Binance VS. Other Exchanges in 2022

If you are thinking about investing in Binance, this is the perfect article for you. We will be discussing the pros and cons of Binance against other crypto exchanges to give you a detailed comparison on which cryptocurrency exchange platform is the best.

You can go through our list and decide which one you think is best for you.

For a full overview of Binance and all of its features, make sure to check out our complete Binance review.

Binance VS. Coinbase

Fees:

Binance has lower fees than Coinbase, and the difference is almost astounding. Binance charges start from 0.02% only and can go up to 0.10% for both trading and purchase, whereas Coinbase charges 0.50% for every trade. Binance charges for card purchases are only up to 4.5% and start from 3%, whereas Coinbase charges for cards are at 3.99%. 

For Binance, you also get a Free SEPA (Single Euro Payments Area) transfer, whereas, for Coinbase, you need to pay about 1.49% when it comes to bank account and wallet purchases. You can also do wire transfers for which you need to pay $15 for Binance and $10 for Coinbase. For more information on fees, please read our Binance fees explanation.

Safety and Security:

In terms of security, both platforms offer 2FA verifications. However, Coinbase is much more transparent compared to Binance when it comes to keeping your funds safe. One more thing to note is that Binance has faced major regulatory issues brought forward to the attention of many authorities around the world. 

On the other hand, Coinbase has stayed secure on this end. You can also keep all your assets in cold storage on the Coinbase platform. Even though Binance also claims the same, it is not clear in their terms and conditions on their page.

Liquidity:

Both platforms charge users on a maker-taker structure for pricing, which is entirely based on whether or not liquidity is added to the market. Coinbase has always been known for its high liquidity rate from the get-go. If you look at the liquidity ratings of Coinbase, you can see that they have their ratings up in the 300 to 600 range. In contrast, Binance offers Liquidity farming which allows you to swap tokens and become a liquidity provider.

Range of products

Binance offers access to more than 500 coins, which is more than double Coinbase, which offers 158 coins when it comes to cryptocurrency choices. Binance is also the one who has the top coins. In this sense, Coinbase only offers access to 7 of the top 10 coins in the market by capitalization, whereas Binance has at least 8 of the top 10 coins. Binance has an exclusive coin, BNB, which powers its ecosystem.

Customer support:

For this aspect, Coinbase seems to be the clear winner because they are actively making attempts to make the user experience much more transparent and adding new features like phone support for customer queries. It already had support tickets and emails before this new addition. 

Binance, on the other hand, only has support tickets, which you need to wait for a few business days to get a response.

Binance VS. Kraken, Crypto.com & KuCoin

Below you will find quick summaries outlining the biggest differences between some of the most popular crypto exchanges and Binance.

Binance VS. Kraken

FeatureKrakenBinance
FeesYou only have to pay anywhere between 0% to 0.26% and 3.75% for credit card purchases for every trade.You pay 0.02% to 0.10% for both purchase and trading fees.

When it comes to debit card purchase, you will pay anywhere between 3% to 4.5%
SafetyYou get withdrawal email confirmation through 2FA security.

SSL encryption 

Cold storage
It offers 2FA verification

Cold storage

FDIC-insured USD balances.
LiquidityIt has maximum cryptocurrency liquidity

Among the top in crypto trading liquidity
Liquid swap available

Liquidity pool

Secure swap and liquidity farming 
Range of productsIt has about 70 cryptocurrencies.It has more than 500 cryptocurrencies.
Customer supportYou can use their email to get in touch with the customer support team at Kraken. However, the service is relatively slow.The customer support for Binance is Average

Binance VS. Crypto.com

FeatureCrypto.comBinance
FeesMaker-taker fee structure; 0.05% for makers and 0.07% for takers (volume below $25,000

The fees increase as the volume also increases.
Maker taker fee structure, with 0.10% for both transactions. 

25% off on fees if paid with Binance coins
SafetyMulti-factor authentication.

Anti-phishing measures

100% Cold storage
2FA security

SSL encryption

Cold storage
LiquidityIt has liquidity Network price page

Swap free sharing 
Liquid swap available

Liquidity pool

Secure swap and liquidity farming 
Range of productsIt has 150 cryptocurrencies.It has more than 500 cryptocurrencies.
Customer support24/7 customer support through email.You can get in touch using Binance support tickets.

Binance VS. KuCoin

FeatureKuCoinBinance
FeesIt starts at 0.1% and can be reduced to 0.08% for every trade.

50% dividends of earnings on the exchange of Kucoin token (KCS)
It starts at 0.1% and can go up to 0.10% for every trade and purchase.

25% discount on using Binance token (BNB)
SafetyTwo-factor authentication.

Anti-phishing measures100% Cold storage
Two-factor authentication.

SSL encryption

Cold storage
LiquidityIt is quite low

More traders are demanding liquidity in the platform
Liquid swap available

Liquidity pool

Secure swap and liquidity farming 
Range of productsIt has 179 cryptocurrencies.  It has more than 500 cryptocurrencies.
Customer supportRapid response rate with 24/7 telegram support chat  Contact customer service through Binance support tickets.

Pros & Cons of Binance VS. Other Exchanges

Pros

  • It is the largest cryptocurrency exchange in the world based on trade volume
  • More than 500 cryptocurrencies are available
  • The fees are low and competitive
  • 25% discount on all fees if you use BNB
  • Mobile applications available for both Android and iOS
  • It has a rewards center that offers giveaways and hosts challenges to help you earn cryptocurrencies easily.
  • It offers low fees for both instant and non-instant buy
  • Exclusive features like the Binance NFT marketplace, Binance futures trading, Binance staking, and margin trading are available
  • Large selection of different transaction types

Cons

  • Long and complex sign up and verification process
  • Traders from the US cannot use the service, and even Binance.US is very limited.
  • The corporate structure is not transparent

FAQs

Why is Binance better than other exchanges?

Binance is one of the largest cryptocurrency exchange platforms, which offers very competitive fees for its users. You also get a lot of additional features and get to enjoy perks as a user. With over 500 cryptocurrencies, this platform is versatile and accommodating for every trader.

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