As an investor who wants to trade cryptocurrencies for cash or other assets you should be more interested in a topic like this “Binance Vs Coinbase: Which is Better for You“, understanding the fact you will have to do the trading on a cryptocurrency exchange platform which serves the same purpose as stock exchange market in which traditional stocks are being traded.
Binance Vs Coinbase: Which is Better for You
Through this cryptocurrency exchange, your trades are sent to a digital currency wallet which is an online storage.
What is Coinbase?
Coinbase is the largest cryptocurrency exchange platform based in the U.S that was started in 2012. It has over 56 million verified users in over 100 countries and approximately maintains $223 billion worth in assets.
What is Binance?
Binance is a cryptocurrency interconnected that is targeted at more experienced cryptocurrency investors. It is the biggest cryptocurrency exchange platform globally but not available to U.S consumers.
Read also: How to Invest in Bitcoin and Make Money for Beginners
Binance and Coinbase Comparism
Binance and Coinbase are the two largest cryptocurrency exchange available today. They both give investors the access to buying, selling and trading of cryptocurrency.
The major difference between the two platforms is the availability of access to multi currencies.
Coinbase is very strict with the type of crypto it supports and currently offers over 40 while Binance on the other hand, has extended it’s size of exchange to over 500 cryptocurrencies and still counting.
The both platform have been reviewed below based on their supported currencies, security, and fees to enable you the investor to decide on the best option right for you.
Binance Vs. Coinbase: Currencies
Binance and Coinbase offer access to top cryptocurrencies on the market, but binance extends it’s availability of currencies to over 500 cryptocurrencies while as at now, coinbase supports only 44 cryptocurrencies.
Both allows you to purchase cryptocurrency in dollars amount with coinbase having a minimum of $2 order amount and binance $1.
Binance Vs. Coinbase: Security
Binance and Coinbase offer robust security to help protect your digital assets against theft or loss.
Binance security offers :
- Trust Wallet Partnership
Binance partners with trust wallet which is a leading agency that functions in digital wallet with over 5 million users. They secure assets with pin, biometric access and encrypted key as 12 – word recovery phrase.
- Device Management
Binance allows investors to review all devices that may have had access to their account and restrict those unknown.
Coinbase security offers :
- Built-In-Wallet
Coinbase offers it’s own wallet for storing cryptocurrency which is backed up with password, as well as biometric access controls.
- Two Factor Authentication
Coinbase offers two-factor authentication via SMS or google authenticator app that secures access to your account.
Binance Vs. Coinbase: Fees
Binance charges much lesser fee for trading cryptocurrencies as well as funding your account. Coinbase charges users an average flat fee of approximately 0.50% per transaction.
Is Binance or Coinbase Good for Beginners
Binance is designed to appeal to any user as possible. The exchange is simple enough for usage and offers enough coins and features to keep expert traders happy and going but on the other hand it is not suitable for beginners who might struggle to use it, given it’s level of technicality and requirement of experience.
Coinbase makes purchase of cryptocurrency with fiat currency easy and makes trading easy for first timers. They are more user-friendly and allows crypto newbies to start investing right away.
Is Binance Better than Coinbase
When comparing Binance Vs. Coinbase, they exist similarities between them such as both having access to similar currencies, allowing for ease of buying, selling and trading on digital assets.
Coinbase is one of the simplest platform to use especially for beginners due to its easy understanding.
But if you are not a U.S resident and want to go deeper into crypto, Binance is a great place for you to start. with its wide array of trading options, ease of platform usage and access to over 500 cryptocurrencies. Binance is the top choice for active traders.
In conclusion, the choice of which cryptocurrency platform is better for usage solely depends on the kind of investor that you are. While coinbase favours beginners in trading business, binance favours those who are experts and have enough knowledge in trading and can understand the technical aspect involved.
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