Both Binance and Coinbase are two mainstream cryptocurrency exchanges, which are known to the crypto enthusiasts for their exemplary trading services and reputation. The two platforms have been around for a good number of years, with some of the best management teams in the crypto space. In this Binance vs Coinbase review, we will compare side by side the main features of each platform to help users make an informed decision.
Binance is a cryptocurrency exchange that runs crypto-to-crypto trades. This means that the platform doesn’t accept fiat money, such as EUR, USD, or GBP. The exchange was officially launched in 2017, with China as its original location. However, the company relocated to Japan when China imposed stringent laws on cryptocurrency. Currently, Binance has its headquarters in Malta and a subsidiary branch in the US.
The brain behind Binance is Changpeng Zao, popularly known as CZ. So far, Binance has had a prosperous journey since its launch. Currently, the exchange can manage more than two billion dollars in daily volume. This makes it the largest platform for altcoin trading.
Coinbase officially joined the crypto community in 2012. The San Francisco, California-based cryptocurrency exchange is a brainchild of two men, Brian Armstrong and Fred Ehrsam. In the crypto space, many users view Coinbase as one of the largest crypto-broker exchanges worldwide.
The platform has more than 40 million verified users, with seven thousand institutions and 115,000 ecosystem partners attached to it. According to their official website, Coinbase is present in more than 100 countries across the globe, where it allows users to invest, save, earn, and use digital currencies easily and securely.
Importantly, Coinbase holds a BitLicense, which makes it one of the few cryptocurrency exchanges that can legally work in New York. It has collaborated with the world’s top brands like Dell, Time Inc., and Expedia, among others, to process Bitcoin payments.
Coinbase serves as a crypto broker, allowing users to trade digital currencies at set prices based on the prevailing market trends. This means that users do not have to wait for orders to match, because transactions are simple and fast. Since its launch, more than $50 billion worth of crypto has been traded on the platform.
Binance vs Coinbase: Available Currencies
To identify the winner of our Binance vs Coinbase battle, we will start with the cryptocurrencies available on both platforms.
Coinbase allows customers to use different cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, USD Coin, Litecoin, Ripple, Basic Attention Token, EOS, Augur, Dai, Chainlink, Kyber Network, ZCash, and Cosmos.
Contrary to other traditional exchanges, Coinbase supports various fiat currencies in exchange for digital currencies. Accepted fiat currencies are EUR, GBP, and USD. Besides, Coinbase allows multiple payment methods to enable customers to send fiat money to the platform and buy crypto. Payment methods accepted on Coinbase include PayPal, bank transfer, debit/credit cards, and SEPA for European customers.
Binance supports more than a hundred different cryptocurrencies. Some altcoins available on the platform are Ethereum, Litecoin, and Zcoin, among others. With a wide range of cryptos, Binance offers high liquidity and a rich list of crypto pairs. It has more multiple trading options compared to Coinbase.
Binance vs Coinbase: Available Countries
Coinbase is currently available in more than 100 countries across the world, including North America and South America, Africa, Australia, and Europe. Some countries can only convert fiat to crypto, while other countries can convert, buy, and sell. The capabilities vary from one country to another. Payment methods also vary from one country to another.
Binance, in contrast, supports users from more than nearly 200 countries and regions. Some of the countries include Argentina, Brazil, Colombia, Kenya, Malaysia, Mexico, Austria, Belgium, Lithuania, Luxembourg, and many more.
Binance vs Coinbase: Interface and User Experience
When it comes to user experience, Coinbase is recommended for novice traders and investors. This is because of its easy-to-learn interface. It allows even beginners to learn the ropes of using digital exchanges much faster. Besides, Coinbase users can easily cross over to GDAX and trade more currencies than those available on Coinbase.
Binance user interface is perfect for both beginners and seasoned users. The platform gives customers two options when buying. There is a basic and an advanced option. Beginners can start by using the standard option and move on to the advanced section once they become trading professionals.
While the two platforms support crypto/fiat exchange services, they operate differently. On Coinbase, users can trade Bitcoin directly from the company for fiat currency, such as the USD. Binance, on the contrary, offers more altcoins, which makes it the best cryptocurrency exchange for crypto-to-crypto trading.
If you want to easily perform crypto conversions, then Coinbase provides the best alternative.
Binance vs Coinbase: Mobile Apps
Another important factor in our Binance vs Coinbase comparison is the availability of these platforms for mobile phone users.
Binance offers a mobile app for both Android and iOS users. These apps allow customers to trade fast and secure from their mobile devices. A unified trading platform, Binance permits users to trade futures, margin, or spot using mobile apps.
Similarly, Coinbase offers apps for both Android and iOS customers. Coinbase apps are reliable, allowing users to trade with ease from their smartphones or tablets.
