Key takeaways
- Binance and Coinbase are intently matched, although Binance has the sting on superior options for buying and selling and decrease charges.
- On the flip aspect, Coinbase helps extra cash, a straightforward to make use of interface and simpler entry to assist.
- The only option will depend on which options you prioritize.
Binance.US and Coinbase are two of the preferred cryptocurrency exchanges round, so which must you select? The reply will depend on what precisely you want, which crypto cash you need to commerce, how a lot you’re keen to pay for commissions and different key components.
We in contrast Binance.US — the American arm of the bigger Binance group — to Coinbase Superior Commerce, which gives a lot decrease prices than the fundamental Coinbase service, although we’ll check with it as Coinbase.
Right here’s how Binance and Coinbase examine on a number of the most vital components to merchants.
Binance vs. Coinbase: General comparability
Earlier than entering into the main points, there’s a similarity value noting. The SEC sued Coinbase and Binance in 2023 for allegedly working illegally and providing unregistered securities, with extra accusations towards Binance for misusing buyer funds. Each corporations keep their platforms are safe and have continued working. The SEC dropped the case towards Coinbase in February. The Binance case is on maintain.
| Function | Binance.US | Coinbase |
|---|---|---|
| Price | Charges begin at 0.40 % | Charges begin at 0.40 % |
| Supported cryptocurrencies | About 160 cash | 300 cash |
| Staking rewards | Staking on 21 cash | Staking on 130+ cash |
| Deposit and withdrawal charges | None for ACH; wire transfers will not be supported | None for ACH; $10 for wire deposits and $25 for wire withdrawals |
| Buyer assist | 24/7 AI chatbot with human assist 7 days per week, 6 a.m. to midnight ET; no cellphone assist | 24/7 cellphone and chat assist |
| Ease of use | Greatest for skilled merchants | Greatest for novices |
| Safety | Superior safety measures, resembling 2FA and chilly pockets storage | Superior safety measures, resembling 2FA and chilly pockets storage |
Binance vs. Coinbase: Price
Each Coinbase and Binance use a maker-taker pricing construction, charging primarily based on whether or not you add liquidity to the market (makers) or take away liquidity from the market (takers). So buying and selling charges usually differ not solely in your quantity but additionally the kind of commerce you make. Nonetheless, Binance permits you to dodge the commissions on Bitcoin and Ethereum trades fully.
Right here’s how every trade breaks down on its charges. Binance’s fee will depend on which coin you’re buying and selling: Bitcoin and Ethereum (Tier 0) or much less well-liked cash (Tier 1).
Binance buying and selling charges
The pricing construction beneath is for cash that aren’t Bitcoin and Ethereum.
| 30-day quantity | Maker | Taker |
|---|---|---|
| Lower than $10,000 | 0.40 % | 0.60 % |
| $10,000 – $50,000 | 0.25 % | 0.40 % |
| $50,000 – $100,000 | 0.15 % | 0.25 % |
| $100,000 – $1 million | 0.10 % | 0.20 % |
| $1 million – $20 million | 0.08 % | 0.18 % |
| $20 million – $100 million | 0.05 % | 0.15 % |
| $100 million – $300 million | 0.02 % | 0.10 % |
| $300 million – $500 million | 0 % | 0.08 % |
| $500 million and up | 0 % | 0.05 % |
Coinbase Superior Commerce buying and selling charges
| 30-day quantity | Maker | Taker |
|---|---|---|
| Lower than $10,000 | 0.40 % | 0.60 % |
| $10,000 – $50,000 | 0.25 % | 0.40 % |
| $50,000 – $100,000 | 0.15 % | 0.25 % |
| $100,000 – $1 million | 0.10 % | 0.20 % |
| $1 million – $15 million | 0.08 % | 0.18 % |
| $15 million – $75 million | 0.06 % | 0.16 % |
| $75 million – $250 million | 0.03 % | 0.12 % |
| $250 million – $400 million | 0 % | 0.08 % |
| $400 million and up | 0 % | 0.05 % |
The outcomes are neck and neck: For cash that aren’t Bitcoin or Ethereum, Binance and Coinbase have headline commissions which can be practically the identical quantity, except just a few “pockets” within the pricing construction. For 30-day quantity as much as $15 million, you’re paying the identical headline price. However there’s a wrinkle: Binance will minimize your charges an extra 25 % in the event you use BNB, its personal in-house coin, to pay for buying and selling charges.
For instance, think about you’ve positioned $25,000 in trades within the prior 30 days and also you need to place one other $10,000 commerce. At Coinbase you’d pay 0.25 or 0.40 % as a maker or taker, respectively, for a complete price of $25 or $40. Compared, you’d pay the identical quantity at Binance for that commerce, except you paid with BNB, slicing the charges to $18.75 and $30, respectively.
Benefit: Binance gives a transparent benefit on what’s prone to be the biggest group of ongoing charges you’ll pay. Along with this little further low cost, Binance permits you to commerce the 2 biggest-volume cash at no cost: Bitcoin and Ethereum. Given their predominance for merchants, it looks like Binance could be the clear alternative.
