Binance VS Coinbase: 2020 Definitive Comparison Guide to Newbies
Binance vs Coinbase? Both are one of the best cryptocurrency exchanges available in the market. You will get a definitive Binance VS Coinbase comparison guide 2020 and which platform is more suitable according to your needs.
The cryptocurrency market has seen a rise by $13 billion dollars as major cryptocurrencies crossed the $10,000 threshold this February and there are more than 2000 cryptocurrencies.
As you are here for Binance vs Coinbase comparison, you might be wondering; is it safe to invest in Binance or Coinbase. How much should I invest and a lot of questions that every newbie has while discovering a new cryptocurrency.
You don't have to worry...
In this review, we will talk about Coinbase vs Bitcoin and have an in-depth comparison so that you can choose which one is the best fit for you.
Let's start by having a brief overview of Binance and Coinbase.
Overview of Binance and Coinbase
Coinbase Introduction
Brian Armstrong and Fred Ehrsam founded Coinbase in San Francisco, USA back in 2012. It is a broker exchange for the basic version, buys crypto for clients rather than providing a platform for sellers and buyers like Binance.
As per 2018 stats, Coinbase worth more than $8 billion placing it in top cryptocurrencies. Recently, Coinbase has raked in $14 billion to its worth.
Now, you can guess how big is Coinbase.
Moreover, it obeys KYC/AML regulations. Renowned companies like Andreessen Horowitz, Tiger Global, IVP are key investors for Coinbase.
So, this is Coinbase's introduction. Now, it's time to explore Binance.
Binance Introduction
Coinbase Vs Binance Size Comparison
How Big is Coinbase?
Coinbase has more than 35 million verified users with over $320 billion traded to date. It has over $25 billion in assets on the platform with 1000+ employees.
Currently, Coinbase provides a huge platform for its users to buy, sell, store, use, and earn cryptocurrency. Coinbase Pro ranks second out of the top 370+ cryptocurrency exchanges. At this moment, it has a 24-hour trading volume of $1,672,208,385.
How Big is Binance?
We can see that Coinbase is not listed by the coin market cap. Coinbase CEO claimed that it broke its previous record and recently it processed $2 billion in crypto.
Both currencies exchanges are quite popular and have a strong market presence. Now, we need to see which currencies both platforms support.
Coinbase Vs Binance Supported Currencies Comparison
Coinbase Supported Currencies
 |
| Coinbase supported cryptocurrencies. Source: Coinbase |
Binance Supported Currencies
In the Coinbase vs Binance size comparison, we can get an idea about how big is Binance. Being a leader in cryptocurrency exchanges, Binance supports hundreds of different cryptocurrencies and over 876 pairs of different cryptocurrencies.
- Bitcoin (BTC): 149 pairs
- Binance Coin (BNB): 74 pairs
- Ethereum (ETH): 146 pairs
- US Tether (USDT): 18 pairs
One issue with Binance is that it does not support fiat (Local/international established currency) currency. You can only exchange cryptocurrencies on Binance while Coinbase offers this service through.
So, it is a good option for beginners to start with but which platform is more user-friendly?
Coinbase Vs Binance Userfriendliness Comparison
In terms of user-friendliness, Coinbase is the winner. That is why cryptocurrency experts suggest newbies to start with Coinbase as you can easily learn and trade from start. It has a simple, easy-to-use UI/UX design and if you are totally a beginner and intimidated by grasping a lot of information you may start with Coinbase.
Binance has two versions for its users:
- Basic
- Advance
But this basic is also a bit complex for newbies.
So you should ignore Binance completely if you are a beginner?
My answer is...
Definitely not.
You can also start with Binance and learn side by side. But on the comparison side, I've to say that Coinbase is the winner.
We also need to look at the performance of the mobile platform of both Binance and Coinbase.
Coinbase Vs Binance Mobile Platform Comparison
Coinbase App has been downloaded over 10M+ with over 217K and 4.3-star rating which is extremely good comparing such a huge number of reviews. It takes less space as compared to Binance. Coinbase App has a slight edge over Binance but we can relate it to the above comparison of user-friendliness.
User-friendliness can not only decide which platform we should use. We also have to look at the fee structure that users have to pay while exchanging cryptocurrencies.
Obviously, this is one of the top criteria before selecting any cryptocurrency platform.
Coinbase Vs Binance Fee Comparison
There are basically three types of Fees in almost all Crypto exchange platforms.
