Two of the biggest and most well-known exchanges today are Binance and Coinbase Pro. Catering mostly to experienced crypto traders, both Binance and Coinbase Pro provide strong security, numerous exciting markets, and sleek interfaces that entice millions of users from around the world. Here’s our comparison of these exchanges’ pros and cons and how to choose between them depending on your needs.
Binance vs Coinbase Pro Cryptocurrency Exchange Comparison Chart
|Fees||Check Fees at Binance.com||Check Fees at Pro.Coinbase.com|
|Fiat Currencies||n/a||EUR, USD, GBP|
|Deposit Methods||Cryptocurrency||Cryptocurrency, SEPA, Wire Transfer|
|Exchange Volume||$2 billion||$380 million|
|Has Been Hacked||Yes||No|
|Support||Email, Phone, Social Media||Email, Phone|
Coinbase Pro has never been breached unlike Binance.
Coinbase Pro was introduced in 2015 to provide experienced Coinbase traders an advanced and more intuitive interface. It’s fully licensed and regulated in all regions it operates in, and it has received significant venture capital backing as well as institutional support. Notably, all fiat balances deposited in accounts are insured, with 98% of users’ crypto funds kept offline in cold storage. In short, not only does Coinbase Pro provide outstanding security, as it’s never suffered account breaches or server hacks, it also ensures user funds are safe and secure.
On the other hand, Binance has had security breaches, one of which resulted in around 7,000 Bitcoin being stolen. Thankfully, the platform had previously set up its Secure Asset Funds for Users (SAFU), which duly compensated all affected users. Binance has improved security even more, adding an AI that monitors user activities and transactions to prevent such breaches. Despite this setback, customer trust remains high as Binance continued to grow to become the largest cryptocurrency exchange today.
Users are encouraged by both platforms to use two-factor authentication to protect their accounts from unauthorized login attempts. Both also have address whitelisting features to ensure funds can only withdrawn to addresses that you’ve specifically whitelisted. So even if you fall prey to phishing or similar attacks, they won’t be able to take your funds out elsewhere.
ID verification is also required so that only account owners can add payment information, further protecting the platforms’ communities from fraudulent actions. Binance and Coinbase Pro use different verification levels to increase daily withdrawal limits; however, Coinbase Pro requires a verified ID before you can start trading on the platform.
Binance lists more crypto assets but Coinbase Pro offers fiat trading.
A key attraction of Binance is its massive list of cryptocurrencies, allowing users to trade around 200 digital assets in over 500 crypto trading pairs. Nearly every major digital coin is listed with several trading pairs, too. In comparison, there are only 20 or so crypto assets on Coinbase Pro, though this ensures only the most stable ones are traded on the platform. What Coinbase Pro has over Binance is that fiat trading is available for USD, GBP, and EUR, putting its total markets to around 70.
In addition to spot trading, Binance has also implemented margin trading with up to 5x leverage, providing the possibility of larger profits on successful trades. Coinbase Pro is still considering whether to add margin trading as a feature on their platform. Futures trading is also available on Binance, allowing trades with up to 125x leverage, as well as staking, making it a more diverse and well-rounded platform catering to different trading strategies.
On the other hand, Coinbase Pro provides more deposits and withdrawal options. You can deposit and withdraw in its supported fiat currencies, plus, you can directly link your bank account to your Coinbase Pro account. Binance likewise lets you buy cryptocurrencies with a credit or debit card, though Coinbase Pro being a Visa principal member improves its crypto debit card service.
Crypto research platform Coinpaprika ranks Coinbase Pro at the top of their confidence score chart with 98.48%. It denotes the high liquidity and market traffic of the platform, with over $380 million in trading volume within a 24-hour period. Binance eclipses this at over $2 billion in volume, securing its top spot in exchange size, while its confidence score of 83.9% places it squarely in second place.
Fees and Support
Binance has much lower fees than Coinbase Pro.
You can deposit without fees or minimum/maximum limits on both exchanges. When it comes to trading fees, however, Binance and Coinbase Pro are at opposite ends of the spectrum, with Binance charging the lowest maker and taker fees while Coinbase Pro has among the highest in the market. Binance’s retail trading fees start at 0.1%, with lower tiers accessible once you reach certain 30-day trading volume thresholds. In contrast, Coinbase Pro’s fee schedule begin at 0.5%, which is much higher than industry average, though it does similarly decrease depending on trading volume.
Not content with just the best trading fees in the industry, Binance further gives 25% discounts to holders of its native token Binance Coin (BNB). Users can also pay for transaction fees with BNB, netting them an additional 25% discount on top of its other benefits. Whether you’re looking to get your feet wet with a smaller portfolio or you’re a high net worth trader, you’ll see much smaller profit cuts on Binance than on Coinbase Pro.
Like most exchanges, customer support is an ongoing ‘needs improvement’ challenge for Binance and Coinbase Pro. Users can reach each platform’s support team primarily through its email ticketing system, with varying reply lengths ranging from a few hours to a few days. Though they have in-depth knowledge bases and FAQs, queries regarding your account will take time to get resolved. Both have phone support, though Coinbase Pro only makes its hotline available to US customers. Binance does provide other channels such as social media and even Reddit for users to get their concerns addressed.
Binance is better for experienced active traders while Coinbase Pro caters more to a select crowd.
As the biggest exchange with numerous major digital assets and altcoins, Binance is a more welcoming platform to high volume traders and aggressive investors. It has more trading options and a huge number of markets you can dive into, while enjoying the lowest fees in the industry. Moreover, Binance’s advanced matching system and built-in scalability makes it fully equipped to handle millions of orders per second, letting users react to market conditions and opportunities without fear of platform stutters.
For those who simply want to minimize security risks as much as possible, Coinbase Pro‘s pristine track record speaks for itself. It’s fully regulated wherever it operates, making it a top choice for US residents looking to get into crypto trading. Deposits are also fully insured by the FDIC while user funds are kept secure in offline storage. Coinbase Pro can be ideal for users purchasing crypto for the first time or who wish to participate in fiat trading, which is made easier by allowing direct linking to bank accounts.
Both have their distinct pros and cons. In terms of fees, Binance has much lower trading fees than Coinbase Pro, with further discounts being available through its native token as well as your 30-day trading volume. As for security, Coinbase Pro has never been breached in its lifetime, while Binance has suffered several attacks though it still fully protects users from loss of funds.
Binance has already stopped its main platform’s operations in the US in Q3 2019, so US residents can no longer trade on Binance.com. However, it has set up Binance.us, which is fully regulated and licensed in the country, and is the recommended platform for Americans.
Yes, Binance charges lower initial trading fees than Coinbase Pro. However, while both platforms reward lower rates to users who reach specific 30-day trading volumes, you can get lower maker-taker fees on Coinbase Pro at higher tiers.
Yes, as a fully regulated exchange, Coinbase Pro reports your activities to the IRS. You’re also required to include income from cryptocurrency trading on your tax reports; failure to do so would be considered tax fraud.