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|Year of foundation||2017||2012|
|Languages||English, Portuguese, German, French, Spanish, Italian, Korean, Russian, Traditional Chinese, Simplified Chinese, Dutch, Vietnamese, Turkish, Indonesian, Polish, Ukrainian||Portuguese, German, French, Spanish, Italian, Dutch|
|Mobile app||iOS, Android||iOS, Android|
Registration and Verification
Creating an account on both crypto exchanges takes no more than two minutes: just enter your email address, choose a password, and then confirm the registration.
A basic level of verification allows withdrawals of up to $5,000 per day and requires users to provide their name, gender, date of birth, address, and Social Security number. Extended verification, which allows users to withdraw up to $1 million per day, requires the user to provide the same information as in the basic option, as well as a photo of their ID (driver’s license, passport, etc.) and proof of address (bank statement, utility bill). Such identification usually takes a few hours.
There is no “basic” verification for Coinbase Pro users, and all customers must go through the full identification process. To start trading, the user must provide the following information: name, date of birth, address, social security number, sources of funds, income/employment information and activity disclosure. Also, a photo of the user’s ID and selfies are required. Coinbase Pro account holders have a daily withdrawal limit of $20,000.
Depositing and Withdrawing Funds
Binance is a purely cryptocurrency exchange, so you can only fund your account using cryptocurrency. For this reason, many traders first buy Bitcoin or Etherium on platforms such as Coinbase or other exchanges that support fiat currency and then transfer them to Binance for other coins.
Coinbase offers many more funding options than Binance. At Coinbase, you can fund your account and buy cryptocurrencies via ACH transfers, debit cards, or bank transfers. You can also transfer supported cryptocurrencies – currently Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Trading Volumes and Traded Pairs
The daily trading volume on Binance exceeds $1.4 billion. There are 603 trading pairs available on the exchange. The exchange provides the opportunity to trade in pairs with fiat. Margin trading is available on the exchange.
Coinbase serves more than 20 million customers from 32 countries. The total amount of trade on this platform has already reached $150 billion. There are 78 trading pairs available on the exchange. The option to trade in pairs with fiat is not available on the exchange. Margin trading is not available. Currently, Coinbase only supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Binance looks much more favorable than Coinbase when it comes to trading commissions.
Binance offers some of the lowest commissions of any exchange – 0.1% per transaction. Also, this commission is cut in half if you pay using BNB, Binance’s coin.
Coinbase commissions vary depending on the purchase method but typically range from 1.49% to 3.99%. For investments under $200, they can be even higher.
Your funds are safe on both Coinbase and Binance.
Recently, some Binance users were victims of a phishing attack on the exchange’s API. The Binance team immediately suspended withdrawals as soon as they noticed the suspicious activity. Thus, the hackers were stopped. After the hacking attempt was foiled, they canceled the respective transactions and returned the users’ funds. Nevertheless, it is still recommended to keep funds in a wallet outside of the exchange account to provide an additional security level.
The U.S. dollar funds you keep on Coinbase are covered by FDIC insurance as long as the amount does not exceed $250,000. In addition, the exchange keeps 98% of users’ digital assets in offline storage, and the remaining 2% is insured. Even in a data breach, this insurance would be enough to reimburse any lost funds.
Pros and Cons
Both Coinbase and Binance are respected exchanges that outperform the competition in various areas.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.