Binance Or Coinbase 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?
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 and 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.
Is Binance More User Friendly Than Coinbase?
When reviewing the functionality and performance of the platform, we have to say that 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 and 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 Or 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.