Last Updated: 4th October 2021.
WhiteBit and Binance are both cryptocurrency trading platforms with two different approaches to various levels of users.
Firstly, WhiteBit is an Estonia-based company that offers an easy, secure trading platform for both beginners and limited transactions type. It supports more than 150 currency trading pairs although.
While the Binance platform can be so tricky for beginners because there is a huge learning curve if you just joined the platform which might really be intimidating for beginners.
The Binance platform supports advanced crypto users and it is dominated in about 180 countries with hundreds of currencies available for trading and other purposes.
Although, the Binance platform is easy to use and also easy to navigate around if you are smart enough.
What makes the Binance platform stand out is its very low transactions fees which many people considered really interesting.
We have put WhiteBit and Binance side by side to review both of them for both, features, fees, securities, and other things we believe you need to know.
Let us start WhiteBit vs. Binance Review.
WhiteBit vs. Binance: At a Glance
Here is a summary of the WhiteBit vs Binance review that you can quickly skim.
| Crypto Exchange Plaform | WhiteBit | Binance |
| Main Platform Features | Fees are a little bit high buy very easy for beginners to play around | It has very low fees and Comprehensive trading Options with lots of cryptocurrencies. |
| Fees | Charge maximum of 0,1% on trading, maximum of 0,098% on margin trading funds, other fees are listed on it networks because it is much. | 0.02% to 0.01% purchase and trading fees, 3% to 4.5% for debit card purchases, or $15 per U.S wire transfer |
| Number Of Cryptos Supported | Have 74 coins listed on its network. | Has over 500 coins available for global traders and only 52 coin is available to US Users on it Binance.Us |
| Securities Features | 2FA, store 96% of coins on cold wallet, licencesd, Anti-phishing, Meet all AML requirements. | 2FA verification, FDIC-IC issued USD balances, device Management, address whitelist and cold storage of coins. |
| Types of Transactions Supported | Stop limit, stop market, Conditional Limit, stop trading, conditional market order, trigger stop market order and more. | Limited order, market order, stop-limit order, trailing stop order, post only order, peer to peer trading, margin trading, and more. |
| Maximum Trading Amount | Differs base on crypto and the level of your account. | Differs base on the Cryptocurrency purchase on the platform. |
WhiteBit vs. Binance – Features
The first you will notice or that you need to know is the fact that the platforms are for different sets of people so you will notice different or similar features.
But the most obvious features about both platforms are offering mobile Apps for their user which is really great because, with a mobile app, you will be able to browse the site anywhere, anytime, any day.
With the whitebait platform, the following are what you will get.
You will have access to a customizable interface in the sense that you will be able to take care of your entire dashboard.
The platform also provides a very speed transaction type that you can perform up to 10,000 trades in just a second which I consider really great.
In addition, the platform offers instant peer-to-peer trade in a situation that you will be able to pay another bit of users instantly without the need for confirmation from the team.
Another most interesting feature of the WhiteBit platform is its coin staking option, in a situation whereby you will be able to stake your coin and receive up to 9% return and that is risk-free.
And it is available in over 190 countries and the US is not inclusive because it doesn’t operate in US.
In a comparison of the WhiteBit to Binance.
With Binance, you will get:
- Over 13 transactions type
- You will be able to use a third-party wallet which is Binance
- Over 180 countries are allowed to use the Binance platform
- There are public API keys to integrate with other third-party software
- Standard charting with lots of indicators and overlays.
In addition, US investors are not allowed to use this platform for different reasons belongs to the platform.
Binance has also been suspected by many countries of the world for fraud and it is currently under investigation in the US.
Also, the US customers can’t pay with their credit/debit card on Binance or even complete a margin trade whereas it is the opposite on WhiteBit.
Using WhiteBit, you will be able to complete those options that are limited in Binance, for US investors although and not all 180 supported countries.
WhiteBit vs. Bianace: Supported Currencies
You will come to agree with me when I said that Binance is well known with lots of altcoin with over 500 choices available to its supported countries.
The WhiteBit platform supports 72 coins while Binance.Us exchange platform supports 52 coins.
WhiteBit offers over 150 currency trading pairs on its platform when all KYS verifications are meant. WhiteBit exchange also supports fiat currencies and including USD, GBP, And EUR.
In opposite with Binance. Binance supports up to 19 fiat currencies. The following are included in its fiat currencies, USD, EUR, GBP, HKD, and IRP.
Binance offers 51 to 591 currency pairs and only 51 are available to US investors or US base users.
There are some sets of currencies that are on Binance but very few are on WhiteBit like BND, VeChain (VET), Harmony (ONE), VeThor (VTHO), Dogecoin (DOGE), QTUM, and the Matic Network (MATIC).
WhiteBit vs. Binance Review: Security
As you have known that security is very paramount to the success of any business out there in cyberspace and the same thing also applies to these exchange platforms also.
