If you are looking for an in-depth comparison of Bitrue and Binance, you have come to the right place. Here, you can compare Binance with Bitrue. In this guide, we will compare exchange fees, trading features, safety, customer support, and more!
First, we will start this comparison with a table where you can compare all key measures of Bitrue and Binance at a glance.
Bitrue vs Binance Overview
Binance was founded in 2017 in China and later moved to Dubai, while Bitrue was founded in 2018 in Singapore.
The Binance exchange was founded by Changpeng Zhao in 2017 and caters to over 100 million users making it one of the largest exchanges in the world. Binance is registered in the Cayman Islands and has headquarters in Dubai,
While Bitrue has over 300 employees and over 4 million registered users, it is still a relatively new player in the market having been founded in 2018 by Curis Wang. Bitrue operates in over 80 countries, while Binance is currently available in 186 countries, with restrictions in the US and China.
As of 2023, Bitrue supports more than 700 cryptocurrencies, whereas Binance offers over 350 cryptocurrencies for users to buy and sell.
Binance offers the largest suite of products, including spot trading, futures trading, staking, mining, earning products, NFTs, and Visa cards. Crypto enthusiasts can even access loans backed by cryptocurrencies.
Bitrue on the other hand focuses more on trading rather than other products. While Bitrue does feature an “Earn” section (similar to Binance Earn), it does not have as many features and the service is not as comprehensive as Binance’s service.
Despite not matching Binance’s offerings, Bitrue offers spot and futures trading, ETFs, earning and staking, as well as a launchpad for new tokens making it a decent choice overall.
Products & Services of Bitrue vs Binance
In addition to offering a modern, clean, and easy-to-navigate user interface, Bitrue is a decent cryptocurrency platform. Users can sign up quickly and deposit and trade cryptocurrencies immediately without having to verify their identity. A wide range of products and services are available for both novice and experienced traders. Using USDT and USDC as collateral, Bitrue offers spot trading and futures trading.
Furthermore, the platform offers leveraged ETFs, which are financial products allowing users to invest in cryptocurrencies for a smaller amount. Additionally, Bitrue offers copy trading, which allows users to follow successful trades and automatically replicate them.
In addition, Bitrue offers a loan and borrowing service through which users can earn interest on their digital assets or access loans with their cryptocurrencies. They also offer staking, which lets users earn staking rewards when locking up their coins. On Bitrue, daily spot trading volume exceeds $1 billion, and USDT perpetual futures can be leveraged up to 50X.
As the largest exchange in the world, Binance offers even more services than Bitrue, including spot trading, futures trading, margin trading, perpetual swaps, and options trading.
Binance offers derivative contracts that can be settled perpetually or quarterly using USDT, BUSD, or other cryptocurrencies.
Daily spot trading volumes on Binance frequently exceed $30 billion, making it the largest crypto trading platform in the world in terms of activity. The maximum leverage on Binance is 125X, and the maximum leverage on margin trading is 5X with USDT, BUSD, BNB, BT, Alts, and fiat as collateral.
Also available on Binance are trading bots and copy trading, which allow users to follow successful traders’ trades and copy them. As a final point, Binance offers leveraged tokens that allow users to gain exposure to more significant price movements at a lower initial investment cost.
Binance also has its own NFT marketplace and a Web 3 wallet, Trust Wallet, for those looking to earn on their assets. For institutional clients, Binance offers an OTC desk and custody options.
Considering the wide range of products available on Binance, the user experience is quite good.
Fees for Bitrue vs Binance
A comparison of Bitrue and Binance’s trading fees reveals quite a few differences. Binance, for example, charges a spot maker and taker fee of 0.1%. When holding the BNB token, you can activate the BNB fee deduction which gives you an instant 25% fee discount, lowering your Binance spot trading fees to 0.075%. In addition, Binance offers discounted fees if your monthly trade volume exceeds $1 million.
Bitrue on the other hand is charging a 0.098% fee for BTC, ETH, and USDT trading pairs and 0.2% for XRP trading pairs. We must admit that we find the Bitrue fee structure rather confusing and not very transparent. You can check the official fee schedule of Bitrue here.
Unfortunately, Bitrue does not offer rebates for higher trading volumes, but they do offer a 30% discount for users who trade with their native BTR token.
For futures fees, Binance charges makers 0.02% and takers 0.04%. Again, you can activate the BNB fee deduction which is 10% this time. It is important to note that the base fee of 0.02/0.04 only applies to USDT pairs. If you are trading with BUSD, your base fees start at only 0.012% maker and 0.03% taker. Only MEXC has lower fee rates than this! And of course, you can reduce your trading fees based on your 30-day trading volume.
Bitrues Futures fees start at 0.038% maker and 0.07% taker. These are some of the highest futures fees that we have come across. Only Coinbase and Bitvavo are worse. Unfortunately, Bitrue does not even offer fee discounts on the futures market of any kind.
