Coinbase vs Binance: Compare the two Cryptocurrency Exchanges

Coinbase vs Binance: Compare the two cyrptocurrency

Coinbase vs Binance: Compare The Two Cryptocurrency Exchanges. The two most popular cryptocurrency exchanges now are Binance vs Coinbase. Both provide customers with the ability to purchase, sell, and exchange bitcoin and other cryptocurrencies. However, Binance and Coinbase are two cryptocurrency exchanges that take pretty distinct approaches to their business. Coinbase is a U.S.-based cryptocurrency exchange with a user-friendly interface and a restricted range of transaction options. Binance has a difficult learning curve, yet it caters to expert customers and offers international traders hundreds of currency trading alternatives.

Binance platform is easier to use. The platform is user-friendly, and even beginners can start using the platform without much external help since almost everything is self-explanatory. Furthermore, the platform also offers three different levels, made according to the trader’s experience. However, Coinbase is even more convenient to use among these two platforms.

Binance

Binance’s  US version offers fewer features than its counterpart, with fewer options and higher prices. However, you can’t match Binance’s minimal fees compared to Coinbase’s inflated costs. In this article, we will put both cryptocurrencies side by side and thoroughly compare the two. In this way, you can easily decide which crypto will suit you best in the future.

Coinbase vs Binance: Features and services

Because developers designed the two platforms for various sorts of individuals, their feature sets are vastly diverse. However, both of them provide their mobile application for ease of access. In addition, these applications contain watch lists and live price tracking. Unfortunately, these are the only similarities between the two.

Binance Features and services

Binance offers numerous features to its users. These include

  1. A cryptocurrency rewards center that provides challenges and giveaways as a method to earn cryptocurrency.
  2. Several parameters are available for the experienced user to predict future trading.
  3. Public API keys are available if you want to connect the application with other software.
  4. Multiple transaction types.
  5. You can also trust third-party digital wallets when using Binance.
  6. One constraint is the US version of Binance is only available in 43 states. However, the international version is available in most of the world.

Furthermore, users in the United States have restrictions when using a credit card or conducting margin trades, whereas Coinbase allows credit card payments and margin trading on Coinbase Pro.

On the contrary, Coinbase is a much more comprehensive platform if you reside in the United States. It offers much more features than Binance for US citizens. These include

  1. A dedicated digital wallet that you can use with Coinbase and other exchanges.
  2. You can withdraw funds to your PayPal account as well.
  3. Internationally, it is available in almost a hundred countries while it caters to 49 states in the US. However, Hawaii residents have restrictions in trading.
  4. Availability of Newsfeed providing with all the latest news related to the cryptocurrency world.
  5. Chance to win crypto by watching short videos as well.

Currencies endorsed on Coinbase and Binance.

Binance is well-known for its extensive cryptocurrency listing, which includes over 500 options for non-US consumers. The Binance US exchange, on the other hand, only accepts 52 cryptocurrencies. On its standard platform, Coinbase supports 51 trading currencies, while the Coinbase Pro exchange provides 57.

Coinbase also accepts fiat currencies such as the US dollar, the British pound, and the euro. In contrast, Binance accepts 19 fiat currencies, including the US dollar, the euro, the Australian dollar, the Australian dollar British Pound, the Hong Kong dollar, and Indian rupees.

Some currencies are supported by one of the platforms and not by the other. Such as VeChain, Harmony (ONE), etc., are supported by Binance, while currencies Wrapped Bitcoin and Aave are only used by Coinbase. It can be up to your preference of coins if you are to choose between the two platforms.

However, some common currencies are acceptable to both Binance and Coinbase. These are some of the new and upcoming coins in the crypto world, such as Dash, Storj, Cosmos, etc.

Coinbase

Crypto security

Although both services are safe, Coinbase has a more substantial overall reputation. Coinbase, a U.S.-based exchange, was founded in 2012 and is expected to become public via a direct listing. Binance, unlike Coinbase, began in China before expanding to Japan, while the Binance US platform is in San Francisco, California. Because Binance is unregulated, it first barred all Americans from using the platform. Its new Binance.US exchange, on the other hand, complies with US rules.

