Recently, the U.S. Securities and Exchange Commission or SEC has probed Coinbase about their Defi lending projects, and Coinbase then cancels to launch of the lending product. In comparison, Robinhood continues releasing new features of crypto trading and possibly a crypto wallet in 2022.
Both platforms are very good at timing the market
You may hear experts tell you not to time the market, but both platforms are so good at it and instantly broke when the market tanked. And they constantly outage during the market dipped. When the platform resumed work, the market had already recovered.
User first in Robinhood
Robinhood puts users first. Their platform is zero transaction fees (almost). Here is a trade-off. They are a data company to siphon your stock transactions and sell to other companies for profits more than just serve you as a trading platform. However, they do make lots of new features to attract more users to use their app.
Coinbase as a crypto central bank
Coinbase is a crypto central bank that helps store and secure your crypto assets. However, since you let them custody your assets, you can take away your rights to access if you violate agreements or rules. Plus, their customer service is not existence.
Customer service
Robinhood has good customer service that will respond to you within a day or two. Coinbase has no customer service that may reach you after a month if you get lucky. Either you will have to figure out yourself after a month or forget about what you had asked before until they remind you that was a problem that was still pending.
Crypto wallet
Coinbase got its crypto wallet in 2018, and it is secured. It got many Dapps within and with multiple networks that you can store almost all kinds of crypto. I think this is the reason I still use it. Robinhood announced it will have its wallet by 2022. However, there is not much information about what types of wallet or how it functions.
Future crypto exchange
I think the future crypto exchange is a hybrid that services were trading along with wallet services and crypto banking services. So it got everything into one: you can have financial assets with their lending services, trading services, or even their own financial Dapps special-purpose services.
Binance is a history
Binance will be history. With more regulations and possible money laundering accused, it will have to increase fees to meet regulations. So its business model may not go longer than we may expect.
In conclusion
Crypto exchange may become a new crypto bank. We may have to see how it goes.
What do you think?