Binance VS Coinbase: A Detailed Comparison with Google Trends
There is no doubt that Coinbase is very popular, but, the limitation placed on users from many countries is a drawback. On this score, Binance got ingratiated to a global mass of users who love the ease of use, and openness to all and sundry.
PART 1: Binance VS Coinbase Key Features: What’s the difference?
Binance is known as the global leader in cryptocurrency exchange with more than 6 million users globally. Coinbase, on the other hand, is one of the most popular cryptocurrency exchanges. While Binance has a global spread, Coinbase is limited as it is not open to users from many countries.
The ease of navigation around Coinbase exchange is clearly notable while Binance has a good layout, but, requires keen attention from a newbie.
In terms of transactions, the increasing update of cryptocurrencies makes Binance a behemoth, while Coinbase has fewer tokens up for trade.
Now, let us look at the close comparison:
|Exchange Reviews||Coinbase Review||Binance Review|
|Payment Method||PayPal, Debit/Credit cards, Bank deposits, Wire transfers and Supported Cryptocurrencies||Cryptocurrency deposits
No fiat currencies
|Traded Currencies||Bitcoin and Ethereum||Bitcoin, Ethereum, DASH, Bitcoin Cash EOS, and 275 others|
|Customer Support||Email Chat 24/7 during working hours(US)||No chat. Email support 24/7|
|Fees||Varying deposit fees. Withdrawal fees apply.|
Trading fees fixed at 1 percent.
|No deposit fees. Withdrawal fees apply.
Trading fees at 1%.
PART 2: Coinbase VS Binance Trading: Which one is better?
Any user coming to Binance for the first time as to be aware those fiat currencies are not supported. You can only deposit cryptocurrencies by sending them from other exchanges or private wallets. You can check about how to deposit cryptocurrency on Binance here>>
Coinbase allows the use of credit and debit cards, bank deposits and wire transfers. You can also use PayPal to buy cryptos on the exchange. Using our wallet address, you can have your account funded on Coinbase as well by other crypto account holders. USD, GBP and EUR are also used for Coinbase transactions.
Coinbase supports 32 countries, and this makes it popular among cryptocurrency enthusiasts. Binance on the other hand is open to users from every nation except local conditions prevent the nationals from token trade. China is an example of a country where local legislation prevents Binance support.
For many cryptocurrency traders, transaction fees are a big deal. This is understandable as most traders use personal savings for the trade.
Binance charges transaction fees for withdrawals and trading. The charges are 0.1% for each transaction. However, when you sign up with BNB as deductible token for charges, you get a 50 percent discount. There no deposit fees.
Coinbase has a transaction fee average of about 3.75 %, and this is huge. Withdrawal fees is aligned with the method used and could get to a high of 3.99 percent or a low of 1.49 percent. Where the user is resident also has a role to play in the rate charged.
One of the biggest selling points of Binance is the zero fees on deposits. In other words, irrespective of where your cryptocurrencies are sent from, no fees apply.
Read more on Binance fees here >>
A user with a verified account can make weekly transactions up to $50,000 on Coinbase.
On Binance, daily limit is set at $10,000 for individuals, and $50,000 for corporates. There are no cut-off points in terms of trading, but transactions lower than 0.1 LTC, ETH or Bitcoin are not supported.
Which one is better?
There is no doubt that on the score of point for point, Binance is better.
PART 3: Binance VS Coinbase trust: Which one is more reliable?
Binance has the backing of institutional players in the cryptocurrency scene. The company is constantly deepening collaboration with other stakeholders in the industry. It is also led by a crypto player who worked with blockchain.info at an earlier point.
Coinbase is known to be owned by institutional players like the Bank of Tokyo and the New York Stock Exchange, amongst others. There is no doubt as to the legitimacy of Coinbase.
Binance came to life after an ICO that was successfully completed in July 2017. This makes it clear that the exchange is owned by diverse stakeholders.
Coinbase has an updated security algorithm that makes it difficult for hackers to disrupt the platform. Its operations in America are closely regulated, and this is an area that should put users’ minds at ease.
Binance, on the other hand, uses a multi-layered and multi-structured algorithm that keeps its operations safe. Beyond this, it also uses distributed serves around the globe to prevent a total shutdown of operations if a server is hit by malicious software.
Both exchanges have also taken steps to be Segwit2x compatible.
Looking at the map above shows clearly that Coinbase was ahead of Binance till the end of December 2017. However, since the dawn of 2018, many users have turned to Binance, and they are clearly rooting for the exchange.
Google trends shown above is an aggregation of the global search for Coinbase and Binance over the last 12 months
In terms of customer support, both exchanges have a database of FAQs.This approach aims to reduce the number of support tickets that have to be attended to by customer service. You can also find user communities online for both exchanges, where ideas and solutions are readily available.
Customer support on Binance is by Email support only around the clock. No chat apps are supported presently.
Coinbase on the other hand, uses chat support during working hours I the US, and Email support around the clock. While Binance customer support used to move at a slow pace, a change for the better is noticeable of late.
Coinbase and Binance shares the points on reliability as they both rate highly among users.
PART 4: Binance VS Coinbase Conclusion
Binance clearly focuses on a global audience while Coinbase is fixated on a few countries and might not change that any time soon. Global users will vote Binance as the best while US users will vote Coinbase as the best.
You can open your Binance account today and enjoy the global advantage.