Bitfinex vs Binance
Cryptocurrency exchanges Bitfinex and Binance offer a similar list of services, so the choice for many traders may not be very obvious. The Traders Union experts compared Bitfinex and Binance using 11 objective and measurable criteria to identify which is better as between the two exchanges.
It is worth noting that the concept of the best exchange can be different for different categories of traders. For professionals, one cryptocurrency trading platform may be suitable, while beginners may have different requirements. We recommend reviewing all comparative tables and reading the conclusions before making the decision that is best for you.
Start trading crypto right now with Binance!Binance vs. Bitfinex: Overall ratings
Binance is slightly ahead of Bitfinex in the overall rating due to lower commissions and a larger number of supported coins. At the same time, Bitfinex has a more advanced trading platform for professional traders, which is well suited for trading with bots.
| Feature | Bitfinex | Binance |
|---|---|---|
Overall | 4.0 | 4.7 |
Regulation | 2.7 | 3.1 |
Fees | 4.5 | 5 |
Trading assets | 4.0 | 4.8 |
Investment instruments | 4.6 | 4.7 |
Platforms and charting tools | 5 | 4.6 |
Deposits and withdrawals | 3.9 | 4.7 |
Research | 4.3 | 4.6 |
Education | 5 | 4.7 |
Support | 4.8 | 4.8 |
Promo | 4.0 | 4.2 |
Binance vs. Bitfinex: Introduction
Binance is the largest cryptocurrency exchange by trading volume, and it has provided services since 2017. The exchange features an excellent selection of cryptocurrency assets for investment, of which there are about 500 on the site. This cryptocurrency platform has low commissions, a developed P2P trading platform, a launchpad for new projects, and many other useful services.
There are also weaknesses of Binance, such as the lack of regulation and restrictions on operating within the U.S. and the UK. A separate legal entity Binance US operates in the U.S. and this site does not support all the functions or the entire set of services available on the main exchange.
Bitfinex was founded in 2012 and is one of the oldest cryptocurrency exchanges in the world. The cryptocurrency platform is registered in the British Virgin Islands. More than 170 cryptocurrencies are available on the exchange, as well as cryptocurrency futures and NFT. The disadvantages of the exchange include numerous proceedings with U.S. regulators, as well as several major successful hacks.
| Asset name | Bitfinex | Binance |
|---|---|---|
Overall pros | Trading with leverage up to 1:100 | Trading with leverage up to 1:100 |
Derivatives are available | Derivatives are available | |
Negative fees for large derivative traders | 20+ account fiat currencies + 50+ cryptos | |
Very essential discounts for LEO holders | Debit/credit card withdrawal fee — 0% | |
Strong research | Passive income with staking and mining pool | |
Advanced trading platform | Strong research tools | |
Advanced API for trading bots | Strong education | |
Overall cons | Several successful hacks | Not fully regulated |
Multiple regulatory fines in the US | Limited access in the US | |
$10,000 minimum deposit in fiat currencies |
Bitfinex Vs Binance: Regulation and Security
Binance and Bitfinex are not regulated in the US, so activity here is limited. To work in the U.S., Binance opened a separate division here — Binance US, which does not give access to the futures market. Also, these exchanges do not work in countries and regions under international sanctions, such as North Korea, Syria, and the Autonomous Republic of Crimea. The list of restrictions on work in other countries can be found on the websites of these two exchanges.
Bitfinex has a history of multiple fines and lawsuits with U.S. regulatory agencies. In particular, proceedings against the exchange were conducted by the Commodity Futures Trading Commission and the New York Attorney General's Office. Many of the claims involved the Tether (USDT, ₮) stabelcoin, as well as misleading investors. Stablecoins are cryptocurrencies that try to peg their market value to some external reference. The exchange was hacked several times, and the thieves managed to steal tens of millions of dollars worth of cryptocurrency. However, the exchange reimbursed all losses to its investors and clients.
