Binance vs Coinbase – A Detailed Comparison

This article will provide you with a detailed and complete comparison about Binance Vs Coinbase. Read this article till the end to understand the differences between these two crypto exchanges.

Also Read: 20 Best Cryptocurrencies for Investment in 2022 – A Complete Guide

If you have a slight knowledge about the crypto world you must know Binance and Coinbase. These two are among the largest crypto exchanges in the world for cross-border payments, peer-to-peer transactions, institutional services, and much more. They are considered competitors of each other in the market. Although the two appear alike there are many differences in their services and policies.

Binance is a quite new in the crypto market. It was launched in 2017 by a Chinese developer Changpeng Zhao. Initially, it was based only in china but later on it has expanded its headquarters across the world. Only in the short span of 4 years, it has become the largest exchange in the world by volume. It grants access to dozens of currencies to its users and is accessible to people all over the world in nearly 180 countries. It is not specifically designed for any single country. However, Binance US is only for the United States of America. Binance platform has customer-friendly policies ad organizes the three levels according to the trading experience

Coinbase on the other hand is an old player in the crypto world. It was launched in 2012 by, Brian Armstrong and Fred Ehrsam. Coinbase is a US-based organization that gives you access to some of the top cryptocurrencies in the market. It gives the users an easy-to-use mobile application and also provides them with a facility to purchase crypto by credit cards and bank accounts. These features made it one of the best exchanges in the world.

Quick Summary of Pros and Cons of Coinbase

Quick Summary of Pros and Cons of Binance

People usually ask “Binance vs Coinbase” which one is better? Here we have given a detailed comparison of Binance vs Bitcoin where we analyze various features of the two critically.

Binance vs Coinbase – General features

Both Binance and Coinbase have their distinctive features that provide the users with the facility to sell and buy cryptocurrency with great ease. A few unique features of each platform are as under.

Coinbase Indigenous Features

Price alerts

Coinbase users can trace cryptocurrencies of their interest and get alerts about the change in the prices in the nick of time. Users can get notifications on their mobile applications about various updates.

Free education

Coinbase provides short educational videos to the users on various crypto projects which can be easily accessed through mobile applications. It also provides free cryptocurrency to the users. Users can win user rewards of free cryptocurrency by viewing the videos.

News updates

It also provides news to the users on various developments in the crypto market. It delivers news about the new market trends and thus keeps the users up to date

Binance Indigenous Features

Free education

Binance academy is a free education platform introduced by Binance. it provides lessons and advanced trading tutorials to the beginners

Rewards

Binance welcomes and encourages user participation on the platform. For this purpose, it holds challenges and giveaways. The users can collect their rewards from the reward center. It is a good technique to keep the users in touch

Large trade options

Binance is one of the several platforms which provide a large number of trading options to the users on every transaction. A few of these are stated below

• Stop limit order
• Stop market order
• Margin trading
• Limit order
• Time in force time limits
• Peer to peer trading

Binance vs Coinbase – Security

Both Binance and Coinbase provide their users with many wonderful and satisfactory security options but Coinbase has a better international reputation because of its secure policies.

Coinbase Indigenous Security Features

Currency Wallet

Coinbase has a built-in currency wallet that is quite secure and is protected by biometric security. For the safety of your assets, the platform has also introduced an encrypted12 word recovery password

Crypto Vaults

This extra security feature is introduced by Coinbase which stores digital assets in cold storage and it protects your assets from online thieves. It also provides digital vaults to the users to preserve digital assets. This prevents any false and fraudulent transactions and requires multiple approvals in order to withdraw money from these vaults. These vaults also have an auto-lock feature which cancels the transaction if it does not proceed in 24 hours

Two-Factor Identification

Coinbase also provides two-factor identification to the users via their mobile applications or mobile SMS. It provides easy and secure access to your digital account with the help of a six-digit password.

Customer Insurance

One of the distinguishing features of coinbase is its FDIC insurance. It is just like bank insurance and can insure up to 2.5 million US dollars

Binance Indigenous Security Features

Trust Wallet

Although Binance does have a built-in wallet yet it has access to the trust wallets which are very famous in the crypto world. With more than five million users these crypto wallets are among the most secure wallets in the world. They have a twelve-digit encrypted recovery phrase along with the biometric access

Two Factors Identification

Just like Coinbase, the Binance also has a two-factor identification via mobile app and SMS. This adds to the security of the digital account

Whitelisting Addresses

The most distinguishing feature of Binance is that it can whitelist crypto addresses. This limits access to addresses that can withdraw crypto from your digital account. These addresses are saved in the address book. This feature protects your account from robbers and thieves who can try to access your account through fake addresses

