Binance offers global traders plenty of currency trading choices, supports advanced users, and has a steep learning curve.
Though the Binance platform is easy to use and gives three levels of the organization as per the trading experience, it is not as user-friendly as Coinbase is.
Here is the review of Coinbase and Binance’s accepted fiat currencies, various transaction types, and accessible altcoin for trading purposes. So, let’s get started-
Coinbase vs. Binance: Fees
Binance fees are considered the lowest price in the crypto world, while Coinbase’s rates are the highest. Though U.S.-based traders will pay more money on Binance.US, it is still more affordable than Coinbase.
You will need to pay 0.50% for each Coinbase transaction and additional convenience charges per your mode of payment; thus, you might spend up to 4% per transaction.
Binance utilizes a maker-taker arrangement with similar fees for both takers and makers. The fee structure can be baffling for beginners; however, it provides lower charges, particularly for high-volume traders. Binance traders can reduce expenses by –
- Leveling up for VIP (essential person) discounts
- Ability to recommend friends for earning a discount on crypto trading fees
- Buying BNB (Binance) tokens to pay fees with a nearly 25% discount.
Coinbase vs. Binance: Features
Because the crypto platforms are designed for various types of traders, you will see a huge difference in their features. But, both platforms offer mobile apps with live price tracking and watch lists. However, the resemblances stop there. With the Binance platform, you will receive the following features –
- Advanced charting with plenty of overlays and indicators
- A rewards center that offers giveaways and challenges as a means to earn cryptocurrency
- Public API (application programming interface) keys to integrating other software tools
- The freedom to use Trust Wallet (the third-party digital wallet)
- Over 13 transaction varieties on Binance
- Traders in more than 180 nations can use Binance; however, just 43 states can trade on US, excluding Louisiana, Idaho, Vermont, Texas, New York, Hawaii, and Connecticut.
Moreover, U.S. traders cannot pay through complete margin trades or credit cards, while Coinbase accepts payments through credit cards, and you can make margin trades easily on Coinbase Pro. Compared to Binance, Coinbase provides more features for U.S. people but fewer choices for global traders. The features consist of –
- You can earn crypto by seeing short videos.
- A newsletter featuring the fresh cryptocurrency news
- The capability to take out money to your PayPal account
- A standalone and secure virtual hot wallet that you can easily use using Coinbase plus other crypto exchanges
- Accessible for use in more than 100 nations and 49 states, without trading permitted for Hawaii citizens
- The voluntary Coinbase Pro exchange with restricted charting features, comprising the capacity to track exponential moving averages.
Coinbase vs. Binance: Supported Currencies
Binance is famous for its huge altcoin list, with over 500 options accessible to non-U.S. traders. But, the US platform supports only 80 coins. Coinbase provides 107 trading currencies on its general platform and 57 on its pro platform. Also, Coinbase supports fiat currencies, comprising the euro (EUR), British pound sterling (GBP), USD, while Binance exchange support 18 currencies, including the Indian rupee (INR), Hong Kong dollar (HKD), GBP, Australian dollar (AUD), EUR, and USD.
Based on your locality, Binance provides 50-to-591 cryptocurrency pairs. In contrast, Coinbase supports 107 pairs for traders in the U.S. You will find the following cryptocurrencies on the Binance exchange but not on Coinbase: qtum (QTUM), dogecoin (DOGE), vethor token (VTHO), harmony (ONE), and vechain (VET). On Coinbase, you will discover celo (CGLD), sushiswap (SUSHI), aave (AAVE), and bitcoin (WBTC). Both the exchanges support up-and-coming and famous currencies like –
- Cardano (ADA)
- Litecoin (LTC)
- Ethereum (ETH)
- Bitcoin (BTC)
- Compound (COMP)
- Cosmos (ATOM)
- Storj (STORJ)
- Dash (DASH)
Coinbase vs. Binance: Security
Though both the exchanges are considered safe, Coinbase has an improved overall reputation. Coinbase was established in 2012, and it’s a U.S.-based exchange that becomes public on April 14, 2021, through a direct listing and supported by banks such as J.P. Morgan.
Binance was founded in China before shifting to Japan, and the Binance.US exchange runs in San Francisco, California. It doesn’t have authority; thus, it initially restricted all U.S. people from using this platform.
But, its new Binance.US platform remains within U.S. regulations. Both crypto platforms offer 2FA (two-factor authentication) through short message service or the Google Authenticator app; however, U.S. citizens report some issues with the Google authentication process and the Binance. U.S.
Though Coinbase asks for identification verification for all traders through a government-issued I.D. or a photo, Binance needs this of the U.S.-based traders or people. They want to trade and invest more significant amounts.
Also, Binance security features comprise device management, address whitelisting, and the capability to limit device access. Like Coinbase, Federal Deposit Insurance Corporation insures up to $250,000 and keeps it in custodial bank accounts.
Coinbase security features include fingerprint-biometric access for its virtual wallet, and most cryptocurrency funds are kept in air-tight cold storage through safe deposit boxes and vaults.
It offers an insurance policy covering the 2% of money secured in hot storage.
Coinbase vs. Binance: Ease of Use
Coinbase and Binance are geared toward various types of traders. Coinbase provides an accessible platform for traders new to trading in cryptocurrency who want secure, easy, and fast ways to trade. Binance is a user-friendly platform; however, plenty of options can be overwhelming for a new trader. It is the perfect option for people who know about cryptocurrency’s investing options and lingo, while Coinbase is made for easy trading and convenience.
Both platforms offer mobile applications with different functionalities. For example, the Coinbase and Binance apps rate 4.7 stars out of 5 stars on the App Store. But the Binance app got poor ratings on Android’s Google Play store, with just 2.1 stars out of 5 stars.
Binance offers the Academy, similar to Cryptopedia of Gemini, where traders can use helpful articles or tutorials resembling cryptocurrency trading courses. Both platforms provide a knowledge base and a blog; however, Coinbase also allows traders to earn cryptocurrency for seeing videos for newbies. Although Coinbase is straightforward, the customer service choices are less easy to use.