Binance vs. Coinbase 2023
Binance as well as Coinbase are two platforms for cryptocurrency that have very different strategies. Coinbase is an U.S.-based exchange that is designed for novices with an easy interface and limited types of transactions. Binance is a difficult learning curve, but also supports advanced users, and supplies international traders with numerous different options for trading currencies
Binance has been crowned the victor because of customer satisfaction and the history of regulatory compliance
Table of Contents
Binance vs. Coinbase Comparison Table
|Deposit Fee||Free||Included in trading fee|
|Payment Methods||PayID/OSKO||Debit card|
Binance Pros and Cons
- A huge spot market that includes more than 600 different cryptocurrencies
- Affordable fee structure with the possibility to discount
- Staking options to over 70 coins
- Deposits and withdrawals that are sleek
- Separate platforms for different markets
- Advanced markets for professional traders
- A complex platform design for novice
- Excellent customer support
Coinbase Pros and Cons
- A low minimum amount is required to fund your account.
- It is simple to use for beginners in cryptocurrency
- Support for a wide range of cryptocurrency
- Earning opportunities to get cryptocurrency
- Lower rates are available when you sign up for Coinbase Pro
- Simple and sophisticated trading
- Earn free cryptocurrency
- Educational content
- The top-rated mobile app
- Offers Coinbase debit card
- The fees are higher than those of other exchanges that accept cryptocurrency.
- Potentially high transaction costs
Because the platforms are designed for different kinds of users, there are the vast difference in their features. But both offer apps for mobile devices that have watches lists or the ability to track prices in real time. The similarities don’t stop there.
With Binance you’ll be able to enjoy the following benefits:
- Advanced charting, with a myriad of options to add overlays and indicators
- Public Application Programming Interface (API) keys to integrate other software tools
- 7 types of orders on Binance
- You can choose to use the digital wallet of a third-party, Trust Wallet
- Over 180 countries can trade with Binance, however only 46 states can utilize Binance.US is not included. Hawaii, New York, Texas and Vermont
Comparatively with Binance, Coinbase offers more features to U.S. residents but fewer options for traders from other countries. Its features comprise:
- Secure, independent electronic hot bank that you can use in conjunction with Coinbase as well as other exchanges
- The ability to transfer funds from your PayPal account.
- It is available in more than 100 countries and states, and no trade permitted by residents in Hawaii
- A monthly newsletter that highlights the most recent cryptocurrency information
- The option to purchase the Coinbase Pro platform with advanced charting capabilities, such as the capability of tracking exponentially moving averages
- Earn cryptocurrency by watching videos in short form
Binance is known for its huge altcoin list that includes over 600 coins accessible for non-U.S. customers.
However the Binance.US exchange only supports a little over 100 coins.
Coinbase provides 179 currencies for trading.
Fees for Binance are among the lowest rates in the business however Coinbase does not publish its charges online.
Binance operates on the maker-taker arrangement that offers identical fees for takers and makers. The fee chart could be confusing for novices, however it has a lot lower cost particularly for traders who trade in large volumes.
Support for crypto exchange customers is often an aspect of the process, despite the rapid increase in exchanges. But, Coinbase has grown its efforts recently in this area by introducing phone support, which is a crucial addition to the previous options that were limited to email and support tickets.
Binance has solely support-related tickets, which could be part of the cost you pay for its cheap trading costs.
With an array of support options Coinbase appears to be the clear winner in this.
Binance only accepts PayID and OSKO as deposit options that are accepted as fiat in Australia. It is also possible to transfer cryptocurrency into the Binance account. bank account.
Coinbase accepts only Debit cards.
While both platforms are considered safe, Coinbase has a better overall reputation. Established in 2012, Coinbase is an U.S.-based exchange which became public in April 14th, 2021 through an straight listing and is also backed by banks such as J.P. Morgan.
In contrast to Coinbase, Binance was first founded in China prior to its move to Japan and then it’s Binance.US platform is located at Palo Alto, California. It isn’t regulated in every country around the globe, but the Binance.US exchange is regulated by U.S. rules. It is important to note this: Binance remains in the midst of a U.S. regulatory investigation.1
Both exchanges support the two-factor security (2FA) through the Google Authenticator application or short messages (SMS) however U.S. users report some issues with Binance.US or Google authentication procedure. Coinbase and Binance require users to prove their the identity of the user by taking a picture.
Because Binance has been hacked before, Coinbase is the clear winner in this matchup.
When you compare Binance against Coinbase, there are several similarities. Both offer access to similar currencies, both let the user to purchase trade, sell and buy your digital assets. They also both offer education for beginners to the crypto world.
