binance vs coinbase

Binance and Coinbase, the two applications where you can trade/exchange your cryptocurrencies. The two platforms are designed with entirely different approaches and hence engaged in a tough binance vs coinbase competition where only one can be the winner. While Binance offers a gradual learning curve, it suits the needs of advanced crypto traders and provides hundreds of currency trading options to its international traders. Coinbase, a U.S.-based exchange platform, is primarily for beginners where the UI/UX is simple, and the types of transactions are also limited. 

Some Facts About Binance & Coinbase

binance vs coinbase

A Binance app user will get a user-friendly experience and three levels arranged in line with the trading experience. But, it isn’t as convenient and manageable as its competitor Coinbase, which is way easier to use. However, in the binance vs coinbase race, the latter also has some disadvantages. It is comparatively less solid and comprehensive as it comes with limited options and a higher price, which gives binance an upper hand over coinbase. 

Therefore, to make an accurate and fair statement as to which one to choose between binance vs coinbase, we have created a side-by-side comparison of the two crypto exchange platforms based on a few vital parameters, such as the fiat currencies that are accepted, overall price set for various types of transactions, the altcoin options available for trading purposes. 

Other bases of distinction between the two platforms are also a part of this comparison, including security configurations, customer service, usefulness for mobile and web applications, and extraordinary features. So, thoroughly read the comparison table of the two platforms below and determine by yourself which is the best app for you.

Glance At The Binance vs Coinbase – Which One To Choose?

Basis of Comparison

Binance

Coinbase

Main Features of the PlatformsFrom a binance vs coinbase viewpoint, a Binance user has to pay low fees on Binance and can access all-inclusive charting options with hundreds of cryptocurrencies or altcoin to choose from.Coinbase is an intuitive platform best for beginner-level traders. Its best features are a digital wallet, withdrawals to PayPal, and basic transaction types.
Number of Cryptocurrencies SupportedBinance offers more than 500 cryptos to its global traders and 52 to its U.S. dealers.If you look from coinbase vs binance perspective, Coinbase is behind Binance in this point because the former only offers 51 cryptos to all its users.
Fees ChargedIn coinbase vs binance fees structure, Binance’s fees are as follows:

Purchase and Trading Fees: 0.02% to 0.10%.

Fees for Debit Card Purchases: 3% to 4.5%.

SEPA transfer is either free or $15 for every U.S. wire transfer.

 

The fees structure for Coinbase is as follows:

Fees for Each Trade Done: 0.50%.

Fees for Credit Card Purchases: 3.99%.

Fees for Purchases Made through Bank Account or Using Coinbase Wallet: 1.49%.

Wire Transfer Fees for Deposit: $10

Wire Transfer Fees for Withdrawal: $25.

Types of Transactions SupportedBinance supports more than 13 transaction types, a few of which are:

Market Order,

Limit Order,

Stop-Limit Order,

Post Only Order,

Margin Trading,

Trailing Stop Order,

One-Cancels-The-Other Order, and

A Few More.

Concerning the binance vs coinbase debate, the transactions offered by Coinbase are very fundamental ones, which are Buy, Receive, Send, Sell, and Exchange transactions.
Upper Limit on the Trading AmountSeeing the binance vs coinbase scenario, it’s hard to choose the best based on this parameter because the maximum limit differs on Binance depending on the cryptocurrency the user purchases.But, under Coinbase, the upper limit on the trading amount is fixed based on the user’s region and the payment method he chooses.
Security ConfigurationsBinance offers a robust configuration system that has 2FA verification, device management, FDIC-insured USD balances, cold storage, and address whitelisting.However, Coinbase offers more security features, like insurance for hot storage in case Coinbase is breached, cold storage, 2FA verification, biometric fingerprint logins, and FDIC-insured USD balances.

Binance vs Coinbase – Advantages and Disadvantages of Each Platform To Help You Choose The Best

binance vs coinbase

Binance

Advantages:

  1. One can trade over 500 cryptocurrencies.
  2. One of the low-priced and competitive crypto exchange platforms.
  3. One can choose from a large selection of transaction types.  

Disadvantages:

  1. The platform is not available for U.S. crypto traders.
  2. The platform can be more than enough, even for an experienced user. 
  3. The platform does not have a built-in digital wallet for ease of transactions. 

Coinbase

Advantages:

  1. The platform is highly user-friendly.
  2. The platform is very popular in the U.S. and even trusted by U.S. Regulators.
  3. The platform offers different ways to buy cryptos.

Disadvantages:

  1. The fees for conducting a transaction and various payment methods are pretty costly.
  2. It is not a platform for an advanced trader because it lacks high-end options.
  3. The transaction types are also minimal.  

Another point under binance vs coinbase discussion is that the Binance platform has a Binance Academy, same as Gemini’s Cryptopedia, where users can find helpful articles and tutorials for cryptocurrency trading courses to upgrade themselves practically. Coinbase and Binance have added blog and knowledge base features to their respective platforms but provide a perk to its users in the form of crypto that a user can earn if he watches their videos for beginners.

If Coinbase offers smooth usability, its customer service options are limited. A Coinbase user can reach out to the Coinbase officials only through a help ticket or an email. But, the Binance platform comes with multiple customer service options, like a Twitter response, email response, and even live chatting. This feature of Binance takes it a step ahead in the binance vs coinbase race.

Conclusion

After critically comparing the two crypto exchange platforms on various parameters, we have concluded that both Binance and Coinbase are essential to different sets of traders. On one hand, Binance is meant for an advanced level of crypto dealers. Whereas, Coinbase targets the beginner’s group. So, in the discussion binance vs coinbase both are equally significant, providing benefits they promise to deliver. So, a user must check first where he falls and then select the trading platform accordingly.        

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Arnab Das is a passionate blogger who loves to write on different niches like technologies, dating, finance, fashion, travel, and much more.

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