Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Binance vs Coinbase: Which is best for you?

Binance and Coinbase are the two titans of cryptocurrency – let's see how the two stack up and find out which suits your needs.

Binance and Coinbase are two of the world’s leading cryptocurrency exchanges, and they allow users to trade a range of cryptocurrencies as well as offer additional features such as staking to earn interest on crypto holdings. In 2019, Binance launched a subsidiary, Binance US, to serve the US cryptocurrency market. Now, Binance US and Coinbase compete for US market share and are both valid options for US cryptocurrency investors.

The key difference between the two is the range of cryptocurrencies and additional services on offer, with Binance US users having access to a greater number of digital assets due to Coinbase’s strict vetting process.

Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.

At a glance: Binance US vs Coinbase

Compare Binance US and Coinbase on features like staking, coins, fees and security.

Picture not described

Binance

Coinbase

LocationDistributedUnited States
Supports fiat currencies?
  • USD
  • USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more
Range of supported cryptocurrencies?56 cryptocurrencies63 cryptocurrencies
Features
  • Instant buy
  • Recurring buys
  • API Keys
  • Crypto-to-crypto exchange
  • Instant buy
  • Recurring buy
  • Staking
  • Coinbase Earn
  • Coinbase Wallet
Fees
  • Spot trading fee of 0.1%
  • Instant buy/sell fee of 0.5%

Holders of BNB coin could be eligible for discounts

  • $10 or less: $0.99
  • $10 to $25: $1.49
  • $25 to $50: $1.99
  • $50 to $200: $2.99
  • Crypto to crypto: 2%
Customer supportLive chat, email, and social media supporting 7 different languages.Online help center, email and social media
User interfaceIntermediate
  • Set up recurring buys for regular purchases
  • Both simple and advanced trading platform available
Beginner
  • Several deposit methods available
  • Beginner-friendly interface
  • Quick and easy to use
  • Access to advance platform Coinbase Pro available with the same account
  • Set up recurring buy for regular purchases
Set-up for new usersNew users must provide the following:
  • Email address
  • Proof of ID for fiat deposits
New users must provide the following:
  • Email address
  • Proof of ID
  • Photo of self with present date for verification
Supported countriesUnited StatesGlobal
Learn more
Go to Coinbase's website

Features

Binance US

  • Instant buy: Buy crypto instantly with a card
  • Recurring buy: Automate regular crypto purchases
  • API Keys: Connect to third-party applications
  • Crypto-to-crypto exchange: Users can trade BTC for a selection of other altcoins

Coinbase

  • Instant buy: Buy crypto instantly with card
  • Recurring buy: Automate regular crypto purchases
  • Staking: Earn interest on your funds
  • Coinbase Earn: Get paid for learning about crypto
  • Coinbase Wallet: Transfer funds to your own crypto wallet for spending

Supported cryptocurrencies and fiat

Binance US

  • Supported fiat currencies: USD
  • Supported cryptocurrencies: Approximately 56 cryptocurrencies

Coinbase

  • Supported fiat currencies: USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more
  • Supported cryptocurrencies: Approximately 63 cryptocurrencies

*Availability varies by location

Trading Fees

Binance US

Fees vary and depend on the order type, but your typical spot order uses a Maker/Taker system with fees starting at 0.1% and drops if your trade volume hits certain levels.

  • Standard trading fee: 0.15%-0.1%
  • Discounts available with BNB coin
  • Fees for products like futures, options and lending vary

Coinbase

Fees vary and depend on the order type.

The average fee for buy/sell transactions is 0.5%, but this can increase depending on your payment method and where you are located.

Purchases of between $1 and $200 are also charged a flat fee between $0.99 and $2.99

Be prepared to pay up to 4% for purchases with a debit or credit card.

Crypto-to-crypto transactions are charged at 2%.

Payment methods

Binance US

  • Bank transfer (ACH)
  • Bank transfer
  • Cryptocurrency
  • Debit card
  • Wire transfer

Coinbase

  • Bank transfer (ACH)
  • Credit card
  • Debit card
  • PayPal
  • Bank transfer (SEPA)

Volume

According to volume collected by CoinGecko, Coinbase is the second-largest exchange in the world by trade volume, with Binance US coming in fifth.

At the time of writing, the 24-hour volume for Binance US was $2 billion while it was $9 billion for Coinbase.

This indicates that both exchanges have lots of liquidity, which should result in low slippage.

Security

Both Binance US and Coinbase offer you a variety of ways to secure your account, including two-factor (2FA) authentication and customer support for compromised accounts.

