and the distribution of digital products.
Coinbase vs Binance vs BYDFI
Choosing the best crypto trading platform that meets all of your needs can be a little tricky since some of them might sometimes lack a few features, while others might not be legal in your country. So here’s a comparison between Coinbase vs Binance vs BYDFI, three of the best crypto trading exchanges in the industry.
What is Coinbase?Coinbase trading exchange is one of the biggest cryptocurrency companies with about 540 million dollars in funding, serving over 30 million customers, and supporting 100+ countries.
Founded in the year 2012, Coinbase exchange is a fully regulated, licensed Bitcoin exchange. The cryptocurrency exchange platform allows traders to buy and sell Bitcoin over many other cryptocurrencies. Coinbase’s buying process is considered one of the fastest and easiest available.
In addition, the platform can be accessed through any iOS and Android device and is most suitable for novice traders. Your cryptocurrencies are always secured in the platform, even if someone manages to hack the website.
Coinbase
What is Binance?
Binance exchange is one of the most renowned and world’s leading cryptocurrency exchanges that C.Z. founded, aka Changpeng Zao, in July 2017. Initially, this exchange was situated in China, but later it was moved from there because of strict cryptocurrency laws in China.
As a result, the exchange’s current headquarters is in Malta. Moreover, Binance has been experiencing astounding success since its inception. In addition to this, it is a one-stop-shop for purchasing and selling cryptos, cryptocurrency trading, earning interest, crypto loans, liquid swaps, and many more things.
Binance
What is BYDFI?
BYDFI exchange is one of the best crypto trading platforms present in the crypto market. The platform has its headquarters in Singapore and has been running since 2019. They have a huge network covering almost 150 countries, allowing their traders to trade independently of their country.
In addition to this, BYDFI aims to provide the opportunity to all of its traders from all around the world to trade their crypto assets with ease. This is because the platform believes in the concept of “Complex contract simple trade.”
BYDFI
Features: Coinbase vs Binance vs BYDFI
Coinbase Features
- The developer platform of the Coinbase exchange gives a chance to developers to build APIs that record all real-time data of Coinbase-supported cryptos and historical price information.
- Coinbase provides an easy-to-use and intuitive platform. It makes checking balances, comparing prices, and executing buy-sell orders just a few clicks away.
- Traders can hold on to their cryptos safely by making use of the Coinbase mobile wallet.
- Coinbase platform provides traders with vault protection to store funds in the vault; also there are time delayed withdrawals for added security.
- Traders can easily invest in cryptos slowly over time by scheduling buys daily, weekly, or monthly.
- 99% of the trader’s assets in Coinbase are stored in offline cold storage, further ensuring safety from hackers.
- Binance Convert is a product in Binance that allows traders to convert one cryptocurrency into the other in a few seconds.
- Binance Classic is a standard and also a traditional platform that provides traders access to charts.
- Binance has an easy-to-use and intuitive interface. It allows traders to trade with limit orders, OCOs, stop limits, and market orders.
- The platform also provides traders with Binance Advanced, letting more advanced traders view more detailed statistics.
- Moreover, there is Binance margin trading that allows traders to borrow funds in order to perform leverage trading. This feature supports Cross Margin and Isolated Margin modes.
- Furthermore, the Binance Earn feature of Binance allows traders to lend their funds, deposit their funds to a DeFi service, and also stake their PoS(Proof of Service) coins via Binance to earn interest on their cryptos.
- BYDFI trading’s main focus is on the primary motive of bringing forth a much-simplified trading experience.
- The trading platform has easy tools as compared to all the other brokers, and its distinct contract capabilities also allow traders to place trades without worrying.
- All the traders can register themselves on the platform in just about 30 seconds by using an email address, or they can even make use of a mobile number.
- BYDFI’s user interface and mobile application are designed explicitly for its traders.
- Moreover, the trading platform has been translated into eight languages, which further makes it more accessible for traders.
