What’s the difference between Coinbase and Binance? Is Coinbase better than Binance? Several questions have probably popped up in the minds of some traders, and we’re here to answer them for you.
Coinbase and Binance are cryptocurrency platforms with similar functions, but they differ greatly in terms of utilities and target users. To put it simply, Coinbase is easier for beginners with an interface that is quick, easy, and simple. Binance is relatively harder and supports advanced traders—even supporting international traders.
What Does Coinbase Provide?
To explain further, Coinbase focuses on being beginner-friendly. Coinbase supports 179 cryptocurrencies as of this video, and their limits on trading depend on the user’s payment method and region. They have basic transactions and a digital wallet, and they allow PayPal withdrawals.
However, one downside to Coinbase is that they don’t disclose specifics on their website in terms of fees and rates. Coinbase says that fees “are calculated at the time you place your order and may be determined by a combination of factors, including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.”
What Does Binance Provide?
On the other hand, Binance is less focused on staying simple for users and more on catering to users who are more or less already acquainted with cryptocurrency trading. They support more than 600 cryptocurrencies for global traders and more than a hundred for U.S. investors.
For fees, Binance has a solid rate of 0.10% spot-trading fees and 4.5% for debit card purchases. The maximum trading amount is limited depending on the cryptocurrency. However, If there’s one major flaw for Binance, it’s that it is currently under investigation in the U.S. for several regulatory issues as well as in some other countries.
So What’s Better?
As much as we’d like to provide one, there isn’t a clear-cut answer on what trading platform is better. Coinbase and Binance each have their own pros and cons, and it highly depends on the user’s preferences and the utilities they want to take advantage of.
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