How much does it cost to buy crypto on binance

Cryptocurrency Exchange PlatformsBinanceCoinbaseMain platform featuresLow fees, comprehensive charting options, and hundreds of cryptocurrenciesIntuitive, beginner-friendly platform offering basic transactions, a digital wallet, and withdrawals to PayPalFees0.10% spot-trading fees, 4.5% debit card purchasesNot disclosedNumber of cryptocurrencies supportedOver 700 for global traders on Binance. Over 100 available for U.S. investors on Binance.US179Security features2FA verification, FDIC-insured USD balances for Binance.US, device management, address whitelisting, cold storage2FA verification, insurance for hot storage if Coinbase is breached, biometric fingerprint logins, cold storage, FDIC-insured USD balances, AES-256 encryption for digital walletsTypes of transactions supportedLimit order, market order, stop-limit order, trailing stop order, post only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and moreBuy, sell, send, receive, and exchangeMaximum trading amountLimits differ based on the cryptocurrency purchasedLimits vary based on your payment method and region

Binance vs. Coinbase: Features

Since the platforms are meant for different types of people, you’ll notice vast differences in their feature sets. However, both provide mobile applications with watch lists or live price tracking. But the similarities stop there. 

With Binance, you’ll get the following:

  • Advanced charting with many different options for adding indicators and overlays
  • Public application programming interface (API) keys for integrating other software tools
  • 7 order types on Binance 
  • The option to use the third-party digital wallet, Trust Wallet                                             
  • Users in over 180 countries can trade on Binance, but only 46 states can use Binance.US, excluding Hawaii, New York, Texas, and Vermont

In comparison to Binance, Coinbase offers more features for U.S. residents but fewer options for international traders. The features include:

  • A secure, standalone digital hot wallet that you can use with Coinbase and other exchanges
  • The ability to withdraw funds to your PayPal account
  • Available for use in over 100 countries and 49 states, with no trading allowed for residents of Hawaii
  • A newsletter showcasing the latest cryptocurrency news
  • The optional Coinbase Pro platform with advanced charting features, including the ability to track exponential moving averages
  • Can earn cryptocurrency by watching short videos 

Binance vs. Coinbase: Supported Currencies

Binance is well-known for its massive altcoin list, with more than 600 choices available to non-U.S. users. However, the Binance.US exchange supports just over 100 coins. Coinbase offers 179 trading currencies.

Coinbase also supports fiat currencies, including USD, British pound sterling (GBP), and euro (EUR), whereas Binance supports many more fiat currencies, such as USD, EUR, Australian dollar (AUD), GBP, Hong Kong dollar (HKD), and Indian rupee (INR). Binance and Coinbase both offer many cryptocurrency pairs, but the number may vary based on your location. 

The currencies each firm offers vary. For example, the following cryptocurrencies are on Binance but not Coinbase: vechain (VET), harmony (ONE), vethor token (VTHO), and qtum (QTUM). However, both platforms support popular and up-and-coming currencies such as:

  • Dash (DASH)
  • Storj (STORJ)
  • Cosmos (ATOM)
  • Compound (COMP)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Cardano (ADA)

Binance vs. Coinbase: Security

Although both platforms are considered secure, Coinbase has a better overall reputation. Founded in 2012, Coinbase is a U.S.-based exchange that went public on April 14, 2021, via a direct listing, and is backed by banks like J.P. Morgan.

Unlike Coinbase, Binance was first established in China before moving to Japan, and the Binance.US platform is headquartered in Palo Alto, California. Binance isn’t consistently regulated around the world, but its Binance.US exchange stays within U.S. regulations. Note that Binance is currently under U.S. regulatory investigation.

Both cryptocurrency exchanges provide two-factor authentication (2FA) via the Google Authenticator app or short message service (SMS), but U.S. users report some problems with the Binance.US and Google authentication process. Both Coinbase and Binance require users to verify identity with a photograph. 

Binance security features also include address whitelisting, device management, and the ability to restrict device access. Like Coinbase, all USD balances are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and held in custodial bank accounts.

