When it comes to crypto exchange services, Binance and Coinbase are the absolute best. Binance is a leader in offering global crypto services, while Coinbase prides itself in offering trading services in hundreds of countries across the world.
The burning question in the crypto world is which one to choose. Choosing the right crypto exchange service depends on your needs, the type of coin you want to trade, and how much you want to use to trade. We have presented an in-depth review of both platforms below.
This in-depth review of Binance and Coinbase will help you make an informed decision.
Main Differences Between Binance vs Coinbase (Summarized)
Here’s a table that highlights the main differences between Binance and Coinbase;
| Binance | Coinbase | |
| User Interface | Multiple trading interfaces including API | Simple interface to buy, sell, and exchange |
| No. of Crypto | 600+ cryptocurrencies | 100+ cryptocurrencies |
| Account Min. | $10.00 account minimum | $2.00 account minimum |
| Fees | <0.10% lowest transaction fees | 0.50% spread on buy/sell transactions |
| Promotion | Earn a 20% kickback on trading fees whenever you refer a friend | Get $5 in Bitcoin when you sign up |
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Binance vs Coinbase: Features and Capabilities
Binance and Coinbase differ in features and capabilities. So, here are some key highlights;
Key Features and Capabilities of Binance:
Here’s a breakdown of Binance’s key features and capabilities;
- Binance Earn: hold your crypto funds and start earning
- Binance Future: learn how to practice responsible trading
- Crypto Loans: get an instant loan secured by crypto assets
- Binance NFT: dive into the world of NFTs to enjoy more with Binance
- Binance Pay: reach more customers as you pay and get paid in crypto
- Binance Marketplace: grow your business through the marketplace
- Crypto Portfolio: build your crypto portfolio and start trading on Binance
- Binance App Client: trade on the go anywhere and anytime
- Personalized Access Control: you can restrict devices and addressers
- Device Management: review all the devices that can have access to your account
- Whitelisting Crypto Addresses: restrict access to addresses that can withdraw
- Secure Asset Fund: Binance stores 10% of all trading fees in a secure asset fund
- Advanced Data Encryption: transaction data is secured via end-to-end encryption
You can buy, trade, and hold 600+ cryptocurrencies on Binance.
Key Features and Capabilities of Coinbase:
Here’s a breakdown of Coinbase’s key features and capabilities;
- Built-in Wallet: digital wallet for keeping cryptocurrency
- Crypto Vaults: assets are kept in cold storage to protect the assets
- Newsfeed: built-in newsfeed to update users on current crypto news
- Price Alerts: set up alerts about price changes in different cryptocurrencies
- Crypto Education: access to short educational videos on crypto
- Coinbase Security: access to a wide range of protective features
- Coinbase Staking: Coinbase offers a staking service besides earning crypto
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Binance vs Coinbase: Pricing (Fees)
Binance vs Coinbase differs in pricing. So, here’s what you need to know;
Binance Pricing Details:
- Instant Buy Fee – 0.5%
- Trading Fee – 0.10%
- Withdrawal Fees – 3.50%
- Account Minimum – $10.0
Coinbase Pricing Details:
- Instant Buy Fee – 1.49%
- Trading Fee – 0.00% – 0.60%
- Withdrawal Fees – 3.0%
- Account Minimum – $2.0
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Reasons to Choose Binance over Coinbase:
Here are the reasons why you should choose Binance over Coinbase;
- Binance is best for low fees transactions
- Binance has over 600+ cryptocurrencies listed
- It integrates easily with iOS and Android devices
- Binance offers 24/7 chat support with customer service agents
- It is best for experienced traders seeking varieties of trading tools
- Binance is highly committed to user protection with strict protocols
- Binance provides a blog where you can stay up to date with the latest stories
You can explore endless cryptocurrency trading possibilities with the Binance trading platform.
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Reasons to Choose Coinbase over Binance:
Here are the reasons why you should choose Coinbase over Binance;
- Coinbase offers a low account deposit minimum
- You can stake crypto to earn regular interest rewards
- Coinbase is the better crypto trading platform for beginners
- Coinbase offers phone support including email and support ticket
- Coinbase edges Binance on staking rewards depending on coins you hold
- Coinbase is easy to use and it supports the most popular cryptocurrencies
- Coinbase provides users with its digital wallet for crypto transactions
- Coinbase offers protection by accepting only the trustworthy cryptocurrencies
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The Similarities between Binance and Coinbase
Here are some of the major similarities between Binance and Coinbase;
- They both offer peer-to-peer crypto transactions
- They both offer useful customizable indicators
- They both offer candlesticks chart for monitoring market trends
- They both offer payment services and institutional services
- There’s a series of educational resources available on both platforms ‘
- Neither Binance nor Coinbase charges to deposit or withdrawal fees
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Binance and Coinbase Alternatives
Here are notable alternatives to Binance and Coinbase;
- Uphold: digitized money, providing instant and secure financial service
- G2 Deals: a platform for shopping for curated software
- Poloniex: a leading crypto exchange offering a wide variety of digital assets
- LocalBitcoins: a person-to-person bitcoin trading website
- Kucoin: providing users with digital asset transaction and exchange service
- HitBTC: the most advanced cryptocurrency exchange with markets for trading Bitcoins
- NiceHash: connecting buyers and sellers of computing power from all over the world
- Bittrex: a U.S. blockchain platform providing real-time trading and security
The list of crypto trading and exchange alternatives to Binance and Coinbase is endless.
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Binance vs Coinbase: Final Verdicts
When it comes to trading cryptocurrency, the trading cost is a major factor to consider. This is where Binance takes the lead. It offers a low trading cost compared to that Coinbase. Binance is the best trading platform for beginners. Coinbase displays clear security measures.
When it comes to the availability of coins, the clear winner is Coinbase. As you can see, both trading services offer their own benefits. They both offer value for money when it comes to providing crypto exchange services. Therefore, consider which one meets your trading needs.
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Frequently Asked Questions
Here are some helpful frequently asked questions;
Is Binance cheaper than Coinbase?
A detailed analysis of the metrics in the Binance and Coinbase comparison revealed that Binance has the lowest trading fee percentage. This is approximately 0.10%. Coinbase follows with 3.99%. Hence, Binance appears to be cheaper than Coinbase from that metrics.
Is Binance better than Coinbase Pro?
Binance has better trading fees than Coinbase Pro. This is due to the fact that the standard maker and taker fee is 0.1%. That is the base fee which lowers the fee percentage.
How safe is Coinbase?
Coinbase uses extensive security measures to protect your privacy and crypto-assets. Coinbase provides cold storage for storing customer funds and it provides insurance to protect against loss.
How do Binance and Coinbase work?
Binance and Coinbase function as an online brokerage for cryptocurrency. Users get to deposit funds to buy, trade, or sell digital currencies. To use any of the platforms, you will have to create an account and verify your identity. You will then deposit an acceptable funding method. Then you will be ready to trade.
Who should use Binance and Coinbase?
Coinbase is good for beginners that prioritize convenience and security. It has a user-friendly interface and is a trusted platform. Binance is more suitable for experienced traders and investors. The trading options have several features and analytics.
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Resource Links
- https://www.thebalance.com/binance-vs-coinbase-5118288
- https://www.bankrate.com/investing/binance-vs-coinbase/
- https://www.makeuseof.com/coinbase-vs-binance-which-should-you-choose/
- https://www.fool.com/the-ascent/cryptocurrency/binance-vs-coinbase/
- https://www.business2community.com/cryptocurrency/binance-vs-coinbase