Coinbase and Binance are both cryptocurrency exchanges that allow you to buy, sell, and trade cryptocurrencies.
Binance vs. Coinbase: Crypto Exchanges Overview
Here’s what you need to know about each exchange:
Coinbase and Binance are both centralized cryptocurrency exchanges, which means they allow you to trade fiat currency like USD or EUR into crypto coins such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), and more.
Binance is based in Hong Kong while Coinbase is based in San Francisco hence why they differ on some things like fees and minimum deposit amounts.
Both exchanges have mobile apps for iOS and Android so you can trade on the go, but only Coinbase has a web app for people who don’t want to download a mobile app or install extensions on their browsers.
Coinbase vs. Binance: Fees & Limits
The fee structure at both exchanges is pretty similar: You pay a small fee for every transaction you make on either platform.
These fees vary depending on the type of order you place for buying or selling cryptocurrencies (more on this below).
Binance:
Binance is a cryptocurrency exchange based in Malta. The company was founded by Changpeng Zhao, who wanted to create a world-class crypto trading platform.
The platform has grown rapidly since its inception in 2017 and now has over 10 million users worldwide.
Binance offers many of the same features as Coinbase but with a few key differences:
- Fiat Support: Both Binance and Coinbase have fiat support for USD, GBP and EUR. However, Binance offers more than just these three currencies it also supports JPY (Japanese Yen), HKD (Hong Kong Dollar), KRW (Korean Won) and XRP (Ripple).
- Security: Binance has implemented two-factor authentication (2FA) as well as an SMS verification feature to ensure that your account is secure at all times. Coinbase also offers 2FA but does not offer SMS verification as an option.
- Coin Listings: Binance offers over 500 coins while Coinbase only lists four: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
- Fee Structure: Binance charges 0.1% trading fees while Coinbase charges 1%.
Coinbase
A Coinbase account is needed to use Coinbase Pro, the platform’s professional trading platform. The exchange offers a variety of coins and tokens for purchasing, selling and trading with fiat currency, such as USD and EUR.
Coinbase Pro is a crypto-only exchange that does not support fiat currencies like USD or EUR. It operates in more than 30 countries around the world, including most of Europe, North America, Asia and Australia.
Users can access their accounts from any computer or mobile device via the Coinbase Pro website or iOS app.
Coinbase Pro offers two types of trading accounts:
- Basic Account – This type of account allows you to trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Basic accounts have withdrawal limits of $10,000 per day but do not allow margin trading or advanced order types such as limit orders.
Basic accounts are free to open and there are no transaction fees when buying or selling cryptocurrencies; however, there may be fees associated with withdrawing funds to an external wallet address outside of Coinbase Pro.
- Pro Account – This type of account allows you to trade BTC, ETH and BCH against fiat currencies like USD.
Binance vs Coinbase: Comparison Table
Binance and Coinbase are two of the most popular cryptocurrency exchanges in existence today. Both exchanges allow users to buy, sell and trade cryptocurrencies.
While there are many similarities between these two exchanges, they also have some important differences.
To help you decide which platform is right for your needs, we’ve broken down the major differences between Binance and Coinbase in this article.
Binance vs Coinbase: Which has lower fees?
One of the most important factors to consider when comparing Binance vs Coinbase is their respective fee structures. For example, Binance charges a 0.1% fee for all trades made on its platform, whereas Coinbase does not charge any fees for deposits but does charge 1% for all withdrawals.
While this may sound like a significant difference between Binance and Coinbase, it’s important to keep in mind that both of these exchanges have different offerings than each other as well and may have other benefits or drawbacks that you should consider before choosing one over the other (for example, if you want to use Bitcoin Cash instead of Ethereum).
Fees & Commissions
The fee structure at both sites is similar, with 0.25% commission on trades being charged whenever you buy or sell cryptocurrencies at each site.
The only difference is that Coinbase charges a $10 fee per transaction if you want to deposit funds using a bank account.
Coinbase also charges high fees when it comes to transferring funds out of your account. This can be especially problematic if you’re trying to move large amounts of money out of your account, as there are often additional charges involved as well (for example, transferring $200 out will cost you around $40).
However, there are other ways around this problem – for example, using an external wallet like Exodus or Coinomi will allow users to transfer their funds without any additional charges involved.
Binance does not charge any fees for depositing or withdrawing funds from their platform – everything is free!
1. Ease Of Use
Binance
Binance is a cryptocurrency exchange platform that was founded in 2017 and has grown to be one of the largest exchanges in the world. The exchange is currently ranked as the second largest exchange by market cap, with a 24-hour volume of $1.8 billion USD.
Binance offers its users many different cryptocurrencies to trade with and against, including Bitcoin, Ethereum and Litecoin.
In addition to cryptocurrency trading, Binance also offers its users an ICO platform, where users can participate in new coin offerings before they are listed on other exchanges. The ICO platform also allows projects to raise money from their communities through token sales.
Binance’s main features include:
- A user-friendly interface – Binance uses an intuitive interface that makes it simple for new users to get started without any prior knowledge of trading or cryptocurrency platforms.
- High liquidity – Binance offers high liquidity on most of its markets due to its large number of traders and investors who use their platform regularly, which means you will be able to sell your crypto assets at any time without having any trouble finding buyers for them. This gives investors peace of mind when they want to sell their assets at any given moment without worrying about whether someone else will buy them or not.
- Low fees.
Binance is an online exchange where users can trade cryptocurrencies. It supports most commonly traded cryptocurrencies. Binance provides a crypto wallet for traders to store their electronic funds. The exchange also has supporting services for users to earn interest or transact using cryptocurrencies.
Coinbase
Coinbase is an easy-to-use wallet that makes it simple to buy and sell Bitcoin, Ethereum, and Litecoin.