Both exchanges comply with the requirements of international anti-money laundering organizations, so they cooperate with KYC/AML rules. To avoid problems with regulators, the exchanges cooperate with many governments to transmit data on suspicious customer activity.
| Regulator | Bitfinex | Binance |
|---|---|---|
SEC | No | No |
FINRA | No | No |
SIPC protection | No | No |
Other regulators | No | No |
Bitfinex vs Binance: Trading conditions
Binance has a large selection of 400+ supported coins compared to Bitfinex which has 170+. Both exchanges offer fiat currencies and cryptocurrencies. On Bitfinex the minimum deposit in fiat is much higher: $10,000 or the equivalent in other currencies. This is suitable only for large professional traders. There is no minimum deposit limit for cryptocurrencies on Bitfinex.
| Trading conditions | Bitfinex | Binance |
|---|---|---|
Minimum deposit | 10,000 USD/EUR/GBP, 1,000,000 JPY, and 75,000 CNH | $10 |
Trading platforms | Proprietary | Proprietary |
Max leverage (futures) | 1:100 | 1:100 |
Supported coins | 170+ | 400+ |
Number of markets | 1 | 1 |
Number of t rading accounts | 1 | 1 |
Base account currencies | USD, EUR, GBP, CNH, JPY + cryptocurrencies | USD, EUR, GBP +10 fiat currencies, 50+ cryptocurrencies |
Bitfinex Vs Binance: Assets for trading
Bitfinex and Binance have lists of major cryptocurrencies available by capitalization. If you want to trade rarer or newer cryptocurrencies, Binance is the best choice, as such coins are much more plentiful on Binance.
| Asset | Bitfinex | Binance |
|---|---|---|
Overall | 170+ supported coins | 400+ coins |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Yes | Yes | |
Derivatives | Yes | Yes |
Yes | Yes | |
Yes | Yes | |
Yes | Yes |
Binance fees vs Bitfinex fees
Commissions on Binance are on average lower than on Bitfinex. On Binance, the base commission for taker and maker is 0.1%, while on Bitfinex the maker pays 0.1% and the taker pays 0.2%.
Both exchanges give significant discounts to investors via their native tokens. The discount reaches 25% on Binance for holders of the Binance coin (BNB). Whereas, on Bitfinex for LEO token holders the discount is 10% to 25%. Binance and Bitfinex also give big discounts to big traders. On Bitfinex, commissions can be reduced to a negative for a maker using this method.
Withdrawal fees on Binance are designed to cover the costs of payment systems and depend on the currency and channel selected for withdrawal. On Bitfinex, deposits and withdrawals by bank payment are made with a 1% fee.
Spot trading fees
| Fee type | Bitfinex | Binance |
|---|---|---|
Max maker | 0.1% | 0.1% |
Max taker | 0.2% | 0.1% |
Min maker | 0.0% | 0.012% |
Min taker | 0.055% | 0.024% |
P2P exchange | Not allowed | 0–0.35% |
Debit/credit card purchase fee | Not allowed | 1% |
Futures trading fees
Base commissions for futures market trading are slightly lower at Binance, but Bitfinex offers very large discounts for large maker traders — up to -0.035%. For LEO token holders, it is possible that take and maker commissions will be negative, which is a unique feature of this derivatives marketplace and attracts many large clients.
| Fee type | Bitfinex | Binance |
|---|---|---|
Max maker | 0.02% | 0.02% |
Max taker | 0.065% | 0.04% |
Min maker | -0.0100% | 0% |
Min taker | 0.0350% | 0% |
Non-trading fees
| Bitfinex | Binance | |
|---|---|---|
Account fee | 0% | 0% |
Deposit fee | Crypto — free Bank transfer 0.1% (minimum 60 USD/EUR) | 0–2% |
Bank transfer withdrawal fee | 1% (minimum 60 USD/EUR) | 0.012% |
Debit/credit card withdrawal fee | not allowed | 0–3.5% |
BTC withdrawal fee | 0.0004 | 0.0001 |
Inactivity fee | 0% | 0% |
Binance or Bitfinex: Passive income tools compared
In terms of the number of tools for passive income, both exchanges offer good options for different audiences. The main method of passive income at both exchanges is staking.
On Bitfinex, cryptocurrency lending is also one of the key features. Lenders can earn money by transferring funds to borrowers at a specified interest rate. On Binance, it is possible to invest in mining pools.
| Investment tool | Bitfinex | Binance |
|---|---|---|
Staking | Yes | Yes |
Mining pool | No | Yes |
Managed accounts | No | No |
MAM/PAMM | No | No |
Other | Crypto loan program | No |
Best trading platform: Binance or Bitfinex
Binance and Bitfinex offer quality applications for beginners and professionals. For professionals, the web versions contain a large selection of indicators and tools for detailed analysis. Binance also has a desktop version.
