Centralized cryptocurrency exchange platforms have been on the rise for the year 2018. The explosion in the price of Bitcoin highlighted this medium, at the time, opaque that the blockchain represented for the general public. Focus on two giants whose rivalry drives the constant improvement of their services.
Coinbase vs Binance: ergonomics of the site, the application and ease of use
For the maximum number of new users to join the platform, Binance and Coinbase must make the use of their tool as simple as possible. It’s a complicated exercise, because you have to know how to manage between the highlighting all the features of the platform and avoid saturating the screenat the risk of drown the user in a flood of too much information…
Our opinion on the ergonomics of Binance
Binance is arguably the most comprehensive platform in terms of available tools. Which makes this one also the most important visually. By connecting to Binancethe user is sent to the main page with an overview of his portfolio.
Several drop-down menus are visible at the top of the screen. And give access to numerous sub-menus. The novice user will have to take his time during the first uses to find his way around this space. !
Note that on mobile, there is Binance Litemuch more clean and easy to use.
Our opinion on the ergonomics of Coinbase
Coinbase is very simple in terms of ergonomics. First of all, its homepage is purged of all parasitic information. And only important information appears. The menu on the left also goes to the simplest and offers, in a word, the category that the user can and will use.
the big advantage of Coinbase is that it offers at a glance to access the desired menu. A drop-down tab is even present at the top right of the screen, it allows you to find all the “advanced” tools the user might need. Also, using a simple graph, it allows you to see the evolution of your assets in real time, on several scales, from the last hour, to the genesis of the account.
The best user experience is on Coinbase
Coinbase is the better of the two platforms in terms of usability. This certainly brings out fewer tools than Binancebut of a ergonomic point of view it changes a lot.
First because the main screen list allows access to a click at the desired location. But also because more “simple” words are used. Example with ” Swap ” for Coinbase which leads to a page with the list of available cryptocurrencies. ” Trader ” for Binance showing a drop-down menu with seven options available… This is only one example which has its importance, capital, for the choice of a novice user in this world.
Coinbase vs Binance: Platform Fees
Here too, a crucial subject for an exchange platform. Transaction fees are important when choosing a broker. The user will be more likely to go to the highest bidder, i.e. the platform that will offer the lowest fees.
Fees on Coinbase
On Coinbase, the fees are fixed. They rise to a height of 1% for each transaction carried out. This applies to procurement of cryptocurrencies at market priceas for limit ordersbut also for withdrawals to addresses outside the account.
Regarding advanced trading, it all depends on the amount traded. The larger the trading volume, the lower the fees.
Staking fees depend on cryptocurrency that is staked. It is thus possible to have certain cryptocurrencies work directly on Coinbase for a staking fee.
Fees on Binance
On Binancethem fees vary for all services.
Regarding trading, the fees are set at 0.10% of the amount of the transaction. For pairs with BTC (ex : ATOM/BTC) the costs are …0% ! Please note that the fees can be reduced to 0.075% using BNB as brokerage fees.
For deposits and withdrawals of cryptocurrencies, the fees are specific to each cryptocurrency. An exhaustive list includes these cryptos and the fees associated with their withdrawals.
The lowest fees are on Binance
Binance is clearly the most advantageous platform to trade. Withdrawals, derivative and spot trading, staking, all fees are well below what Coinbase can offer.
The fact thate Binance offers a reduction in fees by using its own cryptocurrency adds an additional advantage.
It should also be noted that certain weeks are exempt from trading fees. In the month of September, Ethereum trades were at 0% brokerage fees on Binance… And other discounts are regularly promoted. Their policy is very aggressive on this point.
Binance or Coinbase: Which Offers the Widest Variety of Crypto-Assets?
A centralized platform must group together many products and cryptocurrencies to meet the needs of as many customers as possible. Here again, Binance pulls out of the game.
The Chinese platform brings together more than 500 different cryptocurrencies. It is therefore a gigantic exchange between multiple pairs and with low trading costs as seen above.
