Coinbase Vs Binance: is binance better than coinbase?

Binance and Coinbase are two cryptocurrency exchanges that take quite distinct methods. Coinbase is a U.S.-based exchange with a basic UI and restricted transaction types aimed towards novices.

Binance has a high learning curve, accommodates sophisticated users, and offers hundreds of currency trading alternatives to international traders. In this Binance VS Coinbase comparison, we'll look at two of the most popular cryptocurrency exchanges on the market. 

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We will be focusing on the following areas:

1.   Overview of Binance and Coinbase

2.   Supported currencies of Binance vs Coinbase

3.   Features of Binance vs Coinbase

4.   Fees of Binance vs Coinbase

5.   Pros and Cons of Binance vs Coinbase

6.   Is Binance better than Coinbase?

Binance is a crypto-to-crypto exchange, which means it links cryptocurrency buyers and sellers. It also has its cryptocurrency, known as Binance Coin (BNB). In July 2017, the exchange utilized a Binance Coin ICO to generate $15 million.

Binance is well-known for rewarding its best traders with exciting awards. Prizes in the past have included iPhones, MacBooks, Mercedes-Benzes, and even a Maserati! Binance is now searching for partners to build a billion-dollar investment fund.

Instead of bringing buyers and sellers together as trading exchanges do, a broker exchange purchases bitcoin for its consumers. Coinbase is the market's largest broker exchange. Coinbase became the first unicorn exchange in August 2017! No, not the legendary horse! Coinbase became a financial unicorn, or a firm worth more than $1 billion.

Coinbase has formed alliances with major corporations like Dell, Time Inc., and Expedia since its inception. All of this makes Coinbase one of the most trustworthy companies in the cryptocurrency industry.

Binance is well-known for its huge cryptocurrency list, which includes over 500 options for users. Coinbase's basic platform supports 51 trading currencies, while the Coinbase Pro exchange supports 57. 

Coinbase accepts fiat currencies but Binance accepts 19 fiat currencies Binance provides 50 to 591 cryptocurrency pairs depending on your region, whereas Coinbase enables 51 for US consumers.

Because the platforms are meant for different groups of people, you'll notice large differences in their selected features. However, both provide mobile apps with watch lists or live fee monitoring. The similarities, however, end there.

Binance provides the following benefits:

1.     A rewards center that provides challenges and prizes as a method to earn cryptocurrency.

2.     Hundreds of indicators and overlays are available for advanced charting.

3.     API keys made public for connecting other software tools

4.     Binance offers over 13 different transaction methods.

5.     The ability to utilize Trust Wallet, a third-party digital wallet.

6.     Binance accepts traders from over 180 countries.

Coinbase, in comparison to Binance, provides more services for US citizens but fewer alternatives for foreign users. Among the features are:

1.     A safe, stand-alone digital hot wallet that works with Coinbase and other exchanges.

2.     You can withdraw money from your PayPal account.

3.     Available in over 100 countries and 49 states, with residents of Hawaii, barred from trading.

4.     A bitcoin news feed that displays the most recent cryptocurrency news.

5.     The Coinbase Pro platform, which is optional, has limited charting options, including the ability to watch exponential moving averages.

6.     You may earn cryptocurrency by watching short videos.

Binance's fees are among the lowest in the market, while Coinbase's are among the highest. On average, you'll pay 0.50 % on every Coinbase transaction, plus additional convenience costs dependent on your payment method, for a total transaction fee of up to 4 %. Binance operates on a maker-taker model, with the same fees applied to both makers and takers. The cost chart might be perplexing for newbies, but it provides much cheaper rates, particularly for high-volume traders.

Binance

Pros

1.   Over 500 coins are available for trading.

2.   One of the most affordable platforms to utilize

3.   A wide range of transaction types is available.

Cons

1.   Even experienced users may find it difficult to navigate.

2.   There isn't a built-in digital wallet.

Coinbase

Pros

1.   Extremely user-friendly platform

Cons

1.   There are several methods to obtain Bitcoin.

2.   Expensive transaction and payment method costs

3.   Expert traders have few advanced choices.

4.   There are fewer transaction types than on other platforms.

Coinbase is ideal for buy and holds investors who wish to acquire a currency and hold it for a lengthy period. Binance charges substantially cheaper transaction costs and incentivizes high-volume trading with their cost structure. They employ a maker-taker fee system, although both the maker and taker payments are the same.

Although both services are deemed safe, Coinbase has a stronger overall reputation. Coinbase's digital wallet security features include fingerprint biometric access, and 98 percent of Bitcoin money is held in air-gapped cold storage through vaults and safe deposit boxes.

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