Easy Crypto vs Binance | Best Exchange For Beginners?
Jack Moreau
Feb 2024
8 min read
Fact checked
Easy Crypto vs Binance: Choosing the right cryptocurrency exchange can be a daunting task, but we've got you covered. We've compared Easy Crypto and Binance across a range of metrics, including fees, user experience, and more. Read on to find out which exchange is the best fit for you!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
When it comes to cryptocurrency exchanges, few are more well-known than Binance. Founded in 2017 by Changpeng Zhao, Binance is registered in the Cayman Islands as Binance Holdings Ltd and has grown to become one of the largest and most popular trading platforms in the world.
Binance exchange
With over 6400 employees, Binance is available in 186 countries and supports over 350 cryptocurrencies, numerous trading pairs, and is the most liquid exchange in the world.
In terms of countries that are not supported, that includes the United States which is not available, Canada, the UK, China and multiple OFAC countries.
As one of the most comprehensive platforms in the space, Binance offers a range of services including spot trading, futures trading, staking, earn products, launchpad, and much more!
With over 160 million users worldwide, Binance has a massive user base, and the Binance Android app has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Binance app
Easy Crypto is a much smaller exchange founded in 2018 by siblings Janine and Alan Grainger. With under 50 employees based in Auckland, New Zealand, Easy Crypto has expanded to operate in Australia, New Zealand, South Africa, and Brazil.
Easy Crypto exchange
The exchange provides users with a well-designed interface where they can easily buy and sell cryptocurrencies. Easy Crypto is not competing on the range of features but on simplicity in order to appeal to novice crypto investors.
While Easy Crypto is a very small exchange with over 100,000 registered users, it supports a decent range of over 160 cryptocurrencies like Bitcoin, Ethereum, Solana, Algorand, Cosmos, and other well-known coins. Easy Crypto is only available via browser and not on either Android or IOS.
Easy Crypto vs Binance Signup & KYC
Easy Crypto and Binance both require their respective users to complete a KYC (Know Your Customer) verification process before they can start trading.
To create an account on Easy Crypto, users can select to sign up either via Gmail, Facebook, or with a regular email. Once they have created an account, they must complete the mandatory KYC process to gain full access to the platform.
Easy Crypto signup
The KYC process takes around 5 minutes to complete, and users must provide their full name, date of birth, phone number, and a valid government ID.
Once all the details have been provided, it can take up to 24 hours for the Easy Crypto team to verify the account.
Binance KYC
On the other hand, creating a Binance account takes less than a minute, but users must complete the KYC process before they can trade.
This process requires users to submit all the required information and documents for verification, such as country of residence, address, and government ID.
The KYC verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days in some cases to complete.
Easy Crypto vs Binance Products & Services
Easy Crypto is a straightforward and user-friendly exchange that primarily serves as an entry point for beginners in the cryptocurrency world.
Its main offering is the basic buying and selling of over 160 well-known cryptocurrencies, including popular choices like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Algorand (ALGO), and Avalanche (AVAX).
Easy Crypto cryptocurrencies
Easy Crypto also provids a recurring purchase feature, which allows users to automate their crypto purchases and dollar-cost average into positions. For larger transactions, Easy Crypto offers an Over-The-Counter (OTC) trading desk.
Easy Crypto OTC
The simplicity and ease of use are the main selling points of Easy Crypto, but the limited scope of services might not appeal to anyone beyond beginners.
On the other hand, Binance is a comprehensive cryptocurrency platform that offers a wide array of trading services, making it ideal for experienced traders.
These services include spot trading, futures trading, margin trading, perpetual swaps, and options trading.
Binance offers contracts that can be settled perpetually or on a quarterly basis, and it supports multiple cryptocurrencies, including its own Binance USD (BUSD) and Binance Coin (BNB).
Binance spot trading
It boasts one of the highest liquidity levels in the world, with daily spot trading volumes frequently exceeding $10 billion.
Binance allows futures trading with leverage up to 125X and margin trading with up to 5X leverage, providing additional opportunities for experienced traders.
Binance future contracts
Binance also provides trading bots and copy trading features, allowing users to automate their trades or mimic the trades of successful traders.
For users interested in earning on their crypto assets, Binance offers staking, lending, and different types of vaults.
