Binance vs. Coinbase: How Do They Compare?

Binance Coinbase
Features Multiple trading interfaces; Multiple order types, including derivatives and futures; API keys; Low per-trade fees Simple interface; Buy, sell, and exchange; Price quoted in USD
Fees Maximum 0.10% purchase and trading fees (discounts available) Additional 3% fee for credit card purchases Deposit and withdrawal fees vary by currency No fees for USD deposit or withdrawal 0.50% per trade; Additional 2.49% for bank account or Coinbase Wallet purchases; Additional 2% for credit card purchases
Cryptocurrencies supported Over 500 cryptocurrencies 44 cryptocurrencies
Security features 2FA via SMS or Google Authenticator app; Device-level restrictions; U2F security via hardware key; Whitelisting pre-approved addresses 2FA via SMS or Google Authenticator app; Cold storage and multi-signature wallets; USD balances FDIC insured up to $250k; KYC and anti-money laundering protections
Types of transactions Buy, sell, trade, deposit, withdraw; Stop order; Limit order; Margin, options, and futures trading Buy, sell, exchange, send, receive

Binance vs. Coinbase : ease of Use

Binance is a jack-of-all-trades, giving users everything crypto-related in one platform. Binance makes it simple for beginners to sign up and start trade, but advanced users can besides get equally technical as they want with Binance ’ randomness advanced chart, trades, and custom API keys .
To sign up for Binance, just create a absolve account using your electronic mail address and a password. Once you verify your electronic mail address, you can secure your account with two-factor authentication and connect your bank account or accredit card. From there, you can start buying crypto properly away .
Coinbase offers a simple interface for buying, sell, and trade cryptocurrency. You can besides use their fluid app on both io and Android for access on-the-go.

Coinbase makes it easy to get started with a simple sign-up class and verification process. You can sign up for a free account with your electronic mail cover, then verify your identity with a government-issued photograph ID. This is done via the Coinbase app by taking a word picture of your ID or you can manually upload it on the web translation of Coinbase .
once verified, you can connect a bank report or credit card to immediately begin purchasing crypto .

Binance vs. Coinbase : security

Binance and Coinbase offer full-bodied security settings to protect your digital assets. here are a few of the security options available on each platform :

Binance Security Features

Trust Wallet partnership: Binance does not have its own digital wallet, but partners with Trust Wallet, a drawing card in the digital wallet space with over five million users. Trust Wallet secures your assets with a PIN, biometric access, encrypted key a well as a 12-word recovery phrase .
Whitelisting crypto addresses: Binance offers address whitelisting, which is the ability to restrict access to addresses that can withdraw your cryptocurrency. These addresses are saved in your address book, blocking any other addresses from accessing your funds .
Two-factor authentication: Binance besides offers two-factor authentication ( 2FA ) via SMS or the Google Authenticator app .
Advanced verification: Binance advance verification is required to unlock more access to the platform ( larger deposit/withdrawal limits, and so forth ). It besides makes sure no one else is using your identity to create a forge bill. To complete promote confirmation, you will need to upload a government-issued photograph ID and a visualize of yourself .
Device management: Binance allows you to review all the devices that have accessed your account, and restrict any that you don ’ t acknowledge .

Coinbase Security Features

Built-in wallet: Coinbase offers its own digital wallet for storing your cryptocurrency. It is protected with a password and biometric access controls. It besides has an encrypted 12-word convalescence phrase protecting your assets ( alike to other digital wallets ) .
Two-factor authentication: Coinbase offers two-factor authentication via SMS or the Google Authenticator app. This helps secure access to your account by requiring a time-sensitive six-digit passcode .
Cold storage and crypto vaults: Coinbase is one of the only exchanges that keeps your assets in “ cold repositing ” ( e.g. not connected to the internet ). They keep 98 % of all crypto balances in cold repositing, helping protect your assets from manque on-line thieves .
Coinbase besides offers a cryptocurrency vault, far securing your store digital assets. These vaults are a means to prevent deceitful withdrawals and can be set up to require multiple user approvals before funds are withdrawn. They are besides time-locked, entail that if all approvals for the transaction are not completed within 24 hours, the withdrawal is canceled .
FDIC Insurance (up to $250K): Coinbase is one of the merely exchanges that offers FDIC indemnity on USD ( US Dollar ) deposits. This indemnity is exchangeable to a traditional trust, insuring up to $ 250,000 of deposited USD funds. Of run, as with early investments federal deposit insurance corporation coverage does not apply to any investments in your report, only to the dollars themselves. As such, any loss of crypto currency would not be covered in the consequence of a failure .

Binance vs. Coinbase : Features

Both Binance and Coinbase allow users to buy and sell cryptocurrency with ease, but they both go about it in unlike ways. hera are a few of the unique features on each platform :

Binance Unique Features

User rewards: Binance frequently holds giveaways and challenges to increase exploiter participation on their platform. Users can claim these prizes in the Binance rewards concentrate. Binance besides hosts crypto airdrops for currencies that are soon-to-be listed on their platform .
Binance Academy: Binance hosts its own spare education platform called Binance Academy. From novice crypto lessons to advance tutorials on deal, Binance Academy is a one-stop-shop for all things crypto .
Huge variety of trade options: Binance offers one of the widest arrays of trade types on any exchange. here is a flying list of fair 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 advance charting views with hundreds of overlays and indicators via the embedded TradingView charts .
API keys: Binance gives public access to their API key, allowing third-party apps to integrate with Binance .