Yes, Coinbase is beginner friendly as the exchange offers an online support portal and also a comprehensive knowledge base for casual investors. Traders here can earn cryptos even by watching video snippets. In simple words, Coinbase has a pretty straightforward interface that allows you to purchase and sell easily.
Is Binance beginner friendly?Yes, Binance is absolutely beginner friendly and has a simple interface that is intuitive and easy to use. It supports light and dark modes. Moreover, the platform supports various languages such as English, Japanese, Korean, Spanish, Chinese, and many other languages.
Moreover, the desktop application of the Binance supports macOS, Linux deb, Linux rpm, and Windows. In addition to this, the trading platform also has a mobile application that supports Android and iOS platforms both.
Is BYDFI beginner friendly?Yes, BYDFI is pretty beginner friendly and is well known for its pleasant and easy user interface. The user interface of this platform is well-equipped with a variety of features and functionalities. They always make sure of the fact that their traders are never intimidated by the platform.
In addition to this, they provide all of their traders with a mobile app in order to make it more manageable and more accessible for them. Moreover, BYDFI’s mobile application is compatible with both Android and iOS devices.
Fee Structure: Coinbase vs Binance vs BYDFI Coinbase FeesCoinbase has genuine beginner-friendly content on the platform. The fee structure of Coinbase is very confidential as all the fees are calculated only at the time the trader places an order.
The fee may be determined by a combination of factors, including the size of the order, the market conditions such as volatility and liquidity, and the selected payment method.
As a result, it may differ for similar transactions and will be listed in the trade preview screen before you submit your transaction.
Moreover, if a trader borrows USD from Coinbase or an affiliate of Coinbase, they’ll charge you a flat fee of 2% of the total transaction.
Coinbase Fees
Binance Fees
Binance withdrawal fees and the minimum withdrawal amount depend on the blockchain network. Hence, these both depend on network congestion and are not fixed. Binance fee uses a maker-and-taker model.
The Binance exchange fee structure is divided into eleven different levels according to the BNB balance and trading volume in the last thirty days. Hence, the level decides traders’ trading fees.
Moreover, the platform updates BNB Balance every day at 0:00 am UTC, and the trading volume is updated over thirty days for all their users.
In addition to this, the tier-level maker and taker fees are updated at around 2:00 UTC.
Furthermore, the Binance platform deducts the trading fee from traders’ BNB balance by default with a 25% discount.
Binance Fees
BYDFI Fees
BYDFI trading charges a spot handling fee of 0.1% as the Maker’s fee, and the conversion fee is 0.1%.
For CFDs, the transaction fees vary from about 0.075% to 0.05%, and the price for opening and closing the position is calculated as Margin * Leverage * 0.05%. Moreover, it charges 0.1% whenever a trader opens a position.
Furthermore, for Derivatives, the opening and closing fee is calculated as Margin * Leverage * 0.025%.
BYDFI Fees
Security: Coinbase vs Binance vs BYDFI
Is Coinbase safe or legit to use?
Yes, Coinbase is safe to use and is a significant safeguard for security as it has 98% of customer funds held in cold storage.
Further, 2% of the remaining are usually used to facilitate Coinbase’s core services which are purchasing and selling of coins and withdrawals.
Moreover, the account is enabled with I.P. and Device whitelisting, where you will only be able to access your Coinbase account after passing an additional security step.
In addition to this, Two-factor authentication via traders’ mobile devices should be installed to mitigate the risk of unauthorized access.
Furthermore, Coinbase Vault is where all the large balances are placed. Traders’ funds can also be kept in their wallets for security reasons.
VISIT COINBASE Is Binance safe or legit to use?Yes, Binance is a safe and legit platform that makes use of a multi-system security architecture. The funds related to all accounts are stored in air-gapped cold storage wallets.
To increase security, they also use Two-factor authentication, where a confirmation mail is sent out to traders for every withdrawal.
Traders can also enable ‘Anti-Phishing,’ which will give them a code in every email. This is to ensure they click on an email sent by Binance only.
