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⭐ Features
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Binance vs Coinbase- An Honest Comparison

  • George Shnurenko
    ⭐ Features

    Two of the most popular exchanges have a lot in common, but are definitely their own companies, so what’s the good and the bad of them both?

Binance vs Coinbase- An Honest Comparison
Cover image via u.today

At first glance, they might seem very similar, but an in-depth comparison of Binance vs Coinbase reveals a stark contrast. While Coinbase is geared towards the new beginner who just wants to buy and sell cryptocurrency, Binance offers investors the opportunity to do so much more. They also have their peculiar limitations. Before we go into describing each, let’s see the different platforms for what they are.

What is Coinbase?

Coinbase is one of the most popular digital asset exchange companies and it has been adopted in over 190 countries worldwide. This platform is not just for digital assets as it also supports the fiat currency in 32 other countries. As far as reputation goes, Coinbase is undisputed. It has established itself as one of the most respected and most reliable exchanges in the world.

It was able to achieve this reputation based on the high level of security, the affordable cost of carrying out transactions, the very high volume of transactions, and the ability to support various cryptocurrency-to-cryptocurrency transactions. One more thing in favor of Coinbase is that it serves as the official exchange for currencies like Bitcoin, Bitcoin Cash, Litecoin and Ethereum.

What is Binance?

If you’re familiar with Chinese exchanges for cryptocurrency, the probability that you’ve come across Binance is very high as it is another popular exchange. One of the major reason for its popularity is the fact that this exchange has about 260 crypto-to-crypto trading pairs. It also charges a meager 0.1 percent transaction fee.

In addition to the reduced cost of transactions, users get the chance to enjoy a 50 percent discount on the transaction fee for a year (the first year). This discount is valid, irrespective of the volume of the transaction carried out. The security support is also unparalleled. 
Now that we have an idea of the different exchanges, let’s attempt to carry out an honest comparison of Coinbase vs Binance.

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1. Binance vs Coinbase- The user interface

Coinbase was designed primarily for people who are new to the process of trading cryptocurrency. A novice investor will definitely have no troubles carrying out transactions on Coinbase as it has an extremely easy and friendly interface. In fact, options trading and margin trading are not supported, rather, you can just buy and sell digital assets.

Binance, however, is for the well-experienced experts in cryptocurrency trading. Some users claim that the amount of information available on the dashboard is enough to scare a novice away. But there’s an “Advanced view” and a “Basic view.” Some people sign up on both platforms, buy a coin on Coinbase, transfer it to Binance, and then carry out more advanced tasks there.

2. Binance vs Coinbase-The cryptocurrencies supported

There’s a clear winner here, Binance supports more cryptocurrencies compared to Coinbase. On Coinbase, you only have access to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Plans are also ongoing to add ERC20 tokens. Binance, on the other hand, supports all the coins on Coinbase and hundreds of other currencies. Some of the coins include Ark, Cardano, VeChain, Ripple, NEO, etc.

3. Coinbase vs Binance- The transfer limit

Both platforms require you to fill in personal details and a photo identification before you are verified on the platform. On Coinbase, three major factors determine your transfer limit:

  1. Your track record of transactions
  2. How long you’ve had your account
  3. Your verification level

With a verified US account, you will be able to make transactions of $5,000 in a week. You also get a cap of $50 on your card. It is also good to note that the maximum amount you can deposit is much lower. If you choose to deposit using your bank account, you might have to wait for about four or five business days. If you use your card, it is effected immediately.

Binance, on the other hand, offers more flexible limits. You can deposit infinitely and your withdrawal limit depends on whether or not you’re verified. If you’re verified, you have a daily limit of 50 BTC. If you are yet to be verified, you can only make transactions below two BTC.

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4. Coinbase vs Binance- How the accounts are funded

Coinbase generally offers more options to finance your account and Binance is a little constrained in the area. With Coinbase, you can either buy cryptocurrencies or make deposits into your account from your bank account. The various methods available are ACH transfer, using your debit card or via wire transfer. 

With Binance, the limitation is that it is solely a cryptocurrency exchange. This means that you can only finance your account with crypto. For this reason, many people will first purchase crypto coins with fiat currency on platforms like Coinbase before going to Binance.

Conclusion

In this clash of giants, there’s no winner or loser. Binance and Coinbase carry out their different jobs excellently well. Although they have their limitations, for example, you can only trade cryptos on Binance and Coinbase doesn’t support so many currencies, both exchanges are still considered top-notch.
 

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About the author

George Shnurenko is a Bitcoin and cryptocurrency enthusiast, financial analyst and writer. He's majoring in history but he believes that the digital currency which has taken the world by storm will bring about change to all us humans. 

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📰 News
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Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’

  • Yuri Molchan
    📰 News

    The head of a major Bitcoin mining pool says that Bitcoin privacy is weak and must be improved to prevent BTC from avoiding governments’ clampdown

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’
Cover image via www.123rf.com

The CEO of one of the largest BTC mining pools, Poolin, has recently stated in an interview that Bitcoin privacy has to be improved. The current privacy features make BTC vulnerable to potential regulatory bolt tightening, says he, as reported by Forbes.

The Poolin mining company was set up by several former employees of BTC.com – a world’s major mining pool, a subsidiary of Bitmain. Among them was the Poolin’s current CEO Kevin Pan.

“Bitcoin’s privacy features are quite poor”

Over the past years, developers have suggested several ways to improve Bitcoin’s privacy. However, those were rejected by the community, since they would hard such major things as security, scalability, etc.

A good example here is Confidential Transactions that were among those suggestions. They disguise the amount of BTC sent in transactions. However, the integration of it was rejected, since it could have had a negative impact on the public verifiability of the present BTC supply.

Kevin Pan says that privacy is much more vital for a crypto asset development than scalability. Pan says:

“There is no other big question if the privacy issue is solved.”

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Governments may start controlling BTC miners

The company CEO believes that in theory, authorities or law-enforcement agencies may start telling miners to block certain address from receiving funds or sending them. However, in that case that would have to be 51 percent of the BTC network.

Pan believes that unless a solution to this problem is found soon, governments will get a chance to prevent transactions to certain addresses from happenning.

“What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”

“In fact, these can be done. But if there is privacy, you can't know who the address belongs to, and you can't determine how much the amount is, and there is no way to control the currency system. So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”

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China plans to clamp down on BTC miners

Previously, U.Today reported that Inner Mongolia, an autonomous region of China, plans to ban all the numerous mining pools located there soon.

Since this region is one of the biggest local crypto mining areas, some believe that China is about to ban mining of all cryptocurrencies ahead of the so-called ‘China Coin’ launch.

Do you think that poor Bitcoin’s privacy features could indeed bring down regulatory control over BTC one day? Feel free to share your view in the comments section!

Join our Telegram channel to get news even faster!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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