Comparing Binance vs Coinbase: Which Is Better & Why

If you’re here, you are probably looking for the best crypto exchange platform. 

A cryptocurrency exchange is typically an online platform that supports users to buy, sell, and trade digital assets or digital tokens seamlessly. However, as a beginner, the major problem that arises is determining which platform is ideal for the crypto market.

So, among all the available platforms, choosing platforms like Binance and Coinbase is a great option. In this field, they are the leading exchanges, offering a wide range of opportunities and straightforward transactions that are truly magnificent.  

So, to simplify your trading experience and ensure you have a hassle-free, secure, and quick transaction, all you are required to do is scroll through this comprehensive guide. 

Through this comprehensive guide, we will understand how Binance has become the #1 crypto exchange, break down all the major aspects of the two giants, and simplify your crypto journey. 

What Crypto Exchanges Actually Offer?

While you’re here for the comparison between Binance and Coinbase, before that, you must understand what a crypto exchange actually offers. 

Started with Bitcoin in 2009, this is a futuristic approach that gives people a medium to store and transfer their assets virtually. These platforms work on a digital marketplace and offer an array of trading and investing tools to their users. Further, with the help of these exchanges, individuals will be able to trade various cryptocurrencies while unlocking futures and options trading. 

However, while talking about the Binance and Coinbase comparison, then:

Binance typically attracts traders with its low fees and advanced features, while Coinbase is widely famous for its user-friendly interface and regulatory compliance. 

However, coming to its security, staking, and customer support, the differences become more obvious. Let’s cut them down. 

Binance vs Coinbase: Which Platform is Better?

Since you’re looking for the competition between platforms like Binance and Coinbase, it’s also important to note that businesses and startups are choosing the crypto exchange development company. By doing so, they’re enabled to develop user-friendly dashboards, integrate staking, and other advanced trading options. 

However, coming to their difference, here are the core differences between the two: 

1. User Friendliness:

If you compare both platforms’ user-friendliness, then 

• Coinbase is noted as an ideal beginner-friendly platform. With its detailed educational material and easy-to-use approach, it is a perfect exchange for beginners.
• Binance has a wide range of features that can be overwhelming for beginners. 

See More: Binance Alternatives: Best 10 Crypto Exchanges like Binance

In this part, Coinbase is the winner! 

2. Regulatory Issues:

In the crypto world, Coinbase is widely recognized as one of the most trustworthy exchanges. While the company has had several regulators in the past, talking about its present, there is no better option than this. 

• Due to a regulatory concession, some countries, like the UK and Canada, have left this platform. Since Binance.US was specially designed for American customers, it’s still not available in states like New York, Texas, and others. 
• Talking about Coinbase, this platform is easily accessible in all 50 states. 

In this part, Coinbase is the winner! 

3. Fees:

In the crypto market, fees play a very crucial role. Meanwhile, whether discussing Coinbase and Binance or other available platforms, Binance is considered one of the great platforms with low fees. Currently, you can find 0.1% spot trading fees and zero-fee Bitcoin on Binance. 

• In the crypto exchange industry, Binance has the lowest fees. 
• Coming onto Coinbase, then its advanced version is relatively low, typically ranging from 0 to 0.60%. Yet, it is not completely transparent; it might charge some hidden fees based on market conditions. 

In this part, Binance is the winner! 

4. Features:

In comparison, Coinbase is typically geared towards beginners, while Binance attracts both beginners and advanced traders. Let’s figure it out: 

• Coinbase is renowned for its beginner-friendly features. In this platform, users will get the benefits of a secure, standalone digital wallet and educational opportunities, helping users earn cryptocurrency. 
• Comparatively, Binance has a wide range of features that are beneficial for both beginners and advanced investors. Similar to Coinbase, this platform also offers features like learning and earning cryptocurrency. 

In this part, Binance is the winner! 

5. Cryptocurrency Selection:

In this segment, the Binance crypto exchange widely supports more cryptocurrencies, while Coinbase has a wider crypto selection than Binance.US. 

• With the offering of over 350 cryptocurrencies, Binance is a perfect platform for global traders. 
• Coinbase Exchange generally supports 260 cryptocurrencies. 

In this part, Binance is the winner! 

6. Staking:

Although Coinbase only supports nine cryptocurrencies, users can stake more than sixty on the Binance platform. 

• In the Coinbase crypto exchange, you are generally able to stake 9 different cryptocurrencies, including Ethereum, Solana, and Avalanche. 
• In the Binance crypto exchange, users will get the benefits of staking 60+ cryptocurrencies, whereas Binance.US just supports 21 cryptocurrencies. 

In this part, Binance is the winner! 

7. Security:

In the crypto exchange, security is considered the key factor, commonly helping users secure their data safely. However, before comparing both, you must be aware that in the year 2019, hackers stole around $40 million from Binance. Regardless, now the company has upgraded its security standards and made it competitive. 

• Coinbase is renowned for its robust security measures, which generally include cold storage, biometric access, and necessary insurance for digital assets. 
• Binance offers plenty of strong security features, but it has still undergone hacks in the past. 

In this part, Coinbase is the winner! 

8. Customer Service:

Along with all the features, another key thing that you need to compare is after-sales services. While both Binance and Coinbase offer great customer service, both companies have still faced criticism for their slow response. 

• Binance offers customer support via email and live chat, but users have voiced numerous complaints related to its slow responses. 
• Coinbase offers customer support via phone, email, and chat; it is criticized for being slow to respond to support queries. 

In this part, both are tied!

Conclusion

To conclude, Binance and Coinbase attract different types of investors. Herein, Binance is beneficial for traders due to its wide range of advanced trading tools and low trading fees. On the other hand, Coinbase is preferred due to its user-friendliness and strong regulatory framework. 

So, among both, choose the most perfect one that fits your preferences. In addition to this, if you’re an entrepreneur or a startup likely to build a crypto exchange platform like Binance, then Technoloader is here to help you with the best practices. 

FAQs

Q. Which is better for a beginner: Binance or Coinbase?

Ans. Comparing both, Coinbase is considered better for beginners because of its simple design, educational tools, and easy onboarding. However, Binance offers more advanced features that might be tough and confusing for beginners 

Q. Which platform has lower fees: Binance or Coinbase? 

Ans. Binance has lower trading fees, while Coinbase’s fees are a bit higher, and sometimes they include hidden costs. 

Q. Is Binance safer than Coinbase?

Ans. If we talk about safety, then both exchanges follow strong safety measures, but with the cleaner track record, Coinbase is considered safer. Further, in 2019, Binance suffered a major hack, which might set it back in terms. 

Q. What are the pros and cons of using Coinbase?

Ans. Coinbase is considered one of the most reliable and user-friendly platforms. Still, the major downside for this platform is the fees for experienced and high-volume traders. Thus, with the use of Advanced Trading or Coinbase One, you can easily save your money on fees. 

Q. Which platform supports more cryptocurrencies?

Ans. Comparing both, Binance supports over 350 cryptocurrencies globally, while Coinbase supports around 260. In contrast to this, Binance.US offers fewer options compared to the global platforms.