Learn Whats The Better Alternative

Januari 31, 2023Januari 26, 2023 falma.u99 alternative, better, learn, whats

A thorough Binance VS Coinbase comparison.

GET $600 REWARD BitDegree.org Fact-checking Standards
To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines. Clear linking rules are abided to meet reference reputability standards.

All the content on BitDegree.org meets these criteria:

1. Only authoritative sources like academic associations or journals are used for research references while creating the content.

2. The real context behind every covered topic must always be revealed to the reader.

3. If there’s a disagreement of interest behind a referenced study, the reader must always be informed.

Feel free to contact us if you believe that content is outdated, incomplete, or questionable.

In this Binance VS Coinbase comparison, we’re going to discuss two of the biggest crypto exchanges on the market. I’m going to tell you what they are, what services they offer, and how safe they are to use. Because this is a Coinbase VS Binance review, I’m also going to tell you which exchange is best for newbie traders.

The cryptocurrency market is worth more than $320 billion today. So, if you’ve been thinking about investing in some Ethereum, Bitcoin or Ripple then you’re not the only one! A whole industry has been created to make it as easy as possible for people to buy and sell cryptocurrencies.

The businesses that make up this industry are called cryptocurrency exchanges. CoinMarketCap lists 204 cryptocurrency exchanges where users can trade hundreds of coins and tokens. For beginners, the number of choices can be frightening, but don’t worry as I’m here to help!

I’ll be answering all the important questions like, is Binance safe? And what are Coinbase limits? However, the first question I’ll ask is – shall we begin? Yes? Great!

Before I start talking about the Coinbase VS Binance comparison, I’ll take a quick look at what each exchange is and where it came from. I’ll start with Coinbaseand then move to Binance. Also, if you’re in a rush, you can find the main details about each of the platforms below.

BINANCECOINBASE Overall Score

Best For

Best for Beginners or Advanced Users Best for Buying Cryptocurrencies With Your Fiat Money Operating Countries

US, EU, AS, AF US, EU, AS, AF, Australia Latest Coupons

All Binance Coupons See All Coupons of Best Exchanges Verdict

One of the leading crypto exchange platforms in the industry. A reliable, well-known and respected cryptocurrency exchange platform. Visit site
Read review
See TOP10 Brands
Read review

Now, let’s move to Coinbase.

Did you know?

Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!

Roots of Coinbase
Coinbase is a broker exchange founded in 2012 by Brian Armstrong and Fred Ehrsam in San Francisco, California.

Latest Binance Coupon Found:
$600 WELCOME BONUS
Get Binance Black Friday Rewards
If you’re new to Binance, we have great news – this Binance Black Friday period, you can earn up to $600 in rewards on qualified deposits and trades.

Expiration date: 05/12/2022

× $600 WELCOME BONUS
Get Binance Black Friday Rewards
If you’re new to Binance, we have great news – this Binance Black Friday period, you can earn up to $600 in rewards on qualified deposits and trades.

Your Discount is activated!
REDEEM DEAL Expiration date: 05/12/2022

A broker exchange buys a cryptocurrency for its customers instead of bringing buyers and sellers together as trading exchanges do. Coinbase is the largest broker exchange on the market.

In August 2017, Coinbase was the first exchange to become a unicorn! No, not the mythical horse! Coinbase became a financial unicorn which is a company that’svalued at more than $1 billion. Brian Armstrong has also been ranked number 10 onFortune’s list of the most influential young people in the business. Not bad for a company that’s only six years old, right?

Since its creation, Coinbase has built partnerships with large companies like Dell, Time Inc., and Expedia. More recently, it’s been rumored that the social media giant, Facebook, is interested in buying the exchange! All this makes Coinbase one of the most legit businesses in crypto.

But what about Binance?

A Quick Binance Overview
Binance was founded in 2017 by Changpeng Zhao and Yi He. It’s based in Malta, although it has had offices in China, Japan, and Taiwan. Both founders started their careers in crypto at the OKCoin exchange.

Binance is a crypto-to-crypto exchange, which means it connects buyers with sellers for cryptocurrency trading. It also has its cryptocurrency called Binance Coin (BNB). The exchange used a Binance Coin ICO to raise $15 million USD in July 2017.

Note:An ICO is an initial coin offering and is a way for new businesses to raise funds without using more traditional methods like issuing stocks or bonds.

Binance is well-known for giving away cool prizes to its top traders. In the past, prizes have included iPhones, MacBooks, a Mercedes-Benz, and even a Maserati! At the moment, the team at Binance is looking for partners to form a billion-dollar investment fund.

So, both exchanges are big… but which is bigger? Let’s have a Coinbase VS Binance size comparison.

