Binance and Coinbase are the two most famous exchange platforms in the crypto world, with 84.6 million users in 2021 between the two platforms. They are fundamental to the trading, earning, learning of cryptos. Both of the platforms encourage their clients to search and learn about cryptos and DeFi. The exchange platform is vital when it comes to beginning in the crypto world and that’s why it's so important to know which one of these two platforms is the best one. In this article, I'm going to expose the advantages and disadvantages of these two platforms so you can decide which one fits your needs. If you don’t want to choose the wrong one keep reading.  

What is Binance? 

Binance is an exchange platform, allows its users to buy, sell, deposit, and earn cryptos. This platform was created in 2017. It's one of the most used platforms by traders. This platform has achieved that more and more users join and learn about cryptos.  

This platform is used as the entrance to the crypto world not just because of its popularity, also because of its community. Its appearance of robust and secure is what gives confidence to new users as it gave it to me when I first started in this world.  


Why Binance would be a good choice? 

This platform gives you a lot of functionalities like staking crypto, saving services, and offering connections to pools, etc. All these functionalities are very useful and comfortable because you don't have to leave the platform. 

If we talk about the trading experience it offers the client different types of charts and different options to invest. Allowing you to create stop-limits and buy orders. I have to say that I'm very happy with the trading experience. 

All of the time that I have been using Binance I have had a sensation of security and clarity, something so important in this world, a lot of people come to crypto with many prejudices. Thinking of it as an opaque market. This is why I think the appearance and the sturdiness of its platform is key factor.  


What is Coinbase? 

Coinbase is a platform created in 2012, this makes Coinbase one of the eldest platforms. As Binance, Coinbase is an exchange platform that allows its users to buy, sell and earn crypto. 

The main characteristic of this platform is the user-friendly interface and how easy to use is. I have said that Binance was my door of entrance to the crypto world, but looking back, I think it would have been better to start with Coinbase.  

If you want to know more about Coinbase, I have an entire article answering the question: what is Coinbase? On the following link.   


Why Coinbase would be a good choice? 

Compared to Binance is a more friendly platform, offering the client a more straightforward experience. It has a very interesting service called Coinbase learn, this service offers you the possibility to earn some crypto by just reading some information and answering questions. On the day of writing this article, you can gain up to $25 of different cryptos. 

The trading experience is the worst about the platform, the different charts of the cryptocurrencies are very simplified, searching for a friendly user experience. In this way, Coinbase offers the user to trade and exchange cryptocurrencies but if you are looking for a “pro” version you can always go with Coinbase pro, oriented to the more advanced users. In my opinion, you can work with the normal version and be just fine, the only downside it’s that the chart presented to the user is a line chart where the information is limited if you want to do a technical study. 

On the other hand, it has a very useful functionality, especially if you want to know more about the searched crypto and its community, it has two dedicated spaces, one, is presented in all the cryptocurrencies, presenting the user articles about that crypto and the second one, only presented in some cryptos, oriented to the community of that specific crypto. In addition, you have a detailed view of the crypto with information about the chain and links, to the whitepaper and the official website. 


What about fees? 

First, I'm going to talk about the fees of the platforms, this is the fee that a platform charges the user for using the platform and then I'm going to talk about the different networks. 

The fees that Binance charges its users for the use of the platform are lower than the fees charged by Coinbase. This can be caused because of the difference in the number of users. Binance has a lot more users and this factor is key when talking about the fee for using the platform. So, in this case, Binance wins.  

What about the networks, well, on this topic Coinbase only allows its users to use the Ethereum network and all the downsides that come with it, high fees. Also, the fact that the platform doesn’t allow its users to use other networks is very negative because nowadays there are a lot of useful networks besides the Ethereum network. Binance, on the other hand, allows its users to use different networks and all the benefits that come with it, much lower fees.  

On this topic, I can say we have a clear winner and that is Binance, for the lower fees for using the platform and the possibility of changing networks.  


Conclusion 

You need to decide the platform according to your needs. If you are looking for a one-for-everything platform maybe Binance is a good choice and if you are looking for a more user-friendly experience and you are a beginner in this world you can choose Coinbase. One thing to point out is that they are not exclusive you can always choose both, I'm on both platforms and I'm just fine. I use them as tools each one destined for a specific job. 

I hope that this article has been useful to you and that you have learned something from reading it. If you have any other questions don't hesitate on contacting me, through the comment section below.  

Disclaimer: Remind you that this is not financial advice, that you should do your own research, being you the one that makes the decision and by your own responsibility, you should never spend money that you can't afford to lose. 

Hope that you have a great day!