Binance
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Investing in cryptocurrencies involves risk.

Vs.

Saxo Bank
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65% of retail CFD accounts lose money.

Binance Vs. Saxo Bank - Compare and Choose the Right One

Updated Jan 12 2022

Visit

Investing in cryptocurrencies involves risk.

Visit

65% of retail CFD accounts lose money.

Overview

Binance is a global cryptocurrency exchange founded in 2017 in China with the aim of providing the ultimate trading solution. Currently, they offer more than 700+ cryptocurrencies, derivatives (such as Vanilla options, futures, staking), a Launchpad platform for ICOs and many more services such as several trading platforms with different complexity levels.

Saxo Bank is a Danish investment bank operating since 1992. It is one of the most regulated brokerages in the world with an exceptional selection of financial instruments.

Best For
  • Avid cryptocurrency traders and investors from intermediate to expert levels
  • Day traders looking for a high liquidity exchange with competitive fees
  • Professional investors looking to trade a variety of markets
  • High net worth traders or investors
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The Good
  • Largest cryptocurrency exchange in the world by liquidity
  • Massive cryptocurrencies selection available (700+)
  • Large amount of financial products in the form of derivatives (Vanilla options, futures, etc)
  • Advanced trading platforms with visual order books at no cost
  • Exceptional selection of financial instruments at one place
  • 2 highly-customizable proprietary trading platforms
  • API integration for 3rd party services like Excel or TradingView
The Bad
  • Interface can be complex to use for beginners
  • The wide selection of products and derivatives can also be intimidating for beginners
  • High minimum deposit for certain countries
  • Withdrawals via bank transfer only
  • High fees on options and futures
Status
Operational Operational
Recent News
N/A N/A
Key Data
⌛ Account Opening Time
1 Day 4 Days
📋 Documents Required

Only to increase withdrawal limits:

  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

🏛 Financial Regulators

None, not required at the moment.

  • ASIC (Australia)
  • HKMA (Hong Kong)
  • ADGM (United Arab Emirates)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • FFAJ (Japan)
  • AFM (Netherlands)
📍 Year Founded
2017 1992
💳 Minimum Deposit
0 From 500 € to 2,000 € depending on residence
💰 Payment Methods
  • All supported cryptocurrencies
  • Bank transfers
  • Visa
  • Mastercard
  • Visa
  • Mastercard
  • Bank Transfer
💵 Account Base Currencies
All supported cryptocurrencies. 26 - AED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, LTL, MXN, MYR, NOK, NZD, PLN, RON, RUB, SEK, SGD, TRY, USD, ZAR
🗽 Available to U.S Citizens
Yes (excluding few states) No
❌ Restricted Countries
None US,BR,ES,IN,KE,MX,NG,PK,ZA
📊 STP Account
No Yes
📊 DMA Account
No Yes
📊 ECN Account
No Yes
Assets
📚 Available Assets
  • More than 700+ real cryptocurrencies
  • A wide selection of derivatives based on real cryptocurrencies such as futures, vanilla options, etc.
  • Real stocks, ETFs, bonds and options.
  • CFDs on currencies, commodities, stocks, indices, ETFs, cryptocurrencies and bonds.
📙 Stocks
N/A 30,000+
📘 Currency Pairs
N/A 182
📗 Commodities
N/A 19 (CFDs)
📕 Indices
N/A 29 (CFDs)
📔 ETFs
N/A 5,400+
💸 Cryptocurrencies
700+ 9
📒 Bonds
N/A 5,000+
📓 Options
N/A 3,000+
📗 Futures
N/A 300+
📝 Notes:

Binance specialises in real cryptocurrencies and tokenised derivatives based on their own cryptocurrency offering.

N/A
Trading Experience
📈 Minimum Stock Trade Size
N/A N/A
📉 Minimum ETFs Trade Size
N/A N/A
📈 Minimum Crypto Trade Size
$10 Varies by Cryptocurrency (eg: 0.01 units of BTC)
📉 Minimum FX Trade Size
N/A $1,000 (0.01 lots)
📈 Minimum Commodities Trade Size
N/A N/A
📉 Minimum Bonds Trade Size
N/A N/A
📈 Minimum Futures Trade Size
N/A N/A
📉 Minimum Options Trade Size
N/A N/A
💪 Retail Leverage
Up to 1:20 Up to 1:30
💪 Professional Leverage
N/A Up to 1:66
✍ Customisable Leverage
N/A No
🎲 Deleveraged Trading
Yes Yes
🎓 Demo Account
No Yes
📱 IOS App
Yes Yes
📱 Android App
Yes Yes
📺 MetaTrader 4
No No
📺 MetaTrader 5
No No
💻 Web trader
Yes Yes
💻 TradingView Platform
Yes Yes (through API)
💻 Proprietary Platform
Yes Yes
📊 Multi-chart Tools
Yes Yes
👬 Copy Trading
No Yes
👫 Social Trading
No No
🔑 Guaranteed Stop-loss
No No
🔨 Trailing Stop-loss
No Yes
Fees
💰 Inactivity Fee
No

Up to $150 after 6 months of inactivity, £25 after one quarter in the UK

💰 Deposit Fees
No No
💰 Withdrawal Fees
No No
💰 Commissions

Binance charges a fixed 0.1% trade value fee for spot trades.

$0.02/share (min $10) for US Stocks, from 0.10% (min €10) for other equity markets, €4 per futures contract

Spreads
📈 EUR/USD
N/A

0.8 pips on average, as low as 0.4 for VIP

📉 SP500
N/A N/A
📈 GOLD
N/A N/A
📉 TSLA (Stock CFD)
N/A N/A
📈 XLK (ETF - CFD)
N/A N/A
📉 BTC
Dynamic - From $1 N/A
Research and Analysis
⭐ Watchlists
Yes Yes
🔭 Stock Screener
No Yes
🗓 Economic Calendar
No Yes
📜 Integrated Newsfeed
No Yes
📡 Reuters Feed
No No

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