Coinbase vs Binance

[figmentofmyass]

I'm pretty sure Binance will beat Coinbase in a few years...
Apart from low fees, many features offered by Binance are very attractive to users, such as flexible savings, liquid swaps, launch pool, and staking DeFi.

they occupy different niches. binance will always offer more shitcoins, more "cutting edge" projects, more scams. people chasing hype and looking to get rich quick are naturally drawn to altcoin exchanges. more mainstream people, especially those who have remained skeptical of bitcoin for all these years, are more likely to opt for a more trusted and ostensibly transparent brand, not to mention an american one. despite their push into altcoins, coinbase is still synonymous with bitcoin.

if i were a noob today, i wouldn't touch binance.us with a ten foot pole tbh---unless i were chasing shitcoin hype, that is. some jurisdiction hopping chinese company hiding behind a shell company and licensing agreements? on a .us domain? shitcoiners who believe in the cult of CZ and who wanna pump the value of their BNB can hype it all they want, but there's no way binance is taking over the american market. not like that.

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[hahay]

Well, maybe Binance will dominate even more because so far more people are recommending the Binance exchange than Coinbase. I don't see fees to be a problem where people will use an exchange because I think, the problem about fees is not a major factor and it is just about popularity. Although Coinbase has been around for a long time or earlier than Binance, it does not guarantee its strong popularity in the market.

[Abiky]

I'm pretty sure Binance will beat Coinbase in a few years...
Apart from low fees, many features offered by Binance are very attractive to users, such as flexible savings, liquid swaps, launch pool, and staking DeFi.

Binance has many attractive features that will surely attract people into it. Coinbase may have been a pioneer in the crypto/Blockchain industry. But Binance is quickly growing into an empire that will turn into a "force to reckon with". What I admire of Binance is its low fees and excellent customer service. It's ten times better than Coinbase, in my own opinion. The US-based crypto exchange (Coinbase) is going to need to listen to its customers if it wants to succeed in the long run. By adopting an attractive fee model, and features like staking + lending, Coinbase could challenge Binance's position in the crypto market.

Nonetheless, time will tell us which of these two crypto exchanges will turn out to become victorious. I'd be surprised if both manage to co-exist within a couple of years from now. The competition is getting fierce each day as the crypto/Blockchain industry grows at an unprecedented rate. In order to stay relevant, exchanges are going to need to "catch up" with customers' demands. Otherwise, they could face the risk of being replaced by the "new kid on the block". In this unpredictable world of crypto, anything could happen. Just my opinion

[Ridwan Fauzi]

Well, maybe Binance will dominate even more because so far more people are recommending the Binance exchange than Coinbase. I don't see fees to be a problem where people will use an exchange because I think, the problem about fees is not a major factor and it is just about popularity. Although Coinbase has been around for a long time or earlier than Binance, it does not guarantee its strong popularity in the market.

Maybe it is just promotion factor, unti now I haven't seen any promotion that offer by coinbase exchange. The last one, I took part in a promotion offered by coinbase when they created a crypto currency learning program and got prizes. However, it seems that this program is not running smoothly because until now I have not received the promised prize.

Slightly different from Binance Exchange, on various occasions they offer tantalizing giveaway even though there is very little chance to win it, but at least it gives encouragement for their user to continue using this exchange. And the current event on this exchange is they will give a giveway for those who trade using mobile application, if I'm not mistaken they will spend $2200 per day for this event. This thing will attract many people to choose this exchange as their place to trade or even to store money for long term investment.

[magneto]

Now that Binance has business operations in the US (Binance.us), the competition between the country's biggest crypto exchanges will become fierce like never before. For a long time, Coinbase has been the leader of the crypto market in the US. But with Binance joining the game, Coinbase's position could be threatened in the long term. After all, Binance enjoys greater liquidity and adoption than Coinbase (as far as I know). I'm sure most people will prefer Binance on top of Coinbase because of its attractive fees. The latter's fees (Coinbase) are exorbitantly high, compared to most exchanges out there in the crypto/Blockchain world.

What do you think? Will Binance be able to beat Coinbase in the long term? Or will they co-exist for a long time? Do you think that as competition becomes fierce, Coinbase will be able to reduce fees? Your input will be greatly appreciated. Thanks!

Definitely. Binance is still somewhat of a growth oriented company that is consistently coming up with new designs, concepts and promos.