Binance vs Coinbase: Deposits and Withdrawals
With a good user interface, Binance allows users to easily withdraw funds from the platform. Here’s how it happens:
- On the upper part of the page, hover the mouse over “Funds” and click on “Withdrawals;”
- Binance cannot let you proceed until you enable two-factor authentication on your account;
- Click “Select Withdrawal Coin” and enter the currency code like BTC or ETH;
- Enter the wallet address where you send the coins;
- Click “Submit.”
Similarly, Coinbase users can withdraw their funds by signing in to their Coinbase account and clicking the “Withdraw” button. A window pops up and asks how much the user would like to withdraw. The user enters the amount and the wallet address where the funds should be sent. The process is just that simple.
Binance withdrawals can take less than 30 minutes to reach the destination wallet. Withdrawals on Coinbase vary from one region to another. Generally, withdrawals to bank accounts take 1-5 business days.
Binance vs Coinbase: Fees
In most cryptocurrency exchanges, the fees charged depend on the user’s country, currency involved, payment method, and trading volume. Coinbase charges fees as follows:
- $10 and below: $0.99 fee;
- $10 – $25: $1.49 fee;
- $25 – $50: $1.99 fee;
- $50 – $200: $2.99 fee.
For credit or debit card purchases, Coinbase charges 3.99%.
Binance charges 0.1% on spot trading, 0.5% on instant buy/sell. It’s important to do fees comparison before using a crypto exchange.
Binance vs Coinbase: Security
In terms of security, Coinbase applies industry-standard security measures, which include strong passwords and two-factor authentication. The 2FA applies even to phones or mobile apps, such as Google authenticator. The platform also notifies users whenever a new IP address tries to access their account.
Binance, in contrast, is less transparent about its security measures. However, personal accounts are protected by 2FA and email verifications. In 2018, Binance experienced a hacking attempt that was nipped in the bud before it became disastrous.
In 2019, a hacker gained access to the platform and users’ API keys. Binance lost $40 million worth of crypto assets during this incident. However, the exchange reimbursed all the users who suffered the loss through their Secure Asset Fund for Users (SAFU) security fund.
Binance vs Coinbase: Customer Support
Regarding customer service, Coinbase has been praised as having the best customer service among other mainstream crypto exchanges. Users can reach the customer support team through email and phone. Response time often takes between 24 and 48 hours.
Binance equally runs a similar email support system. Customers can reach the team through online support tickets available on the website and receive responses via email. Even so, some customers have complained of slow responses from the platform. Binance also offers learning resources through its Binance Academy or Binance Research branches.
Binance vs Coinbase: Public Opinion
In terms of reputation, Coinbase is seen as one of the most secure and reliable exchanges in the crypto industry. According to Google searches, Coinbase usually appears in first or second search results. Besides, the platform is very safe, given that all funds are stored offline.
Binance, at the same time, enjoys positive reviews, and with improved security measures, such as 2FA, it’s considered safe to use.
Binance vs Coinbase: Verdict
To sum up, Binance and Coinbase are both solid platforms for upcoming and seasoned crypto traders. Coinbase is an excellent choice for beginners who are looking for quick access to mainstream crypto assets, such as Bitcoin or Ethereum. Binance, in turn, provides a wide range of altcoins with low trading fees.
It works best for those who are already equipped with some knowledge of crypto. In the end, there’s no winner in our Binance vs Coinbase battle because it all depends on the user’s preferences.
Binance to Support the Incoming Polkadot Parachain Slot Auction
- Binance exchange will support the Polkadot (DOT) parachain slot auction.
- The company plans to start the event in November, this year.
- Doing this will help Polkadot achieve its ecosystem development.
Amid the waves blowing around the incoming Polkadot (DOT) parachain slot auction, Binance exchange has also announced that they are ever-ready to support the Polkadot’s parachain event.
With this synergy, Binance emphasized that it will soon start its Polkadot parachain slot auction program mainly in November 2021. Additionally, the month set to begin the event by the Binance team moves in line with the proposed Polkadot parachain slot auction date.
Meanwhile, Binance didn’t officially give the exact day and time that it will start the event. At the moment, the only news we have is that the team aims to start the parachain event in November.
To clarify, Binance intends to do its part and what it can to help influence Polkadot towards achieving its ecosystem development milestone. In turn, doing this will also push up the growth and adoption of the Polkadot parachain slot project to the mainstream.
Also, for further info about the event, the Binance team noted that they will keep their eyes on it and provide the community with more updates.
Until then, the team assured that the community should expect a separate announcement in no time and more details than what they have disclosed now. In addition, Binance advised that the community should stay tuned as they are bringing more initiatives ahead.
CFTC slaps Tether and Bitfinex with $42.5 million fine over misleading statements
- Tether is hit with $41 million in fines to settle allegations of misleading statements.
- Bitfinex was fined $1.5 million for facilitating retail transactions for American citizens.
- Tether has been under the lens of financial regulators over claims of stablecoin reserves for years on end.
