Hello, this is kimm. There is an interesting article on Cryptonomist comparing Binance and Coinbase, which is in fierce competition for the title of the world's best digital asset (cryptocurrency ) exchange .
The comparison was scored based on the convenience of deposit and withdrawal in the UK and Europe, so it can cover all the characteristics of Coinbase, which is strong in the Americas, and Binance, which is strong in Asia and other regions of the world. There will be no, but I will share the content as it seems to be interesting.
- Original article: Binance vs. Coinbase: a comparison on buying crypto in Europe -Cryptonomist
#One . Binance and Coinbase
Binance and Coinbase are the world's most well-known cryptocurrency exchange brands. With millions of users in more than 180 countries around the world, including Europe and the UK, both platforms provide a convenient way to buy cryptocurrencies using local currencies such as British Pounds (GBP) and Euros (EUR).
Coinbase was born five years earlier than Binance and built a brand primarily within the US before expanding to countries around the world. Coinbase, which provides cryptocurrency transaction and storage (custody) services, is currently worth about $8 billion, and we are preparing to proceed with an IPO in the near future.
Binance was established after the ICO in 2017 and has grown into the world's largest exchange by volume within 6 months of its establishment. Since then, Binance has been expanding its scope with various services including crypto mining, crypto financial services, blockchain platform, and DeFi.
#2. Binance vs Coinbase
(1) Are there various options for depositing cash?
Both Binance and Coinbase support payment through credit and debit cards, as well as bank transfers equally.
Score: Binance 1 point / Coinbase 1 point
(2) Can I buy cryptocurrency using a credit card?
You can use credit or debit cards on Binance without any conditions. Coinbase supports credit card payments, but requires a secure click solution (3D Secure) with bank confirmation.
Score: Binance 2 points / Coinbase 1.5 points
(3) What is the limit for purchases by credit card?
Binance can purchase up to a maximum of €70,000 or £62,000 per week, and Coinbase can only purchase up to a maximum of £3,000 per week
Score: Binance 3 points / Coinbase 1.5 points
(4) How much is the credit card fee?
Binance: 1% spread, 2% commission
Coinbase: 0.5% spread, 3.99% commission
Score: Binance 3.5 points / Coinbase 2 points
(5) What are the withdrawal options?
Both Binance and Coinbase can withdraw via bank transfer. There is a difference between the two platforms in the second withdrawal option, Binance supports withdrawal using Advcash and Coinbase with PayPal.
Score: Binance 4.5 points / Coinbase 4.5 points
(6) How much maximum can I withdraw?
On Binance, you can withdraw up to € 200,000 per day via bank transfer (the same amount of GBP), but PayPal's daily withdrawal limit on Coinbase is £20,000.
Score: Binance 5.5 points / Coinbase 3 points
(7) If you buy cryptocurrency, what can you do with it?
In a short time, Binance has created a service ecosystem where you can use the purchased cryptocurrency. You can use spot transactions, margin transactions, P2P transactions and futures markets, and even if you do not trade, you can receive interest through staking services and saving services.
Coinbase is a platform for buying and selling cryptocurrency, but Coinbase Pro also provides a crypto wallet function for cryptocurrency payments along with the trading platform.
Score: Binance 4.5 points / Coinbase 4.5 points
#3. Final result
Cryptonomist's comparative analysis confirms that Binance has an edge over Coinbase in all areas, except for cash withdrawal options . However, in the case of this comparative analysis, it is limited to the UK and Europe, the effect that the listing of a specific token (coin) is accepted as a good news in the market, and its recognition in the United States, which is one of the largest markets. It is my opinion that it is a little difficult to evaluate which exchange is superior when considering the market share and the like.
Many crypto investors call the listing of Binance and the listing of Coinbase as the final king , and which one is far more dominant in that the biggest favorite and symbolic event in the current cryptocurrency market is listing on both exchanges so far. It seems a little difficult to evaluate that it is.
When Coinbase started expanding to countries other than the US and Binance started to penetrate the US market, I think it would be possible to compete and evaluate properly.