BlockFi and Binance US are two if the biggest crypto exchanges for US residents. If your not sure which one to use you’ve landed in the right place. As cryptocurrency continues to grow and expand in popularity so have these exchanges. This article will go over some of the key differences to using both of them. Let’s first go over some of the reasons to get involved in the crypto space.
Why Get Involved In Cryptocurrency
Few areas of finance have experienced the massive explosion in popularity that cryptocurrency has undergone in the last 18 months. Coinciding with the coronavirus pandemic, the buying, selling, and stashing of cryptos like bitcoin have grown exponentially as intrigue over the topic of digital currency has also grown. Many people choose to get involved with crypto because of what they perceive as extremely high growth potential. All it takes is one look at a map of what certain coins like Bitcoin and Ether have done over the last 18 months to understand how attractive crypto can seem. With how many people that have become crypto millionaires in the last several months, people are simply unable to resist diversifying their investments by adding some cryptocurrency to their portfolios. Additionally, people are looking to jump on the crypto train before it’s either shutdown to new investors, or before the market becomes so saturated that the coins begin to lose the volatility that makes them such an enticing gamble and investment. Now lets take a closer look at BlockFi vs Binance US.
Who Is Binance.US?
When it comes to the actual buying and selling of cryptocurrency, using a trusted and reputable platform is key. One of the most respected and highly trafficked platforms in the United States where cryptos are bought and sold is Binance.US. In short, Binance.US is a crypto exchange that is only available to United States investors. When Binance was first created, it was a rather large, international platform that allowed for the buying and selling of cryptocurrencies to investors all over the world. That version of Binance is still out there and accessible to many different countries, but it is unavailable to US investors.
Binance.US allows for the trading of cryptocurrencies amongst US investors and provides a number of resources to help even the greenest of crypto investors get started. Making it even more attractive are its self-service tools and its features that not only attract newer investors, but appeal to the experience investor and to entire financial institutions.
Coins Available On Binance.US
One of the aspects of Binance.US that investors love is that they offer the ability to trade over 60 different cryptocurrencies. Binance.US offers the ability to trade popular coins like bitcoin, ether, dogecoin, Litecoin, and the graph.
As you can imagine, buying and selling cryptocurrency on a large platform means that the fees collected are able to remain low. Users can expect to pay 0.1% for spot trading and 0.5% for instant buying and selling. Users that hold the Binance coin (BNB), will have their fees deducted from their BNB balance and will receive a 25% discount (as of August 2021) for opting to pay their trading fees from their BNB balance. Binance.US is extremely competitive with its fees and the amount taken from the average account is hardly noticeable when looking at the overall value in each trade conducted.
Who Is BlockFi?
BlockFi is another example of a leader in the cryptocurrency exchange world. Offering interest-yielding accounts and even allowing users to take out very generous loans, BlockFi is far more than just a simple crypto exchange. Many users love the fact that there are no transaction fees and never any type of surprise or hidden fees to deal with, either. Offering plenty of tools to help beginning investors but also catering towards those with more experience, BlockFi is one of the most trusted and accessed US-based crypto exchanges to date. Making it’s reach even greater is the fact that it is available in virtually any country that allows cryptocurrency minus a few select examples.
Coins Available On BlockFi
Just like Binance.US, BlockFi enables users to buy, sell, and stash different forms of cryptocurrency and USD-based stablecoins. Among the current crypto offerings BlockFi supports are BTC, ETH, LTC, and PAXG. The stablecoins currently offered are USDC, USDT, GUSD, and PAX.
As mentioned above, there are no fees when trading and no surprise or hidden fees on BlockFi. When withdrawing, there are certain fees to be paid, but they are negligible and constant, so whether you’re withdrawing 100 BTC or a fraction of one coin, you can always expect to pay the same amount in fees.
Benefits To Both Exchanges
Between BlockFi and Binance.US, there’s really no going wrong with whichever platform you choose to invest with. In fact, many users use both exchanges to trade and invest, depending on their exact needs and coins they are trading. Both exchanges offer extremely generous fee rates and while Binance.US charges a small fee for trades, users who want to avoid trading fees can simply head on over to BlockFi. Each offers the ability to trade instantly and offer a wide variety of resources and tools to help new and intermediate investors. Where Binance.US may be able to attract extremely experienced investors, BlockFi is a great spot for those who prefer a more simplified exchange. Binance.US offers a tremendous array of crypto offerings which will attract investors with an extremely diverse portfolio, while BlockFi handles a select number of cryptocurrencies and stablecoins, making the selection process streamlined and easy.
There is still plenty of time to jump into the crypto world. With Bitcoin recently rebounding and several other coins continuing to display tremendous growth, experts tend to agree that there is still a tremendous amount of profit to be made, even for brand new investors. Binance.US and BlockFi each have their pros and cons, but each platform offers a great place to start for just about any crypto investor. Whether you’re looking for a wide variety of coin offerings or the lowest fees available when trading, either exchange is going to have exactly what you’re seeking. With so many different options out there to hold your hard-earned money and to make your investments with, Binance.US and BlockFi present two very reputable and advantageous exchanges for many different types of investors.