This ranking and the number of cryptocurrency continues to growwith the Chinese giant’s constant search and desire to expand.
The US platform continues to expand. In April, 50 cryptocurrencies were listed. Today the total number exceeds 150 cryptocurrencies.
Coinbase is trying to close the gap, increasing its list of the biggest caps in the cryptocurrency market. In particular, this makes it possible to respond to a need of a larger part of the community. The highlighting of projects followed by a large number of people makes it possible to acquire new users who will remain loyal to the platform !
Binance offers the greatest diversity of cryptocurrencies
It is obviously Binance and its much more complete list of cryptocurrencies which takes advantage on this point. The fact that this giant adds a significant amount of cryptocurrencies, and this regularly, allows it to stay ahead and to attract new customers who wish to invest in a specific project.
Binance or Coinbase: Which Offers More Features?
Although buying a cryptocurrency is the simplest investment, there are many other features to take advantage of cryptoassets, in a very different way than a simple transaction.
Features on Binance
On Binance, many features are available. It is possible to staking cryptocurrencies and stablecoins. The Challenge was also introduced to take advantage of more attractive returns, through Liquidity Pools, although the risk is greater.
Also, trading is not to be outdone with Futures contracts which allow trading with significant leverage (up to x125).
Leveraged Tokens, BNB Vault, Binance Pool and NFT are the other major features.
Features on Coinbase
Coinbase also offers similar features here. It is possible to stake certain crypto-assets. The advantage is that these remain available and can be withdrawn or exchanged at any time.
Recently, Coinbase offers, via Coinbase Pro, margin trading and the possibility of integrating APIs if the user wishes.
In addition, it is possible to earn a few dollars in the form of cryptocurrencies, by following apprenticeships. Just as it is possible to trade NFTs!
Binance offers the most advanced features
Here again, Binance remain master. The number of features proves it, with more than fifteen different ways to invest, trade and place your cryptocurrencies. The development remains important, with a platform that never stops innovating and which invites its users to discover these new features.
Binance, Coinbase, who has the best customer service?
New important point, customer support. Helping a lost customer is a crucial point so that he does not change platform.
Customer support on Binance
Binance offer help driven by artificial intelligence. However, if the problem persists, it is possible to exchange directly with a Binance operator directly. Also, a complete written support allows you to find your way around if necessary.
Finally, Binance has its own academy, which allows you to learn about many subjects and thus avoid making major mistakes.
Customer support on Coinbase
Coinbase also offers computer-controlled support. And here too, if necessary, it is possible to interact with a platform operator. Many Frequently Asked Questions are available to help the user.
Note that part of the Help Coinbase helps to learn about the blockchain and understand this type of product.
Binance offers the best customer support
Again, Binance remains the leader. First of all because the section Binance Academy is really complete. And covers all the areas that the user could encounter in his portfolio management, or even more… Coinbase remains much lighter with the section Learn which could be further developed if they want to try to do the same.
Note that the support of Binance remains extremely efficient, and very often makes it possible to solve a blocking problem for the user in just a few minutes.
Coinbase, Binance the fact sheet
Launched in 2012 by Brian ArmstrongCoinbase had like basic idea of making it possible for anyone to receive bitcoin from anywhere. Since, these are more than 103 million users, more than 100 countries and 5,000 employees. Over the quarter, volumes of up to 217 billion dollars were raised. Finally, $96 billion in assets are held by the company.
Founded by Changpeng Zhao in 2017, Binance is the cryptocurrency giant. The daily trading volume is around $14 billion. per second, the number of transactions amounted to 1.4 million. The launch of its cryptocurrency BNB will raise $15 million.
Who is better between Coinbase and Binance? Our conclusion
To conclude, Binance stay the broker par excellence in the field of cryptocurrencies. A generous number of features, responsive support and close to 0% fees make it an ideal platform for getting started and managing your portfolio. Coinbase however, sets an example with simple ergonomics, greater accessibility for novices, although its services remain less important than the Chinese giant.
|Costs||Ergonomics||Features||Customer service||Crypto Diversity|