Bitso vs Binance | Lowest Trading Fees & Better Products?
Jack Moreau
Apr 2024
10 min read
Fact checked
Are you wondering if Bitso can compete with Binance? In this comprehensive comparison, we dive into Bitso and Binance to help you make an informed decision about which exchange to use. We have evaluated factors such as trading fees, product offerings, security 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.
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.
Bitso and Binance are two popular cryptocurrency exchanges with distinct offerings and unique features.
While Binance is known for its comprehensive suite of services including spot trading, futures trading, staking and earn products, Bitso is primarily focused on providing a simple, accessible and secure platform for trading digital assets in Latin America.
Binance was founded in 2017 by Changpeng Zhao and registered in the Cayman Islands as Binance Holdings Ltd. Binance has grown into a massive company with over 6400 employees globally.
The platform also offers various products such as Binance Smart Chain (BSC) and Binance Launchpad, a token launch platform to incubate new projects. With over 150 million users worldwide, roughly 50 million of those are using the Binance Android app which has a rating of 4.4 based on over 1 million reviews.
Binance app
On the other hand, Bitso was founded in 2014 by Ben Peters and Pable Gonzalez. The exchange is registered in Gibraltar and based in Mexico City.
It has over 600 employees and primarily targets Latin American countries. Bitso offers a variety of popular cryptocurrencies such as Bitcoin, Ethereum, Cosmos, Solana as well as numerous local fiat currencies.
Bitso exchange
Bitso supports purchase for a limited number of 50 cryptocurrencies including Bitcoin, Ethereum, Ripple, Decentraland and others. The exchange boasts over 6 million users in Latin America and over 5 million app downloads with a 4.1-star rating based on 60,000 reviews.
Bitso app
While Binance has a larger global presence and offers more services, Bitso's focus on the Latin American market and localized services make it an attractive option for traders in the region.
Bitso vs Binance Signup & KYC
If you're looking for a reliable cryptocurrency exchange that ensures the safety of your funds and personal information, Bitso and Binance are two great options to consider. However, they have slightly different requirements when it comes to their signup process and KYC verification.
Binance requires users to verify their identity through a Know Your Customer (KYC) process before they can trade.
This involves submitting all necessary documents and information such as a government-issued ID, which typically takes a few minutes at most.
While the KYC verification process on Binance can be as short as 15 minutes, it can take up to 2-3 business days in some cases to complete.
Binance KYC verification
Bitso also requires all users to go through KYC verification, but the process is relatively straightforward and can be completed in just a few minutes.
The first tier of KYC verification requires users to provide basic information such as their full name, country of residence and phone number which gives them access to crypto deposits and a fiat deposit limit of $1,500.
KYC on Bitso
For higher deposit levels, users have to complete full KYC, which includes adding their address, official ID and proof of address.
For those who wish to trade without going through a KYC (Know Your Customer) process, we recommend alternatives exchanges such as OKX and Phemex where users can deposit cryptocurrencies and trade without the need for KYC.
Bitso vs Binance Products & Services
Bitso is a user-friendly platform that allows users to easily buy and sell over 50 different cryptocurrencies through their exchange and on their Android & iOS apps.
Buy crypto on Bitso
In addition to trading, Bitso offers a convenient Bitso Card which users can use to spend their cryptocurrencies in everyday transactions, just like a regular debit card. They also have a feature called Bitso+, where users can earn a 2% yield by holding USD stablecoins.
This is a great way to generate passive income from digital assets while keeping them relatively stable in value.
Bitso card
As the world's preeminent crypto exchange Binance has seen its user growth explode to a 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.
Central to Binance's product offering is its spot trading platform where users can trade over 350 cryptocurrencies including mainstream tokenslike BTC, ETH, SOL, ATOM, OSMO, USDC, BUSD and more.
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 developed a suite of tools for beginners which allows for thousands of active strategies through trading bots for spot trading, DCA, auto-invest, and rebalancing.
Binance Trading Bots
For more sophisticated traders Binance's futures trading products include perpetual contracts and options, with leverage going up to an impressive 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 with over 700 contracts at their disposal across five underlying assets, including BTC, ETH, BNB, XRP, and DOGE.
Binance Options Trading
Binance's trading platform is not only expansive but also feature-rich. It includes charting tools for in-depth technical analysis and various order types to aid in effective risk management. Binance has also world class liquidity with over $60 billion in 24-hour trading volume witch allows for the lowest possible spreads.