TRY BINANCE Is BYDFI safe or legit to use?Yes, BYDFI is a safe, legit and reliable platform. All the BYDFI traders can trade without worrying about their assets on BYDFI. They take and implement all safety measures to reduce fraud and online theft.
Moreover, the platform has set up multiple wallets that are stored online to keep its user’s assets secure. Furthermore, the trading platform also uses SSL encryption and has acquired numerous licenses over the past few years.
VISIT BYDFI Mobile Application: Coinbase vs Binance vs BYDFI Coinbase Mobile AppThe Coinbase app is user-friendly and supports everything from purchasing, selling, withdrawing crypto assets, etc.
The mobile app they provide will need a bank account or debit card to purchase cryptos there.
These smart tools will always keep you updated on all the market opportunities, and here you can also have a look at all the assets you have invested in at any time of the day.
Coinbase Mobile App
Binance Mobile App
Binance exchange welcomes the world to the most renowned cryptocurrency platform by trading volume through their mobile app.
The Binance app is only available to non-US citizens and residents. However, U.S. citizens and residents must install the Binance.US application.
Moreover, the Binance app’s mobile-first design lets traders switch between Lite and Pro interfaces with just a single tap.
The app is simple, yet it has access to all the advanced trading features. In addition to this, it is available for Android, iOS, Windows, and Linux devices.
Binance Mobile App
BYDFI Mobile App
BYDFI provides traders with a mobile application to ease their load. BYDFI app contains all the features that are present there on the websites, further making trading much faster and a lot easier.
In addition, this mobile application lets traders copy trades and also analyze the market from anywhere and anytime. Furthermore, the application supports both Android and iOS devices.
BYDFI Mobile App
Customer Support: Coinbase vs Binance vs BYDFI
Coinbase Customer Support
Coinbase had increased its customer service team by hundreds when the exchange platform grew to unprecedented heights at the turn of 2018.
Hence, now, when speaking with a customer service team member, they have many options.
For example, you can contact Coinbase customer service through their online contact form to send an email to Coinbase. Moreover, the Contact Us button will give you quick solutions.
Coinbase Customer Support
Binance Customer Support
Binance customer support service is equally as good as its trading platform. They share all the helpful guides and tutorials on the platform’s YouTube channel.
There’s also a Twitter handle; if the trader is in any doubt, they can quickly reach them through it. Moreover, Binance also has a Telegram Channel, which is available in English and Chinese.
Furthermore, they have separate channels that are dedicated to the latest announcements.
Binance Customer Support
BYDFI Customer Support
BYDFI provides its traders with a comprehensive guide that lists solutions to all the general problems that they might face.
Furthermore, traders can easily get in touch with the customer support service team by sending them a mail at [email protected].
The mail they’ll send should include all the details and specifications of the problem. In addition to this, the platform comes with a live chat option.
BYDFI Customer Support
Pros and Cons: Coinbase vs Binance vs BYDFI
Conclusion
Coinbase is a better-known platform for its onboarding and beginner-friendly interface. On the other hand, Binance and BYDFI are no less when compared to Coinbase as they both are prevalent trading platforms with many features.
In addition, all the platforms are entirely secure and advanced at the same time. Hence, these platforms will never fail to meet your requirements and trust.
However, according to me, BYDFI will stand up to all of your expectations as it is a fast-growing exchange with a lot of features and functionalities.
Frequently Asked Questions Is Coinbase wallet free?Yes, the Coinbase exchange wallet service is free of cost for all traders. Moreover, Coinbase does not cost any charge while transferring cryptos from one Coinbase wallet to another.
What is a Binance Card?The Binance Visa Card is a crypto card that works similar to any other debit card with some additional features. For example, traders can deposit their funds in fiat or cryptocurrency through the Binance Card App. Moreover, they can also use it for regular payment without selling crypto, thus, making your entire experience seamless.
What is the difference between Binance and Binance US?Binance has a separate platform Binance US due to strict regulations in the U.S. Compared with Binance, Binance U.S. supports fewer cryptocurrencies and trading features. Apart from this, both platforms are almost identical.
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