Binance vs Coinbase — A crypto exchange comparison

Coinbase and Binance are two cryptocurrency exchange platforms with very distinct approaches. The two companies operate differently in terms of how they handle and store users’ funds, as well as the types of currencies they offer. Despite this, users will find that both platforms have their pros and cons. So which should you choose?

This blog post seeks to explore the differences between Binance and Coinbase so that consumers can make a more informed selection about which platform is the best for them.

An overview of what Binance is!

Binance is a leading cryptocurrency exchange that aims to create a complete blockchain ecosystem. The exchange offers hundreds of different trading pairs for users to choose from, as well as low trading fees and an advanced trading engine for experienced traders. Binance is also known for its BNB coin, which can be traded with many of the new tokens listed on the platform.

Binance users have been very vocal about the platform, praising it for its intuitive user interface and high-security standards. The company’s CEO, Changpeng Zhao, has also built a great rapport with the team’s community through various interviews and social media interactions.

Despite its popularity, Binance has suffered a couple of setbacks in 2018. The company was recently forced to stop most trading on the platform for an hour because of an issue with their system. This was not a security breach but rather caused by Binance users creating large transactions which were flooding the blockchain network.

An overview of what Coinbase is!

Compared to Binance, Coinbase is far more beginner-friendly and is known for being a secure place to start trading crypto. The platform boasts over 10 million users and allows users to buy and sell four major cryptocurrencies immediately: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

The platform also allows users to buy other cryptos with bank transfers and credit/debit cards. Coinbase charges relatively cheap fees, but it is not the only exchange that offers a bunch of different coins at low fees.

Coinbase has been slammed in the press for allowing unlicensed sellers to list coins on their platform. Coinbase was forced to delist these ICOs shortly after their listing, and many other investors lost money as a result. The company has since introduced Know Your Customer (KYC) protocols that will prevent this from happening again.

Coinbase is also known for being very open about new cryptocurrency rules and regulations.

Pros and Cons of Binance!

Pros

• More than 500 cryptocurrencies for trade
• One of the finest and cheapest platforms to use
• A diverse selection of transaction types

Cons

• United States customers cannot use the Binance platform, and the Binance.US exchange is somewhat limited
• It at times can be overwhelming, even for professional players.
• No built-in digital wallet
• In regulatory trouble in various countries and under investigation in the United States.

Pros and Cons of Coinbase

Pros

• Incredibly user-friendly platform
• Trusted by U.S. regulators
• Several ways to purchase cryptocurrency

Cons

• Expensive fees for payment methods and transactions.
• Few advanced options for professional and expert traders
• Fewer transaction types than other exchange platforms

In a nutshell, the winner here is Coinbase due to regulatory history and customer satisfaction.

Related Topics that you may find useful

All you need to know about BNB

Getting started with Coinbase Account

Is it safe to keep crypto on Binance?