Binance vs. Coinbase transaction fees 2022 | Cost, Rewards compared

0
626
Binance vs. Coinbase fees 2022 | Cost, Safety, Rewards & Withdrawal fees

Binance vs. Coinbase fees compared in 2022

Binance, along with Coinbase, is two of the largest cryptocurrency exchanges available today. Both offer users the ability to purchase, sell, and trade in cryptocurrency. This article is about the comparison between Binance and Coinbase based on withdrawal fees.

Coinbase was among the first crypto exchanges to hit the market founded in 2012 by Brian Armstrong and Fred Ehrsam. It’s a U.S.-based licensed, controlled exchange that gives access to the most popular cryptocurrency on the market currently. It comes with an easy-to-use application and the capability to purchase crypto. You can do it by using your credit or bank account debit card. Coinbase is positioned as one of the best exchanges worldwide.

Binance is a newcomer in the crypto market, established in 2017 by the Chinese entrepreneur Changpeng Zhao. According to volume, it’s quickly grown to become the most popular market and provides users access to various cryptocurrencies. Binance is accessible across more than 180 nations across the globe. Still, they have to create a separate company, Binance US, specifically for United States users.

The main distinction between the two services is their availability of cryptocurrency options. Coinbase is a rigorous verification process for the crypto it supports and offers more than 40. On the contrary, it has opened its exchange to over 500 cryptos. Let us jump into their fees comparison.

Binance fees

You may expect a Maximum of 0.10 percent purchase and trading fees discounts—an additional fee of 2% for credit card purchases. Deposit and withdrawal charges vary based on currency, and there are no fees for USD withdrawal or deposit.

Trade Volume BNB Balance Maker/Taker Fee
> $50,000 USD > 50 BNB 0.1% / 0.1%
$50K – $99,999 50 – 99 BNB 0.09% / 0.09%
$100K – $499,999 100 – 199 BNB 0.08% / 0.09%
$500K – $999,999 200 – 399 BNB 0.07% / 0.08%
$1mm – $4,999,999 400 – 799 BNB 0.05% / 0.07%
$5mm – $9,999,999 800 – 1,499 BNB 0.04% / 0.06%
$10mm – $24,999,999 1,500 – 2,499 BNB No maker fee / 0.06%
$25mm – $99,999,999 2,500 – 3,999 BNB No maker fee / 0.05%
$100mm – $249,999,999 4,000 – 5,999 BNB No maker fee / 0.04%
$250mm – $499,999,999 6,000+ BNB No maker fee / 0.03%
$500mm+ 6,000+ BNB No maker fee / 0.02%

Coinbase fees

0.50 percent per trade. Additional 1.49 percent for bank accounts and Coinbase Wallet purchases; Additional you get a 3.99 percent on credit card purchases.

ACCOUNT FEES
US Bank Account 1.49%
Coinbase USD Wallet 1.49%
Credit/Debit Card Buy 3.99%
Instant Card Withdrawal Up to 1.5% of any transaction and a minimum fee of $0.55
USD Deposit Method Free
ACH Transfer Free
Wire Transfer $10 ($25 outgoing)

Coinbase vs. Binance fees

TRANSACTION BINANCE FEE COINBASE FEE
Buy/Sell with Bank Account 0.10% 1.99%
Buy/Sell with Wallet 0.10% 1.99%
Buy/Sell with Credit/Debit Card 1.10%–2.10% 4.49%
Instant Card Withdrawal N/A Up to 1.5%
Wire Transfer (USD) Free $10 ($25 outgoing)
Exchange Crypto 0.10% 2.00%
ACH (USD) Free Free

Other Features of Binance

Low cost

It doesn’t provide fee-free trading. However, the fees aren’t as high as the top cryptocurrency exchanges, which have commissions and fees. The most expensive spot trading fee you’ll be charged is 0.1 percent.

Earn up to 10% from your holdings

You may earn rewards on funds held in your Binance.US account through Binance stacking. However, it’s like an annual percentage yield from savings accounts without the security you’d receive from banks. Reward amount varies based on currency and ranges between 0.5 percent to 10 percent.

A large crypto selection

Binance is among the biggest cryptocurrency exchanges in the world. It offers users from all over the globe access to over 280 currencies. It comprises the 10 DeFi Tokens and stablecoins, Bitcoins, and altcoins. Binance.US users located in the United States have access to more than 50 coins.

