Coinbase or Binance? Features, advantages and disadvantages

Which broker is the best to buy, sell and exchange cryptocurrencies ? Coinbase or Binance?

Both companies offer their users a digital platform to store their cryptocurrency assets and carry out purchase and sale transactions of these assets.

With the intermediation of exchanges, it is possible to carry out operations safely in this market that has grown a lot in recent years.

There are several exchanges available in the market. But here we are going to focus on the Coinbase or Binance duality.

In the following paragraphs, you can see the main features of these brokers , as well as the advantages and disadvantages they offer.

We invite you to continue reading this comparison and then decide which exchange best suits your needs and expectations.

 

Coinbase: main features

Coinbase is one of the world's first cryptocurrency exchanges. Launched in 2012 by Brian Armstrong and Fred Ehrsam, the broker is based in San Francisco and has over 56 million registered users and $223 billion in crypto assets.

Present in more than 100 countries, Coinbase is an exchange that operates more than 60 cryptoassets.

Despite this, this intermediation does not intermediate the purchase and sale of cryptocurrencies and in some other countries, such as Brazil, Costa Rica, Panama, Colombia, Uruguay and New Zealand.

In these countries mentioned, the Coinbase platform serves as a digital wallet. It is only possible to store cryptocurrencies and trading assets that have already been purchased.

you can do on Coinbase is transfer a cryptocurrency to this platform and convert it into another cryptocurrency of interest.

This operation called trading can be advantageous, for example, when you want to exchange your Bitcoin for Ethereum when it is more valued.

Advantages of Coinbase

Despite this limitation, Coinbase has some advantages to offer:

• The platform is very simple and intuitive;
• It has a mobile version for Android and iOS;
• It presents a more complete and free version, with additional tools, in the Coinbase Pro version;
• API access to integrate Coinbase with your preferred trading software and automate actions;
• The platform is very secure and has never been hacked;
• Possibility of creating a safe with extra protection.

Disadvantages of Coinbase

• Very high rates, reaching 2% to convert cryptocurrencies.

Binance: Main Features

Binance is an exchange founded in China in 2017 by Changpeng Zhao . Currently, this global brokerage records almost $2 billion in cryptocurrency buying and selling transactions every day.

This number makes Binance the largest exchange in the world . In addition, it is present in all countries and operates in more than 100 cryptocurrencies, such as Bitcoin, Ethereum and Binance Coin.

Binance Advantages

Among the main advantages of this exchange, the following stand out:

• Low fees charged on transactions, ranging from 0.1% to 0.04%;
• Waiver of fees for cryptocurrency deposits
• Possibility of transferring via PIX
• Up to 50% discount on fees when transaction is made on Binance Coin;
• Credit card access
• Robust security system, being among the 20 safest corridors in the world.

Reference percentages in favor of Binance

To decide between Coinbase or Binance, some disadvantages of the latter must be considered:

• Average service, with a grade of 6.6 in the last 12 months
• For withdrawals, the fees charged are dynamic;
• The exchange has already been hacked and had to bear the loss of approximately $40 million in 2019.

Coinbase or Binance: which is the best option?

In the dispute between Coinbase and Binance, the best option depends on your goals as an investor in the cryptocurrency market.

If you are looking for, for example, a greater variety of crypto assets and more affordable fees, Binance could be the alternative.

In terms of security, both platforms are very secure. However, Coinbase was never hacked, even though it has been active on the market longer than Binance.

If your main interest is in trading and not buying and selling assets and you don't mind paying more “salty” fees, Coinbase has a very friendly interface and advanced features for this purpose.

Therefore, evaluate your needs, expectations, and goals before deciding between Coinbase or Binance and weigh the advantages and disadvantages of these brokers.

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