The functionality of mobile apps is largely identical and suitable for a wide category of traders. The apps of both exchanges offer basic security features such as two-factor authentication, and there are convenient filters for selecting cryptocurrencies based on statistical indicators.
| Bitfinex | Binance | |
|---|---|---|
Web | Yes | Yes |
Desktop | No | Yes |
Mobile (Android, iOS) | Yes | Yes |
Platform features
| Bitfinex | Binance | |
|---|---|---|
SMS-based 2 FA | Yes | Yes |
App-based 2 FA | Yes | Yes |
Voice call 2 FA | No | No |
Search bar | Yes | Yes |
Filters | Yes | Yes |
Technical analysis & charting tools
| Bitfinex | Binance | |
|---|---|---|
Indicators | Yes | Yes |
Drawing tools | Yes | Yes |
Historical trades | Yes | Yes |
Live 2 quotes | Yes | Yes |
Mobile trading
| Bitfinex | Binance | |
|---|---|---|
iOS version | Yes | Yes |
Android version | Yes | Yes |
Apple Watch app | No | No |
Touch ID | No | No |
Face ID | No | No |
Type of orders
| Bitfinex | Binance | |
|---|---|---|
Market | Yes | Yes |
Limit | Yes | Yes |
Stop loss | Yes | Yes |
Stop limit | Yes | Yes |
Trailing stop | Yes | Yes |
Bitfinex vs Binance: Deposits and withdrawals
Both exchanges support deposits and withdrawals using cryptocurrencies and bank transfers. Binance also has a certain advantage by allowing deposits and withdrawals via credit cards and e-wallets. Binance also has more fiat currencies for deposits and withdrawals and much smaller limits.
| Deposit method | Bitfinex | Binance |
|---|---|---|
Bank transfer | Yes | Yes |
Credit/debit card | No | Yes |
Electronic wallets | No | Yes |
Cryptos | Yes | Yes |
| Withdrawal method | Bitfinex | Binance |
|---|---|---|
Bank transfer | Yes | Yes |
Credit/debit card | No | Yes |
Electronic wallets | No | Yes |
Cryptos | Yes | Yes |
Bitfinex vs Binance: Research support
Both exchanges publish a lot of news and analytical information for traders that help them better navigate the information space and make informed decisions. Newsfeeds and fundamental analysis are available on the platforms. Traders can also read the results of market research.
| Research source | Bitfinex | Binance |
|---|---|---|
Newsfeed | Yes | Yes |
Fundamental data | Yes | Yes |
Market research | Yes | Yes |
Trading ideas | No | No |
Email reports | Yes | Yes |
Bitfinex Vs Binance: Education
Both Bitfinex and Binance are keen to help novice users gain experience. There are various guides and articles about blockchain and the cryptocurrency market available on both websites. Also, there are a lot of educational videos on YouTube channels. Both exchanges periodically hold webinars in different languages. Bitfinex has a demo account for testing trading strategies, which will be useful for both beginners and pros.
| Education sources | Bitfinex | Binance |
|---|---|---|
Demo-account/paper trading | Yes | No |
Courses | Yes | Yes |
Articles | Yes | Yes |
Videos | Yes | Yes |
Webinars | Yes | Yes |
Books | No | No |
Binance vs Bitfinex: Client support
Technical support on Bitfinex and Binance is quite responsive 24/7. The fastest ways to contact Bitfinex and Binance are email and online chat. On Bitfinex you can get a response faster, averaging about 5–20 minutes; whereas, on Binance, a response takes about 10‒40 minutes. However, much will depend on the workload of the sites.
| Support features | Bitfinex | Binance |
|---|---|---|
Workdays | 24/7 | 24/7 |
Yes | Yes | |
Phone | No | Yes |
Online chat | Yes | Yes |
Tickets | Yes | Yes |
Other | No | Telegram |
Bitfinex vs Binance: Promotions
Best Crypto Sign-Up Bonus Offers and PromotionsAt Binance you can get a bonus of up to $100, but at the time of writing this review, there were no bonuses. Also, traders and owners of popular sites and blogs can earn from the affiliate program of both exchanges. At Binance, referral commissions are up to 40% of the invitee’s trades. On Bitfinex there is a three-level referral system. At the first level, you can earn 18% of referral commissions; at the second level, you can earn 6%; and at the third level, 2%. Also, the exchange offers to become a verified partner and to multiply the amount of commissions by 1.44.
| Promo | Bitfinex | Binance |
|---|---|---|
Crypto bonus | No | Sign-up bonus up to $100 |
Affiliate program | Up to 38% | 40% of the partner's trading commissions |
Binance or Bitfinex: Which exchange is better for 2024?
