Binance.US and Coinbase are among the most recognizable brands available to U.S. users in the world of crypto buying crypto. But just because they’ve gained brand recognition doesn’t suggest you should choose one for investing in crypto.
We will discuss everything you need to know about Binance.US and Coinbase and how to decide which crypto exchange platform is right for you in this article. Read on the bottom line.
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A Brief History of Binance & Coinbase
Binance
Binance was established in 2017, Changpeng Zhao, also known as CZ, is a Chinese-Canadian business executive. Prior to that, a programmer who helped create Blockchain.info and also served as the chief technology officer at OkCoin the other crypto exchange platform. Binance has been named the largest exchange in the world in terms of the daily volume of trading in cryptocurrencies. It is actually Coinbase’s primary rival both in terms of volume of trading in addition to market capitalization. After its initial launch, Binance released its cryptocurrency, Binance Coin which is named BNB has since grown to be among the top five cryptocurrencies by market capitalization.
KuCoin is a safe cryptocurrency exchange that makes it easy to buy and sell and store cryptocurrencies such as BTC, ETH, KCS, SHIB, DOGE, Gari, and more. KuCoin’s extensive feature set and low costs could make it an attractive option for investors with a high level of crypto.
Coinbase
Coinbase was established in the year 2012 by Brian Armstrong and Fred Ehrsam the company has been operating for more than 10 years. Coinbase is extremely well-known in the US because of its simple interface. It is also secure and is traded publicly on NASDAQ.
Coinbase provides more than 100 different currencies to trade which include Bitcoin, Ethereum, Solana, and Dogecoin. Contrary to Binance which is a platform for crypto trading, Coinbase primarily houses only the most popular cryptos and has fewer lower caps altcoins.
Who Should Choose Binance?
- Features: Low charges, extensive charts, a myriad of cryptocurrency
- Fees: 0.10% spot-trading fees, 4.5% for debit card purchases
- Cryptocurrencies supported: Binance is supported by more than 600 international investors through Binance as well as more than 100 U.S. investors on Binance.US
- Security: Two-factor authentication (2FA)verification, Federal Deposit Insurance Corporation (FDIC)-insured United States dollars (USD) balances for Binance.US Device management address whitelisting cold storage
- Types of transactions: Limit order, market order, stop-limit order, trailing stop order, post-only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more
- Maximum trading amounts: Limits vary depending on the currency that you purchase
Binance Pros
- More than 600 digital currencies available for crypto trading
- One of the least expensive platforms available to use
- Huge variety of transactions
Binance Cons
- U.S. customers can’t use the Binance platform as well as the Binance crypto exchange has been severely limited.
- The process can seem overwhelming even for those who are experienced
- No built-in digital wallet
- Regulators are in trouble in various countries and are being investigated in the U.S.
Who is the Best Choice? Coinbase?
- Features: Easy-to-use, a beginner-friendly platform for basic transactions as well as a digital wallet with withdrawals made to PayPal
- Fees: Fees and charges are not stated on the site. Coinbase declares that all charges “are determined at the time you make your order. They are determined by a mix of elements, such as the payment method you choose as well as the size of the order as well as market conditions like liquidity and volatility”
- Cryptocurrencies supported: 179
- Security 2FA verification, security for hot storage in the event that Coinbase is compromised by biometric fingerprint authentication Cold storage, FDIC insured USD balances AES-256 encryption used for digital wallets
- Transactions that are supported: Buy, sell, send or receive money, as well as exchange
- Maximum amount of trading Limits differ depending on the payment method you use and your region
Coinbase Pros
- Users can make trades in more than 150 different cryptocurrencies.
- Users can buy or sell for as little as $2 worth of money.
- Beginner-friendly user dashboard.
- Excellent user reviews and security ratings.
Coinbase Cons
- The fee structure is layered, layers, and may be confusing to comprehend.
- The pricing structure that is more affordable can be found via the subscription model Coinbase Pro.
Binance is vs. Coinbase — Which is better?
There’s no better platform but it’s more a matter of which one is better for the novice user, or for anyone else according to their goals for investment.
Both have their advantages and disadvantages, however, should we have to put these two platforms in one sentence, Coinbase is easier to utilize and suitable for those who are just starting out, while Binance has the advantage of being cheaper and better suited for advanced traders.
There is a lot to think about before selecting the right platform to begin your adventure into cryptocurrency trading and investing and we suggest to continue reading for more information.
