Binance Coin Vs Dogecoin
Binance Coin vs Dogecoin, BNB vs DOGE, two of the largest cryptocurrencies around by market cap and two of the most talked about. The two coins have very different origins, with Binance Coin established as the native currency of the Binance crypto exchange and Dogecoin set up as a meme currency that quickly gained popularity and value. Read on to learn about each of the two coins, their similarities and differences and the advantages of each for traders.
Top Binance Coin & Dogecoin Trading Brokers
#1 - Pepperstone
Why We Chose Pepperstone
Pepperstone continues to prove itself as one of the most trusted crypto brokers. Although its selection of digital tokens is average, you can trade popular cryptos like Bitcoin and altcoins like Ripple with up to 1:10 leverage, while its crypto indices provide a holistic view of the digital currency markets not found on most day trading platforms.
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
- DayTrading Review Team
- Coins: BCH, BTC, ETH, LTC, DASH, ADA, LINK, DOGE, EOS, DOT, XRP, XLM, XTZ, UNI, BNB
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: BTC 30, ETH 0
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
About Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
Pros
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
Cons
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
#2 - Eightcap
Why We Chose Eightcap
Eightcap’s crypto offering is best-in-class with 250+ crypto derivatives, surpassing that of almost every alternative. Testing also reveals Bitcoin spreads of 12 pips, coming in lower than most competitors, while it offers real-time trading ideas through the Crypto Crusher market scanner. Add in convenient deposits and withdrawals in digital currencies, and Eightcap offers the complete package for serious crypto traders.
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- Coins: BTC, ETH, LTC, BCH, XRP, XMR, DSH, EOS, XLM, ADA, TRX, DOGE, BNB, DOT, MATIC, VET, AXS, NEO, SOL, UNI, AAVE, KSM, THETA, CAKE, SUSHI, ATOM, XTZ, SNX, COMP, FLOW, EGLD, PUNDIX, RAY, ZIL, QTUM, BAND, OMG, FIDA, BADGER, NEAR and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: $12 (BTC)
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Regulator: ASIC, FCA, xCySEC, SCB
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
#3 - eToro
Why We Chose eToro
eToro leads the way in cryptocurrency trading, offering competitive spreads and a fixed 1% commission, plus their own wallet service. The broker offers a vast list of 95+ tokens which is continually being updated. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."
- DayTrading Review Team
- Coins: BTC, ETH, BCH, XRP, DASH, LTC, ETC, API3, CRO, SKL, IMX, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, BNB, XTZ, DOT, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, FIL, ALGO, ATOM, MANA, APE, LRC, ENJ, BICO, BAT, BNT, OGN, MATIC and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: BTC 1%
- Crypto Lending: No
- Crypto Staking: Yes
- Platforms: eToro Web, CopyTrader, TradingCentral
- Minimum Deposit: $50
- Regulator: FCA, ASIC, CySEC, FSA, FSRA, MFSA
About eToro
eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail accounts lose money.
Pros
- There's a comprehensive online training academy with accessible resources, from bitesize articles to comprehensive courses
- Charts are powered by TradingView and offer strong technical analysis features, including 9 chart types and over 100 indicators
- The web platform and mobile app perform better in user reviews and app rankings than top competitors, including AvaTrade
Cons
- There are no guaranteed stop loss orders which would be a useful risk management feature for beginners
- Traders will face currency conversion fees for account denominations other than USD
- The lack of additional charting platforms like MT4 will reduce the appeal for seasoned day traders accustomed to using third-party software
#4 - Exness
Why We Chose Exness
There is a small range of popular crypto tokens paired with fiat currencies available, with zero swap fees and no commissions in the Standard account. Trading is available via desktop or mobile apps, and deposits via crypto are also available in some countries.
"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."
