Coinbase vs Binance
| Coinbase | Binance |
|---|---|
1.4
|
3.5
Binance is being sued by the SEC for a range of securities violations, including the commingling of client funds and 'wash trading' against its customers to artificially increase crypto prices. Your funds may be at risk if you trade with Binance. We do not recommend making any deposits.
|
|
Coinbase is a leading cryptocurrency exchange that provides access to 18,000+ crypto assets that can be traded on the marketplace, stored in a wallet or borrowed via the brand's DeFi function. The US-based firm has over 10 million clients and offers educational support to individual traders and tailor-made derivative products for businesses. |
Binance is one of the best-known crypto exchanges. The company is available in more than 180 countries with over 120 million registered customers. The platform offers a suite of crypto trading products, from staking and NFTs to derivatives. |
| This post contains affiliate links, and this website will be compensated if you make a purchase after clicking the links. | |
| Bonus Offer | |
| £5/$5 in BTC. Terms and Conditions Apply. See Review | |
| Comment by Reviewer | |
| "Coinbase is a good option for dedicated crypto investors who want a vast selection of established and low-market-cap tokens. The platform makes it straightforward for new crypto investors to buy and sell Bitcoin in a few clicks." | "Binance will appeal to crypto investors looking to trade big tokens like Bitcoin plus niche coins with low fees. However, regulatory action and questionable handling of customer funds makes this firm too high-risk in our opinion." |
| Pros | |
|
|
| Cons | |
|
|
| Instruments | |
| Cryptos | Cryptos |
| Demo Account | |
| No | No |
| Minimum Deposit | |
| $0 | $0 |
| Trading Platforms | |
|
|
| Payment Methods | |
| Minimum Trade | |
| 0.0001 XBT | $10 |
| Regulator | |
| CBoI | |
| Margin Trading | |
| Yes | Yes |
| STP Account | |
| No | No |
| ECN Account | |
| No | No |
| DMA Account | |
| No | No |
| MAM Account | |
| No | No |
| PAMM Account | |
| No | No |
| LAMM Account | |
| No | No |
| Demat Account | |
| No | No |
| AI / Machine Learning | |
| No | No |
| Robo Advisor | |
| No | No |
| Negative Balance Protection | |
| No | No |
| Market Maker | |
| No | No |
| P2P Trading | |
| No | Yes |
| Spot Trading | |
| Yes | Yes |
| Mobile Apps | |
| Yes | Yes |
| Copy Trading | |
| No | No |
| Social Trading | |
| No | No |
| VPS Hosting | |
| No | No |
| Tournaments | |
| No | No |
| Demo Competitions | |
| No | No |
| Ethical Investing | |
| No | No |
| Custodial Account | |
| No | No |
| Guaranteed Stop Loss | |
| No | No |
| Inactivity Fee | |
| $0 | |
| Islamic Account | |
| No | No |
| Account Currencies | |
|
|
| Cryptocurrency | |
| With some 18,000 digital assets available to trade, Coinbase is one of the leading exchanges in the crypto world with a wider selection of tokens than most alternatives. Traders access crypto markets through a powerful platform and can enjoy margin trading in some jurisdictions. Maker and taker fees are low and there are no hidden account charges. | Binance is one of the world's largest crypto exchanges. There is a vast range of products available including Binance Pool, Staking and an NFT Marketplace. |
| Spread | |
| BTC 0.1%, ETH 0.1% | Variable fees with account tiers |
| Coins | |
|
|
| Crypto Lending | |
| No | Yes |
| Crypto Mining | |
| No | No |
| Crypto Staking | |
| Yes | Yes |
| Auto Market Maker | |
| No | No |
|
|
|
| This post contains affiliate links, and this website will be compensated if you make a purchase after clicking the links. | |
| More Comparisons | |
|
Coinbase vs |
Binance vs |
How To Compare Coinbase Vs Binance
Coinbase and Binance are leading cryptocurrency exchanges that offer buying, selling and trading services. Both brands provide an extensive range of facilities, including digital currency wallet storage and exchange platform hosting. But, is Coinbase or Binance better?
In this Coinbase vs Binance 2024 comparison, we review the pros and cons of each firm. We explain how are they different, ask if Coinbase or Binance is cheaper, and discuss which is best for beginners. Find out how to compare Binance and Coinbase across ledger live fees, investing accounts, security features, deposit and withdrawal methods, and more.
Business Credentials
Coinbase Global Inc is a global digital asset exchange company (GDAX). Established in 2012, the platform has grown exponentially. It now hosts over 13 million users, 14,500 institutions, and 245,000 ecosystem partners in 100+ countries. Coinbase has an average quarterly trading volume of $217 billion. Coinbase also has its own stablecoin, USD Coin (USDC).