Binance Deep Liquidity
Beyond trading, Binance offers opportunities for 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. Users can easily 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 Launchpad
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
Binance has also 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, Bitso and Binance both offer competitive rates, but with some key differences.
Let's start with the trading fees of Binance who charges 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%. However, it's worth noting that these fees can be lowered for high-volume traders.
Binance spot fees
If you trade over $1 million worth of crypto each month, or hold at least 25 BNB tokens, you'll be eligible for discounted fees. Now let's take a look at Bitso.
This Mexican-based exchange charges varying spot fees depending on the currency you use to buy crypto (trading pair). For example, if you buy with USDT, the maker fee ranges from 0.095% to 0.99%.
If you buy with Mexican Pesos as the trading pair, the trading fees are more expensive with a maker fee of 0.5% and a taker fee of 0.65%. In other words, Bitso offers very competitive fees when buying with USDT as the trading pair and much worse if you buy with MXS.
Bitso maker and taker fees
Similar to Binance, Bitso also offers rebates for high-volume traders regardless of the currency used. The more you trade, the lower your spot fees will be. Users who trade with USDT will need to trade at least $500,000 worth during a 30-day period in order to be eligeble for discounts.
Bitso and Binance differ significantly when it comes to depositing fiat currencies. If we begin with Bitso, they offer support for 5 fiat currencies including USD, MXN, ARS, BRL, and COP.
Fiat deposits are available via bank transfer for all fiat currencies and are free of charge, except for USD which has a $10 fee. Bitso prides itself on providing its users with low fees making it an attractive option for those looking to deposit fiat currencies.
On the other hand, Binance supports 26 fiat currencies including USD, EUR, AUD, GBP and more. Binance's fiat deposit methods include bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP), as well as Visa, Mastercard, PayID, and Advacash.
Binance fiat deposit
While bank transfers via SEPA come with a 1 EUR fee, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee, and Advcash deposits come with a 1.5% fee.
Overall, Bitso is obviously more focused on serving South American users and fiat currencies while Binance has done a great job of offering fiat deposit options tailored to a more global userbase.
Bitso and Binance are two popular cryptocurrency exchanges that offer a variety of withdrawal methods for their users. Let's take a closer look at what each exchange has to offer. Starting with Binance, the exchange offers multiple methods for people to withdraw their fiat currencies.
USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP). Binance does charge a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard while SEPA withdrawals are much cheaper and only have a 1 EUR fee.
Fortunately, there are free bank withdrawals with many other fiat currencies. In terms of fees for cryptocurrency withdrawals, Binance charges a 0.0002 BTC fee for Bitcoin, a 0.000768 ETH fee for Ethereum and a 0.008 SOL for those who withdraw Solana.
On the other hand, Bitso offers fiat withdrawals for all the 5 fiat currencies it supports USD, MXN, ARS, BRL, and COP. Bank withdrawals are free for all the Latin American fiat currencies but there is a $10 fee for USD withdrawals.
Moreover, Bitso charges a 0.00019 BTC fee for Bitcoin withdrawals, a 0.0012 ETH fee for Ether withdrawals, a 0.008 SOL fee for Solana withdrawals, and a 4.2 USDT fee for Tether USD withdrawals.
Bitso and Binance are two popular cryptocurrency exchanges that cater to different markets with distinct offerings.
Binance is registered in the Cayman Islands and offers a comprehensive suite of trading and financial services to retail users, professional traders and institutional clients in 186 countries.
It supports over 350 cryptocurrencies and offers various products like spot trading, various derivatives, NFTs, digital earn products and much more.
Bitso is registered in Gibraltar and is focused on providing a simple and secure platform for trading digital assets in Latin America. It offers over 50 cryptocurrencies and 4 local fiat currencies which are suited for traders in the region. Both exchanges have obligatory KYC verification before users can access their services.
Bitso has a user-friendly platform that lets users easily buy and sell over 50 cryptocurrencies, earn interest and access their Bitso Card.
Binance has a wider range of trading options and much larger liquidity with volumes frequently exceeding $10 billion per day while Bitso average daily spot volume is around $30 million.
Binance's fees vary from 0.1% to 0.04% for spot and futures trading, while Bitso's fees for spot trading vary depending on the currency used and offer rebates for high-volume traders.
Bitso charges no fees for fiat deposits except for USD, which has a $10 fee, while Binance supports 26 fiat currencies but has varying fees depending on the deposit method used.
It's clear that using Binance becomes a compelling option for those who both wish access a larger pool of coins and tokens in addition to trading services that most exchanges don't offer.
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.