Binance will be the best option for most users for many reasons. This exchange has lower commissions for traders with low trading volume, a larger selection of supported coins, and tools for passive income.
At the same time, Bitfinex is usually the choice for big professional traders who get a lot of preferences such as significant discounts on commissions (up to zero), advanced API for connecting bots, and a professional trading platform.
Which exchange is better for newbies?
For beginners, Binance will be the best choice, since it is designed for a wide audience. It has fewer initial deposit requirements, more deposit and withdrawal options, and lower base commissions.
Already the fact that Bitfinex has a minimum deposit in fiat USD 10,000 dissuades many newcomers. However, the advantage of this exchange is the absence of minimum deposit requirements in cryptocurrency, the availability of a demo account for strategy testing, and a large number of educational materials.
What exchange is better for day trading?
Binance is currently the leader in active trading because commissions play a decisive role in active trading styles. On average, Binance's spot commissions are much lower; on the futures market, the advantage in favor of Binance is not as significant. Also, Binance has higher liquidity on average, which allows you to trade without slippage, and a larger number of coins.
Which exchange is cheaper?
The operational costs of a particular exchange will depend on the category of traders and the asset traded. For beginners, Binance will be cheaper because the base commissions on this exchange are lower.
At the same time, Bitfinex will be a great choice for pros, as it provides very significant discounts on the derivatives market. Large traders can trade even with negative commissions.
Supported assets and investment programs
Both exchanges support spot trading, futures, and NFT. However, Binance has a much larger selection of supported coins, with more small-cap coins available. For passive income, both exchanges are suitable, since they support staking. Mining investments are also available for Binance customers, and Bitfinex has a well-developed loan system. Investors can lend cryptocurrency at interest.
Top 5 reviews of Binance i
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Prefer using Binance because of their low fees. They are the catalyst of low trading costs at a time users are sick of getting burned by high trading fees on platforms like Coinbase. I remember clearly that upon its entry in the market, these platforms all raced to lower their fees because of knowing they will clearly lose market share to this newcomer. Binance has had a 0.1% spot trading fee since the beginning. Because it’s low I never bothered to check if they charge the exact amount in all of my trades, in small or big amounts. I just know that they always offer the best prices for the assets that I trade (I only trade in the spot market) and have an extensive list of tradable tokens. Cheap + flexible… the best one in the crypto market yet.
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I like Binance’s trading terminal. It is modern, sleek, and shows relevant information you need for your trades spot on. At the same time, it is not intimidating to navigate around which is a common problem for crypto platforms that prioritize a modem vibe in their UI. It instantly shows the summary of my crypto portfolio, the distribution between assets and the amount, and has the daily PnL (profit and loss) record for the day. This way it is so easy to track which assets performed well in the last 24 hours and which ones lagged behind. I like to hold only a handful of assets for easy traceability of my wins. But even when I add a couple more, it is still uncomplicated to make sense of my stats. Love that crypto is now in a rollercoaster that only goes up and seeing all those greens in my portfolio gives me a great sense of motivation.
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Binance has been super flexible when it comes to payment methods. It offers the usual mediums like bank deposit, debit card/credit card, crypto deposit, while also supporting newer ones like my favorite e-wallet. Integrating my e-wallet with my Binance account made all the withdrawals instant whenever I sell USDT in the P2P marketplace. The conversion rate is also attractive, making this method favorable to those who are frequently buying and selling on the platform. I withdraw money from them at least once a month and never experience delays. On a side note, I always use the same e-wallet account and had not tried doing it using bank transfers because of fees associated with doing so. There is no fee on this method so I prefer to use it over others.
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Despite the growing number of reported hacks in the crypto space, I never once felt worried about using Binance as my crypto exchange. They have the most extensive security verification methods, and this makes me feel that trusting my funds with them is one of the best decisions I’ve made. Earlier this year I lost my phone number to which my Binance acct was connected and got very worried that my funds will be compromised. Turns out, it was easy to replace my old contact info with my new number, and they also suggested that I activate my 2-factor authentication for an extra layer of protection. I have also recently activated my passkeys for added security. All these years, Binance has been nothing but a trustworthy platform to me. I only trade crypto with them and nowhere else.
