Binance vs Coinbase Comparison: Which Crypto Exchange is Best?
Adam Woodhead
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Adam is a Co-Founder and content creator for The Investors Centre. His key areas of interest and expertise are cryptocurrency and blockchain technology.
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Thomas Drury
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Seasoned finance professional with 10+ years' experience. Chartered status holder. Proficient in CFDs, ISAs, and crypto investing. Passionate about helping others achieve financial goals.
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Updated 29/01/2025
Quick Answer: Binance or Coinbase, Which is Better (UK)?
For UK users, Coinbase is the better option because it is regulated and easy to use. Binance is cheaper and offers more trading tools, but Binance paused accepting new UK users as of October 2023
For UK users, Coinbase is the better choice because:
✅ It’s fully FCA-regulated and accepts new UK customers.
✅ It allows GBP deposits and withdrawals via Faster Payments.
✅ It’s simpler to use and safer for storing crypto.
Binance is only better IF you already have an account, because:
✅ It has lower fees (0.1% vs. up to 0.6% on Coinbase).
✅ It offers more cryptocurrencies (350+ vs. 260 on Coinbase).
✅ It has more advanced trading tools (futures, staking, margin trading).
Binance UK Update (October 2023)
According to a Binance Square post dated October 16, 2023, Binance stopped accepting new UK users as of October 16, 2023, at 5 PM UK time.
🔴 Binance is no longer accepting new UK users.
As of October 16, 2023, at 5 PM UK time, Binance stopped accepting new customers in the UK due to FCA compliance issues.
⚠️ If you don’t already have a Binance account, you can no longer sign up in the UK.
✅ Existing UK users can still trade, but:
- GBP deposits are no longer supported (withdrawals may still work).
- UK banking restrictions make it harder to use Binance.
- UK traders may need workarounds like crypto transfers from other exchanges.
💡 If you’re a new UK user, Coinbase is your best option.
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I’ve used both Binance and Coinbase for years, and each has its strengths and weaknesses.
Binance offers low fees and more trading options, but it has faced regulatory issues in the UK.
Coinbase is easier to use and fully compliant, but it costs more. In this review, I’ll break down fees, security, features, and my personal experiences to help UK users decide.
Binance and Coinbase Overview
Binance and Coinbase are two of the biggest cryptocurrency exchanges. They both let you buy, sell, and trade digital currencies, but they target different types of users.
- Binance is cheaper, offers more cryptocurrencies, and has advanced trading tools.
- Coinbase is easier to use, fully regulated in the UK, and safer for beginners.
Feature | Binance | Coinbase |
---|---|---|
Headquarters | Cayman Islands | USA (San Francisco) |
Founded | 2017 | 2012 |
Regulated in UK? | ❌ No (FCA restrictions) | ✅ Yes (FCA-approved) |
Cryptocurrencies | 350+ | 260+ |
Trading Fees | 0.1% (0.075% with BNB) | Up to 0.6% (Coinbase Advanced: 0.4%) |
Payment Methods (UK) | GBP deposits restricted | Bank transfer, card, PayPal |
Futures & Margin Trading? | ✅ Yes (Up to 125x leverage) | ❌ No |
Staking & Rewards? | ✅ Yes (60+ coins) | ❌ Limited (9 coins) |
Ease of Use | ❌ Complex for beginners | ✅ Best for beginners |
- Binance offers more coins, lower fees, and better trading tools.
- Coinbase is easier, safer, and better regulated for UK users.
Recommended For:
Depending on your experience and needs, one platform will suit you better than the other.
User Type | Best Exchange | Why? |
---|---|---|
Beginners | ✅ Coinbase | Simple interface, UK-regulated |
Low-fee traders | ✅ Binance | Lower fees, more trading pairs |
Advanced traders | ✅ Binance | Futures, leverage, technical tools |
Long-term holders | ✅ Coinbase | More secure, insured deposits |
UK users | ❌ Avoid Binance | Limited deposit options in the UK |
👉 If you’re a beginner or want full UK support, Coinbase is best.
👉 If you trade often and want lower fees, Binance is better (despite the UK restrictions).
