Cryptocurrency mining is big business, and with good reason: the value of cryptocurrency keeps growing in popularity, meaning more people will be mining it in the future. With the current boom, however, cryptocurrency mining has become more profitable than ever. And you might think that means just one thing: more crypto mining hardware on the market. This is true, but we’re seeing another development: the rise of decentralized exchanges (DEX), new platforms designed to simplify the process of buying and selling cryptocurrency without dealing with third-party services like Coinbase, Binance, and the many other big names in crypto.
Cryptocurrency and bitcoin are all the rage these days, and if you want to invest in bitcoin, there’s no better choice than Coinbase. But if you only want to invest in a different, lesser-known cryptocurrency, there’s a better option: Binance. Aimed at professional investors, Binance offers access to a much wider selection of cryptocurrencies than Coinbase, including Ethereum, Litecoin, Dogecoin, and Ripple, as well as its own native coin, Binance Coin. Binance also charges lower fees than the competition, and there’s no minimum coin investment amount.
What Are Binance and Coinbase?
Binance and Coinbase are two of the most popular cryptocurrency exchanges in the United States. Binance and Coinbase both allow users to buy and sell cryptocurrencies and exchange other digital currencies, but they also differ in their methods of verifying users’ identities. Binance uses facial recognition, while Coinbase only requires users to provide government-issued IDs.
Binance is a Hong Kong-based cryptocurrency exchange that was founded in 2017, making it one of the newer exchanges that have been popping up in the past few years. Binance boasts over 1,000,000 traders, and the company regularly hosts large coin listings and trading competitions. Coinbase, in contrast, is an established exchange that has been around for a decade, making it super popular among investors. In 2018, Coinbase added 50 new cryptos, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
How We Evaluated Binance vs. Coinbase
Binance is the world’s largest cryptocurrency exchange, with over 2,000 coins and over 45 fiat currency pairings. It has an emphasis on security and anonymity, which is expected since they handle over US$300 million in cryptocurrency trade daily. Coinbase, headquartered in San Francisco, is the world’s largest US cryptocurrency exchange, with 16 million users. Its focus is on providing digital asset storage and merchant services.
Binance and Coinbase are cryptocurrency exchanges that look and work differently. Multiple differences set these two services apart, but one that stands out is their approaches to buying and selling cryptocurrencies. Both companies allow users to buy them, but Binance provides different tools to facilitate and streamline this process. We reviewed these services to determine which would serve you best, so you can buy and sell crypto as easily as possible.
How Do Binance and Coinbase Work?
Binance and Coinbase are two popular exchanges, and although they offer different pros and cons, they each work pretty much the same. However, their operations and processes can be very different. Overall, the Binance exchange is one of the most secure cryptocurrency exchanges. It is a great option for people who want to deposit crypto into their preferred cryptocurrency wallets instead of linking exchanges to fiat bank accounts and transferring fiat to crypto exchanges. However, the Coinbase exchange is more convenient for people who use debit or credit cards since it is accepted at a variety of online retailers and brick-and-mortar stores. Learn more about Binance and Coinbase, and determine which exchange fits you best.
Who Should Use Binance vs. Coinbase?
Binance is a cryptocurrency exchange, similar to Coinbase, that offers traders the ability to trade across multiple trading pairs. Binance launched its Binance Exchange in July 2017, and Coinbase’s instant buy feature is currently available in 12 US states. Binance offers users the ability to trade pairs with Bitcoin, Ethereum, BNB, and Tether (USDT). But when comparing these two exchanges, there are a number of things that traders should consider. Binance launched in July 2017, while Coinbase was launched in 2012, so Binance has a longer track record and may already have more volume than its competitor. Additionally, Coinbase users pay higher fees than users of Binance, which may result in more expensive trades.
Which is safer, Coinbase or Binance?
Many investors use Coinbase and Binance for buying cryptocurrencies like bitcoin and Litecoin. Like everything else, both have their pros and cons. One of the main differences between Coinbase and Binance is that Coinbase only supports US customers, while Binance supports customers from all over the world. Each platform offers a different range of cryptocurrencies, including Ethereum, Gnosis, and USDC. Coinbase is also the oldest cryptocurrency exchange available, having been founded in 2012, while Binance was founded in 2017. Read more about the pros and cons of Coinbase and Binance to decide which platform is safer.
Coinbase is preferred by individuals, while professionals prefer Binance. Both platforms have excellent features; however, Coinbase is easy-to-use, and it offers more payment options. Coinbase is the leading and secure digital asset exchange platform in the United States.