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I created my account with Binance four years ago. It was during the middle of the crypto boom. I thought it was just a phase and would completely forget about it after the pandemic. But it turns out it is not :D. I still actively trade with the same account. Probably what made me stay is the ease of use, either when I am trading with the website or through the Binance app. Features in both platforms are easy to understand and use. I never had to consult YouTube videos as I normally do with my other brokerage accounts to figure out how a certain tool/button works. What you see is what you get. Never had issues with order execution, deposits, and withdrawals either which made the overall trading experience an excellent one all these years. I think Binance took over the crypto market easily for the same reason. It sold us the idea that trading is easy after all.
Top 5 reviews on Bitfinex i
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I like how Bitfinex handles security. The multi-stage verification felt a bit long at first, but after going through it, I feel safer trading here than on other platforms I’ve tried. The custom order features are a huge plus for me as I can fine-tune my trading strategy. However, I wish they had more direct customer support options because getting responses through alternative channels can sometimes be slow.
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Bitfinex is great for experienced traders like me who need advanced tools and options. I’ve used their staking feature for a few months, and it’s been pretty decent, with steady returns. The interface, especially on the desktop version, is well designed and easy to navigate. That said, the fiat fees can get a bit high, so I mostly stick to crypto-only trades to avoid them. All in all, it’s been a reliable platform for my needs.
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Honestly, I didn’t expect much when I first started using Bitfinex, but it’s actually surprised me in a good way. The first thing that got me hooked was how easy it is to execute trades, especially during crazy market swings. I’m talking about times when other platforms freeze up, Bitfinex kept running smoothly. The advanced trading features, like margin and stop orders, are awesome but not overwhelming. I also really appreciate how tight their security is. Every time I log in or make a move, I get instant notifications, so I know my account’s in good hands. On the flip side, their fees could be better. It’s not terrible, but sometimes I feel like I’m paying more than expected. Withdrawals are quick though, no hiccups there.
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What stands out to me with Bitfinex is the huge variety of crypto pairs they offer. The platform is user-friendly, especially the mobile app which I use most of the time. One thing that could be better is the verification process, it took quite a while to get through it, but once it’s done, withdrawals are smooth. I mainly do margin trading, and the leverage up to 1:100 for derivatives has worked well for me. Just be mindful of the fees, which can add up with smaller trades.
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The customer support provided by Bitfinex is often slow and unresponsive, leaving users feeling frustrated and unsupported. I cannot recommend Bitfinex as a reliable or trustworthy crypto exchange option.
FAQs
In which countries do these cryptocurrency exchanges operate?
The list of supported countries can be found on the respective official sites. These exchanges work in most countries. Binance has an American division called Binance US. Bitfinex does not work with US customers.
Which exchange offers the best bonuses?
There are no bonuses on Bitfinex. On Binance you can get up to $100.
Lack of regulation of Binance and Bitfinex means each is susceptible to scams and hacking?
Yes, the probability of a scam or hacking on unregulated exchanges is higher than on regulated ones. However, these exchanges have been operating for a long time and have proven to be reliable service providers. After hacks of Bitfinex, it returned lost money to its clients and tried to settle all claims amicably.
Which exchange should I choose for P2P transactions?
Binance has a developed system of P2P transactions with low commissions. This exchange is better suited for this purpose.
Glossary for novice traders
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1
Volatility
Volatility refers to the degree of variation or fluctuation in the price or value of a financial asset, such as stocks, bonds, or cryptocurrencies, over a period of time. Higher volatility indicates that an asset's price is experiencing more significant and rapid price swings, while lower volatility suggests relatively stable and gradual price movements.
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2
Fundamental Analysis
Fundamental analysis is a method or tool that investors use that seeks to determine the intrinsic value of a security by examining economic and financial factors. It considers macroeconomic factors such as the state of the economy and industry conditions.
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3
Paper trading
Paper trading, also known as virtual trading or simulated trading, is a practice where individuals or traders simulate real-life trading scenarios without using real money. Instead of placing actual trades with real capital, participants use a simulated trading platform or keep track of their trades on paper or electronically to record their buying and selling decisions.
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4
Investor
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
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5
Crypto trading
Crypto trading involves the buying and selling of cryptocurrencies, such as Bitcoin, Ethereum, or other digital assets, with the aim of making a profit from price fluctuations.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
