Binance vs Bitfinex in comparison

Two Giants for Advanced Traders

Binance and Bitfinex both target experienced traders outside the US, and we rate both the same on fees, at the top of our scale. In our view, Binance is the better pick for most of them. Binance lists approximately six times more coins than Bitfinex, offers options, Earn products, and includes a P2P market. We rate its range of functions, operation, beginner friendliness, and support higher. For those whose decision hinges on trading fees, Bitfinex merits attention. It imposes no maker or taker fee on spot, margin, or derivatives trades, and offers the opportunity to lend coins to margin traders through its funding market.

Trading fees and costs

Since December 2025, Bitfinex has not charged maker or taker fees on spot, margin, and derivatives trades, and its OTC desk is also free of charge. Regular users at Binance face a 0.10% maker and 0.10% taker fee on spot trades, or 0.075% if they pay the fee in BNB, and 0.02% maker and 0.05% taker fees on its main perpetual futures. For trading fees alone, Bitfinex is more economical at every volume level, as even Binance's top VIP tier pays 0.011% maker and 0.023% taker fees on spot trades.

Bitfinex instead takes a cut of margin funding: lenders on its funding market hand over 15% of the interest they earn, or 18% for hidden offers. Moving money costs more there. A bank wire deposit costs 0.100% with a minimum of 60 USD or EUR, and a wire withdrawal 0.100% with a minimum of 100. A bitcoin withdrawal costs 0.00006 BTC, or 0.000001 BTC over the Lightning Network. At Binance, a card purchase costs 2%, PayPal 1.5% and a SEPA purchase 1 EUR, and withdrawals carry a flat fee per coin and network that Binance can adjust without notice. With both at the top of our scale, we rate them the same for fees and costs.

Coins and products

Binance offers about six times as many coins on its spot market compared to Bitfinex, which is significant for those interested in trading smaller tokens. Its products also cover more categories, including a P2P market, Auto-Invest for scheduled purchases, and Earn products like Simple Earn and Launchpool. It also provides options, futures settled in coins or stablecoins, and tokenized US stocks. We rate Binance more favorably for its range of functionalities.

Bitfinex specializes in margin trading. Spot pairs can be traded with up to 10x leverage, backed by its peer-to-peer funding market, which also allows lending of coins. Its perpetual swaps cover crypto, commodities, FX, equities, and volatility with up to 100x leverage. Options and futures are available through its partner Thalex. Bitfinex includes an OTC desk for large transactions, Bitfinex Borrow for peer-to-peer loans, paper trading, recurring buys, and soft staking. The LEO token no longer provides a trading fee discount.

Where you can use them

Neither exchange takes customers from the US. Binance.com refuses anyone located in, resident in or a citizen of the United States, who can only use the separate Binance.US. Bitfinex prohibits all US persons, including US citizens abroad, and makes exceptions only for eligible contract participants at its sole discretion. Both exclude Canada. Bitfinex also bars people in Japan and the United Kingdom unless it has assessed them as exempt, and Binance bars residents of the Netherlands.

In the EU, neither exchange has MiCA authorization, and the ESMA registry of crypto-asset service providers lists neither company. Bitfinex is operated for non-US users by BFXWW Inc. in the British Virgin Islands, with its spot and derivatives entities in El Salvador registered as digital asset service providers with the CNAD. Binance runs its global exchange through Nest Exchange Limited, recognized by the FSRA in Abu Dhabi's ADGM as an investment exchange.

Security and track record

We rate the two the same for security and trust, and both have been hacked. In August 2016, a hacker transferred 119,754 BTC out of Bitfinex in more than 2,000 unauthorized transactions. Bitfinex spread the loss across all accounts as BFX tokens, and within eight months every BFX token had been redeemed at 100 cents on the dollar or exchanged for shares of iFinex. In 2018, about $850 million held by its payment processor Crypto Capital went missing, and in 2021 Bitfinex and Tether agreed to pay $18.5 million in penalties to the state of New York. The CFTC penalized Bitfinex in 2016 and again in 2021. Bitfinex says about 99.5% of assets are kept in offline multi-signature wallets, and it has published its exchange wallet addresses but no proof of liabilities.

At Binance, hackers took 7,000 BTC from a hot wallet in May 2019, with losses covered by its SAFU fund. In November 2023, Binance Holdings Limited pleaded guilty in the US to violations of anti-money laundering, money transmission, and sanctions laws. The four US actions announced that day amounted to over $4.3 billion. Binance publishes a monthly proof of reserves using a Merkle tree and zk-SNARK proof, without naming an external auditor.

Ease of use and support

We rate Binance slightly higher for operation, for beginners and for support. Binance offers newcomers simple tools such as Convert and Auto-Invest. Bitfinex has four verification levels: Basic Access only lets you look around, Basic Plus with photo ID and a selfie opens spot trading, and margin, derivatives and funding need the Intermediate level. Binance says its customer support works in 40 languages, and Bitfinex offers chat support next to its help center.

Our verdict by criterion

In our view, Binance is the better exchange overall. Binance offers more coins, more products and simpler tools for newcomers, while Bitfinex charges no trading fees and runs its own margin funding market.

• Fees and costs: we rate them the same
• Range of functions: we rate Binance higher
• Operation: we rate Binance slightly higher
• Beginner friendliness: we rate Binance slightly higher
• Security and trust: we rate them the same
• Support: we rate Binance slightly higher

Which one fits you

• High-volume traders seeking no trading fees: Bitfinex.
• Holders wanting to lend coins to margin traders: Bitfinex, via its funding market.
• Traders interested in more coins, Earn products, and straightforward buying options: Binance.
• Residents in the US: neither. See our list of crypto exchanges for US customers for alternatives.

Our Binance review and Bitfinex review provide further details on each exchange. You can also compare Kraken vs Bitfinex or explore our list of crypto exchanges with the lowest fees.

Questions about Binance and Bitfinex

Is Bitfinex cheaper than Binance?

For trading fees, yes: Bitfinex charges no maker or taker fees, while Binance charges 0.10% on spot at the basic level. Bank wires are more expensive at Bitfinex, costing 0.100% with a minimum of 60 USD or EUR for deposits.

Can you use Binance or Bitfinex in the US?

No. Binance.com does not serve US residents, who are limited to using Binance.US, and Bitfinex does not permit US persons.

Which is better, Binance or Bitfinex?

In our view, Binance is better for most traders, thanks to its wider choice of coins and products and its simpler tools. Bitfinex fits traders who care most about trading fees or margin funding.