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Binance vs Coinbase: The Biggest Differences
Binance and Coinbase both offer a wide variety of cryptocurrencies, including staking, peer-to-peer crypto transactions, payment services, institutional services, educational resources, and more.
But there are also many differences between the two platforms. Although it has a US version (Binance.US), Binance is best for experienced, non-US traders who want access to a variety of trading tools, order types, and account features. However, Coinbase is more suitable for beginners looking for an easy-to-use user interface.
Binance and Coinbase account features and fees also differ. Keep reading to see how investment platforms compare.
Binance Pros and Cons
Founded in 2017, Binance is a crypto exchange that offers hundreds of cryptocurrencies to traders around the world. It offers a vast selection of services including regular crypto trading, margin trading, and futures and options trading, Binance Academy (a compilation of educational resources for beginners), NFT services, and much more.
Together Binance Earnings, you can earn regular interest rewards by betting a variety of coins (staking is a process that allows you to earn interest payments by holding certain assets for a certain period of time). Another feature, Binance Loans, lets you use crypto as collateral to take out crypto loans.
In addition, the Binance Visa Card gives you the option to spend crypto on items around the world, and Binance Pay lets you transfer or spend over 40 different cryptocurrencies at no additional cost.
When it comes to trading, you will have a wide variety of options and platforms. These include its over-the-counter (OTC) trading portal, classic Binance trading interface, advanced trading platform, margin trading and peer-to-peer trading.
If you are a US resident you will not be able to use the regular Binance platform. Binance has a separate platform for US traders, Binance.US. The US platform has a more limited selection of cryptocurrencies (50+ to be exact), and does not allow margin or futures trading. However, it still provides a wide range of facilities for individuals and institutions. Check out our full review of Binance.US here.
On the institutional side, Binance offers over-the-counter (OTC) trading and various other services to clients such as high-frequency trading firms, hedge funds, market makers and investment banks.
In addition to trading (institutions can take advantage of futures and options products, margin trading, and API connectivity), Binance also offers institutions a wide range of staking and savings options through the Binance Earn portal. Read more about Binance’s institutional services here.
When it comes to platform navigation and customer support, Binance is hard to beat. You can access its platform via multiple devices including iOS, Android, Android APK, macOS, Windows, Linux and APIs. Plus, Binance provides 24/7 customer service.
Read Personal Finance Insider’s full review of Binance.US here »
Pros and Cons of Coinbase
Coinbase is one of the largest crypto exchanges in the world. Founded in 2012 by Brian Armstrong and Fred Ehrsam, the investment platform offers over 80 assets along with crypto services for both individuals and institutions. These include crypto trading and staking, digital crypto storage, crypto rewards for educational courses and much more.
If you are a retail trader looking to enter crypto, you can choose either the standard Coinbase investment account, or the Coinbase Pro account. While both Standard and Pro accounts give you access to features such as staking, Coinbase Earn (an educational program that pays you in crypto to learn about different cryptocurrencies), crypto loans, and digital storage, the trading tools in Coinbase Pro more advanced offering. .
These include trading APIs, charting tools and order books (including $250,000 FDIC insurance).
As for the accepted payment methods, US customers can fund their accounts via ACH transfer, wire transfer, debit card transaction, PayPal transfer and Apple Pay transfer. But Coinbase is more valuable than both Binance and Binance.US platforms.
Coinbase also offers a long list of options for institutions or businesses with crypto needs. These include its Coinbase Prime trading platform, institutional-grade offline storage services, commerce platform, asset hub, and more.
available on coinbase iOS And Android Device.
Read Personal Finance Insider’s full review of Coinbase here »
Binance Vs Coinbase: Which Is Right For You?
Binance and Coinbase both offer a large selection of cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, but the platforms differ when it comes to fees, order types, account features, and accepted payment methods.
While Coinbase offers support for merchants in over 100 countries, Binance is a less expensive option for non-US traders (but also note that you will pay less for the US version of Binance than for Coinbase). However, Coinbase makes up for its high fees with an easy-to-use user interface.
Overall, Binance is an ideal choice for non-US traders in terms of discoverability such as low fees, abundant payment methods and order types, and advanced trading tools. Binance.US may also be a good option for US traders who want low fees, but Coinbase’s combination of educational resources, ease of use, and account features make it hard for beginners to beat.
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