Binance vs Coinbase – Which Is Best?
This Binance vs Coinbase comparison will give you a complete overview of both the top crypto exchanges in Australia.
When it comes to starting investing in cryptocurrency, one of the major hassles comes from the end of choosing the right cryptocurrency exchange.
A cryptocurrency exchange is a platform for the customers where they can trade cryptocurrencies with different types of monetary items like digital currencies or fiat money.
And Binance and Coinbase are two of the industry leaders when it comes to crypto exchanges.
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Binance vs Coinbase Reviewed
Before choosing the right platform to start your trading journey one must make sure that he/she is completely aware of the different technical aspects of a trading exchange.
Knowing the features and benefits along with trading fees and security protocols followed by your trading exchange becomes critical.
Hence in this Binance vs Coinbase comparison, we are going to evaluate two of these industry-leading crypto exchanges; Binance and Coinbase and will dive deeper into the various specifications of their services to facilitate you in this long-term decision with the right information.
So without further ado, let’s get started with it.
CoinSpot vs CoinJar Comparison
| Binance | Coinbase | |
| Coins Supported | 500+ | 80+ |
| Currencies Accepted | USD, EUR, CNY, AUD | USD, EUR, CNY, AUD |
| Trading Fees | 0.10% | Up to 3.99% |
| Minimum Deposit | $10 | $2 |
| Daily Deposit Limit | $5,000 | $25,000 |
| Year Founded | 2017 | 2012 |
| Beginner Friendly | Yes | Yes |
| Deposit Method | Debit card, credit card, PayPal, Bank transfer | Debit card, credit card, PayPal, Bank transfer |
| Built-in Crypto Wallet | Yes | Yes |
| Supported Devices | Web, iOS, and Android | Web, iOS, and Android |
| Security | Two-factor authentication | Two-factor authentication |
| Verification Speed | Up to 15 minutes | 2-3 minutes |
Binance Exchange
Binance is an online exchange platform for cryptocurrencies that was founded in Hong Kong in 2017. It is one of the leading exchange platforms for crypto.
This exchange offers crypto trading for various digital currencies which include Ether, Bitcoin, Dogecoin, Binance coin, etc. Binance has very less transaction fees.
The exchange also has its own token called Binance coin and offers discounts on transactions done with this token.
Binance allows trading in more than 500 coins and offers a high level of safety and security. It is the best exchange for Australians and is already used by a huge number of traders.
Binance Pros And Cons
As we all know every exchange has its own merits and demerits, Binance also has some negatives. Here in this section of Binance vs Coinbase Comparison, we will discuss some Pros and Cons of the Binance exchange.
Pros
- Offers more than 500 coins,
- Low transaction fees
- Has a very strong liquidity
- It is both a centralized and decentralized crypto exchange
- Has its own blockchain token for transactions
Cons
- Unavailable in a few US states
- The platform may get confusing sometimes for a few users
Can I Transfer Money From Binance To My Bank Account?
Yes, the Binance exchange platform allows the withdrawal of fiat money to the customer’s bank account.
So, that means if any customer wants to transfer money from this platform to their bank account, they can simply do it with the withdrawal features of Binance.
Withdrawal of money through the Binance platform can be done with the help of a PC, smartphone, or iPad in just a few quick steps.
Is Binance Legit?
Binance is the leading exchange platform for cryptocurrencies. It is a centralized as well as a decentralized exchange.
It is focusing on the major problems and is seeking strong solutions for those. Binance supports various types of digital currencies and is also a multi-account platform.
The platform offers good safety and security management. Despite this, there is always some risk involved in digital currency trading.
In the past, there was a hacking incident on the Binance platform. But Binance managed to overcome that issue and is making the security stronger.
Overall, we can say that Binance is a legit and trustworthy exchange platform.
Coinbase Exchange
Coinbase Global Incorporation is an American company founded in 2012. The company runs a cryptocurrency exchange platform, is operated remotely, and lacks physical existence.
It is the biggest cryptocurrency exchange platform in the United States. The company offers various types of products related to different fields.
