Coinbase vs. Binance.US: Which Crypto Exchange is Right for you in 2022
No doubt, Coinbase, and Binance.US are among the biggest names in the crypto industry. However, this doesn’t suggest that these cryptocurrency exchanges are equally suitable for you. On the contrary, you need to make an informed decision when choosing one of these options. To assist you, we will discuss the key features as well as the pros & cons of Coinbase and Binance. U.S. products.
To start with, Coinbase is a cryptocurrency exchange that is regulated by U.S. authorities. This platform allows users to sell, buy, receive, and send cryptocurrencies. Binance.US is a specific branch of Binance available for the U.S. only. It offers some advanced transaction options, including post-only orders, peer-to-peer trading, stop-limit orders, etc.
For an in-depth comparison between Coinbase and Binance, please continue reading.
Coinbase Trading Platform
Coinbase is a viable choice for digital currency beginners. The most noteworthy features of this crypto exchange include an easy-to-use dashboard and low account minimums. The interface is clean and has minimal options. With its integrated wallet, storing crypto is a lot easier.
Besides, Coinbase supports a wide range of fiat currencies, including USD, GBP, and Euro. Since it’s a U.S.-based exchange, it is a preferred option for U.S. citizens. In addition, Coinbase uses safety features like 2FA verification, hot storage insurance, biometric logins, and AES-256 encryption to enhance the security of stored crypto.
- Extensive crypto selection investments
- Simple and advanced trading
- Offers educational content
- Allows to withdraw funds to a PayPal account
- A standalone and secure hot wallet
- Available in more than 100 countries
- Easy-to-use dashboard
- U.S. dollar amounts are FDIC insured
- Offers various rewards
- Simple and intuitive interface
- Ability to trade globally
- Ability to buy or sell a minimum of $2 worth of cryptocurrency
- Good security ratings for an exchange
- Can’t operate in Hawaii
- Difficult to understand the fee structure
- Users don’t have any control over private keys
Binance US Trading Platform
Binance is famous for offering a massive list of Cryptocurrencies (over 600 coin choices). However, Binance.US only supports over 100 cryptocurrencies. But, both offer your main coins such as Bitcoin, Ethereum, Cardano, and Litecoin. In addition, Binance.US is a preferred choice for experienced crypto traders. OTC Trading Portal can be more advantageous if you are a professional investor as it comes with a faster pricing choice.
There is various analytics to help users make better investment decisions. Although there is a learning curve for novice users, it is beneficial in the long term. Talking about security, Binance.US offers security features like Two-factor authentication (2FA) verification, FDIC-insured USD, address whitelisting, cold storage, device management, etc.
- Advanced charting options
- Tax statement portal
- API (Application Programming Interface) keys
- Ability to use a third-party wallet via ‘Trust Wallet’
- Binance.US is available in 46 U.S. states
- Low fees and various trading fee discounts
- Supports over 100 digital currencies
- Offers different versions depending on the skill levels of the traders
- Only available in 46 U.S. states
- Customer services are limited
Coinbase Versus Binance United States Cryptocurrency Exchange Comparisons
This section will offer a comparison overview of both Binance.US and Coinbase by focusing on a few of their key features.
1. Coinbase or Binance U.S. Branch: Fees
It is the most critical aspect of a crypto exchange. Both beginners and frequent traders prefer exchanges with low trading fees and an easy-to-understand fee structure. Here, Binance.US takes the lead over Coinbase, as it charges a minimum of 0.1% trading fee. Although the fee chart offered by Binance.US is a bit confusing, it tends to charge a lower price.
High-volume traders can also enjoy discounts (25%) by purchasing Binance (BNB). Coinbase, on the other hand, has a pricey fee structure. It charges a 0.6% or 0.4% trading fee depending on whether you are a maker or taker.
2. Coinbase vs. Binance.US: User Experience
Binance.US offers a tailored user experience for expert traders with robust trading tools. It isn’t that hard to use, but the availability of various choices can be overwhelming for the new user. Binance is suitable for users familiar with investing options and cryptocurrency terms.
On the other hand, Coinbase is known for its user-friendly interface. Hence, trading cryptocurrencies on Coinbase is much easier compared to Binance. U.S. trading platform. Besides, it takes a few minutes to set up an account on Coinbase. Hence, it’s easy for traders to comply with KYC regulations.
In addition, Coinbase takes the lead over Binance for its superior customer service options. For example, a user can interact with the Coinbase support team via multiple sources, including submission of a ticket, phone, and live chat. Whereas, Binance only offers live chat and ticket submission options.
3. Coinbase or Binance.US: Mobile Apps
Coinbase and Binance.US offer their respective mobile apps. Both these apps are compatible with Android and iOS devices. The features of such apps are similar to their web-based versions. You can easily trade cryptocurrencies through these apps. Besides, Binance.US and Coinbase have made necessary security arrangements to protect their mobile apps from cyber-attacks. However, when it comes to ease of use, Coinbase is a great choice for novice traders.
4. Coinbase vs. Binance.US: Technical Charting
Technical charting or also known as ‘Candlestick’ chart is available with both Coinbase and Binance. U.S. Coinbase charts are relatively easy to understand but Binance.US offers more advanced charts for a better analysis. These types of charts help traders to identify suitable trading opportunities. Traders can analyze market sentiment by viewing the trends and patterns. This helps them to predict price movements. Overall, Binance.US technical charting offers advanced analytical features.
Final Verdict: Coinbase or Binance.US
While comparing Coinbase and Binance.US trading platforms, we have taken into account major features like cost, fee structures, and ease of use for investors. In addition, we also considered the functionality of the mobile apps of both these exchanges. To conclude, Coinbase appears to be a winner in terms of usability. It is a viable option for beginners with plenty of tokens to choose from for trading.
Besides, it also offers impressive features like rewards debit cards, and strict security measures, and doesn’t have regulatory issues. Binance.US, on the other hand, proves to be a perfect choice when you are looking for a crypto platform with a lower trading fee. Having said that, it’s up to you to choose an option that suits you the best.
Risk Disclosure: Any investments come with an inherent risk, where you could end up making less money than what you put in. Before investing your hard-earned cash, be sure to speak with licensed professional financial advisor first. Always remember that past performance is not an indication of future returns.
Disclaimer: This website's owners may be compensated for suggesting certain businesses, goods, and services. While we do everything possible to verify that all of our content is accurate, the information we provide may not be impartial or unbiased, and it does not constitute financial advice.
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