Crypto

Coinbase vs. Binance: Which cryptocurrency exchange is best for you?

4 Mins read

Before we dive into Binance vs. Coinbase, and how these popular cryptocurrency exchanges stack up against each other, it is important to note that Binance also has Binance.US for U.S investors. It offers a smaller selection of coins and has less functionality than the main exchange.

Coinbase actually has two platforms: Coinbase Pro and Coinbase Pro. Coinbase Pro is for more experienced traders while Coinbase is intended for new crypto investors. We’ll compare security, fees, and other factors for each exchange, as well as highlight any notable differences.

Does coinbase have a better reputation than Binance?

Before making a purchase, there are several factors you should consider. Coinbase has more features and is simpler to use. Binance is more popular and has a higher user base. It also offers high-quality customer support.

Review of Binance: Is Binance safe?

Before investing in binance, there are some things you should consider. Binance is not regulated or supervised by any government agency. It is therefore difficult to ensure their safety and compliance with regulations. There have been instances where user data has been stolen from the platform.

Binance vs. Coinbase: Cost

Binance is more expensive than Coinbase and offers a higher-priced subscription. Binance charges 0.5% for all transactions while Coinbase charges 6.6%. Binance offers many features that Coinbase doesn’t. Binance, for example, allows you to trade cryptocurrencies using fiat money. Binance also offers more than 100 coins and tokens, while Coinbase has only a handful of tokens and coins.

Binance vs. Coinbase: Supported cryptocurrencies

Binance is known for its extensive altcoin selection, which includes more than 500 options available to users outside the United States. The Binance.US exchange only supports 80 coins. Coinbase supports 107 trading currencies via its regular platform, and 57 via the Coinbase Pro exchange.

Coinbase supports fiat currencies as well, including USD, British Pound Sterling (GBP), and Euro (EUR), while Binance supports 18 fiat currencies such as USD (USD), EUR, Australian dollar, GBP, Hong Kong Dollar (HKD), Indian rupee (INR), and USD (AUD), respectively. Binance supports 50 to 591 cryptocurrency pairs depending on where you are located, while Coinbase supports only 107 for US users.

Binance does not have Coinbase, but the following cryptocurrencies do harmony (ONE), Vechain (VET), vethor tokens (VTHO), dogecoins (DOGE), and Qtum (QTUM). Wrapped Bitcoin (WBTC), AAVE (AAVE), sushiswap(SUSHI) and celo (CGLD) are all available on Coinbase. Both platforms offer support for popular and emerging currencies like:

  • Dash (DASH)
  • Storj (STORJ)
  • Cosmos (ATOM)
  • Compound (COMP)
  • Bitcoin (BTC)
  • Ethereum (ETH).
  • Litecoin (LTC)
  • Cardano (ADA)

Binance vs. Coinbase: Staking rewards

Binance and Coinbase are very close in terms of offering staking rewards on their platforms. As part of the verification process, crypto owners can receive income from staking. An exchange typically deposits your income into your account, net of any fees. Binance takes a commission from your rewards but Coinbase does not.

Coinbase supports six coins. This includes Ethereum, which is one of the most valuable coins. Binance allows you to stake seven coins, Algorand as well as Cosmos. If you are looking to stake Ethereum, Coinbase might be a better choice.

How big are these rewards? According to Coinbase, Cosmos and Algorand are expected to earn 5 percent and 4 percentage, respectively, according to the most recent numbers. Binance, on the other hand estimates these figures at 1.5% – 3% and 4.5% – 6.5% respectively. When it comes to coins that can be shared between the platforms, Coinbase is victorious and Binance takes second place.

Advantage: Binance is outperformed by Coinbase in terms of staking rewards. This is especially true for Ethereum holders who want to stake it. A specific exchange might be better for those who have coins that are supported by one platform and not the other.

Binance Vs. Coinbase – Deposit and withdrawal fees

You may pay different withdrawal fees if you deposit money to a Binance wallet or Coinbase wallet than if you do the same thing with money in a bank account. If you deposit $100 to a Binance wallet and want to withdraw $100 within 24 hours, then the fee is $20. The withdrawal fee for the same amount would be $40 if you deposit it into a Coinbase account. Coinbase uses blockchain technology to process withdrawals and does not believe in pay-by-wire methods.

Binance vs. Coinbase: Customer support

Coinbase is easy to use, but the customer service options are not as user-friendly. Coinbase can only be reached via email or help ticket. Binance, on the other hand, offers live chat and responds via Twitter. You can also email them for assistance.

Binance vs. Coinbase: Security

Coinbase is more transparent with its security measures. It claims that 98% of its assets are kept offline in cold storage. Additionally, it has third-party insurance in the event of hacks and a variety of other security measures.

Binance might also have security measures in place. However, this information is not readily available from the website at the time of writing. Binance.US and Binance.US offer a lot of information about how to protect your accounts. However, they don’t give any details about how they secure your assets.

Some websites claim that Binance has an Insurance Fund, that the bulk of its assets are kept in cold storage, and that it has an Insurance Fund to cover any losses. To be sure, I would like to see a Binance security page.

Another risk to be aware of is regulatory scrutiny.

Binance is trying to get regulators on its side, after having a few issues with various authorities around the globe. Binance is known for being an exchange that acts without asking permission. It has been able to innovate quickly and offer a wide variety of features that you won’t find on other platforms. It has also created regulatory headaches.

Coinbase, on the other hand, has generally succeeded in keeping to the right side of regulatory attention. Due to SEC pressure, it withdrew plans for a loan/earn product earlier in the year. However, several of its competitors (including Binance) offer similar products.

Coinbase vs. Binance: Which cryptocurrency exchange is best for you?

Binance is the best choice for anyone who wants to get into crypto exchanges or expand their trading portfolio. Binance offers a wide range of tokens and coins that you can trade and all of them offer high potential returns. You can find out more about Binance here: https://www.binance.com/

Conclusion

Coinbase and Binance are both great exchanges with different features that make them ideal for different people. If you’re looking for a user-friendly platform, Coinbase is the better option. If you’re looking for an exchange with high liquidity and a wide variety of cryptocurrencies, then Binance is the better choice.

Republished by Blog Post Promoter

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