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Binance vs Coinbase: The Biggest Differences
Both Binance and Coinbase offer a variety of cryptocurrencies, with features like staking, peer-to-peer crypto trading, payment services, institutional services, educational resources, and more.
But the two platforms also have many differences. Although it has a US version (Binance.US), Binance is best suited for experienced non-US traders who want access to a variety of trading tools, order types, and account features. Coinbase, however, is probably more suitable for beginners looking for a simpler user interface.
Binance and Coinbase account features and fees also vary. Keep reading to see how the investment platforms compare.
Advantages and disadvantages of Binance
Founded in 2017, Binance is a crypto exchange offering hundreds of cryptocurrencies to traders around the world. It offers a huge selection of services, including regular crypto trading, margin trading, and futures and options trading, Binance Academy (a compilation of educational resources for beginners), NFT services, and more. Moreover.
With Win Binance, you can earn regular interest by staking a variety of coins (staking is a process that allows you to earn interest payments by holding certain assets for a set period of time). Another feature, Binance Loan, lets you use crypto as collateral to take out crypto loans.
Additionally, the Binance Visa Card gives you the choice to spend cryptocurrencies globally, and Binance Pay allows you to transfer or spend over 40 different cryptocurrencies at no additional cost.
When it comes to trading, you will have a variety of options and platforms. These include its over-the-counter (OTC) trading portal, Classic Binance trading interface, advanced trading platform, margin trading, and peer-to-peer trading.
You will not be able to use the regular Binance platform if you are a US resident. Binance has a separate platform, Binance.US, for US traders. The US platform has a more limited selection of cryptocurrencies (over 50 to be exact), and it does not allow margin or futures trading. However, it still offers a wide range of features for individuals and institutions. Check out our full Binance.US review here.
On the institutional side, Binance provides over-the-counter (OTC) trading and various other services for clients such as high-frequency trading firms, hedge funds, market makers, and investment banks.
In addition to trading (institutions can take advantage of futures and options products, margin trading, and API connectivity), Binance also offers institutions a wide range of staking and savings options through the Binance portal. Earn. Learn more about Binance Institutional Services here.
When it comes to platform navigability and customer support, Binance is hard to beat. You can access its platform through a number of devices including iOS, Android, Android APK, MacOS, Windows, Linux, and API. Additionally, Binance offers 24/7 customer support.
Read the full Personal Finance Insider review on Binance.US here »
Advantages and disadvantages of Coinbase
Coinbase is one of the largest crypto exchanges in the world. Founded in 2012 by Brian Armstrong and Fred Ehrsam, the investment platform offers over 80 assets, with crypto services for both individuals and institutions. These include crypto trading and staking, digital crypto storage, crypto rewards for educational courses, and more.
If you are a trader looking to get into crypto, you can either choose the standard Coinbase investment account or the Coinbase Pro account. While Standard and Pro accounts give you access to features like staking, Coinbase Earn (an educational program that pays you in crypto to learn about different cryptocurrencies), crypto loans, and digital storage, Coinbase Pro offers a more advanced offering of trading tools. .
These include trading APIs, charting tools, and order books (including $250,000 FDIC insurance).
As for accepted payment methods, US customers can fund their accounts via ACH transfers, bank transfers, debit card transactions, PayPal transfers and
transfers. But Coinbase is more expensive than Binance and Binance.US platforms.
Coinbase also provides a long list of options for institutions or businesses with crypto needs. These include its Coinbase Prime trading platform, institutional-grade offline storage services, trading platform, Asset Hub, and more.
Read the full Coinbase review by Personal Finance Insider here »
Binance vs. Coinbase: Which is Right for You?
Binance and Coinbase both offer a wide selection of cryptocurrencies such as bitcoin, ethereum, and dogecoin, but the platforms differ in fees, order types, account features, and accepted payment methods.
While Coinbase offers support for traders in over 100 countries, Binance is a cheaper choice for non-US traders (but also note that you would pay less for the US version of Binance than for Coinbase). However, Coinbase makes up for its higher fees with a simpler user interface.
Overall, Binance is an ideal option for non-US traders in areas such as low fees, hearty payment methods and order types, and advanced trading tools. Binance.US might also be a good choice for US traders who want lower fees, but Coinbase’s combination of educational resources, ease of use, and account features makes it hard to beat for beginners.