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Binance vs Coinbase Pro (Comparison)

Blockchain Technology


Binance and Coinbase Pro are two of the most popular exchanges in the world, with the highest trading volumes of any exchange.

Each platform offers many trading pairs, competitive fees, and intuitive user interfaces, but which is better?

In this piece we will take a look at the two cryptocurrency exchange juggernauts and compare all the relevant aspects of their platforms in order to give you an idea of which exchange is better for your needs, and at the end we will tell you which is better overall.

Let’s get to the comparison!

Coinbase Pro Quick Overview

Coinbase Pro was founded in 2015, known initially as GDAX, and is now one of the biggest and most reputable cryptocurrency exchanges offering its services worldwide, including the United States, Canada, and most European countries.

The platform supports a wide range of crypto assets and allows clients to exchange more than 80 different pairs. In May 2018, Coinbase officially changed its name from GDAX to Coinbase Pro, which rapidly expanded Coinbase Pro’s popularity. The exchange offers its customers a wide variety of cryptocurrency services, combined with detailed control over their orders and live charts, as well as features such as staking and protocol voting.

Coinbase Pro is known for exceptional security, and although many of its large size accounts have been targeted, it has never been hacked. Check out our full review here.

Pros and Cons of Coinbase Pro

Pros

1. Fully regulated with exceptionally solid security measures

2. Wide range of supported cryptocurrencies

3. Intuitive Android & IOS mobile app

4. Low to zero fees for large-scale transitions

Cons

1. Can be overwhelming for complete beginners

2. Does not directly support most local payment methods

3. Sub-optimal customer service

Binance Quick Overview

Binance Exchange is one of the top cryptocurrency exchanges in the world and offers users the most cryptocurrency trading pairs of any trusted exchange, resulting in Binance having the highest trading volume of any crypto exchange.

Founded in 2017 by Changpeng Zhao, Binance quickly became a leading cryptocurrency exchange and has its own crypto called Binance Coin (BNB). Binance offers users ways to purchase crypto assets directly using fiat currencies, credit/debit cards, and bank transfers. Binance can be accessed through its website, desktop, or mobile app. You can find our full review here.

Binance Pros & Cons

Pros

1. Hundreds of trading pairs and available cryptocurrencies

2. Low trading fees

3. Good customer service

4. Buy crypto through multiple avenues

5. Mobile app for iOS and Android

Cons

1. Not available to US citizens

2. High withdrawal fees to external wallets

Beginner Friendliness

Binance and Coinbase Pro are both more suited to experienced traders or people who have at least done some trading in the past.

That said, Binance is slightly better for beginners because it does have simple buy and sell crypto options, which are available on Coinbase but not Coinbase Pro. The basic Coinbase platform is better than either Binance or Coinbase Pro for beginners.

Trust & Security

Both Binance and Coinbase Pro have top level security, with IP logging and two-factor authentication (2FA) available on both platforms. Both platforms also keep the majority of users’ funds in cold storage in case there is a hack, meaning that most assets are kept offline.

Coinbase Pro gets a slight edge here because it has never been hacked, whereas Binance was hacked a couple years ago and had $40 million stolen. While there have been no hacks since, the fact that it happened at all is notable.

Fees

When comparing trading fees between Binance and Coinbase Pro, it is clear that Binance has better fees. This is because their standard maker and taker fee is 0.1% as the base fee, with the fee percentage lowering as your trading volume and BNB balance increase.

In comparison, Coinbase Pro has a base fee of 0.5% for both maker and taker fees and in order to get fees of 0.1% you have to make a trade between S100k and $1 million or take a trade of $100 million to $500 million. Unless you are a whale the fees are better on Binance.

Sign-Up Process

Assuming you are not a US citizen, then the sign-up process for Binance is much quicker than Coinbase because you do not have to do a full identity verification process to begin trading assets you already own and deposit on the exchange. However, if you need to purchase crypto with a card or bank wire on Binance then you will have to verify your identity.

If you are already a user of Coinbase then you can sign in to Coinbase Pro automatically, otherwise you will have to sign up and complete full identity verification before using Coinbase Pro.

Available Cryptocurrencies

This is a fairly close contest, or at least closer than usual, but as is always the case when comparing available cryptocurrencies between exchange, Binance is the winner. Binance has over 175 available crypto assets and tokens whereas Coinbase Pro only has about 110 available. While still a large number of crypto assets, Binance still has 30% more assets and even more trading pairs available.

Here are some of the assets available on both platforms:

Bitcoin (BTC)

Ethereum (ETH)

Cardano (ADA)

Binance Coin (BNB)

Chainlink (link)

Standout Features

When comparing features of Binance and Coinbase Pro, Binance comes out ahead. This is because Coinbase Pro does not offer anything extra than the base Coinbase platform except for lower trading fees.

If we were comparing the basic Coinbase platform there would be more competition here, as the basic Coinbase platform offers Learn and Earn (get crypto for learning about it), and the Coinbase Card (lets you spend you crypto globally). Binance offers their own Crypto Visa, along with competitions to win prizes, NFTs, derivatives, and an array of other features which do not exist on Coinbase Pro.

Conclusion: Binance for International, Coinbase Pro for USA

Binance and Coinbase Pro are both great options for traders, but there is a clear difference in both availability of crypto assets and fees that makes Binance a better option between the two exchanges. However, since Binance is not available for US citizens (you have to use Binance US, which has less crypto options but the same fees), Coinbase Pro is the better option for US users as It has more crypto assets than Binance US.

If you are someone who is not a US citizen, then Binance is the better option, with lower trading fees and more digital asset selection than Coinbase Pro.

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