Coinbase vs Binance: Which Crypto Exchange is Better?

As the popularity of cryptocurrency continues to rise, more and more people are looking for the best ways to buy and sell digital assets. Two of the most popular platforms for purchasing cryptocurrency are Coinbase and Binance. Both have their advantages and disadvantages, so it can be difficult to know which one to choose.

In this article, we’ll explore the differences between Coinbase and Binance, and help you decide which one is better suited to your needs.

Comparison of buying BEP-20 on Coinbase vs other platforms

According to reports from Google search, it is said that purchasing BEP20 tokens on Coinbase is more expensive than purchasing the same BEP20 token using Binance to represent other crypto exchange platforms. 

A ratio has it that Binance offers token sales at a cheap floor price than Coinbase. In scoring this Binance crypto exchange has a higher score ratio of 9.8 while Coinbase has 7.4, in the sales of BEP20 tokens. In essence, Binance as a crypto exchange company offers cheap percentage sales on BEP20 tokens because they are the creator of the chain and as such are making it easier and cheaper for users to purchase BEP20 tokens at a good rate. 

Unlike Coinbase which is more focused on making profits and there is nothing wrong with that. Binance on the other hand is leveraging the power of price or percentage reduction in the sales of BEP20 in other to pull more numbers and gain more profits. 

The Big difference here is Binance is playing the game of marketing and customers’ or users’ needs while Coinbase is not, nevertheless, both platforms are great for trading cryptocurrencies but Binance is making the figures scoring 9.8 percent for best crypto trading platform for both beginners and advanced users with a five-star ranking plus a cheap purchase on BEP20 tokens. Coinbase has a 7.4 overall plus a 3.4-star ranking as one of the best crypto platforms that enables users to buy crypto with fiat.

Is it better to buy on Coinbase or Binance?

In as much as Coinbase offers some unique features to users, the US-based crypto exchange has its hiccups when dealing with the SEC, FED, and other US financial and company regulatory bodies. 

This has made Coinbase a flaw in a major aspect of crypto trading and purchasing an issue on its exchange. So far Binance is the best crypto trading exchange in the world to purchase and trade cryptocurrencies, the exchange has earned its user’s trust by proofing to its users that they can be trusted and are 100% SAFU. 

Secured assets for fund users (SAFU) is a monetary fund system created by Binance to fund users in cases where they get hacked, it is a system that holds a 10% trading fee. Coinbase has no system in place because they might be interrogated and questioned by these US fed agencies.

Coinbase Overview

Coinbase is a cryptocurrency exchange based in the United States of America. Coinbase was founded in the year May 2012 by Brain Armstrong it is a distributed company all employees work remotely from all parts of different countries and as such the crypto trading company lacks a head office of operations. Coinbase has total assets of about 89.7 billion USD as of the year 2022. With an employee of 4,510. 

Pros of Coinbase

• Easy to use for cryptocurrency beginners
• Support for a large number of cryptocurrencies
• Opportunities to earn cryptocurrency.
• Cold storage for crypto assets.

Cons of Coinbase

• Poor customer service.
• Extreme high transaction fees
• Limited crypto altcoin.
• High trading fees.
• Brokerage fees. 

Binance Overview

Binance is a crypto trading founded by Changpeng Zhao popularly called CZ. Binance was founded in the year June 2017. Since then it has done its best to be at the top beating its competitors.

Binance head office is located in the Cayman Islands, George Town. Binance offers the best crypto trading experience and simple-to-use UI with multiple crypto assets to trade on.

Pros of Binance.

• More than 150 tradable cryptocurrencies for U.S. customers
• Low fees
• Wide selection of trading options and order types
• Great User Interface (UI).
• Multiple Altcoins to trade on
• The high trading volume of about $11,658,329,254.07.
• Awesome customer service.
• Phone number, Email, and Google 2FA security.

Cons of Binance

• The US Binance company is limited.
• No built-in specified Binance wallet.
• Slow Login process.
• Crypto purchasing power is $10 nothing below.
• Binance does not support the USDC optimism network.
• Binance has faced regulatory challenges in other countries.

