Binance vs. Coinbase: Which Should You Choose?

Cryptocurrency Exchange Platforms Binance Coinbase
Main platform features Low fees, comprehensive charting options, and hundreds of cryptocurrencies Intuitive, beginner-friendly platform offering basic transactions, a digital wallet, and withdrawals to PayPal
Fees 0.10% spot-trading fees, 4.5% debit card purchases 0.50% per trade, 3.99% for credit card purchases, 1.49% for Coinbase wallet or bank account purchases, and wire transfers are $10 for deposit and $25 for withdrawal
Number of cryptocurrencies supported Over 500 for global traders on Binance. 60 available for U.S. investors on Binance.US 107
Security features 2FA verification, FDIC-insured USD balances for Binance.US, device management, address whitelisting, cold storage 2FA verification, insurance for hot storage if Coinbase is breached, biometric fingerprint logins, cold storage, FDIC-insured USD balances, AES-256 encryption for digital wallets
Types of transactions supported Limit order, market order, stop-limit order, trailing stop order, post only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more Buy, sell, send, receive, and exchange
Maximum trading amount Limits differ based on the cryptocurrency purchased Limits vary based on your payment method and region

Binance vs. Coinbase : Features

Since the platforms are meant for different types of people, you ’ ll detect huge differences in their have sets. however, both provide fluid applications with lookout lists or survive price trailing. But the similarities stop there .
With Binance, you ’ ll get the be :

  • A rewards center offering challenges and giveaways as a way to earn cryptocurrency
  • Advanced charting with hundreds of indicators and overlays
  • Public application programming interface (API) keys for integrating other software tools
  • More than 13 transaction types on Binance 
  • The option to use the third-party digital wallet, Trust Wallet                                             
  • Users in over 180 countries can trade on Binance, but only 43 states can use Binance.US, excluding Connecticut, Hawaii, New York, Texas, Vermont, Idaho, and Louisiana

furthermore, U.S. customers can ’ thyroxine pay via credit card or complete margin trades, whereas Coinbase supports accredit poster payments, and you can make gross profit trades on Coinbase Pro.

In comparison to Binance, Coinbase offers more features for U.S. residents but fewer options for international traders. The features include :

  • A secure, standalone digital hot wallet that you can use with Coinbase and other exchanges
  • The ability to withdraw funds to your PayPal account
  • Available for use in over 100 countries and 49 states, with no trading allowed for residents of Hawaii
  • A newsletter showcasing the latest cryptocurrency news
  • The optional Coinbase Pro platform with limited charting features, including the ability to track exponential moving averages
  • Can earn cryptocurrency by watching short videos 

Binance vs. Coinbase : Supported Currencies

Binance is long-familiar for its massive altcoin list, with more than 500 choices available to non-U.S. users. however, the Binance.US exchange supports only 80 coins. Coinbase offers 107 trade currencies on its regular platform and 57 on the Coinbase Pro substitute .
Coinbase besides supports decree currencies, including USD, british cypriot pound sterling ( GBP ), and euro ( EUR ), whereas Binance supports 18 decree currencies, such as USD, EUR, australian dollar ( AUD ), GBP, Hong Kong dollar ( HKD ), and indian sri lanka rupee ( INR ). Depending on your placement, Binance offers 50 to 591 cryptocurrency pairs, while Coinbase supports 107 for users in the United States .
The pursuit cryptocurrencies are on Binance but not Coinbase : vechain ( VET ), harmony ( ONE ), vethor token ( VTHO ), dogecoin ( DOGE ), and qtum ( QTUM ). On Coinbase, you ’ ll line up wrapped bitcoin ( WBTC ), aave ( AAVE ), sushiswap ( SUSHI ), and celo ( CGLD ). Both platforms support popular and energetic currencies such as :

  • Dash (DASH)
  • Storj (STORJ)
  • Cosmos (ATOM)
  • Compound (COMP)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Cardano (ADA)

Binance vs. Coinbase : security

Although both platforms are considered guarantee, Coinbase has a better overall repute. Founded in 2012, Coinbase is a U.S.-based exchange which went populace on April 14, 2021 via a lead list and backed by banks like J.P. Morgan .
Unlike Coinbase, Binance was first established in China before moving to Japan, and the Binance.US platform operates out of San Francisco, California. Binance international relations and security network ’ thymine regulated, so it initially banned all U.S. residents from accessing the platform. however, its fresh Binance.US central stays within U.S. regulations. eminence that Binance is presently under U.S. regulative probe .
Both cryptocurrency exchanges provide two-factor authentication ( 2FA ) via the Google Authenticator app or short message overhaul ( SMS ), but U.S. users report some problems with the Binance.US and Google authentication summons. While Coinbase requests identification verification from all users via a photograph or government-issued ID, Binance only requires this of the U.S.-based users or those wanting to invest and trade larger amounts .
Binance security features besides include address whitelisting, device management, and the ability to restrict device entree. Like Coinbase, all USD balances are insured up to $ 250,000 by the Federal Deposit Insurance Corporation ( FDIC ) and held in custodial bank accounts .
Coinbase security system features consist of fingerprint biometric access for its digital wallet, and 98 % of cryptocurrency funds are stored in air-gapped cold storage via vaults and dependable deposit boxes. Coinbase has an policy policy to cover the 2 % of funds kept in hot repositing, but it only covers security breaches on their end, not ones due to a user security trouble .

