Coinlist vs Binance | Clearly One Exchange Is Much Better
Jack Moreau
Feb 2024
9 min read
Fact checked
Coinlist vs Binance: Our team has conducted a comprehensive comparison of both platforms. We have taken into account factors such as whether KYC is required, what countries they are available in, their trading fees and product offerings and much more! Read on to discover if Coinlist has a chance to compete against Binance!
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.
Coinlist and Binance are two popular cryptocurrency exchanges that cater to millions of users worldwide.
Coinlist was founded in 2017 by Andy Bromberg and Graham Jenkin and is registered in the United States with headquarters in San Francisco. On the other hand, Binance, founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands.
Coinlist has emerged as a prominent player in the realm of new token issuance, facilitating the sale of tokens for established projects such as Filecoin, Solana, Celo, and many others.
Coinlist exchange
The platform offers comprehensive support for various aspects of cryptocurrency investment, including token sales, distribution, trading, lending, staking, and access to decentralized finance opportunities. Coinlist supports only 40 cryptocurrencies, including ETH, MATIC, SOL, AXL, DOT, FIL, and others.
Binance has over 150 million users worldwide and offers over 350 cryptocurrencies like BTC, ETH, SOL, among others.
Binance exchange
Coinlist and Binance in general offer different services with Coinlist focusing on new token issuance and Binance offering a comprehensive suite of services including spot trading, futures trading, staking, and plenty of DeFi products. Both exchanges offer their services on mobile with apps available on Android and IOS.
Binance app
Coinlist vs Binance Signup & KYC
When it comes to signing up for a cryptocurrency exchange, one of the most important parts is knowing whether KYC is obligatory or not.
On Binance, KYC is mandatory before users can start trading but the good news is that creating an account takes just seconds.
However, to unlock full account privileges, users must submit all required documents (government ID, country of residence, etc) and information for verification which can take a few minutes to compete.
KYC on Binance
Generally, the verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days in some cases to complete the verification process.
Coinlist also requires KYC verification before any of the platforms features can be accessed.
To begin, the signup process is pretty basic requiring only your full name and email to access the website. But to begin using features on Coinlist, all users must complete KYC, which includes uploading their ID, address, and a selfie.
Once completed, the verification process takes only a few minutes to a few hours. For those interested to trade with exchanges that do not require KYC, we recommend using the likes of OKX and Phemex.
Coinlist vs Binance Products & Services
When it comes to the products offered by Coinlist and Binance, these two exchanges could not be more different from each other.
Coinlist is an exchange that offers a very limited range of products. This includes spot trading via Coinlist Pro, basic crypto swaps, a launchpad for new token sales, and staking.
Buy and sell crypto on Coinlist
While Coinlist's user experience is not great and can often be a frustrating experience, the website is easy to navigate. However, trying to buy crypto via the exchange can often be tricky due to low liquidity. The average daily spot volume on Coinlist is less than $500,000.
Personally, I never use Coinlist for anything besides participating in new token launches as the user experience is not great, nor extensive or cheap.
Coinlist token launch
Contrary to Coinlist, Binance is the world's largest cryptocurrency exchange which serves 150 million users globally. It's a comprehensive platform that caters to a wide spectrum of users, from beginners to institutional clients, by offering a broad range of services to meet their diverse needs.
The exchange provides a user-friendly interface across its website and mobile applications, making it easily navigable even for those new to the world of cryptocurrency.
At the core of Binance's offerings is its spot trading platform with a solid range of over 350 cryptocurrencies, including well-known names like BTC, ETH, and USDT, among others.
Binance Spot Trading
For traders interested in margin trading, Binance steps up with leverage options varying from 3-10X depending on the cryptocurrency. This feature is particularly appealing to those looking to amplify their trading strategies.
Binance also extends its offerings to automated trading by providing thousands of active trading strategies through bots. These include various approaches like spot trading, Dollar Cost Averaging (DCA), auto-invest, and rebalancing, catering especially to beginners in the field.
Binance Trading Bots
Advanced traders have access to sophisticated futures trading products on Binance including perpetual contracts and options, offering leverage of up to 125X.
This segment includes hundreds of USD-Margined futures contracts, ideal for traders looking to counter the inherent volatility of cryptocurrencies with settlements in stablecoins like USDT or BUSD. Additionally, coin-margined futures contracts are available, providing direct settlements in cryptocurrencies.
Binance Perpetual Trading
Options trading on Binance allows traders to hedge their portfolios. The platform offers options for five underlying assets, including BTC, ETH, BNB, XRP, and DOGE, covering over 700 contracts in total.
Binance Options Trading
A standout feature of Binance is its high liquidity which at the time of writing, leads both spot and futures markets with over $60 billion in 24-hour trading volume. This liquidity ensures minimal spreads, optimizing cost efficiency for users.
Binance Markets & Volumes
For those interested in earning interest on their digital assets, Binance's Earn platform is a comprehensive hub for savings, staking, and liquidity farming, offering flexible or fixed durations for assets like BTC, ETH, USDT, and USDC.
