First of all both platforms are "exchanges", but what is an "exchange"?
Cryptocurrency exchanges, also known as exchange platforms or markets, are digital platforms that allow you to exchange digital currencies for fiat money and / or other cryptocurrencies or merchandise.
Now I will make a comparison with a personal opinion on advantages and disadvantages of each one, which one I prefer to use and why.
COMMISSIONS
The first point to analyze and very important is the commissions, in BINANCE the commissions are 0.1% and this commission is reduced by half if you pay it with the site's own currency "BNB coin" so it would be 0.05% if you have its coin in your possession. On the other hand, the commission in COINBASE is 1.49%. Needless to say, Binance is much better in terms of commissions.
SECURITY
Both exchanges have a very important security measure, which is the double authentication factor, to protect your account. This is a system where the user has two types of passwords. One that is created in the first instance by the user, and another that is sent to their mobile or created by an app like Google Authenticator.
Coinbase stores 98 percent of funds offline. While the 2 percent that stay online is insured against theft by Lloyd's of London. Coinbase also keeps user funds separate from those intended for operations. The fact that you are in the United States forces the company to meet certain standards.
In the case of Binance, it is not entirely clear how it handles this situation, and it is cause for concern. In June this year Binance reported that some users lost their funds after a planned system upgrade. To remedy this, he first apologized and fixed the problem, and then offered a 70% discount on the trading fees for the problems caused.
However, the Binance team works tirelessly to protect user funds from external threats such as hackers. In March of this year, a hacker was able to steal the identification details and tried to steal the exchange. The system was able to detect this problem and stopped it before it is too late. No user lost their funds and the hackers' funds were donated to charity.
The truth is that both exchanges have a very impressive security record when compared to other exchanges. But Coinbase wins the round because it is more transparent about how it manages its clients' funds.
CUSTOMER SUPPORT
A common criticism of crypto exchanges is the poor customer support they offer. Unfortunately both Binance and Coinbase have to improve in this regard. Neither of them has a live chat, and they prefer to communicate with their clients through emails. Although they offer the "SupportBot" service for all those general questions.
It takes Coinbase between 1 and 3 days to answer a customer's email, and many after waiting have complained that the responses are not useful enough or are too general. The exchange also has a FAQ section that can be very useful for those who are starting to use its platform. Finally, it offers a telephone line but only for the United States, making everything more difficult for international users.
Binance support is also quite slow, especially when the exchange is congested. The important thing is that it offers the service in four different languages ??(Chinese, Korean, English and Japanese) but unfortunately not in Spanish.
Unfortunately, in this case, all the exchanges in the industries have a lot to improve, since this service is even worse than that provided by traditional financial institutions. This round has no winner.
EASY TO USE
The battle in this aspect is quite easy to decide, the big winner is Coinbase. This exchange is one of the most user-friendly thanks to its flawless interfaces. It is the perfect recommendation for anyone new to this world looking to make their first trade easily.
The interfaces are simple, clear and well designed, without scaring the user with complicated features. There can be no better recommendation for someone who has not yet started using cryptocurrencies than Coinbase.
Of course, Binance also has an interesting user interface, and it would win without a doubt if we compare it with another exchange. Allows you to establish between two configuration modes, one basic and one advanced. Although the basic one may still be somewhat complicated for the fully initiated. However, if we have some experience it offers a clear interface with many features.
Coinbase has won this time, but the reality is that both are very easy to use. Perhaps the recommendation is to start with Coinbase and finally move to Binance to use better tools.
I prefer and use Binance.
And which of the two do you use or prefer?
Thanks for read the article.
