Binance offers users the convenience of two distinct versions within its popular Binance app: Binance Lite and Binance Pro. In this comprehensive guide, we'll explore the differences between these two modes, helping you decide which one aligns best with your trading goals.
What is Binance Lite?
Binance Lite, introduced by Binance Exchange in February 2021, is designed for investors and HODLers to simplify the cryptocurrency exchange process, making it accessible to those who might find complex order books and charts intimidating. Binance Lite users can perform essential tasks such as checking prices, buying, selling, and exchanging cryptocurrencies without diving into the intricacies of trading.
Binance Lite is integrated into the Binance app, available for download on both Google Play and the App Store. When you first install the Binance application, it defaults to Binance Lite mode. However, you can switch to Binance Pro whenever you desire more advanced functionality.
Learn more about the benefits of using Binance mobile app.
Binance Lite Key Features
- Streamlined Interface: Binance Lite emphasizes simplicity, speed, and ease of use. It places frequently used features at your fingertips while reducing on-screen information.
- Access to Core Features: Users can check cryptocurrency prices, buy, sell, and exchange assets without dealing with complex order books and charts.
- Binance Staking: Binance Lite users can engage in Binance basic staking within the simplified wallet.
What Is Binance Pro?
The Binance Pro version is tailored for more advanced crypto users who want to explore the full range of features offered by the Binance app. It provides a more comprehensive set of tools and functionalities compared to Binance Lite.
Binance Pro Key Features
- Trading: Binance Pro incorporates Spot, Margin, Options and Futures trading, allowing users to place orders and execute transactions directly from the app.
- Advanced Features: The Binance Pro mode offers all the features available in the browser-based version of the exchange, without exceptions. Binance Launchpad, Earn, real-time trading charts, risk calculator, margin settings, and access to a wide range of trading pairs are all available on Binance Pro.
In our article “How to Use Binance Pro to Improve Your Trading,” you can discover more details about this Pro version.
Binance Lite vs. Binance Pro: Main Differences
It's important to note that while Binance Pro offers a broader array of features, it may not be suitable for everyone. Let's explore the key differences between Binance Lite and Binance Pro to help you determine which version is right for you.
- User Interface: Binance Lite offers a simplified and user-friendly interface, making it easier for crypto novices to navigate and perform basic functions. Binance Pro provides a more advanced and sophisticated interface with additional features for experienced users.
- Features: Binance Lite focuses on the basic features such as buying, selling, and exchanging cryptocurrencies, while Binance Pro offers a wider range of options. For example, Binance Pro includes advanced trading options like futures trading, options trading, margin trading, and others.
- Fees: When using the “convert” feature on Binance Lite, there will be a spread, with the buy price slightly above the market rate and the selling price slightly below. For Binance Pro, trading with market, limit, or stop-limit orders incurs a 0.1% fee, which is relatively low compared to many other cryptocurrency exchanges.
Why Use Each Version of the Binance App?
As we have seen, the two versions of the Binance application offer different features. Below, we will see what you can use each one for to get the best out of them.
- Crypto newbies: Binance Lite's simplified interface and basic functionality make it an ideal choice for those new to cryptocurrencies.
- First-time Binance users: Binance Lite provides a user-friendly experience for people who are using the Binance app for the first time.
- Investors and HODLers: Users who primarily want to check prices, make occasional purchases, and hold their crypto assets will find Binance Lite sufficient for their needs.
- Active traders: Binance Pro offers a more sophisticated trading interface, making it suitable for users who engage in frequent trading activities.
- Seasoned crypto users: Experienced cryptocurrency investors who require advanced trading features and access to a broader range of tokens.
- Users looking to grow their crypto assets: Binance Pro provides access to features such as Binance Earn, Binance P2P, and Binance Futures, allowing users to maximize their crypto assets.
Switching from Binance Lite to Binance Pro
You can use both versions of the app according to your needs. Switching between Binance Lite and Binance Pro is a straightforward process within the application. Here's how you can switch between the two modes:
- Log in to your Binance account and tap on the profile icon.
- Toggle to “Binance Pro” to switch to the Pro version.
To switch back to Binance Lite, follow the same steps and toggle to "Binance Lite."
Binance Lite vs. Binance Pro – Choose the Right Version for Your Needs
If you're new to the world of cryptocurrencies or prefer a simplified, user-friendly experience, Binance Lite is your ideal choice. It's designed for crypto novices, first-time exchange users, and individuals looking for a hassle-free way to buy, sell, and hold digital assets.
However, if you're an active trader, a seasoned crypto enthusiast, or someone looking to explore advanced trading features and grow your crypto assets, Binance Pro offers a comprehensive suite of tools and functionalities.
Remember that the ability to switch between these versions within the Binance mobile app empowers you to adapt your trading experience to your evolving needs and preferences.