If you are from Singapore and are interested in buying or trading cryptocurrency, then you would be familiar with Binance, or at least heard of it. It is a cryptocurrency exchange and trading platform founded by Changpeng Zhao, a Canadian-born Chinese, and its headquarter is located in the Cayman Islands.
However, there’s one issue with Binance; if you Google its name, you will likely end up getting Binance website of two different URLs:
- The international version – Binance.com (https://binance.com), and
- The Singapore version – Binance Singapore (https://binance.sg).
What most people don’t know is that there’s a vast difference between the two. In this post, I’ll attempt to lay out the differences between the two so you’d know which platform to engage.
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Why two versions of Binance anyway?
While there’s no official answer to this, it’s quite obvious that expansion of its international version to a localized version helps facilitates opening accounts, and trading of cryptocurrencies for Singaporeans and people resides in Singapore.
It can also help the local government to better regulate cryptocurrency trading, keeping illegal activities like money laundering at bay.
Addtionally, a localized version of the cryptocurrency trading platform also means that you can sign up and get your account verified much easier; depositing and withdrawing your cryptocurrencies or fiat money are more secure too.
Let’s take a look at the vital differences between Binance and Binance SG.
- You can trade hundreds of cryptocurrencies and derivative products like futures and margins. It also supports the trading of DeFI and NFTs.
- It offers various types of pairings. For example: If you want to buy Dogecoin (DOGE), Binance.com’s DOGE/USDT and DOGE/BTC pairings allow you to purchase with USD Tether (USDT) or Bitcoin (BTC).
- Trading (buy/sell) is done in major cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH); your balance can be kept in stablecoins like Binance USD (BUSD), USD Tether (USDT), .and others.
- All transactions are, by default, dealt in Singaporean Dollars (SGD).
- It has an easier sign-up and verification process for Singaporeans.
- The process of depositing and withdrawing to and from your local bank account is quite easy.
In short, think of Binance.sg as a lite version of Binance.com. But if you are serious about cryptocurrency, the former can act as a stepping stone to Binance.com once you have warmed up.
Side-by-side comparison of features
Here’s a comparison of different features of Binance.com and Binance.sg in detail.
|Who can use it?||Singaporean and those who reside in Singapore||Every one|
|Supported Cryptocurrencies||BTC, ETH, XRP, LTC, BNB, LINK, NEO, and BCH.||Literally hundreds! To get a full list, go to this page, then navigate to Zones > All|
|Fiat Deposit & Withdrawal Fee||Free||Free (Singapore Dollars not supported)|
|Trading Fee||0.6%. Click here for a complete list.||Max of 0.6%. It can be lower down their VIP tiers. Read more.|
|Withdrawal Fee||It varies depending on coins.||It varies depending on coins.|
|Who should use it?||Suitable for less active traders or for those who just want to buy and keep some major cryptocurrencies and hold.||For active traders.|
Which Should I Use?
If you are new to cryptocurrency trading, I’d recommend you to start with Binance.sg. Just sign up for an account, get familiar with its interface and fundamentals, such as the following:
- How to deposit money/fiat currency,
- How long does it take for my deposit to get reflected on my account,
- How to buy a cryptocurrency,
- Where in the platform is my crypto stored,
- What is my wallet’s address,
- How do I move it to a hardware wallet,
- ..and so on.
Once you are comfortable with the basics and you want to gain exposure to more cryptocurrencies (or derivative products like futures and margin), you can sign up for a Binance.com account.
And then you can move your coins from your Binance.sg’s wallets to Binance.com, but that’s another topic altogether.
Have fun exploring!