Safety

Binance is the leader of this alliance Crypto-Safe Alliance to demonstrate its commitment to security. It’s a platform for anti-fraud committed to coordinating security and threat surveillance overall Bitcoin, Ethereum, TRX, and EOS blockchains, with additional blockchains included as the consortium expands.

Binance will connect to a bank account through Plaid when you purchase using dollars. This company encrypts information from financial institutions.

Binance offers 2-factor authentication (2FA) by the SMS feature and Google Authenticator. It also provides the universal 2-factor authentication (U2F) by using hardware for authentication, such as Yubico YubiKey.

Binance accounts come with the security feature known as Address Management. That allows you to restrict where you can withdraw money through the setting of wallet addresses that are authorized. If you activate this feature, each new address needs an email confirmation before you can make withdrawals to it.

Other features of Coinbase

Excellent selection

Forty-three cryptocurrency options can be traded on Coinbase that range in price from Bitcoin and other popular coins to smaller and more recent digital tokens. It is among the most extensive selections available on the top digital currency exchanges.

Low minimums

Even though Bitcoin’s price hovers at around $50,000, Coinbase lets customers purchase only $25 worth of Bitcoin’s digital currency. There’s also a simple method to schedule regular purchases if you wish to make investments over time gradually.

TRANSACTION AMOUNT COINBASE FEE
$10 or less $0.99
$10-$25 $1.49
$25-$50 $1.99
Over $50 $2.99

Mobile app

Coinbase offers a user-friendly and functional mobile application that lets users buy or sell their cryptocurrency wherever they happen to be. The app has a rating of 4.7 out of five ratings on the Apple App Store and 4.4 out of five for the Google Play Store.

Advanced trading platform

Coinbase’s primary desktop interface is adequate for those looking to purchase, sell, and use cryptocurrency. For active traders, Coinbase also provides its Coinbase Pro desktop trading platform. With this platform, clients can check their order books at any time, use charting tools, and easily create their orders.

Earn money while learning

Coinbase allows customers to earn cryptocurrency for free by understanding the latest digital assets. For instance, when they sign up to study Numeraire (NMR), customers can get more than $3 in the currency’s tokens. To receive the free cryptocurrency clients, they must watch videos on various cryptocurrencies and take exams. There are hundreds of these on Coinbase’s website with prices that can exceed $10 per.

Educational sources

Besides the “earn, while you learn” aspect, Coinbase maintains an impressive collection of educational materials. Do you want a simple but thorough guide to Bitcoin? A guide to tax consequences of investing in cryptocurrency? Coinbase provides you with information in these areas and more.

Money transfer is simple and easy to send.

Coinbase lets users send crypto to fellow Coinbase users with your Coinbase Wallet username.

Access to debit cards

Coinbase Card Coinbase Card is a Visa-branded debit card tied to Coinbase customers’ balances. It lets you immediately spend cryptocurrency in any store accepted by Visa worldwide.

Safety

Coinbase has more than $90 billion worth of cryptocurrency. And it has not had to be the subject of a significant theft of cryptocurrency that has wiped out customers’ funds. The majority (at minimum 98 percent) of the assets owned by customers are kept within “cold storage,” meaning they’re not stored on internet-connected devices. Coinbase has an “industry’s leading insurance policy” for all online-stored assets and is often subject to security and financial audits conducted by third-party organizations.

It’s important to note that cash balances in users’ Coinbase accounts are protected by FDIC insurance. It is to the maximum amount of $250,000 per customer. That is similar to the assets in a checking or savings account at the bank.

  • You’re looking for a top-quality trading platform, a user-friendly mobile application as well as access to an array of cryptocurrencies to purchase and sell.
  • You’re brand new to cryptocurrency and are looking for a platform with many education sources.
  • You need debit cards to use cryptocurrencies everywhere Visa can be helpful.

Summary

If you are confused about choosing between Coinbase vs. Binance, the best advice is to read the pros and cons. Theoretically, with time you will find that few cryptos are not supported by one, and the other one supports it. Although U.S.-based users will pay a little more on Binance.US, it’s still cheaper than Coinbase. On average, you will pay 0.50% per Coinbase transaction plus extra convenience charges based on your payment method, so that you might spend up to 4% per transaction. Coinbase and Binance.US support staking for numerous cryptocurrencies and digital assets. However, Binance.US is best for those searching for the highest rewards. Coinbase is better for those searching for more regular payout rates and more educational resources.