Binance Earn
The Binance Launchpad caters to those seeking early access to new tokens and projects, offering opportunities in higher-risk investments. Additionally, Binance’s NFT section provides a marketplace for retail users to buy and sell NFTs on major blockchains like Bitcoin, Ethereum, and BNB.
Binance NFTs
The exchange also facilitates OTC Trading for larger, private transactions, catering to both individuals and institutions seeking to execute significant trades discreetly.
Binance OTC
Binance has expanded its ecosystem with the Binance Smart Chain, a blockchain platform where developers can create DeFi applications and users can interact with their non-custodial wallets.
Complementing this, Binance acquired Trust Wallet which has evolved into a versatile wallet used by millions to access DeFi apps.
Binance Web 3 Wallet
Security is paramount at Binance, underscored by the establishment of the Secure Asset Fund for Users (SAFU) and the implementation of proof of reserves, ensuring transparent and verifiable asset management for its clients.
Binance Proof of Reserves
In summary, Binance distinguishes itself as a versatile, user-friendly, and comprehensive cryptocurrency exchange platform. It offers an extensive range of trading options, high liquidity, and robust security measures.
When it comes to trading fees on cryptocurrency exchanges, users would be wise to pay attention as there are a lot of savings to be had.
For those that use Coinlist Pro, the platform fees are a maker fee of 0.25% and a taker fee of 0.45%. If you are using the basic buy and sell on Coinlist, the transaction fees for that are 0.5%.
Coinlist pro spot fees
For those trading above $20,000 per month, the are rebates to be had on Coinlist.
Binance charges more competitive trading fees with with a maker fee of 0.1% and a taker fee of 0.1% for spot trading, as well as a maker fee of 0.02% and a taker fee of 0.04% for futures trading.
Plus, Binance offers rebates for traders who surpass monthly trade volumes of $1 million or hold at least 25 BNB tokens, making it a more cost-effective option for high-volume traders.
Binance spot fees
Trading fees is another area where Coinlist simply can't compete with Binance who offers much lower fees for a wider range of products.
When it comes to depositing fiat currencies, Coinlist and Binance offer different options.
Coinlist only supports USD deposits, while Binance supports a whopping 26 fiat currencies including EUR, AUD, GBP, and PLN. Coinlist allows for deposits via ACH or Wire Transfer and there are no fees to deposit USD.
On the other hand, Binance offers a range of deposit methods including bank transfers via Swift, Signet, SEPA, and Faster Payments. They also allow for Visa and Mastercard deposits, as well as PayID and Advacash.
SEPA deposits on Binance
However, it's important to note that there are fees involved with certain deposit methods on both exchanges. For example, Coinlist doesn't charge a fee for USD deposits but Binance charges a 1.8% fee for Visa and Mastercard deposits.
SEPA deposits on Binance are the most beneficial with low 1 EUR fee while those with an Advacash account can deposit with a 1.5% fee.
Looking to withdraw your cryptocurrencies? Coinlist and Binance are two exchanges where you can do just that. Let's take a closer look at the withdrawal methods offered by each exchange.
Starting with Binance, this exchange offers a variety of withdrawal methods for fiat currencies. 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. However, there is only a 1 EUR withdrawal fee with SEPA and free bank withdrawals with many other fiat currencies.
In terms of crypto withdrawals, withdrawing Bitcoin comes with a low 0.0002 BTC fee, withdrawing ETH comes with a 0.000768 ETH fee, and withdrawing SOL comes with a 0.008 SOL fee.
Moving on to Coinlist, the big downside is that no fiat withdrawals are available. However, crypto withdrawals are possible with different fees depending on the blockchain.
Withdrawing Bitcoin comes with a 0.0005 BTC fee, withdrawing ETH comes with a 0.004 ETH withdrawal fee and withdrawing SOL comes with a very high 0.12 SOL withdrawal fee.
In conclusion, Coinlist and Binance are different cryptocurrency exchanges that cater to different audiences. Coinlist has emerged as the leading player in the space of new token issuance where it facilitates the sale of emerging tokens.
On the other hand, Binance is one of the largest and most popular trading platforms available in 186 countries and supports 100s of cryptocurrencies.
When it comes to trading fees, Binance offers lower fees for spot and futures trading as well as rebates for high-volume traders. Coinlist charges a higher maker fee of 0.25% and a taker fee of 0.45%.
In terms of depositing fiat currencies, Binance offers a wider range of options supporting 26 fiat currencies while Coinlist only supports USD deposits. However, Coinlist allows for deposits via ACH or Wire Transfer without any fees, while Binance charges fees for certain deposit methods.
When it comes to withdrawing cryptocurrencies, Binance offers a variety of withdrawal methods for both fiat and crypto, while Coinlist only supports crypto withdrawals. Binance's fees for crypto withdrawals are also generally lower than Coinlist's fees.
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.
