Centralized cryptocurrency exchange platforms have been booming since 2018. The explosion in the price of Bitcoin has put the spotlight on this opaque environment that blockchain represents for the general public. Let's zoom in on two giants whose rivalry pushes them to constantly improve their services.
Coinbase vs Binance: website, application and usability
In order for as many new users to join the platform as possible, Binance and Coinbase need to make using their tool as easy as possible. This is a complicated exercise, because you need to know how to juggle all the platform's features and avoid saturating the screen, with the risk of drowning the user under a flow of too much information ...
Our take on Binance's usability
Binance is arguably the most comprehensive platform in terms of tools available. Consequently, it is also the most important from a visual point of view. When logging into Binance, the user is sent to the main page with a global view of their portfolio.
At the top of the screen, several drop-down menus are visible. And give access to numerous submenus. The inexperienced user will have to take all the time necessary to orient himself in this space during the first uses!
Note that Binance Lite is available on mobile phones and is much leaner and easier to use.
Our opinion on the usability of Coinbase
Coinbase is very simple in terms of usability. First, the homepage is free of extraneous information. Only important information is displayed. The menu on the left is also very simple and offers, in a word, the category that the user can and wants to use.
The big advantage of Coinbase is that it offers access to the desired menu at a glance. There is also a drop-down tab at the top right of the screen, which allows you to find all the "advanced" tools the user might need. Furthermore, with the help of a simple graph, it allows the user to see the evolution of his assets in real time, on different scales, from the last hour passed, to the genesis of the account.
The best user experience is that of Coinbase
Coinbase is the better of the two platforms in terms of usability. It may have fewer tools than Binance, but ergonomically it makes a big difference.
First, the list on the main screen allows you to access the desired location with a single click. But also because “simpler” words are used. Example with "Exchange" for Coinbase which leads to a page with the list of available cryptocurrencies. “This is just an example, but it is very important for a user entering this world.
Coinbase vs Binance: platform fees
Again, this is a crucial issue for a trading platform. Transaction fees are important when choosing a broker. The user will be more likely to turn to the highest bidder, i.e. the platform that offers the lowest rates.
Commissions on Coinbase
Coinbase has a fixed fee. The contributions amount to 1% for each transaction made. This applies to the purchase of cryptocurrencies at the market price, as well as to limit orders, but also to withdrawals to addresses outside the account.
For advanced trading, it all depends on the amount traded. The higher the trading volume, the lower the commissions.
The wagering fees depend on the cryptocurrency being wagered. For example, it is possible to run some cryptocurrencies directly on Coinbase for a stake fee.
Commissions on Binance
On Binance, fees vary for all services.
For trading, the fees are set at 0,10% of the transaction amount. For couples with BTC (for example ATOM / BTC) the commission is equal to… 0%! Note that the commission can be reduced to 0,075% by using BNB as a brokerage commission.
For cryptocurrency deposits and withdrawals, the fees are specific to each cryptocurrency. A comprehensive list includes these cryptocurrencies and the fees associated with their withdrawals.
The lowest commissions on Binance
Binance is clearly the cheapest platform to trade on. Withdrawals, derivative and spot trading, staking, all fees are well below what Coinbase can offer.
The fact that Binance offers a reduction in fees using its own cryptocurrency adds an additional benefit.
It is worth noting that some weeks are free from trading fees. In September, Ethereum exchanges were at 0% brokerage fees on Binance… And other discounts are regularly offered. Their policy is very aggressive on this point.
Binance or Coinbase: who offers the widest variety of cryptocurrencies?
A centralized platform must bring together many products and cryptocurrencies to meet the needs of as many customers as possible. Again, Binance is in the lead.
Binance
The Chinese platform brings together more than 500 different cryptocurrencies. It is therefore a gigantic exchange between multiple pairs and with low exchange costs, as seen above.
This ranking and the number of cryptocurrencies continue to grow, thanks to the Chinese giant's constant research and desire for expansion.
