Binance vs. Coinbase 2023
Binance along with Coinbase are two platforms for cryptocurrency with distinct approaches. Coinbase is an U.S.-based exchange that was designed for newbies with a user-friendly interface and limited types of transactions. Binance is a difficult learning curve, but also supports advanced users and provides international traders with numerous different options for trading currencies.
We compared Binance and Coinbase against each other to examine the price of the various transactions, currency types, and the availability of altcoins for trading. We also examined the accessibility on mobile and web platforms as well as security protocols, notable features, and customer support.
If you’re an Australian trader, the best pick between these two is Binance.
Table of Contents
|Amount of Cryptocurrencies||600+||160+|
|Deposit Fees||Free||No fiat deposits|
|Withdrawal Fees||Free||No fiat withdrawals|
|Payment Methods||PayID/OSKO||Debit card|
Binance Pros and Cons
- More than 600 available cryptos.
- The largest cryptocurrency exchange in the world.
- More than 30 fiat currencies.
- Some of the lowest fees among crypto exchanges.
- Numerous payment methods.
- Beginner-friendly, advanced, and pro-level trading features.
- US users need to use the Binance US platform, which has far fewer trading features and cryptos compared to the main Binance platform.
- The customer service is often unresponsive, and there’s no live chat feature.
Coinbase Pros and Cons
- User-friendly and simple interface
- Only takes a couple minutes to register and start trading
- Coinbase are insured so their users' funds are safe
- More than 160+ cryptocurrencies available
- Very secure and trusted platform
- Complicated fee structure that is higher than competitors
Since these platforms are intended to be used by different types of people You’ll see the vast difference in their features. But both offer mobile apps with watches lists or real-time price monitoring. However, the similarities do not end there.
With Binance you’ll receive the following benefits:
- Advanced charting that includes a variety of options to add overlays and indicators
- Public Application Programming Interface (API) keys to integrate other software tools
- 7 types of orders on Binance
- You can choose to use the digital wallet of a third-party, Trust Wallet
- Users from over 180 countries can trade with Binance, however only 46 states can utilize Binance.US Excluding Hawaii, New York, Texas and Vermont
Comparatively in comparison to Binance, Coinbase offers more options for U.S. residents but fewer options for traders from other countries. Its features comprise:
- Secure, independent electronic hot bank that can be used with Coinbase as well as other exchanges
- The ability to withdraw money from your PayPal account.
- The service is available to users in over 100 countries and in 49 states, but no trading permissible to residents from Hawaii
- The newsletter highlights the latest cryptocurrency information
- The option to purchase the Coinbase Pro platform with advanced charting features, like the capability of tracking exponentially moving averages
- Earn cryptocurrency by watching videos in short form
Binance is known for its extensive altcoin list that includes over 600 coins that are available for non-U.S. customers. However the Binance.US exchange only supports a little over 100 coins. Coinbase provides 179 currencies for trading.
Coinbase also offers fiat currencies, such as USD, British pound sterling (GBP) as well as euro (EUR) while Binance also supports a variety of fiat currencies, including USD, EUR, Australian dollar (AUD) GBP Hong Kong dollar (HKD) and Indian rupee (INR). Binance along with Coinbase both provide a variety of cryptocurrency pairs, however the selection of these pairs will vary depending on the region you’re in.
The currencies offered by each company differ. For example, these cryptocurrency are available found on Binance and not Coinbase (VET), harmony (VET) and harmony (ONE) the VTHOR token (VTHO) and Qtum (QTUM). Both platforms can offer popular and new currencies like:
- Dash (DASH)
- Storj (STORJ)
- Cosmos (ATOM)
- Compound (COMP)
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
The fees charged by Binance are among the most affordable in the market however Coinbase does not publish its fees on the internet.
Binance has an maker-taker arrangement that offers the same charges for takers and makers. The fee chart may be confusing for newbies however it has a lot lower cost particularly for traders who trade in large volumes. Users of Binance can save money by buying BNB (BNB) tokens in order to cover fees at 25% off. Large-volume traders also can level up to qualify for extremely important persons (VIP) discounts
Support for customers at crypto exchanges is often an incidental feature, despite the massive expansion of exchanges. Yet, Coinbase has grown its efforts in this area recently by introducing phone support, which is a crucial addition to the previous options that only offered email and support tickets. In addition, if you spot suspicious activities, you can contact customer support to block your account (though it raises the issue of what the purpose of this feature in a time when stock brokers appear to not have any issues.)
