Binance vs. Coinbase: Which is Better in 2024?
Coinbase and Binance are the two largest crypto exchanges globally, but which is better in 2024? Learn about Coinbase vs Binance features, fees, and more.
Coinbase vs. Binance: At a glance
| Feature | Binance | Coinbase |
|---|---|---|
| Fees | Maker/taker up to 0.10%, other transactions vary | Maker/taker up to 0.6%, other transactions vary |
| Account minimum | $0 | $0 |
| Supported cryptocurrencies | 500+ (limited in the US) | 260+ |
| User interface | User-friendly with advanced trading features | User-friendly with advanced trading features |
| Security | 2-step verification, cold storage | 2-step verification, cold storage |
| Customer support | Live chat, help center, 1.4 star Trustpilot score | Phone, email, chat support, 1.8 star Trustpilot score |
| Other crypto products | Multiple features including staking, DeFi, derivatives and mining pools | Multiple features including staking, crypto cards, and learn and earn |
| Trust | Generally trusted, legal challenges for CEO | Generally trusted, legal challenges |
Coinbase vs. Binance: An overview
Coinbase
Coinbase is a global crypto exchange, listed publicly on the US stock market. The platform appeals to both novice and experienced investors with a user-friendly interface for beginners and advanced trading features for pros. However, the platform has faced some legal scrutiny in the US from the SEC and the fees can be relatively high compared to other exchanges.
Read next: How to make money on Coinbase
Binance
Binance is a global cryptocurrency exchange known for its comprehensive set of tools and low fees, making it a solid choice for experienced traders. However, due to regulatory restrictions, Binance launched Binance.US in 2019 for American customers, which has limited options compared to the global platform. Binance has faced regulatory scrutiny and legal challenges, including a major scandal involving money laundering charges and the resignation of its CEO Changpeng Zhao.
Binance vs. Coinbase: Key features
Fees
Binance: Offers some of the lowest fees in the industry, with 0.1% spot trading fees and zero-fee Bitcoin trading on Binance.US. The platform uses a maker-taker fee structure, offering additional discounts for high-volume traders and for using Binance (BNB) tokens to pay fees.
Coinbase: Fees range from 0-0.60% for makers/takers depending on your 30-day trading volume. Some users find market prices tend to be slightly higher on Coinbase than on other exchanges, which may result in higher fees.
Supported cryptocurrencies
Binance: Supports over 600 cryptocurrencies globally and over 150 for U.S. investors on Binance.US, offering a massive selection for crypto enthusiasts.
Coinbase: Supports over 200 cryptocurrencies, providing a wide range of options for both mainstream and niche market participants.
User interface
Both platforms are designed with user-friendliness in mind, catering to beginners with easy sign-up processes and intuitive navigation. Binance offers advanced charting and a vast array of options, which can be overwhelming for beginners. Coinbase is considered the most user-friendly cryptocurrency exchange, with educational materials and an easy-to-use platform, although the platform also offers advanced trading for more experienced users.
Security
Binance: Uses 2-step verification, FDIC-insured USD balances for Binance.US, device management, address whitelisting, and cold storage. Despite past security breaches, Binance has enhanced its security measures significantly.
Coinbase: Known for its robust security measures, including 2-step verification, cold storage, biometric access, and insurance for digital assets. Coinbase has never been hacked, which bolsters its reputation for security.
Customer support
Both platforms offer customer support via email and live chat but have faced criticism for slow response times. Binance also provides support through its X (formerly Twitter) help account, while Coinbase offers phone support for some users in addition to email and chat.
Other products
Binance: Offers a range of features for both beginner and advanced investors, including Learn and Earn, staking, margin trading, and futures (not available on Binance.US).
Coinbase: Provides a secure, standalone digital wallet, Learn and Earn, staking, and a crypto card. The platform is geared towards crypto beginners but lacks many of the products Binance offers globally.
Trust and reputation
Binance: Despite being the largest crypto exchange in globally, Binance has faced significant regulatory scrutiny and legal challenges, including a major scandal involving money laundering charges. Its CEO, Changpeng Zhao, resigned amid these issues and was subsequently sentenced to four months in prison.
Coinbase: Considered one of the most trustworthy crypto platforms, though it has faced legal challenges, including lawsuits from the SEC and individual states.
So which is better out of Binance vs. Coinbase?
Choosing between Binance and Coinbase depends on your investment strategy. If you’re looking for a platform with low fees and comprehensive tools for experienced traders, Binance might be the better choice. However, if you’re a beginner looking for a user-friendly platform with a strong reputation and regulatory compliance, Coinbase is likely the better choice.
Don’t forget your tax bill…
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