If you like to invest in cryptocurrencies and want to know more about these digital currencies, then this article will help you to know about them. There are more than 18,000 of them, and with the growth of some most traded Bitcoin Core, crypto trading platforms are emerging. The two most used trading platforms are Binance and coinbase which will be described here. These cryptocurrency trading platforms come with many different approaches, which are the reason for the popularity of digital currencies platform. So, let’s get to know more about these two Binance and Coinbase cryptocurrency platforms briefly.
Binance
- The two main cryptocurrencies under the Binance platform are Binance Coin and Binance Smart Chain.
- It has a low-fee comprehensive charting option, and apart from these two digital currencies, there are also more than a hundred cryptocurrencies available in Binance.
- Binance has more than 600 global traders among which 100 above are U.S. investors.
- Also, it has two-factor authentication verification to make a safe and secure transaction for its users.
- Today it has become a U.S.-based cryptocurrency platform, so if you are a resident of the U.S., then you get an insured United States dollar balanced for Binance by Federal Deposit Insurance Corporation.
- Binance just not limited to the U.S. it has traded in over 180 countries across the world. The limited differ-based purchase makes binance a trusted and safe cryptocurrency for its uses.
- Binance also has many advanced charting options to add overlays and indicators. Binance offers seven different kinds of orders.
- There is also a third-party digital wallet option available for better payment gateways, Trust Wallet.
Coinbase
- Coinbase is a U.S.-based cryptocurrency exchange platform, it does not have such kind of physical headquarters as it is a distributed company, and all its employees work remotely. Coinbase is the most considerable cryptocurrency exchange platform in the U.S. as per its trading value. Founded in 2012 by Fred Eshram and Brian Armstrong, Coinbase has users in more than 100 countries worldwide.
- Coinbase offers the most numbers of cryptocurrencies for trading and investing. Some of its important cryptocurrencies for that purpose are Bitcoin, Litecoin, Ethereum, etc. There are a total of 179 cryptocurrencies supported in Coinbase.
- Fees in Coinbase are calculated during the time of placing the order, and the fees may vary sometime as it is based on many factors, including selected payment method, order quantity, market conditions, and so on.
- Like Binance, there is also two-factor authentication verification available here. Other safety features include a biometric fingerprint option, hot storage insurance, cold storage, etc.
- You can purchase Coinbase in multiple ways as many payment gateways are available. Unlike Binance, Coinbase has a very limited advanced options for professional traders. It is an intuitive, beginner-friendly platform that offers easy transactions via a digital wallet and PayPal withdrawal.
- Although both platforms are many contrasts, there are also many resemblances. Both the cryptocurrency platform needs KYC to open a new account, so it will reduce the risk of using a crypto exchange.
Difference between binance and coinbase:
And now talk about the differences-
- Binance has 46 states whereas Coinbase has 49 states in the U.S. Despite that Coinbase is a beginner-friendly app, but Binmanace is not, you need to be a pro to use this platform.
- Another important difference between these two platforms is the reward option. Coinbase can earn a reward after trading, but Binance does not have such a reward option.
Conclusion:
If you were to ask us which platform you should use, which one would be the most appropriate for you? It actually depends on your experience with investment, especially on investment in cryptocurrencies and using cryptocurrency trading platforms. If you are an experienced trader, then Binance is a nice platform for you. However, if you are just starting in the trading world, then Coinbase is the finest choice for you to select from. Here is an alternative for you; both platforms are excellent in their ways. Binance, in contrast to Coinbase, has a multitude of innovative features, all of which serve to attract users.
Bear in mind, however, that four states in the United States are not permitted to use Binance. Hawaii, Texas, New York, and Vermont are the four states in question. For residents of certain states, Binance is not accessible. Therefore, in terms of aspects like their fee structure, user-friendliness, ease of use, and cost, Binance has become a more effective platform than Coinbase. But despite this, the user experience is different on both platforms and it depends on your choice of convenience.
