Up until now, Coinbase has been the world’s leading cryptocurrency exchange. However, if you look closer, you’ll see that Binance is leading the pack, and after its explosive growth and the acquisition recently of the Malta-based exchange, Coinbase looks like a laggard. So, which exchange is the best?
Binance vs. Coinbase vs. Elitist Whale Elitist Whale vs. Coinbase vs. Binance
Over the past two years, cryptocurrency exchanges have been in the news a lot, from hacks to controversies. As the industry evolves, the best exchanges are adapting to meet customers needs. In this article, we compare the best cryptocurrency exchanges, Binance vs. Coinbase.
Do you want to invest in cryptocurrency? You’ll need a dependable swap. Despite the fact that there are hundreds of exchanges to select from, Binance and Coinbase stand out for their superior features and robust systems.
We’re here to assist you in deciding which of these two swaps is best for you. We’ll compare the benefits and drawbacks of each platform in our Binance vs. Coinbase comparison. You’ll be able to figure out which exchange is ideal for your investment style this way.
Binance vs. Coinbase: A Comparison
Binance and Coinbase are two of the most powerful cryptocurrency exchanges on the market. Let’s take a look at each company’s background:
Binance is a cryptocurrency.
In terms of overall trading volume, Binance is the biggest cryptocurrency exchange in the world. It was established in 2017 in China by software engineer Changpeng Zhao, but it has subsequently relocated to the United States.
Binance.US, the company’s trading portal for US citizens, was established in 2023. Although Binance.US differs significantly from the original Binance exchange in terms of functionality, both platforms provide a low-cost and powerful method to trade cryptocurrency. To understand more, read our entire Binance review.
Binance is the source of this information.
Binance is the source of this information.What is Coinbase?
Coinbase is one of the most well-known cryptocurrency exchanges, with over 56 million customers in over 100 countries and 49 US states. The business was established in the United States in 2012, but it is currently a remote-first exchange.
In 2023, Coinbase made history by becoming the first large exchange to go public. Coinbase has established itself as a popular choice for investors looking for a simple, user-friendly exchange with a host of additional crypto-focused services. To understand more, read our whole Coinbase review.
Main Differences Between Binance and Coinbase
Although some exchanges are just venues to purchase and sell cryptocurrency, Coinbase and Binance account members have access to extra services. Here’s what you can anticipate if you create an account.
Binance
Binance’s main goal is to make it easier for you to trade cryptocurrency. It’s accessible in almost every country on the planet, as well as 43 US states.
Binance is the company’s specialized platform for US citizens. There are two trading terminals in the United States. More than 50 currencies are supported by its Basic platform, which includes market, limit, and stop-limit orders. Basic spot pricing and price trends for different currencies are also available on this site. It also allows recurrent purchases, allowing you to take advantage of dollar-cost averaging in the cryptocurrency market.
The Binance.US Advanced interface, which offers more order types and sophisticated charting capabilities, is for more experienced traders. Alternatively, you may use the Binance OTC Trading Portal to make a very big transaction (minimum $10,000 value). This service has no transaction fees, making it suitable for off-exchange trades.
Staking and Binance Coin are two additional Binance.US features to take notice of. You may stake supported currencies from your Binance.US account and earn up to 10% in rewards.
Meanwhile, Binance Coin is the Binance exchange’s native token. You can pay exchange fees using your Binance Coin balance. It’s very popular among regular traders since it gives you a 25% discount on your expenses with the company.
Overview of the Main Features
- Binance.US Trading offers two trading platforms for intermediate and advanced cryptocurrency traders.
- OTC Trading – A method for traders who wish to conduct big transactions outside of the open market.
- Recurring Purchases – You may set up recurring crypto purchases to help you build your portfolio.
- Staking on Binance.US is a simple method to receive rewards on coins you’ve staked in your account.
- Binance Coin — The Binance exchange’s native cryptocurrency, which allows you to receive savings on your exchange costs.
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Coinbase
Coinbase, like Binance, started out as a cryptocurrency trading site. You may trade on two platforms with the company: Coinbase and Coinbase Pro.
The basic platform has an easy-to-use interface that allows you to place market orders for any supported cryptocurrency. You may also set up recurring buys, which are crypto purchases that are made automatically on a daily, weekly, or monthly basis.
Many professional traders choose Coinbase Pro, the company’s sophisticated exchange. Additional capabilities, like as customized charts and sophisticated order types, are available with Coinbase Pro.