Buying and selling of cryptocurrencies are available in the Coinbase app with further features like conversion of cryptocurrencies, receiving and sending crypto payments, it also informs about the current market prices and stories of crypto.
It supports around 90 types of digital currencies on its platform including all popular cryptos. It is the best exchange for Australians.
Coinbase Pros and Cons
After a brief introduction, let us discuss the advantages and disadvantages of the Coinbase exchange.
Pros
- Supports around 90 cryptocurrencies, including the popular ones
- It is very user friendly
- The mobile app is top rated
- The platform offers a Coinbase debit card
- Customers can earn free crypto
Cons
- Charges higher fees than the others
- The fee structure is complex
Is Coinbase So Expensive?
Coinbase is very expensive as compared to other platforms. The fees charged by Coinbase is 1 percent per trade and can rise higher per trade for the purchase of cryptocurrencies with credit or debit cards.
The reason for Coinbase being so incredibly expensive is because the company is popular and a large retail brand.
It also has a Coinbase Pro exchange platform, which charges fewer fees than the Coinbase app.
How Long Does It Take To Buy Bitcoin On Coinbase?
If you buy Bitcoin on Coinbase and if it’s through the ACH bank system then it might take a process of 3 to 5 business days.
When you purchase Bitcoin, firstly Coinbase sends this request to the bank. The bank takes a few days for processing, and then Coinbase receives the money from the bank.
The money is converted to Bitcoin and then is transferred to the user.
Can Coinbase Freeze Your Account?
Coinbase can freeze the accounts sometimes if it is required by law or for security reasons due to some circumstances.
If there are some orders from a court or higher authorities then it might block accounts.
The platform also allows users to freeze their accounts within the app. There are available measures to unfreeze the accounts on Coinbase.
Coinbase Features
Features of Coinbase are:
- Coinbase provides a user-friendly experience. It can be easily used by anyone and is available on various types of devices. You can trade on this platform at any time.
- Coinbase Pro is another platform that can be used by users having an account. This pro version provides more types of trading and other various features.
- Customers’ funds and data information are safe and secure on the Coinbase platform. However, the risk is always involved, the users need to follow the security practices for safety.
- The process for opening a Coinbase account is easy and quick. Users need to enter all the necessary information and then after the verification process, they can buy and sell coins.
Binance Features
Features of Binance are:
- Binance provides various trading tools for the users to trade on the Binance website or app. Binance platform allows the users to view their trading history, portfolio, price charts, etc.
- Binance charges very low fees for the transactions. It also provides discounts if trading is done on Binance coins, reaching the VIP status, or through a referral bonus.
- Binance uses two-factor authentication with various measures for security.
- Binance dashboard is accessible to the users through a desktop or smartphone. It gives visibility to the users about the marketing trends, charts, etc. It also allows many other features.
Coinbase vs Binance Features Winner
If Binance vs Coinbase features are compared, then it can be said that the security measures of Coinbase are better than Binance.
But if transaction fees are compared then it can be said that the Coinbase platform is more expensive than Binance. Both have some drawbacks depending upon the various features.
Coinbase Fee
The fees charged at the Coinbase platform depend on the size of the transaction, the type of cryptocurrency, the type of order, and the methods of payment.
Generally, the Coinbase fee structure is more expensive than the other platforms. Coinbase Pro fee is lesser than the Coinbase fee.
Binance Fee
The fee charged by Binance is not very high. There are some fees charged for purchasing cryptocurrencies with a credit or debit card.
Through wire transfers, there is no transaction fee but this facility is unavailable in many places. Binance doesn’t charge any fees for making deposits.
For trading cryptocurrencies on this platform, a fee is applicable. The chargeable amount of the trading fee depends on the transaction.
The higher the transaction, the higher the fee. If the transactions are done with Binance coins (BNB), then the exchange offers a discount. The exchange also charges a fee for withdrawal.
Coinbase vs Binance Fee Winner
If the fee is compared then it can be said that Coinbase is more expensive than Binance.