- Deposit Fee
- Withdrawal Fee
- Exchange Fee
Coinbase Fee
Coin base has also varying fees for trading cryptocurrencies. The below table shows the pricing tier along with the taker and maker fee. The taker fee reduces from 0.5% to 0.05% as the trading amount increases. The maker fee reduces from 0.5% to 0.00% as the trading amount increases.
You will receive $10 worth of free Bitcoin when you will buy at least $100 crypto
This discount is for a limited time so avail this golden opportunity now.
Binance Fee
For Binance, there is no withdrawal of the deposit fee. Binance fee ranges from 0.0150% – 0.1% for the trade of cryptocurrencies. The fee is calculated depending upon your trade volume and is charged from both maker and taker. Below are Binance fee charges depending upon the level of your trade.
From a fee point of view, we can easily agree that Binance is the winner because of their low fee and trading fee discounts. So, it can be a good start for newbies as it charges less fee for crypto-to-crypto exchanges.
As we are talking about fee limits, how we can ignore trading limits!
Coinbase Vs Binance Limit Comparison
Binance Limit
- Level 1
- Level 2
Level 1 users can trade up to two Bitcoin while level 2 users can trade up to 100 Bitcoin.
Coinbase Limit
- Fiat Currency
- User Level
- Level 1
- Lebel 2
- Level 3
Level 3 user has unlimited trading limit while level 2 user has a limit of $25,000.
We can easily guess that Binance is more favorable in the case of trading limits. Now, we know about trading limits for both the cryptocurrency exchangers but which is more secure...
Want to know?
Who doesn't!
Let's continue...
Binance Vs Coinbase Security Comparison
Coinbase Security
Binance Security
Binance security has been breached a couple of times but Binance was able to compensate its users for the loss. It also makes use of established standard security protocols i.e. passwords and 2-factor authentication. You are notified of new system logins so that you can take measures against any suspicious activity.
Binance provides its users with a complete guide to make their accounts secure. Binance also attacked by hackers in 2018 but the hack was detected by the system and user funds were not compromised. Binance moved its offices to Malta only to avoid strict regulations from different countries and is now on its way to restrict US users because of strict US regulations.
We can say that both Binance and Coinbase take users security seriously. Coinbase has an edge over Binance as it is more clear about its process of dealing with users money. It also has to follow strict US Laws that enhance security measures to protect user rights.
The last thing that everyone wants to know is when you get a problem which customer support is more fast and reliable.
Binance Vs Coinbase Customer Support Comparison
- FAQ
- Submit a Request
- Online Chat Support
- Call Support (Only for compromised accounts)
- Binance Community
- Complete Guide
- FAQ
- Submit a Request
- Online Chat Support
- Binance Community
- Complete Guide
This model is similar to modern customer support protocols. Online chat support can help customers resolve their queries immediately.
Binance does not offer call support and it is the only demerit here. But coinbase offers call support only for compromised accounts and we know that both the leaders take their security seriously that's why both provide similar kind of customer support.
Now, it's time to summarise the whole comparison to find which is the winner.
Binance Vs Coinbase Comparison Chart
| Parameters | Coinbase | Binance |
| Founded | 2012 | 2017 |
| User Count | 35M+ | 15M+ |
| Supported Cryptocurrencies | 40+ (Support Varies) | 500+ |
| User Friendly | Yes | Difficult for beginners |
| Mobile Platforms | Yes | Yes |
| Fiat Support | Yes | No |
| Fees | High | Low |
| Withdrawal Limit | Limited | Less Limited |
| Security | High | High |
| US Regulatory Compliance | Yes | Yes, only for the US |
| KYC Required? | Yes | No |
| Customer Support | Excellent | Good |
Conclusion
Cryptocurrency is a nightmare for newbies. Both platforms are great to start cryptocurrency trading. My personal recommendation is to used Coinbase first if you are a newbie as you can use Fiat currency to buy a cryptocurrency and its user interface is simple to use. So, its a heaven for beginners. But you should also move to Binance as it is the market leader in cryptocurrency exchanges and it has a lesser fee as compared to Coinbase.
The ideal approach is never to rely on one platform only and learn from other people experience. Both have some merits and demerits. Both take security and customer support seriously. So, have to admit that this match of Coinbase Vs Bitcoin has to be a draw.
Now, it's your turn to decide which platform you want to prefer. Let us know what you think about this comparison.
1 Comments
full knowledgeable article sir
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