- DayTrading Review Team
- Coins: BTC, LTC, ETH, XRP, BCH, SOL, SNX, UNI, BAT, DOT, XTZ, ADA, BNB, ENJ, FIL, DOGE, COMP, THETA, AAVE, LINK, IOST, CAKE, MATIC, HT, MANA, HBAR, INCH
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: Floating
- Crypto Lending: No
- Crypto Staking: No
- Platforms: Exness Trade App, MT4, MT5, TradingCentral
- Minimum Deposit: $10
- Regulator: FSA, CySEC, FCA, FSCA, FSC, CBCS
About Exness
Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 260,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
Pros
- Local payments are available, plus deposits in BTC and USDT
- There's a strong range of account types for all experience levels and requirements, including Cent, Pro and Raw spread solutions
- Highly competitive spreads are available from 0.1 pips and low commissions from $3.50 per side
Cons
- Unlike most competitors, Exness doesn't provide its own education section
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- There are no promotional deals or loyalty schemes for high-volume day traders
#5 - Skilling
Why We Chose Skilling
You can trade 50+ crypto pairs via leveraged CFDs. The list of tokens is longer than many rivals, including Vantage with only 30+, and you can get started easily with just $100.
"Skilling maintains its position as a top pick for beginners looking for a competitive zero commission account with direct access to a copy trading feature. It will also serve experienced strategy providers looking to earn commissions, or anyone looking to trade forex during extended hours."
- DayTrading Review Team
- Coins: ACM, APE, AVE, ATM, AVA, AXS, BTC, BAR, BNB, BTC, BSV, XBN, ADA, CHZ, ATOM, CRO, DASH, MANA, DOGE, EOS, ETH, ENJ, XET, ETC, FTM, ONE, HT, IOTA, JUVE, LTC, LNK, XLC, XMR, NEO, OMG, PSG, CAKE, DOT, MATIC, QTUM and many more
- Crypto Mining: No
- Auto Market Maker: Yes
- Crypto Spread: BTC 0.5
- Crypto Lending: No
- Crypto Staking: No
- Platforms: Skilling Trader, MT4, cTrader, TradingView
- Regulator: CySEC, FSA
About Skilling
Skilling is a multi-asset broker founded in 2016 and based in Cyprus. The brand offers hundreds of day trading instruments with competitive spreads from 0.1 pips and beginner-friendly platforms. Skilling are also regulated in Europe and beyond with a transparent pricing structure. You can sign up and start trading in three easy steps.
Pros
- The broker has a solid global reputation and is regulated by top-tier authorities including the CySEC
- The broker offers smooth account funding with a good range of payment methods with zero deposit fees
- The €100 deposit and zero commissions in the Standard account are accessible for beginners
Cons
- Skilling trails alternatives like IG when it comes to research tools that can help day traders make informed decisions
- You can only access shares in the Skilling Trader platform and fewer instruments are available overall in the MT4 accounts
What Is Binance Coin?
Before we get into a full Binance Coin vs Dogecoin trading comparison, we will explore each coin individually, starting with Binance Coin. It was launched in July 2017 with an initial coin offering (ICO) in which 200 million BNB tokens were available. Of these, 10% (or 20 million) were offered to angel investors, 40% (or 80 million) to the founding team, and the remaining 50% (100 million) were offered to participants in the ICO process. The funds raised were used for a variety of purposes, including branding, building the platform and upgrading the Binance ecosystem.
When it first launched, Binance Coin ran on the Ethereum blockchain with ERC 20 standard. However, it has since become the native currency of Binance’s own blockchain, the Binance chain. An interesting event that regularly occurs is a Binance Coin burning. Every quarter, Binance uses one-fifth of its profits to repurchase and burn (permanently destroy) Binance coins. The burn that occurred in April 2021 removed a total of 1,099,888 BNB, worth $595,314,380.
Binance Coin bounced around the $10 mark for much of its early existence. It was not until the start of 2021 that the coin’s value started to grow. In February 2021, during a crypto bubble, the coin hit an all-time high of $332.62. Then, in May 2021 it spiked again, hitting $675.68. The value has since stabilised and usually sits around the $400 mark. Today’s price can be found on websites like CoinMarketCap.