Coinbase is the most popular way to buy and sell cryptocurrency in the United States. It’s also a wallet app where you can store multiple cryptocurrencies, including bitcoin, etherium, litecoin and bitcoin cash.
Coinbase was founded in 2012 and has raised a total of $217 million from investors such as DFJ Growth and Andreessen Horowitz.
Coinbase makes it easy for anyone to get started trading crypto. There are no minimum deposits or withdrawal limits that means you don’t have to worry about sending your money back if something goes wrong with your transaction or if you want to sell some of your coins on the go.
Coinbase also doesn’t charge any fees when you buy or sell digital currency through its website or mobile app only when buying with bank transfers (1% fee) or credit cards (3% fee). And since all transactions are done in U.S. dollars, there are no foreign exchange fees involved when trading between cryptos and fiat currencies like dollars or euros either!
In 2020, Coinbase completely rewrote its mobile app from scratch with React Native, leaving behind all previous native implementations.
2. Supported Cryptocurrencies
Binance
- Bitcoin (BTC).
- Bitcoin Cash (BCH).
- Ethereum (ETH).
- Litecoin (LTC).
- Tether (USDT)
Binance offers trading pairs like BTC/USDT and ETH/USDT, among others.
The Binance exchange is known for its speed and liquidity. It provides a superior user experience by offering more than 100 cryptocurrencies to trade with no limitations on withdrawal or deposit.
It also provides access to advanced order types that allow users to set their own fees and create market orders with their preferred price tags.
Binance has become one of the largest cryptocurrency exchanges by trading volume within a short time frame due to its unique features, including:
Fast processing speed – Binance processes trades as soon as possible after they are submitted by users, which minimizes risk of slippage and ensures efficient execution of your order at a price that you want it executed at. This makes Binance ideal for traders looking for fast execution.
3. Trading Fees
Binance
Binance has a number of different types of trading fees, including:
0.1% deposit fee
The deposit fee is charged when you send funds to Binance. This is charged in the currency used to deposit, and only applies if you use a cryptocurrency wallet address that is not linked to your account. For example, if you are using Bitcoin (BTC) or Ether (ETH) to fund your account, there will be no charge.
However, if you are sending USDT or BNB to fund your account, then you will be charged 0.1%.
0.2% trading fee
The trading fee is based on the type of currency being used for each trade and whether it is a taker or maker order. The difference between these two types of orders is explained below:
Taker Orders – For taker orders, Binance charges 0.2%. This means that if you place an order for $100 worth of BTC/USDT and somebody else places an order for $100 worth of BTC/USDT at the same price as yours, but accepts it first (before your order), then Binance will charge both traders 0.2%.
This happens because whoever placed their order first gets priority over others who placed orders after them.
Coinbase
The fee for transferring funds from your bank account or credit card is 3.99%, but there’s no fee for moving your money from one cryptocurrency to another (such as from BTC to ETH).
Coinbase also charges a fixed fee for withdrawing funds from your account to your bank account or credit card.
This fee varies depending on how much you’re withdrawing: 0% when withdrawing up to $10,000 per month; 1% if you’re withdrawing more than $10,000 per month; 3% if you want an instant transfer (instead of waiting several days).
4. Trading Tools
Binance
Binance is the biggest exchange in the world, with more than $1 billion in daily volume. It has a huge number of trading pairs, and offers plenty of tools to help you trade efficiently.
The most important feature is the stop-limit feature, which allows you to place a market order (sell or buy) at a specified price with an additional stop-loss order that will be triggered if your initial order reaches a certain price target.
This tool allows traders to enter and exit positions at predetermined prices, reducing risk and increasing profitability.
Another useful feature is the depth chart, which provides an overview of all active orders on the market. This can help you identify areas where buying or selling pressure may be building up, allowing you to get in before major moves occur.
The candlestick chart also provides valuable information about market sentiment by displaying candles with bodies representing buying or selling pressure and wicks showing profit or loss for each time period represented by each candle.
The longer the wick on either side of the body, the greater the buying or selling pressure during that time period; if it’s long enough to extend into another candle’s body then it means that buying or selling pressure was present throughout that entire period as well.
Coinbase
Coinbase is one of the most well-known cryptocurrency exchanges in the world, but it’s not an option for trading Ethereum.
The company recently announced that its users can now buy and sell Ether (ETH) directly from their Coinbase accounts, but they won’t be able to trade it on Coinbase Pro.
Instead, you have to buy ETH from other users on the open market and then deposit it into your Coinbase wallet.
Once you’ve done this, you’ll be able to withdraw it back out to another exchange like Binance or Bitfinex where you can trade it for other cryptocurrencies.
In addition to buying and selling ETH directly on Coinbase, customers will also be able to use its wallet services for storing their digital assets.
While Coinbase does charge fees for using its wallet service (as do most other similar services), they’re lower than what most other wallets charge – especially if you’re looking for a wallet that supports multiple coins such as BTC and ETH rather than just ETH alone.
Coinbase is one of the most popular Bitcoin exchanges in the world.
The company was founded in 2012 by Brian Armstrong and Fred Ehrsam. The company is based in San Francisco, California and is a licensed New York State Money Transmitter.
Coinbase offers many features including
-Bitcoin trading (buy/sell)
-Bitcoin wallets (buy/sell)
-Ethereum trading (buy/sell)
-Ethereum wallets
Binance vs. Coinbase: Final Verdict
Both Binance and Coinbase are great platforms for buying and selling cryptocurrencies, but they differ significantly when it comes to features offered by each platform.
The main difference between Binance vs Coinbase is that Binance offers direct crypto-to-crypto trading pairs whereas Coinbase does not offer any direct crypto-to-crypto trading pairs at all!
