Table of Contents
What is Coinbase?
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What is Binance?

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Binance is a crypto-to-crypto exchange which means it connects buyers with sellers for cryptocurrency trading. It also has its own cryptocurrency called Binance Coin (BNB). The exchange used a Binance Coin ICO to raise 15 million USD in July 2017. Note: An ICO is an initial coin offering and is a way for new businesses to raise funds without using more traditional methods like issuing stocks or bonds.
Binance is well-known for giving away cool prizes to its top traders. In the past, prizes have included iPhones, MacBooks, a Mercedes-Benz and even a Maserati! At the moment, the team at Binance is looking for partners to form a billion dollar investment fund with. So, both exchanges are big… but which is bigger? Let’s have a look at the size of Coinbase vs Binance.Size
Coinbase has served more than 20 million customers in 32 different countries. Over 150 billion US Dollars worth of cryptocurrency has been bought and sold on the platform. Binance is ranked second largest in CoinMarketCap’s list of 204 exchanges. It has a 24-hour trading volume of 1,261,129,677 US Dollars.Note: A 24-hour trading volume is the total value of cryptocurrency that is bought and sold on an exchange in one day. The figure shown is for 07/02/18.
It’s hard to say which exchange is bigger because Coinbase isn’t listed on CoinMarketCap. However, you can make a rough estimate of Coinbase’s average daily volume based on the figures it provides on its homepage. This estimate is around 85-100 million USD per day. Now you know that both exchanges are huge, but which is better? To find out, we need to check out what currency services each exchange offers. How do Coinbase vs Binance currency services compare?Currency Services
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The two types of currency services offered by crypto exchanges are fiat trading and cryptocurrency trading. Fiat trading is a service that allows users to buy and sell cryptocurrency with fiat currencies. Fiat currencies are the official currencies of nations or groups of nations. Examples of fiat currency include: the Canadian Dollar (CAD), the Indian Rupee (INR) and the European Union Euro (EUR). Cryptocurrency trading is a service that allows users to trade one cryptocurrency for another. The pairs of currencies which exchanges offer exchange rates for are called trading pairs. Users will only be able to exchange currencies that are listed as trading pairs. It’s a bit like going to the Bureau de Change at the airport;- A fiat trading pair looks like this; 1 British Pound (GBP) = 90 Indian Rupees (INR).
- A crypto trading pair looks like this; 1 Bitcoin (BTC) = 14 Ethereum (ETH)
- A fiat/crypto trading pair looks like this; 1 Bitcoin (BTC) = 6,300 US Dollars (USD).
Coinbase Currency Services
Coinbase traders can buy cryptocurrencies using the fiat currencies of any of the 32 countries where it operates. All the countries where Coinbase operates are in Europe and North America, except for Australia and Singapore.Note: Traders can also use Coinbase to sell cryptocurrencies in all 32 countries except for Australia and Canada.
Fiat trading on Coinbase is great for beginners because they don’t need to visit another exchange before they start trading cryptocurrencies. They’ll find everything they need in one place! At the moment, Coinbase only offers trading for Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH). This means that Coinbase offers 12 cryptocurrency trading pairs with each cryptocurrency being offered for trading with the three others.===== Hidden Content. Only Registered users can view. Please Sign Up , it's FREE! =====
Now, let’s see what Binance has to offer…Binance Currency Services
Binance doesn’t offer any fiat trading at all. This means that users can only fund their accounts, and trade, with cryptocurrencies. However, Binance offers a much better selection of cryptocurrency trading than Coinbase. The exchange offers trading with hundreds of well-known and newly-released cryptocurrencies. They include: EOS, SALT, Cardano, Gifto, Steem, Lisk, Loopring, NEO and many more. Binance has four main cryptocurrencies that it offers trading pairs for. They are:- Bitcoin (BTC): 149 pairs
- Binance Coin (BNB): 74 pairs
- Ethereum (ETH): 146 pairs
- US Tether (USDT): 18 pairs
Fees
There are three main types of fees traders have to pay to use the services of a cryptocurrency exchange. They are; deposit fees, withdrawal fees and trading fees. I’ll look at Coinbase fees first.Coinbase Fees
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Coinbase charges a fee of 1.49% for each cryptocurrency purchase or sale. This fee goes up to 3.99% for trades made with a credit card.Coinbase fees | Source: coinbase
Note: GDAX (Global Digital Asset Exchange) is a crypto exchange owned by Coinbase. It offers more trading pairs and features than Coinbase. If you sign up to Coinbase you will also be given access to a GDAX account.
