Binance vs. Coinbase: Which Should You Choose?

Binance vs. Coinbase : Features

Since the platforms are meant for different types of people, you ’ ll detect huge differences in their have sets. however, both provide fluid applications with watch lists or exist price traverse. But the similarities stop there .
With Binance, you ’ ll get the succeed :

• A rewards center offering challenges and giveaways as a way to earn cryptocurrency
• Advanced charting with hundreds of indicators and overlays
• Public application programming interface (API) keys for integrating other software tools
• More than 13 transaction types on Binance
• The option to use the third-party digital wallet, Trust Wallet
• Users in over 180 countries can trade on Binance, but only 43 states can use Binance.US, excluding Connecticut, Hawaii, New York, Texas, Vermont, Idaho, and Louisiana

furthermore, U.S. customers can ’ t pay via credit card or accomplished margin trades, whereas Coinbase supports credit calling card payments, and you can make allowance trades on Coinbase Pro.

In comparison to Binance, Coinbase offers more features for U.S. residents but fewer options for international traders. The features include :

• A secure, standalone digital hot wallet that you can use with Coinbase and other exchanges
• The ability to withdraw funds to your PayPal account
• Available for use in over 100 countries and 49 states, with no trading allowed for residents of Hawaii
• A newsletter showcasing the latest cryptocurrency news
• The optional Coinbase Pro platform with limited charting features, including the ability to track exponential moving averages
• Can earn cryptocurrency by watching short videos

Binance vs. Coinbase : Supported Currencies

Binance is well-known for its massive altcoin tilt, with more than 500 choices available to non-U.S. users. however, the Binance.US commute supports only 80 coins. Coinbase offers 107 trading currencies on its regular platform and 57 on the Coinbase Pro exchange .
Coinbase besides supports decree currencies, including USD, british egyptian pound greatest ( GBP ), and euro ( EUR ), whereas Binance supports 18 decree currencies, such as USD, EUR, australian dollar ( AUD ), GBP, Hong Kong dollar ( HKD ), and indian pakistani rupee ( INR ). Depending on your location, Binance offers 50 to 591 cryptocurrency pairs, while Coinbase supports 107 for users in the United States .
The follow cryptocurrencies are on Binance but not Coinbase : vechain ( VET ), harmony ( ONE ), vethor token ( VTHO ), dogecoin ( DOGE ), and qtum ( QTUM ). On Coinbase, you ’ ll discover wrapped bitcoin ( WBTC ), aave ( AAVE ), sushiswap ( SUSHI ), and celo ( CGLD ). Both platforms support popular and energetic currencies such as :

• Dash (DASH)
• Storj (STORJ)
• Cosmos (ATOM)
• Compound (COMP)
• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Cardano (ADA)

Binance vs. Coinbase : security system

Although both platforms are considered guarantee, Coinbase has a better overall reputation. Founded in 2012, Coinbase is a U.S.-based exchange which went populace on April 14, 2021 via a address list and backed by banks like J.P. Morgan .
Unlike Coinbase, Binance was first established in China before moving to Japan, and the Binance.US platform operates out of San Francisco, California. Binance international relations and security network ’ metric ton regulated, so it initially banned all U.S. residents from accessing the chopine. however, its modern Binance.US exchange stays within U.S. regulations. note that Binance is presently under U.S. regulative investigation .
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 photograph or government-issued ID, Binance only requires this of the U.S.-based users or those wanting to invest and trade larger amounts .
Binance security features besides include address whitelisting, device management, and the ability to restrict device access. Like Coinbase, all USD balances are insured up to $ 250,000 by the Federal Deposit Insurance Corporation ( FDIC ) and held in custodial bank accounts .
Coinbase security features consist of fingerprint biometric entree for its digital wallet, and 98 % of cryptocurrency funds are stored in air-gapped cold storage via vaults and safe deposit boxes. Coinbase has an insurance policy to cover the 2 % of funds kept in hot storage, but it only covers security breaches on their end, not ones ascribable to a drug user security trouble .

