Binance Vs Coinbase are both rapidly growing crypto apps in the market right now. With both of these having their advantages and disadvantages, it might prove challenging to choose between them.
This article discusses Binance vs Coinbase comparison. We go over their performance in different areas and compare them.
Table Of Contents
Binance Vs Coinbase
Before we compare the two apps, let us look into their background and popularity.
Binance is a crypto exchange app that allows you to buy and sell cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more.
Binance is a China-based app exclusively available in China in its early years. It is now being used in many counties. Binance acquired WazirX in 2019, one of India’s most used crypto exchange apps.
You can trade around 150+ cryptocurrencies on this app quickly. The app has been installed by over 10 million users and has a good rating of 4.3 on the Google Play Store.
Coinbase is another highly trusted crypto app in India. It is an American app that was founded back in 2012. It entered the Indian market around 2017 and has become popular in the country since then.
Coinbase is usually used for trading Bitcoin and Ether. It has a good rating of 4.3 on the Google Play Store with more than 10 million downloads.
Now that we know the background and origin of these apps, let is compare their significant features.
On Binance, you can internationally trade around 500 cryptocurrencies or even more. Coinbase supports about 107 cryptocurrencies. Since both of these offer various coins, you could go with any when it comes to this element.
The fee is the most important deciding factor for many users. Crypto trading involves three kinds of fees. These include withdrawal fees, a deposit fee, and a trading fee.
On Binance, there is no withdrawal or deposit fee. It does impose a trading fee that can be anywhere between 0.015% to 0.10%. The price is higher for debit card purchases, usually 3.5 %. Hence many users prefer to use UPI or any other payment method.
On Coinbase, the wire transfers are charged like $10 for deposit and $25 for withdrawal. The trading fee is 0.5 %, and for credit card purchases, it is 3.99%. Although if you use Coinbase wallet or tokens, the trading charges are significantly reduced to 1.49 %.
Coinbase is an intuitive app with a more straightforward user interface. It is easier to use and hence much more beginner-friendly. It offers basic transactions without having to understand detailed aspects of crypto. Coinbase is suitable for fun and easy trading, more as a hobby than a serious venture.
Binance, comparatively, is more suitable for expert traders. Although Binance also has an easy-to-use interface, it provides way too many choices for a beginner. The app has comprehensive charting options and shows a much deeper analysis of crypto trading in the international market.
Binance is more suitable for someone familiar with trading language and terms and has more experience in this area.
Safety And Security
When choosing between crypto trading apps, safety and security are vital.
The many security features available on Binance include Two-factor authentication (2FA) verification, Federal Deposit Insurance Corporation (FDIC)-insured United States dollars (USD) balances for Binance.US, device management, address safelists, and cold storage.
The security features offered by Coinbase include 2FA verification, insurance for hot storage, biometric fingerprint logins, cold storage, FDIC-insured USD balances, and AES-256 encryption for digital wallets.
These apps are reputed to keep their users’ funds safe from frauds and attacks.
If you are an expert at trading, you might wish to switch to a platform where you can perform more types of transactions. Binance supports much more transaction types than Coinbase. These are limit order, market order, stop-limit order, trailing stop order, post-only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more.
You can perform fewer transaction options on Coinbase, like buying, selling, sending, receiving, and exchanging. Hence for a beginner, Coinbase is more suitable.
To Sum It Up
Binance and Coinbase are both highly trusted apps. To help you choose between the two, this article goes through a detailed Binance vs Coinbase comparison. We compare the apps on essential parameters like fees, security, required experience, etc. Overall, Coinbase is more suitable for beginners, whereas Binance is more appropriate for expert traders.