Binance vs. Coinbase 2023

Binance along with Coinbase are two platforms for cryptocurrency that have very different strategies. Coinbase is an U.S.-based exchange designed for newbies with an easy interface and limited types of transactions. Binance is a difficult learning curve, but also supports advanced users and offers international traders with a variety of choices for currency trading.

Between these two, I would say that the best for Aussie traders is Binance.

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Binance vs. Coinbase Comparison Table

Features	Binance	Coinbase
Cryptocurrencies	600+	160+
Trading Fees	0.1%	4.49%
Deposit Fee	Free	Included in trading fee
Withdraw Fee	Free	N/A
Payment Methods	PayID/OSKO	Debit card
	Visit	Visit

Binance Pros and Cons

Pros

• Favorable fee system with possibilities for discount
• A large spot market with over 700 different cryptocurrencies
• Sleek deposit and withdrawals
• Advanced markets for pro-traders
• Staking options for over 70 coins
• Separate platforms for separate markets

Cons

• Has some regulatory issues with several countries
• Newbies might get overwhelmed by the vast offer of trading instrument

Coinbase Pros and Cons

Pros

• Over 160+ cryptocurrencies available
• Coinbase privately guarantees their platform, so your money is secure in the event of an attack
• User-friendly and simple interface
• It only takes a few seconds to sign up and begin trading
• Extremely safe and trusted platform

Cons

• Complex fee structure, which is more expensive than its competitors

Features

Because the platforms are designed for different kinds of users, you’ll see huge differences in their features. Both offer apps for mobile devices that have watches lists and the ability to track prices in real time. The similarities don’t stop there.

With Binance you’ll receive the following benefits:

• Advanced charting, with a myriad of options to add overlays and indicators
• Public Application Programming Interface (API) keys to integrate other software tools
• 7 types of orders on Binance
• There is the option of using the third-party digital wallet Trust Wallet
• Users from over 180 countries are able to trade on Binance, however only 46 states are able to use Binance.US Excluding Hawaii, New York, Texas and Vermont

Comparatively with Binance, Coinbase offers more options for U.S. residents but fewer options for traders from other countries. Its features comprise:

• Secure, independent online hot bank that you can use in conjunction with Coinbase as well as other exchanges
• The ability to withdraw money from your PayPal account.
• The service is available to users in over 100 countries and in 49 states, and no trade permissible by residents in Hawaii
• A monthly newsletter that highlights the most recent cryptocurrency information
• The option to purchase the Coinbase Pro platform with advanced charting capabilities, such as the capability of tracking exponentially moving averages
• Earn cryptocurrency through watching videos in short form

Winner: Binance

Supported cryptocurrencies

Binance is known for its extensive altcoin list that includes more than 600 options accessible for non-U.S. clients.

However the Binance.US exchange can only support a little more than 100 coins. Coinbase provides 179 currencies for trading.

Winner: Binance

Fees

Fees for Binance are among the lowest rates in the business and Coinbase doesn’t disclose its charges online.

Binance has the maker-taker structure that has identical fees for takers and makers. The fee chart could be confusing for novices, however, it offers significantly lower fees particularly for traders with high volumes. Users of Binance can save money by buying BNB (BNB) tokens in order to cover for fees at 25% off. The high volume traders can also sign up to qualify for VIP (VIP) discounts

Winner: Binance

Customer Support

Support for customers at crypto exchanges is often an incidental feature, despite the massive expansion of exchanges. Yet, Coinbase has grown its efforts recently in this area and has added phone support as an essential feature that was previously available only via options that only offered email and support tickets. 

Binance has just support ticket, which could be one of the costs you pay for its low costs for trading.

With a range of support options Coinbase is the clear winner in this.

Winner: Coinbase

Deposit Methods

Binance is the only company to accept PayID along with OSKO as deposit methods , which are accepted as fiat in Australia. Additionally, you can transfer cryptocurrency into the Binance accounts.

Coinbase is currently accepting only Debit cards.

Winner: Binance

Security

While both platforms are considered safe, Coinbase has a better overall reputation. It was founded in 2012 Coinbase is an U.S.-based exchange which became public in April 14th, 2021 through an straight listing and is supported by banks such as J.P. Morgan.

Both exchanges offer 2-factor verification (2FA) through the Google Authenticator application or the short messages (SMS) However, U.S. users report some issues with Binance.US as well as the Google authentication procedure. Coinbase and Binance require users to prove their the authenticity of their identities using a photo.

Coinbase security features include fingerprint biometric access to its digital wallet. the majority of cryptocurrency’s assets are stored within an air-gapped cold storage via vaults and secure deposit boxes. Coinbase offers an insurance policy in place to protect the two percent of funds that are kept in hot storage. However, it only covers security breach from their side not for those resulting from security issues with the user.

Conclusion

In comparing Binance against Coinbase, there are several similarities. Both are able to access similar currencies, they both permit the user to purchase trade, sell and buy your digital assets. They also both provide user education to those who are new to crypto.

Coinbase is the most simple platform for novices to use because of its simple design and amazing mobile application. Selling and buying cryptocurrency on Coinbase is as easy as a couple of clicks. Your digital funds are safe throughout the day.

If you’re not an U.S. resident and looking to explore the world of cryptocurrency, Binance is a great location to explore this. With its wide selection of trading options, an easy-to-use platform and access to more than 500 cryptos, Binance is the top option for the majority of traders.

If you’re an Australian trader, like me, the best option is Binance.

Frequently Asked Questions

Does Binance provide a wallet?

This one is also a yes. In 2019, Binance acquired Trust Wallet after their security breach. The wallet can be used to store a wide range of cryptocurrencies as well as NFTs.

Where is Binance accepted?

Binance is accepted in almost any country in the world but fiat payments from cards are prohibited in countries like Iraq, North Korea, Iran, Afghanistan, and Syria. Some US states also lack credit and debit card deposit features – they are New York, New Mexico, Georgia, Connecticut, and Washington.

How does Binance make money?

In 2021, Binance reached a record revenue that was $20 billion from fees to trade as well as trades. In addition, Binance charges margin borrow interest, charges for futures trading, as well as Cross collateral rates.

Is it safe to link a bank account to Binance?

There is no way to guarantee that anything that happens on the internet is risk-free, however according to the security measures that Binance has implemented, Binance is an trusted crypto business.

Does Coinbase have a mobile app?

Yes. With the Coinbase app for iOS or Android, you can easily keep track of your portfolios, transactions, and market movements and strike the best deal at any time.

What countries are supported by Coinbase?

This American-based exchange offers worldwide online financial services to citizens of over 100 countries in North America, Europe, Asia, Africa, and Oceania. However, not all of the supported countries can use the same services and payment methods.

Does Coinbase provide a cryptocurrency wallet?

Yes. Coinbase offers a secure multi-currency USD wallet that supports over 4,000 cryptocurrencies, NFTs (ERC721 tokens), and decentralised applications (dApps). Users have absolute control over their crypto assets because this is a self-custody crypto wallet.

You can check your wallet balance and trading history with the Coinbase wallet, establish extra security measures, use DeFi liquidity pools to provide or borrow coins, or take part in a DAO and assist in creating a web3 project.

Coinbase wallet users can also easily connect this wallet to their Coinbase account for even greater flexibility in trading. With over 90 countries supporting crypto purchases with credit or debit cards through the Coinbase wallet, you can fund your Coinbase Wallet and launch your NFT catalogue in a few swipes.

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