Cryptocurrency has many trading platforms that facilitate traders to do investments easily. Two of the largest platforms are Binance and Coinbase. These platforms provide trading for the maximum number of cryptocurrencies. Binance is banned in the US; instead, it is known as Binance.us, which runs following US regulations. Visit This URL if you are looking for a reliable and trusted Bitcoin trading platform.
Coinbase is a platform that works worldwide; it is beginner friendly with basic transaction features. Though both have similar features for the Users, the key difference makes them individually essential for the traders.
Comparison Based on their Key features
Popular exchanges provide different features apart from the crypto coins available. Binance runs in more than 180 countries, while Coinbase runs worldwide. Some essential features of these two platforms are-
- Ease of Use:
The Coinbase exchange is a user-friendly platform. It is suitable for the beginner in crypto trading. Beginning with trading is easy, as the users have to open the account by signing up. Signing up is a free process here, and verification ends with the passcode sent to the email address. After entering the details on the signup page, it will land in the verification process. KYC is mandatory to start trading or transaction with Coinbase. The KYC is to verify and confirm with the photo IDs issued by the government. It is easy for users to secure operation from their computer or mobile devices through IOS and Android.
Like Coinbase, opening an account is easy on the platform Binance. The entire process in user friendly. It can be accessed through the Binance account. Trading and investment can be easily carried out after opening the free account. There is no requirement for KYC in Binance, but to keep the account secure, it provides two-digit authentication. After confirmation, it can be connected to the bank account. The advanced users have the access to advanced charting and trades, including the API keys.
- Safety and Security:
In binance: Some of the leading security features of Binance that are different from Coinbase are:
- Whitelisting addresses
It is one of the essential security aspects that makes Binance safe and easy for beginners to use. The platform can restrict unknown addresses. As it can withdraw or remove the crypto coin from the account.
- Two-digit authentication
The two-digit authentication process of Binance is unique from Coinbase, which keeps the account secure. Without it, the users will not be able to open their accounts. The process is through SMS, 2FA, or Google authenticator application.
- Advanced verification
Users dealing with larger amounts of trading and deposits have to undergo advanced verification. The users have to create their access after confirming with government-issued ID proofs. It is to avoid any scams or frauds that generally occur on online platforms.
- Easy device management
It is not easy to enter the user account without verification. But it also does not allow access from any unknown device. If such suspicious action is found, it restricts its account access.
In Coinbase: Coinbase also has strong security features, making it one of the largest crypto trading platforms. The most popular security features are:
- The wallet is inbuilt
The wallet is highly protected with biometric security features. It is strictly protected with a password. Above all, the wallet’s recovery phase continuously protects the assets. Coinbase has a digital wallet with enabled security and protection.
- Cold storage and vaults
Coinbase provides vaults for the storing and securing of digital assets. It ensures to keep those scams and fraud away. A time of 24 hours is locked for the approval of the asset’s withdrawal. Any delay leads to the cancellation of the attempts. It also provides cold storage safety that enables retaining the safety of the assets.
It provides two-digit authentication that is similar to Binance. Authentication is carried out through SMS or the Google Authenticator application. Apart from it, the account has a 6-digit passcode that ensures safe and protected access to the account.
- FDIC insurance
Like the traditional bank, Coinbase provides FDIC insurance on US dollar deposits. It is the only exchange that provides insurance to the users. The insurance is not for the accounts but for US dollars.
These are some of the key differences between the world’s largest exchange, Binance, and Coinbase. Based on the difference, the preferences of people using the platforms also differ.
Cover Photo by Art Rachen on Unsplash
DISCLAIMER: This article is sponsored and does not substitute for professional advice or help. Any action you take upon the information presented in this article is strictly at your own risk and responsibility.