Coinbase or Binance are the two leading cryptocurrency exchanges

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Coinbase or Binance are the two leading cryptocurrency exchanges

Coinbase is best for beginners and allows you to use your bank account, credit card or PayPal to purchase major cryptocurrencies.

Binance lets you trade up to 300 different coins and the fees are far lower than Coinbase. If you want to get involved in Ripple, Stellar or many of the other coins, then Binance is a good option.

Coinbase is a US-based exchange and it supports over 32 countries. It is the largest of the exchanges. Coinbase exchanges Bitcoin, Bitcoin Cash, Ethereum and Litecoin. It claims to have $150 billion in currency exchanged. Coinbase created GDAX, the Global Digital Asset Exchange which is used for professionals with high volumes of trading.

First-time Cryptocurrency traders will find Coinbase to be the best option. There is no way to use Binance to buy coins with a bank account or credit card.

Coinbase fees are usually about 1.49% and 3.99%. Investments under $200 could have even higher fees. The higher fees are when you use credit cards or Paypal, which are pretty good when compared to other exchanges that accept credit cards or PayPal.

Coinbase fees are added to the amount entered to arrive at the total when you are buying. If you were buying $100 USD in Bitcoin then a 1.49% fee would be added to reach a total cost of $101.49. Coinbase fees are subtracted from your order amount when you are selling.

Gemini is a direct competitor to Coinbase. Gemini only allows bank transfers for purchases of Bitcoin or Ethereum. Gemini is also easy to use like Coinbase. Gemini fees start at 1% and decrease with higher volume transactions.

Binance has low fees of about 0.1% per trade. Binance’s fee is halved when you pay use the Binance coin (BNB) to trade. Your initial trade will have a higher fee because you will still have to use Coinbase or Gemini to make an initial purchase from your bank account or credit card to buy your first Bitcoins or Ether or Litecoin or Bitcoin Cash.

Saintlad.com describes how to transfer coins from Coinbase to Binance.

You first buy Bitcoin, Bitcoin Cash, Ethereum, or Litecoin from your Coinbase account. You convert your cryptocurrency into Ether(Ethereum), Tether or Binance Coin to trade on Binance.

Even if you end up doing cryptocurrency trading you will need a Coinbase account and a Binance account.

Binance is useful for trading altcoins and for cryptocurrency arbitrage

Binance is the top ranked cryptocurrency exchange by trading volume.

Binance currently supports about 300 coins. This is useful for trading more of the 1500+ cryptocurrencies and not just Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Chainbits has a detailed description of how to use Binance.

SOURCES – Saintlad, Unhashed, Chainbits, Coinmarketcap, Coinbase, Binance

By | 2018-07-10T00:30:18+00:00 July 10th, 2018|Categories: blockchain, cryptocurrency, exchanges, fintech, world|Tags: , , |Comments Off on Coinbase or Binance are the two leading cryptocurrency exchanges

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