Coinbase is more of a defensive player right now trying to hang onto its market share in the US where it dominates. I don't see this happening for two main reasons:

1) The reputation of Coinbase has consistently deteriorated over the years from a startup to the big player that doesn't care about its customers. From crappy customer support to constant suspensions of user accounts, there is a lot of fear at the very least for just using Coinbase.
2) The awareness of global alternatives, especially Binance, has advanced at a very quick pace.

Given the fact that Binance offers much better service and innovation, it should only be a matter of time it captures a significant market share from Coinbase. Whether it will topple Coinbase's status altogether is a separate question though.

[royalfestus]

Funny how the once mighty Bittrex is left out in conversations for top exchanges based in US. The forcing of KYC and locking up accounts sure left a permanent scar on many users.

On the battle between Coinbase and Binance, it will boil down to how good their services are. I mean both are heavily regulated, require KYC, limited coins and tokens to trade with.

I learnt Bittrex now have a branch that operate outside US. The condition of US is too strict for cryptocurrency exchanges and I dont doubt possibility of the financial implication by the government. Binance US can be assess after few years if they do not increase the transaction fee but I think the demand to stop Americans from the other Binance exchange might be implication that the exchange has started feeling the US govt heat. More also exchanges from US dont have access to some coin because of the legal implication it might bring.

[sunsilk]

Funny how the once mighty Bittrex is left out in conversations for top exchanges based in US. The forcing of KYC and locking up accounts sure left a permanent scar on many users.

On the battle between Coinbase and Binance, it will boil down to how good their services are. I mean both are heavily regulated, require KYC, limited coins and tokens to trade with.

I learnt Bittrex now have a branch that operate outside US. The condition of US is too strict for cryptocurrency exchanges and I dont doubt possibility of the financial implication by the government. Binance US can be assess after few years if they do not increase the transaction fee but I think the demand to stop Americans from the other Binance exchange might be implication that the exchange has started feeling the US govt heat. More also exchanges from US dont have access to some coin because of the legal implication it might bring.

Binance US is certainly made for US residents because of the jurisdiction and laws that's being implemented. Binance has made it specific for those customers they have residing at one of the strictest country handling cryptocurrency exchanges and transactions.

Bittrex was once popular but it's not the same anymore. It seemed to be forgotten although volume is remaining there and customers who are satisfied will them will stay. But Binance us and Coinbase, many do prefer Coinbase still.

[Abiky]

Definitely. Binance is still somewhat of a growth oriented company that is consistently coming up with new designs, concepts and promos.

Coinbase is more of a defensive player right now trying to hang onto its market share in the US where it dominates. I don't see this happening for two main reasons:

1) The reputation of Coinbase has consistently deteriorated over the years from a startup to the big player that doesn't care about its customers. From crappy customer support to constant suspensions of user accounts, there is a lot of fear at the very least for just using Coinbase.
2) The awareness of global alternatives, especially Binance, has advanced at a very quick pace.

Given the fact that Binance offers much better service and innovation, it should only be a matter of time it captures a significant market share from Coinbase. Whether it will topple Coinbase's status altogether is a separate question though.

Very nice observation. We could say that both exchanges have their own flaws/weaknesses from the other. While Binance has grown into a force to reckon with, Coinbase is still the leading crypto exchange in the US. It has a lot to catch up on, before it'll be able to challenge Coinbase directly. I think this will be an easy task for Binance considering how fast it's been growing in popularity around the world. The vast number of services it offers, makes Binance an ideal choice over its competitors. On top of that, Binance has better customer service and lower fees than Coinbase itself. It shouldn't be long enough before Binance overcomes Coinbase in market dominance.

Nonetheless, I'd prefer Binance over Coinbase anytime. The staking/lending features, built-in P2P exchange, and a vast number of cryptocurrencies listed on Binance exchange makes it a true winner in my book. Coinbase's options are still limited, even with a couple of cryptocurrencies listed on its platform lately. If Coinbase wants to keep its customers, it's going to need to improve customer service and lower its fees. Otherwise, it could lose its business as its competitors gain traction in the mainstream world. Besides, we have other US-based crypto exchanges like Kraken, and Bittrex. The more exchanges establish their operations in the US, the lesser Coinbase's market share will be. People will decide whenever to support one exchange from the other based on quality of service. I'm sure most people will choose Binance over Coinbase anytime because of the reasons mentioned earlier. Just my thoughts