of charge.
In terms of cryptocurrency withdrawals, Bitpanda charges low fees for most cryptocurrencies. For Bitcoin, Ethereum and Solana the withdrawal fees are 0.00006 BTC fee for Bitcoin, 0.0011 ETH for Ethereum withdrawals and 0.0001 SOL fee for Solana.
In summary, Bitpanda and Binance are two important players in the cryptocurrency exchange industry with their unique strengths.
Bitpanda primarily services European countries and specializes in buying and selling cryptocurrencies, stocks, ETFs, commodities, and fractional share trading.
This is a product range that include more traditional financial products not found in most cryptocurrency exchanges.
Binance has a global userbase and offers a comprehensive suite of crypto specific products such as spot trading, futures trading, staking, and decentralized finance solutions.
Binance supports over 350 cryptocurrencies and numerous trading pairs, while Bitpanda provides access to over 100 cryptocurrencies.
Binance daily trading volume is nearly impossible to beat frequently exceeding $50 billion while Bitpanda Pro exchange has a much lower spot trading volume of $10 million.
In terms of trading fees, both Bitpanda and Binance offer competitive trading fees. Binance does however Bitpanda with their low 0.1% spot fees.
In terms of fiat deposits and withdrawals, both exchanges have done a great job offering a wide selection of fiat currencies and multiple deposit options with low and high fees.
Binance offers support for an impressive 26 fiat currencies while Bitpanda offers support for mainly European currencies such as EUR, GBP, CHF and others.
Ultimately, the choice between Bitpanda and Binance comes down to personal preference and needs. Bitpanda provides access to a more limited selection of cryptocurrencies and crypto products but a larger selection of traditional investment vehicles.
Binance offers a more extensive range of trading services which caters to beginners, professional traders and institutions around the world.
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.