Coinbase and Binance are two completely distinct cryptocurrency platforms. Coinbase
is a U.S.-based platform with a basic UI and restricted transaction types aimed at
novices. Binance has a high learning curve, accommodates sophisticated users, and
offers hundreds of currency exchange alternatives to international traders.
Although the Binance interface is user-friendly and provides three levels of trading
experience, it is not as simple to use as Coinbase. Binance.US is less robust, with
fewer options and higher costs.
Cost in case of Binance and Coinbase:
Trading costs are the most substantial cost you’re going to incur, and if you do a lot of
it, they may quickly pile up. Fortunately, most exchanges provide discounts
depending on your 30-day trading activity. Binance, on the other hand, goes one step
further.
Both Coinbase and Binance utilize a maker-taker pricing system, charging depending
on whether you provide or remove volatility from the market (makers) (takers). As a
result, trading costs vary depending not just on your quantity but also on the sort of
deal you execute.
Available Cryptos in the case of Binance and Coinbase:
If you simply intend to purchase a few well-known currencies, such as Bitcoin or
Ether (ETH), you won’t have to hunt for a crypto network with a large number of
access tokens. However, if you want to expand out and purchase some of the lesser
tokens, nothing is more aggravating than discovering that your exchange does not
carry the currency you seek.
Fortunately, both Binance and Coinbase provide a diverse range of currencies. There
is some diversity between Coinbase and Sophisticated Trade, but not sufficient to
distinguish the two systems. The main Binance site outperforms them all, but it
does not help much more if you live in the United States.
Security in the case of Binance and Coinbase:
Coinbase is open about its robust security procedures, including advice on how to
improve account security with multi-factor authentication. FDIC insurance protects
US currency holdings are maintained on the Coinbase exchange.
However, crypto balances aren’t always safe, even if Coinbase maintains that it would do its utmost to refill assets in the case of a system compromise.
Binance US declares a dedication to optimal security procedures on their webpage,
but no details are provided. Under the aegis of BAM Trading Services, the firm is
licensed with FinCEN in the United States. While Binance has paid customer losses
caused by security breaches, it can not promise that Binance US will do the same.
Binance has run into regulatory issues and Binance US is being investigated by the Securities Exchange Commission for links to the CEO of the larger business and trade
between the two firms that purchase and sell on Binance US.
Customer Support in the case of Binance and Coinbase:
Despite the fact that crypto exchanges are booming, customer care appears to be an
afterthought. However, Coinbase has lately expanded its efforts in this area,
introducing phone help, a much-needed addition to previous choices that just
comprised email and a help ticket. Furthermore, if you see any questionable behavior,
you may contact customer service to have your account locked.
Unfortunately, Binance only provides support tickets, which may be a component of
the cost you pay for its extremely cheap trading expenses.
Ease of use in the case of Binance and Coinbase:
For inexperienced retail traders, Coinbase is the better alternative. Coinbase is the
the apparent choice for a low-volume operator in the United States searching for quick,
simple crypto trading choices. Binance is also fairly user-friendly for newbies;
nevertheless, its UI is targeted more at users who are already proficient in the crypto
field.
Neither organization is known for its excellent customer service. Binance, on the other
hand, is a bit more proactive (in my opinion) owing to its live chat facilities and social
media staff. Good luck receiving a response from Coinbase.
Wallets in the case of Binance and Coinbase:
Coinbase and Binance each have their own cryptocurrency wallet applications. Both
of them are hot crypto wallets, which implies they are online. Moving your assets
from a custodial wallet (one on an exchange over which you have no complete
control) to an external wallet offers various advantages.
Most significantly, your tokens will not be jeopardized if the exchange is hacked or
declares bankruptcy. Because you have the keys to your cryptocurrency, you may link
your wallet to numerous sites and begin using your assets in new ways. However, it
also implies that you accept more responsibility. For instance, if you forget your
wallet’s password, you may lose access to all of your cash.
The Coinbase Wallet, like the primary Coinbase exchange, is incredibly user-friendly.
The Binance Trust Wallet, like the Binance exchange, is less easy, but the transaction
costs are cheaper. This is due in part to the fact that it enables the Binance Smart
Chain and works with additional coins.
Benefits of Coinbase:
1.) Coinbase is also a major participant in the industry, so you can rely on its
customer service and infrastructure. They will not answer promptly (none of
them ever do), but their mechanism is powerful enough as a publicly listed firm
to merit some responsibility.
2.) Coinbase is extremely liquid, offering it a sound investment in a turbulent
market. You may rest certain that Coinbase will keep your money.
3.) Coinbase provides a simple way for people to acquire Bitcoin. There is a
the modest barrier to the entrance into crypto for consumers with US savings
accounts (regulations are slowly developing).
Coinbase makes it simple to connect your checking account, buy cryptocurrency, convert it to fiat, and return it to your bank account. It may sound straightforward, but the more you
learn about blockchain, the more you’ll appreciate a tool that can do it effectively.
Benefits of Binance:
1.) Binance offers a wealth of choices for both novice and experienced traders
wanting to conduct various sorts of trades.
2.) In comparison to other main rivals, Binance accepts transactions for a wide
variety of currencies.
3.) Binance has some of the industry's lowest fees. Users pay 0.02 percent to 0.10
percent in buy and trading fees, compared to 0.5 percent at Coinbase.
