Although both are the biggest crypto exchanges in the world, still they have slight differences just to make new clients from the market. These are the most reputed names of crypto exchange so many people are facing problems to choose the best exchange from both of them. We analyze both exchanges and comes up with the advantages and disadvantages of both exchanges so the people can easily decide which exchange is best for them.
In the event that you need to exchange computerized monetary standards, you are going to require a stage on which to exchange them, and a middle person to speak with the system. Coinbase is a worldwide advanced resource trade organization (GDAX), giving a scene to purchase and sell computerized monetary standards, just as send data about those exchanges out to the blockchain system to check those exchanges. Coinbase fills in as a wallet where the computerized monetary forms can be put away. The application works trades of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, just as other advanced resources with fiat monetary standards in 32 nations, and Bitcoin exchanges in a lot more nations. As indicated by its site, Coinbase has served more than 10 million clients and encouraged the trading of more than $50 billion worth of advanced cash.
HISTORY OF COINBASE
Coinbase is a specialist trade established in 2012 by Brian Armstrong and Fred Ehrsam in San Francisco, California.
A specialist trader purchases cryptographic money for its clients as opposed to uniting purchasers and vendors as exchanging trades do. Coinbase is the biggest agent trade available.
In August 2017, Coinbase was the main trade to turn into a unicorn! Actually no, not the legendary pony! Coinbase turned into a money related unicorn which is an organization that is esteemed at more than 1 billion US Dollars (USD). Brian Armstrong has additionally been positioned number 10 on Forbes’ rundown of the most persuasive youngsters in the business. Not terrible for an organization that is just six years of age, isn’t that so?
Since its creation, Coinbase has constructed associations with enormous organizations like Dell, Time Inc., and Expedia. All the more as of late, it’s been supposed that the web-based social networking goliath, Facebook, is keen on purchasing the trade! This makes Coinbase one of the most genuine organizations in crypto.
Basically, in the event that you are keen on exchanging advanced monetary standards yet would prefer not to get stalled in the fundamental innovation, items like Coinbase are an approach to start a raid into another type of money theory and contributing. You do, nonetheless, lose a portion of the benefits of exchanging digital money and through the blockchain. On Coinbase, you have no pseudo namelessness—your name is appended to your Coinbase account as is your financial balance, so exchange history is moderately simple to find. Furthermore, in case you’re not chipping away at the blockchain, there’s very little you can do to guarantee that the check of your exchange history or your record is occurring on the blockchain. You are, rather, setting trust in the middle person, for this situation, Coinbase.
ADVANTAGES OF COINBASE
- Traders can buy and sell cryptocurrency using fiat currency( Fiat currencies are the official currency of nations or groups like Cannada has the Canadian dollar.
- Coinbase offers free stores of Euros in the SEPA. In the SEPA, withdrawals of Euros are charged an expense of 0.15 EUR. Bank-move stores of US Dollars are free. Withdrawals of US Dollars are charged an expense of 10 USD( The SEPA is the Single Euro Payments Area. It’s an association of 28 EU nations that permit quick and secure development of Euros over their outskirts).
- Coinbase provides more user-friendly products and services as compared to binance and this is the reason all new traders prefer coinbase as their first exchange to trade in cryptocurrency.
- Coinbase stores 98% of user funds offline. The 2% that’s kept online is insured against theft by Lloyd’s of London. Coinbase also keeps user funds separate from operating funds to prevent misuse.
- According to iTunes and google play rating coinbase provides a good mobile-friendly platform to their users.
DISADVANTAGES OF COINBASE
- Coinbase only offers to trade for Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH).
- Coinbase doesn’t offer trading pairs like Binance. This means it doesn’t offer exchange rates either.
- For crypto-to-crypto trades, transaction fees are comparatively high as compared to binance.
- Coinbase has a low trading limit as compared to binance.
- Coinbase takes between 1-3 days to reply to customer emails and some users have complained that responses are unhelpful or too general.
Binance Exchange is one of the popular cryptocurrency exchanges that offer to trade in more than 45 virtual coins including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin(BNB).
HISTORY OF BINANCE
Binance was established in 2017 by Changpeng Zhao and Yi He. It’s situated in Malta despite the fact that it has had workplaces in China, Japan, and Taiwan. The two authors began their professions in crypto at the OKCoin trade.
Binance is a crypto-to-crypto trade which means it associates purchasers with venders for cryptographic money exchanging. It likewise has its digital money called Binance Coin (BNB). The trade utilized a Binance Coin ICO to bring 15 million USD up in July 2017.
Binance is notable for giving endlessly cool prizes to its top brokers. Previously, prizes have included iPhones, MacBooks, a Mercedes-Benz and even a Maserati! Right now, the group at Binance is searching for accomplices to shape billion-dollar speculation support.
ADVANTAGES OF BINANCE
- Binance offers a much better selection of cryptocurrency trading than Coinbase. The exchange offers to trade with hundreds of well-known and newly-released cryptocurrencies. They include EOS, SALT, Cardano, Gifto, Steem, Lisk, Loopring, NEO and many more.
- Binance doesn’t charge fees for deposits or withdrawals. This is because Binance only offers crypto trading. Handling cryptocurrency trades is a lot cheaper than handling fiat currency trades.
- Binance doesn’t have a limit on how much cryptocurrency a user can deposit.
- Binance is ranked second largest in CoinMarketCap’s list of 204 exchanges.
- Binance has four main cryptocurrencies that it offers trading pairs for. They are:
- Bitcoin (BTC): 149 pairs
- Binance Coin (BNB): 74 pairs
- Ethereum (ETH): 146 pairs
- US Tether (USDT): 18 pairs
- Bitcoin (BTC): 149 pairs
DISADVANTAGES OF BINANCE
- Binance does not provide trading in fiat currency, so it can be a drawback for new traders.
- Binance has a less efficient user-friendly platform as compared to coinbase. The binance platform is quite advance for new traders.
- Binance has a low rating as compared to coinbase in Google play ratings.
Binance vs Coinbase: Comparison Chart
|No. of Trading Coins||4||200+|
|User Friendliness||Very High||Medium|
CONCLUSION OF COINBASE VS BINANCE EXCHANGE
Both the exchanges have advantages and disadvantages, it totally depends on the user to analyze their advantages and disadvantages and then decide which exchange is best for them.
RECOMMENDATION- It’s highly recommended that if you are a new trader then you first have to start with coinbase as it is the basic version of crypto exchange as compared to binance which is totally an advanced version.
NOTE: We are not in favour or against of any exchange, the above information is just for the knowledge of users.
( The source of the above information are bitdegree.org and investopedia.com)