Coinbase vs Binance

Comparing Coinbase vs Binance involves juxtaposing two crypto exchange platforms aiming at different types of investors and markets. While one platform is more appropriate for crypto newbies, the other one caters to well-seasoned investors. One has the lowest fees among competitor platforms, while the other has a confusing and un-transparent fee structure.

But which is which, and which one is best for you? Read our in-depth comparison to find out. In the following paragraphs, you’ll learn how they compare in account requirements, fees, and available crypto assets.

Side-by-Side Comparison

To begin, let’s compare their most basic features side-by-side.

Coinbase Binance
Account types: Individual, Business, and Developer Individual and VIP
Number of cryptocurrencies: 100+ 500+ (65+ on Binance.US)
Supported deposits: ACH, Wire Transfer, Debit card, Apple Pay, Google Pay, PayPal Bank Transfer, Credit/Debit Card, iDEAL, Advcash, Etana, Banxa, Flutterwave, Google Pay, PayID, PIX Payment, Samsung Pay, Simplex
Minimum trade: $2 $10
Trading fees: Spread of around 0.50% + additional fees depending on different factorsMaker-taker fee 0%-0.50% (Coinbase Pro) 0.1% spot trading fee, and 0.5% crypto exchange fee
Deposit fee: Free for ACH transfers and $10 for wire transfers Free
Withdrawal fee: Miner fee for crypto, $0-$25 for fiat, and 2.49% for Coinbase Card Purchases Depending on the coin
Mobile app: Android, iOS Android, iOS
Customer support: Support Tickets, Live Chat, Phone Email, Live Chat, ticketing system, social media
Supported countries: 100+ 180+
Excluded US states: Hawaii, Wyoming, Indiana, Utah, Missouri, Wisconsin, Massachusetts, Montana Hawaii, Idaho, New York, Texas, Vermont

Coinbase vs Binance: Account Requirements

When opening a Coinbase account, users need to provide basic information like first and last name, date of birth, and address. Naturally, you cannot become a Coinbase user if you are less than 18 years old.

You will need to provide proof of everything mentioned before. You can submit a government-issued ID as Proof of Identity. A utility bill can serve as a Proof of Address.

Apart from this, new users need to answer a short questionnaire, which includes questions like where their funds are coming from, where they are currently employed, or reasons for using the platform. Finally, they also need to provide the last four digits of their SSN.

How does the Binance vs Coinbase KYC differ?

While Coinbase users need to go through the KYC process to use the platform, that is not the case with Binance. On Binance, you will be able to access some basic features without verification. Yet, you will need to go through KYC verification to gain full access. What document you will need to submit depends on the verification level you are applying for: basic, intermediate, or advanced.

Number of Cryptocurrencies

The Coinbase crypto selection includes more than 100 digital coins. The list is updated regularly with new additions. As expected, Bitcoin and Ethereum are on the Coinbase list. However, Coinbase also has a long list of available altcoins.

The native Binance platform enables trading in more than 500 crypto assets. However, the collection of available coins is more modest on Binance.US (the separate platform for US users). Only around 65 coins are available for Binance US users.

Usability

When it comes to ease of use, it is fair to distinguish between the two different Coinbase platforms and the profile of prospective users. Whether you should use Coinbase or Coinbase Pro depends on your previous crypto trading experience. As the name implies, Coinbase Pro is dedicated to the more experienced traders. The native Coinbase platform, on the other hand, will accommodate anyone about to dive into the crypto trading waters.

Even though newbies will find their way around the Binance’s features, they might be overwhelmed by all the different options. That’s why everyone considering Binance should at least try to get familiarized with the crypto trading lingo before signing up.

Fees

What sets Binance apart from other crypto exchanges is the low fees. While the Binance deposit fees are non-existent, trading fees can get even 25% lower for anyone who holds BNB (the native Binance coin). When trading, users are charged a flat 0.1% spot trading fee, while crypto exchanging incurs a fee of 0.5%. Additional fees may be applied as well. It depends on the account verification tier or place of residence.

Since having two separate platforms, Coinbase uses two different fee models. However, the only downside is that it “fails” to mention them on the official website. Coinbase Pro uses the maker-taker model and charges between 0% and 0.50% per transaction. The native Coinbase pricing is confusing and not transparent. While it involves a spread of 0.5%, you will not know what else you need to pay until accessing the transaction page.

Mobile Apps

Both Coinbase and Binance have mobile apps to support on-the-go trading for Android and iOS users. There is also a separate Binance.US app and Coinbase Pro app. The apps enable users to make crypto trades, as well as gain access to some smart trading tools.

Coinbase and Binance mobile apps maintain a high rating on both Google Play and App Store.

Customer Support

Who do you think outperforms in this category, Coinbase or Binance?

Users have three options to get in touch with the Coinbase Support center. Apart from the traditional ticketing system, they can reach out through the Live Chat feature. Furthermore, phone support is available for users who need urgent assistance from an agent.

When it comes to the available communication channels, Binance has an advantage. Apart from channels available on Coinbase, Binance is responsive on social media too. This applies to their official Facebook page or Twitter handle.