The Most Liked Findings
Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look!

Size
Coinbase has served more than 20 million customers in 32 different countries. Over $150 billion worth of cryptocurrency has been bought and sold on the platform.

Binance is ranked second largest in CoinMarketCap’s list of 204 exchanges. It has a 24-hour trading volume of $1,261,129,677.

Note: A 24-hour trading volume is the total value of the cryptocurrency that is bought and sold on an exchange in one day. The figure shown is for 07/02/18.

It’s hard to say which exchange is bigger because Coinbase isn’t listed on CoinMarketCap. However, you can make a rough estimate of Coinbase’s average daily volume based on the figures it provides on its homepage. This estimate is around $ million per day.

Now you know that both exchanges are huge, but which is better? To find out, we need to check out what currency services each exchange offers. Let’s take a look at Coinbase VS Binance comparison of their currency services.

Currency Services
The two types of currency services offered by crypto exchanges are fiat trading and cryptocurrency trading.

Fiat trading is a service that allows users to buy and sell cryptocurrency with fiat currencies. Fiat currencies are the official currencies of nations or groups of nations. Examples of fiat currency include the Canadian Dollar (CAD), the Indian Rupee (INR), and the European Union Euro (EUR).

Cryptocurrency trading is a service that allows users to trade one cryptocurrency for another.

The pairs of currencies in which exchanges offer exchange rates are called trading pairs. Users will only be able to exchange currencies that are listed as trading pairs. It’s a bit like going to the Bureau de Change at the airport;

* A fiat trading pair looks like this; 1 British Pound (GBP) = 90 Indian Rupees (INR).
* A crypto trading pair looks like this; 1 Bitcoin (BTC) = 14 Ethereum (ETH)
* A fiat/crypto trading pair looks like this; 1 Bitcoin (BTC) = 6,300 US Dollars (USD).

Let’s see what currency services Coinbase offers.

Coinbase Currency Services
Coinbase traders can buy cryptocurrencies using the fiat currencies of any of the 32 countries where it operates. All the countries where Coinbase operates are in Europe and North America, except for Australia and Singapore.

Note: Traders can also use Coinbase to sell cryptocurrencies in all 32 countries, except for Australia and Canada.

Fiat trading on Coinbase is great for beginners because they don’t need to visit another exchange before they start trading cryptocurrencies. They’ll find everything they need in one place!

At the moment, Coinbase only offers to trade for Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH). This means that Coinbase offers 12 cryptocurrency trading pairs with each cryptocurrency being offered for trading with the three others.

Now, let’s have a Binance review and what they offer.

Binance Currency Services
Binance doesn’t offer any fiat trading at all. This means that users can only fund their accounts – and trade – with cryptocurrencies. However, Binance offers a much better selection of cryptocurrency trading than Coinbase. The exchange offers to trade with hundreds of well-known and newly-released cryptocurrencies. They include EOS, SALT, Cardano, Gifto, Steem, Lisk, Loopring, NEO, and many more.

Binance has four main cryptocurrencies that it offers trading pairs for. They are:

* Bitcoin (BTC): 149 pairs

* Binance Coin (BNB): 74 pairs

* Ethereum (ETH): 146 pairs

* US Tether (USDT): 18 pairs

So, who’s currency services are better – Binance VS Coinbase?

For beginners, Coinbase has better currency services because new traders can buy cryptocurrencies with fiat currencies. They don’t need to go to another exchange first. Its selection of coins is comparatively-small, but it’s still big enough to get most newbie traders started.

For more advanced users, Binance has better currency services. Its coin selection is one of the best on the market and new coins are always being added. However, this round goes to Coinbase because of Binance’s lack of fiat trading.

You now know what currencies you can trade with on Coinbase and Binance. Next, let’s see who charges the lowest fees between Coinbase VS Binance.

Fees
There are three main types of fees traders have to pay to use the services of a cryptocurrency exchange. They are: deposit fees, withdrawal fees, and trading fees. I’ll look at Coinbase fees first.

Coinbase Fees
Coinbase charges a fee of 1.49% for each cryptocurrency purchase or sale. This fee goes up to 3.99% for trades made with a credit card.

Coinbase fees | Source: coinbase

Coinbase doesn’t offer trading pairs like Binance. This means it doesn’t offer exchange rates, either. Instead, it uses a conversion service that offers a set price or “conversion rate” for each trade. Coinbase’s conversion fees are based on the exchange rates of GDAX.

Note:GDAX (Global Digital Asset Exchange) is a crypto exchange owned by Coinbase. It offers more trading pairs and features than Coinbase. If you sign up to Coinbase you will also be given access to a GDAX account.

Coinbase offers free deposits of Euros in the SEPA. In the SEPA, withdrawals of Euros are charged a fee of €0.15. Bank-transfer deposits of US Dollars are free. Withdrawals of US Dollars are charged a fee of $10.

Note:The SEPA is the Single Euro Payments Area. It’s an organization of 28 EU countries that allow fast and secure movement of Euros across their borders.

Coinbase fees are low when compared to exchanges that offer similar services like CEX and Coinmama. However, they’re high when compared to crypto-to-crypto exchanges like Binance…

Binance Fees
Binance doesn’t charge fees for deposits or withdrawals. This is because Binance only offers crypto trading. Handling cryptocurrency trades is a lot cheaper than handling fiat currency trades!

Binance charges a fee of 0.1% for all trades. It also offers a 50% discount on fees for trades made using Binance Coin.

Binance fees | Source: binance

As you can see, there is a clear winner here. The Binance VS Coinbase fee round is an easy victory for team Binance. Its fees are very low and they’re easy to understand which is great for newbie traders!

Next, I want to talk about how user-friendly each exchange is. But first, a quick note on Coinbase VS Binance trading limits.

A Quick Note on Trading Limits
Most exchanges have limits on how much currency traders are allowed to deposit and withdraw. Let’s see how Binance VS Coinbase limits compare.

Coinbase Limits
Coinbase limits depend on the fiat currency that you’re trading with and whether you are a Level 0, 1, 2 or 3 user. For example, Level 2 users can make up to $25,000 worth of trades a day. Level 3 users can make unlimited trades.

Note:The level a trader achieves will depend on how much personal information they provide when setting up their account. This is called account verification. Each level requires more user information to be verified.

Pros * Can be managed from mobile device
* Very secure
* Supports more than 1500 cryptocurrencies

Pros * Top-tier security
* DeFi app support
* Store over 5500 assets, install up to 100 apps simultaneously

Pros * Top-notch security
* Touchscreen user interface
* Easy to set up

Binance Limits
Binance limits depend on whether a trader has Level 1 or 2 verification. Level 1 users can trade up to 2BTC worth of cryptocurrency per day. Level 2 users can make trades worth up to 100BTC per day (that’s about 650,000 USD!).

Binance doesn’t have a limit on how much cryptocurrency a user can deposit.

So, Binance offers higher trading limits than Coinbase, but which platform is easier to use?

User Friendliness
There’s a clear winner between Binance VS Coinbase in this round.

Coinbase is one of the most user-friendly products in cryptocurrency. It’s recommended to every crypto newbie because it’s the perfect place to make your first trades. The layout is clean, simple and well-designed, and its features are basic (in a good way!). I made my first trades using Coinbase, and it’s always the first exchange I mention to friends.

Source: Coinbase

Binance might have won this round if it was being compared to any other exchange. It has two user settings:basic and advanced. Basic is probably a little too advanced for complete beginners. However, it offers more confident traders all the information and features they need simply and clearly.

Coinbase wins this round, but I would recommend both exchanges for beginners. Use Coinbase first and Binance later for complete trading experience.

So, now you know what services Coinbase and Binance offer, how much they cost, and how easy they are to use.

Next, I want to answer two very important questions. Is Binance safe? And does it have better security than Coinbase? Let’s find out as we compare Binance VS Coinbase security.

Security
Both exchanges use two-factor authentication to protect user accounts. This is a system where each account has two kinds of the password. The first is chosen by the user, and the second is sent to the user’s mobile phone or created by an app like Google Authenticator.

Coinbase stores 98% of user funds offline. The 2% that’s kept online is insured against theft by Lloyd’s of London. Coinbase also keeps user funds separate from operating funds to prevent misuse. Being based in the USA also means that Coinbase has to follow US financial laws, which are some of the toughest in the world.

It’s less clear how Binance manages its customers’ money and this worries some users. As recently as June 27, 2018, Binance users reported missing funds following a planned system upgrade. Binance was forced to apologize and offered 70% discounts on trading fees for the trouble the upgrade caused.

However, the security team at Binance has been praised for protecting its user’s money from hackers. In March 2018, hackers stole user login details and tried to rob the exchange. Binance systems detected the hack and stopped it. No users lost any funds, and the hacker’s funds were donated to charity!

So, is Binance safe and can Coinbase be trusted to protect its users’ money?

Binance and Coinbase both have better security records than most other exchanges. They take customer safety very seriously. In Binance VS Coinbase, this round goes to Coinbase, because it’s more open and honest about where its user’s funds are and what they’re being used for.

Cryptocurrencies are a new technology still, so users often experience problems. I want to see which exchange deals with these problems best. Next up, Binance VS Coinbase – customer support.

