Binance Vs Coinbase: Which Crypto Exchange Is Better?
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Binance Vs Coinbase: Which Crypto Exchange Is Better?

April 8, 2020      Tarulika Jain

If you are a beginner in the crypto world, you must be trying to understand various coins along with the diverse range of crypto exchanges available for trading. Even if you are a newbie, then also you have heard of binance and Coinbase. Both of them are leading and popular crypto exchanges in the present times, facilitating from non experienced to veterans with a variety of options to trade. But which one to choose between them? There is always a conflict in the minds of crypto enthusiasts related to Binance Vs Coinbase. So, to offer more clarity in your choice, let us compare both the exchanges and also the way to switch from one exchange (in case you wanted to change from your present one!) to another.

Binance Vs Coinbase: Let Us Begin The Crypto War

 

Crypto War

 

Coinbase was founded by Brian Armstrong and Fred Ehrsam in 2012. It is a crypto broker or broker exchange, which purchases cryptocurrency for its users, unlike crypto exchanges which brings sellers and buyers together. In 2017, it became the first exchange to be recognised as a financial unicorn, i.e. valuation of the company reaches more than 1 Billion US Dollars. While maintaining a good reputation in crypto space, Coinbase works in line with regulations and strict KYC/AML policies.

On the other hand, Binance was founded by Changpeng Zhao and Yi He in 2017. It is a crypto-to-crypto exchange, which brings sellers and buyers together on their platform. Binance raised almost $15 million for its Initial Coin Offering (ICO). Though it is relatively new in the crypto market, widespread among most of the traders as it offers a wide range of cryptocurrencies with less strict KYC norms.

Both of the exchanges have established their position in the crypto markets. It is obvious to have a crypto fight of Binance Vs Coinbase amongst crypto traders. Let us compare them:

  • Currency Services:

Coinbase offers the facility to trade in fiat currencies from any of the 32 countries it allows their services. It provides trade only in four cryptocurrencies, BTC, BCH, ETH and LTC (12 trading pairs). Fiat trading is a plus point for exchange as the trader need not visit any other exchange for buying the coins initially.

On the contrary, Binance offers crypto to crypto trading, so you need to buy coins from other exchanges first. But, it provides a wide range of coins (almost 300 pairs) to trade with along with newly released digital currencies.

  • Transaction Fees:

Coinbase supports fiat to crypto trading, thereby fixed conversion price being charged as transaction fees. It varies between 1.49%-3.99% depending on the mode of payment and region in which trading is taking place.

On the other hand, Binance extends the crypto to crypto trading, thereby providing an exchange rate for the currencies traded. It charges 0.1% fees on all trades and offers a 50% discount when buying with native coin BNB.So, which cryptocurrency exchange has the lowest fees? Crypto-to-crypto exchanges generally charge lower than fiat to crypto exchanges.

  • Trading Limits:

Coinbase limits the trading based on fiat currencies and following various levels. For instance: Level 3 users can trade limitlessly, level 2 users have the limit of trading 25000 USD per day.

Binance limits the trading on the worth of BTC involved. For instance, at level 1, users can trade up to a worth of 2BTC per day, while level 2 users can trade up to a worth of 100 BTC per 24 hours.

  • User-Friendly Interface:

With a well designed simplistic and user-friendly interface, Coinbase is one of the first choices among newbies. A dashboard of Coinbase contains all the necessary information related to your crypto portfolio, prices of coin and also the transaction history.

Coinbase interface

 

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Oppositely, with basic and advanced interfaces, Binance is gaining traction among little more experienced than beginners. Undoubtedly, every necessary information is available on the dashboard related to the availability of coins, buyers and sellers prices, list of coins etc. but in a slightly complicated format.

Binance interface

 

Both the exchanges are better in their ways, and it is obvious to have the conflict: Binance vs Coinbase. If you are new to the crypto sector, you may end up making your crypto account on Coinbase, and if you have already tried your hand in the markets, then you must be thinking of switching to Binance. Want to change the exchanges? But don’t know how to transfer from Binance to Coinbase or how to do Coinbase to Binance transfer? Meanwhile, you confirm your choice; we brief you on the method of exchanging.

Difference between Coinbase and Binance

 

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How To Transfer From Binance To Coinbase?

In case you are getting trouble, or you are getting confused while using the platform of Binance, you can transfer from Binance to Coinbase. By following the few steps, you can switch to Coinbase, make sure you have to create accounts on both the exchanges before starting your transaction. Then, read the steps mentioned below.

  • Verify that it is on the right URL of both the exchanges, then only start the process to withdraw from Binance.
  • Login to your Coinbase account first and click on the “Accounts” tab to start the process.
  • Choose the “Receive” option for the coins you wanted to transfer from Binance.
Receive on Coinbase

 

  • A wallet address will pop on the dashboard; you need to copy it.
Copy wallet address

 

  • Let’s move on the other opened tab, i.e. Binance website.
  • Log in by typing your username and password. Click on “Funds” in the menu and select the “Balance” option to continue the transfer.
Binance Login

 

  • Now, choose the option of “Withdraw” for the currency you wanted to transfer.
  • Wear Your close eyeglasses, and check for “!” mark indicating status information of wallet.
  • Paste the “Coinbase” wallet address (copied earlier) and enter the amount, need to be sent.
Enter amount

 

  • Finally, click on “Submit”. You need to authenticate the withdrawal by confirming from the link sent to your email.
Confirm transaction

 

  • Click on the link and confirm the transaction.

Still sceptical about-How to withdraw from binance to coinbase? Just reread the steps and try to follow them simultaneously on your system with a small amount at first.

How To Transfer Funds From Coinbase To Binance?

Now when you are little old in the crypto sector and want to diversify your crypto portfolio, you need to transfer from Coinbase to Binance. But still confused, how to transfer money from Coinbase to Binance? Just have a glass of water and start following the mentioned steps (Hopefully! We won’t dishearten you!).

The same first step, set up accounts on both the exchanges and get them verified.

  • As we consider, you already had an account with Coinbase with sufficient funds to transfer, so we are directly skipping to our primary step to transfer from Coinbase.
  • You must have done currency transfer before also, similarly, you need to transfer or send coins from Coinbase to Binance.
  • First, log in to the account of Binance and choose “Deposits” after clicking on “Funds” in the menu bar.
  • Now you have noticed the dropdown menu on the left side of the screen, “Select coin/token to deposit”. Type the name of the coin you want to receive.  (How to transfer ethereum from coinbase to binance? Or how to transfer BTC from coinbase to binance? You need to type ETH or BTC is select coin option).
  • A wallet address will pop up on the dashboard, copy the address to the clipboard.
  • Just move onto the tab of Coinbase and tap on the “Accounts” tab on the top of the screen.
  • Select BTC/eth/others, whichever currency you want to transfer to Binance.
  • Finally, click on the “Send” button and the pop up will appear.
  • Paste the wallet address (copied from Binance) in Recipient box (Greenlight will validate the correctness).
  • Enter the amount either in BTC or USD (Coinbase is smart enough to convert it) you wish to transfer to Binance.
  • Click on “Continue” and wait for the transfer process to complete.
  • Check your email after 10 minutes, if your transfer is completed or not or you can check on your Binance account from the transaction history option in the “Funds” tab.

Thereby, you can complete the transfer process with this easy guide but just read the steps carefully.

Thus, both the exchanges are doing great in the crypto world, you need not ponder much on Binance Vs Coinbase, but need to choose your account as per your requirements and suitability.

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Tarulika Jain
Tarulika Jain

Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.