Financial regulators have investigated Tether and Bitfinex for criminal probe into bank fraud and misleading statements. Currently, over $62 million worth of Tether is in circulation, which is likely to impact the broad cryptocurrency market.
Tether and Bitfinex hit by CFTC fines; there may be an impact on the crypto market
US regulators have accused Tether of making untrue or misleading statements. The Commodity Futures Trading Commission (CFTC) slapped a penalty of $41 million on Tether and $1.5 million on Bitfinex.
Bitfinex was fined for allowing American citizens to transact on its exchange. The CFTC announced the penalties earlier today.
Tether has played a key role in the crypto ecosystem, and the US Justice department’s focus is on the stablecoin’s activity in nascent stages following its launch in 2014. Federal prosecutors investigated transactions that were linked to crypto, and banks were unaware of their nature.
Former probes remained confidential, according to sources close to the Department of Justice (DoJ). A criminal probe is one of the key developments in the crackdown on cryptocurrencies by regulators.
Over $62 billion worth of Tether tokens are in circulation; proponents believe it is too big to fail. In a statement, Tether stated:
Tether routinely has an open dialogue with law enforcement agencies, including the DOJ, as part of our commitment to cooperation and transparency.
In light of recent events, however, Tether is faced with a more significant challenge, safeguarding the interests of the crypto community by not failing. Traders across fiat-crypto exchanges and peer-to-peer platforms exchange their fiat for stablecoins to access the cryptocurrency ecosystem.
If Tether fails, the inflow of stablecoins to exchanges could be impaired, triggering a drop in capital inflow to Bitcoin.
In their concurring statements, CFTC was quoted:
The settlement with the Tether respondents finds that there were misrepresentations regarding the assets backing tether, specifically that the USDT tokens were backed 1-to-1 by US dollars. The evidence establishes that this assurance provided to tether customers was not 100% true, 100% of the time.
Tether officials are held accountable by the CFTC. Further, the CFTC has applied a commodities’ definition to stablecoins. Regulators are concerned that enforcement actions may confuse their role in cryptocurrency and stablecoin regulation.
The CFTC’s statement reads:
In a recent speech, SEC Commissioner Hester Peirce asked an important question when it comes to the US regulators’ review of stablecoins: Are we fighting for investors or are we fighting for jurisdiction? This question is front-and-center in my mind as I consider these settlements.
Tether believes that,
As Tether represented in the Order, it has always maintained adequate reserves and has never failed to satisfy a redemption request.
Tether has suggested that the CFTC’s findings regarding Bitfinex are related to its activities before December 2018. The stablecoin issuer is focused on resolving the matter and moving forward.
The statement reads as follows:
We are grateful that the market has consistently demonstrated its trust and confidence in Tether. We will continue to earn that confidence and lead the industry in innovation and transparency.
Crypto Market Cap Gained $90B: Bitcoin Taps $60K, SOL up 8% (Market Watch)
Bitcoin skyrocketed by roughly $3,000 in hours following positive reports coming from the US and touched $60,000 for the first time since April. Some altcoins have also joined the ride, with ETH exceeding $3,800 and Solana spiking by more than 8%.
BTC and $60K Met Again
Just two days ago, bitcoin had retraced hard and was close to breaking below $54,000. This came after an unsuccessful attempt to overcome $58,000 for the first time in roughly five months.
However, the bulls hadn’t given up yet and initiated another impressive leg up yesterday, as reported. This time, BTC reclaimed the aforementioned level and kept climbing upwards.
BTC went as high as $58,500 before another brief retracement drove it back below $57,000. At this time, though, reports emerged claiming that the US Securities and Exchange Commission could greenlight a Bitcoin Futures ETF as early as next week.
The implications of such a significant development in the US led to an immediate price surge. BTC added more than $3,000 of value and touched $60,000 for the first time since April this year.
As of now, bitcoin has lost around $1,000 of value, but its market cap is still above $1.1 trillion. The dominance over the altcoins has increased to just shy of $46%.
ETH Reached $3.8K: SOL Up by 8%
Ethereum struggled in the past few weeks as it was unable to break above $3,600 decisively. It even retraced by a few hundred dollars but went on the offensive yesterday and continued north today. As a result, the second-largest crypto broke above $3,800 for the first time in months but it was short-lived and is back below it now
Solana is another impressive performer on a 24-hour scale. SOL has surged by 8% in a day and trades well above $160. Uniswap’s 4% increase has driven UNI to $26, but the rest of the larger-cap alts have stalled or retraced.
Binance Coin, Cardano, Ripple, Polkadot, Dogecoin, Terra, and Avalanche are all slightly in the red.
The top 100 largest coins have a new representative in the face of NuCypher. NU has exploded by more than 500% in a day and has neared $2, but many community members speculate on Twitter that it could be a pump and dump scheme.
Polygon has increased by 25% to $1.6. The total crypto market cap is above $2.4 trillion for the first time in months as well, after a $90 billion rise in a day.