As many have noted, there has been quite a bit of buzz surrounding both Binance and Coinbase. However, this is not always a clear-cut answer as different traders will have different needs. Therefore, in this article, I will briefly discuss why I prefer Coinbase over Binance and look at the different aspects that differentiate Binance from Coinbase.
The most important difference between Binance and Coinbase revolves around the types of trades that are available on the two popular platforms. Since both will be comparing to the most popular crypto exchanges, it only makes sense to review Binance versus Coinbase.
With Binance, you can trade either one or five coins (the amount you can trade using your funds) daily. The problem with this, of course, is that you’ll be competing against hundreds or thousands of other traders who also have access to the same funds you do. This can quickly turn what should be a profitable venture, into a losing one.
On the other hand, with the Coinbase platform, you can use two factors of authentication to ensure that you’re trading ethically and accurately. Two-factor authentication requires that you enter your account with your user name, your secret question, and your account password. Both Coinbase and Binance allow you to create these two-factor authentication codes, which are used to log into your account and confirm that the code you entered is correct.
Coinbase, on the other hand, does not offer any such features. So if you’re a beginner in the world of exchange, choosing between Binance vs Coinbase shouldn’t be a major problem. If you have experience with trading, however, you’ll probably be more comfortable with Binance.
If you’re interested in using both Binance and Coinbase, then that’s fine – after all, there isn’t anything stopping you from being able to trade between these two prominent exchanges.
But keep in mind that the rates you receive on your fiat currency trades will be impacted by the commissions you pay to these exchanges. So, if you want to earn money on all of your trades, then you should probably stick to either Binance or Coinbase. If you’re already comfortable with both of these exchanges, then you might consider a third-platform altogether.
A final note about what is bnb coin: While they have one of the best customer support teams out there (Coinbase doesn’t) and a very impressive tracking system for reporting on your trades, they do cost almost as much as Coinbase. That said, if you have experience trading with Binance and feel that you can get a better response from them, then you might consider switching back. It’s purely a matter of preference, and it comes down to how you’d like to receive your payments. Either way, I highly recommend Binance.