Binance vs Bitvavo: which is better and what is the difference?

Crypto has become more and more popular and more and more people believe in the power of this new financial system. If you also want to buy crypto, you may be in doubt between Bitvavo or Binance to create an account. In this article, we look at the similarities and differences.

Creating an account is free by the way, so if you would like to see for yourself which platform suits you best, you can do so without it costing you any money.

Create an account with Bitvavo here and pay no trading fee on the first €1000 for the first 7 days.

Create an account with Binance here and get a permanent 10% discount on your trading fee.

Binance vs Bitvavo

After following a crypto masterclass, I started to delve more deeply into crypto. I already had an account with Binance from a few years before because I wanted to learn a bit more about crypto so that I wouldn’t be left behind once crypto was established.

I discovered that you could easily create an account at Bitvavo and since that is a Dutch system (and I speak Dutch), I found that very pleasant. That’s why I started working on it.

After my experience with Bitvavo and Binance, I share the differences and similarities below.

If you want to know my experience per platform, you can also read the Bitvavo review and Binance review.

Similarities

Both Binance and Bitvavo are crypto exchanges. You can buy cryptos there, but you can also trade them by converting one currency into another.

Both platforms also have their own wallets. You don’t necessarily have to have a hardware or software wallet, but the crypto can remain on the platform. If it concerns a lot of money that you previously invest and do not actively trade with, it is better to choose to transfer this to a hardware wallet.

Legality

Since 2020, an anti-money laundering law has been added in the Netherlands. Anyone offering digital coins must be registered with De Nederlandse Bank (DNB). Bitvavo received this registration in November 2020.

In mid-August, DNB issued a warning for Binance as Binance is not registered but does sell in the Netherlands. So it is actually in violation of Dutch law. It remains to be seen which steps DNB will take further. As a user, you are not in violation of the law. For other countries, there are no problems yet that I know.

Ease of use

In terms of user-friendliness, Bitvavo scores best in my opinion. Creating an account is very easy and the app that you can install on your phone is also very clean and well-arranged, which makes it easy to work with. Depositing euros to Bitvavo is a snap and you can use your usual payment methods. Withdrawing the money back is also very easy.

With Binance, so much is possible, so it can also come across as overwhelming. As a beginner, it can take a while to find where you have to navigate to.

You can also trade via the app of Binance, but therefore also less clear than the Bitvavo app. You can switch to Binance Lite where you can only do the basics. Transferring euros to Binance is no longer so easy.

Advanced Trading

Binance is the largest crypto exchange worldwide. There is an enormous amount of trade on it, which means that trading can be done very quickly. There are many trading pairs that you can trade with.

At Bitvavo you can trade at the market price and you can place stop and limit orders. At Binance you can do that but much more. You can trade with leverage and trade futures. This is good to know for experienced traders.

If you do not only want to buy crypto at Bitvavo, but also actively trade, you can’t do that in the app, but you can in the more advanced view via desktop. This keeps the app very simple, and you can still do the necessary trades via the desktop.

If you would like to trade on the go, you can do so with the Binance app.

cryptos

You will also have to look at which cryptos you want to trade. Both platforms have different offerings, of which Binance’s is the largest. At Bitvavo you can purchase more than 150 coins. Lately, they have been adding a lot of new crypto coins, which means that the offer is increasing.

Opportunities

If you would like to invest in new projects, you can do so via the Binance Launchpad. At Bitvavo you do not have this option and you often have to wait a little longer before a new coin is available to purchase.

At Binance, there are most opportunities in terms of earning, leverage trading, futures, pools, P2P,…

Staking

Staking is possible at both Bitvavo and Binance. By leaving your crypto, you can receive interest (staking fee) for some crypto coins. That is a percentage of the cryptos you own and is paid out in the cryptocurrency itself.

At Bitvavo you can turn the staking button on or off. Once you turn this on you will receive staking income every Monday. It is calculated daily and paid weekly.

Your cryptos will not be fixed so that you can still trade or withdraw them at any time.

At Binance, staking is also possible, but the cryptos are really set apart at Binance Earn for this. Besides just staking, there are more ways to earn money with your cryptos such as flexible savings, launch pool, BNB Vault, fixed savings, DeFi staking, dual investment, liquid swap, and pool savings.

Country

Bitvavo is a Dutch company. For me, that is a big advantage because I can also simply contact them in Dutch if you have any questions. That is extra handy because you sometimes have to deal with technical matters. Bitvavo focuses on all of Europe and is available in 27 countries in English, Spanish, Italian, German and French.