Binance - Non-exhaustive list of available cryptocurrencies
The US platform continues to expand. 50 cryptocurrencies were listed in April. Today the total number exceeds 150 cryptocurrencies.
Coinbase is trying to bridge the gap by increasing its roster of the biggest cryptocurrencies. In particular, this responds to a need of a larger part of the community. Highlighting projects that are followed by a large number of people really helps to capture new users who will remain loyal to the platform!
Binance offers the widest range of cryptocurrencies
It is of course Binance, with its much more comprehensive list of cryptocurrencies, that has the upper hand on this point. The fact that this giant regularly adds a significant amount of cryptocurrencies allows it to stay on the cutting edge and attract new customers who want to invest in a specific project.
Binance or Coinbase: which one offers the most features?
While buying a cryptocurrency is the simplest investment, there are many other features that allow you to profit from cryptoassets in ways very different from a simple transaction.
Features of Binance
There are many features available on Binance. It is possible to trade cryptocurrencies and stable coins. DeFi was also introduced to take advantage of more attractive returns, through Liquidity Pools, even if the risk is higher.
Furthermore, trading is not left out with futures contracts that allow you to trade with high leverage (up to x125).
Leveraged Tokens, BNB Vault, Binance Pool and NFT are the other main features.
Features on Coinbase
Coinbase also offers similar features. Some cryptocurrencies can be stored. The advantage is that these remain available and can be withdrawn or exchanged at any time.
Recently, Coinbase has also started offering margin trading via Coinbase Pro and the ability to integrate APIs if the user so desires.
Furthermore, it is possible to earn a few dollars in the form of cryptocurrencies by following apprenticeships. So how is it possible to trade NFT!
Binance offers the most advanced features
Again, Binance remains the master. The number of features proves this, with more than fifteen different ways to invest, trade and place your cryptocurrencies. The development remains strong, with the platform constantly innovating and inviting its users to discover these new features.
Binance, Coinbase, who has the best customer service?
Another important point is customer support. Helping a lost customer is a crucial point in keeping them on the platform.
Customer support on Binance
Binance offers AI-driven support. However, if the problem persists, it is possible to speak directly with a Binance operator. In addition, full written support is available to help you should the need arise.
Finally, Binance has its own academy, which allows you to learn a wide range of topics and thus avoid making major mistakes.
Coinbase customer support
Coinbase also offers IT support. Also in this case, if necessary, it is possible to interact with a platform operator. There are a number of frequently asked questions to assist you.
Coinbase - Support pageNote that part of the Coinbase Guide is learning about the blockchain and understanding this type of product.
Binance offers the best customer support
Again, Binance remains the leader. First of all, because the Binance Academy section is really complete. And it covers all the areas the user might encounter in managing their wallet, and more ... Coinbase remains much lighter with the Learn section which could be developed further if they want to try to do the same.
Note that Binance's support remains extremely efficient and often resolves a blocking problem for the user within minutes.
Coinbase, Binance the factsheet
Coinbase
Launched in 2012 by Brian Armstrong, Coinbase's basic idea was to make it possible for anyone to receive Bitcoin from anywhere. Since then, it has grown to over 103 million users, more than 100 countries and 5.000 employees. Volumes of $ 217 billion were recorded in the quarter. Finally, the company holds $ 96 billion in assets.
Binance
Founded by Changpeng Zhao in 2017, Binance is the cryptocurrency giant. The daily trading volume is close to $ 14 billion. Per second, the number of transactions amounts to 1,4 million. The launch of its BNB cryptocurrency will raise $ 15 million.
Who is better between Coinbase and Binance? Our conclusion
In conclusion, Binance remains the broker par excellence in the cryptocurrency space. A generous number of features, responsive support, and commissions close to 0% make it an ideal platform to get started and manage your portfolio. Coinbase, however, is in the lead thanks to simple ergonomics and greater accessibility for newbies, even if its services remain less important than the Chinese giant.
