We keep answering popular questions about Binance for you. With so many worldwide users, it’s no surprise that users have questions. Lots of questions. This is already part 8 and there’s more to come.
You can look up our first Binance FAQ and take it from there. So, let’s look into five new Binance questions.
Binance and Bitcoin
Binance and Bitcoin have a special relationship. For starters, they are both #1 in their field. Binance is the biggest exchange and Bitcoin is the OG and biggest cryptocurrency. Binance also offers no less than 13 BTC trading pairs and zero-fee trading.
Tough choice. Pick one. pic.twitter.com/2fQe5VrU8k
— Binance (@binance) September 4, 2022
As a result, Bitcoin has a big share of the daily trading volume on Binance. Let’s have a look at the three most popular BTC trading pairs.
- BTC/USDC is 1.30%
- BTC/BUSD is 9.74%
- BTC/USDT is 31.26%
The percentages are the share in trading volume. So, with the three most popular BTC trading pairs, BTC has a 42.3% market share of daily trading volume on Binance.
With the same three stablecoins, Ethereum has a 17.53% market share and comes in second spot.
Binance and Tether
Tether or USDT is currently the most popular stablecoin. Stablecoins are a good hedge when the market is volatile. You can park your assets in a stablecoin and change back once the market stabilizes.
Sending and withdrawing Tether from Binance happens a lot. It must be one of the busiest ways to send crypto to or from Binance. As a result, Binance offers USDT transfers on 8 different blockchains. Each chain has a different price they charge per transaction. Here are the 8 chains.
- BSC — BEP 20 tokens on the BNB chain
- Avalanche — the AVAXC chain
- BNB — BEP 2 tokens on the Beacon chain
- Tezos — the most recent addition
- Tron — TRC 20 tokens
Binance also offers 10% interest on flexible savings on Tether. Up to $2,000 are eligible for this interest rate. Between $2,000 and $20,000 you receive 2% and above $20,000 it’s 0.30%.
Source: Binance website
Is Binance Like Robinhood?
Binance is quite different compared to Robinhood. For starters, Binance Global services around 180 countries. On the other hand, Robinhood is only for US customers. Binance is not allowed to trade in the US. However, Binance.US is an affiliate of Binance, so US citizens can trade at Binance.US. We already wrote a comparison between Binance and Binance.US.
Binance Global offers over 350 coins and over 1460 trading pairs.
Binance.US offers over 130 and almost 200 trading pairs. Robinhood offers only 7 cryptocurrencies.
Both Binance platforms allow you to move your crypto off the exchange. You can send it to any other wallet you have in mind. Robinhood doesn’t allow this. You can’t take your crypto off their platform. Instead, you need to cash out your tokens, and now you send the funds to an external account. This is a vital difference. You do not maintain full control over your coins.
Robinhood and Binance.US are regulated financial institutions in the US. Binance has some of the lowest fees in the crypto space. Robinhood offers free crypto transactions. However, they don’t trade on their own platform. As a result, they receive a commission from the platform they trade with. Robinhood also offers trading in stocks. Binance only offers crypto.
Robinhood is a broker for stocks and 7 cryptocurrencies. On the other hand, Binance is a crypto exchange.
Binance or Crypto.com?
Binance offers lower fees and more coins compared to Crypto.com. The one thing that Crypto.com stands out for, is its Visa card with up to 5% cashback. This is a prepaid card, which is like a debit card. So, you need to top it up.
In the US, Crypto.com is only not available in Hawaii. Binance.US is not available in four states, Hawaii, New York, Texas, and Vermont.
Binance offers better interest rates in general. However, if you stake the CRO on Crypto.com, your interest rates go up. They’re still not near to the Binance rates.
Binance is available in 180 countries, and Crypto.com in around 100. If you live outside the US, Binance is the better option. Inside the US, Crypto.com is a good and fair competitor for Binance.US. However, to get the best rates, you need to stake CRO. Both have a good safety record.
Binance or KuCoin?
KuCoin is one of the few exchanges that offer more cryptocurrencies than Binance. However, Binance still offers more trading pairs
In volume, Binance wins hands down, with 19x more daily volume. Binance also has 7.5x more daily visitors.
Both are safe exchanges. Both exchanges were the target of hackers. However, they both refunded all their customers. They also start with similar low fees. However, KuCoin offers better fees to large volume traders. Still, the overall fee structure of Binance is better.
KuCoin is listing more new tokens compared to Binance. KuCoin stands out with its free native trading bot. Binance has no native bot, and most bots on Binance are not free. They use third-party bots.
Binance and KuCoin are inaccessible for US citizens. However, Binance has its Binance.US affiliate. Overall, Binance offers better value.
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