Do you want to get started in cryptocurrency? This is a great decision. So you are new to this exciting universe but you do not know which tool to choose? Let us do the work for you! We compared the two main platform. Here you can decide Coinbase vs Binance. There are no ready-made answers here. Because such a choice is specific to the people because it depends on their needs and expectations. However, we prepared a good comparison for the two platforms. We have compared these two leading exchanges for you in many ways. Thanks to our review, you can easily decide whether to choose Binance vs Coinbase.
Coinbase vs Binance
Contents
Coinbase vs Binance is mostly a balanced game because these are two main platforms that you can trust. Coinbase and Binance are the two major crypto exchanges. Through these platforms, their customers can generally trade cryptocurrencies with trading and more advanced transactions. Here we will clearly and comprehensively compare the different and similar Coinbase vs Binance features. After reading, you’ll be all ready to make an informed choice and get started.
Summary of the Comparison: Coinbase and Binance
Coinbase and Binance are two popular platforms for buying and selling virtual currencies, also called cryptocurrencies. So let’s first discover with their words: according to the Coinbase team; they are “[…] the perfect place to buy, sell and manage your cryptocurrency portfolio” or for the Binance team you can “join the world’s largest crypto platform.” You will find a summary table here so you can get an idea at a glance. The different aspects are explored further in the article.
Methodology
Here’s how we bring you this Coinbase vs Binance comparison. First, I gathered the raw information from trusted sources. We choose various sources, such as user reviews, for more reliability. Second, we took a closer look at the platforms themselves, Coinbase vs Binance. We tested them. In order to enable you to easily read the information collected we organized the raw data. However, there is no winner in Coinbase vs Binance. We hope you can form a personal opinion. You can get started with the platform that’s best for you between Coinbase vs Binance.
Getting started
The first point to consider, for a beginner investor, is obviously that of getting started. Let’s check if these platforms are simple or complex. Or if the customer experience is good. Who can better enlighten us on this point than the users themselves? Here are the notes they left on the mobile versions of Coinbase vs Binance. Because yes, it goes without saying that both have a desktop AND a mobile interface.
Coinbase
Coinbase offers training. Simple, fast and useful. And which at the same time make it possible to acquire crypto by validating them. Is earning money training a good deal? We think so. Using Coinbase is simple, very user-friendly. And it is highly recommended for a beginner. In Coinbase vs Binance, the former has a smoother, more accessible user experience. In particular thanks to its intuitive design.
Is Coinbase available in your preferred language? Most probably yes, because it is available in 16 languages including French, English, Spanish, Italian, Portuguese and Turkish.
Binance
Binance is available in 32 languages. Including the main Europeans. Namely: English, Portuguese, French, Italian, German, Spanish, etc. In Coinbase vs Binance comparison, Binance is a bit more complicated to learn than Coinbase, for a very first approach. However, it allows greater adjustment of the parameters. Namely a beginner level and an advanced level. This gives access to more in-depth information needed by experts without interfering with the beginner interface. But even so, the basic remains relatively strong for a beginner. Do you feel ready for this challenge? A comprehensive user centre can help you as it displays all the information you need in one table.
Security
Both tools use the two-factor authentication system for more security. 2FA (Two-Factor Authentication) is a system that requires two separate forms of authentication to access your account. The first is usually a password. The second is a code sent to your phone. Or confirmation by biometric data (facial, voice or fingerprint recognition), which is also requested on your smartphone. The goal is to increase the security of your account. Likewise, both tools require confirmation and identification with email and SMS for any connection on a new device. In addition, Binance prevents withdrawals for 24 hours after a password change. What can be said in this Coinbase vs Binance match: both tools are extremely good in terms of security.
Coinbase
The advantage of this tool is that it stores the majority of users’ funds offline. Likewise, it separates user funds from operating funds in order to prevent any abuse. In addition, having its head office in the United States, in California more precisely, it is subject to their regulations, which is one of the strictest in the world. To get a Coinbase account, you have to show your paw print. You will need to prove your identity by uploading a document (passport, identity card or driver’s license). It is possible to do this from your mobile. By selecting this method, Coinbase sends you a link via a message from where you can take a picture of yourself. Coinbase will also ask you for a document dated less than 3 months mentioning your first and last names and address in order to verify the latter. We strongly recommend that you go through the desktop version where you can upload the photos of your document. The mobile version has inaccuracies and does not perform very well. Once the documents are downloaded, Coinbase requires a few hours for verification and finally to be able to access your brand new account.
