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Cryptocurrencies are quickly becoming popular around the world. In this regard, many cryptocurrency platforms have emerged to help investors invest in cryptos. For instance, there is Binance and Coinbase, which are cryptocurrency platforms that use different approaches.
Coinbase was designed with beginners in mind and provides simple options for trading bitcoins or Ethereum. On the other hand, Binance has a steep learning curve and advanced features that provide international traders more ways than ever before to invest their money using hundreds of currency trading options.
The Binance platform is easy to use and offers three levels organized according to their clients’ trading experience. However, it is not as easy to use compared to Coinbase. If you are an investor in Canada and you have put your money in the best penny stocks in Canada and would love to expand your portfolio to include cryptos, you are in the right place. Read on to discover the crypto exchange that suits you.
Coinbase vs. Binance: Key Features
The two platforms target different kinds of investors and have similar and differing features. Here is the difference:
Binance has the following features:
- It has a rewards center that offers its users challenges and giveaways to earn cryptocurrency.
- It also offers advanced charts offering numerous indicators and overlays.
- Binance also has public application programming interface (API) keys that allow users to integrate other software tools.
- Users can access over 13 transaction types.
- It also offers its users the option to access a third-party digital wallet, Trust Wallet.
- Users from more than 180 countries can trade on the platform. In the US, only 43 states can use the app.
On the other hand, Coinbase has its unique features. Additionally, it offers US residents more features than other international traders. Some features you can access from the platform include:
- The platform offers a standalone digital hot wallet that you can use with other exchanges.
- Users can withdraw funds to their PayPal account.
- Users can access the platform from over 100 countries and 49 states. Traders in Hawaii cannot trade on the platform.
- Users get access to a newsletter showcasing the latest cryptocurrency news.
- It also offers an optional Coinbase Pro platform that offers limited charting functionality, including keeping track of exponential moving averages.
- Users can also earn cryptocurrency when they watch short videos.
Coinbase vs. Binance: Currencies
Binance is popular for its huge altcoin list. Traders outside the US can access up to 500 choices. But, the Binance US exchange only supports up to 60 coins. On the other hand, Coinbase’s regular platform supports 107 trading currencies, while Coinbase Pro exchange supports 57 currencies.
Traders can also use fiat currency on Coinbase. The fiat currencies that the platform supports include USD, GBP, and EUR. On the flip side, Binance supports 18 fiat currencies, including USD, AUD, EUR, HKD, INR, and GBP.
Binance supports around up to 591 cryptocurrency options. However, the number you can access depends on your location. You can use these currencies on Binance only:
- Dogecoin (DOGE)
- Qtum (QTUM)
- Vechain (VET)
- Harmony (ONE)
- Vethor Token (VTHO)
On the other hand, these are the Cryptocurrencies you can access on Coinbase:
- Suchiswap (SUSHI)
- Wrapped Bitcoin (WBTC)
- Celo (CGLD)
- Aave (AAVE)
Here are the popular and emerging currencies you can access on both platforms:
- Bitcoin (BTC)
- Compound (COMP)
- Dash (DASH)
- Cosmos (ATOM)
- Ethereum (ETH)
- Cardano (ADA)
- Storj (STORJ)
- Litecoin (LTC)
Coinbase vs. Binance: Usability
Coinbase and Binance target different types of users. For instance, Coinbase is a simple platform for investors new to trading cryptocurrency and interested in a fast, effortless, and secure way to trade.
On the other hand, Binance’s platform is user-friendly. However, the massive number of choices can overwhelm a new user. Therefore, Binance would be an excellent choice for investors familiar with cryptocurrency lingo and investing options.
Both platforms offer their users mobile applications having different functionalities. Binance users can access the Binance Academy, which works like Gemini’s Cryptopedia. Here, users get access to helpful articles and tutorials. Both trading platforms offer their users a blog and knowledge base. However, Coinbase users will earn Cryptocurrencies when they watch videos for beginners.
In this regard, Coinbase wins when it comes to ease of use. However, its customer service options are not very user-friendly. Binance offers more customer support options than Coinbase.
Coinbase vs. Binance: Security
The two platforms are considered secure. But, Coinbase has a better overall reputation. The platform was launched in 2012 and is a US-based exchange that went public in 2021 through a direct listing. Moreover, it has the backing of reputable banks such as J.P. Morgan.
On the other hand, Binance was first launched in China before moving to Japan. Additionally, the Binance.US platform initially banned all US investors from accessing it because it wasn’t regulated. Nevertheless, the new Binance.US exchange operates within US regulations.
So, what security features do they employ? Well, both offer the two-factor authentication (2FA) through the Google Authenticator app or the short message service (SMS). Additionally, Coinbase requests the user to verify their identity using a photo or government-issued ID. On the other hand, Binance only requires identification verification for US-based users or those who want to invest and trade with larger sums of money.
Other security features offered by Binance include device management, whitelisting, and the ability to limit device access. It also ensures its users’ USD balances up to 250000 USD by the Federal Deposit Insurance Corporation (FDIC).
As for Coinbase, the notable security features include fingerprint biometric access for the digital wallet. Moreover, it stores 98% of cryptocurrency funds in air-gapped cold storage using vaults and safe deposit boxes. Coinbase also offers users an insurance policy that covers 2% of the funds stored in hot storage. However, the policy only takes care of security breaches on their end. This means the insurance does not cover any security problems caused by the users.
Final Thoughts
After reading this detailed review of the two platforms, it is effortless for you to make a choice. In this regard, if you are just getting started, you should consider Coinbase, while more experienced users can go for Binance or Binance.US, depending on their location. The other factors are down to individual preferences.
