Coinbase Or Binance

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Coinbase Or Binance
Published: 
March 24, 2019
If you have been in the crypto space for any amount of time now, you should have heard about the exchanges Coinbase and Binance. This is due to the fact, that the 2 are amongst the most popular exchanges on the market today.

Coinbase

Binance

A Little History

Coinbase was founded in 2012, which gave it a 5 years head start on Binance which was founded in 2017. Nevertheless, Binance has gain tremendous popularity with crypto lovers over the 2 years it has been around. It began its rise to the top by taking a share of the market from bigger exchanges at the time such as Bittrex, Poloniex and even Coinbase. It also became famous for its give aways to top traders, it's friendly user-interface, and the large number of coins and tokens on offer.


Now the big question is which one should I choose?


To answer this question, we need to take a number of things into account.


1. How easy is it to open an account on both platforms?

You can set up an account on Coinbase in only a few steps, but you must pass KYC to use the full services on offer. So in other words, if you want to buy cryptos on Coinbase you need to submit ID such as a driving license or passport. On the other hand, Binance too allows you to set up and an account in a few steps, but you can begin trading right away, without having to pass KYC. You only need to pass KYC if you intend to trade over a certain amount over a certain period of time.


2. What methods can I use to purchase on each exchange?

At this present time, both platforms allows its users to buy with a credit or debit card. However, this wasn’t always the case and Binance has only introduce this feature recently, taking away the advantage Coinbase had. You can also buy by all the other usual methods on both exchanges, such as by transferring other coins to your wallets e.g. Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).


3. What are the fees?

On the whole, Binance fees are lower, but you can transfer fiat to your Coinbase wallet by a credit or debit card. Then move these funds to their sister platform Coinbase Pro, where you can then trade and withdraw your cryptos for no fees at all. Once you get the hang of this, you can then move on to reducing trading and conversion fees as well.


4. What coins and tokens can I buy?

This one is easy. Binance offers a lot more coins and tokens than both Coinbase and Coinbase Pro put together. The most well known coins can be found on Coinbase, but this is where Binance wins hands down, since it offers a whole host of Altcoins to its users.


So to conclude, which one should you choose? I guess the choice is much easier for some people than it was before, now that Binance offers a fiat gateway for buying. Before Coinbase was one of the only well established exchange that made it easy to purchase with fiat, but now Binance has changed that.

For newcomers, Coinbase is far less overwhelming at first glance, but Binance now offers almost everything that Coinbase does and more without question.