Which is better Bitvavo or Binance?
If you’re looking for a good crypto exchange, you’ll quickly end up on Bitvavo or Binance. In this comparison, we will discuss which provider you should choose for trading Bitcoins and other cryptocurrencies.
Try it out yourself?
Comparison between Bitvavo and Binance
|Number of cryptos||150+||300+|
|Markets||Crypto||Crypto, futures, options|
|Promotion||€1000 free trading||Discount with BNB|
|Deposit money||iDEAL or bank transfer||Credit card|
|Withdrawing money||Bank transfer||Crypto withdrawal|
|Regulation||Dutch Central Bank||Lacking regulation|
|Helpdesk||Yes, Dutch-speaking||Yes, English-speaking|
|Trading volume||€10+ billion||$22+ billion|
Biggest advantages of Bitvavo
- Bitvavo is a lot more user-friendly than Binance
- Bitvavo is regulated by the Dutch central bank, which makes it reliable.
- Bitvavo’s customer support is available in multiple languages.
- You can simply deposit and withdraw money with your bank account
Biggest advantages of Binance
- Binance is even cheaper than Bitvavo
- At Binance, you can trade more cryptos than at Bitvavo
- The trading possibilities at Binance are more extensive
- The trading volume is higher at Binance
Is Bitvavo or Binance better?
It is difficult to answer this question directly, as both crypto exchanges have their unique advantages and disadvantages.
I mainly use Bitvavo: I invest for the long term and the small cost difference is not that important. Because Bitvavo is fully Dutch and registered with the Dutch Central Bank, I trust the exchange better. Moreover, you can have the money paid into your bank account, which is very convenient.
However, if you are a more active trader and find it important to be able to invest in complex products as well, Binance could be a better fit. At Binance, you can choose from a wider range of trading products, and you pay lower transaction fees. This is particularly advantageous if you trade actively.
In the rest of this article, you can read in more detail how Bitvavo compares to Binance.
Bitvavo’s software excels mainly in its user-friendliness. The simple interface makes it straightforward to buy a few bitcoins right away. You can also use the advanced trader, which offers more extensive options. Bitvavo also offers a mobile application, which allows you to quickly trade some cryptos even when you’re on the road.
When you log in to Binance, you are immediately presented with a wealth of information. There are dozens of possibilities, and certainly as a beginner this can seem overwhelming. I do not understand all the functions, but it is nice that you have so many possibilities. The learning curve for Binance is probably a bit longer, but there is a good chance that they offer the products you are looking for.
The crypto products on offer
Bitvavo has recently made many improvements to their offering. In the beginning, they only offered the most well-known cryptocurrencies, but they have since expanded their offer considerably. At Bitvavo, you can trade more than 150 different cryptocurrencies, which makes it very likely that you will find the crypto you want to buy.
Since Binance is a lot bigger than Bitvavo, you can trade even more cryptos. You can trade hundreds of lesser known altcoins at Binance. If you are particularly interested in exotic altcoins, Binance could be a good choice for you.
Binance gives you more choice when it comes to the number of trading possibilities. For example, you can use futures and other special trading products. This way, you can use leverage to speculate on the price development of a crypto, making your profits and losses increase even faster. You can also use derivatives to speculate on a drop in the price of a crypto.
At Binance, it is even possible to apply for a special crypto debit card that allows you to receive a cashback of up to eight percent on all your expenses! The possibilities at Binance are more extensive, but this will not be necessary for everyone. For 90% of the users, the possibilities at Bitvavo will be sufficient.
At Bitvavo you will never pay more than 0.25% in fees. We distinguish between maker and taker fees.
You make a market by placing an order instead of buying a crypto directly. By placing an order, you help Bitvavo to create a solid trading market. The fees are a lot lower with the use of orders, 0.15% or less.
The spread at Bitvavo is often favourable, as Bitvavo also has high trading volumes. Bitvavo does not charge additional fees for withdrawing and depositing money via bank transfer. In the image below, you can see the fees of trading cryptos at Bitvavo:
Bitvavo is already very cheap, especially when you consider that many providers charge 1% or even more. Binance, however, offers trading at even lower costs. At Binance, you will never pay more than 0.1% in transaction fees. You can also receive an additional discount if you hold Binance Coin.
Binance Coin is the crypto from Binance itself. If you hold enough BNB (Binance Coin), your transaction fees can drop to 0.075%. This makes trading with Binance up to three times cheaper than trading with Bitvavo. Moreover, just like with Bitvavo, the transaction fees decrease when you open many trading positions.
However, at Binance you often have to pay extra fees for depositing and withdrawing money, as this is not possible via bank transfer. The image below shows the costs of Binance:
I, personally, have a good feeling about Bitvavo. This is because Bitvavo has a clear address (Amsterdam) and is also registered with the Dutch Central Bank. The Dutch central bank sees to it that the crypto exchange adheres to all important rules and laws.
On the website of Bitvavo, you can read in detail how they secure and insure cryptos. In this article you can read more about the reliability of Bitvavo.
There is more uncertainty surrounding the reliability of Binance: the address of the exchange is constantly changing and it is unclear who is behind the exchange. Also, the crypto exchange does not have an official registration with the Dutch bank, so they do not have to apply the same level of security.
This does not mean that Binance is unreliable by definition. When a large number of bitcoin was stolen from the company some time ago, Binance compensated all losses. Still, the company is a lot less transparent, which makes trading with Binance more uncertain.
A big plus of Bitvavo is that the customer service is available in multiple local languages. Moreover, you will often receive an answer within a few hours.
My experiences with Binance are worse. Binance’s customer service is only available in English, and they don’t always reply right away. I once had to wait months for a good answer. If you think accessibility is important, I would choose Bitvavo.
You can stake various cryptos at both Bitvavo and Binance. By staking, you can earn a nice extra return on your cryptos. You will not receive this compensation in fiat currency, but in extra amounts of the crypto in question.
At Binance, the possibilities are even more extensive: for example, you can use swaps and launch pools. Personally, I think crypto is complicated enough, but when you are looking for an extra challenge, these can be interesting options.
Try it out for yourself!
As you can see, Bitvavo and Binance differ in many ways. Bitvavo is a Dutch exchange that is slowly trying to conquer Europe, while Binance is already very well known internationally. Therefore, it is difficult to say for sure which exchange is the best.
I therefore advise you to open an account at both exchanges. By doing so, you can try the possibilities, and you can discover which exchange suits you better.
At Bitvavo, you can now temporarily benefit from commission-free trading on your first €1000, of transactions through this link. Use the button below to open an account at Bitvavo:
At Binance you always benefit from very low fees, which you can lower even further by buying Binance Coins. Use the button below to open an account at Binance immediately: