Crypto Exchange Wars

Binance is the largest cryptocurrency in the world and handles more trading volume than any other exchange on a daily basis. It was first introduced in 2017 and is relatively younger than most of its competitors, including Coinbase. Binance and Coinbase are two of the biggest and the most popular cryptocurrency exchanges in the world. After reading this Binance vs Coinbase comparison, you will be able to decide which exchange is the right fit for you. Founded in 2014 by none other than the Winklevoss twins, Gemini has managed to solidify its position in the charts with more than USD 175 million in trading volume generated.

A flat rate of 0.1% is very enticing for any trader who doesn’t need immediate fiat liquidation. Traders that use Binance’s futures trading platform enjoy even lower fees, starting at 0.02% / 0.04% for makers or takers, respectively. Finally, Binance offers derivatives called “Leveraged Tokens”, which provide UP and DOWN contracts betting on the price of certain cryptocurrencies. These give the buyer leveraged exposure to cryptocurrencies without the risk of liquidation. Binance also offers futures that are collateralized using non-stablecoin cryptocurrencies such as Bitcoin or altcoins, under a separate tab named “Coin Futures”. Binance Futures, which was launched in 2019, enables traders to speculate on the price of Bitcoin and various popular altcoins, including Bitcoin Cash, Ethereum, Litecoin, Ripple and more. Less experienced traders have a basic quick trade option which allows you to simply convert coins at the market rate, without charts or orderbooks.

Binance Vs Coinbase Security

Coinbase offers 107 trading currencies on its regular platform and 57 on the Coinbase Pro exchange. Depending on your location, Binance offers 50 to 591 cryptocurrency pairs, while Coinbase supports 107 for users in the United States. We put Binance and Coinbase side-by-side to review the overall price for various transaction types, accepted fiat currencies, and available altcoin for trading purposes. We also explored ease of use for web and mobile applications, security protocols, standout features, and customer service. More than half the trading tracked by CryptoCompare is conducted on exchanges launched in Asia, making the region a contender as the industry’s center of gravity. One of the other largest crypto platforms is Huobi Global, which was also founded in China but moved its headquarters offshore to the Seychelles.

Each day Shrimpy executes over 200,000 automated trades on behalf of our investor community. Binance US is based on the globally tested and validated Binance.com exchange design. One of the reasons Binance quickly rose to success was due to the pleasant, simple, and beautifully designed interface.

Coinbase Unique Features

It is an ideal exchange for people who want to diversify their investment portfolio or are interested in less popular cryptocurrencies. Binance is also well-known for offering other features and services like Futures trading, staking, and stock token. The exchange was founded by Changpeng Zhao, a Chinese Canadian business executive who had several years of experience in the cryptocurrency and blockchain sector.

• The fees for this are minimal, especially if you transfer from your bank account using ACH.
• Although both exchanges might be targeting the same market, the contrast between each of their trading fee structures is stark.
• The Coinbase Wallet is a secure digital wallet that allows you to hold your cryptocurrency in one place.
• That said, many users believe that Coinbase is one of the simpler exchanges on the current market.
• Fees are lower for “maker” trades , or for users with large monthly trading volumes.
• But seasoned pros will love the multiple order types, advanced charting and real-time data in its two trading interfaces.

At the moment, there are dozens of projects that are working on top of the Binance Smart Chain and offering DeFi solutions to users. Coinbase preferred to focus on spot trading and just a few other solutions. The company is headquartered in Malta, and also, it has offices in Taiwan, Japan, and China. Both founders started their crypto careers at the OKCoin exchange. Read on for an in-depth look, including ratings, reviews, pros and cons. Although Binance’s platform is useful for all skill levels, it can also be quite complicated to navigate because there are so many options. The list is certainly not exhaustive, but it covers all the bases for a beginner-intermediate-level trader who does not want to dive too deep into the volatile world of altcoins.

Cryptorival Rating

Like many crypto-related products, Binance and Coinbase offer access to different coins and/or platform features based on user location. Some countries take a harder stance on retail trading for cryptocurrencies, whereas other countries completely embrace it. One company spawned in the tech-enthused towers of Shanghai, while the other emerged in the VC-ridden hills of Silicon Valley. Despite being two of the three largest crypto exchanges , Binance and Coinbase have two very different platforms built for different users.

• Each of these portfolios can be tracked, traded, and managed individually.
• Coinbase Earn is a learning portal that allows verified members to learn about selected coins and receive payouts in the coin after completing a course.
• Binance is regulated in almost every country aside from the United States and is a good choice for pros to try.
• Trading transactions are charged 0.5%, which is at least 5X more expensive than the same transaction on the Binance platform.

It fastly evolved from a simple spot exchange to one of the largest participants in the cryptocurrency market. This is the list of services added by Binance that users can enjoy at any time. Both exchanges are considered safe, but Coinbase is generally considered a more reputable company. As we mentioned early, Binance had a falling out with US regulators due to accusations of tax fraud and money laundering.

Binance Vs Coinbase: A Crypto Platform User Analysis

With its advanced features like Address security management, the wallet addresses that can be connected to a single account can always be limited. Up until recently, Coinbase was only offering a handful of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. From high market cap coins to low market cap coins, Binance has it all.

Particularly sophisticated investors may find some value here, but should also take care. Clearly, if comparing Binance vs Coinbase, the bigger active user base is gathered by Binance with around 13.5M users.

How Is This Binance Vs Coinbase Comparison Created?

The classic interface allows a quick view of market and trading pairs, making it easier to switch pairs. CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for stockbrokers. In 2013, he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets. Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. Binance is also one of the most advanced cryptocurrency trading platforms out there as it offers more than just spot trading.

In this review I’ll cover the main things you need to know before signing up. In January 2018 it was the largest cryptocurrency exchange with a market capitalization of $1.3 billion, a title it has retained as of April 2021, despite competition from Coinbase, among others. Coinbase, on the other hand, is considered one of the most secure cryptocurrency exchanges out binance review there. If you are using the exchange right away and are keeping your login information secure, you will never run into any troubles on Coinbase. The crypto exchange Binance offers an excellent security structure and uses two-factor authentication to secure customer login. The exchange supports multiple payment methods, so these cryptocurrencies can be bought easily.

What Are Binance And Coinbase?

The basic version is aimed at beginners, and contains all of the most important features on the main page. The charts and order box take centre place, while the right hand side contains the lists of BNB, BTC, Altcoin, and Stablecoin markets that users can trade in.

Coinbase operates in over 100 countries as both a mobile app and web platform on iOS and Android, Windows, Mac, and Linux. Coinbase allows you to buy, sell, exchange, send and receive its approximate 50 available cryptocurrencies. They also allow you to check prices and chart data for many other coins. A more advanced alternative to Coinbase called Coinbase Pro is tailored to more experienced traders and contains a wider range of features. These include more extensive charts with a full range of technical indicators, more complex order types, and margin trading.

Coins received after course completion are stored in your Coinbase wallet, and can be traded after being received. Coinbase is based in the USA, and complies with U.S. laws and regulations at all levels. The exchange complies with the Bank Secrecy Act, the USA Patriot Act, state money transmission laws and regulations, and is registered as a Money Services Business with FinCEN. As a result Coinbase is fully accountable and transparent in its operations, and is one of the industry leaders in this regard.

Binance’s platform is easy to use, but the sheer number of choices can be overwhelming to a new user. Binance is a better fit for people familiar with cryptocurrency lingo and investing options, whereas Coinbase is built for convenient, easy trading. The platform accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also partnered with 3rd party companies such as Simplex to allow credit card and wire transfer purchases of cryptocurrencies at a premium. Finally, US users can trade on Binance-US which is compatible with US trade regulations. However the industry has matured, and the mainstream is warming up to crypto, making the exchange business hotly contested and challenging leaders like Coinbase. In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard.

Whether you’re just getting started or you’re a seasoned investor, her are the top cryptocurrency exchanges for you. Binance is a good choice for investors that want a powerful exchange without high fees. The company’s fees are lower than what you’d find at Coinbase, so it’s a solid choice if you’ve dabbled in crypto before but want to trade more while minimizing costs. Meanwhile, standard Coinbase platform trades are all charged a base spread fee of 0.50% of the order total. On top of this, you’ll pay a flat rate of $0.99 to $2.99 for transactions under $200. Transactions over $200 are charged an additional variable fee of 1.49%.

Its educational Learn platform rewards users with cryptocurrency when they learn about crypto. Its confusing fee structure charges you more than it would to make the same purchase on the company’s less beginner-friendly Coinbase Pro platform, which is also free to use. Binance and Coinbase Pro are both excellent choices for more experienced traders, but we recommend you start with Coinbase Pro then move to Binance. We hope this Coinbase Pro vs. Binance comparison helped you understand how these platforms work.

However, Binance does not currently offer any insurance on digital assets. But any US dollar funds in your Binance.US account up to $250,000 are FDIC-insured. Coinbase Wallet is also primarily a crypto storage system, but you can also use it to store NFTs. With this wallet, you can stake certain coins and trade more than 500 assets on DEXes . Your funds and digital assets are automatically deposited in this hot wallet if you do not remove your assets off the exchange. Meanwhile, Binance Coin is the native token of the Binance exchange. Doing so gets you a 25% discount on your fees with the firm, so it’s fairly popular among frequent traders.

Author: Vlad Hatze