Pionex vs Binance | How Do Their Fees & Trading Compare?
Jack Moreau
Feb 2024
7 min read
Fact checked
Pionex vs Binance: Join us as we compare these two exchanges and dive into the key factors that differentiate them. From examining their trading features, transaction fees, supported countries and cryptocurrencies, deposit methods and more, we are here to help you choose the best exchange!
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.
Pionex and Binance are two prominent cryptocurrency exchanges that cater to a global user base. While both platforms offer a wide range of trading services, they have distinct features that set them apart.
Binance was founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands as Binance Holdings Ltd.
With over 6,000 employees, Binance operates in 186 countries making it one of the largest and most popular trading platforms in the world.
Binance offers a wide range of trading and financial services including spot trading, futures trading, staking, earn products, NFTs and more. The exchange supports over 350 cryptocurrencies, numerous trading pairs like BTC, ETH, USDT, USDC and is renowned for its deep liquidity.
With over 140 million users worldwide, Binance has taken the lead as the biggest exchange in the cryptocurrency market. Its Android app alone has been downloaded over 50 million times and has an average rating of 4.4 based on over 1 million reviews.
Binance App
On the other hand, Pionex is a relatively new exchange founded in 2019 by Daniel Seng Cheng. Headquartered in Singapore, Pionex has over 60 employees and is available to users in over 100 countries across Europe, North America, and Asia.
Pionex Exchange
Pionex stands out for its use of trading bots, which automate trading strategies for users. The exchange offers over 360 cryptocurrencies including major coins like Bitcoin, Ethereum, and Cardano, as well as lesser-known altcoins.
Pionex is estimated to have over 1 million users worldwide, and its Android app has been downloaded over 500,000 times, with a rating of 4.2 based on 10,000 reviews.
Pionex App
Pionex vs Binance KYC Requirements
When it comes to signing up for cryptocurrency exchanges, different platforms have varying processes and requirements.
Signing up for Pionex is a quick and straightforward process. Users have the option to choose between signing up with their email or phone number. Once the login credentials are set up, users are prompted to complete the Know Your Customer (KYC) process.
This involves providing basic information such as their country of residence and phone number. Level 1 verification is required to access Pionex's services, allowing users to deposit cryptocurrencies and start trading.
KYC is mandatory on Pionex, meaning users cannot access any services without completing it. The verification process on Pionex is usually completed within 15-60 minutes, making it quite fast compared to other exchanges.
On the other hand, Binance offers a signup process that is equally quick. Creating a Binance account takes less than a minute, but to unlock full account privileges, users need to verify their account through the KYC process.
Binance KYC Verification
This involves submitting necessary information and documents, including their country of residence, address, and government ID. Without completing KYC, users are unable to trade on Binance.
The verification process on Binance can be as short as 15 minutes in some cases, but it may take up to 2-3 business days to complete in some odd cases.
Pionex vs Binance Crypto Products
Pionex is a cryptocurrency exchange that offers a range of services to its users. These services include spot trading, leverage trading, and a derivative product called Lotto.
Pionex Spot Trading
Spot trading allows users to buy and sell cryptocurrencies on the exchange while leverage trading allows users to trade with borrowed funds, amplifying potential profits (or losses).
Pionex Futures
The Lotto feature enables users to bet on the price direction of various assets with leverage. Another standout feature of Pionex is its staking options where users can stake their Ethereum (ETH) with different durations, allowing them to earn passive income on their holdings.
Pionex also offers over 16 grid bots, which are automated trading strategies that can be customized to suit individual preferences. These bots can help users implement strategies such as Dollar-Cost Averaging (DCA) and portfolio rebalancing.
Pionex Trading Bots
The user experience on Pionex is generally positive. The interface is intuitive, and the exchange offers both level 1 and level 2 verification processes, making it easy for newcomers to get started.
Pionex provides comprehensive guides and tutorials to help users understand the platform and its features. In terms of liquidity, Pionex boasts a daily spot trading volume of $1.5 billion, indicating a healthy level of activity on the exchange.
On the other hand, Binance is a leading cryptocurrency exchange that offers a wide range of trading services. These include spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
As a leading company in the world of cryptocurrency exchanges, Binance has firmly established itself as the largest with a staggering user base exceeding 150 million.
It stands out for its comprehensive range of products and services tailored to a diverse audience, from crypto novices to seasoned traders and institutional clients.
At the heart of Binance's offerings is its robust trading platform, supporting transactions in over 350 cryptocurrencies including BTC, ETH, SOL, ATOM, USDT, BUSD, USDC and many others.
Binance Spot Trading
For those inclined towards margin trading, Binance extends leverage options ranging from 3-10X, depending on the cryptocurrency. Additionally, it caters to beginners with a plethora of trading bot strategies such as spot, DCA, and auto-invest.
Binance Trading Bots
Its futures trading segment, featuring sophisticated products like perpetual contracts and options, offers up to 125X leverage.
