Poloniex vs Binance: Ultimate Exchanges Comparison
When choosing a cryptocurrency exchange, how do you know which ones are better than others? What metrics should we use to determine the quality of a platform? Usually, investors and traders want security, reliability, and the ability you trade or purchase their favorite digital coins.
Poloniex vs Binance
|Name||Founded||Countries||Cryptocurrencies||Trading Pairs||FIAT||Trading Fees||Withdrawal fees|
|Poloniex||2014||35+||16||200+||Based on previous 30days trading||Fixed fee per asset depending on cryptocurrency|
The expectations for crypto exchanges in today’s market are high, which is why a platform that finds a way to meet expectations is difficult to find.
That’s why we provide in-depth comparisons. So you can find the answers you need to get started buying, selling, and trading Bitcoin and other popular altcoins.
What do these crypto platforms have to offer?
Let’s take a closer look to find out.
If you just stepped into the world of cryptocurrency and heard about Binance, you’d probably believe the exchange has been around much longer than it actually has.
The trading platform was founded in Shanghai, China, in 2017. Due to regulatory issues, the company soon moved to Japan, which would quickly prove to be an even more significant challenge.
Eventually, the exchange relocated to Malta, where it has been ever since. The company chose Malta primarily because it has some of the best regulations and laws for trading digital assets.
The exchange complies with the country’s Virtual Financial Assets Acts (VFA), which requires the platform to adhere to KYC (Know Your Customer) and AML (Anti-Money Laundering) guidelines.
Since 2017, the platform has grown leaps and bounds, surpassing even the most well-recognized platforms in terms of the total number of users and volume.
While Coinbase is among the most popular options for those new to the industry, Binance isn’t far behind.
Binance pros and cons
- Wide range of available cryptocurrencies
- Fiat currency supported
- Low transaction fees
- Mobile app support for iOS and Android
- 50% off transaction fees when using BNB (Binance coin)
- Could use more fiat exchange choices
- Platform has been breached in the past
Poloniex is one of the older cryptocurrency exchanges in the market. Located in the United States, the platform launched in 2014, allowing users to buy, sell, and trade digital assets.
Based out of Wilmington, Delaware, the exchange is named for the company the founder temporarily worked for as a freelance composer – Polonius Sheet Music.
A few years later, the platform became one of the first in the industry to provide support for Ethereum. Trading volume on the exchange skyrocketed as the market for ETH boomed.
It wasn’t uncommon throughout the next 12 to 18 months to see Poloniex listed alongside top platforms like Bittrex or Gemini.
Then the exchange was purchased by Circle in 2018. The Goldman Sachs company sought to make the platform a full-fledged regulated platform.
As a result, the exchange started delisting some less than savory digital coins.
Poloniex Pros And Cons
- Support over 100 digital assets and tokens
- Up to 100x margin trading
- Mobile app support
- No deposit or withdrawal fees
- Offline storage and two-factor authentication
- Slow customer support
- Subject to a flash crash a few years ago
- Only crypto-to-crypto trades available
Poloniex is a cryptocurrency exchange that allows for the buying or selling of digital assets, such as Bitcoin (BTC), Ethereum (ETH), TRON (TRX), and other altcoins. The exchange guarantees that users experience safety and security while transacting.Visit Poloniex
When it comes to security, the platform does its best to ensure that user funds are protected.
The exchange does this through the use of 2FA (two-factor authentication), which makes it more difficult for hackers to gain access to your account.
Additionally, users can whitelist withdrawal addresses, which means funds can only be moved to specified wallets.
Three years ago, the platform launched its SAFU (Secure Asset Fund for Users) to ensure that user funds would be protected if a breach occurred.
The exchange takes 10% of its fee revenue and moves it to an account dedicated to SAFU.
It turned out to be a smart move on the part of the exchange, as traders quickly received their missing funds when Binance was subject to a breach.
Even though the exchange suffered a hack early, it has since recovered and is considered a reliable exchange today.
The platform lost 97 bitcoin at the time, but leadership reimbursed all users, which shows that it’s committed to being a trustworthy exchange committed to integrity.
