Binance vs Coinbase: Which is Better for Betting?
Trades involving cryptocurrencies occur on a crypto exchange, a platform that makes it possible to convert FIAT currency to digital currency and vice versa. The online platform allows its users to buy and sell their digital assets, from popular cryptocurrencies like Bitcoin and Ethereum to lesser-known ones such as Orchid and VeChain (If you are into gambling, read more – is cryptocurrency gambling legal).
If you’re a sports bettor looking for the best platform to manage your digital assets, this Binance vs Coinbase comparison article is a must-read. This article covers everything you need to know, including reviews, Binance Visa vs Coinbase card, Binance app vs Coinbase app and their pros and cons.
Is it Binance or Coinbase? Which crypto exchange is better for betting? While it’s a trickier query, this article has a lasting solution. Read on to discover more. Also, check out our Binance Coin Review.
The response to your inquiry hinges on your preferences for a cryptocurrency exchange. Binance is a highly renowned cryptocurrency exchange with a massive user base and staggering trading volume. Coinbase is among the most established, regulated, and trusted exchanges.
If you’re seeking a wide variety of trading options, low fees, and top-notch security, Binance could be the optimal decision.
On the other hand, Coinbase may be a better choice for those looking for simplicity and ease of use.
Coinbase is a straightforward platform for buying and selling cryptocurrencies with few advanced features. In contrast, Binance offers a broader range of tools that provide a more comprehensive trading experience.
✅ When comparing Coinbase fees vs Binance, Binance provides the most affordable prices and is known for being a cost-effective option for traders.
✅ Yes, you can use both exchanges simultaneously. Many cryptocurrency traders use multiple exchanges to take advantage of each platform’s different features, coin availability, and trading options.
Binance and Coinbase both have mobile apps available on iOS and Android devices. Download the necessary apps from the app stores to access your accounts, trade cryptocurrencies, and manage your portfolio while on the go.
Binance is one of the largest cryptocurrency trading platforms in the world. The company was established in 2017 by Changpeng Zhao and was initially based in China. Binance offers hundreds of digital currencies for worldwide users, and it’s different from Binance.us, which supports only 153 cryptocurrencies.
Binance supports over 350 digital assets, of which only 150 are available for US customers. It supports a wide range of FIAT currencies for international customers, ranging from EUR and USD to AUD and HKD.
Some crypto options available on the platform include Binance Coin, Harmony, VeChain, DogeCoin, Matic Network, VeThor, Dash, Cosmos, Bitcoin, Cardano and Litecoin.
Binance is suitable for individuals looking for low trading fees as they are the lowest in the entire industry. The platform uses a taker/maker fee structure, and its fees vary based on Binance Coin balance and trading volume. Naturally, higher volume trades attract lower fees.
Customers can also get fee discounts for using Binance coins in trades, attaining VIP status and in the form of referral bonuses.
In terms of trading experience, Binance has a wide range of trading tools, which include real-time charting tools that come with moving and exponential moving averages. As a user, you can complete trades via the Binance mobile app, Binance desktop app or Binance website.
The platform provides different types of orders, including trailing stop orders, stop market orders, stop limit orders, limit orders and stop orders.
Coinbase was established in 2012 by Fred Ehrsam and Brian Armstrong as a place to receive and send Bitcoin. Since then, the company has expanded to support hundreds of cryptocurrencies in over 100 countries and over 13,000 financial institutions.
Coinbase operates two unique trading platforms apart from its standalone cryptocurrency wallet service. In between the Coinbase products’ suite, users will find everything they need to start and manage a trading plan or crypto portfolio.
Coinbase supports over 250 cryptocurrencies and regularly includes new coins on the list. Some of the most popular digital assets on Coinbase include Ethereum, Cardona, Bitcoin, Polkadot, Solana, Dogecoin, USD Coin, Shiba Inu, Polygon, and Uniswap.
The exchange platform is popular across the world due to its easy-to-use interface and suitability for trading with FIAT currencies, including RUB, INR, AUD, CNY, EUR, and USD. Coinbase is also publicly traded on NASDAQ, making it highly trusted.
Regarding trading experience, the company operates Coinbase as well as Advance Trade. Each platform allows users to purchase, sell and trade digital assets, but Advance Trade provides unique features. Coinbase is starter-friendly and easy to use for any user with basic computer skills.
You can access Coinbase online or on iOS/Android mobile devices. The entire experience is similar to that of an online brokerage if you have ever traded stocks. On the dashboard, you can view your portfolio, and you’re just a few clicks away from selling and buying currency.
Purchases are readily available through a connected card or bank account or using funds in your account. After making a purchase, funds are credited to your account immediately, but you’ll need to wait until the deposit clears before you can withdraw.
Advanced Trade is an upgraded Coinbase trading platform that replaced Coinbase Pro in 2022. This advanced platform provides enhanced tools such as interactive charts and advanced order types, among other features designed for active traders.
Coinbase vs Binance Coins
In terms of coins, Binance supports a comprehensive array of cryptocurrencies. At the time of creating this comparison article, Binance was offering more than 350 different digital coins, and Coinbase was supporting only 250, which was less than other popular centralised exchanges.
