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Home Platforms Binance vs Ledn

Compare Binance vs Ledn

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Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
Savings Rates
8.7
Loan Rates
3.5
Established
3.6
Reviews
9.4
Risk Management
2
Withdrawals
2
Coverage
10
Support
7
Savings Rates
6.2
Loan Rates
4.7
Established
3.1
Reviews
8.9
Risk Management
8
Withdrawals
5
Coverage
2
Support
6
Savings Rates
8.7
Savings Rates
6.2
Loan Rates
3.5
Loan Rates
4.7
Established
3.6
Established
3.1
Reviews
9.4
Reviews
8.9
Risk Management
2
Risk Management
8
Withdrawals
2
Withdrawals
5
Coverage
10
Coverage
2
Support
7
Support
6

Pros & Cons

tick The biggest crypto platform in the world
tick Huge array of innovative crypto related services
tick High liquidity exchange offers competitive rates
tick Low maker and taker exchange fees
tick Higher average review rating than Ledn (94% vs 89%)
tick More reviews than Ledn (982,908 vs 689 reviews)
tick Higher rating for android phone app than Ledn (4.7 vs 2.5 stars)
tick Been in business longer than Ledn (Founded 2017 vs 2018)
tick Has less assets under management than Ledn
tick Fiat exchange available on Binance but not on Ledn
tick Pro exchange marketplace available on Binance but not on Ledn
tick Peer to peer exchange available on Binance but not on Ledn
tick Offers corporate accounts but Ledn doesn't
tick Instantly buy crypto with fiat on Binance but not on Ledn
tick Has a lower level of insurance than Ledn
tick Has 24/7 support but Ledn doesn't
tick Interface supports French, Bulgarian, Japanese, Greek, Arabic, Argentinian-Spanish, Latvian, Turkish, Polish, Brazilian-Portuguese, Vietnamese, Swedish, Romanian, Simplified Chinese, Czech, Hebrew, Russian, Slovenian, Traditional Chinese, Italian, Indonesian, Mexican Spanish, Ukrainian Russian, Hindi, Chilean Spanish, Peruvian Spanish, Colombian Spanish, Filipino, Urdu and Bengali whereas Ledn doesn't
tick Ultra simple model
tick No hidden fees
tick Only one interest payment at end of 12 month term required on loans
tick Automatically buy more bitcoin with a loan secured against your existing bitcoin
tick Proof of company crypto reserves provided by major accountancy firm
tick Higher rating on Trustpilot than Binance (4.7 vs 2 stars)
tick Has email support but Binance doesn't
Savings Rates
tick Binance will pay interest on 2 fiat currency deposits not offered by Ledn:
Russian Ruble (RUB)
Brazilian Real (BRL)
tick Binance will pay interest on 3 stable coin deposits not offered by Ledn:
2 more savings rates pros ...
Savings Rates
tick Ledn has a higher base saving rate for USD Coin (USDC) (7.5% vs 0.928%)
tick Ledn has a higher base saving rate for Bitcoin (BTC) (2% vs 0.1%)
1 more savings rates pro ...
Loan Rates
tick Ledn offers loans in US Dollars (USD) fiat currency deposits whereas Binance does not
tick Ledn has a lower loan rate for USD Coin (USDC) (7.9% vs 14.6%)
1 more loan rates pro ...
cross Headquarters location and license status unclear
cross Fiat withdrawls not available in some countries due to regulatory reasons
cross Mobile app has very limited functionality
cross Savings rates only available fro BTC and USDC
cross Much lower savings rates for large BTC deposits
cross Bitcoin is only token acceptable as loan collateral
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Withdrawals

Withdrawal Time
Withdrawal Time
30 hours
Withdrawal Score
2
Withdrawal Score
5
Withdrawals Experience

Withdrawals Experience

Ledn has a very simple model. As soon as you deposit either BTC or USDC then those deposits immediately start earning interest. There is no need to manually transfer the money to a savings account once on the Ledn platform. This means that when you need to withdraw funds, you can withdraw them directly from the savings account. Savings accounts have no lock in period and you can withdraw your funds at any time.

Withdrawals are processed manually and Ledn states that the vast majority of requests are processed within 24 hours, but that the terms of the savings account stipulate that it can take up to 7 days. In our tests, withdrawals took about 30 hours from the time of request to the funds arriving in your wallet.

Ledn does not charge any withdrawal fees on BTC, however you must pay the miner's fees associated with the withdrawal. These fees will be deducted from the amount that you withdraw. There is a minimum withdrawal amount of 0.0005 BTC. For USDC withdrawals a fee does apply which is 35 USDC.

Ledn state in their FAQ that some withdrawal requests may require a confirmatory video call with the platform.

To date Ledn has never frozen withdrawals on any of their currencies.

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Risk

Risk Management Score
2
Risk Management Score
8
Risk Management

.

