Bitrue vs Binance | Learn Why Binance Is More Versatile
Jack Moreau
Apr 2024
9 min read
Fact checked
Are you trying to decide between Bitrue vs Binance? Our thorough comparison will help you make an informed decision. We evaluate factors such as ease of sign-up, Know Your Customer (KYC) requirements, country availability, trading fees, product offerings and overall user experience!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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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.
When it comes to cryptocurrency exchanges, Bitrue is a less known exchange while Binance is the biggest and most well known exchange in the world.
However, there are some key differences between these two exchanges that potential users should be aware of before signing up.
Firstly, Binance is a larger and more established platform having been founded in 2017 by Changpeng Zhao. The exchange is registered in the Cayman Islands and has over 6400 employees, making it one of the largest exchanges in the world.
Binance exchange
In contrast, Bitrue was founded in 2018 by Curis Wang and is headquartered in Singapore. While Bitrue has over 100 employees and more than 4 million registered users, it is still a relatively new player in the market.
One advantage that Bitrue has over Binance is the sheer number of cryptocurrencies it supports. Binance offers over 350 cryptocurrencies for users to buy and sell while Bitrue supports more than 700 cryptocurrencies.
Binance app
Another noteworthy difference between these exchanges is the range of services they offer. Binance has a comprehensive suite of products, including spot trading, futures trading, staking, earn products, NFTs, Visa card and more.
Bitrue on the other hand while not matching Binance offering still provides it's users with products such as spot and futures trading, ETFs, earn and staking and a launchpad for new token launches.
Bitrue App
Binance is known for its user-friendly interface and somewhat easy-to-navigate platform on both both browser and mobile where it has over 50 million downloads. Bitrue's interface is also relatively simple to use with and it's Android app has over 5 million downloads.
Bitrue vs Binance Signup & KYC
When looking to get started with cryptocurrency trading, it's important to know whether KYC is obligatory or not.
Bitrue is a good choice for those that care more about privacy as KYC is not required for depositing and trading cryptocurrencies.
This means that users can signup and then immediately after deposit cryptocurrencies and begin trading. However, if you want to buy crypto or deposit fiat currencies on the platform, you'll need to go through KYC verification.
Bitrue signup
Binance differs from Bitrue in that it requires all of it's users to complete KYC verification before they can begin trading.
To signup on Binance is quick as only an email and password is required. Once the account has been created, submitting all of the required documents and information for verification such as a government ID takes a few more minutes.
Binance KYC
The KYC verification process on Binance will normally be approved within 10-20 minutes but can take up to two or three business days in some cases. For users who prefer to trade without KYC, our recommended exchanges include Phemex and OKX.
Bitrue vs Binance Products & Services
Bitrue is a cryptocurrency platform that offers a modern, clean and easy to navigate user interface. The signup process is quick and users can deposit and trade cryptocurrencies right away.
They offer a wide range of products and services for new and more experienced traders. Bitrue offers spot trading and futures trading with USDT and USDC as underlying collateral.
Bitrue product range
The platform also provides leveraged ETFs, which are financial products that let's users gain exposure to the price movements of cryptocurrencies with a smaller investment.
In addition to this, Bitrue offers copy trading allowing users to follow and automatically replicate the trades of successful traders.
Bitrue staking
Moreover, Bitrue includes lending and borrowing services where users can earn interest on their digital assets or access loans using their cryptocurrencies.
They also offer staking that let's users earn staking rewards when locking up their coins. The average daily spot trading volume on Bitrue is over $1 billion, and the max leverage of up to 50X on USDT perpetual futures.
As the world's preeminent cryptocurrency exchange, Binance has grown an impressive user base of over 150 million. The platform's breadth and depth of offerings cater to a diverse array of users from novices to seasoned traders and institutional clients.
What sets Binance apart is its commitment to user-friendliness with both its website and mobile applications are designed with intuitive navigation.
Central to Binance's crypto offering is its spot trading platform which supports the buying and selling of 350 cryptocurrencies including mainstream coins like BTC, ETH, SOL, ATOM, DOT, ARB, USDC and others.
Binance Spot Trading
The platform doesn't just cater to conventional trading but also offers margin trading with leverage ranging from 3-10X, depending on the cryptocurrency.
Binance has also developed a suite of trading tools for beginners, offering thousands of active strategies through trading bots for various styles like spot, DCA, auto-invest, and rebalancing.
Binance Trading Bots
For traders with a more sophisticated palette, Binance's futures trading products have it all. These include perpetual contracts and options with leverage going up to 125X.
Binance Crypto Futures
The platform offers hundreds of USD-Margined futures contracts, ideal for those seeking to temper the volatility of cryptocurrencies with stablecoin settlements in USDT or BUSD. Additionally, it provides an extensive range of coin-margined futures contracts, settled directly in cryptocurrencies.
Options trading on Binance allows traders to hedge their portfolios effectively, with over 700 contracts across five underlying assets, including BTC, ETH, BNB, XRP, and DOGE.
Binance Options Trading
Binance's trading platform is also feature-rich with advanced charting tools for in-depth technical analysis and various order types to aid in effective risk management.
Another standout feature of Binance is its unparalleled liquidity. With over $60 billion in 24-hour trading volume, it offers the lowest possible spreads, maximizing cost efficiency for its users.