Both Coinbase or Binance have exploited new currencies and included them on their lists, including Cardano, Chain-link and Uniswap.
Most traders do not require over ten or twenty of the popular cryptocurrencies in order to trade on their exchanges. Users who want to trade different digital coins can achieve that on the same exchange platform, making the whole process easier. This shouldn’t be a challenge if your exchange platform has all the assets you require to trade.
The following table provides some of the altcoins that Binance and Coinbase offer, including the ones they share and those that are unique.
|Exchange Platform||Number of Altcoins||Common Altcoins||Unique Altcoins|
|Binance||350+||Bitcoin, Chain-link, Algorand, Ethereum Classic, Dash, 0X, XRP, Bitcoin Cash, Zcash, Litecoin, Ethereum, BAT, Dogecoin, Cardano and Stellar||Binance USD, NEO, Ravencoin, Binance Coin, Binance USD, Tether, Qtum, Nano, VeChain, Elrond Gold, Hedera and Waves.|
|Coinbase||250||Bitcoin, Chain-link, Algorand, Ethereum Classic, Dash, 0X, XRP, Bitcoin Cash, Zcash, Litecoin, Ethereum, BAT, Dogecoin, Cardano and Stellar||Augur, District0X, Loom Network, Decentraland, Civic, Dai, EOS, Aave, The Graph, The Internet Computer, Synthetix Network Tokenization and Tezos.|
Binance Visa vs Coinbase Card for Betting
Binance and Coinbase both offer cards that you can use for sports betting. With the Binance Card, you can convert and spend cryptocurrencies in more than 60 million physical and online stores. Obtaining a Binance card is easier as you only need to create a Binance account, complete identity verification, and order your card.
Before ordering a card, ensure you have included a phone number from an EEA state in your wallet. To order your card, navigate to the Finance section and then press Binance Visa Card from the navigation bar. After that, follow the instructions available to complete the process.
Topping up your card is easier as you only need to transfer your digital assets from the Spot Wallet to the Funding Wallet. Press the Top-up button in the Card Dashboard and enter the amount you want to transfer. Once you confirm the transaction, the funds will instantly be available in your account. Binance doesn’t charge a fee for this transfer.
Coinbase offers a Visa debit card that’s funded by a Coinbase balance. The card offers the easiest and quickest way to spend your digital assets globally. On top of that, it allows for instant payments and transactions and provides the best way to track your transactions through the app.
Signing up for a Coinbase Card is easier via Coinbase.com or the mobile app. Once you access your Coinbase wallet, navigate to the Pay tab, choose Apply Now under the Coinbase Card, and follow the instructions. There is no credit check or fee to receive your card; you only need to have a valid Coinbase account and be eligible.
Adding funds to a Coinbase Card is also easier as you just need to access the Coinbase Card section, navigate to Manage and then select add funds. Enter the amount you would like to purchase in your local or digital currency.
Choose how often you want to repeat the purchase process, pick your preferred payment option, and then press the Preview Buy button. Click on the Buy Now button to confirm your transaction.
You can use a Coinbase Card or a Binance Visa card as a sports bettor. These two cards support BTC and other cryptocurrencies such as ETH and LTC. The Binance Visa card suits the needs and requirements of most sports bettors.
Its daily spending limit is £8.7, ATM daily withdrawal is £290, and the transaction fee is 0.9%. The Binance Visa card offers a 1% cashback in the form of BNB tokens, which can increase up to 8% based on your BNB staking.
Coinbase, on the other hand, features a daily spending limit of £10, an ATM withdrawal limit of £500 and a transaction fee of 2.49%. It offers a 4% cashback for selected customers and those who apply for the program through the exchange app.
Binance App vs Coinbase App
Binance is home to all types of digital asset trades. It provides users with everything related to cryptocurrencies on a single platform.
The Binance app makes it easier for beginners to open accounts and start trading. Advanced users, on the other hand, can get technical as they want thanks to advanced charting, trades and API keys of the Binance platform.
To open an account via a Binance app, you only need to have an address and create a unique password. Once you open an account and verify your email, the platform uses two-factor authentication to secure it and connect your credit or bank account for easier transactions and exchanges, whether converting to FIAT or digital currencies.
That’s all you need to start purchasing crypto via the Binance App.
The Coinbase app also makes signing up and verifying your account easier as it has a straightforward sign-up form and verification process.
To verify your account, you must take a photo of your ID via the app or upload it to the official website of Coinbase. After verification, you can link your account to a credit card or bank account for easier transactions.
Binance and Coinbase are similar to some extent and differ based on their services and features. Binance is popular for its huge offering of altcoins and low transaction fees. Coinbase is well-known for its user-friendly interface, especially for newbies. With that in mind, here are the pros and cons of each exchange
- Good for beginners and advanced customers
- A high-security system
- Numerous funding options
- Ever-changing and diverse altcoin choice
- Stellar customer care service
- Its exchange isn’t straightforward for new users
- It has run into regulatory issues in several states
- Doesn’t have a built-in digital wallet
- An excellent option for beginners
- Easy to trade in the US, UK and many other states
- A high-security system
- Ever-changing and diverse coin choice
- Higher transaction fees
- Some lesser-known digital assets aren’t supported
- Supports a limited number of cryptocurrencies