Binance vs Coinbase Comparison: Which Crypto Exchange is Best?

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Adam Woodhead
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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.
FeatureBinanceCoinbase
HeadquartersCayman IslandsUSA (San Francisco)
Founded20172012
Regulated in UK?❌ No (FCA restrictions)✅ Yes (FCA-approved)
Cryptocurrencies350+260+
Trading Fees0.1% (0.075% with BNB)Up to 0.6% (Coinbase Advanced: 0.4%)
Payment Methods (UK)GBP deposits restrictedBank 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 TypeBest ExchangeWhy?
Beginners✅ CoinbaseSimple interface, UK-regulated
Low-fee traders✅ BinanceLower fees, more trading pairs
Advanced traders✅ BinanceFutures, leverage, technical tools
Long-term holders✅ CoinbaseMore secure, insured deposits
UK users❌ Avoid BinanceLimited 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.

ExchangeNumber of CryptocurrenciesStablecoins SupportedFiat Currencies
Binance350+USDT, USDC, BUSDGBP, EUR, USD, and 60+ others
Coinbase260+USDT, USDCGBP, 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.

ExchangeBasic Trading FeesAdvanced Trading FeesCredit/Debit Card FeesWithdrawal Fees (GBP)
Binance0.10%0.02% - 0.1% (VIP Tiers)1.8% - 3%£1.50 (Faster Payments)
Coinbase BasicUp to 0.6%N/A3.99%£1 (UK bank transfer)
Coinbase Advanced0% - 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.

ExchangeTwo-Factor Authentication (2FA)Cold StorageInsuranceRegulatory 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

FeatureBinance AppCoinbase 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

FeatureBinance DesktopCoinbase 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 MethodBinanceCoinbase
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.

FeatureBinanceCoinbase
Spot Trading Fees0.1% (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?

FeatureBinanceCoinbase
UK FCA-Regulated?❌ No✅ Yes
Legal StatusRestricted (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.

CategoryBinance ⭐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.

FAQs

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.

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.

Binance has lower fees0.1% 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.

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.

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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