At Coinbase with the chargeable fees further, a convenience charge is added which increases the amount overall.
Binance offers discounts through various offers, so overall it charges a lesser fee.
Hence, the amount charged by Binance is lesser than the amount charged by Coinbase.
Coinbase Spreads
The spread is the difference in amount between the cost price of crypto and the amount paid by the user to purchase it.
The spread fee charged by Coinbase is 0.5 percent for the purchase and sale of various cryptocurrencies. The amount charged might get changed depending upon the market situation.
Binance Spreads
The spread fee charged by Binance has come down to 0.5 percent which denotes the rising liquidity. The spread amount changes with the fluctuations of the market.
Coinbase vs Binance Spreads
The spread amount of Binance and Coinbase remains close or equal. They differ or rise and fall during the market fluctuations.
Coinbase Security
Coinbase is safe and secure, it has licenses to operate in several states. The cryptocurrencies stored by the Coinbase platforms are all insured, which means if any incident happens, the exchange can cover the user’s amount with the help of its insurance policy.
The platform has rules like KYC (know your customer), submission of ID proof issued by the government, and address verification for granting the buying and selling feature to any user.
Coinbase ensures the safety of users’ funds but also asks the users to take some responsibility like having a strong password, securing the email, device updates, etc.
Binance Security
Binance ensures the safety of the user’s funds by following strict measures. It monitors and manages the risk by using various privacy tools.
The funds are stored in an offline storage facility and it monitors the transactions like withdrawals and changes of email and password.
It uses KYC (know your customer) rule and follows end-to-end encryption so that only customers can access their personal data.
It uses two-factor authentication and also hardware security keys for safety. It also advises to have a strong password, don’t allow withdrawals from unknown addresses, always keep your phone lock feature on, and manage funds on a crypto wallet.
Binance vs Coinbase Security Winner
When security is compared then it can be said that Coinbase is more secure than Binance as it makes the users aware of the safety measures it takes, unlike Binance which doesn’t provide proper information.
Another factor is the regulatory body, Binance is making efforts to come back in its position among the different authorities after the previous issues it faced whereas Coinbase has maintained its position.
Binance vs Coinbase – Number Of Coins Supported
The Binance exchange platform supports more than 500 coins whereas the Coinbase exchange platform supports around 50 to 90 coins. Both the platforms provide popular coins for trading but the number provided by Binance is much more than Coinbase.
Binance vs Coinbase Deposit Methods
The deposit methods of Binance are:
- Any customers having cryptocurrencies in the Binance platform then it can be transferred to the wallets of the Binance exchange
- Bank deposits with fiat money are supported by Binance
- Deposits with debit/credit card or through the third-party payment method
The deposits method of Coinbase are:
- Deposits with ACH bank transfer
- Through bank accounts
- With a debit card or wire transfer
- Crypto deposit
Few deposit methods of both the platforms are the same and few are different. As both are crypto exchanges so despite following their own structures most of the methods are the same except for a few.
Binance vs Coinbase Mobile app
Binance and Coinbase both have separate mobile apps. The main feature of both the platform’s apps is that they allow you to sell, buy, control, and manage your cryptocurrencies at any place at any time without any difficulties.
Both provide safety, security, easy login, and various other features according to their respective rules and policies.
Binance vs Coinbase Customer Support
The customer support of Coinbase has many issues. Binance offers customer support through various options like raising questions in the chatbox, through Twitter, or ticket submission.
The performance of customer support of Binance is mediocre. Despite all these, it can be said that the customer support of Binance is not the best but better than Coinbase.
Binance vs Coinbase – Final Verdict
Binance vs Coinbase has many similarities like both allow buying, selling, and trading of cryptocurrencies.
Coinbase is simple and convenient to use as compared to Binance which is a little more complex platform.
The customer support of Coinbase is very poor as compared to Binance. There are many factors in which these two can be compared.
Both have their own merits and demerits. It solely depends on the user which exchange platform they prefer to use as per the features and their convenience.
Cryptocurrencies are the new trend in the market, try to invest wisely with security measures.
