In this comprehensive comparison between Bitvavo and Binance, we will examine which crypto exchange is best. Does Binance or Bitvavo suit your needs? We will analyze features, fees, supported assets, security, customer support, and more. After this in-depth guide of Bitvavo vs Binance, you will know exactly which crypto exchange is best for you!
First of all, let’s start this comparison with a table that compares all key measures of Binance and Bitvavo so that you have all the facts at a glance.
First of all, it is important to note that Bitvavo only offers spot trading. Binance on the other hand not only offers spot trading but also offers Futures trading with up to 125x leverage for advanced traders. On the futures market, traders can utilize leverage to accelerate their gains but also lose their money more quickly.
Bitvavo offers trading for over 195 different cryptocurrencies. As Bitvavo is a Europe-only crypto exchange, the trading pairs are settled in EUR (BTC/EUR, ETH/EUR, etc). Overall, Bitvavo features all popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, and even “meme coins” such as Doge and Shiba Inu. Bitvavo always keeps track of the latest trends and narratives, and therefore adds new, relevant tokens to their platform. It is still important to note that Bitvavo puts customer safety first, and carefully considers which cryptos to list and which not to.
For crypto enthusiasts that prefer a wider variety of cryptos, Binance is the better option. With over 390 different cryptos that you can trade, Binance offers more than twice as many cryptos compared to Bitvavo. It is safe to say that you will find what you are looking for. Binance focuses on the best customer experience and therefore offers many cryptos. However, that also means that investors need to do more due diligence before making any investment decisions.
The fees on Bitvavo start at 0.25% maker and 0.15% taker. This is a fairly high rate. However, it is important to note that traders can reduce their fees on Bitvavo based on their 30-day trading volume. Active traders can lower their fees to 0.04% maker and 0.03% taker. You can check out the official fee schedule of Bitvavo here.
Binance spot fees start at 0.1% for makers and takers. If you activate the BNB fee deduction, you can instantly reduce your Binance fees by 25%. Just like Bitvavo, Binance offers fee discounts based on your 30-day trading volume. The lowest possible fees on Binance are 0.015% maker and 0.03% taker. You can check out the official fee schedule of Binance here.
Binance charges 0.02% maker and 0.04% taker fees on their futures market. Unfortunately, Bitvavo does not support futures trading.
Binance is clearly the cheaper option. The trading fees on Binance are a lot lower and Binance offers more fee discounts than Bitvavo. If you are looking for a comprehensive trading platform with cheap costs, Binance is the best choice.
The best thing about Bitvavo is how user-friendly the platform is. Bitvavo carefully designed a simple, yet effective platform that is easy to navigate, even for beginners.
Binance on the other hand is a lot more comprehensive, which can also be considered as an information overload for beginners. While Binance offers the most advanced features, the platform is not user-friendly at all and can be very confusing.
Trading on Bitvavo or Binance. Who wins?
If you are looking for the best crypto platform for day trading, Binance is the clear winner. Not only does Binance have more coins and lower fees, but the platform also offers advanced features which are designed for active traders. Furthermore, Binance has some of the best liquidity, meaning that you will not have issues when entering trades.
If you are not planning to actively trade, Bitvavo might be better for you. The platform is reliable, user friendly and while the fees are relatively high, they are still fair for just buying and holding.
Binance and Bitvavo both offer 24/7 live chat support in the bottom right corner. Both platforms have an average response time of 3-5 minutes which is great. Both crypto exchanges have knowledgeable support staff that can solve your queries quickly.
For customer support, there is no clear winner. Bitvavo and Binance both have excellent customer support.
The factor security is an incredibly important factor in the crypto space. Bitvavo is a fully licensed and regulated crypto exchange. The platform is even registered with the Dutch central bank, ensuring the highest grade of legitimacy and regulatory compliance.
Unfortunately, Binance often had issues with regulations and compliance. For that reason, Binance even had to limit or fully shut down its services in some areas. For example, Binance is not allowed anymore to offer futures trading in Germany and France. Furthermore, Binance has announced it will cease trading for UK and Cyprus citizens in 2023.
While Binance offers full proof of reserves and a $1 billion security fund, it is still questionable how secure the platform actually is. For security, Bitvavo is the clear winner.