For fees, Binance is clearly the superior choice. Not only is Binance cheaper, but you can even receive additional fee discounts. Lastly, the Binance fee structure is very transparent, while Bitrues’ fee structure is very confusing.
Withdrawal and Deposit Methods
Deposits
In terms of deposit options, Bitrue only offers cryptocurrency deposits and the option of buying crypto with a card. The downside of buying and selling cryptocurrencies via third-party providers is that their fees are very high.
Bitrue allows you to buy crypto with a credit card
In contrast, Binance does offer deposit options for fiat currencies. In terms of fiat deposit methods, those include bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP).
Alternatively, users can deposit fiat with Visa, Mastercard, PayID, and Advacash. Depending on the method used, deposit fees may vary. For example, a Visa or Mastercard deposit will incur a 1.8% fee, whereas a bank transfer via SEPA will charge a much lower 1 EUR fee. In addition, those with an Advcash account can deposit fiat currencies with a 1.5% fee.
Therefore, Binance is a much better option than Bitrue when it comes to transferring money in and out of the exchange.
Withdrawals
It is unfortunately not possible to withdraw your FIAT funds from Bitrue. Crypto withdrawals are the only way to withdraw your funds, and each withdrawal includes a network fee. The fees are different for each crypto and each network, so make sure to check the current fees. Furthermore, withdrawal fees may differ based on the capacity of the network. I usually use USDT with the TRC20 network which has a maximum fee of $1, rather than %.
As Binance offers the most comprehensive FIAT platform, Binance offers multiple methods of withdrawing over 40 different FIAT currencies. Users can withdraw USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP). The SEPA withdrawal fees are fixed at 1€ which is incredibly cheap.
For a 1.8% withdrawal fee, Visa and Mastercard are also accepted for withdrawals of many other fiat currencies.
A 1 EUR withdrawal fee applies to those who wish to withdraw via SEPA. In conclusion, while Bitrue only offers crypto deposits and withdrawals, Binance provides more flexibility by allowing fiat deposits and withdrawals in addition to crypto withdrawals at lower fees than Bitrue.
For FIAT on and offramps, Binance is clearly the superior choice!
Signup & KYC for Bitrue vs Binance
To get started with cryptocurrency trading, it’s important to know whether KYC is required.
Since KYC is not required for depositing and trading cryptocurrencies, Bitrue is a good choice for those who value privacy and a quick setup. You will be able to sign up and deposit cryptocurrencies immediately after, which will allow you to start trading immediately. However, if you wish to purchase cryptocurrencies or deposit fiat currencies on the platform, you must undergo KYC verification.
As opposed to Bitrue, Binance requires all of its users to complete KYC verification before they can start trading. Signing up on Binance is easy as all you need is an email or phone number and a password. Once the account has been created, submitting all of the required documents for verification, including a government ID, will take a few more minutes.
Normally, KYC approvals take 10-20 minutes on Binance but can take up to two or three business days in some cases. If you prefer to trade without KYC, we recommend Phemex and MEXC.
Securityhttps://www.mexc.com/?inviteCode=mexc-CryptoWR
Unfortunately, Bitrue suffered a massive hack in early 2023 and over $23 million worth of crypto assets were stolen from Bitrues hot wallet. So far it is not clear if the customers have been refunded.
Luckily, both exchanges store over 90% of customer assets in multisig cold wallets which can not be hacked.
Binance was also hacked in 2018, however, all customers were refunded. Furthermore, Binance had no incidents after the 2018 hack. Binance even launched a security fund to protect its customers. The SAFU fund is currently worth over $1 billion.
In terms of proof of reserves, Binance also has the upper hand. With full proof of reserves for the top 28 cryptos held on Binance, the platform is committed to offering full transparency. The proof of reserves are updated monthly and shows that all customer assets are backed by a ratio of at least 1:1, in most cases even more than 100%.
As Binance has not been hacked since 2018, refunded all customers, provides full proof of reserves, and has the largest security fund in the crypto space, we consider Binance to be the winner in terms of security.
Who wins: Bitrue or Binance?
Overall, we recommend going with Binance. The platform seems to be more secure and has a lot more to offer than Bitrue. While the Binance interface is not as user-friendly, it is still worth figuring out how Binance works as the exchange has a lot more features.
In terms of trading, Binance also clearly has the upper hand. With the most advanced order types, more margin pairs, lower fees, better liquidity, and a more reliable interface, Binance is the best choice for crypto traders.
Furthermore, Binance has a lot more products and services in the earn and finance section. Gate.io was the only crypto exchange that could keep up with the wide variety of available features on Binance!
The only point where Bitrue takes the lead is anonymity and available trading pairs. You can start trading on Bitrue without having to verify your identity. If you want to find out what the best non-KYC crypto exchanges are, make sure to check out our guide here. And if you are a spot trading enthusiast, we recommend you check out Bitrue. With over 850 different cryptocurrencies that you can trade, it is safe to say that you will find everything on Bitrue!