You may also earn rewards by staking a restricted amount of coins using Coinbase. Coinbase also offers a unique tool called Coinbase Earn, which allows users to earn free crypto just by viewing instructional videos.
Last but not least, Coinbase Card is supported by the business. This is a Visa debit card that allows you to use your crypto balance to make purchases at merchants. When you use the card to make a purchase, you may get up to 4% back in cryptocurrency.
Overview of the Main Features
- Coinbase Pro is Coinbase’s upgraded trading terminal for crypto investors with a lot of expertise.
- Recurring Purchases — This feature allows you to set up automated crypto purchases on a regular basis.
- Coinbase Card — The company’s debit card, which allows you to make daily bitcoin payments.
- Coinbase Earn – Earn cryptocurrency by viewing movies in a fun and free manner.
- Coinbase Staking — For investors who wish to stake coins from their Coinbase wallet, this is a possibility.
Coinbase is the source of this information.
Coinbase vs. Binance: Which Cryptocurrencies Are Accepted?
You can only use a crypto exchange if it supports the currencies you wish to trade. So, these are the coins that Binance and Coinbase support:
Binance
Binance.US account users get access to more than 50 coins, including:
- Bitcoin
- Chainlink
- Cardano
- Ethereum
- Litecoin
- DAI
- Luminous Spheres
Binance.US also supports Binance Coin, much as the worldwide Binance.com platform (BNB).
Coinbase
Coinbase, like Binance, now provides over 50 cryptocurrencies to US-based account users. These are some of them:
- Bitcoin
- Litecoin
- Bitcoin Cash (BCH) is a cryptocurrency that
- Cardano
- Algorand
- Compound
- Dogecoin
Coinbase, on the other hand, does not support Binance Coin, Binance’s native cryptocurrency.
Coinbase is the source of this information.
Wallet Comparison: Binance vs. Coinbase
All account holders at Binance and Coinbase have access to both hosted and personal hot wallets. These are the benefits and disadvantages of utilizing each exchange’s wallets.
Binance
Binance account holders have access to a hosted hot wallet by default. If you leave your money on the exchange, here is where they will be kept.
Binance provides a second wallet called the Trust Wallet for traders who desire more control over their private keys and account security. The Trust Wallet is a stand-alone software that you may download and use as a digital asset storage solution.
Although the Trust Wallet’s main function is asset storage, it also includes features such as in-wallet staking. You may also buy crypto using your credit card via the wallet, however this comes with a lot of costs.
Coinbase
Coinbase provides a free hosted hot wallet to all account holders. If you do not withdraw your assets from the exchange, your money and digital assets are immediately placed in this hot wallet.
Coinbase provides the Coinbase Wallet if you desire greater control over your cryptocurrency. The Coinbase Wallet app makes this wallet accessible to everyone. It’s technically a separate wallet over which you have complete control.
Coinbase Wallet is mainly a crypto wallet, but you may use it to store NFTs as well. You can stake specific currencies and trade over 500 assets on DEXes using this wallet (decentralized exchanges).
Security vs. Binance vs. Coinbase
If you’re going to trade cryptocurrency, you need to be certain that your exchange will safeguard your funds. These are some of the most significant security features that Binance and Coinbase provide.
Binance
Binance employs a variety of sophisticated security measures to help safeguard customer funds. This includes two-factor authentication and whitelisting of IP addresses.
Binance, on the other hand, does not presently provide insurance for digital assets. Cryptocurrency assets aren’t guaranteed by the Federal Deposit Insurance Corporation (FDIC). However, any US dollar money in your Binance account. FDIC-insured accounts in the United States up to $250,000 are available.
Binance is the source of this information.
Coinbase
Coinbase employs a variety of methods to safeguard account holders’ funds. Offline asset storage, AES-256 encryption, and paper backups are all included.
Additionally, the FDIC insures US currency money in Coinbase accounts up to $250,000. Coinbase also keeps private insurance on client crypto assets to assist account holders be reimbursed in the event of theft.
Customer Support: Binance vs. Coinbase
Customer service is an important aspect of every cryptocurrency exchange. These are the customer support services that Coinbase and Binance provide.
Binance
Binance’s customer service is rather restricted. The business offers online help sites, however they aren’t as comprehensive as other assistance portals.
You must send a ticket to the Binance.US customer support staff with any account-related queries. Binance does not presently provide phone-based assistance in the United States, and getting a response from the business regarding your account may take several days.
