Webull vs. Binance

Picking the right exchange platform when trading cryptocurrencies is probably the most important step. Both Webull and Binance are extraordinary and popular platforms many traders decide to use. However, if we make a direct  Webull vs. Binance comparison, it may guide you to choose the right platform for you. 

When we compare Webull vs. Binance, the main difference is trading options that are available on the platform. If your interest is in stock, EFTs, and options aside from crypto, then Webull is a better option. Binance so far only provides crypto trading. 

However, there are other differences in available crypto coins, fees, and others, so let’s find out and compare these two platforms in detail. 

Webull vs. Binance in a Nutshell 

As we already mentioned, the main difference between Webull and Binance is that you can sell stocks, options, ETFs, and cryptocurrencies on Webull, while Binance only allows trading with cryptocurrencies. Binance offers over 600 cryptocurrencies, while Webull only supports the most popular cryptocurrencies such as Bitcoin, Ether, Dogecoin, and others. Another great difference is that Webull is, in essence, a brokerage platform which means you don’t own the crypto you buy. You can not transfer it to your wallet. Binance is an exchange platform where you can buy, sell and hold cryptocurrencies on their platform wallet or on your own digital or hardware wallet. 

Learn More About Webull

Webull was founded in 2017 in the US. It is regulated by the Securities and Exchange Commission (SEC) and FINRA or Financial Industry Regulatory Authority. Webull started as a mobile app that soon became popular among new traders. The user-friendly interface and simplicity in the authentication process have lured many investors to this app. Commission-free and faster trading has made this app so attractive among young generations of investors who don’t have to invest too much money to start trading. 

The interface is easily navigated, and a vast number of educational tools in trading are just some of the features that made this app so popular. Nowadays, Webull has a web platform and app, and it has introduced crypto trading as well. New investors and users of Webull receive free stocks and the option to fund their accounts with any amount.  

Webull Pros and Cons 

Webull rank as the best in terms of costs. It offers free stocks and zero-commission trade options. However, there are some things Webull doesn’t provide, such as mutual funds. Let’s see some of the pros and cons of this platform: 

ProsCons 
Low costsNo mutual funds 
User-friendly Only allows bank transfer for deposit and withdrawal
Advanced tools Limited product portfolio
Free stock, ETF and options tradingPoor phone support 
Access to crypto trading
Easy and fast account opening 
You can buy fractional shares
No minimum balance

Learn More About Binance 

Even though Webull is not available in all countries in the world, it is available in the US. On the other hand, the Binance platform is not due to rules and regulations imposed by the US government. However, the Binance platform has opened Binance.US, the same platform only for US users. So in order to compare these two platforms, we will have to look at both Binance, Binance.US, and Webull. But first, let’s talk about the Binance exchange. 

That is one of the leading exchanges in the world for crypto trading – it has more than 600 currencies and coins that it supports. On Binance, users can trade, hold, sell or buy their cryptocurrencies. Binance has its native blockchain-based crypto coin called Binance Coin (BNB) as well as a stable coin, BUSD. It is the largest exchange in the world by trade volume, and it offers crypto-to-crypto exchanges for low fees. Also, if you use a native coin, you will get a discount.  

Binance Pros and Cons 

Even though Binance has a partnering platform opened in the US, probably the biggest con is that the platform itself is not available in the US. Binance.US has excellent features for crypto trading but some limitations as well. Aside from that, the Binance platform has many good qualities that over 90 million users appreciate each day. Here are the biggest pros and cons of the Binance exchange.

ProsCons
Supports over 600 cryptocurrencies Main website is not available in US
Advanced transaction features Fewer regulations than most competitors 
Lucrative on-site staking optionsHigh withdrawal fees
Quick transactions
Free deposits

What Products Webull Has to Offer?

To compare both platforms, we need to go a bit deeper and see what each of them has to offer in terms of products. As we already mentioned, Webull offers trading with options, exchange-traded funds (ETFs,) cryptocurrencies, and fractional shares, which are quite appealing for young investors looking for shares in bigger companies. It also offers cash and margin accounts, allowing traders to participate in a stock market with borrowed assets. Currently, margin trade rates go from 3.99% – to 6.99%. Webull, like many other platforms, offers Paper trading simulated trading that beginners can use to learn how the market works without losing real money. Here are all the products Webull offers: 

  • ETFs,
  • Options,
  • Stocks,
  • Crypto trading, 
  • Paper trading, 
  • Fractional shares,
  • Cash and margin trading.   