Coinbase is the easiest platform for new users due to its minimal layout and a fantastic mobile app. The process of buying and selling cryptocurrency on Coinbase is as easy as a couple of steps, and your crypto money is safe to store in all times.
If you’re not an U.S. resident and looking to get deeper into the world of crypto, Binance is a great option to start. With its wide range of trading options, an easy-to-use platform and access to more than 500 cryptocurrency, Binance is the top option for the majority of traders.
If you’re an Australian trader, like me, the best option is Binance.
Frequently Asked Questions
Does Binance offer an account for cryptocurrency?
Since the year 2018 it has been the Binance wallet has been officially launched. Binance wallet has been Trust Wallet. It is free and simple to download via through the Internet, Trust Wallet is secure and private. It also can support thousands of different cryptocurrency.
Does Binance has a mobile application?
Yes. Binance’s app is completely free and helps you trade and organize your cryptocurrency easy. It can be downloaded through both the Apple Store and Google Play.
How do Binance earn money?
In 2021, Binance reached a record revenue in the range of $20 billion from fees to trade in trades and fees. Additionally, Binance charges margin borrow interest, futures fees, trading, as well as cross interest rates for collateral.
Do you think it is safe to connect the bank account of a customer to Binance?
The transactions that take place on the internet is 100% secure, but according to the security measures that Binance has implemented, Binance is a reputable cryptocurrency venture.
How can I take my money from Binance?
The cash-out process using Binance is simple and rapid. Go to your Wallet page on your dashboard, and then select Spot Wallet. Just next to your AUD wallet you’ll find the option to withdraw on cash Balance tab.
If your request is approved after which you’ll get your money sent to your account within 3-5 business days.
How can I earn money with Binance?
Binance provides a variety of trading options so that you can purchase and sell cryptocurrency and benefit by profiting from the advantageous price difference. Additionally, you can speculate about prices of the assets available by trading on the derivative market. Additionally, Binance features a few options for passive earnings and stakes. It is true that Binance is a great platform to make a profit, with a sound trading strategy and some luck.
Are cryptocurrency transactions legal within the United States?
The legality of cryptocurrency is throughout the United States. However, unlike US currency or credit cards, crypto isn’t restricted nor issued by a bank or a government. Instead, cryptocurrency utilizes encryption to ensure the authenticity and distribution of transactions using a decentralized system.
Which countries Coinbase supports? Coinbase supports?
Customers can utilize Coinbase within Coinbase in the United States, Canada, Australia, Singapore, and the majority of Europe. For the United States, Coinbase’s USD wallet is available only to states that have licenses in the transmission of money or in states where licenses aren’t issued or required by Coinbase. In the current Coinbase exchange review just the State of Hawai’i was waiting on Coinbase support.
Is Coinbase licensed in the United States?
Coinbase licenses are in all 42 US states and also Washington DC and Puerto Rico. It is still possible to access Coinbase in states that are not licensed.
Does Coinbase has a mobile application?
Coinbase offers a mobile application available for iOS as well as Android users. It is highly rated by customers in their Apple as well as Google Play stores. It lets users buy or sell and store crypto safely, with an intuitive layout and user-friendly platform.
Does Coinbase offer an online cryptocurrency wallet?
Coinbase Wallet is a mobile application that gives you a secure storage space for your cryptocurrency. It is possible to utilize Coinbase Wallet with or without an existing Coinbase cryptocurrency exchange account, however, you are able to connect to your Coinbase Wallet with you Coinbase exchange account to increase security in your crypto storage. It is available for Android as well as iOS devices.
What is the difference between Coinbase and Binance?
Binance was established in the year 2017 is the most renowned cryptocurrency exchange worldwide, while Coinbase is second-largest. Binance has more than 200 cryptocurrency and Coinbase Pro supports 36. The company also has low fees. It is worth noting that Binance has been the focus of one of the largest cryptocurrency thefts of 2019 and doesn’t conform to Coinbase’s policy of protection and self-regulation. In the past, Binance relocated to Malta in a country where it isn’t subjected to the strictest regulations.