Coinbase
Coinbase’s customer service is mainly provided via the company’s online assistance sites. Most questions may be answered by navigating through the help pages or using the chatbot.
Coinbase provides email-based customer assistance if you have a particular issue regarding your account. Phone help for Coinbase card issues is available, but there is no phone support for general account concerns.
Coinbase is the source of this information.
Fees vs. Binance vs. Coinbase
Although no one enjoys paying fees, they are a necessary part of most cryptocurrency exchanges. Before you start trading with Coinbase or Binance, you should be informed of the following costs.
Binance
Binance. The United States adopted a simple approach to its pricing structure.
All Instant Buys and Sells transactions are subject to a 0.5 percent charge. You’ll be charged a maker/taker fee for transactions executed on the Basic and Advanced platforms. Fees for this service begin at 0.10 percent and drop as your trading volume or Binance Coin (BNB) balance increases.
Binance also accepts BNB as a payment method. If you pay with BNB in your account, the company will offer you a 25% reduction on your costs.
However, keep in mind that Binance.US has additional costs for its services. This includes up to 4.5 percent deposit fees for debit card transactions, while ACH deposits are free. Finally, certain digital assets are subject to Binance withdrawal fees. These fees differ from currency to coin, so double-check your expenses before withdrawing funds.
Coinbase
The fee structure of Coinbase is famously complicated. The firm’s regular trading terminal and Coinbase Pro have different fees. A maker/taker fee schedule is used for all Coinbase Pro transactions, with a maximum charge of 0.50 percent.
Standard Coinbase platform trades, on the other hand, are subject to a basic spread fee of 0.50 percent of the order amount. In addition, for transactions under $200, you’ll pay a fixed fee of $0.99 to $2.99. A variable fee of 1.49 percent is applied to transactions above $200.
Coinbase’s deposit fees are the only other significant costs to be aware of. Fees of $10 for wire transfers and 2.5 percent for PayPal deposits are among them. The business, on the other hand, does not charge a fee for ACH transactions. Furthermore, Coinbase does not impose fees for withdrawals.
Platform and App Comparison: Binance vs. Coinbase
The web-based platforms and mobile applications of an exchange are critical components of your trading experience. Here’s what Coinbase and Binance have to offer.
Binance
Online or on a mobile device, Binance account users may see their portfolios and transactions. Investors may select between two web-based trading terminals (Basic and Advanced) offered by the business. These trade terminals are more advanced than those seen in other places.
Traders may also select from a number of mobile applications offered by the company. Trust Wallet, Binance’s personal hot wallet, is accessible for most mobile devices and has a good usability rating.
Binance.US, the exchange’s dedicated app for US investors, is now available. The software is well-received, despite the fact that it is more complicated than Coinbase’s regular app. However, sophisticated order types are supported, providing you additional trading ability on your mobile device.
Coinbase
Customers of Coinbase have access to a variety of applications. Coinbase Earn and the regular Coinbase trading terminal are both supported by the standard Coinbase app. It is popular among novice traders since it is extremely intuitive and user-friendly.
The Coinbase Pro app, which enables sophisticated order types and graphing capabilities, is also available. This app is similarly well-received, although it lacks some of the capabilities found on the Coinbase Pro platform on the web.
Both the Coinbase Wallet and the Coinbase Card have their own applications. The UI of Coinbase Wallet is simple and straightforward.
Because the Coinbase Card app is so new, the firm is currently ironing out some kinks in the user interface. However, based on the company’s other platforms, we anticipate the Coinbase Card app to be user-friendly shortly.
What We Like About Binance vs. Coinbase (Pros)
Binance and Coinbase are two of the most popular cryptocurrency exchanges in the world. The following are the main benefits of trading on either platform:
Binance
- All trades have low transaction costs.
- For inhabitants of the United States, there is a dedicated exchange.
- More than 50 coins are supported.
- Gives you access to the well-reviewed Trust Wallet.
- Platforms for advanced trading using real-time market data
- Deposits through ACH are free.
- Option to set up recurring purchases
Binance is the source of this information.
Coinbase
- Platform and user interface that are simple to use
- For novice investors, it’s simple to utilize.
- You may earn free cryptocurrency by viewing videos.
- All Coinbase account users have access to the Coinbase Pro trading terminal.
- Supports purchases that are made on a regular basis.