Binance provides solely support-related tickets, which could be part of the cost you pay for its cheap trading costs.
With an array of support options Coinbase appears to be the clear winner in this.
Binance is the only company to accept PayID and OSKO as deposit options that are fiat-based in Australia. Additionally, you can transfer crypto to the Binance bank account.
Coinbase accepts only Debit cards.
While both platforms are considered safe, Coinbase has a better overall reputation. It was founded in 2012 Coinbase is an U.S.-based exchange which was listed on the market in April 14th, 2021 through an directly listed listing and is supported by banks such as J.P. Morgan.
Both exchanges offer the two-factor security (2FA) through the Google Authenticator application or the short messages (SMS) however U.S. users report some issues with the Binance.US or Google authentication procedure. The two exchanges Coinbase and Binance require users to prove their the authenticity of their identities using a photo.
Security features of Binance include whitelisting of addresses as well as device management as well as the ability to restrict access to devices. Similar to Coinbase the company, the total USD balances are protected up to $250,000 by Federal Deposit Insurance Corporation (FDIC) and are held on custodial accounts of banks.
Coinbase security features include fingerprint biometric access to its digital wallet. the majority of the cryptocurrency’s funds are kept within an air-gapped cold storage via vaults and secure deposit boxes. Coinbase offers an insurance policy that covers the 2 percent of the funds stored in hot storage, however it only covers security breach at their own end not for those resulting from security issues with the user.
When you compare Binance with. Coinbase, there are several similarities. Both offer access to similar currencies, both let users to purchase trade, sell and buy your digital assets. Additionally, both provide user education to those who are new to crypto.
But overall, if you’re an Australian trader, like me, the most effective choice is Binance.
Frequently Asked Questions
Can I make money on Binance?
Binance is a great crypto platform for making money because it offers users numerous possibilities, from spot trading, margin trading, leveraged futures contracts, and P2P trading, all the way to numerous staking options, liquidity mining, crypto savings accounts, and a booming NFT marketplace.
Can you lose money on Binance?
Sure you can. Crypto trading is a very risky activity because cryptocurrencies are highly volatile assets with dramatic price fluctuations within small periods of time. That’s why trading cryptocurrencies is a high-risk endeavour, and you should never invest more than you’re prepared to lose.
How do I get my money out of Binance?
You can easily cash out your crypto into fiat currency by connecting and verifying a bank account on Binance. Once you connect a bank account, you’re ready to facilitate fiat currency transactions from the platform to your bank account.
Is it safe to link a bank account to Binance?
Linking your bank account to Binance is perfectly safe because the exchange platform keeps all user data protected by advanced encryption methods and doesn’t share any of that information with third parties.
How does Binance make money?
Binance makes money mainly from platform trading fees. Although the Binance fees are among the lowest in the industry, the platform manages to achieve high profits thanks to the fact that it’s the most popular exchange in the world, with the highest number of active users.
What countries does Coinbase support?
Customers can use Coinbase in the United States, Canada, Australia, Singapore, and most of Europe. In the United States, Coinbase’s USD wallet is only available in states with licenses to engage in money transmission, or where such licenses are not issued or required for Coinbase. As of this Coinbase exchange review, only the state of Hawai’i was awaiting Coinbase support.
Is Coinbase licensed throughout the United States?
Coinbase is licensed in 42 US states, as well as Washington DC and Puerto Rico. You can still access Coinbase in states where it’s not licensed.
Does Coinbase have a mobile app?
Coinbase has a mobile app for iOS and Android users. The app is highly rated by users in the Apple and Google Play stores. It allows users to buy, sell, and store crypto securely with an intuitive design and user-friendly platform.
Does Coinbase provide a cryptocurrency wallet?
Coinbase Wallet is a mobile app that offers a secure place to store your cryptocurrencies. You can use Coinbase Wallet without having a Coinbase crypto exchange account, but you can easily link your Coinbase Wallet to your Coinbase exchange account for added crypto storage security. It’s available on Android and iOS devices.
How does Coinbase compare with Binance?
Binance, founded in 2017, is the largest crypto exchange in the world, and Coinbase is the second largest. Binance supports more than 200 cryptocurrencies, while Coinbase Pro supports 36. Binance also offers lower fees. However, Binance was the target of one of the biggest crypto heists in 2019, and it does not match Coinbase’s commitment to security and self-regulation. Recently, Binance relocated to Malta, where the company isn’t subject to strict regulation.
