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General Information
| Binance | Poloniex | |
| Year of foundation | 2017 | 2014 |
| Country | China | USA |
| Languages | English, Portuguese, German, French, Spanish, Italian, Korean, Russian, Traditional Chinese, Simplified Chinese, Dutch, Vietnamese, Turkish, Indonesian, Polish, Ukrainian | English |
| Mobile app | iOS, Android | iOS, Android |
Registration and Verification
Binance
Quick and straightforward registration with email, it is immediately offered to include 2FA for funds’ safety. The entire registration does not take more than two minutes.
Poloniex
Registration is not quite usual; instead of the standard email and password, we are immediately asked the name, surname, date of birth, and country of residence, that is, a necessary verification. Then we must confirm the email and continue with full verification. The button to cancel the action is missing, so you have to be verified; you can not perform any exchange actions without it.
Depositing and Withdrawing Funds
There is no clear winner on this point, because both exchanges have their own characteristics.
Binance
Withdrawal of funds from Binance is possible only to cryptocurrency wallets because the site does not yet work with fiat currencies. Commission for withdrawal is naturally present, and the retreat is fast enough. For withdrawal of funds, it is necessary to enable 2FA. Otherwise, withdrawal of coins will not be possible.
Poloniex
Poloniex only works with digital currencies and doesn’t support fiat, so deposits and withdrawals are only available in cryptocurrency. There are no commissions for the deposit, withdrawal is only charged for in-network confirmation, and it’s different for each cryptocurrency. The system works stably and quickly.
Trading Volumes and Traded Pairs
Binance
This exchange leads both in the number of unique users (6,186,162 per month) and trading volume – $8,415,631,712 per day. Binance offers 764 currency pairs for trading. The fast-growing crypto exchange is unique because it has its coin – BNB. It is used to pay commissions, keep the ecosystem running, and to stake (cryptocurrency deposit).
Poloniex
The trader’s work panel contains a list of trading pairs (119), order stack, table of recent trades, market depth, and order panel. Orders here are of 3 types: limit, market, and stop-limit. The trading terminal for margin trading does not differ from the usual one. The leverage here is available for 11 altcoins paired with bitcoin; the maximum leverage is 2.5x.
Commission
Binance
The exchange also offers low commissions (at 0.1%) and fast transaction processing (up to 1.4 million transactions per second). Any cryptocurrency can be deposited freely and without commission. Verification at the service is not required.
Poloniex
The practice of commissions is standard with one peculiarity that there is a small commission for the withdrawal of funds. When working with a maker order, if the trader’s turnover for 30 days exceeds $20 million, the commission is nullified.
Security
Binance
As security steps of registration are used: captcha-puzzle, two-step authentication, and anti-phishing code. Verification is not required here, and if you do not have a large deposit for trading, you will not need it. On May 7, 2019, the exchange was hacked by hackers, resulting in the theft of 7,000 BTC from one hot wallet. This was done by gaining access to two-factor authentication codes, user API, and other personal data. As a result of the hack, about 2% of the exchange’s total bitcoins were stolen.
Poloniex
The highest security standards protect the Poloniex site, but this does not exclude various hacker or DDoS attacks. In the history of the exchange, there were cases with the hacking of individual accounts, but the site took responsibility and compensated users’ losses. From the legal perspective, Poloniex is also doing well because the exchange is registered in Boston, Massachusetts is subject to U.S. laws and its regulators (such as the CFTC, SEC, etc.). It is suggested to enable two-factor authentication for account security.
Pros and Cons
Binance
Poloniex
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.