Binance vs Coinbase, which one should you choose? First, they are two of the most popular and efficient crypto exchanges in the crypto industry, so what you should choose depends on your preferences, how much you are willing to pay for commissions, and what they offer.
Coinbase is an exchange platform designed for beginners; it has a simple user interface and gives new traders the ease they need to adapt to crypto trading. However, it has limited transaction types. Hence, this guide will show you how Binance vs Coinbase compares and which is best for your unique needs.
Binance VS Coinbase Features
The Features of Binance
User rewards: Binance offers rewards for new and old users; to encourage their participation on the platform. There are giveaways and challenges with prizes, airdrops, and so on, and users can claim these rewards in the Binance reward center.
Recommendations: With Binance, you will access top DApp recommendations on DeFi, cross-chain solutions, NFTs, trading, BSC building tool, and a chance to buy different cryptocurrencies with the MoonPay payment system.
Binance Academy: The Binance exchange platform also provides free crypto education for newbies and advanced traders to give them a better understanding of the market. They will teach you about trading, NFT, mining, metaverse, and all cryptocurrencies.
Trade options: It offers numerous trading tools, including advanced charting with indicators and hundreds of overlay management.
API keys: The Binance platform also allows third-party app integration by making the API keys available for everyone.
Learn and earn: Coinbase allows users to watch educational videos on cryptocurrency projects and earn rewards that equal the amount of crypto they are exploring.
Newsfeed: Coinbase users can enjoy a built-in newsfeed on the platform to give them updates on current crypto news, new developments, and trends in the cryptocurrency market.
Price alerts: With Coinbase, you will receive mobile pop-up notifications that will keep you updated with price changes on the platform through a provided watch list.
Binance VS Coinbase Security Features
Binance Security Features
- Cold storage.
- Device management.
- Two-factor authentication (2FA) verification.
- Address whitelisting.
- Federal Deposit Insurance Corporation (FDIC) insured USD balances for Binance US.
Coinbase Security Features
- Two-factor authentication
- Biometric fingerprint logins
- FDIC-insured USD balances
- Insurance for hot storage and cold storage
- AES-256 encryption for digital wallets
Binance VS Coinbase Fees
Binance and Coinbase both offer free transactions for ACH deposits in USD. However, Binance supersedes Coinbase on wire transfers because it does not charge for wire deposits; it only charges a $15 withdrawal fee for domestic wires. Coinbase, on the other hand, charges $10 for wire deposits and $25 for wire withdrawals.
Binance VS Coinbase: Supported Cryptocurrency
Looking at the total number of coins supported on Binance and Coinbase, you can easily conclude that Binance is better because it gives global traders more than 600 coins and US investors more than 100 coins. At the same time, Coinbase supports only 179 coins. So there is a massive difference between these two values, and it’s easy to conclude which is better based on their number of supported currencies.
However, if you don’t want to trade a specific coin, you won’t care whether it is accessible on the platforms, so let’s look at which exchange supports the most important cryptos. Again, Binance offers all the 12 top coins by market capitalization compared to Coinbase. So Binance still supersedes Coinbase in this aspect.
Binance VS Coinbase: Transactions Supported
Binance supports the following transactions: stop limit, market order, limit order, margin trading, peer-to-peer trading, trailing stop order, stop-limit order, post-only order, one-cancels-the-other order, and more.
While the transactions supported on Coinbase are buying, selling, exchanging, sending, and receiving.
Binance VS Coinbase: Pros and Cons
- One of the cheapest platforms to use.
- Over 600 cryptocurrencies are available to trade.
- Massive selection of transaction types.
- Binance can be overwhelming even for experienced users.
- US customers can’t use the platform, and the Binance.US exchange is limited.
- No built-in digital wallet.
- Multiple ways to purchase cryptocurrency.
- Bank transfers are free.
- Extremely user-friendly platform.
- Well-known and trusted by US regulators.
- Fewer transaction types than other platforms.
- Limited advanced options for expert traders.
Binance VS Coinbase: Customer Support
Many people do not think about customer support when choosing a crypto exchange, but it is very important and can determine your experience with the platform. For example, Binance offers customer support tickets and recently added a 24/7 online chat option, allowing customers to reach them anytime.
Coinbase offers 24/7 access to customer support with a phone call and chat options and email and support ticket options. In addition, if you notice any suspicious activity, you can ask customer support to lock your account immediately.
In conclusion, while Binance may be less expensive, Coinbase is easier for beginners and advanced users. Additionally, Coinbase offers more customer support service options, so from this guide, you can see that these exchanges are unique in their ways and have good and bad sides. Hence, it would be best if you considered which one you can easily maneuver and what suits your needs.