Kriptomat vs Binance | Best Exchange To Trade & Invest?
Jack Moreau
Feb 2024
9 min read
Fact checked
Are you wondering which exchange to use between Kriptomat vs Binance? We know that choosing the right exchange can be overwhelming. As such, we have done our research and compared both exchanges based on a range of metrics such as products offered, trading fees, signup and KYC and much more!
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.
Kriptomat, the Estonian-based cryptocurrency exchange offers a user-friendly and safe way to buy and sell over 350 cryptocurrencies.
With a fully regulated and licensed platform, Kriptomat prioritizes security and transparency while adhering to strict AML and KYC protocols.
Kriptomat exchange
The exchange has a small and mainly European userbase of over 500,000 users. While they have a small team of 40 employees, Kriptomat have made waves in the European market and are expanding their reach to other countries.
For those that would like to use Kriptomat on mobile, the exchange is also available via app on Android and IOS as well.
Kriptomat Android app
Binance differs quite a bit from Kriptomat as it's the largest the largest and most popular trading platforms in the world.
Besides being a much bigger exchange, Binance also offers many more products than Kriptomat's more basic buying and selling of cryptocurrencies.
Binance exchange
This includes a comprehensive suite of services such as spot trading, futures trading, options, staking and earn products and much more.
They also offer various DeFi products such as Binance Smart Chain and the Binance Launchpad which frequently introduces tokens of new projects.
Binance supports over 350 cryptocurrencies and numerous trading pairs. Their Android app has been downloaded over 50 million times with a rating of 4.4 based on over 1 million reviews. Overall, Binance remains a top choice for traders around the world who are looking for a versatile exchange.
Binance Android app
Kriptomat vs Binance Signup & KYC
Let's see how Binance and Kriptomat compares when it comes to signing up and whether KYC is required for all users.
Kriptomat which is a a European-based exchange, mandates Know Your Customer (KYC) verification for all of it users. The same goes for Binance even though, the process for each platform differs slightly.
Creating a Binance account takes mere seconds but in order to unlock the exchanges features users must complete the KYC process.
This involves submitting all the necessary documents such as country of residence and a government iD which typically takes a few minutes to complete.
Generally, the verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days to complete in some cases.
KYC limits on Binance
The signup process on Kriptomat is just as swift taking only a few minutes to enter an email and phone number and then confirm both.
However, the full KYC verification process can take up to 5 minutes to complete as users must provide their country of residence, address, and upload an ID or passport, along with a selfie. If all documents have been uploaded correctly, the process can be completed in a matter of minutes.
Ultimately, both Kriptomat and Binance enforces KYC for all of their users. For those who prefer maintaining their privacy they can use exchanges such as OKX and Phemex where KYC is not required for all features.
Kriptomat vs Binance Products & Services
Comparing Kriptomat to Binance is like comparing David to Goliath. Kriptomat provides a straightforward and user-friendly platform that allows novice traders to effortlessly buy and sell over 350 cryptocurrencies.
On top of the more basic spot trading, Kriptomat users can establish recurring buys, receive price alerts, and soon, access non-fungible tokens (NFTs) via their upcoming Web 3 wallet.
Although Kriptomat may not cater to advanced traders, it offers an excellent entry point for newcomers to the cryptocurrency world.
Buy crypto on Kriptomat
Conversely, Binance caters to a broader spectrum of traders from beginners to professionals by offering an extensive range of trading services, including spot, futures, margin, perpetual, and options trading.
The exchange features perpetual or quarterly contracts settled in USDT, BUSD, and cryptocurrencies, as well as additional tools such as copy trading, trading bots, and leveraged tokens.
Futures contracts on Binance
Users can also maximize their assets through staking, lending and borrowing, and a variety of vaults. Furthermore, Binance hosts its own NFT marketplace and Web 3 wallet in Trust Wallet, positioning itself as a comprehensive solution for cryptocurrency trading needs.
Staking on Binance
In terms of liquidity, Binance outperforms Kriptomat, boasting daily spot trading volumes that frequently surpass $10 billion while Kriptomat's volumes remain well below $100 million. Binance also offers a maximum leverage of up to 125x on futures while such features are not available on Kriptomat.
When comparing user experiences, Kriptomat takes the lead with its uncomplicated design and easily navigable interface. Binance still manages to present a wide array of products without overwhelming its users.
