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Binance vs Coinbase: what to choose? If you are new to cryptocurrencies, it is possible that the only exchanges you have heard of are Coinbase and Binance. Coinbase is a user-friendly platform for first-time investors, while Binance has become the largest cryptocurrency exchange in no time, and has recently even surpassed Deutsche Bank in terms of profitability. The two exchanges suit different purposes, and should be seen as complementary services rather than competitors.
In this comparison of Coinbase and Binance, we will lay out all the information you need to understand which exchange is better for you.
Coinbase vs Binance: key information
|Accessibility for beginners||YES||NO|
|Ways of depositing funds||Debit card, bank transfer, cryptocurrency||Cryptocurrency|
|Withdrawal methods||Bank transfer, cryptocurrency||Cryptocurrency|
|Cryptocurrencies available||Bitcoin, Ethereum, Litecoin, Bitcoin Cash||Bitcoin, Ethereum, Litecoin, Bitcoin Cash + over a hundred more coins|
Methods of funding your account
Coinbase offers many more funding options than Binance. On Coinbase, you have the ability to 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. Binance is purely a 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.
The Coinbase team has designed its interface with the first-time investor in mind. Unlike more sophisticated trading platforms, you are not given the option of margin trading, and there are not even market and limit orders. You only have the option of simply buying and selling. This is great if you’re just getting started in cryptocurrencies or using Coinbase as a middle ground to transfer funds to another platform. If, however, you need the ability to do technical analysis for trading, you are better off looking for another option.
Restrictions on transmission
On Coinbase, your trading history, account age and verification level determine the maximum amount you can transfer to and withdraw from your account in one week. If your account is verified using US credentials, you should have no trouble getting the weekly limit of $5,000 for purchases via bank transfer and $50 for cards. The withdrawal limit is usually much lower than the deposit limit. Depositing a Coinbase wallet via bank transfer usually takes 4-5 business days, while using a card is instant. Withdrawals can take from 2 to 4 business days. Binance is much softer in terms of limits.
How to create a lot of accounts on Binance and Coinbase
If you need to register a large number of SIM cards you can use our service. This can be useful if you do not yet plan to keep your money in crypto, but need to make several transfers to crypto.