Binance vs Coinbase: Which is Best for You?

When it comes to buying and selling cryptocurrencies, Binance vs Coinbase is a debate many people have. They are both spectacularly popular exchanges that make it easy to trade cryptocurrencies, but they function somewhat differently.

Regardless of whether you are a beginner and only starting paying attention to this sort of currency or gain partial knowledge about these things already, this article will assist you determine which of them may better suit you.

Alright, so without further ado, let’s go over the main aspects to compare Binance and Coinbase and see what choice fits your crypto endeavor.

What is Binance?

It is worth to mention that Binance is one of the largest cryptocurrency trading platforms in the entire world. It ‘s reasonable for those interested in covering as many use cases as possible such as trading a diverse set of coins, mining, staking, or even such tools as futures trading.

Binance began in 2017 and, from the start, was identified mainly for accomplished traders in the cryptocurrency niche.

For a self-directed person, even being lost on the Binance platform may seem like being in a candy store . It has over 300 cryptocurrencies and fees are comparatively much cheaper than the other trading platforms.

What is Coinbase?

However, if one is new in the cryptosphere, then Coinbase is the best platform for you. As a company that was launched in the year 2012, Coinbase has been all about making the use of Crypto currencies as easy as possible. It’s as if they are the comfort button of trading in cryptocurrencies.

Again, it is simple and seamless to buy, sell and store popular cryptocurrencies without feeling overwhelmed.

Hence, Coinbase is most used in the U.S., where is strictly operates according to the laid down rules. That makes it even a better place for newcomers because they are likely to encounter fewer risks here than anywhere else in the cryptocurrency market.

Binance vs Coinbase: Ease of Use

When comparing Binance vs Coinbase, ease of use is a big factor. Guess what? Coinbase again triumphs in this category because using it is as easy as counting one, two, three.

The app and website layout are simple, basic and navigation throughout the pages is quite easy. If you are a complete beginner in the world of cryptocurrency, you can create an account with the exchange, link your bank account, and purchase any coin in a matter of minutes.

Binance, however, can be a little tricky at first. The platform has so many features that it might feel confusing for beginners. But if you’re willing to spend some time learning, it becomes easier to use over time.

Binance vs Coinbase: Fees

Fees are super important when deciding between Binance vs Coinbase. Binance is known for having some of the lowest fees in the market. For regular trading, Binance charges around 0.1%, which is way cheaper than Coinbase.

Coinbase, while easier to use, charges higher fees. If you’re using the standard Coinbase app, you might pay around 1.5% per transaction. They also have a pro version (Coinbase Pro) with lower fees, but even that is still higher than Binance.

Binance vs Coinbase: Security

Except for the security of customers ‘ funds, both Binance and Coinbase do a good job. Coinbase might be slightly better here because they are based in the USA and all operations are subjected to regulations. They also insure the funds which are in the platform and so if anything goes wrong, you are shielded.

Binance is also very secure but was hacked in the past several times. Fortunately, as per the typical practice of Binance, it compensated all the users for such losses. They also have what is called SAFU or a secured future fund that will help if things go wrong in the future.

Binance vs Coinbase: Number of Cryptocurrencies

Another key factor in the Binance vs Coinbase debate is the number of cryptocurrencies available. Again Binance comes out as the biggest winner in this category.

Binance offers over 350 coins which are ideal for all users, new and experienced, as well as those who like to invest in large and small, old and fresh tokens.

While the Bitstamp exchange offers more than 170 coins, Coinbase has a much more modest number of around 200 circulating coins. It does that better than other similar sites and its databases of selected coins are more limited than comprehensive.

Binance vs Coinbase: Customer Support

There is nothing worse than having to deal with unhappy customers and poor customer support can be a real nightmare.

In the Binance vs Coinbase comparison, Coinbase generally has better support. For support they provide emails and live chat support, Additionally their Knowledge base section is packed full of articles.

Yes Binance also has customer support but they take time, especially when many people are complaining or making inquiries. They do offer live chat, but it is not always as efficient means of getting support as one might expect.

Binance vs Coinbase: Advanced Features

If you want to delve into the sophisticated trading options, then Binance takes the pie. Binance’s instruments are futures, margin, and staking. It also allows you to additionally earn rewards based on what coins you hold.

Unlike Square, which introduced multiple features, Coinbase stays basic. This is ideal for purchasing, selling as well as for storing cryptocurrencies, though it doesn’t have the same level of options as Binance.

Binance vs Coinbase: Mobile Apps

Both Binance and Coinbase have great mobile apps. However, their designs are very different. Coinbase’s app is clean and easy to use, making it perfect for beginners.

Binance’s app has more features, which can be overwhelming for new users. But once you get the hang of it, the app is very powerful and lets you do almost everything you can do on the desktop version.

Which Platform is Better for You?

So, when it comes to Binance vs Coinbase, which one should you choose? It depends on what you need.

• Choose Binance if:
  You want low fees, access to a wide range of cryptocurrencies, and advanced trading features. It’s best for people who are ready to learn and dive deep into the world of crypto.
  
• Choose Coinbase if:
  You’re a beginner who wants a simple, safe, and easy way to buy and store crypto. Coinbase is great if you don’t want to deal with complicated tools or settings.
  

Final Thoughts

The Binance vs Coinbase debate is all about finding what works best for you. If you want lots of options and low fees, Binance is a great choice. But if you’re new to crypto and want something simple, Coinbase is the way to go.

Remember, both platforms have their strengths and weaknesses, so think about what matters most to you before deciding. No matter which one you choose, the important thing is to get started and explore the exciting world of crypto!