Coinbase and Binance, two popular (and safe) exchanges
With a cryptocurrency market that today is worth many millions of dollars, we will find many users who are willing to invest in currencies such as Bitcoin, Ethereum or Ripple, among others. It is therefore important that we fully understand the options that exist. And there, to make it easier, are those of Coinbase and Binance.
But let’s go by parts. Both Coinbase and Binance are the two best-known cryptocurrency exchanges (as they are known) and from which to choose to buy your first cryptocurrency. The key to making your decision is in the features, the differences between both platforms and the type of investment in cryptocurrencies to be operated, as we will see below.
As such, there are hundreds of exchange points around the world, with these two being one of the most important. In them, users can exchange cryptocurrencies and buy them in physical money (fiat currency), which is a good advantage for a market that does not stop growing. But what do we have with each one?
what do they each have
The first difference we see is the time they have in the cryptocurrency market. Coinbase has been founded for longer, since 2012; On the contrary, Binance is a platform that has been operational since 2017. Regarding the number of users, Binance has in a short time become the favorite with over 90 million verified users against Coinbase’s 89 million.
In this sense, and starting with Coinbase, it acts both as a cryptocurrency exchange platform and as a wallet or wallet. Or what is the same: with it we can buy and sell assetsas well as store them with your unique key and receive crypto transactions there and make payments.
The main features of Coinbase are:
- Very easy to use. It has two services, Coinbase and Coinbase Pro. The first is very intuitive, easy to use and has a very clean and simple interface.
- Academy and rewards program. Coinbase is a good entry point to the world of cryptocurrencies due to the educational resources it offers. In addition, through its training program you can earn rewards in different cryptocurrencies and invest beyond Bitcoin, for example.
- simple toolsbut limited in Coinbase and more advanced in Coinbase Pro.
In your case, and as a very accurate bet for what may be a more specific audience, we have the Coinbase Pro version. However, this branch is more focused on offering business solutions than in individuals.
On the part of Binance, and compared to what Coinbase offers, it stands out for its constant innovation, which translates into the incorporation of new services and forms of investment. In fact, and as another key difference, it also has its own cryptocurrency, Binance Coinwhich is used to carry out operations within the platform and enjoy lower commissions.
The main features of Binance are the following:
- Limited commissions. It is the great advantage of Binance as a platform and one of its hallmarks.
- Lots of cryptocurrencies. At Binance you can access more than 100 different cryptocurrencies.
- Many investment alternatives. Binance stands out for offering many investment formulas beyond cryptocurrency trading. On the platform you can do staking and even cryptolending. It also allows trading with leverage and even investing in NFTs.
- Program of rewards and academy to guide you in your first steps.
Their investment types make Coinbase win
It is important to know how much Binance and Coinbase are going to charge you for your trades. Everything so that you know which platform is more profitable when starting to do your operations with cryptocurrencies. Thus, for a user who starts on Binance, the most common commission will be one 0.10% per trade made in the market.
On the other hand, if we do it with Coinbase, the commission applied is 0.99 dollars / 0.99 euros. The other aspect is the number of cryptocurrencies you can invest in. And it is that Binance currently has more than 600 cryptocurrencies listed. Instead, Coinbase is barely reaching the 100 cryptocurrencies to offer. In the case of the second, with it we have the popular Cardano, Dogecoin or Steem.
Based on what the two platforms are, we could say that for newcomers to the world of cryptocurrencies Coinbase is more recommended. The reason is due to the simple fact of allowing cryptocurrencies to be purchased with fiduciary money. Unlike Binance, at the same time, with it we have a reduced supply of assets, but interesting enough to start trading.