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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.
 Binance |  Coinbase | |
|---|---|---|
| Location | Distributed | United States |
| Supports fiat currencies? |
|
|
| Range of supported cryptocurrencies? | 56 cryptocurrencies | 63 cryptocurrencies |
| Features |
|
|
| Fees |
Holders of BNB coin could be eligible for discounts |
|
| Customer support | Live chat, email, and social media supporting 7 different languages. | Online help center, email and social media |
| User interface | Intermediate
| Beginner
|
| Set-up for new users | New users must provide the following:
| New users must provide the following:
|
| Supported countries | United States | Global |
| Learn more |
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.
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