Top Crypto Exchanges Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Deposit Fees||Withdrawal Fees||Sign Up|
|Bank Transfer, Crypto, Credit and Debit Card, Osko, PayID||New Zealand Dollars and Australian Dollars||Over 320||0.6%||Australian Dollars Deposits: 0% Crypto: 0%||Australian Dollars Withdrawals: 0% Crypto: 0%||Visit Swyftx|
|Crypto, Credit and Debit Cards, Osko, PayID||10 Fiat Including USD and AUD||Over 600||0% to 0.1%||0%||Vary||Visit Binance|
|Bank Transfer, Fiat, Crypto, POLi, and PayID||Australian Dollars||Over 370||Instant Buy/Sell: 1% OTC: 0.1% Market Order: 0.1%*||Direct Deposit: $0 Cash: 2.5% PayID, POLi, and direct deposits: $0 BPAY: 0.9% Direct Bank Transfer: $0||Australian Dollars Withdrawals: $0||Visit CoinSpot|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, credit card, and debit card||50+||160+||0.1% spot trading 0.01% – 0.06% market makers/market takers fee||$0||Does not support direct fiat withdrawals Crypto withdrawal fees: Network fees||Visit Bybit|
|PayPal, Cryptocurrency, SWIFT, Fedwire, Wise, Debit Card, Credit Card, SEPA, BPAY, Bank Transfer (ACH)||USD, AUD, SGD, and 15+ more||250+||0.04% to 0.4%||$0||FREE via bank transfer. $25 for USDC withdrawal via SWIFT Network||Visit Crypto.com|
|Bank Transfer, Crypto, POLi, Osko, PayID||Australian Dollars||Over 300||0.1% to 0.5%||Deposit Fees Bank Transfer: $0 POLi: $2 (capped at $3.30)||$0 for AU Bank Accounts Cryptocurrency: Depends On the Network||Visit Digital Surge|
|Fiat, Bank Transfer, Crypto, Credit or Debit Card, Apple Pay, Google Play||Pound Sterling and Australian Dollars||Over 50||Maker: 0.04 to 0.1% Taker: 0.04 to 0.1%||Fiat: 1.5% CoinJar Users: $0 NPP: $0||$0||Visit CoinJar|
|Crypto, Osko, PayID, Electronic Fund Transfer, SWIFT||Australian Dollars, US Dollars, New Zealand Dollars||Over 25||0.05% to 0.5%||For SWIFT Deposit: $15 for deposits under Australian $5,000 equivalent $0 for deposits over Australian $5,000 equivalent For Electronic Fund Transfer: Australian $0.99 for deposits under $100 $0 for deposits more than Australian $100||Crypto: Fees vary Bank Transfer: $0 for AUD $20 for non-AUD||Visit Independent Reserve|
|Bank Transfer, Debit Cards, Neteller, PayPal, Online Banking, and Skrill||15 Fiat Currencies Including USD and AUD||Over 70||Vary||Vary||$5 but minimum withdrawal of USD50||Visit eToro|
|Debit Card||More than 20 Fiat Currencies Including USD and EUR||Over 200||Vary||Credit Card and Debit Card: 3.99%||2.49%||Visit Coinbase|
|Bank transfer (ACH)||Euro and US Dollars||Over 320||0.25%||$0||Vary||Visit Bittrex|
|Bank Wire Transfer, Crypto, Credit Card||US Dollars, Japanese Yen, Euro, Pound Sterling||Over 200||Taker: 0.055% to 0.2% Maker: 0% to 0.1%||Crypto: $0 Wire: 0.1% (min 60 Euro/USD)||Crypto: $0 Wire: 0.1% Express Bank Wire (within 1 day on business days): 1% (min 60 Euro/USD)||Visit Bitfinex|
|Bank Card, SWIFT, Google Pay, SEPA, and Fedwire||6 Fiat Currencies Including USD and AUD||Over 10||2.93% to 3.9%||0% to 5%||N/A – assets are directly sent to the user’s crypto wallet||Visit Coinmama|
|Bank Transfer, Crypto, Wire Transfer, osko, SEPA, Apple Pay and Google Pay||7 Fiat Currencies Including USD and AUD||Over 140||Maker: 0% to 0.16% Taker: 0.10% to 0.26%||Vary||Vary||Visit Kraken|
|Crypto, PayPal, Wire Transfer, Credit or Debit Card, SEPA||9 Fiat Currencies Including USD and AUD||over 645||0.1%||$0||Vary||Visit KuCoin|
|Bank transfer, P2P, POLi, OSKO||AUD||100+||0.5% – 1.6%||$0||Fiat Withdrawal fees: $0 Crypto withdrawal fees: Network fees||Visit Easy Crypto|
|Crypto, PayID, Bank Transfer||AUD||410+||0.85%||$0||Crypto withdrawal fees: Network fees Fiat Withdrawal fees: $0||Visit Coinstash|
About The Author
This page was last updated on July 14, 2023