Binance.US and Coinbase are two of the most popular cryptocurrency exchanges, so which one to choose? The answer depends on what exactly you need, what cryptocurrencies you want to trade, how much you are willing to pay, and other key factors.
Both Coinbase and Binance.US are major players among established cryptocurrency exchanges. In this article, we will refer to Binance.US – the US branch of the larger Binance organization – as Binance. We’ll compare it to Coinbase Pro, which offers much lower costs than the basic Coinbase service, although we’ll call it Coinbase.
Here’s how Binance and Coinbase compare on some of the most important factors for traders.
Binance vs. Coinbase: Cost
The biggest cost you are likely to incur is your trading fees, and if you do a lot of them, these can certainly add up. Luckily, it’s standard for most exchanges to offer rebates based on your 30-day trading volume. However, Binance does even better than that.
Both Coinbase and Binance use a maker-taker pricing structure, charging based on whether you add liquidity to the market (makers) or take liquidity out of it (takers). So, transaction fees usually differ not only depending on your volume, but also on the type of transaction you make.
Here is how each exchange breaks down based on its fees:
Binance Trading Fees
|Less than $50,000||0.10 percent||0.10 percent|
|$50,000 – $100,000||0.09 percent||0.09 percent|
|$100,000 – $500,000||0.08 percent||0.09 percent|
|$500,000 – $1 million||0.07 percent||0.08 percent|
|$1 million – $5 million||0.05 percent||0.07 percent|
|$5 million – $10 million||0.04 percent||0.06 percent|
|$10 million – $25 million||0 percent||0.06 percent|
|$25 million – $100 million||0 percent||0.05 percent|
|$100 million – $250 million||0 percent||0.04 percent|
|$250 million – $500 million||0 percent||0.03 percent|
|$500 million or more||0 percent||0.02 percent|
Coinbase Pro Trading Fees
|Less than $10,000||0.50 percent||0.50 percent|
|$10,000 – $50,000||0.35 percent||0.35 percent|
|$50,000 – $100,000||0.15 percent||0.25 percent|
|$100,000 – $1 million||0.10 percent||0.20 percent|
|$1 million – $10 million||0.08 percent||0.18 percent|
|$10 million – $20 million||0.08 percent||0.18 percent|
|$20 million – $50 million||0.05 percent||0.15 percent|
|$50 million – $100 million||0.05 percent||0.15 percent|
|$100 million – $300 million||0.02 percent||0.10 percent|
|$300 million – $500 million||0 percent||0.08 percent|
|$500 million – $750 million||0 percent||0.06 percent|
|$750 million – $1 billion||0 percent||0.05 percent|
|$1 billion – $2 billion||0 percent||0.04 percent|
|$2 billion and up||0 percent||0.04 percent|
The results are clear: throughout the scale, Binance charges less than Coinbase, whether you are doing low volume or high volume. On top of that, Binance will lower your fees by an additional 25% if you use BNB, its own in-house currency, to pay trading fees.
For example, imagine that you placed $25,000 in trades in the last 30 days and you want to place another $10,000 trade. At Coinbase, you would pay 0.35% as a maker or taker for a total cost of $35. By comparison, you would pay 0.10% at Binance for this trade, or a total of $10. Binance will reduce this fee by 25% if you pay with BNB, so it comes down to just $7.50.
And this price advantage continues throughout the volume chart. For example, with a volume of $500,000, you would pay a maker/taker fee of 0.10 or 0.20% at Coinbase on the next trade, compared to 0.07 or 0.08% at Binance (0.0525 % and 0.06% with the discount).
When you trade over $100 million in 30-day volume at Binance, your maker price is 0% for additional trades (0.06% for takers). At Coinbase, you always pay 0.08% as a maker for additional transactions (0.18% for takers). And then there’s this Binance discount again which expands things even further.
Advantage: Binance offers a clear advantage on what will likely be the largest group of ongoing fees you will pay. Coinbase lags this metric every step of the way.
Binance vs Coinbase: Supported Cryptocurrencies
The straight numbers seem to favor Coinbase in terms of the total number of coin types offered by each exchange. Coinbase gives traders access to 158 coins, while Binance offers access to 70, less than half the number of its rival.
But all that choice is like a buffet: if you don’t want to swap out a specific piece, it doesn’t matter if it’s there or not. So how do these exchanges compare to the top 10 coins by market cap? A comparison might reveal some differences. Based on this, Binance is slightly better, offering eight of the top 10 coins, compared to Coinbase’s seven. Both offer Bitcoin, of course, and the only difference is that Binance offers BNB, the coin that powers Binance’s own ecosystem.
Advantage: Coinbase takes the lead here.
Binance vs. Coinbase: Staking Rewards
Coinbase and Binance are close when it comes to staking the rewards offered on their platforms. Staking rewards offer crypto owners a chance to receive income to support the token through the verification process. Typically, an exchange simply deposits your income, net of any fees, into your account. Coinbase takes a commission from your rewards, unlike Binance.
Coinbase allows staking on six coins, including Ethereum, one of the largest coins, as well as Algorand and Cosmos. Binance supports staking on seven coins, including Algorand and Cosmos. So you might prefer Coinbase if you are looking to stake your Ethereum position.
As for the size of these rewards? On the latest numbers, Coinbase estimates that Cosmos and Algorand will gain 5% and 4% respectively. On the other hand, Binance estimates these respective figures at 1.5% – 3% and 4.5% – 6.5%. So, when it comes to coins shared by the two platforms, Coinbase earns one and Binance earns one.
Advantage: Coinbase is ahead of Binance on staking rewards, especially for those who hold Ethereum and want to stake it. For those who hold supported coins on one platform but not the other, however, a specific exchange may end up being better for them.
Binance vs Coinbase: deposit and withdrawal fees
Neither Coinbase nor Binance charge deposit or withdrawal fees for ACH deposits in US dollars. On bank transfers, Binance does a bit better, with no fees for bank transfers and a $15 withdrawal fee for domestic transfers. For its part, Coinbase charges $10 for bank transfers to its accounts and $25 for bank withdrawals.
Advantage: Binance offers a better fee structure here, both for ACH fees and even transfer fees. However, if you plan to use threads frequently, Binance would clearly be the best fit.
Binance vs. Coinbase: Customer Support
Customer support on crypto exchanges seems to be mostly an afterthought, despite the skyrocketing growth of exchanges. However, Coinbase has recently stepped up its efforts here, adding phone support, a much-needed feature to previous options that only included email and a support ticket. Also, if you see any suspicious activity, you can call customer support to lock your account (although that begs the question of why this feature is needed, when traditional stockbrokers don’t seem to have such issues. .)
Unfortunately, Binance only offers support tickets, which may be part of the price you pay for its very low trading costs.
Advantage: With a variety of support options, Coinbase seems to be the clear winner here.
At the end of the line
On what is probably the most important characteristic of an exchange – cost – Binance wins. Low trading costs resulted in Binance being named the best crypto exchange for beginners by Bankrate.
However, on the finer details, such as available coins, Coinbase either wins outright or has a small advantage. In a comparison between Coinbase and Binance, the real winner may be the exchange that best suits your needs, whether it’s low trading fees, widest selection, or better support. .