Considering Binance Coin vs Dogecoin, the former is the third-largest cryptocurrency around. The primary purpose of Binance Coin was to be a utility token. BNB allowed users of the Binance exchange to trade with lower transaction and trading fees. However, the possible uses have since expanded. Many sites accept Binance as a form of payment for services such as accommodation and entertainment. Moreover, through Binance’s Launchpad program, traders can use Binance Coin to invest in new initial coin offerings.
What Is Dogecoin?
Binance Coin vs Dogecoin differ in their origins.DOGE was created in 2013 by Jackson Palmer to satirize the hype surrounding cryptocurrencies. Palmer was a slightly sceptic observer of the new cryptocurrency technology and initial tweets regarding Dogecoin were done tongue-in-cheek, the theme based on a popular meme featuring a Shiba Inu. However, following positive feedback, he pushed on with the venture. Palmer teamed up with Billy Markus, a software developer at IBM. Markus built the software behind Dogecoin, using Litecoin’s Scrypt technology and proof of work system. Initially, rewards for block mining, the process through which transactions are verified, were randomized. However, a static reward was introduced in March 2014. The coin launched on December 6th, 2013 and only two weeks later the value had jumped 300%.
Dogecoin’s popularity and value have grown over the years. Like many cryptos, it benefitted from the 2017 crypto bubble, hitting a peak value of $0.018. Even though the value fell following this, Dogecoin had already built up a loyal fanbase. Dogecoin saw further bumps in value in 2019, particularly when Elon Musk appeared to endorse the coin in a tweet. In May 2021, Dogecoin skyrocketed again, recording an all-time high of $0.6848. The price shallowed out again following this and, in September 2021, sat around $0.25. Today’s price can be found online. Dogecoin is in the top eight cryptocurrencies by market cap. The primary use of Dogecoin is to tip users on Reddit and Twitter. Moreover, some merchants are now choosing to accept Dogecoin as a form of payment.
Binance Coin Vs Dogecoin Similarities
The Binance Coin vs Dogecoin trading comparison does throw up some interesting similarities:
Storage
Following purchase and trading on crypto exchanges, Binance Coin vs Dogecoin both need to be stored in the same way, using a special type of wallet. These wallets come in two forms, hot and cold. A hot wallet is connected to the internet, while a cold one is not. Theoretically, a cold wallet is safer as it cannot be hacked into, the hardware it is on would need to be physically stolen for a thief to gain access to the holdings. The drawback of this type of wallet is that it can only be accessed from the specific device it is installed on.
How They Are Traded
Binance Coin vs Dogecoin can both be traded on all major exchanges, including Binance, Kraken and Coinbase. Due to the range of exchanges, there are multiple ways to trade each coin. One way is through leverage trading. Kraken offers leveraged trading on all cryptos at rates up to 1:5. This allows users to put down a sum of £500 and trade with £2,500, for example. This increases potential winnings but also increases the losses you could incur. As such, many exchanges, including Kraken, offer spot trading too for those not wanting as much risk.
Distribution
Binance Coin vs Dogecoin both have the same ethos when it comes to distribution. The two blockchains place no limit on the total supply of coins that can be in circulation at any time, making both inflationary. Having said this, Binance Coin does actively control the supply through regular burnings. Still, the total supply could theoretically increase to a vast sum. Right now, there are around 168 million BNB, compared to 131 billion Dogecoin tokens. A vast difference but it balances out when coin price is considered and you take the total value of all coins in circulation.
Mining
Another similarity thrown out by the Binance Coin vs Dogecoin comparison relates to mining. Both networks use the proof of work system. In this, network validators, known as miners, solve complex mathematical equations to verify transactions on the blockchain. This requires large amounts of energy consumption and expensive computer hardware. This system is known to be bad for the environment, especially compared to newer models such as the proof of stake system used by coins like Cardano. Now, neither Binance Coin nor Dogecoin is anywhere near as bad as Bitcoin when it comes to power consumption but there are still big improvements to be made.
