Binance vs. Coinbase: Which Crypto Exchange Should You Choose? - YouTube

hey everyone and welcome back to the channel  today we are going to discuss binance versus  

coinbase which crypto exchange should you choose  let's get right into it binance and coinbase are  

two cryptocurrency exchanges that take quite  distinct approaches to their business coinbase  

is a us-based cryptocurrency exchange with  a user-friendly interface and a restricted  

range of transaction options binance has a  difficult learning curve yet it caters to expert  

customers and offers hundreds of currency trading  alternatives to international traders despite the  

fact that the binance site is user-friendly and  offers three levels of trading experience it isn't  

as simple to use as coinbase finance us is a less  robust version with fewer choices and higher fees  

however you can't match binance's inexpensive  fees compared to coinbase's exorbitant fees  

supported currencies binance is well known  for its extensive cryptocurrency roster which  

includes over 500 options for non-us consumers  the binance u.s exchange on the other hand  

only supports 80 currencies on its normal platform  coinbase supports 107 trading currencies while the  

coinbase pro exchange offers 57. coinbase also  accepts flat currencies such as the us dollar the  

british pound sterling gbp and euro eur whereas  finance accepts 18 flat currencies including the  

us dollar the euro the australian dollar aud the  british pound sterling the hong kong dollar hkd  

and the indian rupee inr binance provides 50 to  591 cryptocurrency pairs depending on your region  

whereas coinbase enables 107 for u.s consumers  security despite the fact that both services are  

safe coinbase has a stronger overall reputation  coinbase a us-based exchange founded in 2012  

went public on april 14 2021 via a direct listing  and is supported by institutions like jp morgan  

finance unlike coinbase began in china before  expanding to japan and the binance us platform is  

based in san francisco california because binance  is unregulated it first barred all americans from  

using the platform its new binance u.s exchange on  the other hand complies with u.s rules finance is  

now under investigation by the u.s securities  and exchange commission both cryptocurrency  

exchanges provide two-factor authentication  to fa via the google authenticator app or sms  

although binance us and google authentication  have been causing some issues for us consumers  

while coinbase asks all users to provide  identity via a picture or government issued id  

binance only needs this for us-based users or  those who wish to invest and trade bigger sums  

address whitelisting device management and the  ability to block device access are all included  

in binance's security features all usd funds  are protected by the federal deposit insurance  

corporation fdic for up to 250 000 and maintained  in custodial bank accounts just like coinbase  

coinbase's digital wallet includes fingerprint  biometric access and 98 of bitcoin money is kept  

in air-gapped cold storage via vaults and safe  deposit boxes coinbase has insurance to cover the  

two percent of assets held in hot storage however  it only covers security failures on their end  

not those caused by user security issues fees  finance's costs are among the lowest in the  

market whereas coinbases are among the most  expensive although customers in the united  

states will pay somewhat more on binance us it is  still significantly less expensive than coinbase  

you'll pay 0.5 on average for each coinbase  transaction plus additional convenience costs  

dependent on your payment method for a total of  up to 4 per transaction binance has a maker taker  

model which means that both creators and takers  pay the same fees for newbies the fee chart might  

be perplexing but it provides much cheaper fees  especially for high volume traders ease of use  

the two exchanges binance and coinbase cater  to various sorts of consumers coinbase is a  

simple platform for investors that are new to  cryptocurrency trading and wish to trade quickly  

easily and securely binance's interface is simple  to use but for a new user the sheer quantity of  

options might be intimidating binance is better  suited to those who are familiar with bitcoin  

terminology and investment alternatives whereas  coinbase is designed for quick and simple trading  

both exchanges provide mobile applications  and different features on apple's app store  

the binance and coinbase applications for example  get 4.7 out of 5 stars finance app on the other  

hand has low reviews for android users with only  2.1 out of 5 stars on google play with many users  

claiming that the software works better on iphones  users may get lessons or useful materials akin to  

cryptocurrency trading courses through binance  academy which is similar to gemini's cryptopedia  

both services have a blog and knowledge base while  coinbase allows users to earn bitcoin by viewing  

beginner-friendly videos although coinbase is most  user-friendly the customer care alternatives are  

less so coinbase can only be contacted by email  or a support ticket finance on the other hand  

provides live chat reacts to tweets and can be  contacted through email is it risky to store  

cryptocurrency on binance or coinbase despite the  fact that binance and coinbase are among the top  

cryptocurrency exchanges consumers are advised  to keep their assets in a hardware wallet for  

long-term savings hackers can attack any currency  kept online and most exchanges have been hacked  

including binance in 2019 although coinbase  informed the new york times that it has never been  

hacked and just 0.004 of its users faced account  takeovers in the year ending april 2021 you  

can make blunders that put your coins in danger  although both binance and coinbase guarantee their  

hot storage using your own cold storage via a  hardware wallet may be safer you'll need to insert  

a hardware wallet into your computer to access  your digital cache because it's not connected to  

the internet since the platforms are designed for  various sorts of individuals their feature sets  

are vastly diverse both however provide mobile  apps with watch lists and real-time price tracking  

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produce for you guys we're signing off now but  we'll be sure to catch you all in the next one