Many investors prefer crypto assets over other investments, seeking significant benefits from the decentralized finance model. The cryptocurrency industry is packed with thousands of coins and hundreds of exchanges. While some exchanges, however, offer the same features and services. Binance and Coinbase are two of the most popular trading platforms, and they are frequently in competition with one another.

Coinbase is one of the oldest and most well-known cryptocurrency exchanges. It was created in 2012. Binance was launched in 2017 and, while it was originally located in China, it is currently based in the Cayman Islands, where it may operate rather unrestrictedly.

Security

Binance

  • It has teamed up with Trust Wallet, a market leader in the digital wallet field with over five million customers. With a PIN, biometric access, an encrypted key, and a 12-word recovery phrase, Trust Wallet protects your assets.
  • Advanced verification is required to gain additional access to the platform. It also ensures that no one else is impersonating you and creating a phony account.
  • Binance allows you to whitelist crypto addresses, which means you can restrict access to addresses that can withdraw your money. These addresses are retained in your address book, preventing access to your funds by any other addresses.
  • The platform also provides two-factor authentication (2FA) by SMS or the Google Authenticator app.

Coinbase

  • It has its own digital wallet where you may store your cryptocurrency. It is password-protected and has biometric access controls.
  • Two-factor authentication is available through SMS or the Google Authenticator app. By requiring a time-sensitive passcode, helps secure account access.
  • Coinbase is one of the only exchanges that maintain your funds off the internet in cold storage and crypto vaults. They store 98 percent of all cryptocurrency balances in cold storage, which helps protect your funds from cyber predators.
  • Coinbase also has a crypto vault where you may keep your digital assets. These vaults can be set up to demand numerous user approvals before funds are removed, preventing fraudulent withdrawals.

User-friendliness

Binance offers users a one-stop-shop for all things crypto. Beginners may quickly join up and begin trading, while advanced users can go as sophisticated as they want with advanced charting, trades, and unique API keys. Simply input your email address and password to create a free account to join. After you’ve verified your email address, you may add two-factor authentication to your account and link your bank account or credit card. You can immediately begin purchasing cryptocurrency.

Coinbase provides a user-friendly platform for purchasing, selling, and trading cryptocurrencies. You can also access their content on the go using their mobile app, which is available for both iOS and Android. With a straightforward sign-up form and verification process, Coinbase makes it simple to get started. You can create a free account and verify your identity with a government-issued photo ID. After you’ve been verified, you can link a bank account or credit card to start buying cryptocurrency right away.

Currencies 

Both platforms provide access to the most popular crypto, but Binance supports more than ten times the number of crypto that Coinbase offers. Binance includes access to over 500 coins, but Coinbase only accepts 44. You can buy cryptocurrencies in dollar sums on both sites, letting you acquire fractions of coins. The minimum order amount on Coinbase is $2, while the minimum order amount on Binance is $1. Significant currencies such as Bitcoin, Uniswap, and Compound are supported on both platforms.

Unique features

Coinbase

  • It offers brief videos that educate consumers through various cryptocurrency projects for free and free cryptocurrency. These videos can be viewed on the platform and on the mobile app, and viewers will receive a tiny amount of free cryptocurrency for watching them.
  • The platform has a built-in news feed that keeps customers updated on the latest bitcoin news and developments. The feed collects stories from around the web to keep you up to date on the latest trends and developments in the bitcoin market.
  • Coinbase users can set up price notifications for any cryptocurrencies they want to keep track of. Users may either read changes on the app or receive notifications on their phones by adding currencies to their watchlist.

Binance

  • Binance provides incentives and challenges regularly to encourage users to participate in their platform. The Binance rewards center is where users may claim these prizes. It also offers crypto airdrops for currencies that will soon launch on the site.
  • Binance Academy: Binance Academy is the company’s own free education platform. Binance Academy is a one-stop-shop for all things crypto, from beginning crypto training to advanced trading seminars.
  • Binance has one of the most diverse ranges of trading kinds of any exchange.
  • Advanced charting: Binance’s embedded TradingView charts allow users to create advanced charting views with hundreds of overlays and indicators.
  • Binance makes its API keys public, letting third-party apps interact with the exchange.

Which one is the best choice?

Binance has a number of complex features that are appropriate for experienced investors. Coinbase, on the other hand, attempts to be simple, with a limited set of features and options tailored to ordinary investors and newbies. As a result, investors should make their own decision. Coinbase might be the best place to start if you’re new to the cryptocurrency market. However, if you are experienced in dealing with the highs and lows of the crypto market, Binance is the way to go.

Conclusion

In conclusion, Binance and Coinbase were compared based on simplicity, security, unique features, and supported currencies. We also looked at the various types of trades available on each platform and their respective costs compared to the entire crypto exchange market. While Binance and Coinbase are cryptocurrency exchanges, their user experiences are radically different.