Like other exchanges, Poloniex uses two-factor authentication to ensure only verified users have access. However, the platform doesn’t use KYC or AML since it’s not regulated.
While some view this as good since there’s no user data available, others don’t like it as it means there’s no way to determine who is using the platform at any given time.
The following features are available on the exchange platform:
- Support for nearly 200 digital coins and tokens
- Low trading fees
- Support for iOS, Android, Windows, and macOS
- Up to 3x leverage on margin trading
- Buy Bitcoin and other popular coins with digital currencies
- Participate in IEOs through exchange Launchpad
- Staking, lending, and other passive income streams supported
Here are some of the features you can expect to find on the platform:
- Wide variety of cryptocurrencies to buy, sell, and trade
- Margin trading with up to 2.5x leverage
- Low fees
- Invest in new and exciting crypto projects through the platform’s IEO launchpad
- Crypto traders can easily sign up and start trading on the exchange in just a few minutes.
Users have three options for depositing funds into their accounts:
- Credit cards, debit cards, and bank transfers. Credit card deposits are subject to a 3.5% fee.
- Domestic wire transfer (available only in the US).
- Wire transfers from Paxos. Users can purchase PAX, which is pegged to USD, then use it to fund their accounts.
Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.
When it comes to buying and selling crypto, there are few exchanges better than Binance.Visit Binance
Recently, the exchange partnered with Simplex to give its users a way to fund their accounts with debit or credit cards.
There are a handful of cryptocurrencies that are supported through this method, but it’s better than being forced to purchase crypto from another platform and then send the funds to your account.
Users can choose from a wide range of fiat currencies to purchase their crypto.
Choose your currency, your digital coins, and then the amount.
That’s all there is to it!
When it comes to fees, it’s tough to beat Binance. The fees they charge are some of the lowest you’re going to find in the industry.
All trades are fixed at 0.1% per trade. However, if you choose to use BNB coin, you’ll get a 50% discount.
If you go the BNB route, the fees are automatically deducted, so you don’t have to take any additional steps.
The discount is good for five years, plus if you do a lot of trading, the platform offers additional maker and trader discounts.
To find out more about the fee schedule, check out binance.com.
While Poloniex isn’t as cheap as its counterpart, it does offer maker and taker fees based on volume.
These trading fees are based on how much trading volume you’ve done during the previous 30 days.
For example, if you’re doing less than 600 BTC in trading, you’ll be charged a taker fee of 0.25% and a maker fee of 0.15%.
These are just a few of the coins available on the exchange:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Stellar (XLM)
- Tron (TRX)
- Litecoin (LTC)
- Cosmos (ATOM)
- Basic Attention Token (BAT)
- Compound (COMP)
- Algorand (ALGO)
Here are some of the digital currencies supported by the platform:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- DASH (DASH)
- Monero (XMR)
- Tether (USDT)
- Dogecoin (DOGE)
- Polkadot (DOT)
- New Zealand
- United Kingdom
These are just a few of the countries Poloniex supports.
You can find the complete list on the platform’s website.
- United States
- United Kingdom
- And many, many more
What Is Special About Poloniex?
There’s plenty to like about Poloniex.
Here are a few more features unique to the platform:
- Insurance coverage for any digital currencies kept on the exchange
- Mobile applications for Android and iOS devices
- APIs for creating and running automated trading strategies
- Decentralized Exchange used for trading TRX with no fees
- Open-sourced platform allows traders to examine all trading code
- Create push notifications and have them sent to your mobile device when a price changes
- Extensive tools for customizing and creating charts
- Technical indicators for advanced traders
Which Exchange Is Better For Beginners?
While both exchanges offer plenty of features and functionality, Binance is going to be the better option for those new to the crypto industry.
The fees are some of the lowest you’ll find, and the interface is easy to use.
Plus, it supports literally hundreds of digital coins.
It’s easy to deposit funds into your account, and the platform provides security through the use of KYC and AML, as well as two-factor authentication to keep your funds secure.