Hello. I am having a hard time understanding why anyone would use Coinbase Pro for trading compared to Binance. What am I missing?
Coinbase Pro's fees are 0.5% for transactions below $10k. Binance charges 0.1%, or 0.075% if you have BNB. So if you made a $5,000 trade you would pay a $25 fee on Coinbase Pro and a $3.75 fee on Binance. What am I missing here? Why would anyone trade on Coinebase over Binance? How can they be competitive charges such high fees? Thanks.
I think it all depends on where you’re living. Take for example, for those living in the US, there is Binance.US and not the main Binance.com that you might be using. Binance.US compared to Coinbase Pro, both will have ways that they are better than each other for US traders.
In terms of Security, I think that the Coinbase Pro is better in handling their site than Binance. We all know that Binance was hacked for $40 million dollars not long ago (they were able to recover), but Coinbase has always be able to avoid every attack on their site. So it may also be that there are people who are considering things like this, and felt like Coinbase is better.
Another thing that may determine the exchange you choose can be the coin you’re trading. There are some coins that you can trade on Coinbase but wouldn’t see them on Binance, same thing with the other way round.