Cryptocurrency exchange fees can accumulate, especially when you factor in how much it costs to deposit and withdraw your funds.
Binance and Binance
It is free to transfer most fiat currencies (such as US dollars) from your bank account to both Binance and Binance. However, if you want to use a debit card, you will pay a fee of 4.5% on Binance.US and 1.8% on the main exchange.
Trading fees are pretty much the same. Customers on both platforms can get 25% off if they pay the fee with Binance Coin (BNB) and high volume traders can also qualify for lower fees. The basic maker trading fee is 0.1% which compares well to most other cryptocurrency exchanges.
To buy Bitcoin (BTC) worth $1,000 on Binance.US with a debit card, you will pay a fee of $45 plus a 0.1% trading fee. If you use a bank transfer, you will only pay 0.1% trading fee.
Read more: Our full Binance review
Coinbase and Coinbase Pro
If you want to buy cryptocurrency regularly, it is a good idea to learn how to use Coinbase Pro. This is because the fees are much cheaper than the fees on the start-up Coinbase platform. Let’s say you want to buy $1000 worth of bitcoin on Coinbase using a debit card. You’ll pay a 3.99% card fee ($39.90) plus a difference of approximately 0.5%. Only the exact exchange rate is displayed at the point of purchase.
In contrast, in Coinbase Pro, you can only deposit funds via bank transfer, which is free. You will then pay a specific maker’s trading fee which is reduced as you reach a higher trading volume. The base fee is 0.50% for those trading less than $10,000 per month.
Read more: Full Coinbase Review
Binance vs Coinbase: Encryption Available
If you are only planning to buy a popular currency pair, such as Bitcoin or Ethereum (ETH), then you do not need to search for a cryptocurrency platform with a long list of available tokens. However, if you are planning to expand and buy some small tokens, there is nothing more frustrating than finding an exchange that is not selling the coin you want.
Fortunately, both Binance.US and Coinbase have a good selection of coins. There is sometimes some difference between Coinbase and Coinbase Pro, but it is not enough to differentiate between the two platforms. The main Binance platform is getting them all out of the water, but that doesn’t help much if you live in the US
Here is how many cryptocurrencies you can buy on each exchange: