Binance vs Coinbase: Which One is Better?

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    Binance vs Coinbase

    Coinbase and Binance are two types of crypto exchanges, and both are equally popular. But Coinbase and Binance are different from each other in a lot of ways. For example, Binance is more suitable for advanced traders with advanced learning curves, various trading options, etc. And Coinbase is for more inexperienced traders with a simple user interface, various currency options, and more. However, that does not imply that the Binance exchange is not user-friendly as well. It’s just that Binance is more difficult to learn to use than Coinbase. Both Coinbase and Binance are available worldwide and are immensely popular in the United States. But since both of them are special, which one would you find more compatible? Today we are comparing Binance with Coinbase because it’s difficult to choose between these two for many beginner traders.

    Introduction: Binance Vs Coinbase

    Binance and Coinbase are for serious traders and cryptocurrency enthusiasts because they offer an array of services to everyone. But if you don’t meet them personally, then you won’t be able to understand their usage and history.

    Binance

    After being launched in 2017, Binance became one of the most popular crypto exchanges all over the world. History shows that Binance has the highest trading activity of all time because it comes with numerous great features. But the general Binance.com is available to crypto investors outside of the US, and some of the great features of Binance are not available in the USA. Nevertheless, the most prominent feature of Binance is that it provides access to 500 digital tokens, including the most and least popular ones. But when it comes to Binance US, you will only get around 50 cryptocurrencies to trade. Maybe that’s why some users switched to Coinbase.

    Coinbase

    Coinbase (2012) is much older than Binance and is more popular in the US too. The main reasons for Coinbase’s popularity are its user-friendliness and intuitive mobile applications. On Coinbase, you can also buy and hold your own crypto stocks. Coinbase offers 50 currencies to trade from, which is not much in comparison to Binance. But since Coinbase does not focus that much on its services, investors and traders meet their basic needs on the platform. It is best for the retail market, where you can check out the pricing, volume, trading options, and more. However, Coinbase comes with a great spread and a 0.50% trading fee.

    Binance Vs Coinbase: Fees

    Binance comes with some low-fee structures, while Coinbase doesn’t. However, if you are living in the US, you will have to pay a little higher fees on Binance than you would otherwise, but still, it’s more affordable than Coinbase. You will have to pay 0.50% transaction fees and additional charges depending on your payment method, which can be up to 4% per transaction. On Binance, there is a maker-taker fee, which is a little tricky to understand but cheap anyway, especially if you are trading at high volume. To reduce transaction fees in Binance, purchase BNB tokens and receive a 25% discount.You can also get discounts by referring Binance to your friends and family. Also, if you are constantly trading with high volume, you can become a VIP. Scrutinize the descending table to comprehend the fee structures of Binance and Coinbase.

    Fees Binance Coinbase
    Bank transfers No cost outside of the US 1.49%
    Wallet NO 1.49%
    Debit/credit cards 3.5%- $10 3.99%
    Automated clearinghouse (ACH) transfer NO Free
    Wire transfer $15 per transfer in the US $10 on stake and $25 on withdrawal
    Cryptocurrency conversion Free with a spread 0.50% to 2%
    Purchases 0.015% to 0.1% 0% to 0.50%
    Trades 0.015% to 0.1% 0.50%

    But fees are not everything after all because they come with a value.

    Binance Vs Coinbase: Security

    Have a look at the best security features of Binance and Coinbase.

    Binance

    Wallet: Binance does not offer its own wallet option, but it has a partnership with Trust Wallet, which is a leading digital wallet company with 5 million users. There is a 12-word recovery phrase, a PIN, biometric access, and an encrypted key required in Trust Wallet to secure your account balance.

    Whitelisting crypto addresses: There is an address whitelisting option that helps you restrict account access. All these addresses are saved in the address book, and Binance blocks the ones that are unauthorized.

    Two-factor authentication: Binance has a two-factor authentication feature, which it offers through the Google Authenticator app or SMS.

    Advanced verification: To access the withdrawal and deposit limits of Binance, you will have to use the advanced verification option. This option also restricts your account from unverified users. Here you will have to upload your government-verified ID and your photo to complete this verification process.

    Device management: With the help of this option, you can view all the devices that have access to your account.

    Coinbase

    In-built wallet: There is an in-built wallet in Coinbase where you can store your cryptos. This wallet is shielded with biometric access and a strong password, as well as an encrypted 12-word recovery phrase.

