Binance Vs Coinbase : Best Comparision Guide for Major Differences

These two popular CrytpoCurrency buy-sell platforms Binance vs Coinbase are always in the minds of new crypto investors.

New investors and traders need to be careful when choosing which exchanges are best to invest in Top cryptocurrency.

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It is important to understand all the pros and cons of every platform, including trading fees and conversion fees from fiat currency to Cryptoconversion.

This guide will help you to distinguish between Binance and Coinbase. It will also provide all the highlights that are necessary for any crypto investor.

Binance vs Coinbase Basic Introduction

Coinbase, a USA-based cryptocurrency exchange that is easier to use than a wallet and cryptocurrency exchange, is simple to use.

It was founded in 2012 by Fred Ehrsam and Brian Armstrong in San Francisco California.

Coinbase is not a traditional exchange, but it can be used to place future buy-sell bids. It’s more like an instant buy-sell.

Coinbase is only listed with a handful of major cryptocurrencies and there are no trading pairs.

Coinbase is a great place to start if you are looking for cryptocurrencies such as Bitcoin, Ethereum Cash, Bitcoin Cash and Litecoin, along with a few other altcoins such EOS, XRP or XLM.

It currently supports only 15 cryptocurrencies, very few trading pairs and allows you to convert between Cryptocurrencies.

Coinbase also offers a fiat currency wallet that is based on local currencies such as USD, GBP and EUR.

This means that you can now buy and sell cryptocurrency in exchange of fiat currency. It is also one of the most popular and trusted platforms to send and receive money in a bank account.

Binance is a traditional exchange that has become very popular. It was founded in 2017 by Yi He and Changpeng Zhao.

Although it is based in Malta, the company has offices in Japan and China. It gained wide popularity over time.

Binance allows you to trade over 100 altcoins, including Bitcoin, Ethereum and Litecoin, as well as every major cryptocurrency in crypto.

Due to its low trading fees, and the timely updates via social media, Binance has already attracted a lot of attention on the market.

Binance currently trades at 1.8 billion USD per day. This makes Binance the top exchange.

It offers the ability to sell cryptocurrency in exchange for Cryptocurrency, fiat currency or both. However, Binance like Coinbase will not have a local fiat currency wallet.

Binance will hold all funds in cryptocurrency or stable coins. If you are new to Binance, please see the Review Guide on Binance.

Let’s take a look at the main differences one by one.

Account Opening with KYC

Every platform expects the user to complete KYC in order to open an account.

Coinbase asks users to complete basic KYC by uploading these documents.

  • Documents proving identity
  • Your self-photo and identity document
  • Verification of email and mobile numbers
  • Verification of bank accounts

After you submit your photo and identity document, you will be verified. Later you can proceed with the other parts.

To create an account at Coinbase, click the Sign Up link. Follow the rest of verification steps.

Binance, however, is the only exchange that doesn’t require KYC.

To use Exchange, you will need an email ID and a password.

However, if you attempt to purchase any cryptocurrency with a Credit/Debit Card, it will ask for proof documentation due to the bank payment process.

The exchange is not free, however. It is much easier to open an account with Binance than it is with coinbase.

How do I buy and sell cryptocurrency

Both Binance and Coinbase offer the ability to sell cryptocurrency in exchange for fiat and crypto currencies.

It has local currency wallets like GBP/USD/EUR, etc. based on the country account.

Deposit money from your bank account to be able buy or sell listed cryptocurrencies.

Another option is to buy-sell with CryptoCurrencies. This works if you already own cryptocurrency such as Bitcoin, Ethereum, Litecoin etc.

You could also buy Bitcoin cash, Ethereum classic and other listed currencies.

Coinbase also has its own trading platform called GDEX, or coinbase pro. Here is a guide to how to use GDEX.

Coinbase is currently available in approximately 103 countries. There are many buy/sell supported methods. Here’s a list from their page.

Binance offers only an exchange for cryptocurrencies. This means that if you have cryptocurrency, you can purchase the other cryptocurrencies.

Binance has major cryptocurrencies that are listed in trading pairs below.

  • Bitcoin
  • Ethereum
  • Binance Coin
  • USDT

These are major trading pairs. If you have any of these coins, you can exchange them for their equivalents.

Binance offers direct purchase of fiat currencies like USD, EUR, and others.

  • Bitcoin
  • Ethereum
  • Litecoin

You can buy any of these coins directly with your debit or credit card and the amount will be in your wallet.

You can buy any other coins, but you must first purchase Ethereum or Bitcoin. Then go to the exchange market to sell them for Altcoins.

Let’s start with transaction fees.

Transaction fees for Coinbase vs. Binance

Both Coinbase and Binance have different trading fees.

Referring to Coinbase, when you deposit or withdraw funds from the bank, there won’t any fees other than those listed below.

Digital cryptocurrency will not allow you to withdraw or deposit funds.

The trading fees that you pay for Coinbase buys and sells will be charged according to the purchase or sell order.

The above screenshot explains that Coinbase trading charges for successful orders will range from 0.99$ up to 2.99$.

