Which finance exchange is better?
Simply being an owner or investor of cryptocurrencies is not enough. What is the use if you don’t know how or where to trade them? Learn to trade. We will provide you the basic knowledge of what cryptocurrency exchange is how it works. and some detail on which cryptocurrency exchange is better-Coinbase or Binance!
Cryptocurrency Exchange
A cryptocurrency exchange is a platform that allows traders to buy or sell and make an exchange of different cryptocurrencies or digital currencies against other digital currencies or regular fiat money.
- It is a place where cryptocurrency coins are traded and not stored. Cryptocurrencies are stored in wallets and traded at exchanges.
How it works is not difficult to understand. If you know the terms of buyer, seller and exchange account it is really easy for you to understand the process of https://yuanpaygroup.org/. We have tried to explain it in easy words so it becomes easier for you to understand:
- If you want to purchase, firstly you must fund your exchange account
- Then place a buy order on cryptocurrency exchange platform requesting to buy a cryptocurrency at anything below a maximum price.
- Exchange platform will add your buy order to ‘order book.’ An order book maintains the record of number of cryptocurrencies that the traders want to trade along with their prices.
- If the prices match, sale happens and trade is complete. Remember, exchange platforms do not set prices. They simply facilitate the trade between two parties.
Coinbase
Coinbase is a cryptocurrency exchange platform operated by an American Company known as Coinbase Global, lnc. Its year of origin is 2012. Its headquarters are located in United States, California and San Francisco.
Features
- It is best for beginners and relatively easy to use.
- Fiat currencies are accepted.
- It is secure and only accepts trustworthy cryptocurrencies.
- It only supports the well-known coins.
- Mobile app is also available.
- It does not support Social Trading and Copy Trading.
Active users of Coinbase are estimated to be 13.3 million. Cryptocurrencies that are accepted includes Bitcoin, Ethereum, Bitcoin cash and 30 more. It allows you to trade up to $25k per day. Withdrawal fees is set up to 3% and trading fees up to 3.99%. Payment methods include Master Card, Card and Wire Transfer. And, its customer support is rated as excellent.
Binance
Binance is a cryptocurrency exchange platform initially founded in China in 2017. It headquarters are located in Cayman Islands.
Features
- It allows more than 100 cryptocurrencies to trade.
- It supports two-factor authentication. and provides high security.
- Mobile app is also available.
- It does not support Social Trading and Copy Trading.
Active users of Binance are estimated to be 13.5 million. Cryptocurrencies that are accepted includes Bitcoin, Ethereum, Litecoin, XRP and 150 more. Its daily Maximum Trading Amount is Unlimited. Withdrawal fees is set up to 3.50% (min. $10.00) and trading fees up to 0.10%. Payment methods include Master Card, Card and Wire Transfer. And, its customer support is rated as average.
Final Verdict
We have seen the features and system of both exchange platforms. It can be said that both exchanges offer high security a lot of valuable features and have their own pros and cons. We can compare some of the most important aspects like value for money, number of cryptocurrencies supported etc. to reach an opinion which exchange is better in what way!
First, lets take into account the number of active users. It is very useful. As evident number of active users (13.5 million) on Binance is more than number of active users (13.3 million) on Coinbase.
Binance accepts more cryptocurrencies than Coinbase. Binance gives you more options
Value for money is the factor that plays an important role in accessing the quality of a brand. It can be said as its purchasing power. It indicates whether the brand provides acceptable quality for the price and the quantity that can be purchased. Coinbase has a higher value for money score than Binance.
When we exchange, we look for the platforms where we have to pay a small amount of trading fees. We don’t like to pay more to third parties. Let’s compare this factor between Coinbase and Binance. Coinbase charges trading fee of up to 3.99% and Binance charges trading fee of up to 0.10%. It is clear that Binance has the lowest trading fee percentage.
In our opinion, Binance is a winner!