This post is about Binance vs Coinbase and which crypto platform is better.
So, if you’re looking for unique features that make Binance vs Coinbase different, then you’ll love this post.
Let’s get started…
Binance vs Coinbase: Which Should You Choose?
Binance and Coinbase are the two largest cryptocurrency exchanges available today.
They both give users access to buy, sell, and trade cryptocurrency.
Coinbase is one of the earliest crypto exchanges in the market, started in 2012 by Brian Armstrong and Fred Ehrsam.
It is a U.S.-based, regulated exchange that offers access to some of the top cryptocurrencies in the market today.
With an easy-to-use app, and the ability to buy crypto with a credit card or bank account, Coinbase has positioned itself as one of the top exchanges in the world.
Binance is a relative newcomer to the cryptocurrency space, founded in 2017 by Changpeng Zhao.
It has quickly grown to be the largest exchange in the world, by volume, and offers users access to hundreds of cryptocurrencies.
Binance is available in more than 190 countries worldwide, though they have a separate platform for US residents, Binance US.
The biggest difference between the two platforms is the available cryptocurrencies.
Coinbase has a strict vetting process for which crypto it will support and currently offers over 40 of them.
Binance, on the other hand, has opened its exchange to over 500 cryptocurrencies (and counting).
We’ve reviewed both platforms based on their supported currencies, security, fees, features, and more so you can decide which option is right for you.
Binance vs Coinbase: Security
Although both platforms are considered secure, Coinbase has a better overall reputation.
Both cryptocurrency exchanges provide two-factor authentication (2FA) via the Google Authenticator app or short message service (SMS), but U.S. users report some problems with the Binance.US and Google authentication process.
While Coinbase requests identification verification from all users via a photo or government-issued ID, Binance only requires this of the U.S.-based users or those wanting to invest and trade larger amounts.
Binance vs Coinbase: Fees
The difference in fees between Binance and Coinbase is fairly significant.
Overall, Binance charges much less for trading cryptocurrencies as well as funding your account.
Coinbase charges users an average flat fee of approximately 0.50% per transaction.
Additionally, Coinbase also charges extra fees based on the account used in the transaction.
Coinbase is best for buy and holds investors who want to purchase a currency and hold it for the long term.
Binance offers much lower fees per transaction, as well as incentivizing high-volume traders with their fee structure.
While they use a maker-taker fee structure, both the maker and taker fees are identical.
Binance vs Coinbase: Supported Currencies
Binance is well-known for its massive altcoin list, with more than 500 choices available to non-U.S. users.
However, the Binance.US exchange only supports 52 coins.
Coinbase offers 51 trading currencies on its regular platform and 57 on the Coinbase Pro exchange.
Coinbase also supports fiat currencies, including USD, GBP, and EUR, whereas Binance supports 19 fiat currencies, such as USD, EUR, AUD, GBP, HKD, and INR.
Binance offers 50 to 591 cryptocurrency pairs depending on your location, while Coinbase supports 51 for users in the United States.
Binance vs Coinbase: Ease of Use
Binance and Coinbase are geared toward different types of users.
Coinbase offers a simple platform for investors new to trading cryptocurrency, wanting fast, easy, and secure ways to trade.
Binance’s platform is easy to use, but the sheer number of choices can be overwhelming to a new user, check out other crypto exchanges: https://uranuscrypto.com/bitcoin-investment-sites/
Binance is a better fit for people familiar with crypto lingo and investing options, whereas Coinbase is built for convenient, easy trading.
Binance provides the Binance Academy, similar to Gemini’s Cryptopedia, where users can access tutorials or helpful articles similar to cryptocurrency trading courses.
Both platforms offer a blog and knowledge base, but Coinbase also lets users earn crypto for watching videos for beginners.
Although Coinbase wins for ease of use, the customer service options are less user-friendly.
You can only reach Coinbase via email or a help ticket.
In contrast, Binance offers live chat, responds on Twitter, or you can email them for help.
Binance vs Coinbase: Features
Both Binance and Coinbase allow users to buy and sell cryptocurrency with ease, but they both go about it in different ways.
Here are a few of the unique features on each platform:
Binance Unique Features
User rewards: Binance frequently holds giveaways and challenges to increase user participation on their platform.
Users can claim these prizes in the Binance rewards center.
Binance also hosts crypto airdrops for currencies that are soon-to-be listed on their platform.
Binance Smart Chain (BSC): Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability.
Huge variety of trade options: Binance offers one of the widest arrays of trade types on any exchange.
Here is a quick list of just some of the trade options available:
- Limit order
- Market order
- Stop limit order
- Stop market order
- Trailing stop order
- Post only order
- One-cancels-the-other (OCO) orders
- Time in force limit orders
- Limit TP/SL order (strategy order)
- Margin trading
- Pool liquidity
- Peer-to-peer trading
- Guess the price battles
Advanced charting: Binance allows users to create advanced charting views with hundreds of overlays and indicators via the embedded TradingView charts.
API keys: Binance gives the public access to their API keys, allowing third-party apps to integrate with Binance.
Coinbase Unique Features
Free education (+ free crypto): Coinbase offers short educational videos that walk users through different cryptocurrency projects.
These videos can be viewed on the platform and mobile app and will reward users who watch them with a small amount of free cryptocurrency.
Newsfeed: Coinbase offers a built-in newsfeed to update its users on current crypto news and developments.
The feed curates articles from the web to deliver important trends and changes in the cryptocurrency market.
Price alerts: Coinbase users can set up alerts about price changes in whichever cryptocurrencies they want to track.
Using a watchlist of currencies, users can either view updates on the app or get notifications pushed to their mobile phones.
Now, I’d Like To Hear From You
There you have it:
My Binance vs Coinbase review and which platform is best.
Now I’d like to hear from you.
Which platform from today’s post are you ready to try first?
Are you going to buy bitcoins with a credit/debit card from Coinbase?
Or maybe you want to try Binance to earn a user reward.
Either way, let me know by leaving a comment below right now.