The cryptocurrency market has been very active lately. To assist traders in choosing the best service for needs, Covemarkets will analyze both platforms, including Blockfolio Vs Binance exchange based on security, features, supported currencies, and more to help to take a deep look before deciding to trade.
Overview
What is Binance?
The cryptocurrency exchange Binance provides a platform for trading various cryptocurrencies. There is support for many widely used coins. Traders can store their digital currency in the crypto wallet offered by Binance.
On Binance, it can be traded more than 600 different digital assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and Binance Coin (BNB).
What is Blockfolio?
Blockfolio is now under the control of the exchange FTX. Leading centralized cryptocurrency exchange FTX Exchange is known for its derivatives and leveraged products expertise.
The company provides a variety of trading products, such as derivatives, options, volatility products, and leveraged tokens.
Read more: FTX Vs Binance: Which Crypto Exchange Is Better For You in 2023
Pros and Cons
Binance
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Blockfolio
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Blockfolio Vs Binance: Which is Better?
Let’s now examine how these two crypto exchange platforms differ from one another. Which one is better?
Features
Blockfolio
- Futures: Over 150 perpetual futures or perpetual swaps with the futures market expiring quarterly
- Leveraged Tokens: Leverage positions with up to 3x leverage across 45 different ERC-20 tokens
- MOVE: MOVE contracts (only FTX service) with daily, weekly and quarterly expiration
Binance
- Earning: Stablecoins can be deposited on Binance Earn in order to stake them or earn interest. Depending on the coin and the duration, the exchange offers investors options and interest rates for these coins.
- Customers can buy goods and services with a credit card called the Binance Visa Card by exchanging their bitcoin for fiat money. There are third-party costs in the form of payment network fees, even if there are no administrative costs connected with the conversion.
- Binance Smart Pool: To maximize and boost their mining revenues, miners can switch between different cryptocurrencies with the help of the Binance Pool.
- Binance Labs: Promising firms in the pre-ICO stage are the focus of Binance Labs. It aids deserving cryptocurrency project teams by providing the necessary resources for advice, funding for development, and a launchpad for any essential listing and fundraising operations.
Supported Currencies
Blockfolio
Blockfolio offers spot markets for more than 100 cryptocurrency trading pairs, including BTC/USDT, ETH/USDT, XRP/USDT, and FTT/USDT for its native token.
Binance
Users can trade more than a thousand different crypto pairs on Binance. Two of the top coins worldwide, Binance Coin and Binance USD, are also housed on the platform.
Some cryptocurrencies are referred to as: Bitcoin (BTC), Ethereum (ETH), PAX Gold (PAXG), Harmony (ONE), Orchid (OXT), Helium (HNT), Chainlink (LINK), Cardano (ADA), Stellar (XLM) and Tether (USDT)
Read more: Band Protocol Vs Chainlink: BAND Vs LINK. Which Oracle Crypto Is Better In 2023 Full Comparision
Staking, Credit Cards, Other Options
Staking
| Binance | Blockfolio |
| Binance offers flexible, locked-in, and DeFi staking on over 120 assets under a fixed or flexible arrangement. | Blockfolio staking is limited to tokens with an average of 8% APY return. |
Credit Cards
Blockfolio
Blockfolio offers a wide range of credit cards for its users. The most popular credit cards among Blockfolio users are Visa, MasterCard, and American Express.
Binance
Developed a Visa card associated with Binance that allows users to pay and use the services of 60 million merchants globally.
The Binance Card is free to issue, free of management or purchase fees, and can get up to 8% cashback. This is one of the rare outstanding advantages of Binance compared to other cryptocurrency exchanges.
Read more: Voyager Vs Binance: Which Crypto Exchange Is Better in 2023
Customer service
Binance
- Three simple methods are available for contacting Binance customer support: opening a ticket, chatting with a representative, and tweeting.
- On the Binance website, users can fill out a form to submit a ticket and receive email support.
- Users are encouraged to send their concerns to Binance via its support account on Twitter, @BinanceHelpDesk.
- On the Binance website, traders may also access a chatbox in the lower right corner of the help screen.
Blockfolio
- Use of FTX’s help ticket system (Blockfolio) is encouraged for those who are experiencing issues. There isn’t a phone support number that is easy to find.
Security
Blockfolio
Blockfolio claims to have implemented industry-standard security procedures to safeguard platform assets and user data.
Additionally, it claims to have “complete external support” via assets housed in online-connected hot wallets. The opportunity to use unique passwords for withdrawals is one of the additional security measures.
Binance
Universal 2nd Factor (U2F) authentication method and enhance its exchange monitoring capabilities. At the same time, Binance encourages users to enable two-factor authentication (2FA) using Google Authenticator or SMS authentication.
Furthermore, traders have an option to whitelist addresses and set up anti-phishing codes. All withdrawals from binance to the bank must be confirmed by email.
Read more: Hot Wallet Vs Cold Wallet: Which One You Should Choose For Your Crypto 2023?
