Binance and Robinhood are two big players in the financial market. While Binance is focused on crypto, Robinhood offers a range of assets. If you are in a dilemma about Binance or Robinhood, we give you a quick overview of their services and features so you can make final decisions easily.
Binance or Robinhood trading fees
Here’s a quick overview of Robinhood commission fees:
- Robinhood offers zero commission trading, but comparing the rate against other platforms is a good idea.
- It’s free to deposit money via bank transfer with Robinhood.
- Robinhood does not offer debit cards or credit card deposits.
- Robinhood offers free trading, but it’s important to look at other services to make sure it’s the best rate available. Utilizing bank transfer to deposit money is free with Robinhood. However, they don’t accept debit or credit card deposits.
Here’s a quick overview of Binance fees:
- Binance charges a maximum maker/taker fee of 0.1% on spot trading.
- Fees to deposit via debit card, credit card, or other options vary depending on the payment method and country.
- Like Robinhood, customers in most countries can deposit money via bank transfer for free.
- Binance offers zero-fee trading for certain Bitcoin and BUSD pairs.
- Binance offers competitive fees of up to 0.1% for spot trading. The amount charged for depositing money via credit card, debit card, or other payment methods may depend on the country and payment method. Similar to Robinhood, customers in most countries are able to deposit money with no fee through banking transfer. Furthermore, there are certain Bitcoin and BUSD pairs that can be traded at no cost.
Binance or Robinhood- Cryptos available
Compared to Binance, Robinhood has a very limited offer of crypto assets. Many cryptocurrencies like BTC and LTC are actually payment currencies on the Robinhood trading platform. Also, you want to find gaming tokens on Robinhood. When it comes to Binance, there are more than 600 crypto assets available.
Supported crypto wallets
Binance supports a custodial wallet- Trust wallet, but it’s also easy to transfer assets on Metamask or Trezor. Robinhood has its own wallet enabling users to withdraw and deposit from their wallets. However, noncustodial wallets have a big advantage – your data is less at risk in case the platform gets hacked. Assets under custody are more at risk.
Binance vs. Robinhood Security
Binance stores most of the clients’ funds in cold storage. Also, they put a percentage of fees into its Secure Asset Fund. Regarding Robinhood, if you look at its dedicated security page, you will see many security measures implemented. Among the most important are keeping assets offline and third-party insurance.
Regulatory Compliances
It is essential for users to be familiar with the legal regulations applicable to them. Robinhood has been approved by the SEC and has received the difficult-to-obtain BitLicense in New York. Binance has been examined in the U.K., Japan, Germany, Thailand, and South Korea, leading to an investigation into insider trading in 2021. Binance has refuted the accusations and maintains that Binance.US is a separate entity. Robinhood can only be used by American citizens, except those in the states of Hawaii and Nevada, while the main Binance platform is accessible in many countries but not in all states of the U.S.
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