Binance vs. Coinbase: Supported cryptocurrencies
The straight numbers look to be in Coinbase’s favor by way of what number of whole sorts of cash are provided by every trade. Finally depend, Coinbase provides merchants entry to about 300 cash, whereas Binance gives entry to round 160 cash within the U.S.
However all that alternative is sort of a buffet: For those who don’t need to commerce a particular coin, it doesn’t matter if it’s there or not. So how do these exchanges examine on the highest 12 cash by market capitalization? A comparability there would possibly tease out some variations. On that foundation, Binance is barely higher, providing 10 of the highest cash, in comparison with Coinbase’s 9. Each supply Bitcoin, in fact, and the distinction is that Binance gives BNB, the coin powering Binance’s personal ecosystem.
Benefit: Coinbase will get the sting right here.
Binance vs. Coinbase: Staking rewards
Staking rewards present crypto homeowners an opportunity to obtain revenue for supporting the token as a part of the verification course of. Usually, an trade merely deposits your revenue, web of any charges, into your account. Coinbase and Binance take a fee in your rewards.
Coinbase permits staking on about 130 cash, together with Ethereum, one of many largest cash, in addition to Solana and Cardano. It additionally permits different rewards, by way of DeFi (not obtainable within the U.S.), on a handful of different cash.
Binance helps staking on 21 cash, together with Ethereum, Cardano and Solana.
As for the way giant these staking rewards are? Binance typically gives greater APY, and Coinbase is best in different instances. You have to examine the cash you need to stake and see which gives a better price.
Benefit: Coinbase beats out Binance on the variety of cash supported in its staking rewards program, however Binance gives greater rewards on a number of the cash that they’ve in widespread. Naturally, for many who maintain cash supported on one platform however not the opposite, a particular trade could find yourself being higher for them.
Binance vs. Coinbase: Deposit and withdrawal charges
Neither Coinbase nor Binance prices deposit or withdrawal charges for ACH deposits in U.S. {dollars}. On wire transfers, Coinbase prices $10 for wire deposits into its accounts and $25 for wire withdrawals. Binance doesn’t assist wire transfers.
Benefit: Binance and Coinbase tie on ACH transfers however solely Coinbase helps wire transfers, albeit for a price.
Binance vs. Coinbase: Buyer assist
Buyer assist at crypto exchanges appears to be principally an afterthought, although it has improved during the last yr. Coinbase has grown its efforts in recent times, including 24/7 cellphone and chat assist, much-needed options to prior choices that included solely e-mail and a assist ticket. Plus, in the event you see suspicious exercise, you possibly can name buyer assist to lock your account (although it raises the query of why this characteristic is required, when conventional inventory brokers appear to have no such points.)
Binance has an AI-powered chat platform, obtainable 24/7. Nonetheless, it’s also possible to get assist from a human seven days per week from 6 a.m. to midnight Jap.
Benefit: With a wide range of assist choices, Coinbase appears just like the clear winner right here.
Binance vs. Coinbase: Ease of use
As two of the biggest crypto buying and selling platforms, Binance and Coinbase are comparatively simple to make use of. Nonetheless, Coinbase makes ease of use its focus, providing a clear and intuitive interface. You possibly can see your steadiness and costs of well-liked cash from the dashboard. As well as, you possibly can rapidly place purchase or promote orders and toggle gentle and darkish mode.
Binance is a little more advanced and geared towards extra skilled crypto merchants. The interface isn’t as easy, and also you’ll discover superior options on the platform. Binance does supply a Lite characteristic that strips down the app to its most simple options for novices.
Customers with extra in-depth data of crypto buying and selling could desire Binance, however newer crypto merchants and buyers could discover Coinbase extra approachable.
Benefit: Coinbase’s intuitive and clear interface provides it a win for ease of use.
Binance vs. Coinbase: Safety
Whether or not you utilize Binance or Coinbase, each platforms go to nice lengths to guard you. As an illustration, each use chilly storage for many property, that means your funds are held offline. This reduces the menace from cyber assaults. Binance and Coinbase additionally each:
- Use superior encryption to safe your knowledge.
- Assist two-factor authentication (2FA), safety keys and whitelisting.
- Maintain property 1:1, so funds can be found and aren’t traded or loaned.
- Preserve money deposits in FDIC- or NCUSIF-insured accounts.
As well as, Binance maintains a Secure Asset Fund for Customers (SAFU), which it makes use of to again up person deposits in case of a safety incident. The worth of the fund is over $1 billion.
Benefit: Each platforms assist superior safety measures with some nuances. It actually comes all the way down to which particular options matter to you.
Must you select Coinbase or Binance?
The selection between Coinbase and Binance could be difficult, as each have benefits and downsides.
Coinbase could also be best for you if:
- Buyer assist is vital to you.
- You’re new to crypto investing.
- You need entry to extra cash.
Binance could also be best for you if:
- You need the bottom attainable charges.
- You’re an skilled dealer.
- You need entry to extra superior options.
Backside line
On what’s in all probability the one most vital characteristic of an trade — price — Binance will get the win. Nonetheless, on the finer particulars, resembling obtainable cash, Coinbase wins outright or has a small benefit. In a comparability of Coinbase to Binance then, the true winner will be the trade that matches your wants finest — whether or not that’s low buying and selling charges, widest choice or higher assist.