    Two-factor authentication: Coinbase also offers a two-factor authentication feature through SMS or Google Authentication. You will have to provide a six-digit code to access your account, and this code is available for only one use.

    Cold storage and crypto lockers: Coinbase is one of the rare exchange platforms that offers a cold storage feature to keep your assets. The storage is not accessible through the internet and, thus, not subject to being hacked.

    FDIC Insurance: Coinbase is also one of the rare exchanges to offer the FDIC Insurance feature to its users. The insurance is for users who use USD to fund their account, but to avail of this service, you will have to deposit $250,000.

    After the security features come the real features of the exchanges that you might want to consider.

    Binance VS Coinbase: Features

    The features are different on both platforms because Binance and Coinbase are designed for different types of traders. A single element they share is their live price tracking on smartphone applications. Have a look at other features of Binance and Coinbase that differentiate them from each other.

    Binance

    • Various tasks and challenges are conducted on the platform to give you cryptos as rewards.
    • Advanced chat options with numerous trading indicators
    • A public application programming interface (API) is available for easy integration with a variety of software programs.
    • 13+ transaction types.
    • Trust Wallet
    • There are over 180 countries from which to trade.

    But Binance does not offer credit cards or margin trades, unlike Coinbase. And Binance is not available in Connecticut, Texas, Louisiana, New York, Idaho, Hawaii, and Vermont. But Coinbase offers more favours to US traders than international traders.

    Coinbase

    • A digital wallet is a storage device that you can use on Coinbase and other platforms.
    • You can withdraw funds from your Paypal account.
    • Available in 100 countries and 50 states,
    • Reading crypto news on a daily basis is made easier with our daily newsletter.
    • For a limited number of chart options, use Coinbase Pro.
    • You can earn cryptos as rewards for watching short videos.

    If you can compare their features, then you will be able to understand which between Binance and Coinbase you like the most. And then check out the cryptos they offer.

    Binance vs. Coinbase: Currencies

    If you are only looking to buy Bitcoin, Ethereum, or a similar popular token, then you don’t have to choose at all. Both Binance and Coinbase, as well as other well-known exchanges, offer this option. But if you are looking to trade a less known token such as Dogecoin, then finding an exchange that offers this currency can be frustrating. Luckily, both of these platforms offer a wide range of selections to choose from, and you can even find the rarest coins there. However, Binance’s crypto selection is 10 times more efficient than that of Coinbase. On Binance, you can access 500+ coins, and Coinbase supports 50+. You can purchase cryptos using the dollar for a minimum of $2 and $1 on Coinbase and Binance, respectively.

    Binance Vs Coinbase: User-Interface

    Coinbase is for beginner investors who have little to no experience in trading and investing in cryptos. Coinbase offers a fast and secure way to trade cryptocurrencies. And although Binance is also easy to use, it comes with a variety of options for traders, and that can be difficult to figure out for a new user. For users with experience with cryptocurrencies in terms of trading and investing, Binance is a better choice. And Coinbase was created with user convenience in mind.

    Coinbase and Binance come as smartphone applications that you can download from the App Store and Google Play Store. But unlike Coinbase, Binance has a cryptopedia, or Binance Academy, where you can browse various crypto-related articles, tutorials, videos, courses, and more. But when it comes to customer support, Binance tends to be ahead of Coinbase. On Binance, you can talk to the support team through live chat, email, and Twitter. But Coinbase only offers email support.

    Which One Should You Choose, Binance or Coinbase?

    You can use either of these platforms if you are looking for a wide range of cryptos such as bitcoin, ethereum, litecoin, etc. When it comes to fees, payment methods, and features, you will have to pay close attention. The price of Coinbase is higher than Binance, but Coinbase is available in more than 100 countries, whereas Binance is available in 140 countries.

    Despite this, Coinbase makes up for its fees by providing an easy-to-use interface. Additionally, Binance is a better option for non-U.S. investors since Binance.Us doesn’t come with many features, despite its low fees. Binance.US offers low trading fees, ease of use, and other advantages. But before you choose an exchange for trading or investing in cryptos, make sure you read the terms and conditions on their official website. Then, if Binance is more compatible with your needs than Coinbase, choose the latter. However, both platforms are generally reliable.