In a world, both exchanges platform are considered really secure because they all offer some high level of securities to protects their users and the platform entirely.
Pieces about Binance: The Binance platform was first established in China before its establishment in Japan.
The Binance platform is not regulated so as a result of that, it was initially banned in the United State of America.
However, it later launches Binance.US which operates outside of San Francisco, California USA. It binance.US is regulated in the US but however, it is currently under US regulatory for investigation because of its way of operation.
Both WhiteBit and Binance provide two-factor authentication (2FA) using the Google Authentication App or Short Message Services (SMS).
Although Binance.US users have been complaining about its verification with Google Authentication App and that makes it to be under the US–regulatory investigation.
Some of the advanced security features Binance also has included: Address whitelist, device management, and device restrictions.
WhiteBit also makes use of the securities features above.
So I can just say that both exchanges platform really look safe to use for everyone.
WhiteBit vs. Binance Review: Fees
When it comes to fees of any sort in the crypto and trading industry. Binance is the lowest and I don’t think there is a second to it at the time of writing this article.
The WhiteBit platform is not that much although and I can boldly say that it is affordable.
In fact, some of the deposit methods on the WhiteBit are totally free as published in their cryptocurrency fees section.
The Binance platform uses a marker-taker fee structure on its platform. The same fees apply to both maker and taker.#
Binance charges fees are also additional benefits for high-volume traders because Binance users can low cost just by:
- Purchase Binance Coin (BNB) to pay fees and also attract a 25% discount
- You can also get a VIP discount (This applies to high volume traders)
- You can refer a friend and earn a discount on trading fees.
WhiteBit charges differ and vary base on the type of transaction you are performing on the website but they charge a maximum of 0,1% trading fees and 0,098% fee for using the funds in the margin trade.
WhiteBit vs. Binance Review: Ease Of Use
Both platforms offer ease of use, however, it is still geared to a different set of people and their experience in using a trading platform.
WhiteBit provides a very simple platform for investors that are new to the crypto world, it offers simple, secure ways to trade.
The Binance platform is easy to use as well. However, the very long list numbers of choices that are available to choose from might be intimidating for new users and semi-expert in the crypto world.
I must say that Binance is for those particular sets of people that are very familiar with crypto lingo while WhiteBit provides easy and secure trading.
Both exchanges platform offers mobile app applications. However, people find them easy to use than each other just like both are rated 4.4 stars on the Google Playstore.
In addition, the Binance platform provides a crypto academy to help beginners get started which WhiteBit doesn’t do.
WhiteBit wins the easy of use although.
WhiteBit vs. Binance Review: Pros and Cons
WhiteBit pros
- Customizable Interface
- Speed up and quick trading
- Instant peer to peer transactions
- Coin staking to get upto 9% risk free
WhiteBit Cons
- No demo account
- Doesn’t have enough online communities
Binance Pros
- Over 500 supported cryptocurencies
- Very cheap platform to use in terms of fee
- Massive selection of transaction tyeps.
Binance Cons
- Very overwelming because of lots of options available to use
- No built-in digital wallet
- Not suitable for US investors
Who Should Use WhiteBit or Binance?
The WhiteBit platform is much more perfect for beginners who want a secure and easy-to-use platform because the platform is made while minding the beginners in mind.
The best part about the platform is that, once you open the mobile app, you will how easy everything seems to be and you will be able to navigate it easily.
Binance is however suitable for advanced investors and traders who want lots of options and pretty much analytics to back up all their strategic decisions.
The novice users will experience a huge learning curve on the platform but the most interesting part is that once you learn your way around it everything becomes easy to use for you.
With Binance’s low fees, available in over 180 countries, over 500 cryptocurrencies it is indeed the best platform to use for non-US residents. US residents can still use it but it is very limited.
How we Evaluated WhiteBit and Binance
We take a deep look into both flatforms looking at their fees, structure, navigation, and other important factors we think it is necessary to consider before making this review.
In addition, we check what their customer feedbacks looks like to see what they are saying both good and bad.
And we believe we have been able to make an unbiased review about WhiteBit and Binance.
Note: All the expressions above are mainly for us and for educationa purposes, in addition, we have no control over what happen within the platform when you start using it.
Conclusion
I hope this WhiteBit vs. Binance review doesn’t just show you what the platforms do but also helps you to make an informed decision about what to choose and the one to use.
Both platforms are good, but it is advisable you look deeply into both of them to find where your strength is.
By doing so, you saved yourself unnecessary stories that may touch the heart or any form of regret as you have chosen your desired platform.
You can also read the full WhiteBit review article here.
With that, we have come to the end of the WhiteBit vs. Binance review.
Now, it is your turn.
Which of the platform have you decided to use first?
What did you consider most interesting about the platforms?
Did you have any questions about this WhiteBit vs. Binance review, do let me know in the comment section below.
If you find this WhiteBit vs. Binance review helpful, do share it on your social media account because someone else might also need it.