Binance earn on digital assets
Additionally, Binance has its own NFT marketplace and a Web 3 wallet, Trust Wallet, further expanding its offerings. Despite the complexity and variety of its services, Binance manages to provide a good user experience without overwhelming users.
When it comes to trading fees, Binance and Easy Crypto couldn't be more different. Let's begin by looking at the trading fees of Binance.
This exchange charges a spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, the maker fee is only 0.02% and the taker fee is 0.04%.
Binance spot fees
These fees are already quite low, but Binance offers even more ways to lower them. If monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens, trading fees can be reduced even further.
On the other hand, Easy Crypto charges a swap fee on each transaction that occurs on their platform. The exchange is a bit vague as it's not clearly stated on their website how high this swap fee is.
However, we did find out that the swap fee is roughly 0.7-0.9% of the transaction cost when users buy or sell on the website. This is quite a high fee to be paying for a basic service that is limited to buying and selling of cryptocurrencies.
Easy Crypto does offer some discounts based on lifetime spends on the exchange with a minimum threshold of $1,000 resulting in a 5% discount. But even with this discount, the starting point is too high in our opinion.
Binance is thus the clear winner with much lower trading fees and more ways to reduce them compared to Easy Crypto.
When it comes to depositing funds on Easy Crypto, things work a little differently than on most other exchanges. While fiat deposits aren't possible, users can buy cryptocurrencies with their local currency.
So, if you're from New Zealand, Australia, Brazil or South Africa, you can use Account2Account, POLI Pay, debit/credit card or bank transfer to buy crypto with NZD, AUD, BRL or ZAR.
Fees for these deposit methods vary, with Account2Account being the cheapest at just $0.50, while debit/credit card deposits come with a 2.6% + $0.34 fee.
Contrary to Easy Crypto, Binance offers a wide range of fiat deposit options for its users. In fact, they support 26 different fiat currencies, including USD, EUR, AUD, GBP, SEK, DKK, and PLN.
Binance fiat deposits
Users can deposit funds via bank transfers using Swift, Signet, SEPA, and Faster Payments (FSP). Additionally, they can also deposit fiat using Visa, Mastercard, PayID and Advacash. While depositing fiat using Visa and Mastercard comes with a 1.8% fee, depositing via SEPA costs just 1 EUR.
And for those that have an Advcash account, they can deposit funds on Binance with fees of 1.5%.
Easy Crypto offers a rather unique way for users to withdraw their funds. Instead of more traditional fiat withdrawals, users have to create a sell order for the cryptocurrency they wish to sell which then gets transferred to their connected bank account.
In case they haven't selected a bank account, they will be prompted to provide one. And if they wish to change their bank account, it can be done through My Account -> Details -> Bank Account.
Binance offers multiple methods for fiat currency withdrawals. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, a 1 EUR withdrawal fee with SEPA, and free bank withdrawals with many other fiat currencies.
When it comes to withdrawing cryptocurrencies, Binance charges a fee of 0.0002 BTC, 0.000768 ETH, 0.008 SOL, and 7 USDT (ERC-20). Both Easy Crypto and Binance offer their users a range of withdrawal options, but the fees and methods vary.
Binance and Easy Crypto are designed for different types of users and, as such, each platform shines in its own areas.
Binance is a global titan in the cryptocurrency world, known for its extensive offerings and sophisticated trading features.
It supports a comprehensive range of over 350 cryptocurrencies and offers a wider array of services, such as spot trading, futures trading, staking, and launchpad.
Its trading fees are competitively low, and it offers additional discounts for high-volume traders and BNB token holders.
Binance's significant global reach, coupled with its advanced trading tools, robust liquidity, and wide range of supported cryptocurrencies, make it an ideal choice for experienced traders and investors.
Easy Crypto focuses on simplicity and ease of use, making it an decent choice for beginners or casual investors.
Although its supported cryptocurrency range and trading features aren't as extensive as Binance's, its streamlined user interface and straightforward buying/selling process make it accessible for novice users.
In conclusion, Binance is a better choice for experienced traders seeking low fees, a wide range of cryptocurrencies, and advanced trading features.
In contrast, Easy Crypto is the better option for total beginners or those who prefer a simple platform and don't mind the high fees.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
