COINBASE VS. BINANCE
Exchange comparison
Binance.com vs Coinbase.com
Compare these two popular crypto exchanges side by side to see which one meets your all your Cryptocurrency needs.
***Binance trading chart
Overview
Security
Currencies and Payment Methods
Fees
Supported Countries
Frequently Asked Questions
Conclusion
Binance and Coinbase are the two biggest crypto exchanges as of Feb 2021, that allow their users to buy and sell a massive range of cryptocurrencies. To find out which one is right for you, let’s take a look at a head-to-head comparison of Binance and Coinbase.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Binance was founded in July of 2017 by Changpeng Zhao, as of July 2018 it was and is currently the largest exchange.
Binance is one of the most feature rich exchanges around, from advanced trading, lending, staking, pools, education , and even a decentralised exchange powered by their own blockchain known as BSC or Binance Smart Chain.
Coinbase is one of the oldest cryptocurrency trading platforms in operation and dates back to 2012. Coinbase was founded by Brian Armstrong and Fred Ehrsam in 2012 San Francisco, USA. It is currently the largest cryptocurrency exchange in the United States by trading volume. The United States government laws don't allow the use of features Binance has. Coinbase has a compatible wallet app and access to dApps where you can exchange on DeFi platforms, stake and play games.
Binance
Binance personal account security is industry standard with 2FA (authenticator), 2FA SMS and email verifications operating as standard. Users can also choose alternate security measures like a external device such as Yubikey for verification. Binance was the victim of a hack, the exchange became victim in March 2018 which was picked up by internal security systems as a result no losses were noted.
Binance was eventually Hacked in May 2019, The hacker gained entry to user information such as API keys and withdrew over $40millionUSD worth of cryptocurrency. Although being hacked Binance covered these loses in full using their Secure Asset Fund for Users (SAFU), all customer losses were returned by Binance.
Coinbase
Coinbase uses industry standard security protocols which are passwords and 2FA. Coinbase can notify users when a device tries to gain access to their account.
The exchange itself is quite transparent about its storage methods for users cryptocurrency, Coinbase users cryptocurrency assests are stored offline via hardware and paper wallets which are kept in secure vaults and safety deposit boxes in different locations around the world.
Although there have been many attempts Coinbase still hasn't suffered from a major hack yet, Although there is community discussion surrounding users wallets being emptied.
Coinbase chart****
Binance
Binance has around 200+ Cryptocurrencies. Binance has QR code feature for its wallet built in making transfers to friends and families wallets a lot easier. here is a list of some of Binances 200+ coins:
FET/BTC/ETH/XRP/BCH/EOS/XVG/LTC/ADA/XLM/IOST/SNT/DGB/AION/WTC/BAT/NAS/LRC/ELF/ARK
Binance also accept FIAT currencies to be able to buy/sell crypto directly on the exchange. You are able to wire transfer, Osko payment and credit card.
Coinbase
Coinbase is some what smaller in comparison and they have only started expanding greatly in the past 12 months, Coinbase has the following plus more:
BTC/ETH/XRP/LTC/BCH/EOS/XLM/ETC/ZEC/REP/DAI/USDC/ZRX/BAT/ALGO/ATOM/CVC/DASH/DNT/GNT/KNC/LINK/LOOM/MANA/MKR/OXT/XTZ
Coinbase also has the ability to buy/sell through wire transfer, crypto deposit/withdrawl, debit cards (credit not currently accepted) and PayPal (withdraw only).
Binance
This is where Binance holds a significant advantage. The exchange features extremely low fees in comparison to other platforms however they add a fee of 0.1% per trade for anyone conducting less than 50 BTC/BNB worth of trades within a 30 day period. This fee becomes reduced once these limits are reached and if you pay for transactions using BNB tokens. Withdrawal fees depend on the digital assets being transferred from your wallet they change over time as the market adjusts. A Bitcoin withdrawal currently accrues a fee of 0.0005 BTC.
You can find a full fee structure here:
Coinbase
Coinbase has a difficult structure when it comes to fees. Coinbase is known for having high fees and they vary depending on the buy/sell amount, jurisdiction and which payment used. Here “variable” standard buy/sell rates range from 1.49% to 5%. Although Coinbase sets it fee charge to be the greater of (a) a flat fee or (b) the previously mentioned variable fee determined by region, product feature and payment type.
You can find a full list of there fee structure here:
Binance and Coinbase in comparison both offer majority of there services through there exchange worldwide with a few exceptions. You cand find out below if your country is on the list.
Binance and Coinbase are both extremely great choices for anyone interested in trading cryptocurrencies and gaining more access to these marketplaces. Coinbase i can see being easier for beginners to use and manage. Its an exchange which is easy to navigate and learn the processes of, the purchasing of cryptocurrencies is straight forward and suitable for most countries. Coinbase are pledged to remaining regulatory compliant thus making it sustainable and suitable for traders of all levels.
Binance inclusion of many more coins, services and providing lower fees give it the slight advantage over the two here. Binance does take a bit more learning to understand the full services it has to provide, it caters for all levels of user, although with the features it has to offer would be more suitable to users with more than a beginner knowledge base of cryptocurrencies. It has a more advanced userface allowing more types of trading to be done and managed at once.
In comparison they both have great features and can offer the general trader everything they need to manage there cryptocurrencies. Binance leans more towards the advanced user as it offers margin trading, crypto loans and staking optins. Coinbase is great and would be suitable for anyone new and looking to get into trading crytocurrencies as the interface is more beginner friendly.