Coinbase Vs. Binance: Which Crypto Exchange Platform is Better

Binance and Coinbase, both are centralized exchanges, there is a risk of using centralized exchanges to store decentralized money. However, millions of people who use Coinbase and Binance can't be wrong right? Binance has 100 million users and Coinbase claims to have 89 million users. Therefore, you can be assured that your funds are safe with Binance and Coinbase. The Best method is to diversify your assets on various platforms.

Coinbase Crypto Exchange

According to the Coinbase website over 89 million people are actively using Coinbase. According to Time magazine, in each quarter (every 3 months), over 73 million users trade on Coinbase and the trading value is over $300 billion. In April 2021, Coinbase was listed on the Nasdaq stock exchange. Currently, Coinbase's share is trading at $185. Coinbase was founded in 2012, three years after the creation of Bitcoin, the first cryptocurrency. In the first few years, it was trying to become a PayPal of the cryptocurrency world. Today, it is one of the most valuable crypto companies with a lot of features. In 2021, the company made a 7.84 billion USD profit. The company is valued at 86 billion USD.

Coinbase users are increasing every year because it is one of the oldest crypto exchanges, a US-based company, and it is a publicly-traded company. Binance, the major competitor of Coinbase has been criticized, sometimes even blocked in many countries for failing to get registered with the financial authorities in the country, however, Coinbase has a clean reputation. 

Coinbase is easy to use, it has many features, offers multiple coins storage and exchange, and also has an earning program (task-based programs, affiliate programs as well as staking programs).

Binance Crypto Exchange

Undoubtedly Binance is one of the biggest crypto exchange platforms. Coinbse is also one of the biggest crypto exchange platforms? Do you know how big is Binance compared to Coinbase? Or if you think another way around, let me put it this way, how big is Coinbase compared to Binance? According to 2021 data, Binance has 28.5 million users and is available in 2014 countries. Even though the main Binance exchange is not available in the US, Binance has a separate exchange for the US users called Binance.US. Some sources putBinaance global users at 100 million.

Currently, Binance is facing a lot of issues in many countries. It has either been banned or is facing lawsuits. The issue is related to taxation. Binance has been operating in many countries without taking permission from the authorities. While taxing individuals for cryptocurrency transactions may not be possible, it is possible to tax the exchanges.

Coinbase Vs. Binance

According to the Coinbase website, it has 89 verified users (the other source put the user number at 56 million). Coinbase is available in 100 countries. 

Now, you can make an independent analysis, of which cryptocurrency exchange platform is bigger. If Coinbase is available in as many countries as Binance, you can assume how big it would be.

Coinbase and Binance both are centralized exchanges. However, Coinbase is a publicly-traded company, which means people can invest in Coinbase shares. Binance is a private company. 

Binance is often criticized for bypassing the country's law to operate in the market. In the US, Binance is being investigated for money laundering. Coinbase is a US company, therefore, it is more trusted.

Peer-to-Peer Trading on Binance

I have used Binance Peer-to-peer trading on multiple occasions, and I have never been scammed, not even a penny. The last trading activity I initiated was 2 days ago. Here are some of the precautions I use while initiating P2P trading on Binance.

I check the buyer and see if he has verified his email and phone number, and done KYC. I also check the number of trades he performed in the last 30 days. I check his 30 days transaction completion rate. I check the buyers' average pay time and positive feedback. I always make sure that he has a 100 percent positive rating.  

I then initiate the selling process. I do not release the crypto until I am confirmed by my bank or online wallet that I have received funds. I have enabled text message notification from my bank and every time I receive payment, I get a text confirmation. When I am using an online wallet to receive funds, I check the wallet to see if the correct amount has been transferred to my account. Once everything looks good, then I initiate the crypto release.

If the buyer says he sent payment, you need to confirm the payment by checking your bank account or wallet. If you have not subscribed to an online bank, you should do it now if you want to trade on Binance.