Binance vs Coinbase: Which Is Better for You?

Cryptocurrency has gained huge popularity in the whole world, and now in Nigeria, it is already used by young people. Be it saving, trading or sending money, Crypto offers us new possibilities that old banks do not always offer. Yet to trade, purchase, or sell crypto you need a good exchange. An exchange is a marketplace, with which, you can sell or buy digital means of payment.

Binance and Coinbase are two of the largest and most prominent exchanges available anywhere. Both are familiar, but not identical. They all have positive and negative aspects to know depending on the intended purpose. As a Nigerian, your choice of crypto is important to consider because it can come to matter a lot with the journey.

1. Simplicity of use

Considering the ease of use, Coinbase is famous due to its simplicity. It is tailored to the newcomers who are yet to be informed about cryptocurrency. The interface is not overloaded, and the buttons are evident. It is easy to purchase Bitcoin, Ethereum or other crypto with several clicks.

Binance, in its turn, is more sophisticated. It is rich in trading opportunities, provides various kinds of charts, and allows more advanced operations such as futures or margin trading and staking. Binance may be intimidating to the beginning user. However, to sophisticated traders it offers everything.

So, in case you are a newbie in the subject and you would like to find something easy, Coinbase is simpler. Binance however is better, in case you already know about trading and in case you prefer to have greater control.

2. Available Coins

The second difference is that of the number of cryptocurrencies available to purchase. Coinbase has more than 200 supported coins which is good. However, among the largest range in the world, Binance offers more than 600 crypto currencies.

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This implies that in case you are only interested in purchasing popular coins, such as Bitcoin, Ethereum, or Litecoin coinbase is sufficient. However, in case you are interested in smaller coins (they are also known as altcoins), Binance has more coin options.

Binance enables Nigerians who prefer trading or putting money in the alternative coins more flexibility.

3. Fees

Fees are very critical as it determines how much money you get to keep after each trade.

Coinbase has higher fees. As an example, when you purchase a certain amount of Bitcoin at a value of 100$, Coinbase may charge you at some point up to 3$ or more in fees. This can build up in the long term depending on how frequently you trade

Binance is, however, less costly. Its commissions are among the low in the field averaging at 0.1%. When you pay with the Binance coin (BNB) to use it to settle fees then you can receive a discount.

Binance is more favorable in fees to Nigerians who wish to maximize their gain.

4. Security

Security is a very serious matter to both Binance and Coinbase. Coinbase resides in the United States and therefore it complies with very strict policies of the United States government. The bulk of funds kept in Coinbase is in the so-called cold storage that makes it difficult to steal it.

The security is also formidable in Binance but in the recent past, Binance has faced a hack whereby about 40 million dollars worth of Bitcoin was stolen. Nonetheless, Binance has tired of losses with its insurance fund and users have not lost their money. Since that time, Binance has fortified itself.

Coinbase is also reputed to be seen as more reliable by the governments since it is regulated in the U.S. Binance on the other hand is a global exchange and in some cases it has been known to run afoul in some countries due to the regulations.

In that, Coinbase takes the most advanced in regulation and stringent supervision. Binance however is also secure and has proven it is capable of securing customers during a crisis.

5. Payment Methods

When it comes to Nigerians payment is also important. Due to the limiting of crypto by banks, the sometimes difficulty in acquiring it directly using naira is made possible.

Coinbase predominantly works with debit cards, credit cards and bank accounts in supported nations. Sadly in Nigeria it is not quite simple to utilize these techniques due to limitations.

P2P (peer-to-peer) trading and bank transfers are available in Binance enabling Nigerians to trade crypto directly with one another. This makes Binance a much more convenient exchange in Nigeria in comparison with Coinbase.

6. Customer Support

Both exchanges also offer customer support although users allege that they are very slow. Coinbase uses email support whereas Binance has chat support in the mobile application. People complain that the support on Binance is quicker but the Coinbase help articles are more detailed.

Generally, they could both be better, yet the Binance is more responsive to international users.

7. Extra Features

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Coinbase is primarily involved in the purchase, sale and storage of crypto. It has a promotional system named Coinbase Earn, in which you can watch short videos about crypto projects and earn small root amounts of coins at no cost. This is good for beginners.

However, Binance has a lot of additional features. You are able to deposit your coins to receive rewards, trade futures, utilize advanced graphing technology, and even apply to get a Binance card (in restricted countries) so that you can spend your crypto directly. Binance is the equivalent of a complete market store, whereas Coinbase is the equivalent of a bare-cussion entrance point.

If you just start your crypto journey and you are looking forward to an easier, simpler way of purchasing crypto- then I recommend Coinbase. Its design is clean, security is good and it is very user friendly to the newbies. However, in Nigeria, it is generally better to use Binance. This is due to the fact that it facilitates P2P naira trading, lower commission expenses, and provides additional options of coins.

Binance is the best choice of active traders and users who wish to venture into DeFi. That is the major setback of Binance since it might seem complex to use initially. However, when you know how to work with it, it is much more valuable than Coinbase.

Binance and coinbase are by far two of the most popular crypto exchanges in the world, and serve two different categories of people. Coinbase is straightforward, safe and user friendly to first-time users. Binance is larger in size, cheaper, and has many features, which makes it an excellent choice among advanced users and Nigerians who would like to have flexibility in payments.

All in all, the most appropriate option would have to be based on your needs. In case you are in a hurry and do not mind paying more fees Coinbase will suit your needs. However, with cheaper fees, greater coins and localized relief in that your taxes are in Nigeria, Binance is the superior choice.

Binance has more to offer Nigerians wishing to develop in the cryptocurrency industry. Whichever you take, the main idea is the next thing, which is to stay safe and learn, and not over invest, more than you are capable of losing.