Binance vs. Coinbase — 2023 Update [Fees, Apps, and More]
When I first started trading cryptocurrencies, I was completely lost in the many exchanges available. However, I quickly learned that Binance and Coinbase were the best ones due to their advanced security, large number of currencies and worldwide availability.
Both Binance and Coinbase are massive and secure exchanges, but there are a few differences that can help you decide. To help you get a better idea, I compared the two platforms and focused on their fees, features, security features, and mobile apps while also highlighting the number of coins available and their overall ease of use.
My top recommendation is Binance. It has over 500 currencies, easy-to-use apps, low fees, and multiple trading features and options. You can sign up right now and get a trial account to see how it works.
Short on Time? Here Are My Key Findings
- Fees — Binance keeps 0.015% to 0.10% in fees for any crypto transaction on the platform, while Coinbase keeps 0.50% per trade. Overall, Coinbase’s fees are more expensive.
- Features — Binance allows placing multiple types of trade orders, while Coinbase lets you perform basic sell and buy actions.
- Security — Both platforms offer high security, 2-factor authentication, and FDIC-insured USD balances. Binance also offers device management and address whitelisting.
- Ease of use — Binance and Coinbase offer intuitive websites, but I found Coinbase easier to use for beginner crypto traders.
- Mobile apps — Both Binance and Coinbase offer straightforward mobile apps, and Binance has an easy mode that’s suitable for new crypto traders.
- Wallets — You can store your funds safely with Binance and Coinbase, as they’re protected with AES-256 encryption.
- Currencies — Binance offers over 500 currencies, while Coinbase has around 100 options to choose from.
Binance vs. Coinbase — Updated in 2023
Binance and Coinbase are the biggest crypto trading platforms available, but it can still be hard to choose one.
Binance has smaller fees, but they’re not fixed. The platform keeps between 0.015% and 0.10% for transactions for crypto transactions. It also collects fees for debit card purchases (of 3.5% or $10, depending on which one is higher) and a $15 fee for wire transfers. For withdrawals, the fee differs on the coin and network.
Coinbase, on the other hand, keeps 0.50% for crypto transactions, 1.49% for purchases from your wallet or bank account, $10 for wire transfers, and it also has a $25 fee for withdrawals. Even with Coinbase Pro, the fees still can’t compete with Binance’s. However, you can get smaller fees for larger transactions.
In my experience, withdrawing large sums of money with a hefty fee is frustrating, considering that most times, you also lose money during conversions. So, I’d say Binance’s fees work better for most traders.
Coinbase allows you to send basic buy and sell orders, while Binance offers limit, market, stop-limit, trailing stop, and post-only orders, as well as peer-to-peer and margin trading. This means that you have more freedom over your transactions, and you can let it work while you’re away. However, this is not possible with Coinbase.
All these options allow you to personalize your crypto experience, but they’re not necessary. Plus, you can lose a lot of money, as leverage trading can be seen as gambling. Since you can’t tell if the charts are going up or down, it can be risky overall.
All these different orders are why Binance isn’t available in the US. The country’s rules and regulations are very strict and don’t allow any form of leverage trading. So, Binance does have many options, but accessing it in the US can be tricky. Coinbase, on the other hand, keeps it simple and offers its services worldwide.
Both Binance and Coinbase offer secure trading platforms. In the US, you have access to their FDIC-insured USD balances, so your funds are protected. For login, you need to set up 2-factor authentication, but Binance also offers device management and address whitelisting.
2FA is used to confirm your identity when you log in, and you usually need to retrieve security codes sent to you as SMS and emails. This is one of the best forms of authentication, making it hard for anyone to break your accounts.
Device management allows you to see what desktops or phones are connected to your Binance account. The system is similar to that of social media platforms, giving you more control. Address whitelisting assures that you can only withdraw to those accounts. So, if anyone managed to access your account, they wouldn’t be able to make any withdrawals without your consent.
I found Binance’s security features a little more advanced than CoinBase’s, so I can recommend it for this.
Ease of Use
Coinbase is a little easier to use than Binance, as it doesn’t have many features to get lost in. Once you open the website, you’ll have easy access to your account, charts, and cryptocurrency menus. This allows you to make quick and efficient transactions in no time.
Binance is more in-depth, and you may need some time to get around it. Finding the charts is easy, but you may have a hard time finding the spot trading menu if you’re just getting started with crypto. However, it also offers a limited mode, where beginner users can easily learn the ropes and start trading.
Coinbase and Binance offer nice and intuitive mobile apps. While Coinbase’s is easier to use overall, Binance offers an easy mode, so that you can get started with the platform. There aren’t major differences between the desktop and mobile versions, so you’ll be able to trade as you usually would even on the go.
You can keep your funds with both Binance and Coinbase. The wallets are secured with AES-256 encryption, so you don’t need to worry about hackers interfering with your trading activity.
Having a wallet with Binance and CoinBase allows you to easily access, trade, and withdraw your funds to a bank or PayPal account. Binance bought Trust Wallet back in 2018, and allows its users to access it along with the standard Binance wallet.
Binance offers a lot more coins than Coinbase. It has about 500 currencies, while Coinbase has a little over 100. This puts Binance ahead, as it allows you to jump on any trend. Aside from the most popular coins such as ETH, BTC, DOT, ADA, and XRP, you’ll also find DOGE, SOL, and SHIB on both platforms. However, Binance offers a large variety of altcoins that are not available anywhere else.
Binance vs. Coinbase — Comparison Table
While Binance and Coinbase appear to be very similar, there are a few differences that will help you make a decision. Overall, Binance’s fees are smaller, and it offers more currencies to choose from. However, it’s not available in the US. Coinbase allows you to trade from anywhere, but it offers less currencies and higher fees.
|Binance||Yes||0.015%-0.10% on crypto transactions||500||AES-256 encryption, 2FA, device management, address whitelisting||Yes (Built-in + Trust Wallet)|
|Coinbase||Yes||0.50% on crypto transactions||100||AES-256 encryption, 2FA||Yes (Built-in)|
FAQs on Binance vs Coinbase
Which crypto exchange has the most coins?
Binance has the most coins, with more than 500 to choose from. This allows you to stay on the latest trends and never miss a launch. Coinbase stands behind it, with a little over 100 coins.
Is it safe to keep funds in my Binance or Coinbase wallet?
Yes, both Binance and Coinbase keep your funds safe. They use AES-256 encryption to secure your wallet and offer multiple integrations for an easy trading experience. However, you should keep in mind that Coinbase requires a fee if you want to trade using the funds in your wallet.
Are Binance’s fees smaller than Coinbase’s?
Yes, Binance’s fees are smaller than Coinbase’s. It keeps between 0.015% and 0.10% depending on the coin, while Coinbase keeps a standard 0.50% on all transactions. Coinbase Pro allows you to lower these fees, but it depends on the value of the transaction.
Can I use Binance and Coinbase in Australia, India, the US, and Canada?
Coinbase is available in most countries, including the US. Binance, however, can’t be used in the US without a VPN. Due to the country’s regulations, it launched a second platform called Binance US, which is available in most US states. However, it’s limited and only offers around 60 currencies.
Start Trading Today!
Both Binance and Coinbase are great crypto trading platforms, offering a good variety of coins, security, and fees. However, after testing them both, I can safely say that Binance has the upper hand.
Its fees are much smaller, it offers more currencies, and has many trading options, so you can launch orders even when you’re not near your computer. You can sign up for Binance and give it a try with a trial account.
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