Are you curious about buying or selling cryptocurrency?
They may seem very similar at first glance, but an in-depth comparison between Binance and Coinbase shows a sharp contrast.
There are a few crypto exchange platforms that you can consider, while Coinbase is geared towards the new beginner who just wants to buy and sell a cryptocurrency, Binance offers investors the opportunity to do so much more.
What is Coinbase?
Coinbase is one of the most successful digital asset trading platforms and has been found in more than 190 countries worldwide. This site is not only for digital assets, as it also supports fiat currency in 32 other countries.
As far as reputation is concerned, Coinbase is undisputed. It has established itself as one of the most popular and successful exchanges in the world.
It was able to achieve this credibility on the basis of a high level of security, low transaction costs, a very high volume of transactions, and the ability to support multiple cryptocurrency-to-cryptocurrency transactions.
Another point in support of Coinbase is that it acts as an official currency exchange for currencies such as Bitcoin, Bitcoin Cash, Litecoin and Ethereum.
What is Binance?
Binance is an exchange where cryptocurrencies can be exchanged by users. It also endorses many of the most commonly traded cryptocurrencies.
If you’re acquainted with Chinese cryptocurrency exchanges, the likelihood that you’ve come across Binance is very popular, as is another famous exchange. One of the main reasons for its success is that this exchange has about 260 crypto-to-crypto trading pairs. It also charges a modest 0.1 percent transaction fee.
In addition to lower transaction costs, customers are given the opportunity to obtain a 50 percent discount on the transaction fee for one year (the first year). This discount is valid, regardless of the volume of the transaction carried out. Safety assistance is also unprecedented.
Before we go into describing each, let’s see the different platforms for what they are:-
Binance is a cryptocurrency-only platform, meaning that you can only swap cryptocurrencies for other cryptocurrencies. The website has over 300 coins and trading tokens.
Some of the famous coins include Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, and Ripple, among others.
In fact, Binance has a coin of its own, BNB.
On the other hand, Coinbase allows you to easily purchase, sell and store cryptocurrencies. Coinbase allows users to connect to a bank account or use a credit card to make transactions. The platform supports common coins such as Bitcoin, Ethereum, XRP, and Litcoin, among others. The exchange rate is extremely limited in terms of trading coins.
Coinbase was designed primarily for people who are new to the cryptocurrency trading method. A novice investor will definitely have no trouble carrying out transactions on Coinbase because it has an extremely easy and friendly interface.
In reality, trading options and margin trading are not allowed, but you can buy and sell digital assets.
Binance, however, is committed to well-experienced cryptocurrency trading experts. Many users claim that the amount of information available on the dashboard is adequate to scare a novice away. But there’s an “Advanced View” and an “Easy View.” Many people sign up on both sites, purchase a coin on Coinbase, pass it to Binance, and then perform more advanced tasks there.
From a trading fee point of view, Binance vs. Coinbas wins the day. Binance has some of the lowest trading fees compared to peers in the cryptocurrency exchange circles. Binance charges 0.1% per trade. In addition, the fee will be cut by half when you pay using BNB.
Binance trading fee structure is simplified compared to other exchanges that have more complex models to understand.
On the other hand, Coinbase is infamous for high fees ranging from 1.49 percent to 3.99 percent per transaction. Coinbase fees vary depending on the method of purchase. Typically, the structure of the Coinbase trading fee structure is a bit complicated.
All exchanges use dual-factor authentication to secure user accounts. This is a system where each account has two types of passwords. and the second is sent to a user’s mobile phone, or an app like Google Authenticator has been created.
Binance enjoys a good reputation for reliability. While being multi-location, the network did not face any significant security threats.
While Coinbase also takes extensive security measures to ensure that your account is as secure as possible, there are some additional steps that we strongly recommend which can help you to protect your account from unauthorized access.
Binance does not have a limit on the amount you can deposit. The withdrawal limit is dependent on the degree of verification of the customer.
For unverified users, the limit is 2 bitcoins per day, while verified users can withdraw up to 50 bitcoins per day. Recently, Binance has allowed credit card payments for deposits.
On Coinbase, your transaction history, account age, and verification level will decide the maximum amount you can deposit and withdraw within a week. Normally, the withdrawal limit is much higher than the deposit limit.
Coinbase users can deposit funds using a bank account that generally takes 4-5 business days to represent. Yet card deposits are always instant.
There is no winner or loser in this battle of giants. Binance and Coinbase are doing their different jobs excellently. Binance is the ideal location for a wide range of coins with low trading fees.
Coinbase is great for beginners who want to exchange their coins quickly.
All exchanges have a good trading volume and a high level of liquidity. We provide high-security controls and provide decent customer services.