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Binance and Coinbase are two digital currency platforms that have varied approaches. Binance is a steep educating curve, supports advanced users, and offers international traders with numerous currency trading choices. On the other hand, Coinbase is a U.S based digital currency exchange that is created for beginners with an easy interface and its transaction types are limited. In this article, we will see a comparison of Binance vs Coinbase.
Even though the user interface of Binance is simple and provides three levels that are designed based on the trading experience, it is not as easy as Coinbase. However, the Binance.US version is less potent and offers limited features. But one cannot beat the low cost of Binance versus the high prices that Coinbase offers.
Binance Vs Coinbase: Features
Since the platforms are designed for varied people, you will see a huge amount of differences in Binance vs Coinbase. However both these crypto exchanges offer mobile applications along with living price tracking and watch list. But these are the only similarities. Other than that there is none.
Binance offers
- A rewards center providing giveaways and challenges as a way to earn digital coins.
- Advanced charting with many overlays and indicators.
- Public API keys for the purpose of the integration of other software tools.
- The transaction types in Binance are more than 13.
- Users from across the globe that includes more than 180 countries can trade in Binance, but with Binance.US only 43 states can use that.
- They also offer the option to use Trust Wallet which is a third-party digital wallet.
There are certain limitations for US users. They cannot pay via credit card or even complete margin trade.
Coinbase Offers
- Coinbase provides a secure, standalone hot wallet that can be used with Coinbase or other crypto exchanges.
- It also provides you the ability to withdraw your funds from your Paypal account.
- This exchange can be used in more than 100 countries and 49 states. But no trading is enabled for the residents of Hawaii.
- It also offers a newsfeed that showcases all the latest digital currencies.
- The users can also earn crypto by watching short videos on the application.
Binance Vs Coinbase: Fees
Binance fees are among the lowest in the market currently whereas the prices offered by Coinbase are among the highest in the market. Even though the U.S based users will have to pay slightly more but still it is cheaper. On an average basis, the user using Coinbase will have to pay 0.50% for every Coinbase transaction along with extra convenience charges that are based on the method of payment which the user chooses. So the users might have to pay up to 4% on every transaction they do with Coinbase.
But on the other Binance employs a “maker taker” structure with similar fees for both the taker and the maker. The fees chart that Binance lays can be complex for beginners but provides highly lower charges, especially for traders who trade on a high volume. The Binance Referral Code is offered via their affiliate program and comes with low fees, which allows you to save 50% via an exchange. But not only with Coinbase, in Binance vs Coinbase vs Kraken, Binance still remains the winner.
Binance Vs Coinbase: Security
Even though both these exchanges are thought to be secure, Coinbase holds a better overall reputation. This company was founded in 2012 and is a US based exchange that was set to go public through a direct listing and has been backed up by banks like J.P. Morgan.
Unlike Coinbase, Binance was first founded in China before it moved to Japan, and the US wing of Binance functions from San Francisco. Binance is not regulated, so it primarily banned all U.S residents from accessing the exchange platform.
In Binance vs Coinbase, if we talk about security, both these platforms provide 2FA (two-factor authentication) through the Google Authenticator app or SMS (Short Message Service), but some problems have been reported by the US users with the Google authenticator process, and Binance.US. While Coinbase asks for identity verification from all users through a photo or government-issued ID, Binance only needs this from the U.S.-based users or those wishing to trade or invest in larger amounts.
Binance Vs Coinbase: Coins Offered
Binance is renowned for its list of massive altcoins that has over 500 options available for the non U.S users. However, the U.S based exchange of Binance offers only 52 coins. On the other hand, Coinbase which is accepted globally offers only 51 cryptocurrencies on its regular platform, and 57 on the Coinbase Pro exchange. They also support fiat currencies like USD, EUR, and GBP whereas Binance supports 19 fiat currencies, AUD, USD, EUR, GBP, HKD, and INR.
The coins that are on Binance and not on Coinbase are VeChain (VET), BND, Harmony (ONE), QTUM, Dogecoin (DOGE), VeThor Token (VTHO), and Matic Network (MATIC). So in Binance vs Coinbase volume, Binance is a clear winner here as well.
Common coins that both the exchanges support include:
- Dash (DASH)
- Storj (STORJ)
- Cosmos (ATOM)
- Compound (COMP)
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
Pros And Cons
We have put Coinbase and Binance parallel to review their overall features and services. After comparing Binance vs Coinbase on various parameters here are the pros and cons of both the platforms.
Binance: Pros
- More than 500 cryptocurrencies for trade
- One of the cheapest exchanges to use
- Massive option of transaction types
Binance: Cons
- U.S. users can’t use the Binance exchange, and the Binance.US platform is very limited with options.
- It can be overwhelming, even for advanced users
- Do not offer any built-in digital wallet
- In regulatory issues in several countries and under investigation in the U.S presently.
Coinbase: Pros
- Extremely easy to use and user-friendly platform
- Renowned and trusted by U.S. regulators
- Various ways to buy cryptocurrency
Coinbase: Cons
- Expensive transaction fees and payment methods
- Limited options for advanced traders
- Fewer transaction types compared to other platforms
Verdict
We examined Binance vs Coinbase by looking at the coin they offer, security, and transaction fees to evaluate. Even though we looked primarily at Binance, we also evaluated Binance.US features that are applicable to the U.S. residents. We took into consideration the website and mobile app operation, availability of information bases, and access to customer service. If you are looking for an exchange ideal for beginners then Coinbase is the one, but if you are looking for an exchange for overall performance then even though Binance has faced some regulatory issues, it is still recommended to use Binance for other features that it has to offer. Even in Binance vs Kraken, Binance is the winner.
Frequently Asked Question On Binance Vs Coinbase
1. Is Binance safer than Coinbase?
In Binance vs Coinbase, if we talk about security, both these platforms provide 2FA (two-factor authentication) through the Google Authenticator app or SMS (Short Message Service), but some problems have been reported by the US users with the Google authenticator process, and Binance.US.
2. Is Binance U.S better than Coinbase?
However, the U.S based exchange of Binance offers only 52 coins. On the other hand, Coinbase which is accepted globally offers only 51 cryptocurrencies on its regular platform, and 57 on the Coinbase Pro exchange.
3. Is Binance cheaper than Coinbase pro?
Binance fees are among the lowest in the market currently whereas the prices offered by Coinbase and Coinbase Pro are among the highest in the market. Even though the U.S based users will have to pay slightly more but still it is cheaper.