In terms of features and services, hardly any crypto platform can keep up with Binance. The only platform that has a similar repertoire of products is Gate.io.
In the Binance earn section, crypto enthusiasts can access various passive income products such as
- Liquidity Farming: Earn passive from fees and spreads by providing liquidity to the Binance order book
- Binance Pool: Mine cryptos and earn rewards
- DeFi Staking: Access high-yielding staking products with decentralized finance
- ETH Staking: Receive daily staking rewards with Ethereum
- Binance Earn: A crypto savings account, similar to a bank savings account, but you actually earn money with it
Furthermore, Binance has a Finance section with more amazing features all about crypto
- Binance Card: Crypto debit card with up to 8% cashback
- Loans: Receive instant loans secured by crypto assets
- Pay: send and receive cryptos without any fees
The list of Binance products and features does not end here. Binance also offers NFT trading, Options trading, bot trading, copy trading through Traderwagon, P2P trading, and much more.
Lastly, Binance offers a mobile app for iOS and Android devices. The app has 50 million downloads and a 4.4 ranking, making it one of the best crypto exchange apps. While the app is comprehensive and offers all the features you require, it can be relatively slow during high volatility phases and is not user-friendly.
Bitvavo also offers some features aside from trading. Crypto enthusiasts can stake their digital assets on Bitvavo and receive APY on their investments.
The Bitvavo mobile app is very reliable and user-friendly. The Bitvavo app has over 50k downloads and has a rating of 4.6.
For features, Binance is the clear winner. No other exchange has this much to offer to its users.
Both exchanges offer on-chain crypto deposits free of charge.
If you don’t own any cryptos yet, you can simply purchase them directly on Binance and Bitvavo with FIAT.
As Bitvavo is a European exchange, the platform offers most € payment methods such as Bancontact, iDeal, Giropay, EPS, Sofort, SEPA, and even PayPal. The fees range from 0% to 2.25%. The cheapest option is SEPA, with 0% fees and a 1-3 day processing time.
Binance offers crypto purchases for over 40 FIAT currencies. For € and £ purchases, Binance offers purchases for a fixed fee of 1€/£ via SEPA. Aside from SEPA, Binance also supports card payments with a fee of 1-3%, based on your currency.
Overall, Bitvavo is the best option for € deposits and payments. For other FIAT currencies, Binance is the way to go.
Both exchanges offer crypto withdrawals for all relevant cryptos such as BTC, ETH, XRP, and much more. The withdrawal fees differ for each crypto and also depend on the selected network. We highly recommend you manually check the fees for your crypto and network. Also note, that the fees may change based on the current network capacity.
For FIAT withdrawals, yet again: Bitvavo only supports €. The withdrawal fees and methods are the same as the deposit fees. I usually use SEPA withdrawals as they are cheap and I never had issues with them.
Binance also offers FIAT withdrawals. For €, the supported withdrawal methods are SEPA with a fixed fee of 1€ and Visa Cards with a fee of 1.8%. GBP only supports cards, also with a 1.8% fee. Binance also offers FIAT withdrawals for many other currencies, however, the fees and payment methods differ.
For € deposit and withdrawal support, Bitvavo is the best choice. However, if you plan to deposit and withdraw FIAT in different currencies, you should go with Binance.
So which exchange is better? Bitvavo or Binance? At the end of the day, there is no right or wrong for this question, however, there are clear areas where the two exchanges differ.
When you should use Binance:
If you are an active crypto trader, you should go with Binance. With lower fees, more volume, better liquidity, advanced features, and more coins, you will have everything you require for crypto trading on Binance.
Furthermore, Binance is the best choice if you are interested in passive income products such as staking, mining, investing, and more. On top of that, Binance has a great Finance section for crypto loans and a crypto debit card.
When you should use Bitvavo:
Bitvavo on the other hand is best for European users that do not plan to actively trade but just want to buy and hold. As the Bitvavo fees are high and the liquidity is low, trading on Bitvavo is not recommended at all.
Lastly, if you deeply care about jurisdiction and regulatory compliance, Bitvavo is the best choice. The regulatory standpoint of Binance is very uncertain and Binance has gotten into trouble many times for offering unregulated services.