Advanced verification

Advanced verification is one of the best security features of Binance as it provides the users with advanced verification tools to access the platform. Also, it provides extra security and makes sure that no one else uses your identity to access a fake account. It also allows you to check all the devices from which your account has been accessed

Binance vs Coinbase – Supported Currencies

Both Binance and Coinbase provide access to the top digital currencies in the crypto market and are used all over the world. Binance has an edge over Coinbase in this regard as it offers access to 10 times more currencies than Coinbase. Coinbase supports only 50 cryptocurrencies in the crypto market. Binance on the other hand has access to almost 500 cryptocurrencies of the world. So there are a large number of options available to the Binance users but the options are quite limited for the Coinbase users

One can purchase any currency from any platform by paying in USD. The minimum order of Binance is 1 USD and that of Coinbase is 2 USD. The list of all currencies of both exchanges can make this article very long so you can check them on their official websites. However, there are some famous common currencies available on both of the platforms. These include:

• Dash (DASH)
• Cosmos (ATOM)
• Compound (COMP)
• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)

However, many popular currencies are available on Binance but not on Coinbase. Some of these include

• Dogecoin (DOGE)
• Harmony (ONF)
• Vechain (VET)
• Quantum

You can also find Wrapped Bitcoin on Binance.

Ease of use – Binance vs Coinbase

If you want to learn everything about crypto from the very beginning, then Binance is the best option for you. It provides the users everything they want to survive and sustain in the crypto world but the users have to make a conscious effort to sustain their identity. Its distinguishing feature is that it can be as simple as a piece of cake for beginners and as complex as a cluster of strings for the experts. It has a very simple interface for beginners as it provides a simple sign-up and easy trading options to them. The advance users can also get as much technical support as they want with Binance

Simply signup with your email and password on Binance. After verification, you can link your bank account or credit card to Binance digital accounts and start trading in crypto right away.

Coinbase is also quite simple. One can create a free account by simply signup using your email and password. The verification process is a bit changed. The government-issued identification card is required for verification which is done via mobile phone. After verification, you can link your bank account or credit card for trading

Binance vs coinbase – Fee

If we talk about various charges, then Binance and Coinbase are the two opposite poles. Binance is one of the cheapest transfer networks and Coinbase charges are some of the highest in the crypto market. The US users of Binance have to pay a slightly higher but it is still cheaper than Coinbase.

Here is the breakdown of the Binance Fee Structure.

Coinbase users have to pay .50 % per transaction along with the added convenience charges based on the account used for the transaction. We can say, you have to pay nearly 4% per transaction and if you sell it on the very day by using your credit card it will cost you nearly 9 %. Coinbase is good only for those users who want to buy and hold crypto for a longer period

Binance in comparison charges a very minimal fee per transaction. Not only that but it also facilitates the large volume trader with special discounts the higher the trading volume the lesser you have to pay to finance. They use a maker-taker fee structure which is almost the same. A binance usually charges .1% per transaction.Binance also offers lower costs to the users who pay their fee with binance tokens and refer other people to binance.

The detailed price chart can be quite confusing but here is a comparison of the prices of binance vs coinbase is as under.

Binance vs Coinbase – Relative access

Binance and Coinbase are the international platforms present in a large number of countries but not in the whole world. There are millions of people even today who do not have access to these digital currency networks.

Binance operates in more than 180 countries of the world but Binance US is only for the United States and has different policies than the Binance worldwide. Binance in US supports a very limited number of cryptocurrencies, has quite limited trade options, high buying and selling fee and no credit card purchases allowed. All these things make access to the currency difficult for the people in the United States.

Coinbase on the other hand is accessible to almost 100 countries across the planet including the United States. Its policies are also same worldwide.

Final Words

Both Binance and Coinbase support a large number of cryptocurrencies like Bitcoin, Ethereum, Dogecoin and Dash but the differences among them arise when it comes to their transaction fees, modes of payment, customer policies, and order types. Both have their distinctive features and benefits in their respective domains. Binance is a better and cheap choice for users outside the United States. The United States users have the choice to use either one of them. Although Coinbase charges higher than even Binance US but its customer-friendly and easy to use interface makes up for that high fee.

To sum up, we can say that Binance is the master of all trades with low transaction fees, order types, and advanced trading options but Coinbase should be the priority for the newbies.

Here we have summarized the detailed comparison Binance Vs Coinbase.

Conclusion

We have given a detailed comparison of Binance vs Coinbase in this article. Go through all the details and decide that which one suits you best. If you find this article helpful, then please share it with your friends and go through other informative content on our website inffotech.com