Binance vs. Coinbase : Fees

Binance fees are some of the lowest in the industry, whereas Coinbase ’ s prices are some of the highest. Although U.S.-based users will pay slenderly more on Binance.US, it ’ second still much cheaper than using Coinbase .
On median, you ’ ll pay 0.50 % per Coinbase transaction plus extra convenience charges based on your requital method acting, so you might pay up to 4 % per transaction. Binance uses a maker-taker structure with the same fees for both makers and takers. The fee chart can be confusing for beginners but offers vastly lower charges, specially for high-volume traders. Binance users can lower costs by :

  • Purchasing Binance (BNB) tokens to pay fees with a 25% discount
  • Ability to refer friends to earn a discount on trading fees
  • High-volume traders can level up for very important person (VIP) discounts
Fees Binance Coinbase
Bank account Free outside of the U.S. 1.49%
Wallet N/A 1.49% 
Debit/credit cards 4.5% 3.99%
Automated clearinghouse (ACH) transfer N/A Free
Wire transfer $0 $10 deposit, $25 withdrawal
Cryptocurrency conversion Free, however Binance has a spread above market price 0.50% to 2%
Purchases 0.1% 0% to 0.50%
Trades 0.1% 0.50%
Other fees 0.50% instant buy and sell fee $0.99 to $2.99 based on the amount

Binance vs. Coinbase : ease of Use

Binance and Coinbase are geared toward different types of users. Coinbase offers a simple chopine for investors new to trade cryptocurrency who want fast, easy, and plug ways to trade. Binance ’ mho platform is easy to use, but the sheer act of choices can be overwhelming to a new drug user. Binance is a better equip for people conversant with cryptocurrency slang and invest options, whereas Coinbase is built for convenient, easy trading .
Both exchanges provide mobile apps with varying functionalities. For exemplify, the Binance and Coinbase apps rate 4.7 out of 5 stars on Apple ‘s App Store. however, the Binance app receives poor ratings for Android users, with merely 2.1 out of 5 stars on Google Play, with many users saying the application works much better on iPhones.

Binance provides the Binance Academy, exchangeable to Gemini ’ s Cryptopedia, where users can access tutorials or helpful articles similar to cryptocurrency trade courses. Both platforms offer a blog and cognition infrastructure, but Coinbase besides lets users earn cryptocurrency for watching video recording for beginners .
Although Coinbase wins for ease of use, the customer service options are less user-friendly. You can lone reach Coinbase via e-mail or a avail ticket. In contrast, Binance offers live old world chat, responds on Twitter, or you can email them for assistant .

frequently Asked Questions

What Are Binance and Coinbase?

Coinbase is a U.S.-regulated cryptocurrency exchange that allows users to buy, sell, send, receive, and exchange altcoins via a web browser or mobile app. Binance is besides an exchange, but it has one the highest cryptocurrency volumes and international relations and security network ’ thymine considered U.S.-regulated, which is why not all functions and coins are available to U.S.-based users. Binance supports many more advance transaction types, such as specify orders, stop-limit orders, market orders, post-only orders, and peer-to-peer trading. however, U.S. residents have fewer options .

How Do Binance and Coinbase Work?

Both platforms function as an on-line brokerage house for cryptocurrencies. Users deposit decree funds to buy, sell, or trade digital currencies. The signup summons is alike for both, but external Binance users won ’ t need to show a photograph ID to verify their account. however, Binance.US requires a photograph ID. You ’ ll create an account in both cases, verify your electronic mail, and add funds from an acceptable method acting. Once you ’ re ready to make a trade, you head to the rally platform, create an order for the desire altcoin, and follow the on-screen steps. The exchanges store the cryptocurrency until you move it to a digital bitcoin wallet, trade it, or withdraw it .

Is It Safe to Hold Cryptocurrency in the Binance or Coinbase Exchanges?

Although Binance and Coinbase are among the best crypto exchanges, users are encouraged to store funds in a hardware wallet for long-run savings. Any currencies held on-line may be a prey of hackers, and most exchanges have experienced breaches, including Binance in 2019. Although Coinbase told The New York Times that it ‘s never been hacked and merely 0.004 % of its users experienced report takeovers in the year ending April 2021, mistakes can happen on your end, putting your coins at risk. Both Binance and Coinbase insure their hot storage, but it may be safer to use your own cold repositing via a hardware wallet. A hardware wallet is a device that isn ’ triiodothyronine connected to the internet, and you ’ ll need to plug it into your computer to access your digital currency .

Who Should Use Binance or Coinbase?

Coinbase is perfect for beginners who prioritize convenience and security. The user-friendly platform is very easy for closely anyone to use, and when you open the application, you ’ ll see a clean interface with minimal options. As a believe, U.S.-based change, it ’ s a effective fit for users wary about buying or trade cryptocurrency. however, you pay a higher price for convenient deposit and withdrawal options. Binance is desirable for feel investors wanting advance trade options and batch of analytics to back up their scheme decisions. Novice users will experience a teach wind, but once you learn your way around, it gets easier. With gloomy fees, over 500 cryptocurrencies, and handiness in more than 180 countries, Binance is an excellent choice for non-U.S. residents wanting a advanced platform.

How We Evaluated Binance vs. Coinbase

We examined Coinbase and Binance by looking at the fee structures, cost, and how easy it is to understand. Although we looked chiefly at Binance, we besides evaluated Binance.US features applicable to U.S. residents. We considered the web site and mobile app functionality, handiness of cognition bases, and access to customer service. Our fee and feature charts give a side-by-side view of security, transaction types, decree currencies accepted, requital methods, and cryptocurrencies .
Investing in cryptocurrencies and early Initial Coin Offerings ( ICOs ) is highly bad and bad, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or early ICOs. Since each individual ‘s position is alone, a stipulate professional should always be consulted before making any fiscal decisions. Investopedia makes no representations or warranties as to the accuracy or opportuneness of the information contained herein .

source : https://www.peterswar.net
Category : Finance

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