Binance was established in 2017 in China. Following Chinese government regulations, the exchange moved its servers to new headquarters in Japan in September of the same year. Today, the crypto exchange hosts an average daily trading volume of $2 billion with over 1.4 million transactions executed per second. Binance has an impressive 90 million registered users worldwide. In June of 2017, the company also launched its own token, BNB.
According to Bloomberg, Coinbase’s market share fell to 6.3% in July 2022 vs a huge 45% held by Binance. Its market cap is listed at $14.1 billion vs $45 billion for Binance.
Minimum Investment
When it comes to getting started with Coinbase vs Binance, neither crypto exchange platform has a minimum deposit requirement, which is better for beginners. However, a minimum trade size does apply. You can purchase or sell as little as 2.00 of digital currency with Coinbase vs 10.00 with Binance. This makes Coinbase the best option for traders starting on a strict budget.
Tokens & Coins
When we compare Coinbase vs Binance in terms of access to crypto coins, it’s clear to see that Binance is superior, with a larger token listing. Binance offers 600+ assets available to investors (Binance.US exchange supports 100+ coins).
On the other hand, Coinbase offers 179 cryptocurrencies. Binance and Coinbase both offer many crypto-to-crypto and crypto-fiat currency pairs, although Binance offers more vs Coinbase. Fiat currencies include the USD, GBP, INR, HKD and EUR. Both exchanges offer trading opportunities on leading tokens, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) and Zcash (ZEC). Access may vary based on location.
Additionally, both exchange platforms offer alternative trading assets. These include NFTs and altcoins. Binance also provides futures investment opportunities, including USDT-margined and USD Coin-margined contracts, which Coinbase does not.
Crypto Services
When we compared Binance vs Coinbase across their full suite of services, Binance offers more products and features. Nonetheless, some of their crypto tools and products are quite complex, particularly for new or inexperienced users.
Investors can utilize the Binance Pool mining, the peer-to-peer Liquid Swap token exchange or the Launchpool, which allows traders to farm new token rewards in exchange for cryptocurrency.
Coinbase is best for beginners when it comes to additional services. You can access the Crypto Earn platform to invest your current assets or easily borrow cash using Bitcoin as collateral. Another major advantage for new traders is that you can participate in educational tutorials on specific tokens, and be rewarded in coins once courses are complete.
Both exchanges support crypto wallets for holding digital currencies. These storage facilities provide access to the decentralized web via mobile or desktop devices. Both Binance and Coinbase implement industry-leading security though always be cautious of potential data breaches and inputting incorrect details when sharing tokens. There is a chance your funds may be hacked.
You can also access a Visa debit card that utilizes cryptocurrency, provided by both Coinbase or Binance.
Platforms & Tools
In terms of Coinbase vs Binance across trading tools, the Coinbase platform is intuitive and comprehensive, ideal for beginners. The design is sophisticated yet offers simple navigation. Features include log book access, advanced charting capabilities, and a straightforward ordering process. You can also view historical data and utilize backtesting services.
Although the Binance platform is also user-friendly with terminal type determined by your level of investing experience, the trading and charting options are more advanced. Investors can access a wealth of market data and price charts which may suit experienced crypto traders.
Fees & Costs
Now let’s review the price difference when trading on Coinbase vs Binance. Binance’s fees are determined by a 30-day trading revenue status and BNB balance. Fees are generally lower for ‘maker’ trades (those that are placed on the order book) vs ‘taker’ trades. These start from 0.1%.
Coinbase offers zero fees on all ‘maker’ trades but fees on ‘taker’ trades are in line with Binance, starting from 0.1%. Coinbase charges an additional 1% flat charge on all cryptocurrency transactions. This does not apply on Binance, however, a 0.50% charge is applicable for instant buy and sell facilities.
It is also good to see that Binance users can lower their costs by purchasing Binance (BNB) tokens to pay fees with a 25% discount.
Both brands charge zero fees for signing up or creating a new account. This includes access to online storage wallets.
Margin Trading
Both Coinbase and Binance offer leveraged trading opportunities. Coinbase allows users to borrow up to 30% of their Bitcoin (BTC) balance, to the value of USD $100,000.
The Binance margin account allows you to use your crypto assets as collateral to borrow money. You can borrow up to 10x the value of your assets. Minimum account balances may apply to determine eligibility.
Deposits & Withdrawals
When we review Coinbase vs Binance for fiat funding options, Binance is better. Coinbase accepts credit/debit cards, international wire transfers and PayPal. There are charges for USD wire transfers and SEPA transactions. Binance offers all the above plus P2P (peer to peer), Banxa and Simplex.
Nonetheless, both brands accept an extensive range of crypto coins for deposits and withdrawals including BTC, XRP, XLM and ZEC. There is a deposit fee associated when funding a Coinbase and Coinbase Pro account, including a $10 charge for bank wire transfers. This is more expensive vs Binance with no deposit costs for both global and US entities.
