Binance vs Coinbase, where Market Is Bigger?
Binance is an unregulated crypto exchange. This statement means that the exchange does not comply with international KYC or AML legislation. When you sign up with the platform, you won’t have to verify your identity.
However, due to the unregulated environment, and no KYC policies, Binance may not conduct any transactions in USD or any other form of fiat currency. If you want to trade on Binance, you’ll have to use crypto-to-crypto pairs only.
However, Binance supports over 500 tokens, trading in 612 markets. The company has more than $73-million in liquidity, ranking 3rd for liquidity in the sector. Binance trades more than $4.5-million in adjusted volume every day.
In comparison, Coinbase has nowhere near the selection of coins and tokens that Binance does. GDAX works with Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and that’s it. However, the key difference between Coinbase and Binance is that Coinbase is a regulated exchange that complies with all KYC and AML policies. Therefore, users may purchase crypto through the platform using fiat currency.
Coinbase also accepts credit card payments for deposits, making it very easy to open and fund your trading account.
Which One Is Cheaper? Binance Or Coinbase?
Here we will describe Binance vs Coinbase costs of transactions in details.
Binance has the lowest trading fees in the cryptocurrency sector. At 0.1% per trade, Binance is barely making money off your transactions. Compare that to the industry average of between 0.2% to 0.3% for trades.
Furthermore, if you pay for your trade using Binance tokens (BNB), Binance will slash 50% off your fees, for the first 5-years of your membership to the platform.
On the other hand, fees from Coinbase are somewhat extortionate in comparison. Transactions under $200 have a flat payment rate, regardless of the payment method.
- $0.99 for transactions up to $10.99 and under
- $1.49 for transactions from $11.00 to $26.49
- $1.99 for transactions from $26.50 to $51.99
- $2.99 for transactions from $52.00 to $78.05
If your transaction is over $200, Coinbase adds a variable transaction fee of 1.49% to the total costs. While buying your crypto with a credit or debit card might seem appealing, GDAX will charge you an additional 3.99% for the service, starting for transactions above $78.06.
Withdrawals from the GDAX platform come with a $0.15 fee, but there is no charge for any bank deposits.
Binance vs Coinbase – Security, And Limits
Getting into the world of crypto trading is an exciting prospect. It is important to keep in mind that there are a lot of different trading platforms all who offer different trading experiences. With so many different platforms to consider, choosing the one that meets your needs can often get confusing. To help you narrow down your choices and make comparisons easy, and we want to take a closer look at the security and limits of Coinbase vs Binance.
Coinbase Account Limits
Coinbase sets its limits based on the type of trading you are doing and the currency of preference. These limits are further decided by what level account you hold. They offer levels starting at 0 with the highest being a level 3 user. The more information you provide to verify your account, the higher the account status you will have. A level 2 user can make $25k in daily trades and the top-level 3 user has no limits on their daily trades. The lower levels have limits that are determined by currency used and trader location.
Binance Account Limits
All crypto exchanges require a certain level of verification in order to gain unfettered access to high limits. The same holds true for this platform. At level one, you can withdraw or trade 2 BTC every 24 hours. Once you have fully verified your account, you will be a level 2. At level two you can withdraw or trade 100 BTC every 24 hours. The top tier, level 3, is reserved for whales, which will allow you to trade or withdraw higher than the 100 BTC limit of a level 2 account.
Coinbase Account Security
Coinbase offers two-factor account security which is standard for just about any site that deals with sensitive information. While a mixed password is not mandatory, it is recommended. You can always check your user portal for new addresses, phone numbers, and contact information. IP and device logs are stored in the security portal and unknown devices can be removed and blocked from the account. You can add addresses that you trust to your whitelist which makes trading easier and less prone to trickery and make sure that two-step authentication is on. Withdrawals can only be made to addresses saved in your address book or white list and all new addresses are placed on a 48-hour hold for security.
Is Binance More User Friendly Than Coinbase?
When reviewing the functionality and performance of the platform, we have to say that we have a winner in Binance vs Coinbase, Coinbase is far easier to fund an account. After you verify your identity, withdrawals from the platform as also easy. Binance is another story and requires you to purchase your BTC or crypto on another platform like Coinbase, and then send the coins to your wallet on the Binance platform to fund your trading account.
When setting up your account with Binance, you have two choices: beginner or advanced. If you’re new to trading crypto, then select the beginner option. Advanced accounts come with more technical indicators for your charts and additional trading features.
Coinbase is by far the better choice for newcomers to trading crypto. The dashboard is clean and free of clutter. You also get an overview of your trading portfolio that displays as soon as you log into your account. Coinbase also provides you with the price of the coins you wish to trade and your transaction history.
Experienced users that want more out of their trading platform can upgrade to the Coinbase Pro version.
Can We Trade Via Mobile In Binance And Coinbase?
Both Coinbase vs Binance realize the importance of mobile trading platforms. It’s nice to see that both utilize mobile trading, allowing traders to place trades and check account balances on the go.
Binance vs Coinbase Has Better Support?
When comparing the support, we would have to say that Coinbase comes out as a clear favorite. Since they are a regulated exchange, they have a dedicated support team ready to handle your inquires. If you have any issues with the platform or your account, you can send an email ticket to the support team, and you’ll get a response in 48 to 72-hours.
However, if you need help urgently, Coinbase runs a live chat that connects you to a customer service representative. The live chat wins them this round of the comparison.
Binance offers an email support function on the website, and they also have a presence on Twitter when you can request help.