Coinbase security features consist of fingerprint biometric access for its digital wallet, and 98% of cryptocurrency funds are stored in air-gapped cold storage via vaults and safe deposit boxes. Coinbase has an insurance policy to cover the 2% of funds kept in hot storage, but it only covers security breaches on their end, not ones due to a user security problem. 

Binance vs. Coinbase: Fees

Binance fees are some of the lowest in the industry, whereas Coinbase does not disclose its fees online.

Binance uses a maker-taker structure with the same fees for both makers and takers. The fee chart can be confusing for beginners but offers vastly lower charges, especially for high-volume traders. Binance users can lower costs by purchasing Binance (BNB) tokens to pay fees with a 25% discount. High-volume traders can also level up for very important person (VIP) discounts

FeesBinanceCoinbaseBank accountFree outside of the U.S.Not disclosedWalletN/ANot disclosedDebit/credit cards4.5%Not disclosedAutomated clearinghouse (ACH) transferFreeNot disclosedWire transferFreeNot disclosedCryptocurrency conversionNot disclosedNot disclosedPurchasesNot disclosedNot disclosedTradesNot disclosedNot disclosedOther fees0.50% instant buy and sell feeNot disclosed

Binance vs. Coinbase: Ease of Use

Binance and Coinbase are geared toward different types of users. Coinbase offers a simple platform for investors new to trading cryptocurrency who want fast, easy, and secure ways to trade. Binance’s platform is easy to use, but the sheer number of choices can be overwhelming to a new user. Binance is a better fit for people familiar with cryptocurrency lingo and investing options, whereas Coinbase is built for convenient, easy trading.

Both exchanges provide mobile apps with varying functionalities.

Binance provides the Binance Academy, similar to Gemini’s Cryptopedia, where users can access tutorials or helpful articles resembling cryptocurrency trading courses. Both platforms offer a blog and knowledge base, but Coinbase also lets users earn cryptocurrency for watching videos for beginners.

Coinbase wins for ease of use, and also has better customer service options, including live chat, phone support, and the option to submit a ticket. In contrast, Binance offers live chat, an option to submit a ticket, or support through a Twitter help account. Binance does not advertise a phone support option.

Frequently Asked Questions

What Are Binance and Coinbase?

Coinbase is a U.S.-regulated cryptocurrency exchange that allows users to buy, sell, send, receive, and exchange altcoins via a web browser or mobile app. Binance is also an exchange, but the version of the exchange available to users in the United States does not include all the features that the full site includes.

Binance supports many more advanced transaction types, such as limit orders, stop-limit orders, market orders, post-only orders, and peer-to-peer trading. However, U.S. residents have fewer options.

How Do Binance and Coinbase Work?

Both platforms function as an online brokerage for cryptocurrencies. Users deposit fiat funds to buy, sell, or trade digital currencies. The signup process is similar for both, each requiring a photo ID verification.

You’ll create an account in both cases, verify your email, and add funds from an acceptable method. Once you’re ready to make a trade, you head to the exchange platform, create an order for the desired altcoin, and follow the on-screen steps. The exchanges store the cryptocurrency until you move it to a digital bitcoin wallet, trade it, or withdraw it.

Is It Safe to Hold Cryptocurrency in the Binance or Coinbase Exchanges?

Although Binance and Coinbase are among the best crypto exchanges, users are encouraged to store funds in a hardware wallet for long-term savings. Any currencies held online may be a target of hackers, and most exchanges have experienced breaches, including Binance in 2019.

Although Coinbase told The New York Times that it’s never been hacked and only 0.004% of its users experienced account takeovers in the year ending April 2021, mistakes can happen on your end, putting your coins at risk. 

Both Binance and Coinbase insure their hot storage, but it may be safer to use your own cold storage via a hardware wallet. A hardware wallet is a device that isn’t connected to the internet, and you’ll need to plug it into your computer to access your digital currency.

Who Should Use Binance or Coinbase?

Coinbase is perfect for beginners who prioritize convenience and security. The user-friendly platform is very easy for nearly anyone to use, and when you open the application, you’ll see a clean interface with minimal options. As a trusted, U.S.-based exchange, it’s a good fit for users wary about buying or trading cryptocurrency. 