Binance vs Coinbase: Security

Coinbase has strict security measures. Employees go through thorough background checks, as well as training. Furthermore, the exchange employs state-of-the-art encryption to secure its platform and all user data. In addition to that, users are encouraged to secure their accounts with 2FA. Finally, their drives are in separate geo-locations. Speaking of crypto assets, Coinbase keeps 98% of them in offline wallets.

The Binance safety measures are virtually the same as the ones of the competitive platform. Similarly, Binance uses encryption techniques to ensure there is no data breach. Real-time monitoring of accounts for any suspicious activity is also employed. The 2FA verification is available for anyone looking to add another security layer to their account. In addition to this, users can whitelist only certain IP addresses or wallets. Finally, Binance follows the industry’s practice of keeping users’ assets in offline wallets.

Who Is Coinbase Best For?

Coinbase might be a perfect choice for anyone looking for an easy-to-use platform with simple features. However, the Coinbase pricing is one downside to the exchange.

Everyone who might be new to the crypto trading world will feel at ease, and not just because of how easy it is to navigate the platform. Coinbase has an extensive knowledge base and learning materials to help you get familiar with all the crypto basics. Those who feel like they need something a little more advanced should check out Coinbase Pro.

Coinbase Pros and Cons

+Beginner-friendly platform
+A decent number of crypto coins
+State-of-the-art security practices

-Non-transparent fee structure
-Higher fees compared to Binance

Who Is Binance Best For?

Binance is best for anyone who has made a few crypto trades before and is already familiar with the lingo. Even though the Binance crypto fees are among the lowest, the available features and analytical tools might confuse or overwhelm novice traders. Furthermore, considering the number of available crypto coins is considerably higher on the native platform, it is safe to say that Binance is probably more appropriate for traders residing outside the US.

Binance Pros and Cons

+Lower fees compared to other exchanges
+A wide selection of crypto coins on the native Binance platform
+You don’t have to go through KYC to use basic features

-Low number of digital currencies available on Binance.US
-Not as beginner-friendly as Coinbase

Binance vs Coinbase: Which Is Better?

A few things need to be looked at when deciding between Coinbase vs Binance. Some of them are whether your priority is having access to more crypto coins or paying lower trading fees. Whether you are a US resident plays an important role too.

If you are a US resident and fall in the first category, you will be better off on Coinbase. However, Binance US would be a natural choice if fees are a cause of concern. The native Binance platform is in the lead for international users, having a wider selection of coins and lower fees than Coinbase.

Hopefully, this comparison has helped you decide whether you’ll be on Binance or Coinbase. If not, check out our eToro vs Coinbase and eToro vs Binance comparisons for more options.

FAQ

Is Binance available in the US?

While the native Binance platform is available in more than 180 countries worldwide, American users can use the designated Binance.US platform. Binance partnered with the Binance.US platform to comply with US regulations. The platform enables the trading of more than 65 digital currencies.

What states does BinanceUS support?

Even though it is the appointed exchange for US users, it is still not available in all US states. The list of Binance.US supported states does not include Texas, Hawaii, Vermont, New York, Connecticut, Idaho, and Louisiana.

Is Binance safe?

Even though there are always risks to trading on any exchange, Binance is among the safest platforms. There are no breach reports for Binance.US so far, while there’s one for the native Binance platform. Even in that case, the exchange compensated users who lost funds for the total amount.

Is Binance free?

Trading on Binance does involve trading fees, though they might be lower when comparing Binance to Coinbase. Users need to pay a flat 0.1% spot trading fee and a crypto exchange fee of 0.5%.

What coins does Binance.US support?

The list of crypto available on Binance.US includes more than 65 coins. Among them, you’ll find some of the most well-known assets like Bitcoin (BTC), Ethereum (ETH), or Cardano (ADA). You will also have access to some not-so-famous coins like Orchid (OXT).

Does Coinbase charge fees?

Trading on Coinbase is not free. Unfortunately, the platform is not transparent about how much you will pay per trade. This information is contained on the transaction page right before making the trade.

How to use Coinbase Pro?

The main difference between Coinbase and Coinbase Pro is that the latter has lower fees. Luckily, Coinbase Pro has plenty of help articles to guide users through the trading process.

How to get money out of Coinbase?

To cash out your funds from the exchange, start with selecting the available amount under ‘Assets’. After that, enter the amount you are about to withdraw in the ‘Check Out’ tab. The next step will require you to enter the destination where you will be sending the funds. Select the ‘Cash out now’ button to finalize your order.

How to transfer from Binance to Coinbase?

To transfer Bitcoin from Binance to Coinbase, start by copying the address of your Coinbase wallet. You will find it in the ‘Send/Receive’ section under the ‘Receive’ tab. After that, access your Binance account, select ‘Fiat and Spot’ and go to the ‘Withdraw’ tab. Select Bitcoin (or any other coin you may want to withdraw) and enter the Coinbase wallet address in the designated section. Finish the transaction by entering the appropriate amount and selecting ‘Withdraw’.

ABOUT AUTHOR

A problem-solver by day and content writer by night. In between, you’ll probably find me somewhere outside, reaching my daily step goal or admiring sunsets. My interests span multiple fields and creative pursuits. Having a background in linguistics, I’m now exploring the social aspects of information technology and I’m glad to be a part of the journey to hitting your financial targets.

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