Binance vs Coinbase – comparing the best online trading apps
It can be pretty tricky to pick between Binance vs Coinbase, especially if you’re new to crypto trading. You should choose wisely, as cryptocurrency exchanges can heavily affect your experience. Choose the one that suits your investment needs.
First, we’ll go through the basics of Binance and Coinbase. They share features expected from crypto exchanges, such as deposit and withdrawal. Still, there are key differences that might make one better than the other.
Crypto investors take their first step in cryptocurrency exchange platforms. Make sure you land on the right one by choosing the best between Binance vs Coinbase. Read further to find out if Binance is better than Coinbase!
What is Binance?
This cryptocurrency exchange platform began from the hard work of one man. Before founding Binance, Changpeng Zhao was working at a McDonald’s.
He was a Chinese-born immigrant in Canada who worked hard to support his family. He took on a variety of odd jobs, including a role in the fast-food chain.
While playing poker in 2013, he learned about Bitcoin. After some time, he started his crypto exchange called Binance using a $15 million ICO.
Binance offers the performance of Zhao’s trading platforms with the potential of cryptos. Nowadays, it’s the global leader in trading cryptocurrency.
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What is Coinbase?
This platform started from dreams of a better global financial system. It would allow everyone to take part. Brain Armstrong and other like-minded experts believed crypto is the way to go.
That’s why they founded Coinbase in 2012. It has roughly 56 million users across 100 countries. The platform allows them to spend, save, earn, and use crypto coins.
Today, Armstrong is Coinbase’s CEO. Some of the world’s leading investors support it, such as Andreessen Horowitz, MUFG, and Greylock.
Differences of Binance vs Coinbase
Exchange platforms aren’t all the same. Binance and Coinbase offer similar services but have different features. Depending on where you live, one of them is the better choice.
Both of them let you take out and put in cryptos. They allow you to top-up your account via bank account, credit cards, or debit cards. You could buy and sell all sorts of digital assets.
If you’re a US citizen, your funds are FDIC-insured by both platforms. It protects your investments against hacking, theft, and other online attacks.
There are much more differences between Binance vs Coinbase. Check which one’s right for you. Here’s a rundown of their features:
Currencies supported
Binance is the clear winner when it comes to the available cryptos. You could trade over 500 coins, while Coinbase only allows 44. Also, lots of new coins are joining the platform.
It does one thing better than Coinbase. Binance provides users with more types of crypto-to-crypto trading pairs. This is a massive plus for those expanding their portfolio.
Unlike most people, crypto investors look for lesser-known altcoins. They buy while they’re still cheap. They hold on to them until their price increases.
Let’s take Ethereum and Cardano as examples. People don’t just use them as money. They also let people create NFTs. As they gain more applications, their price may increase.
It’s easier to buy more of them. Once their price increases, they sell them for profit. Some hold on to certain coins they believe to be the next Bitcoin.
What’s more, Coinbase mainly caters to European countries. Meanwhile, Binance serves non-Western countries too, such as South Korea and Japan.
Ease of use
Coinbase is much more user-friendly than Binance. This allows crypto newbies to start investing right away. However, this comes at a cost. Coinbase lacks certain features like:
- Stock tokens – Binance allows you to trade stocks with crypto.
- Futures trading – It allows you to short sell or long buy crypto coins. This lets you earn much more from trading. On the flip side (pun intended), there’s a chance you’ll lose lots of money!
- Binance Earn – It works just like a savings account. You place an amount of crypto and watch it grow every day.
Between Binance vs Coinbase, people may choose the latter since it’s easier to use. If you’re serious about investing, you’ll have to take time learning how to trade.
It’s much better to use Binance in this case. You’ll get all the tools you need. Besides, you could check Binance Academy for all the latest tips and tricks.
Fee structures
If you live in the United States, Binance might be better for you. Between Binance vs Coinbase, the former has lower costs.
You could get Coinbase Pro to lower the trading fees. Still, Binance is the clear winner since it is already more affordable. What’s more, it also has a pro version!
For a complete rundown of their fees, click here. If you live outside the US, you might need to pay other costs or taxes. Check your government for more information.
Access
If you live in the United States, Binance might not be for you. Its US version is barebones. You might as well get Coinbase due to the lack of features.
Otherwise, you should trade cryptos with Binance. It’s available in more countries, probably including yours. It lets you do so much more to learn and earn with cryptos!
Still, check if your country allows Binance. Consider other trading platforms such as Kraken or OKEx. If you can’t trade cryptos, don’t worry! There are other investment options out there.
Final thoughts
Fiat currencies might be on their way out soon. Cryptocurrencies are becoming more popular around the world. They might be our new way of finance after several years.
Investing in them means benefiting from their long-term growth. Buy them from online services like Coinbase and Binance now. Soon, they could become as valuable as bitcoin.
Between Binance vs Coinbase, the former’s the clear winner. It has more functions, and it allows you to earn more coins. Still, you need to learn before you can make it.
Start by reading more about how cryptos work. Afterward, check CoinMarketCap for the real-time status of most cryptos. You may sort them based on trading volume or market cap.
Then, learn more about how to earn from these coins. You may gain returns faster with day trading. Otherwise, you could just sit tight until they grow long-term value.
Learn more about Binance vs Coinbase
Which is better Binance or Coinbase?
If you’re from the US, Coinbase is much better. Binance US lacks too many features. Otherwise, Binance is the best choice. It has more tools and gives you more ways to earn!
Is Binance cheaper than Coinbase?
Yes, Binance is more affordable than Coinbase. It has lower fees and costs, even if you’re from the US or another country.
Why is Binance banned in the US?
The United States is putting more rules on cryptos. The NFTC is currently looking over Binance as it might have gone against specific US laws.