Coinbase Unique Features

Free education (+ free crypto): Coinbase offers unretentive educational videos that walk users through unlike cryptocurrency projects. These videos can be viewed on the platform and mobile app and will reward users who watch them with a small total 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 scene updates on the app or get notifications pushed to their mobile phones .

Binance vs. Coinbase : Currencies

Binance and Coinbase both offer access to the top cryptocurrencies on the market, but Binance supports more than 10 times the sum of currencies that Coinbase does. Coinbase supports 40+ cryptocurrencies, while Binance has entree to 500+ .
Both platforms allow you to purchase cryptocurrency in dollar amounts, allowing you to buy fractions of coins. Coinbase has a $ 2 minimum order total and Binance has a minimum rate of $ 1 .
While the list of confirm currencies is excessively large to contribution here, both platforms support major currencies such as Bitcoin, Ethereum, Uniswap, Chainlink, and Compound .
To explore more currencies on Binance, you can review their market listings. To view all the tradable assets on Coinbase, check their list prices .

Binance vs. Coinbase : Fees

The dispute in fees between Binance and Coinbase is reasonably significant. overall, Binance charges a lot less for trade cryptocurrencies vitamin a well as funding your account.

Coinbase charges users an average categoric fee of approximately 0.50 % per transaction. additionally, Coinbase besides charges extra fees based on the account used in the transaction .
here is a breakdown of how Coinbase charges fees based on account type :

Account Fees
US Bank Account 1.49%
Coinbase USD Wallet 2.49%
Credit/Debit Card Buy 2%
Instant Card Withdrawal Up to 1.5% of any transaction and a minimum fee of $0.55
USD Deposit Method Free
ACH Transfer Free
Wire Transfer $10 ($25 outgoing)

As you can see, purchasing cryptocurrency on Coinbase could cost about 4 % in fees per transaction. If you purchase and sell a cryptocurrency on the like day using a credit rating card, this can cost up to 9 % of the total price .
Coinbase is best for buy and hold investors who want to purchase a currency and hold it for the long term .
Binance offers much lower fees per transaction, american samoa well as incentivizing high-volume traders with their tip structure. While they use a maker-taker fee structure, both the godhead and taker fees are identical .
When users place an order at the commercialize price that gets filled immediately, they are considered a “ taker ” and are charged the taker fee. When users place an ordain that is not immediately matched, it is placed in the order reserve ( until a match is found ), and they are considered a “ godhead ” and are charged a godhead tip when the trade executes .
here is a breakdown of the Binance fee structure :

Level 30d Trade Volume (BTC) &/or BNB Balance Maker / Taker Maker / TakerBNB 25% off Maker / TakerBNB x Referral 25% off x Kickback 20%
VIP 0 < 50 BTC or ≥ 0 BNB 0.1000% / 0.1000% 0.0750% / 0.0750% 0.0600% /0.0600%
VIP 1 ≥ 50 BTC & ≥ 50 BNB 0.0900% / 0.1000% 0.0675% / 0.0750% 0.0540% /0.0600%
VIP 2 ≥ 500 BTC & ≥ 200 BNB 0.0800% / 0.1000% 0.0600% / 0.0750% 0.0480% /0.0600%
VIP 3 ≥ 1,500 BTC & ≥ 500 BNB 0.0700% / 0.1000% 0.0525% / 0.0750% 0.0420% /0.0600%
VIP 4 ≥ 4,500 BTC & ≥ 1,000 BNB 0.0700% / 0.0900% 0.0525% / 0.0675% 0.0420% /0.0540%
VIP 5 ≥ 10,000 BTC & ≥ 2,000 BNB 0.0600% / 0.0800% 0.0450% / 0.0600% 0.0360% /0.0480%
VIP 6 ≥ 20,000 BTC & ≥ 3,500 BNB 0.0500% / 0.0700% 0.0375% / 0.0525% 0.0300% /0.0420%
VIP 7 ≥ 40,000 BTC & ≥ 6,000 BNB 0.0400% / 0.0600% 0.0300% / 0.0450% 0.0240% /0.0360%
VIP 8 ≥ 80,000 BTC & ≥ 9,000 BNB 0.0300% / 0.0500% 0.0225% / 0.0375% 0.0180% /0.0300%
VIP 9 ≥ 150,000 BTC & ≥ 11,000 BNB 0.0200% / 0.0400% 0.0150% / 0.0300% 0.0120% /0.0240%

It may look complicated, but basically users are charged a 0.1 % fee per transaction, with discounts for using the BNB token ( Binance native token ) to pay for these fees. These tokens can merely be purchased on Binance .
The higher the deal volume ( measured in Bitcoin amounts ), the lower the tip becomes, all the way down to 0.02 % .
Binance can lower your costs significantly, with an average of 0.1 % fee per transaction ( or less ). If you are an active trader, Binance offers some of the lowest fee trades on the commercialize .