Key Metrics: How Binance and Coinbase Compare
To decide between Binance and Coinbase, I looked at the most important factors: supported cryptocurrencies, fees, security, and user experience. Here’s how they compare:
Supported Cryptocurrencies
Binance supports more cryptocurrencies than Coinbase. If you’re interested in altcoins and lower-market-cap projects, Binance is the better choice.
Exchange | Number of Cryptocurrencies | Stablecoins Supported | Fiat Currencies |
---|---|---|---|
Binance | 350+ | USDT, USDC, BUSD | GBP, EUR, USD, and 60+ others |
Coinbase | 260+ | USDT, USDC | GBP, EUR, USD |
✅ Binance is better for altcoins – it offers over 350 coins compared to 260 on Coinbase.
✅ Coinbase is more selective, which can be safer but limits trading options.
If you’re looking for new or niche crypto assets, Binance has the edge.
Fees and Transaction Costs
Binance is cheaper than Coinbase, but Coinbase Advanced has improved pricing for high-volume traders.
Exchange | Basic Trading Fees | Advanced Trading Fees | Credit/Debit Card Fees | Withdrawal Fees (GBP) |
---|---|---|---|---|
Binance | 0.10% | 0.02% - 0.1% (VIP Tiers) | 1.8% - 3% | £1.50 (Faster Payments) |
Coinbase Basic | Up to 0.6% | N/A | 3.99% | £1 (UK bank transfer) |
Coinbase Advanced | 0% - 0.6% | 0.4% - 0.0% (VIP Tiers) | 3.99% | £1 (UK bank transfer) |
✅ Binance is cheaper for most users, with trading fees as low as 0.1%.
✅ Coinbase Advanced is better than the basic Coinbase platform but still costs more than Binance.
❌ Coinbase’s debit/credit card fees are high (3.99% compared to Binance’s 1.8% – 3%).
Important note: Binance offers 25% off fees if you pay with BNB, reducing costs further.
My Takeaways on Fees
I use Binance for trading because the fees are much lower, especially with BNB discounts. However, if I’m making a quick, small purchase, I sometimes use Coinbase Advanced, as it’s cheaper than the basic Coinbase platform.
Security Features
Security is a major factor when choosing a crypto exchange. Both Binance and Coinbase have strong protections, but Coinbase has a better reputation for trust and compliance.
Exchange | Two-Factor Authentication (2FA) | Cold Storage | Insurance | Regulatory Compliance (UK) |
---|---|---|---|---|
Binance | ✅ Yes (Google Authenticator, SMS) | ✅ Yes (Majority of funds) | ✅ Yes (SAFU Fund) | ❌ Not FCA-registered |
Coinbase | ✅ Yes (Google Authenticator, SMS, Biometric) | ✅ Yes (98% of funds) | ✅ Yes (Hot Wallets Insured) | ✅ FCA-registered |
✅ Coinbase is FCA-regulated, making it more trustworthy for UK users.
✅ Binance has a “SAFU” insurance fund, but its regulatory issues raise concerns.
💡 Important Note: Binance was hacked in 2019, and around $40 million was stolen. However, the exchange fully reimbursed affected users through its SAFU fund. Coinbase, on the other hand, has never been hacked.
My Takeaways on Security
For long-term holding, I trust Coinbase more because of FCA regulation and strong compliance. Binance has good security, but its history of regulatory trouble makes me cautious about storing large amounts there.
Ease of Use and User Experience
Coinbase is designed for beginners, while Binance is better suited for experienced traders.
Mobile App Experience
Feature | Binance App | Coinbase App |
---|---|---|
Ease of Use | ❌ Harder to navigate | ✅ Beginner-friendly |
Speed | ✅ Fast execution | ✅ Fast execution |
Customisation | ✅ Advanced trading tools | ❌ No customisation |
Instant Buys | ✅ Yes | ✅ Yes (Easier for GBP) |
✅ Coinbase is much easier for beginners.
✅ Binance offers customisation, which is great for advanced traders.
❌ Binance’s app is cluttered, and I sometimes struggle to find what I need.