Binance vs. Coinbase : Fees

Binance fees are some of the lowest in the industry, whereas Coinbase ’ south prices are some of the highest. Although U.S.-based users will pay slenderly more on Binance.US, it ’ second hush much cheaper than using Coinbase .
On average, you ’ ll pay 0.50 % per Coinbase transaction plus excess convenience charges based on your payment method, so you might pay up to 4 % per transaction. Binance uses a maker-taker structure with the same fees for both makers and takers. The tip chart can be confusing for beginners but offers vastly lower charges, specially for high-volume traders. Binance users can lower costs by :

• Purchasing Binance (BNB) tokens to pay fees with a 25% discount
• Ability to refer friends to earn a discount on trading fees
• High-volume traders can level up for very important person (VIP) discounts

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 trade cryptocurrency who want fast, slowly, and guarantee ways to trade. Binance ’ second platform is easily to use, but the sheer number of choices can be overwhelming to a new user. Binance is a better fit for people familiar with cryptocurrency slang and investing options, whereas Coinbase is built for convenient, easy trade .
Both exchanges provide mobile apps with varying functionalities. For case, the Binance and Coinbase apps rate 4.7 out of 5 stars on Apple ‘s App Store. however, the Binance app receives poor ratings for Android users, with only 2.1 out of 5 stars on Google Play, with many users saying the application works much better on iPhones.

Binance provides the Binance Academy, alike to Gemini ’ south Cryptopedia, where users can access tutorials or helpful articles similar to cryptocurrency trade courses. Both platforms offer a blog and cognition foundation, but Coinbase besides lets users earn cryptocurrency for watching video recording for beginners .
Although Coinbase wins for ease of use, the customer service options are less user-friendly. You can merely reach Coinbase via electronic mail or a help ticket. In contrast, Binance offers live old world chat, responds on Twitter, or you can email them for assistant .

frequently Asked Questions

What Are Binance and Coinbase?

Coinbase is a U.S.-regulated cryptocurrency substitution that allows users to buy, sell, send, receive, and exchange altcoins via a web browser or mobile app. Binance is besides an exchange, but it has one the highest cryptocurrency volumes and international relations and security network ’ t considered U.S.-regulated, which is why not all functions and coins are available to U.S.-based users. Binance supports many more advanced transaction types, such as limit orders, stop-limit orders, market orders, post-only orders, and peer-to-peer trading. however, U.S. residents have fewer options .

How Do Binance and Coinbase Work?

Both platforms function as an on-line brokerage for cryptocurrencies. Users deposit decree funds to buy, sell, or trade digital currencies. The signup process is like for both, but external Binance users won ’ t need to show a photograph ID to verify their account. however, Binance.US requires a photograph ID. You ’ ll create an history in both cases, verify your electronic mail, and add funds from an acceptable method acting. Once you ’ re ready to make a trade, you head to the exchange platform, create an order for the desire altcoin, and follow the on-screen steps. The exchanges store the cryptocurrency until you move it to a digital bitcoin wallet, craft it, or withdraw it .

Is It Safe to Hold Cryptocurrency in the Binance or Coinbase Exchanges?

Although Binance and Coinbase are among the best crypto exchanges, users are encouraged to store funds in a hardware wallet for long-run savings. Any currencies held on-line may be a target of hackers, and most exchanges have experienced breaches, including Binance in 2019. Although Coinbase told The New York Times that it ‘s never been hacked and only 0.004 % of its users experienced account takeovers in the year ending April 2021, mistakes can happen on your end, putting your coins at gamble. Both Binance and Coinbase insure their hot storage, but it may be safer to use your own cold memory via a hardware wallet. A hardware wallet is a device that isn ’ deoxythymidine monophosphate connected to the internet, and you ’ ll want to plug it into your computer to access your digital currency .

Who Should Use Binance or Coinbase?

Coinbase is perfect for beginners who prioritize convenience and security. The user-friendly chopine is identical easy for closely anyone to use, and when you open the application, you ’ ll see a clean interface with minimal options. As a hope, U.S.-based exchange, it ’ s a good fit for users leery about buying or deal cryptocurrency. however, you pay a higher price for commodious lodge and withdrawal options. Binance is desirable for experienced investors wanting advance deal options and enough of analytics to back up their scheme decisions. Novice users will experience a determine swerve, but once you learn your room around, it gets easier. With low fees, over 500 cryptocurrencies, and handiness in more than 180 countries, Binance is an excellent option for non-U.S. residents wanting a sophisticate platform.

How We Evaluated Binance vs. Coinbase

We examined Coinbase and Binance by looking at the fee structures, cost, and how easy it is to understand. Although we looked chiefly at Binance, we besides evaluated Binance.US features applicable to U.S. residents. We considered the web site and mobile app functionality, handiness of cognition bases, and access to customer service. Our fee and feature of speech charts give a side-by-side view of security system, transaction types, decree currencies accepted, requital methods, and cryptocurrencies .
Investing in cryptocurrencies and other Initial Coin Offerings ( ICOs ) is highly hazardous and inquisitive, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual ‘s position is unique, a qualify professional should always be consulted before making any fiscal decisions. Investopedia makes no representations or warranties as to the accuracy or seasonableness of the information contained herein .