Risk Management

Ledn accounts feature 2 factor authentication for key activities such as login and withdrawals. You can whitelist withdrawal addresses so that funds can only be sent to those addresses. You can also add a personal anti-phishing phrase to the site. This phrase will be included in any emails sent to you which will help you to verify that the email was sent by Ledn and not an impersonator.

Ledn state in their FAQs that assets deposited on the platform are not loaned out to borrowers and instead 100% of these deposits are stored with a third party cold storage custodian, Bitgo. However, elsewhere in their FAQs they state that they may in fact lend out these assets to a borrower and will not necessarily hold an equivalent amount of crypto as collateral. They go on to state that their primary borrower is Genesis. So we have mixed messages from Ledn about the extent to which deposits are loaned out, but in all likelihood deposits are loaned out as this is how they generate a return to pass on to you.

One unique feature of Ledn is that you can verify that your deposit really does exist in Ledn's accounts. This is done by way of a an attestation by Armanino LLP, a top tier accountancy firm. The Ledn web app provides a link to the Armanino asset verification page. Here you can enter a unique hash associated with your account which then reveals Armanino audit of your personal assets. The ability to verify personal individual assets in this way is quite unique and very reassuring. Other platforms that have implemented proof of reserves systems normally show that the total assets of the company exceed total customer liabilities, but there is no way to verify your individual assets.

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Reviews

94% based on 982,908 reviews
89% based on 689 reviews
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Savings Rates

The table below compares the savings rates for Binance and Ledn. Enter the amount you intend to deposit to get a more detailed comparison.
Fiat Currencies
BRL Brazilian Real
1% APY
1% APY
RUB Russian Ruble
2% APY
2% APY
Stable Coins
DAI Dai
2.2% APY
2.2% APY
JST JUST
2% APY
2% APY
USDC USD Coin
0.928% APY
0.928% APY
USDT Tether
0.5% - 10% APY
0.5% - 10% APY
Crypto Currencies
1.71% APY
1.71% APY
AAVE Aave
1% APY
1% APY
1% APY
1% APY
2% APY
2% APY
ADA Cardano
2% APY
2% APY
AERGO Aergo
1% APY
1% APY
1% APY
1% APY
AKRO Akropolis
2% APY
2% APY
ALGO Algorand
1% APY
1% APY
0.5% APY
0.5% APY
5% APY
5% APY
AMP Amp
0.5% APY
0.5% APY
1% APY
1% APY
ANKR Ankr
2% APY
2% APY
APE ApeCoin
3% APY
3% APY
API3 API3
2% APY
2% APY
AR Arweave
1% APY
1% APY
ARK Ark
0.5% APY
0.5% APY
ARPA ARPA Chain
1.25% APY
1.25% APY
ASTR Astar
1% APY
1% APY
ATOM Cosmos
1.42% APY
1.42% APY
0.2% APY
0.2% APY
AVAX Avalanche
0.2% - 3% APY
0.2% - 3% APY
0.5% - 70% APY
0.5% - 70% APY
2.37% APY
2.37% APY
BAL Balancer
4.21% APY
4.21% APY
0.448% APY
0.448% APY
5% APY
5% APY
2% APY
2% APY
BIDR BIDR
0.3% APY
0.3% APY
BLZ Bluzelle
3% APY
3% APY
BNT Bancor
5% APY
5% APY
BNX BinaryX
8% APY
8% APY
BOND BarnBridge
5% APY
5% APY
BSW Biswap
2% APY
2% APY
BTC Bitcoin
0.1% - 5% APY
0.1% - 5% APY
BTS BitShares
1% APY
1% APY
BURGER BurgerCities
1% APY
1% APY
0.5% - 10% APY
0.5% - 10% APY
C98 Coin98
3% APY
3% APY
1% - 50% APY
1% - 50% APY
CELO Celo
2% APY
2% APY
0.5% APY
0.5% APY
CHR Chromia
1% APY
1% APY
CHZ Chiliz
2% APY
2% APY
1% APY
1% APY
COCOS Cocos-BCX
20% APY
20% APY
COMP Compound
1% APY
1% APY
COTI COTI
10% APY
10% APY
5% APY
5% APY
CVC Civic
2.83% APY
2.83% APY
2% APY
2% APY
4.14% APY
4.14% APY
DASH Dash
0.702% APY
0.702% APY
DGB DigiByte
0.5% APY
0.5% APY
DIA DIA
1.5% APY
1.5% APY
2% APY
2% APY
DOCK Dock
25% APY
25% APY
DODO DODO
1% APY
1% APY
DOGE Dogecoin
0.5% - 1% APY
0.5% - 1% APY
DOT Polkadot
5% APY
5% APY
DREP DREP
50% APY
50% APY
DYDX dYdX
2% APY
2% APY
EGLD Elrond
15% APY
15% APY
ELF aelf
1% APY
1% APY
0.5% APY
0.5% APY
2% APY