Binance and Coinbase are currently the most popular crypto exchanges which offer a wide range of coins. Find out which exchange might be the best for you.

Binance and Coinbase are the two biggest cryptocurrency exchanges in the world today, and they're pretty similar in many ways. So which one of these exchanges should you use? To help you decide, we've put together this detailed comparison of Binance vs Coinbase to show you what makes them unique and where you can find the best deals on cryptocurrency trading.

bonance vs coinbase

 

What is Binance?

Binance is one of the most popular cryptocurrency exchanges. It was founded in July 2017 and has since grown to become one of the largest, most comprehensive cryptocurrency trading platforms in existence. Since its founding, it has consistently been one of the highest-volume digital currency exchanges worldwide—and users continue flocking to it. Its popularity stems from several factors.

First, it offers some of the lowest fees in the industry; trades usually carry either a .1% or .05% fee (dependent on whether you pay with BNB or not).

Next, it features an impressively robust set of digital currencies for trade; hundreds of cryptocurrencies are available for purchase on Binance at any given time.

Thirdly, Binance's interface is user-friendly and straightforward; even novice traders should be able to find their way around quickly without too much trouble.

And last but not least, Binance offers several unique products that aren't offered by many other exchanges. These include a built-in decentralized exchange that supports over 200 different altcoins and various advanced trading features such as APIs and margin trading.

Because of their advantages over competitors, many newcomers have begun using Binance as their primary cryptocurrency exchange, which has only fueled its meteoric rise in popularity among existing users.

Binance Pros:

  • In addition to Bitcoin, Binance also supports other major cryptocurrencies like Ethereum, Litecoin, Ripple, and hundreds of alternative coins. It even allowed payment using cryptocurrency.
  • The price chart on Binance has a more detailed display than what you'll find on Coinbase's interface.
  • The trading fee of Binance is only 0.1%, and it offers a discount on the fee if you use Binance token (BNB).
  • Binance's user interface is intuitive and straightforward, making it easy to create an account and start trading immediately after registration. Moreover, you can use it in English, Japanese, Chinese, Korean, French, and Spanish.
  • Binance is a fast exchange, processing over 1.4 million orders per second.
  • In terms of liquidity, Binance is a more popular platform, with hundreds of thousands of users compared to about 5 million for Coinbase.
  • Users' funds are kept in secure offline storage, and all withdrawals must be approved by email. They also offer 2FA via Google Authenticator or SMS.

Binance Pros and Cons

Binance Cons:

  • No margin trading or stop loss feature for high-risk trades.
  • The only payment option is a cryptocurrency, so if you have a fiat currency, you're going to have a hard time getting your hands on some Binance Coin (BNB).

 

What is Coinbase?

Coinbase is a cryptocurrency exchange based in San Francisco, California. It operates exchanges of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and other digital assets with fiat currencies in 32 countries. Customers can purchase Bitcoins from Coinbase through a digital wallet available on Android & iPhone or trading with other users on its Global Digital Asset Exchange (GDAX) subsidiary.

The company also provides an API for developers and merchants to build applications and accept payments in digital currencies and fiat. It is a global asset exchange that facilitates secure buying, selling, sending, receiving, storing, and trading of 100+ blockchain assets as well as cloud mining services for Bitcoin.

Its core markets are Asia Pacific (particularly China), North America (mainly United States), South America (particularly Brazil), Europe (particularly UK) & Australia. It also offers an OTC trading desk service in which one can directly buy or sell large amounts of digital assets without going through exchanges.

Coinbase Pros:

  • Coinbase is available in 32 countries around the world.
  • Your funds are insured (up to $250,000) through the FDIC (the same insurance covering your bank account).
  • Using Coinbase is relatively straightforward. The interface is clean and intuitive, making it easy to get started.
  • You can start buying and selling cryptocurrencies right away—no complicated sign-up procedures or bank account details are required.
  • It's simple to deposit fiat money via your bank account and take advantage of instant buys, even if you're using a credit card.

Coinbase Pros and Cons

Coinbase Cons:

  • A more limited ion of currencies (compared to Binance), but it's relatively standard for most exchanges.
  • Most new users probably don't know about its comparatively high fees for credit and debit card purchases (3.99% plus $0.15 per transaction).

 

Expert Takeaway

Binance and Coinbase are two of the world's most popular cryptocurrency exchanges. You'll find more than a few people in crypto forums discussing their experience with both platforms, comparing fees, security measures, usability, customer support, and more. Both exchanges have pros and cons, but in general, it can be said that Binance offers superior value for new crypto investors at the moment.

However, you shouldn't forget that whatever your exchanges are, you better only invest in a licensed platform to prevent possible scams. Also, it's possible for Coinbase to continue developing their services in the future so catching up to Binance is not 100% impossible.