Binance Vs Coinbase: Best Major Differences Comparison Guide
In the note of these two big CryptoCurrency buy sale platform Binance vs Coinbase, every new crypto investor always comes up as both are common in the Crypto industry.
Choosing the best from existing exchanges to invest in top cryptocurrency is always a big concern for new investors or traders.
It is best to recognize all the pros and cons associated with each platform due to high fiat to Crypto conversion fees, trading fees, and security issues.
Basic Introduction of Binance vs Coinbase
Coinbase is an easy-to-use cryptocurrency exchange based in the USA that is more like a wallet or cryptocurrency exchange.
It was set up in San Francisco California by Brian Armstrong and Fred Ehrsam in 2012.
Okay, don’t think of coinbase as an exchange of tradition where you can put future buy sell bid, it’s like buy sale instantly.
Coinbase is listed with just a few major cryptocurrencies and no more available trading pairs.
You can start with Coinbase if you want to buy cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin and a few altcoins like EOS, XRP, XLM, etc.
It is currently limited by a total of 15 cryptocurrencies and very few available trading pairs and also offers the facility for converting one cryptocurrency into another.
Coinbase also has a fiat currency wallet based on local currencies such as USD, GBP, EUR, etc. That means you can buy cryptocurrency sales in exchange for fiat currency and one of the most trusted and famous platforms for sending and receiving payments on a bank account.
Binance is like a traditional exchange and one of the most popular exchanges to date, it was founded by Changpeng Zhao and Yi He back in 2017. It is based in Malta although it has offices in Japan, China, and Taiwan and has gained wide popularity over the years.
Binance offers to exchange more than 100 altcoins in the crypto community, including Bitcoin, Ethereum, Litecoin, and any big cryptocurrency.
Binance has already gained enormous attention in the market due to its low trading fees and timely social media updates.
Binance has current daily volumes of around $1.8 trillion a day, making it ahead of all other exchanges.
It also offers to sell cryptocurrency in exchange for Cryptocurrency or fiat currency, but Binance like coinbase will have no local currency wallet.
Any amount with Binance will be held in either cryptocurrency or stable coin, if it is new to Binance, the review guide on how Binance works will not be missing.
Let’s concentrate on one by one of the major differences.
KYC Account Opening
Each platform allows the customer to complete KYC for account opening due to the tightening of regulatory pressures.
Coinbase also asks the user to upload the documents below to complete the simple KYC.
1.Your Self-photo with identity document
2.Email and mobile number verification
4.Bank Account Verification
You will be checked after uploading the identification document and photo and you will be able to complete the other part later.
Click Sign Up Link to open an account with Coinbase and follow the remaining verification process.
Binance, however, is the only exchange that will not ask the user to complete KYC before using the exchange.
How to purchase cryptocurrency
Well, both Coinbase and Binance offer in exchange for both possible ways such as cryptocurrency and fiat currency to buy selling cryptocurrencies.
Referring to the Coinbase, it has a local currency wallet based on the country account such as GBP / USD / EUR, etc.
You can deposit the amount in your bank account and you could buy listed cryptocurrencies using that fiat currency.
The other option is to buy-sell using CryptoCurrencies, where if you are already the owner of the cryptocurrency such as Bitcoin, Ethereum, Litecoin, and so on, you might purchase other currencies such as Bitcoin Cash, Ethereum classic, and so on.
The other choice is to buy-sell using CryptoCurrencies, where if you’re already the owner of cryptocurrency like Bitcoin, Ethereum, Litecoin, etc., you can purchase other currencies like Bitcoin cash, Ethereum classic, etc.
Binance just provides a cryptocurrency exchange for cryptocurrencies meaning you can purchase the other cryptocurrencies if you are the cryptocurrencies owner.
On Binance big cryptocurrencies listed for undercoins in trading pairs.
Up to four are major trading pairs, so you can buy their corresponding coins in exchange for the above coin if you are the holder of anyone.
If you want to buy using fiat currency such as USD, EUR, etc. Binance also offers to buy certain coins directly such as.
Use your credit or debit card to buy any of the above coins directly and that balance will be free in your pocket.
If you want to buy coins other than the one above, then buy Ethereum or Bitcoin than go to their exchange market and sell them for your Altcoins.
Okay, I think you’re most likely clear when it comes to buy-selling for Binance vs Coinbase, let’s talk about transaction fees.
Coinbase vs Binance transaction fees
Okay, there are separate charges for deposit, withdrawal and trading fees for both Coinbase and Binance.
Referring to the Coinbase while you are depositing or withdrawing funds, there will be no fees except a few as listed below in the case of bank transfer.
|SEPA (EUR)||£0.15EUR||£0.15 EUR|
Nonetheless, it will be free to deposit or withdraw from the wallet for Electronic cryptocurrency.
Getting to the trading fees as you process purchases or sale orders on Coinbase will add the amount of purchase or sell order that you put the fees.
From the above screenshot, the Coinbase trading fees will range from 0.99 $to 2.99 $for each effective order.
Please note this detail as the trading fees will apply once you have completed each purchase or sell order.