In conclusion, Kriptomat serves as an ideal option for beginner traders seeking a simple hassle-free experience. On the other hand, Binance emerges as the preferred exchange for those looking to access an extensive range of trading services and features, all under one roof.
Whether you are a cryptocurrency trader on a budget or just want to save on fees, you'll want to compare the trading fees offered by Kriptomat and Binance.
First up, let's look at trading fees on Binance. This popular exchange charges a spot maker fee of 0.10% and a spot taker fee of also 0.10%.
Meanwhile, their futures maker fee is a low 0.02% and their futures taker fee is 0.04%. For those with trading volumes exceeding $1 million or with BNB balances exceeding 25, even lower trading fees are available.
Kriptomat unfortunately offers much higher trading fees than Binance. The user-friendly exchange charges a minimum fee of 1.45 EUR per transaction or a percentage of 0.45% when buying and selling cryptocurrencies.
The interface on Kriptomat is obviously easier to use for total beginners but we think it's important that users learn to spot trade on exchanges like Binance as they can save a lot of money on fees.
When it comes to fiat deposit and withdrawal methods, both Kriptomat and Binance offer a range of fiat methods for users.
Kriptomat supports a variety of European fiat currencies such as EUR, CZK, DKK, HUF, NOK, PLN, RON, RUB, and GBP.
Depositing fiat currency on Kriptomat is possible via credit and debit cards or bank transfer. For credit card deposits, there is a 1.99% fee and SEPA deposits incur a 1 EUR fee. Bank wire deposits for European currencies cost 3 EUR per deposit.
Binance supports 26 fiat currencies such as AUD, EUR and GBP. Fiat deposits on Binance can be made via bank transfers such as Swift, Signet, SEPA, and Faster Payments (FSP). Users can also deposit fiat using Visa, Mastercard, PayID, and Advcash.
Binance fiat deposit
Visa and Mastercard deposits incur a 1.8% fee while SEPA deposits have a 1 EUR fee. Advcash deposit fee is 1.5%. In conclusion, Kriptomat and Binance both offer different options for fiat deposits. While Kriptomat supports a wide range of European currencies, Binance supports more fiat currencies overall.
Kriptomat charges a lower deposit fee for credit card deposits compared to Binance's Visa and Mastercard deposits. However, Binance offers more deposit methods for fiat currencies, including PayID and Advcash.
Binance has multiple methods for withdrawing fiat currencies including USD, EUR and GBP. You can withdraw USD via SWIFT, EUR via SEPA and GBP via Faster Payments (FSP).
Similar to fiat deposits, Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. For those that wish to withdraw with SEPA, they can do so with a low 1 EUR fee. Binancce further offers free bank withdrawals with many other fiat currencies.
Kriptomat allows it's users to withdraw fiat currency through SEPA bank transfer for EUR. Each SEPA withdrawal is charged a small fee of 1 EUR.
When it comes to withdrawing cryptocurrencies, Kriptomat applies different fees depending on the cryptocurrency. Withdrawing Bitcoin comes with a 0.0002 BTC fee, Ethereum with 0.012 ETH fee and ERC-20 USDT comes with a $4.2 USDT fee.
While Kriptomat is competitive in terms of fiat withdrawal fees, the fees applied to cryptocurrency withdrawals are higher than Binance.
In conclusion, Kriptomat and Binance very different exchanges with their own unique strengths and weaknesses.
Kriptomat is a primarily European-based platform that prioritizes user-friendliness and simplicity. With a regulated and licensed platform, Kriptomat ensures security and transparency for its users.
While their user base is much smaller compared to Binance, they offer Europeans a solid range of 350 cryptocurrencies to buy and sell.
Binance in contrast is one of the largest and most popular trading platforms in the world with 120 million users and a global presence.
Binance is known for their advanced trading features including spot, futures, staking, and DeFi solutions. Most of the features available on Binance can't be found on Kriptomat.
In regards to KYC, there is no difference between Binance and Kriptomat as both exchanges require their users to go through this process.
For those on a budget, Kriptomat and Binance offer different trading fees with Binance being much more competitive with low spot maker and taker fees of 0.1% compared to Kriptomat's minimum fees of 1.45 EUR per transaction or a percentage of 0.45%.
Both exchanges also offer various deposit and withdrawal methods for fiat currencies. While Kriptomat supports a range of European currencies, Binance supports more fiat currencies overall.
Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, while Kriptomat charges a small fee for SEPA withdrawals.
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.
