|Bank account||Free outside the United States||1.49%|
|Wallet||N / A||1.49%|
|Debit / Credit Cards||3.5% or $ 10, whichever is greater||3.99%|
|Transfer to Automated Clearing House (ACH)||N / A||To free|
|Bank transfer||$ 15 by bank transfer in the United States||$ 10 deposit, $ 25 withdrawal|
|Cryptocurrency Conversion||Free, however Binance has a higher spread than the market price||0.50% to 2%|
|Purchases||0.015% to 0.1%||0% to 0.50%|
|Trades||0.015% to 0.1%||0.50%|
|Other expenses||0.50% instant buy and sell fees||$ 0.99 to $ 2.99 depending on the amount|
Binance vs Coinbase: Ease of Use
Binance and Coinbase cater to different types of users. Coinbase offers a straightforward platform for investors new to cryptocurrency trading looking for a fast, easy, and secure way to trade. Binance’s platform is easy to use, but the sheer number of choices can be overwhelming for a new user. Binance is best suited for people familiar with cryptocurrency lingo and investing options, while Coinbase is designed for convenient and easy trading.
Both exchanges provide mobile applications with various functionality. For example, the Binance and Coinbase apps rate 4.7 out of 5 stars on the Apple App Store. However, the Binance app receives poor ratings for Android users, with only 2.1 out of 5 stars on Google Play, with many users claiming the app performs much better on iPhones.
Binance offers the Binance Academy, similar to Gemini’s Cryptopedia, where users can access tutorials or useful articles similar to cryptocurrency trading courses. Both platforms offer a blog and a knowledge base, but Coinbase also allows users to earn cryptocurrency for watching videos for beginners.
While Coinbase wins for ease of use, the customer service options are less user-friendly. You can only reach Coinbase by email or a help ticket. In contrast, Binance offers live chat, responds on Twitter, or you can email them for help.
Frequently Asked Questions (FAQ)
What are Binance and Coinbase?
Coinbase is a regulated cryptocurrency exchange in the United States that allows users to buy, sell, send, receive, and trade altcoins through a web browser or mobile app. Binance is also an exchange, but it has one of the highest volumes of cryptocurrency and is not considered regulated by the United States, which is why not all functions and coins are available for them. users based in the United States.
Binance supports many more advanced trading types, such as limit orders, stop-limit orders, market orders, post-only orders, and peer-to-peer trading. However, US residents have fewer options.
How Binance and Coinbase Work
Both platforms operate as an online brokerage for cryptocurrencies. Users deposit trust funds to buy, sell, or trade digital currencies. The signup process is similar for both, but international Binance users won’t need to show photo ID to verify their account. However, Binance.US requires photo ID.
You will create an account in either case, verify your email, and add funds from an acceptable method. Once you are ready to complete a transaction, you head to the exchange platform, create an order for the desired altcoin, and follow the onscreen steps. Exchanges store cryptocurrency until you move it to a digital bitcoin wallet, trade it in, or withdraw it.
Is it safe to hold cryptocurrencies in Binance or Coinbase exchanges?
Although Binance and Coinbase are some of the best crypto exchanges, users are encouraged to store funds in a hardware wallet for long-term savings. Any currency held online can be the target of hackers, and most exchanges have suffered breaches, including Binance in 2019. Although Coinbase told the New York Times that it had never been hacked and that only 0.004% of its users experienced account takeovers in the year ending April 2021, errors can still occur. produce on your side, putting your parts at risk.
Binance and Coinbase both provide hot storage, but it may be safer to use your own cold storage through a hardware wallet. A hardware wallet is a device that is not connected to the Internet, and you will need to plug it into your computer to access your digital currency.
Who should use Binance or Coinbase?
Coinbase is perfect for beginners who value convenience and security. The user-friendly platform is very easy to use for almost anyone, and when you open the app, you’ll see a clean interface with minimal options. As a trusted United States-based exchange, it is ideal for users who are wary of buying or trading cryptocurrency. However, you pay a higher price for convenient deposit and withdrawal options.
Binance is suitable for experienced investors who want advanced trading options and plenty of analysis to support their strategic decisions. Novice users will experience a learning curve, but once you learn your way around it gets easier. With low fees, over 500 cryptocurrencies, and availability in over 180 countries, Binance is a great choice for non-U.S. Residents who want a sophisticated platform.
How we rated Binance against Coinbase
We looked at Coinbase and Binance looking at the fee structures, costs, and ease of understanding. While we primarily reviewed Binance, we also evaluated Binance.US features applicable to US residents. We took into account website and mobile app functionality, availability of knowledge bases, and access to customer service. Our fee and feature tables give a side-by-side view of security, transaction types, accepted fiat currencies, payment methods, and cryptocurrencies.
Investing in cryptocurrencies and other initial coin offerings (“ICOs”) is very risky and speculative, and this article is not a recommendation from Investopedia or the author to invest in cryptocurrencies or other ICOs. As each individual’s situation is unique, a qualified professional should always be consulted before making any financial decision. Investopedia makes no representations or warranties as to the accuracy or currency of the information contained in this document.