This is important because once an order has been fulfilled, trading fees will be charged.

For regular trading, you have the option to use coinbase Pro and GDEX. You will be charged a taker or maker fee for each trade. The fees range from 0.15% to 0.25 percent.

You will need to deposit at least 5 days before you can transfer money from Coinbase to GDEX, or withdraw money from Coinbase outside Coinbase wallet.

Binance First won’t permit you to deposit fiat currency such as USD or EUR, or any other directly to exchange.

We have however provided the Simplex Payment Gateway facility for users in order to purchase a few cryptos such as BTC, ETH or LTC using credit/debit cards.

The payment gateway Simplex will apply the charges as a 3.5% to 10$, or whatever maximum.

However, if you trade using cryptocurrency on the exchange, you will be charged a fixed fee at 0.1%. This is the lowest exchange fee.

Binance Coin Trading Pairs offers a 50% reduction in the trading fees, which is just 0.05%.

Binance supports stable coins like USDT. This value matches with the United States Dollar, so you can buy and sell your asset in USDT to keep it local currency.

However, Stable coin claims that their coin’s price is supported by USD but isn’t regulated and is therefore not like other unregulated cryptos.

USDT is a good option. It charges the minimum fees to withdraw digital assets from Binance.

Binance, Coinbase Interface

Coinbase is a secure wallet interface that allows you to place a Buy or Sell order with just one click.

It is also easier to understand the price movement of cryptocurrencies, and it is easy for beginners to see the market trading price.

Deposit of Fiat can be made by depositing directly into the Coinbase bank account to the provided Coinbase account number. Within an hour, the amount will be credited in Coinbase wallet.

Coinbase offers security insurance to protect your funds in the event of a security breach, but does not reimburse funds for account theft.

Binance interface is similar to a traditional trading platform, where you will see the price chart, order history, and buy-sell window.

To buy or sell cryptocurrency, the user can place a limit or market order.

For new investors, the interface may not be as familiar but it will be easy if you’re familiar with any basic trading platform.

We recommend that beginners start with Coinbase. You can also use parallel monitor to see how to buy and sell in Binance, as described in our guide.

Fund Withdrawal Limit

We’ve already discussed the fees involved in withdrawing and depositing funds with Coinbase vs Binance.

Binance, however, allows you trade without having to complete the KYC. You can also create an anonymous account.

This limit your withdrawal limit to 2 BTC per day, but KYC will allow you to increase that limit to 100 BTC per day.

You can deposit any amount you like.

Referring to the coinbase limit will depend on the account verification level.

You can trade, buy, sell, or transfer funds to a bank account for a verified account at the personal level 2.

The official support webpage provides the most current information.

Best Security

Although the most important concern with digital assets is security, I recommend that you keep your entire asset separate from any cryptocurrency exchange or web wallet and move it to a hardware wallet.

However, Coinbase’s security is undoubtedly the best. No one has heard of the security breach.

Coinbase’s security breach policy will protect your funds.

It allows secure login by activating 2FA secure login and email IP address validation.

First user must provide email address and master password. Then, ask for 2FA random code in your mobile device.

An email will be sent to the registered email ID. Once the user authorizes through email, the dashboard will then be available.

Binance is similar to Exchange, where there is no private key and no insurance for user funds. However, a security breach was recently reported in May 2019.

Around 7000 BTC were stolen from their hot wallet and not from the exchange. All user money was safe.

Binance has earned the trust of the people by fulfilling the funds from the SAFU of Binance.

Because of security breach, Binance exchange deposit withdrawals were placed on hold for approximately one week. They have since added additional security features.

Binance allows you to trade with an exchange. All you have to do is provide the following details.

  • Email ID
  • Password
  • Solving Captch
  • 2FA security code

It is simple and straightforward to log in, allowing the user more control over their account.

Customer Support

Both Coinbase and Binance are active on Twitter. You can find most of their major updates from the official Twitter account.

They both provide the best customer support Coinbase has to offer in three ways.

  • Open support request
  • Customer care 24 hours a day
  • Drop us an email.

Similar to Binance, Binance offers excellent customer service and prompt problem resolution through the provision of facility using.

  • Chat Live Online
  • The best FAQ guidelines
  • Raise support request

They are both available to provide the best customer service and will help you as soon as possible.

My view on Binance vs Coinbase

Coinbase and GDEX make it easy to convert fiat currency into cryptocurrency. They have very low transaction fees.

Binance has 0.1% trading fees, which is great for daily traders.

Although the entire crypto industry is strong with both, I recommend that you keep your funds away from Binance because it is an exchange.

Binance has more than 100 cryptocurrencies listed, but Coinbase currently only has 15 trading pairs.

Bittrex is the other Big Exchange. It is known for its security features and listed coins. Bittrex has been in operation since 2012, which is much longer than Binance.

If you are looking to purchase top altcoins, you will need to begin with Binance. Let me know which one you choose to invest in Cryptocurrency.

Last Updated : March 14, 2022 by Editorial Team

Published : March 14, 2022

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