Coinbase vs. Other Exchanges: Pros and Cons

June 13, 2024 at 02:19PM
While
there are hundreds of crypto exchanges in the world, there is also a handful
that is instantly recognisable. One of these is Coinbase, a major exchange in
the industry and a popular pick for newbies and even more experienced
investors.

Regardless
of which category you fall into, chances are that you might have considered
opening an account with Coinbase at some point. But how does it stack up to
other exchanges in the market? We break it down in this article:

Token Roster

One
thing that Coinbase is famous for is its extensive roster of tokens. As Gordan
Ravanovic writes, there are always new Coinbase listings
to look forward to. Whether these are tokens you want to trade for profit or
use on an anonymous casino, there is
something for everyone.

As per
the official website, Coinbase boasts 260 digital assets and 300 different
trading pairs. In comparison, Binance offers over 500 cryptos and over a
thousand different trading pairs. OKX lists over 350 cryptos and 500 trading
pairs. KuCoin lists over 932 cryptos and over a thousand trading pairs.

Fees

Fees are
a major consideration for crypto users and a deciding factor when choosing an
exchange. Unlike a lot of exchanges in the market, Coinbase does not have a set
fee structure.
Instead, fees are calculated when an order is made and can be higher or lower
due to factors like ‘your chosen payment method, order size, market conditions,
jurisdictional location, and other costs we incur to facilitate your
transaction.’

Binance,
on the other hand, has a defined system for fees and these partially depend on
membership. Regular members pay a 0.1000% fee for marker or taker transactions
while the lowest possible fees are 0.0120% and 0.0240% for maker and taker
transactions for VIP 9 members. Regular users on OKX are charged 0.080% for
maker transactions and 0.100% for taker transactions, while its highest VIP
tier is charged -0.005% for maker transactions and 0.015% for taker
transactions.

Regular
users on KuCoin are charged 0.100% for maker and taker transactions while its
highest level of VIP members are charged -0.005% for maker transactions and
0.025% for taker transactions.

Other Features

Outside
of the number of tokens and the fee structure, exchanges also have exclusive
features that customers can take advantage of. Coinbase, for
example, has a self-custody wallet that allows users to take complete control
of their digital assets. While other exchanges like Binance and KuCoin have
their own wallets, Coinbase is more widely used, especially compared to
Binance, which is limited in the United States.

Conclusion

Coinbase
has remained one of the most popular crypto exchanges in the world for years
thanks to the features that make it stand out from others. While it has a
smaller selection of tokens and a less concrete fee structure, its widespread
availability will make it the best option for some users depending on their
needs.

This article was written by FL Contributors at www.forexlive.com.

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Payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 and CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)

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