Binance
Although extremely secure and reliable, Binance is less transparent in its management. We don’t have much more to say about how safe it is. It is possible to obtain an account without proving your identity in 3 clicks and a few moments. Unlike Coinbase which requires identification, you will only need to verify your account (prove your identity) if you want to withdraw more than 1000 BTC. Otherwise, the withdrawal limit is 2 BTC per 24h. A BTC, bitcoin, the most common and well-known cryptocurrency.
Transaction fees
Payment methods are at the top of the determining factors in the Binance vs Coinbase match as it is for every investment platform. First of all, both Binance and Coinbase accept credit, debit and payment cards as well as wire transfers.
There are three main types of fees that you, as a trader, must pay to use the services of a crypto trading platform like Coinbase vs Binance:
- trading fees
- deposit fee
- withdrawal fee
Coinbase
Coinbase allows buying/selling between national currencies (e.g. $, €) and different cryptocurrencies;
- The charge is 1.4%. It is 3.99% for credit card transactions.
- Deposits are free in € in SEPA (Single European Payment Area).
- Withdrawals cost 0.15€ in SEPA.
- Deposits by wire transfer are free in $.
- Withdrawals in $ cost $10.
It is a single payment area in €, to simplify banking transactions. It brings together the countries of Europe in a broader sense which makes Coinbase a relatively inexpensive tool, compared to other similar platforms. But it is still more expensive than Binance.
Binance
Binance charges 0.1% on all transactions (trading fees). And 0.9% on deposits or withdrawals. The reason? Managing transactions in virtual currencies is much cheaper than transactions in fiat currencies. The different national currencies are accepted by the platform. Binance issues the Binance coin (BNB), crypto that can be used to pay transaction fees. And further reduces costs by 25%. Costs that are at the base already relatively low.
Tax and Commissions in Comparison
Binance has better options for purchasing cryptocurrencies with a credit card. With this platform, cryptocurrencies can be purchased with credit or debit cards. There are no prerequisites for these operations. Investors using Coinbase also have credit card options. However, the bank needs to support the bank’s 3D secure service if the users’ credit card is linked to.
Binance also offers a wider option in the weekly limits set for purchasing cryptocurrencies with a credit card. The right to buy crypto weekly is around $80,000 on the Binance platform. On the other hand, the weekly limit set by Coinbase is around $3,800.
Users using Binance also seem more profitable for now, in terms of the commission from credit card transactions.
According to the evaluation of the site, Coinbase is one step behind in the credit card and crypto money purchase commission. The trading spreads rate on Binance is 1% and the platform charges a 2% commission on each trade. Coinbase’s scissor rate is 0.5% and the commission level it gets is 3.99%.
Withdrawal Options
Both exchanges have a strong hand in withdrawal options. Both Binance and Coinbase offer withdrawals via wire transfer. Coinbase allows trading with PayPal while using Binance Advcash.
On Binance, users can withdraw up to $ 250,000 per day via wire transfer. In Coinbase, the daily withdrawal limit via PayPal is 25 thousand dollars.
On Binance, which offers many options such as spot, margin, peer-to-peer and futures markets, it is also possible to stake and generate income other than trading. Although Coinbase is mostly a cryptocurrency trading platform, it also offers a wallet service to spend cryptocurrencies through the Coinbase Pro trading platform.
In the evaluation made by Cryptonomist, it was stated that Binance offers more advantages than Coinbase. However, this will vary according to user needs. The consistency of the benchmark is open to discussion, as there is no assessment of the variety of services offered, as well as the strength of security, server stability, and customer service.
In a recent report by Cointelegraph, it was stated that the giant stock market, which was criticized for its decision to list the SUSHI coin, which did not fall off the agenda, stood behind the decision of Binance. “Innovation brings high reward and risk,” said Binance CEO Changpeng “CZ” Zhao.
Funding & management of your account
There are 2 types of services offered by cryptocurrency exchanges for Coinbase vs Binance:
- trading between cryptocurrency and fiat money
- trading between two cryptocurrencies
Coinbase
Over 32 fiat currencies are accepted by Coinbase including $ and €. And there is the option to make payments with a credit card, debit or wire transfer. This means that you can buy your Bitcoins there using your national currency from a payment made from your current accounts.
Binance
Binance has recently offered fiat trading as a service and fortunately because before you had to go through another platform to buy cryptocurrency. And only then come and trade them on Binance. Binance also offers more possibilities than Coinbase for crypto trading which is interesting for more experienced users. Its selection of virtual currencies is one of the largest.
