Coinbase VS Binance: Which is Best To Invest?February 2, 2022
Nowadays, it is going to be the trend to make money from cryptocurrency. If you want to invest your money in cryptocurrency but aren’t sure which currency is the best to invest in. So no more worries, in this article, we’ll give our best advice on where you should invest your money.
However, there are many brokers on the internet, but it is tough to choose a loyal broker you can easily trust. There are two currencies which are quite popular in recent years, which are Coinbase and Binance.
If you think like a trader of a cryptocurrency, which is the best option to invest in? Is there any difference between them? Is this safe currency or not? Yes, we know you have many questions you want to ask, especially when the money to invest.
The comparison between Coinbase vs Binance will help you to make the right decision.
An Overview Of Coinbase VS Binance
Coinbase and Binance are two popular cryptocurrencies that exchange and allow you to purchase, sell, and trade cryptocurrencies. They work as online brokers and provide a lot of tools for crypto traders. However, each of its own unique features. So let’s have a look at them what coinbase is or what is bnb;
What is Coinbase?
The first cryptocurrency exchange that comes into the market is “Coinbase,” which is founded by Fred and Brian Armstrong in 2012. It is a platform and an option of US-regulated for people who want to trade in cryptocurrency in the United States.
The software was designed with the new traders in mind, so it is simple to use. You should have only a credit card or a bank account that you can use to purchase cryptocurrency. In recent years, coinbase takes a position at the top of the crypto exchange market that gained many users who are satisfied and benefit from it.
What Is Binance?
The Binance is relative to a newbie who comes to cryptocurrency. It was created under the supervision of Changpeng Zhao in 2017. Even though the app is still quite new, it has managed to gain a significant amount of worldwide popularity.
Binance comes in 2017 and has fast risen to become the world’s largest exchange by its volume. It is currently available in 180 countries. It also provides hundreds of cryptocurrencies to the users to trade.
Although it is not available in the United States, the residents who want to invest in the binance can download the Binance U.S. app. It has its own set of rules that make it acceptable in the United States.
Difference Between Coinbase and Binance
The difference between both is their availability because binance offers over 500 different types of cryptos where people easily choose. Whereas, Coinbase only provides 40, which is a lack option for the people who want to invest. Moreover, Coinbase deals with beginners, whereas Binance is focused on targeting professionals.
The availability is also a notable gap. The official Binance app isn’t available in the US; however, you need to download a different app for use. Although, Coinbase is a US-based currency that is not available for European due to the law.
Pros of Coinbase:
- Can trade over 500 different cryptocurrencies
- Has its digital wallet
- Reasonably priced, that makes a good option for traders on a tight budget
- Multiple payment methods, which is a useful option for international users
Cons of Coinbase:
- Expensive tax and fees
- Not allowed using the site in the United States
- Binance is used in the US with an entirely different app with its laws.
- Design is a Lil tricky
- It lacks a built-in digital wallet system which makes it difficult for some investors.
Pros of Binance:
- User- friendly
- Low fee structure
- Deals with the newbies
- Multiple types of transactions
Cons of Binance:
- Users of the United States only access a limited version
- Not impressive for the professional traders