Both Binance US and Robinhood are two solid exchanges in their own right. Binance is solely a crypto exchange whilst Robinhood also offers stock trading. Each exchange has pros and cons which we will explore in this article. So lets get right into it.
Why Get Involved In Cryptocurrency
Before talking about which finance company is best for you when it comes to cryptocurrency, it’s important to know why you should even consider cryptocurrency. After all, getting involved in cryptocurrency can be expensive, especially when you’re first starting out. One of the main reasons to get involved in cryptocurrency is that they’re seen as valuable – whether because people view them as the currency of the future or because they can be treated as speculative investments.
It is important, however, not to get involved in cryptocurrency as just a way to get rich fast. At the end of the day, cryptocurrency is still currency – not a stock. As a result, the only way to make any profit is to sell it to someone willing to pay more than you bought it for.
If you’re still interested in getting started with cryptocurrency, here are two companies you may find useful when getting involved: Biance US and Robinhood Crypto.
Who Is Binance US?
Considered the gateway of cryptocurrency, Binance US is a popular digital asset marketplace that many people turn to when they’re first looking to get involved in buying, selling, or trading cryptocurrency.
Coins Available on Binance US
If you’re looking for somewhere with variety, Binance US offers over 50 cryptocurrency coins for buying, selling, and trading. They also offer market information on all of their coins in order to help you keep up with trends in order to invest responsibly. Some of the coins included in Binance US’ market are:
- Tether US
Binance US Fees
Binance US does have fees for trading or buying and selling cryptocurrency. For trading, the current fee is about 0.1%. For instant buying or selling, the fee is 0.5%. However, these are just general fees. Other fees, such as a more complex trading fee, can depend on your account.
When comparing Binance US vs Robinhood Crypto some of the differences are quite obvious. One reason Binance US is such a popular choice is that it’s dedicated to cryptocurrency, unlike other options which are only branches of large finance companies. This means that your account is optimized for building your portfolio for buying, trading, or selling – all with low fees. Binance also offers one of the largest collections of available coins, with other 50 different ones available on the market. It’s easy to create and manage your portfolio, with an app allowing you to barter on the go.
Here is a condensed list of benefits for using Binance US for cryptocurrency:
- Over 50 different coins available
- Market information
- Allows you to buy, sell, and trade
- Low trading fees
- Android and IOS app available
- Easy to create and manage your portfolio
Who Is Robinhood?
Robinhood Crypto is a branch of the popular investing service Robinhood that allows users to buy and sell a wide variety of cryptocurrencies. Robinhood strives to help new users understand the volatility of cryptocurrency by greeting them with a disclosure message that helps introduce the background of cryptocurrency and its role in the economic world.
Coins Available on Robinhood
They currently allow you to buy and sell seven different cryptocurrency coins. Some coins can be bought in portions, allowing you to get involved in cryptocurrency without spending the amount an entire coin costs, which can reach tens of thousands of dollars.
The seven cryptocurrency coins currently available of Robinhood Crypto include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
While you won’t be able to buy or sell them through the site, Robinhood Crypto also provides real-time market data for several other cryptocurrencies. This allows you to keep up with current trends and events, even if you’re unable to buy and sell them with Robinhood. These cryptocurrencies include:
- Bitcoin Gold (BTG)
- Dash (DASH)
- Lisk (LSK)
- Monero (XMR)
- NEO (NEO)
- OmiseGO (OMG)
- Qtum (QTUM)
- Ripple (XRP)
- Stellar (XLM)
- Zcash (ZEC)
Right now, there is no way to deposit or withdrawal into your Crypto account. However, Robinhood has recently announced their plans to fully functionalize the app to allow withdrawals and deposits, creating a full user experience.
Another important thing to consider when comparing Binance US vs Robinhood Crypto is fee’s. Robinhood is a commission-free service. This means that opening and maintaining your account as well as transferring funds to your account is free of fees. However, you will find that certain transactions will charge you a fee. Robinhood’s no-fee policy means that they don’t charge any fees in addition to those.
One of the main benefits of Robinhood Crypto is that it’s a popular service. It offers protection and safety that many smaller or newer platforms may not be able to. It also offers both buying and sell options as well as market data to help you make informed choices based on trends. There are seven different coins available for bartering, and information on many more. Robinhood has also announced plans for future innovations, such as deposits and withdrawals and the inclusion of more cryptocurrencies.
Here’s a condensed list of the benefits of Robinhood Crypto:
- Access to market data
- Seven different coins to buy and sell
- Factional shares for coin purchases
- Future innovations planned
We hope you enjoyed this comparison on Binance US vs Robinhood Crypto. The biggest advantage for using Robinhood is no fee trading, and of course the option to trade stocks. Binance US however offers over 50 coins, and is more of a traditional crypto exchange. You can get started trading crypto today by clicking here.