Binance vs Bitvavo in Comparison for 2024: Can Bitvavo compete with Binance?
Bitvavo is one of the up-and-coming European cryptocurrency exchanges challenging crypto giant Binance to provide the perfect all-round crypto trading platform.
Both these crypto exchanges are popular for offering very rich crypto investing platforms with many features that make it anything but trivial to tell whether Bitvavo or Binance is better.
We compared Binance vs Bitvavo in all important factors, to help you decide between Bitvavo and Binance.
Registration & KYC Duration
Binance and Bitvavo have completely different barriers to entry when it comes to speed of registration:
While both Bitvavo and Binance require users to verify their identity during registration, the process takes only a few minutes on Bitvavo versus up to a few days on Binance.
Due to this significant difference in verification waiting time, Bitvavo is clearly better than Binance for those who want to get started investing quickly.
For patient users, this criterium won't matter too much, as the actual KYC procedure of Bitvavo and Binance is very similar. Namely, it includes uploading pictures of your ID document and recording a quick selfie.
Deposit Methods: Bitvavo vs Binance
After registering on either Binance or Bitvavo, users will have to choose a payment option to start trading with.
In regard to deposit methods, Bitvavo performs better than Binance, offering not only third-party deposit methods like PayPal that Binance misses but also fee-less bank deposits.
| Binance | Bitvavo | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Mastercard | Yes | Yes |
| VISA | Yes | Yes |
| Bank transfers | No | Yes |
| PayPal | No | Yes |
| Klarna | No | Yes |
| GiroPay | No | Yes |
Trading Platforms: Bitvavo vs Binance
Binance and Bitvavo are both cryptocurrency exchanges with a prime focus on crypto trading.
This fact is reflected in a large offering of tradable cryptocurrencies on both platforms, namely 175+ coins on Bitvavo and 350+ on Binance.
On both Binance and Bitvavo, all those coins can be traded via mobile apps for iOS & Android, and a website, making both exchanges suitable for mobile and desktop investors.
Trading Modes
Binance and Bitvavo offer their exchange in two different trading modes:
An easy mode with simple market orders and very little surface for mistakes - Bitvavo and Binance Lite
An advanced mode with advanced order types, low fees, tools, and charts - Bitvavo Advanced and Binance Pro
On the surface, this makes both platforms suitable for beginners and advanced traders alike.
Easy Mode Differences
The default trading interface of Bitvavo is more beginner-friendly than Binance Lite because it's easier to navigate, more transparent about costs, and at the same time fully benefits from Bitvavo's low trading fees.
This makes Bitvavo clearly better for complete beginners than Binance.
In comparison, we found Binance Lite has a slightly confusing checkout system with higher fees than Bitvavo.
Advanced Mode Differences
In terms of functionality, the advanced trading modes of Bitvavo and Binance are pretty much identical.
However, there are clear differences between Bitvavo's and Binance's advanced trading are the available trading pairs.
This is because Binance has one of the largest customer bases and often is the very first exchange to list new tokens, resulting in offering more crypto trading pairs than Bitvavo.
While Bitvavo's trading pairs will also be sufficient for the vast majority of crypto investors, this difference makes
Binance slightly better for advanced crypto traders who want to trade many, potentially new tokens.
Fees: Bitvavo vs Binance
We believe the most significant differences in the comparison of Bitvavo vs Binance can be found in their respective trading fees.
Bitvavo charges the same trading fee of 0-0.25% across all trading modes, while Binance charges higher fees of 0.5% for its simple trading, and 0.02-0.1% for pro trading.
| Binance | Bitvavo | |
|---|---|---|
| Default Crypto Trading Fee | 0.5% | 0-0.25% |
| Advanced Trading Fee | 0.02-0.1% | 0-0.25% |
| Average Trading Fees | 0.28% | 0.13% |
| Inactivity Fees | 0% | 0% |
This means that for beginners and intermediate investors who would rather trade in easy mode, fees on Bitvavo are better than on Binance.
For advanced investors, on the other hand, trading fees on Binance Pro are slightly better than on Bitvavo.
Progressive Trading Fees
Trading fees on Binance Pro and Bitvavo are based on a progressive structure, meaning users pay fewer fees the more they have traded in any given month.
On Bitvavo, you benefit from lower fees by trading higher volumes in any trading mode, while on Binance, only the pro mode benefits from progressive fees.
Below you see a direct Bitvavo vs Binance fees comparison:
| Monthly Trading Volume | Binance | Bitvavo |
|---|---|---|
| < 100,000€ | 0.1% | 0.15-0.25% |
| < 250,000€ | 0.1% | 0.1-0.2% |
| < 500,000€ | 0.1% | 0.08-0.16% |
| < 1,000,000$ | 0.1% | 0.06-0.12% |
| < 2,500,000€ | 0.09-0.1% | 0.05-0.1% |
| < 5,000,000$ | 0.09-0.1% | 0.04-0.08% |
| < 10,000,000€ | 0.08-0.1% | 0.04-0.06% |
| < 20,000,000$ | 0.08-0.1% | 0.03-0.05% |
| < 25,000,000€ | 0.07-0.1% | 0.03-0.05% |
| < 100,000,000$ | 0.07-0.1% | 0.03-0.04% |
| < 150,000,000$ | 0.07-0.09% | 0.03-0.04% |
| < 400,000,000$ | 0.06-0.08% | 0.03-0.04% |
| < 800,000,000$ | 0.05-0.07% | 0.03-0.04% |
| < 2,000,000,000$ | 0.04-0.06% | 0.03-0.04% |
| < 4,000,000,000$ | 0.03-0.05% | 0.03-0.04% |
| >= 4,000,000,000$ | 0.02-0.04% | 0.03-0.04% |
Progressive fees on Binance and Bitvavo make these crypto exchanges great platforms for high-volume traders that value cost-efficiency.
At first glance, the advanced trading fees on Bitvavo are Binance are pretty similar. However, Binance offers further fee deductions (-25%) for owners of Binance's own cryptocurrency BNB, who can use it to pay for fees on the exchange.
For high-volume crypo traders, this makes trading crypto on Binance Pro possible with fewer fees compared to
Bitvavo .
Bitvavo or Binance: Which Exchange Wins?
The two compared cryptocurrency exchanges Binance and Bitvavo both make great cryptocurrency exchanges with very cost-efficient trading.
Because Bitvavo has low trading fees in both ease and advanced mode, while Binance only offers its low fees in pro mode, Bitvavo is better than Binance for most crypto investors.
On the other hand, the Binance exchange is the better option for advanced crypto traders who are looking to make use of Binance Pro.
The following breakdown of comparison results should help you decide whether Bitvavo or Binance is the better cryptocurrency exchange:
| Binance | Bitvavo | |
|---|---|---|
| Account Opening | 70% | 96% |
| Available Coins | 99% | 96% |
| Trading Fees | 93% | 97% |
| Beginner Friendliness | 78% | 91% |
| Features | 97% | 90% |
| Final Rating | 87% | 94% |
With a final rating of 94/100, the crypto exchange Bitvavo is the overall comparison winner compared to Binance with a rating of 87/100.