Fees and Payment Methods

Payment fees and methods are the systems put in place by cryptocurrency exchanges for users to be able to buy and sell crypto assets while paying a percentage for trading on the cryptocurrency exchange.

Coinbase Fees

Coinbase commerce is in charge of the reduction of transaction fees and trading fees on the crypto exchange and these charges solely depend on the blockchain you transact on or trade. According to Coinbase commerce, Coinbase charges a flat rate fee of 1% percent on all transactions.

However, the above-stated percentage of the fee is not maintained by the exchange, there have been reports by users of the Coinbase exchange that the crypto platform charges them above its fixed fee of 1%. This is because the crypto exchange is in business with a broker that aids users purchase crypto with fiat seamlessly. 

Binance fees

On the other hand Binance offers a refer-a-friend trading fee offer. This is mostly done in spot trading, where users who refer their friends to trade on the Binance exchange get $100 off spot trading fees. Here are the percentage of trading fees on Binance. BTC spot trading pair 0%, BUSD spot trading pair 0%, BNB spot trading 25% deduction, BNB trading pair on future trading 10%.

Payment method

Both Coinbase and Binance offer various systems of purchasing and selling cryptocurrency on their exchange. They both accept banks deposit when buying any type of cryptocurrency. 

However, Binance offers a P2P purchasing method on its exchange which Coinbase does not.  Coinbase and Binance both accept the deposit of USDT stablecoin, so as to enable users to purchase the cryptocurrency of their choice without a bank deposit. Users can also sell off their crypto holdings and send fiat to their bank accounts on Binance and Coinbase, Binance users can convert their crypto holdings to stablecoins and sell off to P2P registered merchants on the Binance platform. 

Cryptocurrency Availability

Coinbase cryptocurrency

Coinbase offers a limited number of crypto assets on its exchange due to regulations by the US Feds and the financial Security Council. This is to protect US-based citizens from crypto scams and asset fraud. Causing the exchange more harm than good in the world of cryptocurrency and business in general, Coinbase users have limited crypto assets to trade on.

Binance cryptocurrency

Binance is one cryptocurrency exchange that is known for its wide range of cryptocurrency assets and blockchain networks. Binance has about 360 cryptocurrency assets listed on its exchange including virtual and NFTs tokens. Including the likes of BTC, ETH, LTC, DODGECOIN, and BNB.

Which platform offers more cryptocurrency?

As stated above Binance cryptocurrency exchange offers more cryptocurrency than any other crypto exchange in the world of crypto trading and has a wide range of cryptocurrency assets.

Security

Coinbase: has a very high-security system on its exchange, it uses a state of the art encryption and security. They also offer Google 2FA security and a KYC system. 

Binance: exchange support 2FA, phone number, Email, and SMS security system alongside a KYC signup system. Including a hardware, app-based code security system.

Which platform is safer?

Coinbase is safer when it comes to the case of security and strict regional regulations. With an advanced security system in place than that of Binance and other cryptocurrency exchanges. Binance has some work to do on its exchange security situation. 

User Interface

Coinbase has the best User Interface and simple-to-use features, it is said to be the best crypto trading exchange for beginners. Binance, Binance user interface requires more advanced knowledge before one can be able to navigate through the platform. Nevertheless, if you can find your way around using the Binance exchange you will enjoy its UI and get the best of its UX as well. But Coinbase has the friendliest UI of all time. 

Customers Support

Coinbase customer support: Coinbase exchange has the weakest customer service and lacks simple customer service protocols. Its community does not provide users with quick responses to complaints or issues facing users. 

Binance customer support: Binance offers users a range of customer support systems to choose from at least 10 mins delay in response. This customer support system includes Email, a Customer phone line, inbuilt customer chat center.

About RoboFi

Robofi is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the VICS token.

About VICS

VICS token has a distinctive and enticing concept. VICS is the BEP-20 token, built on the Binance smart chain. It is a core utility token in the RoboFi ecosystem, the reliable crypto trading bot marketplace. One important utility is to own the governance token of DABots and participate in an IBO (Initial Bot Offering) to receive additional incentives. VICS is available on major exchanges for trading.

Official Link

Website | Twitter | Telegram | Telegram News | Reddit | Litepaper