- The ability to use the Coinbase Wallet
- For everyday transactions, there’s a crypto-backed debit card.
- Support for crypto staking is limited.
What We Don’t Like About Binance vs. Coinbase (Cons)
Even the greatest stock market in the world has some flaws. The following are some of the major disadvantages of both Coinbase and Binance:
Binance
- For novice investors, both trading terminals are quite complicated.
- Customer service choices are limited.
- Doesn’t provide services in a number of states in the United States.
- Binance.US has a limited set of functionalities.
Coinbase
- Fee structure is complicated.
- The majority of trades and transactions have high costs.
- Only Coinbase Card problems are eligible for phone assistance.
- There is no OTC trading desk.
Binance is the source of this information.
For Whom Is Binance Intended?
Binance is an excellent option for investors looking for a strong exchange with low costs. Because the company’s fees are lower than those of Coinbase, it’s a good option if you’ve dabbled in crypto previously but want to trade more while keeping your expenses low.
Binance’s user interface, on the other hand, isn’t as user-friendly as Coinbase’s, therefore it’s ideal for more seasoned traders. The company’s US platform is also less feature-rich than its worldwide one, making it ideal for individuals who only want to purchase and trade cryptocurrency.
For Whom Is Coinbase Intended?
Coinbase is a popular choice among both novice and seasoned cryptocurrency investors. Despite the firm’s hefty costs, many people feel that the platform’s simplicity of use makes it worthwhile.
Coinbase also has a lot of features, so it’s a good choice for those who want to do more than simply trade cryptocurrency. Coinbase Earn and Coinbase Card are two of the company’s services that make it a good option for investors who want to get the most out of their digital assets.
Binance vs. Coinbase Frequently Asked Questions
Here are some of the most frequently asked questions regarding Binance and Coinbase, as well as our responses:
Is Binance a Better Alternative to Coinbase?
Binance and Coinbase are two strong cryptocurrency exchanges that cater to a variety of investors. As a result, one is not always superior than the other. Binance is a good choice for expert traders looking to save money. Coinbase, on the other hand, is perfect for investors who are willing to pay a premium for convenience.
Is Binance Affordably Priced Compared to Coinbase?
Coinbase is more expensive than Binance. Binance charges 0.50 percent or less in trading fees, while Coinbase charges up to 1.49 percent and Coinbase Pro charges up to 0.50 percent. As a result, trading on Binance is often less expensive than investing on Coinbase.
Why is Binance prohibited in the United States?
Binance isn’t technically prohibited in the United States. However, in 2023, the firm established Binance.US, a US-specific exchange, to circumvent regulatory problems. As a result, citizens in the United States are unable to trade on the company’s original exchange, but they do have access to Binance.US.
Is Keeping Crypto on Binance Safe?
Because Binance is a respected crypto exchange, there’s no reason to believe that having your assets on Binance is intrinsically riskier than keeping them on another exchange. A cold wallet, on the other hand, is generally the ideal location to store your cryptocurrency.
Last Thoughts
If this head-to-head match-up between Binance and Coinbase taught us anything, it’s that both of these companies are crypto’s most strong powers. Traders may benefit from a variety of services on both Binance and Coinbase, including cheap exchange costs and other crypto-focused tools.
What matters is that you locate the most suitable exchange for your requirements. Coinbase may be a better choice if you’re interested in cryptocurrency or value convenience. Binance, on the other hand, is worth considering if you’re familiar with cryptocurrency and want to keep your costs low. Good luck with your trade!
Let’s face it, crypto exchanges have been a staple of the crypto world since Bitcoin’s inception. The premiere way to buy and sell crypto online, you can find a plethora of them on the internet. One of the most popular, however, is Binance. A Hong Kong-based exchange, Binance is synonymous with great liquidity, fast transactions and easy-to-use interface.. Read more about coinbase or binance reddit and let us know what you think.
Frequently Asked Questions
Is Coinbase better than Binance?
Coinbase is a cryptocurrency exchange that allows users to trade digital currencies like Bitcoin, Litecoin, and Ethereum. Binance is an exchange that only trades cryptocurrencies.
Is Binance coin a good investment in 2023?
Binance is a cryptocurrency exchange that has seen rapid growth in the past few years. It is currently one of the top 10 largest exchanges in terms of volume and liquidity, with over $1 billion in daily trading volume.
What is the best cryptocurrency in 2023?
The best cryptocurrency in 2023 is Bitcoin.
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