Two of the biggest (if not THE biggest) centralized cryptocurrency exchanges for buying, selling, and trading are Binance and Coinbase. To help you choose which platform is best for you, we’ve examined each option’s supported currencies, security, costs, features, and more.
An Introduction to Binance
Binance, one of the most popular centralized cryptocurrency exchanges, is a platform to purchase and sell cryptocurrency. It was established in China in 2017 by CEO Changpeng Zhao, also known as CZ. With 90 million registered users, $76 billion in 24-hour daily volume, and more than 600 cryptocurrencies available, it has swiftly expanded in size. In order to comply with US regulations, US residents can only use a scaled-down version of the platform (Binance US), which is available in more than 180 other countries. As a result of a collaboration between Binance and BAM Trading Services, Binance US was introduced in September 2019 and it functions as a distinct legal entity.
Must read: How to buy crypto on Binance | Full Guide
An Introduction to Coinbase
Coinbase was one of the first cryptocurrency exchanges, launched in 2012 by Brian Armstrong and Fred Ehrsam, to allow users to buy and sell crypto. Coinbase is a US-based platform available in over 100 countries, with over 103 million verified users, and has a quarterly traded volume of $217 billion. With an easy-to-use app and over 200 cryptocurrencies to choose from, Coinbase has become a popular exchange amongst the investor community. In 2022, Coinbase announced it was discontinuing its professional trading platform, Coinbase Pro, and merging it with existing services to have everything under one roof.
Buy, trade, and hold 600+ cryptocurrencies on Binance
Binance vs Coinbase: Quick Glance
There are two main differences between the two platforms: scale and transparency. Binance caters to every type of investor, with different interfaces to choose from based on ability, and over 600 cryptocurrencies to trade. Binance can therefore offer incredibly low fees and transparency of its fee structure. On the flip side, Coinbase has opted for a simple interface ideal for beginners, offers over 200 cryptocurrencies, and does not disclose its fee structure.
| BINANCE | COINBASE | |
| Access | Over 180 countries | Over 100 countries |
| Features | Multiple trading interfaces, Multiple order types, Low fees, Recurring buys, Staking, Custom API keys, Binance Academy, Mobile app, Derivatives, NFT marketplace, Crypto loans, Binance card with cashback, Binance gift card, Binance Pay,24/7 chat support. | Simple interface, Advanced trading interface (replaces Coinbase Pro), Recurring buys, Staking, Custom API keys, Coinbase Learn, Mobile app, Derivatives, NFT marketplace, Crypto loans, Coinbase card, and Crypto gifting. |
| Cryptocurrencies | Over 600 cryptocurrencies | Over 200 cryptocurrencies |
| Fees | No trading fees on 13 Bitcoin spot trading pairs until further notice, a maximum 0.1% buying and selling fee, a 25% discount on your trading fee if you pay with Binance Coin (BNB), an Additional 2% fee for credit card purchases, No fees for USD deposits or withdrawals, Deposit and withdrawal fees vary by currency and crypto, Higher discounts with the VIP program. | Fees disclosed at the time of the transaction, Fees are determined by a combination of factors, including the selected… |
Rebecca is a crypto investor and content writer based in the UK.
She specializes in breaking the news into bite size pieces and simplifying investing topics.
You will find her on Twitter and Instagram providing crypto and investing education.