This includes hundreds of USD-Margined futures contracts, ideal for those looking to counterbalance crypto volatility with stablecoin settlements like USDT or BUSD. Coin-margined futures contracts add another layer by offering settlements directly in cryptocurrencies.
Binance crypto futures
The platform’s Options contracts provide built-in leverage for hedging strategies. It covers options for key assets like BTC, ETH, and BNB, encompassing over 700 contracts.
Binance Options Trading
Beyond its trading capabilities, Binance is a powerhouse in terms of liquidity. It leads the pack with over $60 billion in 24-hour trading volume, ensuring that large-scale trades can be executed smoothly and with minimal market impact.
Binance Markets & Volume
Its trading system is also enriched with advanced charting tools and varied order types, enhancing both technical analysis and risk management.
Binance also ventures into the realm of earning interest on digital assets. Its Binance Earn platform is a comprehensive solution for staking, savings, and liquidity farming, allowing users to accrue interest on a variety of assets.
Binance Earn
The Binance Launchpad introduces a more speculative investment avenue, offering early access to emerging token projects.
Binance Launchpad
In the NFT space, Binance has made significant strides by catering to retail users with a dedicated section for trading NFTs on major blockchains like Bitcoin, Ethereum, and BNB.
Binance NFTs
It also addresses the needs of large-scale traders through its OTC Trading service, facilitating large transactions in a discreet and secure environment.
Binance OTC
Binance’s technological prowess is further highlighted by its own blockchain, the Binance Smart Chain.
Its acquisition and continuous enhancement of Trust Wallet further provides non-custodial access to DeFI products across Bitcoin, Ethereum, Solana and many other blockchains.
Binance Web 3 Wallet
Security is paramount at Binance, evidenced by its Secure Asset Fund for Users (SAFU) and the implementation of proof of reserves, ensuring clients can verify the integrity of their assets.
When it comes to trading fees, both platforms offer competitive fee structures, but let's take a closer look at what sets them apart.
First up, let's talk about Binance trading fees which charges a spot maker fee of 0.1% and a spot taker fee of 0.10%. These fees are quite low compared to the intrdustry average but Binance goes a step further to reward its high-volume traders.
Binance Spot Fees
If monthly trade volumes exceed a whopping $1 million, or if users hold at least 25 BNB tokens, trading fees on Binance can be lowered. This provides an incentive for users to maximize their trading activity and enjoy reduced fees as a result.
Now, let's shift our attention to Pionex which has made a name for itself by offering some of the lowest spot trading fees on the market.
With a spot maker and taker fee of just 0.05%, Pionex stands out as an attractive option for cost-conscious traders. When it comes to futures fees, the fees double to 0.1% which is no longer equally competitive.
Pionex Spot Fees
So, how do these two exchanges compare? While Pionex offer lower spot fees (but with lower liquidity), Binance provides traders with more competitive futures fees.
When it comes to deposit methods and fees, Binance supports over 20 fiat currencies such as USD, EUR, AUD, GBP, SEK, DKK, PLN, and many others.
For fiat deposits, Binance offers several options. Bank transfers can be done via Swift, Signet, SEPA, and Faster Payments (FSP). Visa, Mastercard, PayID, and Advacash are also accepted for fiat deposits.
Binance Fiat Deposit
When it comes to deposit fees, Binance charges a 1.8% fee for fiat currencies deposited with Visa and Mastercard. Bank transfers via SEPA have a 1 EUR fee, and for those with an Advcash account, they can deposit with a 1.5% fee.
On the other hand, Pionex has more limited options for fiat deposits. Bank deposits can only be conducted for EUR via SEPA. However, Pionex also supports buying crypto with cards via third-party providers, which opens up more fiat currency options.
As such both exchanges offer a range of deposit methods, but Binance has a broader selection of supported fiat currencies and more options for bank transfers.
When it comes to withdrawing funds, Pionex and Binance offer different options for their users. Let's take a closer look at the withdrawal methods offered by each exchange.
Binance provides 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 Fiat Withdrawal
Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, while SEPA withdrawals come with a 1 EUR fee. The good news is that bank withdrawals with many other fiat currencies are free of charge.
Unlike Binance, fiat currencies cannot be withdrawn on Pionex. However, users can withdraw various cryptocurrencies with different fees depending on the blockchain.
For example, withdrawing Bitcoin comes with a 0.0004 BTC fee, withdrawing ETH incurs a 0.0004 ETH fee, withdrawing SOL carries a 0.01 SOL fee, and withdrawing ERC-20 USDT has a 10 USDT fee.
Compare this with Binance that charges a fee of 0.0002 BTC for Bitcoin withdrawals, 0.000768 ETH to withdraw Ethereum and 0.008 SOL for Solana withdrawals.
This means that Binance offers more methods for fiat withdrawals while also offering cryptocurrency withdrawals with lower fees than Pionex.
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.