Coinbase vs Binance withdrawals are similar. There is a 1% fee to convert and withdraw your crypto to cash with Coinbase. Note, there is a minimum $0.10 withdrawal limit and no maximum for fiat transactions. Fees apply for fiat transactions including a $25 charge for US bank wire transfer payments and a £1 fee for Swift UK transactions.
On the other hand, Binance charges a flat fee to cover the transaction costs of moving cryptocurrency out of a Binance account. This varies by coin but includes a 0.0005 charge for Bitcoin withdrawals. Fiat currency withdrawals via Binance incur no withdrawal fee and there are no minimum limits.
Remember, there may be an additional network transaction price for deposits and withdrawals processed on blockchains.
Mobile App
Both crypto platforms offer access to mobile trading. When comparing Coinbase vs Binance for app compatibility, we found positive customer reviews for both. You can download either application to iOS and Android devices.
Binance does provide a useful QR code download option directly from desktop devices, which Coinbase does not. Nonetheless, both exchanges provide customers access to coin wallet storage, live pricing data feeds and the latest news while on the go.
Regulation
Countries and governments have taken different approaches to regulating digital assets. This makes it difficult to compare Coinbase vs Binance when it comes to regulatory oversight.
Although both platforms are considered secure and well-established in the cryptocurrency market, Coinbase has a better reputation. CB Payments Ltd (trading as Coinbase) is regulated by the UK’s Financial Conduct Authority (FCA). Coinbase was also granted an e-money license in 2018 by the FCA and was the first crypto-exchange to support the UK’s Faster Payments Scheme.
This is a different story when we review Binance. The FCA ordered Binance to stop all UK-regulated activity in 2021 over worries about inadequate consumer protections. This was amid a wider crackdown on the cryptocurrency industry’s potential role in fraud and money laundering. The exchange is continuing to rebuild its status, with recent approvals as a Fully Regulated Digital Asset Service Provider in France and a Cryptocurrency Service Provider with the ‘Organismo Agenti e Mediatori’ (OAM) in Italy.
Availability
Our Coinbase vs Binance comparison found similarities in terms of accepted counties. Both platforms operate on a global scale. Users in the following countries can open accounts; the Philippines, Japan, Australia, South Africa, Singapore, India, Canada, Switzerland, Zimbabwe, Mexico, New Zealand and more.
Coinbase does not accept investors from the USA. This is a similar story for Binance following a ban in 2019, however, the Binance US exchange was created to comply with all applicable US laws. Residents of the United States may now trade through the Binance US subsidiary, although some state restrictions apply.
Security
Our Coinbase vs Binance review established that although both platforms are considered safe and secure, Coinbase has a better reputation when it comes to security features.
Both exchanges enable two-factor authentication (2FA) for all client accounts at login, plus initial identity verification with photographic proof for withdrawals.
Whether you are trading with Binance or Coinbase, you can be assured of segregated client funds and USD balance insurance from the FDIC (Binance US entity only). Coinbase has an insurance fund in the amount of 2% of assets kept in hot storage, in the case of security breaches on their side. Similarly, Binance has amassed around $1 billion in its insurance fund, created as a buffer against the impact of potential hacks.
Bonuses & Promos
Due to fragmented regulatory oversight, Coinbase and Binance occasionally run financial incentives including welcome bonuses. New user rewards and referral links are often promoted across both exchanges.
Note, that access will vary depending on your country of residency. Understand the full terms and conditions of incentives before opening a live profile.
Demo Account
Our Coinbase vs Binance exchange review shows neither platform offers a free demo account. This is disappointing, particularly for beginners who may want to access simulated liquidity pool pricing and test platform features risk-free.
Nonetheless, both Coinbase and Binance offer a suite of comprehensive educational resources. Access daily network news, tutorials to set up Ledger Live, new coin listings, information on staking and the latest blockchain technology updates. Both exchange platforms also host a YouTube channel with additional video content.
Customer Service
In terms of Coinbase vs Binance for customer support, Coinbase is better. Coinbase offers 24/7 customer support via phone and live chat.
On the other hand, Binance only provides immediate help via an automated chatbot plus an FAQ page. A contact phone number is not available but customers can submit a ticket request via an online form. Response times vary. This is not particularly useful for urgent enquires such as the network being unavailable for transactions, halts with withdrawals or personal account security concerns.
Coinbase Vs Binance – Which Is Better?
So if you are thinking of buying, selling and storing crypto with Coinbase vs Binance, which is best? There are many similarities including compatible mobile apps, token wallet storage and margin trading opportunities. But importantly, both brands are aimed at different types of investors.
Coinbase offers a simple platform for new or inexperienced users who want fast, easy, and secure ways to trade and access the world of digital currency tokens. Although the Binance platform is also easy to use, the number of additional features, tools and tokens makes it a better fit for experienced investors and day traders.