Binance and Coinbase are among the most popular basics of cryptocurrency exchanges today, boasting millions of users and billions of dollars worth of trade volume per month. And while they each have different pros and cons, there are plenty of reasons why it’s beneficial to have both bitcodes-ai.com and Coinbase in your portfolio of cryptocurrency exchanges—especially since both exchanges support so many cryptocurrencies.
Coinbase and Binance are two distinctly different cryptocurrency exchanges. A U.S.-based exchange with a simple user interface and few available transaction types, Coinbase is geared at beginners. Binance has a challenging learning curve, caters to experienced users, and offers foreign traders hundreds of currency trading options. Although user-friendly and providing three levels of trading experience, the Binance interface is not as simple to use as Coinbase. Binance.US is less capable, providing fewer options and levies more fees. Get related knowledge on cryptocurrency like Bitcoins vs. Litecoins for additional research purpose.
Binance vs. Coinbase
We looked at the overall rates for different transaction types, accepted fiat currencies, and tradeable cryptocurrencies on Binance and Coinbase. We also looked into security measures, standout features, and customer service in addition to the usability of web and mobile applications.
In this detailed, informative article, we’ll take an in-depth look at Binance and Coinbase, which are known to be the top 2 in the crypto exchange industry. Read on to know more in detail!
Binance is a multi-language cryptocurrency exchange that supports over 120 digital currencies. It has its native token, known as BNB, which provides discounts on fees for trades conducted with them. Trading fees on the site are set at 0.1% of your trade volume, regardless of whether you’re buying or selling.
Alternatively, Coinbase is a digital currency broker with a reputation as one of the most user-friendly cryptocurrency exchanges. The site was founded in 2012, making it one of the oldest cryptocurrency trading platforms around. One of its main attractions is that it makes buying cryptocurrencies easy through online banking transfers.
User Interface In Binance and Coinbase
Binance is one of the easiest exchanges with which to create an account. You will get a temporary password and a confirmation email upon entering your email address. In addition, it has very few trading options – only Bitcoin, Ethereum, Ripple, and Litecoin are available for trading pairs.
Alternatively, Coinbase is a US-based cryptocurrency exchange. It has two main options for users – one is a standard exchange where you can trade fiat currency for other cryptocurrencies, and another is called GDAX, which allows you to buy/sell more sophisticated trading options like shorting or placing puts. This functionality opens up a new world of crypto trading, but it may be somewhat confusing for beginners.
Security & Safety Features In Binance and Coinbase
Both Binance and Coinbase offer multi-factor authentication for added security and two-step verification. They also store most assets in cold storage or offline servers. And you can use features like watch-only mode, which allows you to check a wallet balance or transaction history without having access to your private keys.
These are different effective safety precautions that both exchanges, i.e., Binance and Coinbase, take seriously. If either gets hacked, you’re covered by insurance, up to $250,000 per coin. Besides this, both exchanges have 24/7 support via chat, email, or phone for anything from account registration problems to complicated issues with sending currency abroad.
Customer Support In Binance and Coinbase
Both exchanges support an extensive range of fiat currency options and offer customers a very easy user interface, with charts providing all information in one place. After registering for an account, you will need to link your bank account or credit card to the site and provide other personal details like your ID.
You can simply transfer your balance over for those who already have a wallet on a different exchange (not through these two sites). Make sure you follow their detailed instructions for this process, as it varies depending on what coin or coins you want to transfer over.
Fees In Binance and Coinbase
Binance fees are low; the maker fee is 0.1%, meaning that a user who sets up a limit order will be charged 0.1%. No commissions are charged on transactions, even if your trade doesn’t execute.
As for Coinbase’s commission system, it follows the maker-taker model where all trades have either a taker or maker fee, with trade execution dependent on whether you set the offer price above or below market value.
Despite their simplicity, these two exchanges are both popular for different reasons. Binance has quickly risen as one of the top cryptocurrency exchanges in a year because it offers many features for traders, including low trading fees.
On the other hand, Coinbase is popular for its variety of tradable cryptocurrencies, user-friendly interface, and availability in multiple countries. This platform gives you the accessibility to explore and trade in different cryptocurrencies.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?