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Bitcoiners leave Coinbase, Heading onto Binance! But Why?

Written by: Sahana Vibhute

September 3, 2021

The year 2021 has been a year of excitement. With interesting developments all across the market. We caught up with another update that will surprise you! Yes, statistical data from Glassnode revealed that a large chunk of Bitcoiners is heading onto the Binance exchange leaving Coinbase.   

Amid a nail-biting competition in the crypto space among who tops the list. This new sensation is making noise in the market. Why are Bitcoiners moving to Binance all of a sudden? Is something lagging in Coinbase? Let’s dive and discover that how Binance is dominant among all other platforms.

Will Clemente, a popular crypto analyst recently shared a chart on this note. The chart indicated that in August 2021, Bitcoin holders are reduced from 740k to 705k. On the other side, Binance has seen a massive increase in Bitcoiners from 490k to nearly 520K. This is not happening for the first time this year. As per the Crypto quant reports, the same Coinbase earlier this year witnessed a 35,000 bitcoin worth over $1B outflows! 

Sometimes market conditions let users outflow their BTC. And other times features! BTC outflow from Coinbase doesn’t necessarily mean, Binance is better. The below insights will enlighten you about the different features of these exchanges.

Binance vs Coinbase!

Amid rising bullish sentiments, Portion of Bitcoiners seems to transfer their asset to Coinbase cold wallets. The community is preferring to hold BTC for the long term in Coinbase custody. This is because Coinbase earlier experienced a hack! And the remaining part of Bitcoiners heading onto Binance.  This is because Binance offers the best services when it comes to fees. And investors might be obsessed with other altcoins growth so they want to swap. This could be another reason BTC whales don’t want to make Coinbase rich! 

And there are other factors too that are forcing Bitcoiners to head onto Binance. Let’s compare!

Feature.Binance.Coinbase.
Fees.Trading Fees: 0.02% to 0.10%. For debit card purchases 3% to 4.5%0.50% per trade, and 3.99% for credit card purchases.
Supported Currencies.More than 500+ cryptos for global traders and 52 for U.S. investors.Over 50+ Crypto assets are supported including Bitcoin, Ethereum, Litecoin, Solana, etc.
Types of Transactions.FDIC-insured USD balances, device management, Address whitelisting, cold storage security, device management, address whitelisting, 2FA verification.2FA Authentication, insurance for hot storage if Coinbase is breached, cold storage, FDIC-insured USD balances, AES-256 encryption for the digital wallet.
Maximum Trading Amount.This varies according to the chosen asset.This varies according to the chosen asset.

Collectively, Binance and Coinbase, both hold a large share of users and trading volume of the entire crypto space. While Binance offers a huge variety of crypto assets, Coinbase is not behind when it comes to custodial services. However, despite the pros and cons, yet Bitcoin remains the most traded asset after Tether. And huge transfers among these two giant exchanges is somewhat more significant.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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