Holding BNB tokens gives users a 50% discount on trading fees. Users can also receive rewards for staking coins on the platform.īinance has its own exchange token, Binance Coin (BNB) which is currently sitting in the top 12 cryptocurrencies by market cap. There are several different trading options and wallets available on Binance. You can also view options for order books and trading pairs. The interface displays red and green candlestick graphs showing the price movements of coins over different time periods, from months and weeks down to the minute. Overview: Binance currently offers 205 different coins to exchange and trade with, and is the largest crypto exchange in the world (in terms of market cap and trading volume). It also means that you are responsible for your own private keys and security, you are in charge of keeping your digital assets safe. However, this does mean that there is no point-of-contact or customer service line if anything should go wrong. Crucially, if you are using a DEX, this means you actually own your cryptocurrency.ĭEXs are powered by a global computer network as opposed to a central entity. This goes against the ethos of decentralized currencies, so there are now decentralized exchanges or DEXs, that are decentralized applications on the blockchain offering exchanges of coins or tokens, as well as other financial tools such as borrowing and lending. This offers a seamless user experience, however, this also means that users technically do not own the coins, the exchanges do. It’s an important thing to note that both Binance and Coinbase are centralized exchanges, meaning they are run by a central organization.īoth exchanges offer a custodial service, whereby they keep hold of your private keys and funds for you in secure cold storage. In this article, we show you a complete review of both, to help you decide which one will be the best for you when you’re first purchasing Bitcoin or other cryptocurrencies. Both offer an easy user experience, different displays, features, and offers. Those looking to buy Bitcoin for the first time often look to compare Coinbase vs Binance before making their purchase. They are the two largest exchanges on the market right now, and primarily cater to people who are new to crypto. Coinbase and Binance are both titans in the cryptocurrency exchange business.
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