Binance vs Coinbase | Best Crypto Exchange For You?
Binance vs Coinbase Comparison: When comparing the two most popular cryptocurrency exchanges, Binance and Coinbase, you may get confused over which is better for you. While both exchanges offer a number of features, each can be confusing. Here’s what you should consider before choosing one. In short: which one has a more straightforward interface and what options it offers for users? And which one is the better option for you? Let’s take a look!
Both Coinbase and Binance are great choices for the cryptocurrency investor looking for a simple, easy-to-use interface. Both have strong features. Depending on your needs, either will be a good choice. Coinbase is an easier choice for investors in the United States, you might want to switch to a new platform for the highest volume of trades.
Best cryptocurrency trading platform ?
The two exhanges are very popular but they are popular for different reasons.. The basic feature for a good cryptocurrency exchange are (1) Security (2) Fees and Costs (3) Number of cryptocurrencies offered for trading (4) Platform Quality like easy to use, withdrawal and deposit easiness etc.
(1) Security
Binance is the world largest cryptocurrency exchange by volume, this proved the trust of people on Binance. Both Binance and Coinbase offer two factor option for login and withdraw of cryptos, which is the first and important step for security. After making an account on Binance the users must do a verification to start trading. The withdrawal, deposit and trade or unverified account is limited. This feature is very important regarding the prevention of scams like Money laundering etc. Binance provides security tips on their platform for user but they don’t reveals the security issues to users. The Binance platform is compromise 2 times in 2018 and 2019.
In terms of security Coinbase is more transparent. Coinbase uses 98% cold storage, which is nearly impossible to compromise. The verification process is complex as compared to Binance and provide insurance in case of some security issues. In terms of Security Coinbase more reliable as compared to Binance.
Security wise they are both very large and probably very safe exchanges but Coinbase is more secure because Binance started in china is under massive investigations and does not have a very good reputation. So the best platform for you depends on what your personal priorities are if you need to think about what is most important to you then take some time to evaluate your priorities.
(2) Fees and Costs (Binance vs Coinbase Fees)
As for fees, both exchanges charge their clients a fee. While both companies are reliable and trustworthy, the fees on both platforms are slightly different. For example, Coinbase charges 0.25% of a trade, while Binance charges 0.01%. If you the pay fee using BNB option is enabled the trade fee percentage decreases as your BNB balance grows. And, you can buy bitcoin with credit cards.
Your fee on Binance is decided by how you trade and how much you have traded over the last 30 days if You have traded under 50k worth of crypto in the last 30 days then you will be charged a 0.1 maker fee and a 0.1 taker fee. If your trade order gets filled immediately using a market order then your order is going to get filled immediately and you are going to be charged a taker fee. However if you place a limit order and your order does not fill immediately then you’re considered a market maker. This is because you’re adding liquidity to the platform by just allowing your money to sit there on the exchange waiting for a taker and fill your order. Market makers are valuable to the platform so they are charged lower fees.
Binance is more affordable. It charges less for trading, but both have the same basic features. For example, Coinbase charges a fee of 0.75% per transaction while the cheaper alternative, Binance, on the other hand, charges just 0.1%. Furthermore, the exchanges have different fees. Therefore, it is important to check the charges and benefits of both platforms before you choose one.
Both exchanges offer the some features, they differ in the fees that they charge. Both exchanges are regulated in different countries. The US user experience will be different for each, but there’s no clear winner. Among the two exchanges, the most notable advantage of Binance is its low trading fees, which make it an excellent choice for beginners.
If you are making deposit to Binance there is no fee and for withdrawal there is a reasonable fee. Also the trading fee is must lower as compared to other exchanges. The normal fee is 0.05% and the highest fee is 0.1% depending on the trade volume. Buying crypto with credit card charge slightly higher fee in Binance upto 2% excluding credit card company charges. So buying crypto on Binance using credit card is not a good option, instead use P2P option on Binance or deposit into another exchange then transfer to Binance.
Coinbase is very expensive compared to Binance and other exchanges. If you are buying $10 of BTC the fee charged is 0.99$, which is 10%. The trade fee is 0.5% for volume of less then 10 thousand dollars. In terms of trading fee Binance is far expensive than Binance. No water what coin you trade and how you trade you will be charged spread fee, and this spread fee is bout 0.5%.
| Amount | Coinbase Fee |
|---|---|
| Less or equal to 10$ | 0.99$ |
| 11-25$ | 1.49$ |
| 25-50$ | 1.99$ |
| 50-200$ | 2.99$ |
(3) Trading Cryptocurrencies Offered
For newbies, the biggest advantage of Binance is its accessibility. You can buy and sell crypto without a broker, and the platform offers a wide range of cryptos. Binance is offering 200+ cryptocurrencies for trading. The cryptocurrencies available on Binance for trade are trustworthy projects. If you are doing trade in cryptos not available on Binance then you must think twice.
The coinbase offers limit amount of cypto for trading around 50+. In terms of Trading Cryptocurrencies Offered binance is far good.
(4) Platform Quality
While both exchanges are a good place to start, Binance has a number of advantages. It offers more advanced trading features and a great mobile app, while Coinbase has a simple and more intuitive interface. Both exchanges have watch lists and live price tracking capabilities. Binance offers a slightly steeper learning curve. For this reason, Binance is generally considered the more advanced of the two exchanges.
Platform Quality includes use interface, ease of use etc. The platform is advance and contains tons of features and options. You can deposit fiat currencies and then trade them. The deposit can be made using credit card, P2P and from other exchanges. There are many trading options, so this platform is for experienced user not for beginners.
Coinbase Platform Quality is very user friendly and easy to use. The deposit options are similar to Binance. In term of easiness Coinbase is good.
Binance offers a way more in-depth charting tool that’s really advance as compared to Coinbase little line graphs. Binance is the clear winner when it comes to depth of analysis. You can even go fully on screen in the app and pull up different indicators like the RSI etc. It’s definitely the best in-app charting tool. You can also set limit orders and stop limit orders with Binance, which you cannot do with Coinbase.
Coinbase is geared towards beginners and has a very easy to use mobile app. There is a news feed that constantly feeds you new information about the market and they even have instructional videos and quizzes. The app is pretty easy to navigate. Coinbase is more geared towards beginners and has more options for people in the us. However for advanced traders or experience traders based outside the us binance might be for you.
Conclusion
When it comes to fees Binance is almost always cheaper than Coinbase and it uses a maker taker system. Coinbase has more unique in-app features like instructional videos and a news feed but Binance has the best in-app charting tool. Coinbase is built for beginners and Binance is built for more advanced people lower fees on Binance but the platform can be a little bit difficult. Coinbase has higher fees but is very very simple and easy to use.
You can also check out the user reviews of the two top cryptocurrency exchanges in order to find out which one is better for you.. Binance is far superior as compared to Coinbase. Coinbase is recommended to beginners but the fee should be kept in mind and Binance is for expert/experienced traders..
