Binance VS. Other Exchanges in 2023

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

Feature	Kraken	Binance
Fees	You 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%
Safety	You get withdrawal email confirmation through 2FA security. SSL encryption  Cold storage	It offers 2FA verification Cold storage FDIC-insured USD balances.
Liquidity	It has maximum cryptocurrency liquidity Among the top in crypto trading liquidity	Liquid swap available Liquidity pool Secure swap and liquidity farming
Range of products	It has about 70 cryptocurrencies.	It has more than 500 cryptocurrencies.
Customer support	You 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

Feature	Crypto.com	Binance
Fees	Maker-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
Safety	Multi-factor authentication. Anti-phishing measures 100% Cold storage	2FA security SSL encryption Cold storage
Liquidity	It has liquidity Network price page Swap free sharing	Liquid swap available Liquidity pool Secure swap and liquidity farming
Range of products	It has 150 cryptocurrencies.	It has more than 500 cryptocurrencies.
Customer support	24/7 customer support through email.	You can get in touch using Binance support tickets.

Binance VS. KuCoin

Feature	KuCoin	Binance
Fees	It 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)
Safety	Two-factor authentication. Anti-phishing measures100% Cold storage	Two-factor authentication. SSL encryption Cold storage
Liquidity	It is quite low More traders are demanding liquidity in the platform	Liquid swap available Liquidity pool Secure swap and liquidity farming
Range of products	It has 179 cryptocurrencies.	It has more than 500 cryptocurrencies.
Customer support	Rapid response rate with 24/7 telegram support chat	Contact customer service through Binance support tickets.

Pros & Cons of Binance VS. Other Exchanges

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