They both also let you whitelist cryptocurrency withdrawal addresses to help prevent theft in the event your account is compromised, which helps stop your funds from being taken out of your account if someone accesses it.

As for how funds are stored, both exchanges utilize cold storage. Cold storage means that cryptocurrency is stored in an offline wallet. This means that if a hacker gets into the exchange, they cannot access the funds in cold storage, which mitigates any damage done in the event of an exchange-wide hack.

Coinbase reports 98% of customer cryptocurrency is stored in cold storage, with the remaining online “hot” funds insured. According to Coinbase, this means that if the exchange were hacked and the online funds were accessed, users would be reimbursed for the full amount.

Binance does not publicly disclose what amount of user funds are in cold storage but does promote its “SAFU” fund, which is like an in-house insurance fund. The Secure Asset Fund for Users (SAFU) is an emergency fund made up of 10% of the trading fees collected by the exchange.

Regulation

Coinbase and Binance US are based in the US and are registered as money services businesses with US authority FinCEN, which requires them to comply with a range of financial services and consumer protection laws. Coinbase is also authorized to issue electronic money in the UK under the FCA.

Verdict: Should you use Binance or Coinbase?

Coinbase

Coinbase operates heavily in the US market and offers its services globally in a number of currencies and languages. Coinbase offers a conservative range of coins and products, with a focus on making the experience of buying cryptocurrency as simple as possible for new users who may have never used an exchange before.

Unfortunately, its fees are considerably higher than Binance for most products.

All in all, Coinbase is a tried and tested pick for anyone looking to purchase cryptocurrency for the first time.

Binance US

Binance US is a US-based subsidiary of Binance, which is the largest cryptocurrency exchange by trade volume. Binance US hosts a smaller range of cryptocurrencies and features in comparison to the global organization but is on par with the best exchanges based specifically in the US. The platform provides a rich and comprehensive experience through its advanced trading platform and allows users to purchase and exchange cryptocurrencies for low fees.

Binance is an excellent platform for users wanting to get the most out of their cryptocurrency experience.

What to consider before using Binance or Coinbase

Binance US

What are the pros of using Binance US?
  • Allows you to instantly buy and exchange a range of digital currencies
  • Regulated by US authority FinCEN
  • Competitive fees offered and further discounts available to Binance Coin holders
  • Quick sign-up process with no ID required
  • Feature-rich
What are the cons of using Binance US?
  • Cryptocurrency newcomers may find the user interface a little intimidating
  • A smaller selection of cryptocurrencies compared with other US exchanges

Coinbase

What are the pros of using Coinbase?
  • User-friendly and suitable for beginners
  • Cryptocurrencies added to the platform go through a thorough vetting
  • Instant and recurring buy features available
  • Can switch to Coinbase Pro for access to more coins and features
What are the cons of using Coinbase?
  • Expensive fees compared to many exchanges
  • Limited range of cryptocurrencies available

Want to consider alternatives? Check out our comparison of over 50+ cryptocurrency exchanges.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

More guides on Finder

  • Sofi vs. Robinhood

    Two trading platforms for beginners with no commission fees or bells and whistles. But which one comes out on top?

  • Axie Infinity guide: How to play and earn

    Axie Infinity is an RPG game that is currently dominating the NFT sector. Discover what Axies are, what makes them unique and how you can earn money simply by playing.

  • How to buy Bitcoin (BTC) in the US

    Want to buy bitcoin but don’t know where to start? This comprehensive guide provides step-by-step instructions on how and where to buy BTC in the US.

  • Coinbase vs Robinhood

    Discover which exchange is better suited to cryptocurrency trading after comparing things like fees, security and features.

  • Metamask wallet review and guide

    All you need to know about Metamask – the browser extension digital wallet and a user-friendly bridge to the world of Ethereum decentralised applications.

  • How to buy Dogecoin

    This guide explores how to buy and sell Dogecoin on an exchange as well as where you should store your cryptocurrency.

  • Review: Venmo app for cryptocurrency

    Venmo provides a convenient way to send money to friends, and now users can buy cryptocurrency like Bitcoin with as little as $1.

  • Coinbase vs Coinbase Pro

    We compare Coinbase and Coinbase Pro side-by-side so you can see the differences in fees, features, supported cryptocurrencies and more.

  • What is Yearn Finance?

    Learn how to use DeFi aggregator Yearn Finance to earn interest on your cryptocurrency.

  • How to stake Ethereum

    Learn how to earn ETH coins by locking up ETH with this guide.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site