Binance vs. Coinbase Fee Comparison Table

Transaction Binance Fee Coinbase Fee
Buy/Sell with Bank Account 0.10% 1.49%
Buy/Sell with Wallet 0.10% 1.49%
Buy/Sell with Credit/Debit Card 1%–3% 2%
Instant Card Withdrawal N/A Up to 1.5%
Wire Transfer (USD) Free $10 ($25 outgoing)
Exchange Crypto 0.10% 0.50%
ACH (USD) Free Free

Binance vs. Coinbase : access

Both Binance and Coinbase are available globally but not in all countries ( as of March 2021 ) .
Binance is available in over 180 countries global, but they built a discriminate platform for U.S.-based users due to rigorous KYC ( Know Your Customer ) and anti-money laundering restrictions required by the United States .
Binance.US offers a limited choice of cryptocurrencies and deal options compared to their independent platform. With no margin trade, limited crypto-to-crypto deal, higher situate and buy fees, and no credit batting order purchases allowed, Binance US is not presently a great choice for US residents at this time .
Coinbase is offered in 100 countries presently with its full platform available to United States residents vitamin a well .

Final verdict

When comparing Binance vs. Coinbase, there are many similarities. Both have access to alike currencies, both allow you to buy, sell, and trade your digital assets, and both offer user department of education for newcomers to the crypto space .
Coinbase is the simplest platform to use for beginners due to its minimalist design and fantastic mobile app. Buying and selling crypto on Coinbase only takes a few clicks, and your digital funds are safely stored at all times .
If you are NOT a U.S. resident and looking to go deeper into the crypto global, Binance is a great place to do so. With its broad range of trade options, easy-to-use platform, and access to over 500 cryptocurrencies, Binance is the peak choice for most active traders .
No matter which platform you choose, understand that investing in cryptocurrencies is highly bad, therefore never invest more than you are uncoerced to lose .

Binance vs. Coinbase FAQ

What Are Binance and Coinbase ?

Binance and Coinbase are cryptocurrency substitution platforms designed for buying, sell, and trade these currencies. Binance offers a broad range of trade tools for more gain crypto traders while Coinbase is a great on-ramp for beginners to buy their first cryptocurrency .
Binance is the universe ’ south largest exchange of crypto by volume, but not all of its features are available to US residents. Coinbase is a U.S.-regulated switch over with several consumer protections to help keep investors safe .

How Do Binance and Coinbase Work ?

Binance is a cryptocurrency change that functions similarly to an on-line brokerage for buying, sell, and trading digital currencies. Users create an report and add funds via a standard fiscal account or credit rating poster to purchase cryptocurrency. Users can then withdraw those currencies to their digital wallet, or use the Binance platform to trade them .
For exercise, when buying Ethereum ( ETH ), Binance would act as a broker for the transaction. You would create a Binance account, connect your deposit account and submit an decree to purchase ETH. You are exchanging U.S. Dollars for ETH, and Binance is storing that ETH for you until you decide to sell, trade, or withdraw it .
Coinbase functions the same way, allowing users to deposit decree funds and exchange them into cryptocurrencies. The chief remainder is that Coinbase does not offer advance trade options such as futures, options, and limit orders .

Should I Use the Coinbase Wallet ?

The Coinbase Wallet is a procure digital wallet that allows you to hold your cryptocurrency in one plaza. It has multiple layers of security, including biometric access controls and a 12-word recovery phrase .
Coinbase Wallet is a popular choice for exchanging crypto and can be used on many decentralized applications. If you are looking to trade cryptocurrency, or merely hold the keys to ones you already own, Coinbase Wallet is a secure way to store them .

Who Should Use Binance vs. Coinbase ?

Binance is a solid platform for active crypto traders and beginners alike. They offer reduced fees, a huge range of deal options, and exploiter education to help users learn more about crypto. They besides offer prizes and access to energetic cryptocurrencies for more bad induct .
Coinbase is ideal for novice investors who are merely getting started with cryptocurrency. With its easy onboard and intuitive interface, Coinbase makes it simple to buy your first digital currentness. Add in their drug user education section and crypto bonuses, Coinbase is a antic place to get started .

How We Evaluated Binance vs. Coinbase

When reviewing Binance vs. Coinbase we compared each platform based on still of manipulation, tip social organization, security, unique features, and documentation currencies. We besides took into report the types of trades available on each chopine and their relative price to the wide cryptocurrency exchange market .
While Binance and Coinbase are both crypto exchanges, they offer very different exploiter experiences. Binance offers more than about any exchange on the market, with more features being added all the clock time. User education, novice and advanced chart, tons of deal options and more make it a big value for crypto traders of all levels .
That being said, Binance only has limited handiness in the United States, so it ‘s not the best option for U.S. residents. Coinbase is effective suited for first-time crypto investors due to its simple interface and exploiter education part. Their fees are much higher than other exchanges, so users may want to look elsewhere for high-volume trade .

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Category : News


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