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- Kraken vs Binance
- Bybit vs. Binance
- eToro vs Binance
Best Crypto Exchanges Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Deposit Fees||Withdrawal Fees||Sign Up|
|Osko, PayID, Credit Card, Debit Card, Bank Transfer, Cryptocurrency||Australian Dollars, New Zealand Dollars||More than 320||0.6%||Fiat Deposits: $0 Crypto: $0||Fiat Withdrawals: $0 Crypto: $0||Visit Swyftx|
|POLi, PayID, Cash, Cryptocurrency, Bank Transfer, BPAY||Australian Dollars||More than 370||OTC: 0.1% Market Order: 0.1%* (applies to LTC, BTC, ETH, XRP, POWR, DOGE, TRX, NEO, XLM, GAS, RChain, RFOX, EOS) Instant Buy/Sell: 1%||Direct Deposit: $0 Direct Bank Transfer: $0 BPAY: 0.9% Cash: 2.5% PayID, POLi, and direct deposits: $0||Fiat Withdrawals: $0||Visit CoinSpot|
|Osko, PayID, Credit Card, Debit Card, Crypto||US Dollars, Australian Dollars, and 8 more||More than 600||0% to 0.1%||$0||Vary||Visit Binance|
|Crypto, EFT, wire transfer, bank transfer, debit card or credit card||50+||More than 160||0.1% to 0.6%||Bank transfer: $0||Network fees||Visit Bybit|
|EFT, SWIFT, Osko, PayID, Crypto||Australian Dollars, US Dollars, New Zealand Dollars||27||0.05% to 0.5%||For SWIFT Deposits: $15 for deposits under AU$5,000 equivalent $0 for deposits over AU$5,000 equivalent For EFT Deposits: AU$0.99 for deposits under $100 $0 for deposits over AU$100||Crypto: Vary Bank Transfer: $0 for AUD, $20 for non-AUD||Visit Independent Reserve|
|SWIFT, Crypto, Fedwire, Wise, PayPal, SEPA, BPAY, Bank Transfer (ACH), Debit Card, Credit Card||USD, AUD, CAD, CHF and 15+ more||250+||0.04% to 0.4%||0% for cryptocurrency and fiat currencies||FREE via bank transfer. $25 for USDC withdrawal via SWIFT Network||Visit Crypto.com|
|EFT, SWIFT, Osko, PayID, Crypto||Australian Dollars, US Dollars, New Zealand Dollars||More than 210||Fees Vary||Debit Card and Credit Card: 3.99%||Spending USDC with Coinbase Card: $0 ATM Withdrawals: 2.49%||Visit Coinbase|
|Apple Pay, Google Pay, Credit Card, Debit Card, Bank Transfer, Fiat, Crypto||Australian Dollars, Pound Sterling||More than 50+||Taker: 0.04 to 0.1% Maker: 0.04 to 0.1%||CoinJar Users: $0 NPP: $0 Cash: 1.5%||$0||Visit CoinJar|
|Apple Pay, Google Pay, SWIFT, Osko, SEPA, Crypto, Wire Transfer, Bank Transfer||Australian Dollars, US Dollars, and 5 more||More than 140||Taker: 0.10% to 0.26% Maker: 0.00% to 0.16%||Vary||Vary||Visit Kraken|
|Crypto, BPAY, EFT, PayID, Osko||Australian Dollars||More than 15||Taker Fee (for Bitcoin pairs): 0.20% Maker Fee (for Bitcoin pairs): -0.05% Australian Dollars Market Pairs: 0.10% to 0.85%||$0||Australian Bank Accounts: $0 Cryptocurrencies: Vary||Visit BTC Markets|
|P2P, POLi, and Bank Transfers||Australian Dollars, New Zealand Dollars, South African Rand||More than 40||1%||$0||$0||Visit Easy Crypto|
|Cryptocurrency, Bank Transfer, PayID||AUD||More than 140||Taker fees: 0.85% Maker fees: 0.85%||$0||$0||Visit Coinstash|
|Online Banking, Skrill, Neteller, PayPal, Bank Transfer, Debit Card||Australian Dollars, US Dollars, Euro, and 12 more||More than 70||Vary||Vary||$5 (minimum withdrawal of $50)||Visit eToro|
|Credit Card, Debit Card, SEPA, PayPal, Wire Transfer, Crypto||US Dollars, Euro, Australian Dollars, and 6 more||More than 645||0.1%||$0||Vary||Visit KuCoin|