Geographic Availability
Binance
Most nations in the world, including Canada, the UK, Germany, Canada, India, Italy, and Spain, offer Binance. Binance received regulatory permission in France in May 2023, opening the door for the business to offer services related to digital assets there.
However, in recent times, Binance has encountered legal issues in certain nations, including: some US states, the UK, Japan, The EU, Germany, South Korea, China.
Blockfolio
Blockfolio is available in some country and area such as : Japan, Dubai, Middle Eastern countries, China.
Fees
| Payment Type | Fees | |
| Binance | Blockfolio (now FTX) | |
| Wallet | N/A | 0.020%–0.070% |
| Debit cards | 4.5% | $0.3 + 0.29% (Deposit Fees) |
| ACH transfer | No fees | No deposit fees |
| Wire transfer | $15 for U.S. customers | No deposit fees |
| Crypto conversion | N/A | No fees |
| Trades | 0.00% to 0.1% | 0.020%–0.070% (Maker-Taker) |
| Buy/Sell Crypto | 0.50% | 0.020%–0.070% (Maker-Taker) |
Ease of Use
Blockfolio
Additionally, Blockfolio provides two mobile apps: one for each of its platforms, FTX.com and FTX.us. Users’ wallets, trade history, and the most recent market prices are accessible through these apps.
Direct support ticket submission is also possible through the applications. Overall, trading on the go is made simpler by the mobile apps. Because Blockfolio is a mobile-first platform, desktop use is not enabled in this case.
Binance
Users can get tutorials or useful articles that resemble bitcoin trading courses through Binance’s Binance Academy. Both websites have a blog and knowledge base, but only Coinbase allows users to get paid in cryptocurrency for watching tutorial videos.
Interest Rates
Blockfolio
- A full-featured cryptocurrency platform for collecting interest on coins is called FTX Earn, formerly known as Blockfolio. In contrast to other platforms, FTX Earn tiers its interest rate. No matter the coin or token, the first $10,000 USD in deposited cash earns 8% APY. Any additional funds receive 5% APY.
- If having invested more over $10,000 USD, traders cannot specify which currency earns the higher rate. Instead, they all make the same amount on average.
Binance
- The US gives people the chance to earn rewards by staking your coins. Depending on the denomination, rates can change, although they typically range from 0.5% to 10%.
- For consumers outside of the United States, Binance offers DeFi staking and Locked Staking. Other staking options include Vechain Staking Rewards, XTZ Staking, ATOM Staking, ALGO Staking, QTUM, EOS, and ONE.
- Locked staking offers higher interest rates for holding your coins for predetermined periods of time—in this case, 15, 30, or 90 days. A selection of 64 locked staking coins and 11 total DeFi staking coins have interest rates ranging from 1.49% to 33.12%.
- The rate will depend on the coins people choose to invest in and the fixed term.
Read more: APR Vs APY Crypto 2023: What Are The Differences And How To Calculate For Crypto Beginners
At a Glance
| Blockfolio | Binance | |
| Fees | 0.02%- 0.07% debit card transactions of $0.3 + 0.29% (Deposit Fees) | Spot trading costs of 0.10% and debit card transactions of 4.5 % |
| Fiat Currencies | 21 | 66 |
| Security | Security Partners with custodians, two-step verification | Two-step verification, FDIC-insured USD balances up to $250,000, cold storage, and insurance against theft or fraud |
| Wallet | N/A | Allowlisting, Secure Enclave, AES-256 encryption, and biometric authentication |
| Transactions Supported | Buy, sell, exchange, and withdraw | Buy, sell, exchange, send, withdraw, and receive |
| Max. Trading Amount | Limits differ based on the cryptocurrency purchased | Limits differ according to your location and payment method. |
| Mobile App | iOS and Android | iOS and Android |
FAQs
How Do Binance and Blockfolio Work?
- Users are able to deposit fiat or cryptocurrency funds on Blockfolio, which may subsequently be used to buy coins or tokens. Advanced portfolio tracking tools allow users to view their assets owned across several exchanges in one location.
- Traders deposit the chosen currency into a Binance account and then use that money to buy altcoins.
Is It Safe to Hold Cryptocurrency in the Binance or Blockfolio Exchanges?
Although Blockfolio (FTX) and Binance are among the greatest cryptocurrency exchanges, consumers are advised to save money in a hardware wallet for the long term.
Who Should Use Binance or Blockfolio?
- Advanced crypto traders who want access to leverage, futures, and derivative products as well as very cheap trading costs may consider FTX.
- Experienced investors looking for cutting-edge trading choices and a wealth of statistics to support their tactical decisions may choose Binance.
Which One Should You Choose?
Blockfolio is a great choice if people are looking for an easy-to-use platform with a clean interface. Otherwise, Binance is a good choice if trader are looking for a more advanced platform with more features.
Conclusion
Both Binance and FTX are well-known cryptocurrency exchanges that provide the greatest spot trading and derivatives as well as a variety of features geared toward experienced users.
With a combined daily trading volume of more than $100 billion, Binance and FTX have gained the confidence of the globe and continue to handle more transactions than the majority of other cryptocurrency exchanges put together.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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