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.
Here’s a quick overview of Robinhood commission fees:
Here’s a quick overview of Binance fees:
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.
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 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.
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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