Are you looking at involving yourself in trading the crypto markets? Choosing the right crypto exchange will be the most important move you make in your trading career. To start on the right foot, you have to set yourself up for success – and that means choosing the right exchange.

In this post, we’ll unpack the offerings from two of the most popular global exchanges, Coinbase and Binance. Is Binance the best Coinbase alternative?

What Is the Binance Crypto Exchange?

Binance is a Malta-based cryptocurrency exchange. Founded in 2017 by serial entrepreneur “CZ,” Binance has the highest trading volume of any exchange in the world, with more than $8-billion in daily transactions.

Over the last three years, Binance rose to the top of the crypto exchange empire. It achieved such rapid success thanks to its affordable trading fees, excellent liquidity, and multiple markets. Binance operates in 782 markets, with all your favorite pairs available for trading.

This unregulated exchange does not undergo any financial regulation, making it a good choice for people that don’t want to hand over KYC information.

What Is the Coinbase Exchange?

Coinbase is the only regulated US-facing exchange, with offices in the States. As a result, it runs a regulated operation, with strict adherence to KYC and AML procedures. Co-founded by Brian Armstrong and Fred Ehrsam in 2012, Coinbase is one of the oldest crypto exchanges still operating today.

Coinbase Pro is the trading division of Coinbase, with daily trading volumes approaching $450-million. In contrast, it pales compared to the numbers on Binance; it’s still the third-largest exchange by volume.

Why Choose Binance Over Coinbase?

If you’re a serious Crypto trader, you need to trade with Binance over Coinbase Pro. There are a couple of reasons why we make this case.

More Markets – Binance operates in 782 markets, while Coinbase Pro gives you access to only 93.

Better Liquidity – Binance has far better liquidity than Coinbase Pro, with a 466 rating instead of Coinbase Pro’s 388 ratings. Liquidity is important if you want to avoid slippage and falling knives when trading.

Lower Fees – Binance has the lowest fees for deposits and withdrawals. You pay 0.1% for buying or selling, and you get a 50% discount if you pay using BNB tokens.

BNB Platform Token – Binance offers the BNB token for payment of trading and listing fees on the site. Save yourself money and earn more profit.

No KYC or AML – Binance doesn’t require you to verify your identity to use the platform.

User-friendly Trading Platform – The Binance trading platform has a minimalist and clean look. The Coinbase Pro dashboard looks cluttered and is challenging to navigate.

go trade in binance
go trade in coinbase

Coinbase Vs. Binance – Fees and Limits

It’s clear that the fees are cheaper on Binance. The 0.1% for buying and selling is way cheaper than the $3 fee for transactions over $200 on Coinbase.

If you want to deposit with a credit card on Coinbase, you’ll need to pay a 1.49% to 3.99% transaction fee, depending on the size of the transaction. The platform’s high fees are one of the reasons why so many traders are looking for Coinbase alternatives.

Binance Vs. Coinbase FAQ

Does Binance Offer a Secure Platform?

Yes, Binance offers a secure platform, and has never experienced a hack. The company keeps most of its holdings in “cold” wallet storage, away from the clutches of hackers. Most previous hacks on exchanges involved the emptying of “hot” wallets.

Can I Trade with a Mobile Device on Binance?

Yes, Binance offers mobile trading for both Apple and Android devices. Trade on the move, anywhere you have an internet connection. Coinbase Pro recently launched its mobile app, but we feel its glitchy and not as effective as the Binance alternative.

Is Binance Customer Support as Good as Coinbase?

Yes, Binance offers excellent customer support, with a phone, email, and live chat support.

Does Binance accept American passport holders?

Unfortunately, as of June 2019, Binance no longer opens accounts for US citizens. Since the company manages an unregulated exchange, it does not meet US regulatory standards.

Are there any drawbacks to using Binance over Coinbase Pro?

Binance does not offer withdrawals in fiat currency. Therefore, if you want to withdraw from your account, you’ll have to send it to another brokerage or exchange like Coinbase, where they can legally process the transaction. It’s important to note that any regulated exchange will make you complete KYC before processing your fiat withdrawal.

go trade in binance
go trade in coinbase

Wrapping Up

After reading through this post, it should be clear to you that Binance is the best Coinbase alternative. With lower fees, impressive discounts, and a wide variety of markets, Binance is the best choice for a Coinbase alternative.

With user-friendly registration and an easy-to-navigate trading platform, Binance has everything you need to start stacking crypto profits. Register and fund your account, and start trading on the world’s biggest crypto exchange.