Customer Support
A lot of exchanges are criticized for having poor customer service. Unfortunately, Binance and Coinbase could both improve in this area, too. Neither exchange has a live chat support option on their home sites. Both exchanges prefer to communicate with their customers via email. That said, both exchanges do offer “SupportBot” services for general inquiries, too.

Coinbase takes between 1-3 days to reply to customer emails, and some users have complained that responses are unhelpful or too general. The exchange does have a detailed FAQ section on its “support” site, which a lot of new traders will find useful. Coinbase also has a telephone helpline but it’s based in the United States, so is difficult for international customers to access.

Binance support can be slow when the exchange is busy, but it’s available in four different languages (Chinese, Korean, English, and Japanese), so at least they’re trying, right?

Crypto exchanges still offer far worse customer support than traditional financial institutions. Binance and Coinbase could both do a lot better, too. Neither exchange wins the Coinbase VS Binance customer support round. The crypto community deserves better!

Before you decide which exchange is best for you, there’s one more round to go. The last round of competition is called, Binance VS Coinbase: Mobile Platforms.

Mobile Platforms
Coinbase and Binance both have mobile apps, but which is better? Let’s see what users think:

So, Coinbase wins the battle of mobile apps due to its availability and popularity.

I’m almost done, so I’ve put everything you’ve learned so far into a handy Binance VS Coinbase comparison chart.

Binance VS Coinbase: Comparison Chart
CoinbaseBinanceLocationUSAMaltaTrading TypeBrokerCrypto-to-CryptoNo. of Trading Coins30+150+FeesHighLowUser FriendlinessVery HighMediumSecurityHighHighCustomer SupportAverageAverageMobile AppYesYesAnd that’s it, my complete beginner’s guide to Binance VS Coinbase! Before I go, I’ll share a few more thoughts that might help you decide which exchange is best for you.

The Most Trending Findings
Browse our collection of the most thorough Crypto Exchange related articles, guides & tutorials. Always be in the know & make informed decisions!

Conclusions
Trading cryptocurrency for the first time can be scary, expensive, and frustrating! This is why it’s so important to pick the right exchange.

Binance and Coinbase are both great choices for newbie traders. My recommendation is to use them both! Start by opening an account with Coinbase. Make a few simple trades with Litecoin or Ethereum and then, when you feel ready, move over to Binance. Coinbase is the perfect introduction to crypto trading, and Binance is one of the best places to continue your crypto education!

This battle of Binance VS Coinbase ends in a happy tie! It’s been a pleasure telling you about two of the most professional, reliable, and user-friendly exchanges on the market. What do you think? Do you believe there’s a better exchange out there? If you do, let me know and I’ll check it out!

Leave your honest feedback
Leave your genuine opinion & help thousands of people to choose the best crypto exchange. All feedback, either positive or negative, are accepted as long as they’re honest. We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice – the scene is yours!

TOP3 Most Popular Coupon Codes

$600 WELCOME BONUS
Get Binance Black Friday Rewards

Your Discount is activated!
REDEEM DEAL Expiration date: 05/12/ EARN UP TO 23%
By Staking on Kraken – Black Friday Deal

× EARN UP TO 23%
By Staking on Kraken – Black Friday Deal
Start staking with Kraken in just a couple of clicks and automatically earn rewards twice a week. Earn up to 23% on your crypto with this Kraken Black Friday offer!

Your Discount is activated!
REDEEM DEAL Expiration date: 05/12/ GET 0% FEES
For BTC & ETH – Black Friday Offer

× GET 0% FEES
For BTC & ETH – Black Friday Offer
Hurry to catch this limited-time Kucoin Black Friday offer – if you trade Bitcoin & Ethereum via the Kucoin coupon code link, your fees will be ZERO!

Your Discount is activated!
REDEEM DEAL Expiration date: 05/12/ FAQ
While both crypto trading platforms are considered to be the “top-dogs” of the industry, they both still differ quite a bit from one another. For example, Coinbase is based in the US, while Binance is located in Malta (previously, it was based in China and Japan). Coinbase is primarily a cryptocurrency brokerage, while Binance is an exchange. Also, while Coinbase is very simple to use, Binance offers its users some better fees.

If you’re comparing Binance VS Coinbase, naturally, you are probably trying to find the better of the two. Well, it actually depends on what it is you’re looking for – while Coinbase is considered to the leader of cryptocurrency trading and exchange platforms, Binance does have some smaller fees, and a lot more coins to pick from (buying and selling-wise).

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you’re looking to trade only the main cryptocurrencies, you probably don’t really care too much about the variety of coins available on the exchange. It’s all a case-by-case scenario!

Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. This is done for the sake of simplicity.

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.