Desktop Platform Experience
Feature | Binance Desktop | Coinbase Desktop |
---|---|---|
Ease of Navigation | ❌ Complex for beginners | ✅ Simple layout |
Advanced Charts | ✅ Yes (TradingView) | ❌ No advanced charts |
Speed | ✅ Fast execution | ✅ Fast execution |
Extra Features | ✅ Yes (Futures, Staking) | ❌ Fewer features |
✅ Binance is better for serious traders.
✅ Coinbase is great for quick, simple buys.
My Takeaways on User Experience
If you just want to buy and hold crypto, Coinbase is much easier to use. However, if you’re actively trading, Binance offers more tools and customisation.
🔹 Beginners should start with Coinbase.
🔹 Traders should go with Binance.
Payment Methods and Deposit Options
Funding your account is a big deal, especially for UK users. Coinbase makes GBP deposits easy, while Binance has restrictions due to FCA regulations.
Supported Currencies and Payment Methods
Payment Method | Binance | Coinbase |
---|---|---|
UK Bank Transfers (Faster Payments) | ❌ No (GBP deposits blocked) | ✅ Yes (Instant deposits) |
Credit/Debit Cards | ✅ Yes (1.8% - 3% fees) | ✅ Yes (3.99% fee) |
PayPal | ❌ No | ✅ Yes (Withdrawals only) |
Apple Pay / Google Pay | ✅ Yes | ✅ Yes |
Cryptocurrency Deposits | ✅ Yes | ✅ Yes |
✅ Coinbase wins when it comes to GBP bank deposits – you can use Faster Payments for quick transfers.
❌ Binance no longer supports GBP deposits directly via UK banks.
💡 Workaround for Binance Users:
- Deposit GBP into a different exchange (like Kraken) and transfer crypto to Binance.
- Use a debit/credit card (but expect higher fees).
My Takeaways on Payment Methods
I used to deposit GBP into Binance easily, but now it’s a hassle. The lack of Faster Payments support means I either buy crypto elsewhere and send it to Binance or pay higher card fees.
If you want a seamless experience with UK banking, Coinbase is the clear winner.
Trading Features
Binance is far superior in trading options. If you’re a serious trader, Coinbase will feel limited.
Spot Trading
Spot trading is the most basic way to trade crypto – you buy and sell assets at current market prices.
Feature | Binance | Coinbase |
---|---|---|
Spot Trading Fees | 0.1% (0.075% with BNB discount) | Up to 0.6% (0.4% on Advanced Trade) |
Order Types | ✅ Market, Limit, Stop, OCO | ✅ Market, Limit |
Charting Tools | ✅ TradingView Integration | ❌ Basic Charts Only |
✅ Binance offers more advanced trading options with better charting tools.
✅ Coinbase is easier for beginners, but trading fees are higher.
Futures and Leverage
Coinbase does not offer any leverage or futures trading, while Binance has a full suite of leveraged products.
✅ Binance is the best choice for leverage trading.
❌ Coinbase does not support margin or futures trading at all.
I personally trade futures on Binance when I want to take advantage of market swings. If you’re an active trader, Coinbase will feel restrictive.
Staking and Rewards
Staking allows you to earn passive income on your crypto. Binance has more staking options, while Coinbase makes it easier to stake.
✅ Binance offers higher staking rewards and more choices.
✅ Coinbase is simpler, but has fewer staking options.
💡 If you’re new to staking, Coinbase’s simple interface is nice. But if you want the best rewards, Binance wins.
My Takeaways on Trading Features
If you just want to buy and hold, Coinbase is fine. But if you want to actively trade, Binance is far superior.
- For day trading & advanced strategies → Binance wins.
- For beginners & passive investors → Coinbase is easier.
I personally use Binance for trading and Coinbase for long-term holding.
Regulation and Compliance
Binance has faced significant legal challenges, while Coinbase is fully compliant in the UK.
How Do Binance and Coinbase Compare on Regulation?
Feature | Binance | Coinbase |
---|---|---|
UK FCA-Regulated? | ❌ No | ✅ Yes |
Legal Status | Restricted (GBP deposits blocked) | Fully approved in the UK |
Insurance Coverage | ✅ Yes (SAFU Fund) | ✅ Yes (Hot Wallets Insured) |
✅ Coinbase is safer for UK users due to FCA oversight.