Binance is originally from China, but there was more and more regulation. As a result, they have now registered in the Cayman Islands. However, they have users all over the world except America. You can change the language of the app.

Safety

Your cryptos are your money, your investment for the future, which is why you naturally want them to be safe.

You can secure your account at both with a password as well as with 2fa. If you want to log in on your desktop, you must first receive a code via your mobile so that you can continue on your desktop. This ensures that it is about you since you have your mobile with you.

You can also whitelist addresses. This means that money cannot just be withdrawn from your Bitvavo or Binance wallet. Only if it comes from an address that is on the whitelist, which you have added yourself.

But you also want to be sure that everything runs safely behind the scenes. Bitvavo has most of the crypto on cold wallets, so disconnected from the internet. The safes containing the backups have the highest security level in the Netherlands. In terms of personnel, the organizational structure is also carefully examined and the employees are thoroughly screened.

A few years ago there was a hack at Binance that caused a lot of cryptos to be stolen. They communicated this very well to the users of the platform at the time and the users also got their money back. Then they went even more on security.

Binance is also a safe platform to trade crypto on.

Cost

At Binance you pay a standard 0.1% trading fee. By first buying BNB (the currency of Binance itself) you get a 25% discount on your trading cost. You then pay 0.075% transaction cost. If you trade more than 50 BTC and 50 BNB in ​​30 days, you pay even less, and the more your trade, the lower the cost.

If you want them 10% extra cheaper, you can create an account via the link we have for you.

At Bitvavo you pay 0.25 % trading fee as a taker, and 0.15 % as a maker. If you trade for more than €100,000 in 30 days, the trading cost will drop.

Trade the first 7 days for free for the first €1000.

Despite the fact that Bitvavo is the cheapest in the Netherlands, it is still more expensive than Binance in terms of trading costs. So if you trade very large amounts, these trading costs can make a big difference.

But if you want to transfer Euros to the exchange or withdraw it again, Bitvavo is cheaper. If you do this via SEPA, it costs nothing.

At Binance you can no longer deposit money via bank transfer or iDeal for several months. Putting euros on Binance via Visa costs 1.8 % and to withdraw it 1 %.

Support

Customer support for both Binance and Bitvavo is not available by phone.

In the support center on the Binance website, you will find frequently asked questions and of course the answers. This way they hope you can find the answer there.

You can also send a message in English via chat. You often read complaints about Binance’s customer service, such as that they make little effort or that it takes a very long time.

With Bitvavo I have a good experience with customer support. Everything is arranged quickly.

Comparison Binance vs Bitvavo

	Bitvavo	Binance
Start	2018	2017
Country	Netherlands	Originally: China, now registered in the Cayman Islands
Number of coins	+150	+500
Disturb Euros	with iDeal, sepa, Bancontact, MyBank, EPS Uberweisung, Giropay	with Visa (1,8%), mastercard (1,8%), P2P Bank Transfer
Withdraw money	Directly to the bank account number you bought with	Via Visa (1% costs)
App	Yes, just buy, don’t trade	Yes, both buy and trade
Support	Live chat (business days 10-17u) and e-mail (business days 9-21 and weekends 10-18u). Goes relatively fast. Contact in English, Dutch, French, Spanish, German and Italian.	Chat (business days). Chinese, English, Spanish, Turkish, Korean, Vietnamese, Portuguese and Russian
Leverage trading	no	yes
Futures	no	yes
Trading cost	Max. 0,25%	Max. 0,1%
Discount via this page	No trading fee for 7 days and the first €1000 -> Make an account	10% discount on the trading cost -> Make an account

Binance or Bitvavo for beginners?

Both can be used by beginners, but Bitvavo is the most suitable for a beginner because of its simplicity, user-friendliness, support, and easy buying with Euros.

Binance or Bitvavo for advanced users?

Both Bitvavo and Binance are also suitable for advanced users. For Bitvavo, you need to trade on the desktop in the advanced view for that. However, if you want the most options and also be able to trade with leverage, Binance is the most suitable. Due to the high trading volume, you can also trade cryptos quickly.

Conclusion Binance vs Bitvavo

It doesn’t have to be an either-or story. You can perfectly have two accounts where you buy and trade crypto. I also have an account with both platforms. I do most of it via Bitvavo since it is much more user-friendly and you can easily put money into your account. In addition, I also have an account with Binance for cryptos that are not available on Bitvavo.

Create an account with Bitvavo here and pay no trading fee on the first €1000 for the first 7 days.

Create an account with Binance here and get a permanent 10% discount on your trading fee.