Binance and Coinbase are geared toward different types of users. Coinbase offers a simple platform for investors new to trading cryptocurrency who want fast, easy, and secure ways to trade. Binance’s platform is easy to use, but the sheer number of choices can be overwhelming to a new user. Binance is a better fit for people familiar with cryptocurrency lingo and investing options, whereas Coinbase is built for convenient, easy trading.
Coinbase is a U.S.-based exchange designed for beginners with a simple interface and limited transaction types. Binance has a steep learning curve, supports advanced users, and provides international traders with hundreds of currency trading options. We put Binance and Coinbase side-by-side to review the overall price for various transaction types, accepted fiat currencies, and available altcoins for trading purposes.
Both platforms offer a blog and knowledge base, but Coinbase also lets users earn cryptocurrency for watching videos for beginners. Binance is well-known for its massive altcoin list, with more than 600 choices available to non-U.S. However, the Binance.US exchange supports just over 100 coins. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. Sign up with your email address or mobile phone number, and choose a strong password.
In contrast, Binance offers live chat, an option to submit a ticket, or support through a Twitter help account. While Binance may be less expensive, Coinbase wins out overall. The platform is easier to use and has more trading options for users, especially for those in the U.S. Additionally, Coinbase offers more customer service options, including phone support.
Ready to Buy Bitcoin? Follow These Steps:
Unlike Coinbase, Binance was first established in China before moving to Japan, and the Binance.US platform is headquartered in Palo Alto, California. Binance isn’t consistently regulated around the world, but its Binance.US exchange stays within U.S. regulations. Note that Binance is currently under U.S. regulatory investigation.
We also explored ease of use for web and mobile applications, security protocols, standout features, and customer service. I deposited some funds into my account and it showed and error. In my transaction history it shows that the deposit is processing, and has been for over 2 weeks. About 15 minutes later, the agent contacted me but I couldn’t see the message as I have other things to do. Just 4 minutes after that message they closed the chat, claiming “I hadn’t replied in a while”.
The Binance.US version is less robust with limited options. The newly launched Convert and OTC Portal allows you to buy huge amounts of BTC using the funds on your account, including select local currencies, at friendlier rates than what’s on the open market. Depending on the local currency you select, you can choose another payment method that’s available to you. If you’re an experienced crypto trader and want to open an account with Binance, sign up for a Binance account or download the Binance crypto trading app.
Otherwise, read this article for step-by-step instructions on how to buy Bitcoin with Binance. We’re the world’s largest crypto exchange trusted by millions of users worldwide. Bitcoin value follows the law of supply and demand — and the cryptocurrency’s price fluctuates with the number of users willing to use it. Bitcoin is the most popular and widely used cryptocurrency in the world. Launched in 2009, Bitcoin is traded in fractions and unlike fiat currency, bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system, known as a blockchain.
We examined Coinbase and Binance by looking at the fee structures, cost, and how easy it is to understand. Although we looked mainly at Binance, we also evaluated Binance.US features applicable to U.S. residents. We considered the website and mobile app functionality, availability of knowledge bases, and access to customer service. Our fee and feature charts give a side-by-side view of security, transaction types, fiat currencies accepted, payment methods, and cryptocurrencies. Binance and Coinbase are two cryptocurrency platforms with very different approaches.
Binance vs. Coinbase: Ease of Use
Buy Bitcoin directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Bitcoin listings to shop the best offers on Bitcoin from other users. With thousands of merchants and hundreds of payment methods available, Binance P2P caters to many regions in the world right now. Binance provides the Binance Academy, similar to Gemini’s Cryptopedia, where users can access tutorials or helpful articles resembling cryptocurrency trading courses.
- In contrast, Binance offers live chat, an option to submit a ticket, or support through a Twitter help account.
- Binance’s platform is easy to use, but the sheer number of choices can be overwhelming to a new user.
- Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.
- This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
- Additionally, Coinbase offers more customer service options, including phone support.
- Then another 2 days later, somehow, my position went from 124 to 129.
Investing in cryptocurrencies and other Initial Coin Offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. Both exchanges provide mobile apps with varying functionalities.
Is it cheaper to buy on Binance or Coinbase?
This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. Binance security features also include address whitelisting, device management, and the ability to restrict device access. Like Coinbase, all USD balances are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and held in custodial bank accounts. Since the platforms are meant for different types of people, you’ll notice vast differences in their feature sets. However, both provide mobile applications with watch lists or live price tracking. Although the Binance platform is user-friendly and offers three levels organized according to trading experience, it isn’t nearly as easy to use as Coinbase is.
We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. The developer, Binance LTD, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy. Binance fees are some of the lowest in the industry, whereas Coinbase does not disclose its fees online.
- Binance security features also include address whitelisting, device management, and the ability to restrict device access.
- While Binance may be less expensive, Coinbase wins out overall.
- Bitcoin is the most popular cryptocurrency and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins.
- Although the Binance platform is user-friendly and offers three levels organized according to trading experience, it isn’t nearly as easy to use as Coinbase is.
Or, download the Binance crypto trading app from the App Store or Google Play store and open an account there. Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions.
Binance and Coinbase both offer many cryptocurrency pairs, but the number may vary based on your location. (Terms and conditions apply.) You can then use these deposited funds to purchase Bitcoin on the Spot, Margin, and Futures markets on Binance. Coinbase security features consist of fingerprint biometric access for its digital wallet, and 98% of cryptocurrency funds are stored in air-gapped cold storage via vaults and safe deposit boxes. Coinbase has an insurance policy to cover the 2% of funds kept in hot storage, but it only covers security breaches on their end, not ones due to a user security problem. Both Coinbase and Binance require users to verify their identity with a photograph.
Data Not Linked to You
Bitcoin is the most popular cryptocurrency and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Although both platforms are considered secure, Coinbase has a better overall reputation. Founded in 2012, Coinbase is a U.S.-based exchange that went public on April 14, 2021, via a direct listing, and is backed by banks like J.P.
Trade Bitcoin & Cryptocurrency
They act like you have nothing else to do and don’t have to sleep and can just monitor the screen 24/7. About a day later, someone wrote back, and said she would “transfer it to a senior agent and give me priority”. Then another 2 days later, somehow, my position went from 124 to 129. Not only did I get closer (waiting 3 days is absolutely ridiculous already), I was pushed back further in the queue. Coinbase wins for ease of use, and also has better customer service options, including live chat, phone support, and the option to submit a ticket.