Are you into Crypto? If you are then you need to know about Binance and Bitpanda. Both are cryptocurrency exchanges or digital currency exchanges which are businesses that allow customers to trade for other assets, such as other digital currencies or fiat money.
Main Differences between Binance vs Bitpanda
What are the main differences between Binance and Bitpanda? The largest difference between the two is that Binance is one of the largest cryptocurrency exchanges, and the active users are 13.5 million.
| Binance | Bitpanda |
| Might be difficult for beginners | Beginner-friendly |
| Five hundred Cryptos available | Thirty Cryptos available |
| Customer Service options | Slow customer support response |
| Active users = 13.5 million | Active users = 3 million |
| Maximum Trading Amount = Unlimited | Maximum Trading Amount = $16,000 |
» MORE: Which Is Better for You, Bittrex or Binance?
Binance vs Bitpanda: Features & Capabilities
Binance
Binance is known as one of the largest exchanges in daily trading for Crypto and started in 2017 in China. The headquarters have since moved to Malta and grown to be the top crypto exchange in the world, and Binance is also known for its smooth user experience. It is not necessarily for the beginner, but it has many options to choose from for Crypto. It may be a bit overwhelming for beginners, but it has a large number of choices and is a better fit for those familiar with cryptocurrency and investing options.
Features:
- Buy/Sell and hold over 600+ cryptocurrencies
- Low fees
- High-speeded trade execution
Bitpanda
Bitpanda is a cryptocurrency exchange that is based out of Austria. Bitpanda also trades stocks, ETFs, and commodities. Bitpanda is not available in the US. Bitpanda offers different crypto index funds, included in these funds are the top five, ten, and twenty cryptos by market cap. Reviews of Bitpanda show that it is easy to use and offers know-your-customer (KYC) verification for trading. Bitpanda also offers a large education program, where you can educate yourself on blockchain trading, how blockchain technology works, and exactly what a crypto wallet is. It is imperative to educate yourself before purchasing and trading Crypto, and Bitpanda provides the education and tools to trade.
Features:
- Auto-invest
- Savings plans
- BItpanda is one of the cheapest cryptocurrency exchanges
- Made for users who are just learning how to start buying Bitcoin
» MORE: Which Is Better for You, Binance or Coinbase?
Binance vs Bitpanda: Pricing
Binance
The standard trading fee for Binance is .1%. If purchased by credit card, the higher of either is 3.5% or the US $10. If you were to purchase BNB, you will receive a 25% discount. For the tiered trading fee discounts, you would receive a discount for holding different amounts of BNB in your account while meeting trading requirements. This would reduce the base trading fees to as low as .02% and a .04% taker fee. There are no buying limits for crypto transactions with Binance. Most recently Binance has added the option to buy crypto for fiat in some countries. There are different fee structures for Binance, check out their website for more information.
Bitpanda
Bitpanda has two trading platforms that are for beginner and then advanced traders. Bitpanda charges 1.49% of the trade whereas Bitpanda Pro offers .1% – .15%. Pro fees reduce when trading in higher volumes. One downfall of Bitpanda is that it charges $5 for Crypto deposits. Bitpanda’s withdrawal fees differ from the different Crypto networks that charge fees. Bitpanda is known mostly for Bitcoin. SOFORT and credit cards have an additional fee of 2%, Skrill has a fee of ~3.77%.
» MORE: Between Binance and BlockFi, which is better for you?
Reasons to choose Binance over Bitpanda
Binance is the largest known crypto exchange. While it may not be for beginners, it has every tool to help you succeed with trading. If you want more choices, Binance is for you. Binance has low fees, a trading fee discount, a tax statement portal as well as an identity verification process. Binance is available at this point in over 180 countries and forty-three states in the US.
Pros:
- Well-known crypto trading platform
- Has the P2P trading option
- Supports fiat-crypto acquisitions
- Two-Factor authentication
- KYC
Reasons to choose Bitpanda over Binance
If you are a beginner with cryptocurrencies, then Bitpanda is the right choice for you. Bitpanda has educational tools to help you, even if it is your first-time trading cryptocurrency. Purchases, sales, and transactions are processed in real-time. Purchases on Bitpanda take less than a minute. Bitpanda is not available in the US.
Pros:
- Low fees
- Educational Resources
- A Bitpanda Visa Card is available
- User Friendly
- Bitpanda savings – you can automate by setting up a savings plan, with flexibility.
» MORE: Webull Vs. Binance: Which Is Best For You?
The Similarities between Binance and Bitpanda
Binance and Bitpanda are both cryptocurrency exchanges that work with bitcoin. They both work well within the cryptocurrency world and are somewhat similar. Both offer a variety of coins to choose from, such as Bitcoin, Litecoin, Ethereum, ADA, Comos, and many more. Binance is not used in all fifty states and Bitpanda is not used at all in the US.
» MORE: Whic Is Ideal For You, Uphold Or Binance
Binance and Bitpanda Alternatives
There are many alternatives for Binance and Bitpanda, but make sure you do research, there are hidden fees everywhere.
- Coinbase Exchange
- UPHOLD
- ZenGo
- LocalBitcoins
- Gate.io
- Poloniex
- Kucoin
» MORE:
Binance vs Bitpanda: Final Verdict
Binance has an overall better rating than Bitpanda, even though Bitpanda has been around for a longer period. The number of followers and users of Binance outnumber Bitpanda by over one million and the amount for investments is unlimited as opposed to Bitpanda which is only $16,000. There is 150 crypto that you have the option to invest in with Binance, at Bitpanda you only have zero. Binance has the lower trading fee percentage at 0.10%, whereas Bitpanda is 1.49%.
» MORE: Bybit vs. Binance: Which Is Better For You?
FAQ
Is Bitpanda best for free?
The app Bitpanda is free, with no charge for the actual app. Bitpanda charges premiums for buying and selling Bitcoin on Bitpanda at 1.49%. All exchanges are digital assets, and they are included in the offered prices.
Is Binance safe to use?
None of the cryptocurrency exchanges are 100% safe. Binance is taking all precautions and educating its users on the platform so that they are not scammed, nor lose their funds.
How does Bitpanda work?
Bitpanda uses Two-Factor Authentication for its users. Bitpanda stores funds in secure offline wallets for cryptocurrency. Users can use active devices and sessions and lot out and log in on other devices.
Is Binance a good start for beginners?
Binance is better for those more familiar with Cryptocurrencies. There are different choices and Binance may be more difficult to navigate through if you are a beginner.
Is Bitpanda a wallet?
Bitpanda uses an offline secure wallet. Other accounts can be stored using two-factor authentication.