Binance Has Many Products to Offer 

Binance offers trading with most cryptocurrencies that exist in the world. Crypto trading options that Binance offers include limit, market, and stop-limit orders. Binance allows trading with many crypto derivatives, including futures contracts. At the exchange, all users can use the Binance wallet on the platform. But aside from exchange-related services, Binance does have many tools, products, platforms, and services. Users of the Binance can stock and earn money from depositing stable coins on the Binance Earn platform. Users can also get their own Binance Visa Card that allows them to exchange crypto for fiat currencies and buy products and services with minimal fees. It has a Smart Pool that allows miners to easily switch between different currencies. The platform has developed a blockchain technology incubator, Binance Lab, with the purpose of funding cryptocurrencies projects with huge potential. And these projects can now be launched at Binance LaunchPad. Here is a list of all products Binance has: 

  • Crypto and blockchain decentralized exchange,
  • Digital crypto wallet,
  • More than 600 supported currencies and coins,
  • Stable coins,
  • Limited, Stop-limit, Stop market, Trailing stop, Market, Post only, Limit TP/SL trading orders,
  • Binance Earn,
  • Smart Pool,
  • LaunchPad,
  • Binance lab.

What About Fees on Webull?

Probably the biggest downside about trading with crypto is an abundance of transactions and other fees traders have to pay. As we already mentioned, Webull doesn’t charge any fees for stock and ETF trades, but what about crypto trading on Webull? Webull will charge you a 1% charge on every cryptocurrency transaction. Here is the list of all fees Webull will charge.

Type of transaction Fee
Stock and ETFs trading No fee
Crypto trading 1% in overall buying and selling fees
ACH deposit and withdrawal No fee 
Deposit via wire transfer$8
Withdrawal via wire transfer$25
Annual interest rate on margin accounts3.99% – 6.99%

Let’s See the Fees at Binance Platform 

As we mentioned, Binance is considered to be among reasonable platforms that don’t charge high fees on crypto trading, and if you use native coins you will get discounts. However, the biggest criticism of fees imposed by Binance is related to withdrawal fees. Let’s see how much Binance will charge transactions: 

Type of transaction Fee 
Deposit No fee 
Spot trading 0.1%
Debit card purchases4.5% 
ACH N/A
Wire transferNo fee
Cryptocurrency conversion   No fee

What Kind of Cryptocurrencies Does Each Platform Offer? 

Well, there is no doubt that if we compare these two platforms, Binance will be a winner. It offers almost all crypto coins you can imagine as well as NFTs. On the other hand, Binance.US supports over 100 crypto, which is less than the original platform but yet a larger amount than Webull has. Currently, Webull supports trading with 41 cryptocurrencies on its platform. 

Supported Wallets  

Webull is a brokerage platform which means that when you buy a share or whole coin on the platform, you don’t actually own that coin. The coin is entirely in control of the platform, and there is no way for you to transfer your coins from the platform to another wallet. You can sell your assets and withdraw the funds to your bank account. 

On the other hand, Binance offers Binance Chain Wallet. With this wallet, you can easily transfer coins from the platform to the Binance chain and vice versa. Also, you can link your digital or hardware wallet to the platform and transfer your coins or other digital assets there. Also, Binance has purchased Trust Wallet, a stand-alone non-custodial wallet you can use on this and other platforms. 

Security of Each Platform 

In terms of security, Webull is a leader. It is a registered member of SEC and FINRA. Aside from that, Webull is also a member of SIPC, which protects securities of each user for up to $500,000 and $250,000 for cash. Webull uses bank-level encryption to protect each customer’s data. So far, Webull has taken all the protective measures to ensure the safety of its customers. 

Binance, on the other hand, has been hacked before, but the platform has reacted quickly and ensured everyone has been reimbursed. Since then, the platform has created something called cold storage wallets that keep enough capital to cover users’ eventual losses. Binance has two-factor and universal-factor authentication for better security. At the same time, Binance.US has insurance coverage at Federal Deposit Insurance Corporation for all USD balances on the platform. In conclusion, we can fairly say that both platforms are among the safest ones. 

Mobile Apps

Webull has started as a mobile app with extraordinary user-friendly features that allows easy navigation throughout the platform and market. It has developed a web browser option, which is essentially the same as the app. On the other hand, Binance does have a mobile app, but since it has a huge market with a lot of currencies, the navigation throughout the app is not that easy or user-friendly. 

Webull vs. Binance – Which One to Choose? 

Comparing these two platforms is not an easy task. Both of them have amazing features and are among the best platforms to use. The key question is – what is your interest in trading? If you prefer to only trade with crypto and digital assets, then Binance can offer more choices. Both platforms charge minimal fees, which is great for new traders. On the other hand, if you wish to trade with other things aside from crypto, then Webull is your choice. The platform offers free stocks for each new user and no-commission trading. Aside from fractional trading, these features are what you need to look for if you are only beginning to invest. 

If you are a beginner, then trading on Webull will be easy, and with minimal costs, you can even paper trade some time and learn how the market works. Later on, you can try your luck on Binance as well. Even though Binance is a leader in crypto trading, Webull has come a long way, and it is constantly introducing new currencies. The only downside is that you don’t own the coin you bought. But you will be able to buy a fraction of a coin such as Bitcoin for $10 and try your luck.