Binance Coin Vs Dogecoin Differences
When you compare Dogecoin vs Binance Coin, it is the differences that catch the eye:
Market Capitalisation
Market cap is a trading area with large discrepancies between the two. Binance Coin has a market cap of $74 billion. This ranks it in the top three cryptos and, although it is not close to Bitcoin’s market cap, it is still very impressive. Dogecoin has a market cap of around $34 billion, also a very impressive sum. This puts it in the top eight cryptocurrencies. Even though this is still large, it is less than half the size of Binance Coin’s market cap.
Price
The price of each coin also varies greatly as you might expect. One Binance Coin, or BNB token, is worth around $430. This value fluctuates but is generally around this figure, for the value at any given time visit CoinMarketCap. A single Dogecoin has a value closer to $0.25, over 1,500 times smaller than the price of one Binance Coin. There are some advantages to a lower value, it leaves scope for greater price increases and makes the coin much more affordable if you want to invest in it. However, the large value of Binance Coin is indicative of its strength.
Trading Volume
In terms of Binance Coin vs Dogecoin in trading volume, the latter comes out on top. Dogecoin has an average trading volume of $6.2 billion, or 24 billion DOGE tokens, over 24 hours. On the other hand, Binance Coin has an average 24-hour trading volume of around $1.8 billion, or 4 million BNB tokens. Higher trading volumes means that more people are buying or selling the coin. This has the effect of making price movements, whether up or down, longer and more solid. Trends are stronger and bull runs, for example, are longer and increase the price by more.
Transaction Speed
In terms of the transaction speeds of Binance Coin vs Dogecoin, the former takes the lead. The Binance network can process around 100 transactions per second, beating out Bitcoin and Ethereum, which can process 5 and 15, respectively. The Dogecoin network processes one block every minute or around 30 transactions per second. This is still better than the speeds offered by Ethereum and Bitcoin but is significantly slower than those achieved by Binance. Quicker speeds mean that transactions are verified and confirmed sooner, which is ideal when using crypto as a form of payment.
Transaction Fees
Transaction fees is an area that is better with Binance Coin vs Dogecoin. The average transaction fee on the Binance network is $0.342. This is one of the lowest fees around and beats many cryptocurrencies. Dogecoin’s average transaction fee is around $0.612. Even though this is higher than Binance Coin’s fees, it is still very low compared to other popular cryptos.
Pros Of Binance Coin For Traders
These are the key benefits of trading Binance Coin vs Dogecoin:
- High value
- High market cap
- Low transaction fees
- Quick transaction speeds
- Regular burns increase the scarcity
- Holding this coin reduces transaction fees on the Binance exchange
Pros Of Dogecoin For Traders
These are the advantages of trading Dogecoin vs Binance Coin:
- Loyal fanbase
- Affordable price
- High trading volume
- Not heavily linked to one exchange
- Meme origins bring tweets from celebrities that can drive the price up
Final Word On Binance Coin Vs Dogecoin
Binance Coin vs Dogecoin pits two interesting but quite different coins against each other. The first was designed to pay transaction fees on the Binance exchange but soon grew to be one of the largest cryptocurrencies around with a range of uses. The second was simply a currency based on a meme that was set up to satirize the cryptocurrency world but developed a loyal fanbase that has driven its value up. Both coins have their advantages and disadvantages and could be worthwhile investments.
FAQs
Where Can I Find The Values Of Binance Coin Vs Dogecoin?
Both values can be found on websites like CoinMarketCap and CoinGecko. Other data, such as market capitalisation and trading volume, is also available.
Can I Mine Binance Coin Vs Dogecoin?
Yes, you can mine both coins as both use the proof of work system that requires miners. Check mining profitability calculators to see which coin is better to mine.
Is Binance Coin Only Available On The Binance Exchange?
No, it is not. Binance Coin is available on all major exchanges due to its popularity and market cap.
Is Dogecoin A Serious Cryptocurrency?
Yes, Dogecoin is a serious crypto coin. Despite its meme origins, the coin has established itself as a major player in the decentralized world and is very popular amongst traders.
Which Is The Quicker Of Binance Coin Vs Dogecoin?
Binance Coin is the quicker of the two. It can process up to 100 transactions per second, compared to Dogecoin’s 30.