Both bitcoin exchanges use the Google Authenticator app or a short messaging service to facilitate two-factor authentication. While Coinbase asks all users to provide identity via a picture or government-issued ID, Binance only needs this from its users residing in the US or those wishing to invest and trade more significant sums.

Address safe listing, device management, and the ability to block device access are all included in Binance’s security features. Coinbase’s digital wallet includes fingerprint biometric access, and they keep 98 percent of Bitcoin money in air-gapped cold storage via vaults and safe deposit boxes. In addition, Coinbase has a policy that covers the 2% of cash maintained in hot storage.

Platform fees

Binance’s costs are among the lowest in the market, whereas Coinbase’s are most expensive. So although customers in the United States will pay somewhat more on Binance.US, it is still significantly less costly than Coinbase.

You’ll pay 0.50 percent on average on each Coinbase transaction, plus additional utility costs dependent on your payment method, for a total of up to 4% of each transaction. Binance has a maker-taker model, which means that both makers and takers pay the same fees. The fee chart might perplex newbies, but it provides much lower prices, especially for high-volume traders.

Furthermore, you can reduce the costs for Binance by purchasing Binance tokens, referrals, and trading in high volumes so that you can be available for VIP discounts.

Convenience in usage

The two exchanges, Binance and Coinbase, cater to various sorts of consumers. Coinbase is a simple platform for investors new to cryptocurrency trading and wishes to trade quickly, easily, and securely. Binance’s interface is simple to use, but the sheer quantity of options for a new user might be intimidating. Thus, we can comfortably say that Binance can be an excellent fit for those kinds of users who are already into crypto for some time. They will not be overwhelmed by too many options and can use the platform easily.

Both of the platforms offer their applications in the Apple App Store and Android play store. The ratings for both the applications in the Apple store are pretty good. However, Binance’s application on android has a poor rating of around two stars. They will have to work on it in the future.

Users may get training or functional materials comparable to bitcoin trading courses through Binance Academy. Both services have a blog and knowledge base, while Coinbase allows users to earn cryptocurrency by viewing beginner-friendly videos.

Although Coinbase is the most user-friendly, the customer care alternatives are less so. You can only contact Coinbase by email or a support ticket. Binance, on the other hand, has exceptional customer support that provides live chat, reacts to tweets, and can be contacted through email.

Value for money

One of the most significant variables to consider when comparing cryptocurrency exchanges is value for money since it indicates whether the brand provides appropriate quality for the price. Coinbase gets a more excellent value for money score than Binance in this scenario.

Number of active people

Examining the number of active users is also quite beneficial. When comparing Coinbase vs Binance, it is clear that Binance has a more extensive active user base, with roughly 13.5 million members. Coinbase, on the other hand, has approximately 13.3 million active users. Furthermore, when we look at the cryptocurrencies that both exchanges accept, we can see that Coinbase has a more significant number of options than Binance.

Coinbase vs Binance: Conclusion

While both Binance and Coinbase are crypto exchanges, their user experiences are vastly different. Binance has more features than virtually any other exchange on the market, and they are launching new ones all the time. As a result, it’s a beautiful bargain for crypto traders of all levels, including user education, beginner and intermediate charting, dozens of trading choices, and more.

Binance, on the other hand, is only available in restricted quantities in the United States, making it a poor alternative for residents of the United States. Due to its straightforward design and user education component, Coinbase is the best choice for first-time crypto investors. However, their costs are substantially higher than those of other exchanges. Therefore, consumers looking for high-volume trading should search elsewhere.

Thus, this was the comparison analysis between the two cryptocurrencies. We hope you will have a better idea of their pros and cons here and which cryptocurrency is suited for which place. Also, keep in mind your initial investments in the world of crypto since there is a certain amount of fee you have to pay beforehand.