Binance vs Traders Place Comparison

Editorial assessment, November 2026: We have downgraded Binance to 2.2 out of 5 and do not recommend the exchange. The deciding factor is the missing authorisation: no Binance company is listed in ESMA's register of crypto-asset service providers authorised under MiCA (file dated 5 November 2026, accessed 8 November 2026), and Binance withdrew its application in Greece on 24 June 2026. On top of that came the attack on the exchange's hot wallets on 29 October 2026, after which withdrawals were suspended from 30 October to 1 November. Low trading fees and the large choice of coins do not outweigh this for us. MiCA-licensed exchanges are listed in our comparison of regulated crypto exchanges.

In short: Binance is the world's largest crypto exchange by trading volume: more than 480 coins, spot trading from 0.1%, from 0.075% with BNB, plus futures and a regular proof of reserves. For investors in the EU, licensing comes first: Binance holds no MiCA licence, and according to Binance users in the EU may be restricted depending on their country and account status. According to Binance, balances remain accessible and can be withdrawn.

Is Binance safe and licensed in the EU?

Binance is not taking new customers in the EU at the moment. Crypto exchanges need a licence under the EU's MiCA regulation to serve customers in the EU. The transition period for providers registered under national rules ended on 1 July 2026 across the EU, and on 31 December 2025 in Germany. Binance does not appear in the ESMA register (file of 22 October 2026, 387 licensed providers). Binance withdrew its application with the Greek capital market regulator on 24 June 2026 and announced that it would apply in another EU member state. Background in our report on the Binance MiCA licence.

Reserves and track record: Binance regularly publishes a proof of reserves, verified with a Merkle tree and zk-SNARKs. The snapshot of 1 October 2026 shows coverage of 100.35% for Bitcoin, 100.00% for Ether, 103.88% for USDT and 100.47% for BNB (Binance proof of reserves). For emergencies such as hacks, Binance keeps its SAFU fund. In 2023 Binance pleaded guilty in the US to breaching anti-money laundering rules and paid $4.3 billion.

Hack in October 2026: On the evening of 29 October 2026 an attacker drained crypto from Binance wallets. In an official announcement the exchange puts the damage at around $6.3 billion, of which about $3 billion is frozen on-chain. According to Binance the entry point was an employee's compromised laptop; no private key leak has been found. Binance will cover all losses from its SAFU fund and company funds; according to Recovery Update #4 of 1 November, around 95 percent had been replaced. Since the morning of 1 November the first withdrawals have been running again; at 16:30 UTC the Binance interface showed them open for Bitcoin, Ether, BNB, Solana, XRP, USDT and USDC. Binance expects to publish its full proof of reserves by Tuesday, 3 November (UTC). What happened is in our report on the Binance hack, where the money went in our on-chain analysis. If you want to hold your coins independently of any exchange, our hardware wallet comparison lists the devices.

What you can do yourself: if you still hold funds at Binance, turn on two-factor authentication and a withdrawal address whitelist, and keep larger amounts in your own wallet, for example a hardware wallet, or move them to an exchange with a MiCA licence.

Who is Binance for?

Binance suits experienced traders outside the EU who want a very large choice of coins, futures and low spot fees. If you want to open an account in the EU, choose an exchange with a MiCA licence, such as OKX, Kraken, Bybit EU or Bitvavo. Our report on Binance fees breaks down the costs; all licensed providers are listed in our comparison of regulated crypto exchanges.

Traders Place is a comparatively young German broker (founded in 2023) that offers 59 cryptocurrencies in addition to stocks and ETFs. Crypto custody is handled by Tangany GmbH, which is licensed by BaFin and is regarded as regulatorily reliable in the DACH region. Savings plans start at €1 with no order fee, but for crypto they only cover 13 crypto ETPs from 21Shares, not the crypto assets themselves.

How crypto trading works: Traders Place takes the order and passes it to Baader Bank, which buys or sells as a commission agent via Hyphe, currently the only trading venue. The coins are held in custody by Tangany GmbH. All three parties appear in ESMA's MiCA register: Tangany with its own BaFin licence for custody and transfers since 8 August 2025, Traders Place (since 21 July 2025) and Baader Bank with a MiCA notification to BaFin. Trading runs around the clock, and the execution price can differ from the displayed price when markets move sharply. Crypto trading is only open to customers resident in Germany; the majority owner of Traders Place is the Austrian GRAWE Group.

For investors who prefer a German broker based in Germany and want to use crypto as a supplement to a classic securities account, Traders Place is seen as one of the newer alternatives. The platform can be used via app and web and covers a solid range of cryptocurrencies with 59 coins. Trading fees of 0.9 % of the trade value, plus €1 below €500, are in the middle to upper range among the compared German brokers.

However, wallet transfers to your own wallets are not possible, and staking is currently not offered; both are occasionally criticized by users. The SMS-based 2FA and the limited deposit methods (SEPA transfer only) are also seen as room for improvement. Traders Place is therefore especially suitable for investors who want to try a young German broker with regulated custody and a broad coin offering and can do without wallet functionality.