Blockchain vs Binance | Best Exchange For Beginners & Professionals?
Jack Moreau
Apr 2024
9 min read
Fact checked
If you're trying to decide between Blockchain.com and Binance, you have come to the right place. Our in-depth comparison of both exchanges takes a closer look at key factors like sign-up process, KYC requirements, trading fees, country availability and platform features!
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.
Blockchain.com was founded in 2011 by Peter Smith and Nicolas Cary in London, while Binance was founded in 2017 by Changpeng Zhao in the Cayman Islands. One of the primary differences between the two exchanges is the range of services they offer.
In terms of user base and popularity, Binance is the clear winner with over 150 million users worldwide compared to Blockchain.com's 30 million.
Binance is also the bigger company overall with a workforce of over 6400 employees compared to 1000 employees at Blockchain.com.
Binance exchange
Binance is known for its comprehensive suite of services, including spot trading, futures trading, staking including different financial products. The company is available in over 180 countries around the world with the exclusion of large markets such as the United States, Canada and the UK.
In contrast, Blockchain.com focuses primarily on offering a basic exchange and its digital wallet service, allowing users to buy, store, send and receive multiple cryptocurrencies such as Bitcoin and Ethereum.
Blockchain.com wallet and exchange
Blockchain.com also offers a Visa Card that allows users to spend their crypto without fees and earn 1% back in crypto.
Another important aspect to consider is the number of supported cryptocurrencies. Binance currently supports over 350 cryptocurrencies and numerous trading pairs, while Blockchain.com offers support for only 30 cryptocurrencies.
Buy 350 cryptocurrencies on Binance
Both exchanges are available in numerous countries with Binance having the larger footprint across 186 countries compared to 100 for Blockchain.com.
However, there are some restrictions in place with Binance not available in the US and Blockchain.com being restricted in countries like Argentina, Australia, Austria, Belgium, Germany, and the Netherlands.
Both exchanges have made their services available on mobile for Android and iOS devices. Binance's app having been downloaded over 50 million times and having a rating of 4.4 while Blockchain.com's app has over 10 million downloads and a decent 4.2 star rating based on 130,000 reviews.
Binance app
Overall, Binance offers a more comprehensive range of services and a larger user base, while Blockchain.com specializes primarily in digital wallets and has a more limited range of supported cryptocurrencies.
Blockchain.com vs Binance Signup & KYC
When it comes to signing up for Blockchain.com and Binance, there are a few things to consider. Both Blockchain.com and Binance require KYC verification, which means users must provide government-issued identification to prove their identity.
Signing up for Blockchain.com is a breeze and takes only 30 seconds. All you need to do is provide your email, password, and country of residence. Once you submit your information, the automated verification process can take anywhere from 5 minutes to 2 hours.
Blockchain.com ID verification
However, if there are any issues with your submission and a manual review is required, it may take approximately 5 business days
Creating a Binance account takes less than a minute. However, in order to unlock full account privileges, users must verify their account through KYC. Submitting all of the required documents and information for verification such as government ID takes just a few minutes tops.
This process can take as little as 15 minutes, but may take up to 2-3 business days in some cases.
Binance verification levels
Overall, both Blockchain.com and Binance have a quick and easy signup process but both exchanges do require users to submit full KYC. For those looking for alternative options that don't require KYC, we recommend using OKX and Phemex.
Blockchain.com vs Binance Products & Services
Blockchain.com is a beginner friendly platform that provides a small selection of services to its users. These include spot trading and margin trading which allows users to buy and sell 30 cryptocurrencies and trade with borrowed funds for potentially higher profits.
Blockchain.com margin trading
The platform also features a Web 3 wallet which allows users to manage their assets in a non-custodial way. Users can also earn interest on their assets through Earn products and staking rewards.
The exchange also offers a convenient recurring buys feature, letting users automate their investments and grow their crypto holdings over time.
Earn on Blockchain.com
Blockchain.com also provides a Visa card that comes with cashback rewards, allowing users to spend their cryptocurrencies and earn a percentage back.
For institutions, Blockchain.com caters to their needs with over-the-counter (OTC) spot and options trading.
Blockchain.com Visa card
In comparison, Binance is renowned as the largest cryptocurrency exchange in the world with an astounding 150 million users. It's designed to cater to a wide range of users, from beginners to expert traders and even large institutions.
One of the main draws of Binance is its user-friendly interface. The platform which includes both a website and mobile apps is tailored to be easy to navigate. This makes it a great starting point for those new to cryptocurrency trading.
At its core, Binance's spot trading platform allows users to buy and sell a vast range of over 350 types of cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others.
Binance Spot Trading
For those looking to trade with more than their account balance, Binance offers margin trading with leverage ranging from 3X to 10X, depending on the cryptocurrency.
Beginners who are interested in automated trading will find a wealth of options on Binance. The exchange provides access to thousands of trading bot strategies available, covering various trading styles like spot trading, Dollar-Cost Averaging (DCA), auto-investing, and rebalancing.
Binance Bots Trading
In addition to regular trading, Binance also provides advanced futures trading products. This includes perpetual contracts and options trading, where traders can use leverage up to 125X, amplifying both the potential gains and risks.
Binance Futures Trading
Binance’s futures trading is quite diverse. It offers hundreds of USD-Margined futures contracts, allowing traders to settle trades in stablecoins such as USDT or BUSD.
Moreover, there are also hundreds of coin-margined futures contracts available, settled in the cryptocurrencies themselves.
The Options Platform on Binance is also noteworthy with built-in leverage that let's traders hedge their portfolios. Binance offers options on five underlying assets in BTC, ETH, BNB, XRP, and DOGE with a total of over 700 contracts.
