If you’ve ever wondered what is the difference between Binance and Binance Singapore, this article will answer your question.
This article covers the differences between the two platforms in terms of functions, and how you can use them both.
Why Are There Two Binances?
I’m not completely sure on this one. My guess is that because Binance operates globally, it can at times be tricky as each country may have their own country specific jurisdictions and set of regulations.
Therefore, Binance Singapore was probably a separate entity spun off from Binance to be able to comply with the local regulations and operate here legally.
Binance Singapore is even backed by Vertex Venture Holdings Ltd — the venture capital arm of Singapore-based Temasek Holdings — so you can be sure that it is safe and legal to use it here.
You can even link your CPF to Binance Singapore to fast-track your verification.
Differences Between Binance And Binance Singapore
Despite the similarities and the fact that they are both the same company, there are quite a number of differences in the features between both platforms, and therefore the function and use for each platform differs as well.
In short, Binance Singapore offers much fewer features as compared to Binance, but offers cheaper ways to buy crypto (with less transaction fees).
As you can see from the comparisons above, although they are two platforms from the same company, their fees and functionalities differ significantly.
Which Platform Should You Use?
I personally use both Binance Singapore and Binance, but each for their own specific role.
The only time I use Binance Singapore is when I want to buy BTC or other crypto using SGD. This is because Binance Singapore offers the lowest transaction rates when it comes to buying crypto with SGD.
Binance on the other hand, charges more than 2 per cent in credit card and conversion fees.
After buying BTC on Binance Singapore, I then send the BTC to Binance, which allows me to do other things like trade with it, or buy or sell other altcoins. This of course, comes with the risks of losing your Bitcoin.
This article originally appeared on Everything About Bitcoin.