Binance VS Coinbase: An Analysis of Crypto Platform Users
Binance is the world’s largest cryptocurrency exchange that allows its users to buy, sell, hold, and trade different cryptocurrency tokens. Binance was founded in 2017 by the co-founders: Changpeng Zhao and Yi He before being banned from use in the United States, the platform had regulatory problems in some countries. The organization has had its challenges, but over the years with the addition of new cryptocurrencies to the platform and a good knowledge of the target market, Binance has maintained its position as the largest cryptocurrency platform. .
1. Binance VS Coinbase: Presentation of the crypto platform
2. Binance VS Coinbase: A Brief History
3. Binance VS Coinbase: User Experience
4. Binance VS Coinbase: an analysis of the users of the crypto platform
Binance VS Coinbase: Presentation of the crypto platform
Binance is the world’s largest cryptocurrency exchange that allows its users to buy, sell, hold, and trade different cryptocurrency tokens. Founded in 2017 by co-founders: Changpeng Zhao and Yi He before being banned from use in the United States, the platform had regulatory issues in some countries: however, Binance remains the main platform. cryptocurrency exchange and organization with the famous Binance Coin (BNB) as the original currency.
Coinbase is a United States-based cryptocurrency platform that allows users to buy, sell, and store cryptocurrencies like Bitcoin, Ethereum, etc. The platform is owned by Coinbase Inc, a remote organization founded in 2012 by Brain Armstrong and Fred Ehrsam.
Unlike its counterpart, Coinbase has fewer regulatory issues and it is the largest cryptocurrency exchange in America.
As a user who has used both platforms, I will weigh Binance and Coinbase side by side: today I am going to give you a detailed analysis of their history, user experience, popularity and tell you what I think of both platforms at the end of this article.
Binance VS Coinbase: A Brief History
Binance was founded in 2017 by Changpeng Zhiao and Yi He, former heads of Ok Coin. They created Binance as a China-based cryptocurrency platform. Subsequently, a fundraiser was organized to make Binance work and USD 15 million was raised from investors.
In the first three months, Binance racked up a whopping $ 500 million daily trading volume. Just a week before the Chinese government announced tougher cryptocurrency regulations, the Binance team moved their servers to an office in Hong Kong. The organization has had its challenges, but over the years, with the addition of new cryptocurrencies to the platform and a good knowledge of the target market, Binance has maintained its position as the largest crypto platform. currency in the world.
In July 2011, a former Airbnb engineer by the name of Brian Armstrong created the concept of Coinbase. In 2012, co-founder Fred Ehrsam and former Goldman Sachs trader joined the organization: subsequently, the platform launched its bitcoin trading and storage service.
2012 saw the debut of Coinbase as a platform where users could buy and sell Bitcoin using bank transfers. Cryptocurrency users were thrilled and Coinbase has become one of the biggest providers of Bitcoin.
Coinbase does not grapple with many national regulations: however, there have been many complaints regarding the site and the organization’s customer service. On October 27, 2021, Coinbase went offline, leaving many users unable to trade: this may be one of the reasons the organization is not taking a larger share of the crypto market.
Binance VS Coinbase: User Experience
As someone who has used both Binance and Coinbase platforms, I have to say that both platforms are designed to make the process of buying, selling and storing crypto easier. However, Coinbase is generally easier to use than Binance, which offers a three-tiered user experience. While there are guides on how to use the Binance website and app, browsing as a beginner can be quite stressful.
Binance has two-factor authentication, which makes it secure: you will have to solve a puzzle and send verification codes from your phone and email respectively. Coinbase is also secure, having two-factor authentication, biometric fingerprint logins, and accepting the most secure cryptocurrencies for its users. It’s no wonder that Binance supports over 500 cryptocurrencies for non-US users, and Coinbase supports just over 100. If you are a user who wants a variety of coins, Coinbase can be a better option for you.
In terms of fees, Binance is the cheapest option. The app and website offer a purchase and trading fee of 0.015-0.10%, compared to Coinbase’s 0.50% transaction fee and a wallet or bank account purchase fee from 1.49% Coinbase. Coinbase is offering a $ 10 giveaway for registering a new account which is amazing as well as learning and earning crypto giveaways.
Binance is running its airdrops, but in most cases, they are aimed at users verified by KYC and users who have traded or are willing to bet coins on the platform. Binance is cheaper for non-US users, but regulations for US users make it difficult to use. Coinbase is less restricted in the United States. I think for US users the user experience may be different for Binance, although the fees are generally cheaper.
Binance VS Coinbase: An Analysis of Crypto Platform Users
Binance and Coinbase are two big forces in the cryptocurrency market: Bitdegree reported that there are up to 13.5 million Binance users and 13.3 Coinbase users. Both organizations have taken a significant market share because of the services they provide – the ease of buying, holding, and selling crypto with your card or via wire transfer makes all the difference.
As a user of the crypto platform, I worry about Binance. The various national regulations and reports on investor profits, money laundering and tax evasion are troublesome: however, the low fees, the variation in cryptocurrencies and the peer-to-peer trading platform. available in my country of origin maintain the platform for me. Despite all of this, I would advise my family, colleagues and friends in the United States to use Coinbase. This is due to the limited number of cryptocurrencies available on Binance US and the fact that its security is a controversial topic.
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