In the case of regular trading, you can use coinbase Pro or GDEX where only between 0.15 percent -0.25 percent for each trading you will be charged maker or taker fees.
Please note that money transfer or withdrawal from Coinbase to GDEX or outside Coinbase wallet will only be available after 5 days of deposit.
Initially, the bank does not allow fiat currency deposits such as USD or EUR to be exchanged directly.
Nevertheless, they have given the facility to buy few cryptos such as BTC, ETH or LTC directly with credit/debit cards via Simplex Payment Gateway for their users.
In that case, the payments will be charged by the Simplex payment processing portal as a total of 3.5% or 10$.
But if you’re trading on the exchange using cryptocurrencies then you’ll be paying a 0.1 percent fixed fee, which is one of the lowest exchange rates accessible.
This also promises to minimize this by up to 50 percent using Binance coin trading pairs, which means that the latest trading cost would only be 0.05 percent.
In that case, the transactions will be billed as a minimum of 3.5 percent or 10 $from the Simplex payment processing system.
But if you transact on the platform using cryptocurrencies, you can pay a fixed charge of 0.1 percent, which is one of the lowest available exchange rates.
This also aims to reduce this by up to 50 percent using Binance coin trading pairs, which means just 0.05 percent would be the current trading price.
The interface of Binance vs Coinbase
Coinbase provides a convenient wallet app where you can complete the purchase order with a single click.
The movement of the price chart also seems easier for beginners to understand and the user can easily understand the cryptocurrencies ‘ current market trading price.
Fiat deposit will be made by depositing directly to the Coinbase bank account number provided in the bank account, and Coinbase wallet will be credited within an hour.
In case of any security breach, Coinbase also offers insurance for your funds but will not reimburse your funds if you have compromised your own account.
When referring to the Binance app, it is like a standard trading platform that will display the price map, order history, and buy-sell window.
Users can sell cryptocurrencies by placing a market order or limit order or stop-limit order.
The software won’t look as familiar to new investors, but it would be simpler than that if you are aware of any basic trading system.
In Binance, as explained in our guide, if you are beginner than advice to start with Coinbase and parallel track how to buy sale happens.
Withdrawl Limit of Fund Deposit
We discussed previously with Coinbase vs Binance the fees associated with both depositing and withdrawing funds.
However, Binance allows you to trade without completing the KYC where your anonymous account can be created.
That restricts your withdrawal limit to up to 2 BTC per day, but if you complete KYC that limit will be a lift-off to the new 100 BTC per day limit.
Deposit of any sum is not limited, you can deposit as much as you want.
The coinbase limit will be established based on the account’s validation rate.
You will be able to trade either buy sell or send funds to bank account up to $25,000 for a verified account at personal information tier 2.
The revised details can be found on their official support site
When referring to the digital asset the most concern is with security, I recommend keeping all of your resources to the hardware wallet from any web wallet or cryptocurrency exchange.
But referring to Coinbase-related security is one of the very best for which no one heard about the breach of security.
Your Coinbase investments will be secured at any point under the security breach agreement.
It has the facility to activate 2FA secure login and validate the Email IP address before the user can access the dashboard for secure user login.
The first user must provide the user with an email address and master password, and then request 2FA random code created on your mobile device.
For IP address validation, an email will be activated to the registered email ID, once the client is approved by phone, only the dashboard will be available.
Binance is like Exchange where there is no private key, no insurance cover for user funds, a security breach has been reported until recently in the month of May 2019.
About 7000 BTC have been hacked out of their hot wallet, not from the exchange, and all user money has been free.
But by fulfilling the funds from Binance’s SAFU funds, Binance’s team built the confidence of citizens.
Because of security breach, Binance exchange withdrawal of deposit has been on hold for about 1 week and they have placed some additional security features.
If your option is to trade with an exchange, Binance is one of those where the client can access the exchange simply by providing the information below.
2FA Security Code
The simple and easy login method where your own account will be more managed by the client.
Coinbase and Binance are both very active on their Twitter page and most likely all of their major updates can be accessed from the official Twitter account. Also, offer the best customer support where Coinbase has three forms.
Application for open support
24 Hour Customer Call Support
To support the team, drop a message.
Similarly, Binance also offers the best customer support and quick problem solving through the use of facilities
Live support for online chat
Guidelines for best FAQ
Request for support
Both offer the best customer support facilities and are pleased to help us as soon as possible
My Binance versus Coinbase view
If your goal is to turn fiat into cryptocurrency with very low transaction fees than Coinbase and GDEX makes your job easier.
But if you’re a regular trader I would recommend that you have an account with Binance because of trading fees of just 0.1 percent.
Equally, the entire crypto community has very strong confidence with both, but I recommend keeping funds out of Binance as it is an exchange.
Binance is listed with over 100 cryptocurrencies, but as of now, Coinbase has only 15 with fewer trading pairs.
The other Major Exchange is Bittrex, which has been much older than Binance and close to Coinbase since 2012 for its security and listed coins and working.
So if you want to buy top altcoins that you need to start with Binance, let me know which one you’ve chosen as the best place to start with the investment in Cryptocurrency.