Binance Crypto Markets
Beyond trading, Binance ventures into the realm of passive income with its Binance Earn platform. This comprehensive hub for savings and staking lets users participate in activities like staking, savings, and liquidity farming. This lets users earn interest on a range of assets from BTC and ETH to USDT and USDC, with both flexible and fixed durations.
Binance Earn
The Binance Launchpad is a gateway for those interested in higher-risk investments, offering early access to new tokens and projects. Additionally, Binance has made inroads into the NFT market with a dedicated section for buying and selling NFTs on leading blockchains like Bitcoin, Ethereum, and BNB.
Binance NFTs
For institutional and individual investors seeking to execute larger transactions, Binance's OTC Trading service provides a private and secure platform that minimizes market impact.
Binance OTC Products
In the realm of blockchain technology, Binance has made significant strides with the development of its Binance Smart Chain, fostering an environment for DeFi application development and engagement with non-custodial wallets. In line with this, Binance's acquisition and enhancement of Trust Wallet have positioned it as a multifaceted tool used by millions for accessing DeFi Dapps.
Binance Web 3 Wallet
Security is a cornerstone of Binance's operations, underscored by its Secure Asset Fund for Users (SAFU) and the implementation of proof of reserves, ensuring clients can verify the integrity of their assets with ease.
When it comes to trading fees, Bitrue and Binance have quite different approaches. Let's start with Binance which charges a spot maker fee of 0.1% and a spot taker fee of 0.10%. In addition, Binance offers both futures maker and taker fees at 0.02% and 0.04%, respectively.
Binance spot fees
That being said, if you're a high-volume trader, Binance offers discounted fees if your monthly trade volume exceeds $1 million or if you hold at least 25 BNB tokens. Now, let's take a look at Bitrue.
Bitrue offers different spot maker and taker fees depending on which trading pairs you are using. For those using BTC, ETH or USDT as trading pair, the spot fees for makers and takers is a competitive 0.098%.
For those using XRP as a trading pair, they will pay a 0.28%. And while Bitrue does not offer any rebates for higher trading volumes, they do offer a 30% discount for users who use their native BTR token as a trading pair.
In short, for those who buy cryptocurrencies with BTC, ETH or USDT on Bitrue, the pay spot fees similar to Binance without the added bonus of additional discounts being possible for volume traders.
When it comes to options to deposit funds, Bitrue only allows cryptocurrency deposits and the option to buy crypto with a card. The downside of buying and selling cryptocurrencies via third-party providers is that their fees are very high. As such, we recommend users avoid this.
Buy crypto with card on Bitrue
Binance on the other hand does offer deposit options for fiat currencies. Binance supports 26 fiat currencies such as USD, EUR, AUD, GBP and many others. In terms of fiat deposit methods, those include bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP).
Binance fiat deposit
Users can also deposit fiat through Visa, Mastercard, PayID, and Advacash. However, deposit fees vary depending on the method used. For example, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee while bank transfer via SEPA comes with a much lower 1 EUR fee.
And for those that have an Advcash account, they can deposit fiat currencies with a 1.5% fee. Binance is thus the much better option compared to Bitrue when it comes to moving funds in and out of the exchange.
When it comes to withdrawing your funds from Bitrue, unfortunately, fiat withdrawals are not available on this particular exchange.
The only way to withdraw your funds is through crypto withdrawals, and each withdrawal comes with a respective fee. For example, withdrawing one Bitcoin will cost you 0.005 BTC which is relatively high.
Binance as expected offers multiple methods for withdrawing fiat currencies. With Binance users can withdraw USD via SWIFT, EUR via SEPA and GBP via Faster Payments (FSP). There are many other fiat currencies that can be withdrawn with Visa and Mastercard for a 1.8% withdrawal fee.
Binance fiat withdrawal
For those that wish to withdraw via SEPA, that comes with a low fee of 1 EUR. In conclusion, while Bitrue only offers crypto deposits and withdrawals, Binance provides more flexibility by allowing fiat deposits and withdrawals in addition to crypto withdrawals at lower fees than Bitrue.
Bitrue and Binance are two popular cryptocurrency exchanges that offer a wide range of digital assets and services. Binance is a larger and more established platform with over 6400 employees and is accessible in 186 countries worldwide.
Bitrue is still relatively new in the market with over 100 employees but does supports more than 700 cryptocurrencies, which is almost double what Binance offers.
When it comes to products and services, Binance offers a comprehensive suite of products, including spot trading, futures trading, staking, and decentralized finance (DeFi) solutions. In contrast, Bitrue offers some of these products but lacks many others.
In terms of trading fees, Bitrue offers maker and taker fees at the same rate of 0.098% for those trading in BTC, ETH and USDT and 0.28% for other trading fees. Binance offers a cleaner 0.1% for takers, makers for all trading pairs while also offering users the option to get discounts if their trading volumes are high enough.
In terms of moving funds in and out of the platform, whether it's fiat currencies or cryptocurrencies, Binance once again has the upper hand.
Bitrue does not support any fiat deposits or withdrawals while Binance supports 26 fiat currencies and a wide variety of low cost options to deposit and withdraw.
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.
