BINANCE Vs COINBASE; WHY IS ONE STILL LEADING THE OTHER CRYPTO EXCHANGE?February 2, 2022
Despite providing as many features as Binance, Coinbase finds it very hard to have the same popularity. A well-thought and fair analysis on Binance Vs Coinbase clear the air of confusion among users and those who are planning to step into the crypto market.
Here we will take you through which cryptocurrency takes lead on the basis of the features that most people are looking up to. Although, both of them carry equal or near to equal weightage in certain specs. But, welcome to the game of crypto because every margin is counted here.
What Is BNB And What Makes It More Popular?
BNB is the digital currency or you can say the base cryptocurrency of Binance. Responsible for more than 1.4 million transactions every second as per the latest reports, this platform is still increasing its value every moment. After the value of a currency, the thing that matters the most is the liquidity of the currency. This means how many of the currencies it can be converted into. When it comes to Binance, it can be easily converted into three fiat currencies (USD, GBP and EUR) and 50 cryptocurrencies. We give the credit of its high usability to the fact that it has high liquidity.
On the other hand, Coinbase is a lot behind Binance in terms of base account currencies. They are 6 popular cryptocurrencies and one fiat currency i.e. USD.
Moreover, the concerned users are also conscious of minimum deposit requirements. Crypto exchange is great when it comes to attracting people towards new possibilities but gaining the trust of a large population has not been its game. People are not sure whether their amount will be safe or not. So, it is like a risk to them. Thus, they want to invest as a minimum amount as possible. BNB takes lead here too with a minimum deposit of only $1 allowing people to try and experiment first. Unlike this, Coinbase requires $25 as the minimum deposit. But it is compensated by the fact that it is regulated by 45 states of America and Binance has no such regulation. Still, it has gained better trust having wide usability.
Above all, it charges 3.99 % as the debit or credit card withdrawal fee. However, Binance charges no fee at all for withdrawal through any type of card. Likewise, the bank transfer withdrawal fee is fixed in the case of BNB i.e.1.5 USD. But, Coinbase would cost 1.49 % of every transfer. Furthermore, another drawback of this currency is that has no indicators whereas, Binance has 19 to facilitate its users along the way of the exchange journey.
Our Final Word
Yes, there are a lot of features and many more complexities to understand before stepping into the game, we have discussed the main ones here in the article. The detailed comparison as mentioned above would guide you through every bit of both cryptocurrencies. However, this is a more specified form that gives you a direction. Coinbase is good to go choice if the scope of your exchange is limited to its features. But, Binance still takes lead considering the wide usage and benefits.