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Binance, one of the largest cryptocurrency exchanges in the world, has announced it will work on enabling Bitcoin Lightning Network withdrawals following two recent halts in withdrawals due to surging transaction fees. Several other exchanges, including Bitfinex, River Financial, OKX, Kraken, and CoinCorner, have already integrated the Lightning Network, a system for cheap and near-instant payments built atop Bitcoin. Coinbase CEO Brian Armstrong recently sent $100 over the Lightning Network to demonstrate his familiarity with the layer-2 payments protocol. European Bitcoin exchanges, such as Swiss-based Relai and Pocket Bitcoin, have also embraced the Lightning Network to address rising fees on the Bitcoin base chain.
This article originally appeared on cointelegraph.com
Binance and Coinbase are both reputable cryptocurrency exchanges that offer their users the ability to buy and sell digital currencies. Although the two platforms share a similar function, they have some differences in terms of their features, fees, and customer support. Here is a detailed comparison of Binance and Coinbase.
Features:
Binance has a wide range of tradable cryptocurrencies, including Bitcoin, Ethereum, Cardano, Binance Coin, and many others. It also supports futures trading, margin trading, peer-to-peer trading, and staking. Additionally, Binance provides users with a mobile app that enables them to trade and manage their cryptocurrencies on the go.
Coinbase, on the other hand, supports fewer cryptocurrencies than Binance but still has a wide range of digital currencies, including Bitcoin, Ethereum, Litecoin, and XRP. The platform also offers staking, soft staking, and Coinbase Earn, which allows users to learn about different cryptocurrencies and earn tokens in return. Coinbase has a user-friendly mobile app that makes it easy for users to trade and manage their funds.
Fees:
Binance has low trading fees, charging users a flat rate of 0.1% for both makers and takers. However, Binance has withdrawal fees that vary depending on the cryptocurrency. The withdrawal fee for Bitcoin, for instance, is 0.0005 BTC, while the withdrawal fee for Ethereum is 0.01 ETH.
Coinbase has higher trading fees than Binance, with a maker fee of 0.5% and a taker fee of 0.5% for transactions less than $10,000. Additionally, Coinbase charges a spread of about 0.5% on every transaction. However, Coinbase has no deposit or withdrawal fees, making it more affordable for users who trade large volumes.
Customer Support:
Binance provides impressive customer support through various mediums such as email, live chat, and phone support. Additionally, Binance has a comprehensive knowledge base and an active community forum where users can get support or answers to their queries.
Coinbase also offers excellent customer support through email and live chat. Additionally, Coinbase has an extensive knowledge base that provides users with detailed information on various topics, including trading, security, and account management.
Conclusion:
While both Binance and Coinbase have excellent features, different users may prefer one platform over the other based on their unique needs and preferences. Binance may be more suitable for users who want to trade a wide range of cryptocurrencies and access advanced trading options such as futures and margin trading. On the other hand, Coinbase may be an ideal platform for users who want to have a user-friendly and affordable platform that offers a limited selection of cryptocurrencies. Ultimately, users should consider their goals, preferences, and the features of each platform before making a decision on which to use.
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