Coinbase offers free deposits of Euros in the SEPA. In the SEPA, withdrawals of Euros are charged a fee of 0.15 EUR. Bank-transfer deposits of US Dollars are free. Withdrawals of US Dollars are charged a fee of 10 USD.Note: The SEPA is the Single Euro Payments Area. It’s an organization of 28 EU countries which allow fast and secure movement of Euros across their borders.
Coinbase fees are low when compared to exchanges which offer similar services like CEX and Coinmama. However, they’re high when compared to crypto-to-crypto exchanges like Binance…Binance Fees
Binance doesn’t charge fees for deposits or withdrawals. This is because Binance only offers crypto trading. Handling cryptocurrency trades is a lot cheaper than handling fiat currency trades! Binance charges a fee of 0.1% for all trades. It also offers a 50% discount on fees for trades made using Binance Coin.
Binance fees | Source: binance
A Quick Note on Trading Limits
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Most exchanges have limits on how much currency traders are allowed to deposit and withdraw. Let’s see how Binance vs Coinbase limits compare;Coinbase Limits
Coinbase limits depend on the fiat currency that you’re trading with and whether you are a Level 0,1,2 or 3 user. For example, Level 2 users can make up to 25,000 USD worth of trades a day. Level 3 users can make unlimited trades.Note: The level a trader achieves will depend on how much personal information they provide when setting up their account. This is called account verification. Each level requires more user information to be verified.
Binance Limits
Binance limits depend on whether a trader has Level 1 or 2 verification. Level 1 users can trade up to 2BTC worth of cryptocurrency per day. Level 2 users can make trades worth up to 100BTC per day (that’s about 650,000 USD!). Binance doesn’t have a limit on how much cryptocurrency a user can deposit. So, Binance offers higher trading limits than Coinbase but which platform is easier to use?User Friendliness
Source: coinbase
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Coinbase wins this round but I would recommend both exchanges for beginners. Use Coinbase first and Binance later for a complete trading experience. 
Security
Both exchanges use two-factor authentication to protect user accounts. This is a system where each account has two kinds of password. The first is chosen by the user and the second is sent to the user’s mobile phone or created by an app like Google Authenticator.
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However, the security team at Binance has been praised for protecting its user’s money from hackers. In March 2018, hackers stole user login details and tried to rob the exchange. Binance systems detected the hack and stopped it. No users lost any funds and the hackers own funds were donated to charity! So, is Binance safe and can Coinbase be trusted to protect its users money? Binance and Coinbase both have better security records than most other exchanges. It’s clear they take customer safety very seriously. In Binance vs Coinbase, this round goes to Coinbase because it’s more open and honest about where its user’s funds are and what they’re being used for. Cryptocurrencies are a new technology still so users often experience problems. I want to see which exchange deals with these problems best. Next up, Binance vs Coinbase: Customer Support…Customer Support
A lot of exchanges are criticized for having poor customer service. Unfortunately, Binance and Coinbase could both improve in this area too. Neither exchange has a live-chat support option on its home site. Both exchanges prefer to communicate with their customers by email. Although, both exchanges do offer “SupportBot” services for general enquiries. Coinbase takes between 1-3 days to reply to customer emails and some users have complained that responses are unhelpful or too general. The exchange does have a detailed FAQs section on its “support” site which a lot of new traders will find useful. Coinbase also has a telephone helpline but it’s based in the United States so is difficult for international customers to access. Binance support can be slow when the exchange is busy but it’s available in four different languages (Chinese, Korean, English and Japanese), so at least they’re trying, right? Crypto exchanges still offer far worse customer support than traditional financial institutions. Binance and Coinbase could both do a lot better too. Neither exchange wins the Coinbase vs Binance customer support round. The crypto community deserves better!===== Hidden Content. Only Registered users can view. Please Sign Up , it's FREE! =====
Before you decide which exchange is best for you, there’s one more round to go. The last round of competition is called, Binance vs Coinbase: Mobile Platforms…Mobile Platforms
Coinbase and Binance both have mobile apps, but which is better? Let’s see what users think…- Coinbase Mobile App:
- iTunes rating: 5 out of 5 (61.9k reviews)
- Google Play rating: 4 out of 5 (144.4k reviews)
- Binance Mobile App:
- iTunes rating: Not available for download.
- Google Play rating: 1 out of 5 (12.5k reviews)
Binance vs Coinbase: Comparison Chart
Coinbase | Binance | |
Location | USA | Malta |
Trading Type | Broker | Crypto-to-Crypto |
No. of Trading Coins | 4 | 200+ |
Fees | High | Low |
User Friendliness | Very High | Medium |
Security | High | High |
Customer Support | Average | Average |
Mobile App | Yes | Yes |
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