Binance is bigger and cheaper, with lower trading fees. With exceptions, each trade costs 0.1% per transaction. High trade volume can offer further discounts. Binance used to be considered too hard, too professional, too exotic and foreign, too far away, and too difficult to start with. Coinbase had the home advantage—and it was simple to use.
Buy Crypto on Binance with Dollars
Now, Binance has covered a lot of ground to make its cryptocurrency superstore much more accessible. To do this, they launched Binance US. Then, Binance transitioned its cryptocurrency-only model to a simpler model. Now, it’s easy for someone who is crypto-curious to dip their toe into the world of Bitcoin and Ethereum with just a debit or credit card.
Binance over Coinbase
Why would you choose Binance over Coinbase or Coinbase Pro? Binance is not only the largest exchange but it also has the largest trading volume. Combined with being the cheapest, it’s worth it to get over a little bit of xenophobia.
Your Phone is Your Wallet
And all of this can be done using the web via your laptop or desktop. Additionally, you can do all your buys, sells, trades, and orders with your Apple iOS or Android smartphone. You can even use your phone to make mobile limit orders and market orders.
Limit and Market Orders
A limit order allows you to tell Binance that you want to sell or buy tokens and coins at specific prices. Market orders allow you to buy or sell the cryptocurrency of your choice at a market rate by clicking buy or sell.
Traders who make high volume and high worth trades are called VIPs. There are 10 VIP levels, from 0 to 9. One can get a further discount if one pays their trading fees using BNB (Binance Coin). This is a clever way of promoting and marketing their own Binance cryptocurrency: if you convert some of your currency stash into Binance Coins, you’ll receive a trading discount from the Binance exchange. Also, there is a higher 0.5% convenience fee for Instant Buy/Sell.
Born in HK Living in Malta
Binanace trading fees are determined based on both trading volume over thirty-day period and your daily Binance Coin (BNB) balance. Binance was founded in Hong King in 2017 by Changpeng Zhao and Yi He—the most influential and powerful woman in crypto. It wasa then incorporated in crypto-friendly Malta. Binance connects cryptocurrency buyers with sellers in what’s called a crypto-to-crypto exchange.
Binance Was Too Hard
Just recently, Binance didn’t have an onramp between traditional government currency such as U.S. Dollars and Euros or Yen—called fiat trading; however, Binance has joined Coinbase in allowing one to buy crypto with credit or debit cards. In the past, one would need to buy their first crypto with their “fiat” dollars over on Coinbase and then deposit that currency, for free, from their Coinbase Wallet to their Binance Wallet.
That is no longer the case. Now you can directly buy Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), and more. One more notable aspect of Binance is the number of premium and alt coins trading pairs that support—over 400.
Cheaper, Bigger, and More Diverse
It used to be obvious: amateurs chose Coinbase for its ease and convenience—and convenience comes with a premium. On the other hand, professionals and day-traders chose Binance because of the exchange’s Catch-22: you can’t use Binance unless you already have crypto in your wallet—but how do you get that crypto?
It seems like Binance has solved all of these problems. While Coinbase has bridged from beginners-only to pros-too with Coinbase Pro; Binance has bridged from pros-only to welcome newbies. And, for those Americans who were wary to register and use a foreign service when their digital investments and assets were concerned, there’s always Binance. US, for the rest of us.