The financial world is going through an overwhelming financial revolution as every global business discourse has had a paradigm shift towards digitization. In digital financing which cryptocurrency is representative of, crypto investors are opting for investments that would bring them a huge return of investment (ROI) from the modulus of the decentralized digital currency.
With the growing interest and concluded decision, the cryptocurrency market is featured of pockets of cryptocurrencies and crypto exchanges that rollover to thousands. However, these exchange platforms are nuanced by the features and services they provide. Amongst all these exchange platforms are Binance and Coinbase which are the giant crypto trading platforms in the world.
Binance and Coinbase offer an array of services which include payment services, staking, peer-to-peer transactions, institutional services, etc. The two exchange platforms have differences designed to topple the performance of the other, albeit their basic features are similar. For instance, Binance is believed by crypto experts to be best used by individuals who are adept in handling different trading tools and account features. Conversely, Coinbase is exclusively designed for beginners as the crypto newbies could easily handle some basic features of crypto trading and transaction.
Here, Prestmit aims to elucidate the differences between Binance and Coinbase to establish facts on the best cryptocurrency exchange to go for.
Binance Vs. Coinbase: An Outlook Into The Difference
Binance
Launched in 2017, Binance within a short space of time emerged as one of the foremost adopted crypto exchange platforms in the world. Characterized by a plethora of features, figures show Binance with the highest daily activity of crypto exchanges. Meanwhile, Binance had a major setback in 2021 following the regulatory compliance put forward by the US government towards cryptocurrency exchange. This comes as a reprisal of regulations imposed to limit the exchange features by the US government, hence the overall Binance platform can be enjoyed by crypto investors outside the shores of the United States.
Binance is designed to accommodate over 500 digital tokens, including the most popular and the least. This feature beats other exchange platforms that only operate with top cryptocurrencies. Even at this, the number of digital tokens it operates with in the US is restricted to about 50 for trading.
The listing of every service for all cryptocurrencies on Binance poses a great difficulty for investors to easily sight a fraudulent digital token due to its ambiguous market performance.
However, there is a set of amazing toolkits available on Binance and the exchange provides its investors with custom API keys. Also, performance analysis can be easily carried out on Binance using the in-depth available data on it. With that quantitative tool, Binance can access and assess the cryptocurrency that is successfully thriving in the market.
Transaction fees are considerably low on Binance as they charge a 0.10% fee on the trades. This charge is in its best form compared to Coinbase.
Coinbase
Coinbase was launched in 2012 and is reputed as one of the oldest crypto exchanges. Contrary to how Binance has been faring in the United States, Coinbase is a popular exchange among crypto investors in the US, credit to its mobile app services and user-friendly web features. launched in 2012, Coinbase is one of the oldest cryptocurrency exchanges functioning today. In addition, Coinbase is a public trade company that makes provision for investors to own stocks in form of cryptocurrency.
Furthermore, crypto enthusiasts opine that the biggest strength and weakness of Coinbase is imbued in the minimum digital token the exchange offers. Coinbase trades in about 50 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, etc.
Primarily, Coinbase is designed for the crypto retail market. On Coinbase, investors are availed to access pricing, volume, trading options, and other data of interest. A transaction fee is not cheap on Coinbase as transactions on the exchange incur a charge of 0.50% for every trade under$10,000.
Binance Vs. Coinbase: An Outlook Into Wallets
Wallet services are provided on both Binance and Coinbase platforms. The standard web wallet is designed for the respective users to store digital tokens upon purchase. Binance and Coinbase have a sophisticated security framework that features two-factor authentication, cold storage for huge client funds, IP whitelisting, etc.
Conclusion
Binance has a variety of advanced features utilizable for big investors. On the other hand, Coinbase is purposefully designed for general investors and beginners. So if you are a newbie in crypto trading, Coinbase is the best for you. Kindly go for Binance if you are adroit in the volatile nature of the crypto market.