Binance Options Trading
In terms of features, Binance’s trading platform includes advanced tools for technical analysis, a variety of order types for risk management, and high liquidity.
This high liquidity with over $60 billion in 24-hour trading volume at the time of writing ensures that large trades can be executed without significantly impacting the market.
Binance Markets & Volumes
Beyond trading, Binance also offers opportunities to earn interest on digital assets. The Binance Earn platform is a comprehensive hub where users can engage in staking, savings, and liquidity farming, earning interest on various assets with options for both flexible and fixed durations.
Binance Earn
For those who are interested in early-stage investments, Binance’s launchpad provides access to new token projects.
The platform also caters to NFT enthusiasts with a dedicated section for buying and selling NFTs on popular blockchains like Bitcoin, Ethereum, and BNB.
Binance NFTs
Binance additionally offers Over-The-Counter (OTC) Trading for large transactions. This service is designed for both individuals and institutions, allowing them to execute significant trades privately and securely, without affecting the market.
Binance OTC Trades
In the blockchain arena, Binance has also developed its own blockchain, the Binance Smart Chain, which is a space for developers to build decentralized finance (DeFi) applications and for users to engage with non-custodial wallets.
For those who do not have a Web 3 wallet, Binance offers the Trust Wallet, a product they have acquired and further improved over time.
Binance Web 3 Wallet
Understanding the critical importance of security, Binance provides a Secure Asset Fund for Users (SAFU) as an emergency insurance fund.
Binance Proof of Reserves
Additionally, the exchange has implemented a proof of reserves system, assuring clients that their assets are fully accounted for.
If you're looking for a cryptocurrency exchange with low trading fees, you may want to check out Binance. This popular exchange charges a spot maker fee of just 0.1% while the spot taker fee is also a very reasonable 0.10%.
Binance spot fees
When it comes to futures trading, Binance charges a maker fee of 0.02% and a taker fee of 0.04%. Plus, if you trade on Binance frequently enough, you can lower your trading fees even further. Monthly trade volumes exceeding $1 million, or holding at least 25 BNB tokens, can get you discounted trading fees.
In terms of trading fees, Blockchain.com is unfortunately not competitive compared to Binance. Their spot maker fee starts at a higher 0.4% with a taker fee of 0.45%.
Similar to Binance, Blockchain.com offers trading rebates for those that trade over $10,000 during a 30-day period. But even with these rebates, it's hard to compete against Binance.
When it comes to depositing fiat currencies on cryptocurrency exchanges, it's important to find one that supports the currency and deposit method that you prefer. Two popular exchanges that offer different options for depositing fiat currencies are Blockchain.com and Binance.
If we begin with Blockchain.com, they supports fiat deposits in USD, EUR, and GBP through bank deposits made via open banking, SEPA, FSP, and wire transfer.
The best part is that there are no deposit fees for any of these options! This makes it an attractive choice for those who want to deposit larger amounts without worrying about fees eating into their funds.
Binance offers support for larger range of 26 different fiat currencies, including EUR, AUD, GBP and many others. The exchange offers a variety of deposit methods such as bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP).
Binance fiat deposit
Additionally, fiat deposits can also be made with Visa, Mastercard, PayID, and Advacash. However, the deposit fees on Binance vary depending on the deposit method used.
For example, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee while bank transfers via SEPA come with a 1 EUR fee. Depositing with Advacash incurs a 1.5% fee.
Overall, both Blockchain.com and Binance offer different options for depositing fiat currencies but Binance offers support for more currencies and deposit methods.
Blockchain.com and Binance are both popular cryptocurrency exchanges that offer a wide range of features for users. When it comes to withdrawing funds, both exchanges have their own set of withdrawal methods and fees.
Blockchain.com offers fiat withdrawals in USD, EUR, and GBP through open banking, SEPA, wire, ACH, and FSP. The fees for these withdrawals vary depending on the method chosen, with SEPA and open banking having a fee of 0.5 EUR, wire having a fee of $25, and ACH and FSP being free.
When it comes to cryptocurrency withdrawals, Blockchain.com charges a fee of 0.0025 BTC, 0.061 ETH, 0.084 SOL, and 5 USDT for the respective cryptocurrencies.
Binance once again offers multiple methods for withdrawing fiat currencies such as USD, EUR, and GBP. 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. For SEPA withdrawals, there is a low 1 EUR fee while bank withdrawals for other fiat currencies are free of charge.
When it comes to withdrawing cryptocurrencies on Binance, the fees range from 0.0002 BTC for Bitcoin to 0.008 SOL for Solana. Once again, Binance has the upper hand with more withdrawal options and lower crypto withdrawal fees than Blockchain.com.
When it comes to deciding between Blockchain.com and Binance as your cryptocurrency exchange, there are several factors to consider.
Binance offers a more comprehensive range of services and it also supports over 350 cryptocurrencies and has a significantly larger user base of over 150 million people worldwide.
On the other hand, while Blockchain.com does not offer as many services, it is more beginner friendly than Binance and easier to use for inexperienced users.
In terms of signing up and KYC, both exchanges require their users to complete KYC in order to use their services. And when it comes to trading fees, Binance offers a spot maker fee of 0.1% and taker fee of 0.10% which Blockchain.com is unable to compete with considering their maker fee begins at 0.4%.
Both exchanges have different options for depositing fiat currencies with Blockchain.com supporting USD, EUR, and GBP without deposit fees, while Binance supports 26 different currencies with varying fees depending on the method used.
Blockchain.com only has one main advantage against Binance which is that it's more user friendly and easy to use. Besides that, Binance simply offers the more complete product offering, more cryptocurrencies, lower trading fees and more deposit and purchase options.
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.