Binance is suitable for experienced investors wanting advanced trading options and plenty of analytics to back up their strategy decisions. Novice users will experience a learning curve, but once you learn your way around, it gets easier. With low fees, over 600 cryptocurrencies, and availability in more than 180 countries, Binance is an excellent choice for non-U.S. residents wanting a sophisticated platform.

How We Evaluated Binance vs. Coinbase

We examined Coinbase and Binance by looking at the fee structures, cost, and how easy it is to understand. Although we looked mainly at Binance, we also evaluated Binance.US features applicable to U.S. residents. We considered the website and mobile app functionality, availability of knowledge bases, and access to customer service. Our fee and feature charts give a side-by-side view of security, transaction types, fiat currencies accepted, payment methods, and cryptocurrencies.

Investing in cryptocurrencies and other Initial Coin Offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

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BTC Spot Trading Pairs

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zero fee on selected fiat and stablecoin BTC pairs

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BUSD Spot Trading Pairs

0% Fee

Zero maker fee on BUSD pairs

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BNB Deduction

25% Off

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BNB Deduction

10% Off

on USDⓈ-M Futures Trading fee

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Fee Rate

Level30d Trade Volume (BUSD)and/orBNB BalanceMaker / TakerBNB 25% off

Maker / Taker

 

 

 

 

 

 

Regular User

< 1,000,000 BUSD

or

≥ 0 BNB

0.1000% / 0.1000%

0.0750% / 0.0750%

VIP 1

≥ 1,000,000 BUSD

and

≥ 25 BNB

0.0900% / 0.1000%

0.0675% / 0.0750%

VIP 2

≥ 5,000,000 BUSD

and

≥ 100 BNB

0.0800% / 0.1000%

0.0600% / 0.0750%

VIP 3

≥ 20,000,000 BUSD

and

≥ 250 BNB

0.0700% / 0.1000%

0.0525% / 0.0750%

VIP 4

≥ 100,000,000 BUSD

and

≥ 500 BNB

0.0200% / 0.0400%

0.0700% / 0.0900%

0.0150% / 0.0300%

0.0525% / 0.0675%

VIP 5

≥ 150,000,000 BUSD

and

≥ 1,000 BNB

0.0200% / 0.0400%

0.0600% / 0.0800%

0.0150% / 0.0300%

0.0450% / 0.0600%

VIP 6

≥ 400,000,000 BUSD

and

≥ 1,750 BNB

0.0200% / 0.0400%

0.0500% / 0.0700%

0.0150% / 0.0300%

0.0375% / 0.0525%

VIP 7

≥ 800,000,000 BUSD

and

≥ 3,000 BNB

0.0200% / 0.0400%

0.0400% / 0.0600%

0.0150% / 0.0300%

0.0300% / 0.0450%

VIP 8

≥ 2,000,000,000 BUSD

and

≥ 4,500 BNB

0.0200% / 0.0400%

0.0300% / 0.0500%

0.0150% / 0.0300%

0.0225% / 0.0375%

VIP 9

≥ 4,000,000,000 BUSD

and

≥ 5,500 BNB

0.0200% / 0.0400%

0.0150% / 0.0300%

“Taker” is an order that trades at a market price, “Maker” is an order that trades at a limited price. Learn more

VIP trade volume levels are measured on the basis of the spot trading volume, or whether the futures trading volume meets the standard (Futures trading volume includes USDS-M futures and COIN-M futures).

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Binance Fees: A Full Breakdown and How It Compares

Bangkok, Thailand - 1 July 2021: Cryptocurrency on Binance trading app, Bitcoin BTC with altcoin digital coin crypto currency, BNB, Ethereum, Dogecoin, Cardano, defi p2p decentralized fintech market.

Chinnapong / Getty Images

Binance has positioned itself as a leader among cryptocurrency trading platforms around the globe, with the aim of making it easy for both beginners and experts to trade crypto while also enjoying competitive rates.

Like any trading platform, Binance charges fees for certain trades and services. Understanding the Binance platform and its fee structure helps you keep costs down so more of your investment goes into your wallet. Keep reading to learn more.