❌ Binance is under regulatory scrutiny, and UK users face restrictions on deposits.
🚨 Binance’s Legal Issues (2023-24)
- October 2023 – Binance stopped accepting new UK users.
- November 2023 – Binance CEO Changpeng Zhao resigned after pleading guilty to money laundering charges.
- December 2023 – Binance paid $4.3 billion in fines to settle legal cases in the US.
💡 For most UK users, Coinbase is the safer choice.
My Takeaways on Compliance and Trustworthiness
I trust Coinbase more for long-term storage because of UK regulations. Binance is still great for trading, but its legal issues make me cautious.
- If you care about UK regulation → Use Coinbase.
- If you care about trading fees & features → Use Binance (but be aware of restrictions).
Overall Rating Comparison
Based on my experience, here’s how Binance and Coinbase compare, with ratings out of 5 stars. I’ve considered fees, ease of use, security, trading features, and GBP payment options.
Category | Binance ⭐ | Coinbase ⭐ |
---|---|---|
Ease of Use | ⭐⭐⭐ (3/5) | ⭐⭐⭐⭐⭐ (5/5) |
Fees | ⭐⭐⭐⭐ (4/5) | ⭐⭐ (2/5) |
Cryptocurrency Selection | ⭐⭐⭐⭐⭐ (5/5) | ⭐⭐⭐⭐ (4/5) |
Payment Methods (UK) | ⭐⭐ (2/5) | ⭐⭐⭐⭐⭐ (5/5) |
Trading Features | ⭐⭐⭐⭐⭐ (5/5) | ⭐⭐ (2/5) |
Security & Regulation | ⭐⭐⭐ (3/5) | ⭐⭐⭐⭐⭐ (5/5) |
Customer Support | ⭐⭐⭐ (3/5) | ⭐⭐⭐ (3/5) |
Staking & Rewards | ⭐⭐⭐⭐ (4/5) | ⭐⭐⭐ (3/5) |
Overall Score | ⭐⭐⭐ 3.9/5 | ⭐⭐⭐⭐ 4.5/5 |
✅ Coinbase scores higher overall (4.5/5) due to UK regulation, ease of use, and better payment options.
✅ Binance scores well (3.9/5), with low fees and great trading features but loses points on UK restrictions.
Conclusion: My Final Thoughts on Binance vs Coinbase
I’ve used both Binance and Coinbase for years, and my verdict is:
✅ Use Coinbase if you want a beginner-friendly, fully regulated platform with easy GBP deposits.
✅ Use Binance if you already have an account and want lower fees and advanced trading tools.
🚀 Final Verdict:
- For UK beginners → Coinbase is the best choice.
- For advanced traders with existing Binance accounts → Binance is still great.
💡 If you’re new to crypto and in the UK, go with Coinbase.
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FAQs
Which is better for UK users, Binance or Coinbase?
Coinbase is better for UK users because it is FCA-regulated and supports GBP deposits via Faster Payments. Binance has lower fees, but UK banking restrictions make deposits difficult.
Is Binance banned in the UK?
Binance is not fully banned, but UK banks blocked GBP deposits and withdrawals. You can still trade on Binance, but you’ll need workarounds like crypto transfers or debit card payments.
Which exchange has lower fees, Binance or Coinbase?
Binance has lower fees – 0.1% per trade (or lower with BNB discounts), while Coinbase fees go up to 0.6% unless using Coinbase Advanced. Card fees are also lower on Binance.
Is Binance or Coinbase safer for storing crypto?
Coinbase is safer because it’s FCA-regulated and keeps 98% of funds in cold storage. Binance has good security, but past hacks and regulatory scrutiny make it riskier for large holdings.
Which platform is better for active trading, Binance or Coinbase?
Binance is better for active trading because it offers lower fees, advanced charting, and leverage trading. Coinbase is easier to use but lacks futures, margin trading, and technical analysis tools.
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References:
Binance Official Website – About Binance
https://www.binance.com/en/about
Coinbase Official Website – About Coinbase
https://www.coinbase.com/about
Financial Conduct Authority (FCA) – Crypto Firms List & Warnings
https://www.fca.org.uk/consumers/cryptoasset-firms
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