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Comparing MAJOR Differences In 2023 》 Binance Vs. Coinbase
- Thomas DeMichele
Is Coinbase Better Than Binance?
In the Binance vs. Coinbase debate, Binance is the clear winner. The one exception is for US citizens where Coinbase is the best choice.
This is because in the US citizens don’t have access to Binance’s global exchange and have to pick between Binance.US, Coinbase, and other top exchanges like FTX.US.
This logic generally holds up for other regions as well. For example, in the UK, where Binance global isn’t an option, Coinbase becomes the winner.
In the following article, we will explain why Binance is the winner by almost every measure in general except for in regions where users have access to Coinbase and not Binance.
We are considering Coinbase and Coinbase Pro as one entity for the purposes of comparing Binance and Coinbase. This is because all Coinbase users have access to Coinbase Pro. Likewise, we are considering Binance Futures as part of Binance for the same reason. Even though they are technically separate platforms and require separate logins, they are both part of the brand’s offerings and are available to the same set of users.
Binance and Coinbase Comparison
Coinbase and Binance are two of the most popular cryptocurrency exchanges and have been for some time. Both are valid choices for your primary exchange, and many people will choose to create accounts on both platforms in regions in which they can (along with other top exchanges like FTX).
However, if you are trying to decide between Coinbase and Binance only, perhaps for your first or primary exchange, there are some notable differences to consider.
Below is a side-by-side comparison of the differences between Coinbase and Binance. We have included Binance.US for our US customers, as Binance’s global exchange isn’t a choice in the US.
| Category | Coinbase | Binance | Binance.US | Bottom Line |
|---|---|---|---|---|
| Accessibility | Most Countries | Most Countries excluding the US, UK, and India | US Only | In some regions you will only have one exchange you can use between Binance and Coinbase, in other regions (like the US or Canada) you’ll be able to choose. It’s important to know which exchanges you have access to when comparing the Coinbase and Binance brands. |
| Fees | 1.49% Coinbase / 0.50% Coinbase Pro | 0.10% / 0.06% With BNB and Referral Code | 0.50% Instant / 0.10% / 0.0750% With BNB | Binance offers low fees. With the referral code and using BNB to trade, the fees are by far the lowest in crypto and easily beat both Coinbase and Binance.US. For US citizens who can’t use Binance, Binance.US beats Coinbase’s fees by a substantial amount. Meanwhile, Coinbase has one of the highest fees in crypto. It is worth noting that each exchange, including Coinbase, offers a discount for trading volume. So fees can be lowered in this sense even on Coinbase. |
| Ease-of-Use | Coinbase is easy to use, Coinbase Pro is more complex. | Can require a high level of crypto and trading knowledge to fully take advantage of its platform. | Requires a basic level of knowledge of crypto and trading. | Coinbase’s basic platform is extremely user-friendly. Binance is by far the most complicated exchange to use here, especially if you consider products like options, mining, and futures. Meanwhile, Coinbase Pro and Binance.US require only a basic level of trading knowledge to operate. Coinbase wins the ease-of-use debate hands down, it is perhaps the most beginner-friendly exchange in crypto. |
| Product Selection | Spot and Staking | Spot, Margin, Futures, Options, and Staking | Only spot trading | Binance is the obvious choice due to it offering the widest selection of products and services. For those without access to Binance, Coinbase is the winner due to staking. With that said, bigger accounts that want to use leverage should check out FTX.US, as they are one of the only US exchanges with margin. |
| Coin Selection | Over 250 Trading Pairs | Over 1,000 Trading Pairs | Over 100 Trading Pairs | Binance wins with over 1,000 trading pairs. While they do have the largest selection of base pairs, which inflates this number, they also have the largest selection of coins as well. Coinbase is a distant second, but are rapidly growing their selection. Meanwhile, Binance.US falls short. |
| Order Types | Market, Limit, Stop | Market, Limit, Stop, OCO | Market, Limit, Stop | Binance once again is the clear winner. OCO orders allow you to plan out trades in a way that Binace.US and Coinbase don’t. |
| Order Types | Highly Liquid | Highly Liquid | Moderately Liquid | Binance and Coinbase are two of the most liquid exchanges in crypto. You might choose Coinbase for major USD pairs and Binance for USDT and alt pairs, but generally speaking, you can’t go wrong with either choice. With that said, Binance.US lacks the liquidity of either exchange. |
| Security | All personal security features like 2-FA. Plus balances are FDIC insured up to $250k. | All personal security features like 2-FA. Coinbase Pro offers whitelisting. | All personal security features like 2-FA and whitelisting. | In terms of personal security, there is almost no difference here. Each exchange offers vitals like 2FA and whitelisting. However, one big plus is that Coinbase is insured against exchange hacks (no exchange insures against getting account hacks). In terms of the history of exchange security and hacks, Coinbase maybe has a slight edge due to a 2018 Binance hack. However, Binance used their insurance fund to cover this, which may ultimately be seen as a plus in this area. |
Binance Vs. Coinbase Compared Summary
Binance beats Coinbase in terms of most important measures like fees, products, and order types. Meanwhile, Coinbase’s main perks are that their platform is more user-friendly and that the company is further along the path of being publically accepted and regulated. Coinbase is even a public company in the US!
One could interpret this as Coinbase being a little safer and newcomer-friendly, but otherwise, Binance being a better all-around choice.
Of course, the above only applies to regions where Binance Global is an option. As you can see from the Binance.US and Coinbase comparison above, Coinbase comes out as the clear winner when Binance global isn’t an option.
With all of this in mind, while our top pick is clearly Binance, there is no rule against using them both (and other top exchanges like FTX). In fact, this is probably going to be our number one suggestion and what we do ourselves.
Create accounts with each exchange, try them out, and use the combination that best suits your needs. At the end of the day, your favorite coin might get the best return on Coinbase staking while Binance futures might be your preferred method to trade, or perhaps you’ll use Coinbase for onboarding, Binance for alts, and FTX for futures. A lot of this comes down to preference, exactly what you want to do, and which region you are in.
In summary, while Binance is the clear winner, most people will use both Binance and Coinbase products and services.