Available cryptocurrencies: Coinbase vs Binance
Here we are finally at the most important point of the matter. All this progress so that we can finally tell you about the heart of our research: the different cryptocurrencies that you are about to trade which one will convince you, Coinbase vs Binance? You should take into consideration while reading the following numbers, that the availability and price for trading crypto may vary depending on:
- the currency itself
- your country
- your payment method
Coinbase
As we do this Coinbase vs Binance comparison, Coinbase offers the ability to trade 46 virtual currencies. The most common of which: Bitcoin, Ethereum and Litcoin.
Binance
In the Coinbase vs Binance game, Binance wins this round with a clear cut; the platform offers no less than 150 different cryptocurrencies. And since it offers in addition to pairing (trading between cryptocurrencies), the features offered are broader when you go to the expert level.
Customer Support
Neither platform offers a live chat service. At this stage of Coinbase vs Binance, we think that they are both losers. Let’s see how they support us as a customer, anyway.
Coinbase
Coinbase addresses the lack of live chat with a computerized chat which still allows responsiveness in the second as well as personalization. This is very good. The links redirect perfectly to tutorials to solve common problems and offer a large number of answers. Unfortunately, if the question does not fit in a specific field, it is not possible to reach a hotline (only available in the USA). We must therefore send an email. User feedback considers them to be very quick in processing responses.
Binance
Binance has also set up a chatbot. But less complete, less precise and less easy to use than its competitor Coinbase. They seem less responsive than Coinbase. But they are working to fill this gap. A 24/7 assistance service is in place. However, the service is currently sending an error message (service overloaded)… We will therefore have to send an email if necessary.
Historical
Coinbase
The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, in San Francisco (California, USA) where is still its head office. It has become the largest cryptocurrency trading platform in the world. In August 2017, Coinbase was the first platform to be dedicated to a unicorn. A unicorn means a company valued at over $1 billion. Brian Armstrong, the co-founder, was also ranked by Forbes in the top 10 of the most influential young businessmen.
Binance
Binance was co-founded by Changpeng Zhao and Yi He in 2017, in, according to some information, Binance’s head office in Malta. However, it has been denied by its founder and CEO Changpeng Zhao. In an interview with Laura Shin, Zhao said that Binance does not have a head office and wondered if Bitcoin does have one: “Well, I think that’s the beauty of Blockchain, okay, so you don’t have to know… like where Bitcoin’s office is, because Bitcoin doesn’t have an office.” The company has offices in China, Japan and Taiwan. Binance is a company renowned for offering great rewards to its top traders: iPhones, MacBooks, … And even a Maserati, for a special occasion.
Binance has made rapid progress despite being a new company. Binance, currently the largest stock exchange in the world, is one of the organizations that offer the most cryptocurrency variety. The company, which also has a formation that provides services only to investors from the United States with the name of Binance US, can be used in 180 countries.
In short
Coinbase
It is a platform that seems easier to start. It is reliable, secure, renowned and respected. Relatively limited in terms of available cryptocurrencies, however, this disadvantage makes it easy to use. It is also a little more expensive than Binance.
Binance
Binance is one of the market’s leading cryptocurrency exchanges. It is ideal for both beginners and experts. It is less intuitive than its competitor Coinbase but subsequently allows greater possibilities. Also, and we haven’t said this before, its server is bigger than Coinbase’s. This allows it to saturate less quickly during big rushes. And it offers to trade for a larger number of cryptocurrencies.
The number of cryptocurrencies they offer is the main difference between them. Coinbase is known to have a more restrictive policy in this regard, while approximately 500 cryptocurrencies are being traded on Binance increasingly. Currently, only around 40 cryptocurrencies can be traded on the company’s platform.
You are now all set to make an informed decision in this Coinbase vs Binance match. We need to warn you here on the importance of not storing too much cryptocurrency on these platforms.
Storage of your cryptocurrencies
We can only advise you not to leave too large sums on the platform chosen between Coinbase vs Binance. It is advisable to withdraw your currencies for total security. To put them where? In a wallet. A wallet or e-wallet. It’s actually about securing the encryption keys associated with your public addresses *. The wallet designates both
- a software
- the encrypted and secure file containing the addresses and the encryption keys
- devices that keep the keys away from the internet (a sheet of paper, USB, …)
So, in reality, your wallet will not contain your cryptocurrencies but will allow you to access it. A public key, known to all, is associated with a private key, known only by the owner. It allows you to sign transactions and prove ownership of the cryptos. So it’s about not losing it. Concretely, you will find more information about this step in other articles and publications.
How to Choose: Coinbase vs Binance
It’s all up to you. We have comprehensively explained the platforms and you are ready to choose the tool that’s right for you. Coinbase vs Binance: What’s Your Choice?
Do not forget to check our rankings before choosing the best platform for you.
SEE MORE: TOP TEN CRYPTO EXCHANGES
