Binance and Coinbase are two cryptocurrency platforms with very different approaches. Coinbase is a U.S.-based exchange designed for beginners with a simple interface and limited transaction types. Binance has a steep learning curve, supports advanced users, and provides international traders with hundreds of currency trading options.  

Although the Binance platform is user-friendly and offers three levels organized according to trading experience, it isn’t nearly as easy to use as Coinbase is. The Binance.US version is less robust with limited options.

We put Binance and Coinbase side-by-side to review the overall price for various transaction types, accepted fiat currencies, and available altcoins for trading purposes. We also explored ease of use for web and mobile applications, security protocols, standout features, and customer service.

At a Glance

Binance vs. Coinbase: Features

Since the platforms are meant for different types of people, you’ll notice vast differences in their feature sets. However, both provide mobile applications with watch lists or live price tracking. But the similarities stop there. 

With Binance, you’ll get the following:

• Advanced charting with many different options for adding indicators and overlays
• Public application programming interface (API) keys for integrating other software tools
• 7 order types on Binance 
• The option to use the third-party digital wallet, Trust Wallet                                             
• Users in over 180 countries can trade on Binance, but only 46 states can use Binance.US, excluding Hawaii, New York, Texas, and Vermont

In comparison to Binance, Coinbase offers more features for U.S. residents but fewer options for international traders. The features include:

• A secure, standalone digital hot wallet that you can use with Coinbase and other exchanges
• The ability to withdraw funds to your PayPal account
• Available for use in over 100 countries and 49 states, with no trading allowed for residents of Hawaii
• A newsletter showcasing the latest cryptocurrency news
• The optional Coinbase Advanced Trade platform with advanced charting features, including the ability to track exponential moving averages
• Can earn cryptocurrency by watching short videos 

Binance vs. Coinbase: Supported Currencies

Binance is well-known for its massive altcoin list, with more than 600 choices available to non-U.S. users. However, the Binance.US exchange supports just over 100 coins. Coinbase offers 179 trading currencies.

Coinbase also supports fiat currencies, including USD, British pound sterling (GBP), and euro (EUR), whereas Binance supports many more fiat currencies, such as USD, EUR, Australian dollar (AUD), GBP, Hong Kong dollar (HKD), and Indian rupee (INR). Binance and Coinbase both offer many cryptocurrency pairs, but the number may vary based on your location. 

The currencies each firm offers vary. For example, the following cryptocurrencies are on Binance but not Coinbase: vechain (VET), harmony (ONE), vethor token (VTHO), and qtum (QTUM). However, both platforms support popular and up-and-coming currencies such as:

• Dash (DASH)
• Storj (STORJ)
• Cosmos (ATOM)
• Compound (COMP)
• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Cardano (ADA)

Binance vs. Coinbase: Security

Although both platforms are considered secure, Coinbase has a better overall reputation. Founded in 2012, Coinbase is a U.S.-based exchange that went public on April 14, 2021, via a direct listing, and is backed by banks like J.P. Morgan.

Unlike Coinbase, Binance was first established in China before moving to Japan, and the Binance.US platform is headquartered in Palo Alto, California. Binance isn’t consistently regulated around the world, but its Binance.US exchange stays within U.S. regulations. Note that Binance is currently under U.S. regulatory investigation.

Both cryptocurrency exchanges provide two-factor authentication (2FA) via the Google Authenticator app or short message service (SMS), but U.S. users report some problems with the Binance.US and Google authentication process. Both Coinbase and Binance require users to verify their identity with a photograph. 

Binance security features also include address whitelisting, device management, and the ability to restrict device access. Like Coinbase, all USD balances are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and held in custodial bank accounts.

Coinbase security features consist of fingerprint biometric access for its digital wallet, and 98% of cryptocurrency funds are stored in air-gapped cold storage via vaults and safe deposit boxes. Coinbase has an insurance policy to cover the 2% of funds kept in hot storage, but it only covers security breaches on their end, not ones due to a user security problem. 

Binance vs. Coinbase: Fees

Binance fees are some of the lowest in the industry, whereas Coinbase does not disclose its fees online.

Binance uses a maker-taker structure with the same fees for both makers and takers. The fee chart can be confusing for beginners but offers vastly lower charges, especially for high-volume traders. Binance users can lower costs by purchasing Binance (BNB) tokens to pay fees with a 25% discount. High-volume traders can also level up for very important person (VIP) discounts

Binance vs. Coinbase: Ease of Use

Binance and Coinbase are geared toward different types of users. Coinbase offers a simple platform for investors new to trading cryptocurrency who want fast, easy, and secure ways to trade. Binance’s platform is easy to use, but the sheer number of choices can be overwhelming to a new user. Binance is a better fit for people familiar with cryptocurrency lingo and investing options, whereas Coinbase is built for convenient, easy trading.

Both exchanges provide mobile apps with varying functionalities.

Binance provides the Binance Academy, similar to Gemini’s Cryptopedia, where users can access tutorials or helpful articles resembling cryptocurrency trading courses. Both platforms offer a blog and knowledge base, but Coinbase also lets users earn cryptocurrency for watching videos for beginners.

Coinbase wins for ease of use, and also has better customer service options, including live chat, phone support, and the option to submit a ticket. In contrast, Binance offers live chat, an option to submit a ticket, or support through an X (formerly Twitter) help account. Binance does not advertise a phone support option.

Final Verdict

While Binance may be less expensive, Coinbase wins out overall. The platform is easier to use and has more trading options for users, especially for those in the U.S. Additionally, Coinbase offers more customer service options, including phone support.

Methodology

We examined Coinbase and Binance by looking at the fee structures, cost, and how easy it is to understand. Although we looked mainly at Binance, we also evaluated Binance.US features applicable to U.S. residents. We considered the website and mobile app functionality, availability of knowledge bases, and access to customer service. Our fee and feature charts give a side-by-side view of security, transaction types, fiat currencies accepted, payment methods, and cryptocurrencies.

Investing in cryptocurrencies and other Initial Coin Offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.