See: 5 Things You Must Do When Your Savings Reach $50,000

What Is Binance?

Binance is a crypto-to-crypto exchange service that got its start in 2017 in Hong Kong. It has since grown into one of the world’s most popular crypto exchanges. In addition to trading, Binance offers savings options, the Binance Smart Pool for miners, the Binance Visa card, crypto loans and more.

Binance’s U.S. platform, Binance.US, was launched in 2019 and has its own schedule of fees. It’s available for users in every state except Hawaii, New York, Texas and Vermont.

Building Wealth

Binance allows trades, deposits and withdrawals in almost 200 types of crypto, including:

Binance Fees

Binance offers some of the lowest fees in the crypto exchange market, making it a favorite among traders. Here’s a quick rundown of some of the fees you might face.

Purchase Fees

If you choose to buy your cryptocurrencies with a debit or credit card, you can expect to pay up to 3.75% in fees. Because of these fees, you’re better off using other payment methods.

Wire transfers, on the other hand, come with no transaction fee but are not available everywhere. If your location does support wire transfers, you can use them to avoid paying card fees.

Deposit Fees

There are no fees when depositing crypto assets on Binance with bitcoin (BTC), tether (USDT) and ethereum (ETH). You’ll first need to exchange your fiat for crypto and then make your deposit.

Trading Fees

Binance charges a 0.10% fee for trading on the platform as well as a 0.50% fee for Instant Buy/Sell, so your actual fee amount will depend on the amount of the trade. The higher the transaction, the higher the fee. One way to lower your trading fee is to keep some Binance Coin in your account at all times so your fees can be taken from that. Doing this fetches you a 25% discount on all trading fees.

Building Wealth

Withdrawal Fees

Fees are also incurred based on the type of crypto you are withdrawing. These fees change with the market’s status, making it difficult to know what you owe until you’re ready to withdraw. Be sure to check the Binance.US website, which provides up-to-date information for each type of cryptocurrency.

There are ways to lower withdrawal fees, and it starts with understanding that the fees are based on the type of crypto asset you want to withdraw. Some assets charge higher rates than others, so reducing withdrawal fees can be as simple as changing the coin.

Before you begin your withdrawal, check the rates on the coin you plan to request. For example, if the type of asset you were about to request has a high fee, consider trading and converting to Bitcoin or Ethereum first. You can also choose a less expensive crypto.

Under most circumstances, taking the time to compare withdrawal rates can make a significant impact on the total amount of fees you pay.

Maker or Taker

When you check Binance fee schedule, you’ll notice that different fees are charged depending on whether you’re a “maker” or a “taker.”

Building Wealth

According to the Binance website, maker trades happen when you place an order that goes on the order book partially or fully, such as a limit order placed via the trading screen. Any subsequent trades coming from that order will be maker trades. The name is based on the fact that these orders add volume to the order book, helping to “make” the market.

Taker trades occur on an order that trades immediately before going on the order book, regardless of whether you partially or fully fulfill an order. These trades “take” volume off of the order book.

How Binance Fees Compare to Other Exchanges

Comparing the fees at different crypto exchanges is tricky because they don’t all have the same fee structures or deal in the same coins, but it’s still a good idea to familiarize yourself with some of the individual features.

Here’s a quick look at some of the fees you might face at a few of the leading exchanges, and how they compare to Binance.

ExchangeFee DetailsBinance.US– 0.10% trading fee
– 0.50% Instant Buy/Sell fee
– 25% discount if using Binance coinGemini– 0.50% convenience fee
– $0.99 to $2.99 transaction fee
– 1.49% transaction fee for trades over $200Bittrex– 0.00%-0.35% maker/taker feesCoinbase– 0.50% spread
– Trading fee between 1.49% and 3.99% — or $0.99 to $2.99 flat fee
– 2.49% flat fee on transactions made with other cryptos
– 2% fee for credit transactionCEX.IO– 0%-0.25% maker/taker fees
– Deposit/withdrawal fees up to 3.99%

Cynthia Measom contributed to the reporting for this article.

Information is accurate as of Nov. 11, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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