Coinbase vs. Crypto.com vs. Binance vs. Kraken vs. Robinhood: Which Crypto Trading Platform to Choose?

Overview of Coinbase, Crypto.com, Binance, Kraken and Robinhood

Coinbase
Coinbase is one of the most popular cryptocurrency exchanges in the world.  It supports hundreds of digital currencies and altcoins, and users have plenty to choose from, although the list isn't extensive.  It's also a great place to learn about alternative coins, new crypto projects, and what's coming next in the world of digital assets. A user-friendly interface, easy onboarding process, and free $5 Bitcoin account opening make Coinbase a great place to get started for new traders.

On the downside, Coinbase is more expensive than other cryptocurrency exchange sites and has only a few payment options. Users need to be aware of the high transaction fees attached to transactions, which are part of the intricate fee structure on Coinbase's website.

Save Tips:

If you want to trade cryptocurrency on Coinbase,  Sign up at Extrabux first, then you can earn up to 50% cashback! (What is Extrabux), Sign-Up Bonus: Free to join it & get a $20 welcome bonus!

Crypto.com

Crypto.com was created as a place to buy, sell and trade cryptocurrency, and is a decentralized exchange where users can exchange fiat or cryptocurrency for more than 100 of the most popular altcoins.Crypto.com has more than 10 million users and provides services in 90+ countries globally. It employs various techniques to keep users’ cryptos secure on its trading platform, including offline cold storage for all crypto, regulated custodian bank accounts for traditional currency, and regular software peer-review. It also uses multi-factor identification with a password, biometric, email, phone, and authenticator verification.

You can deposit 20+ fiat currencies using a credit or debit card, as well as through bank transfer, and through the app, you can buy cryptocurrency at the true cost (with a commission). Trading fees are a small percentage (up to 3%, depending on volume) so it is possible to trade both current crypto holdings and fiat for BTC, too. Other noteworthy features are its non-custodial DeFi wallet — which allows users to send crypto at their preferred speed and earn interest on tokens —, margin trading, prepaid visa cards to spend crypto, and crypto loans.

Binance

Binance has only been around since 2017, but it quickly took the crypto market by storm. It is one of the largest cryptocurrency exchanges in the world that is available in more than 180 countries. Volume on the exchange is high, with about $95 billion in spot volume in the last 24 hours. New crypto traders will find Binance easy to use, But by virtue of low transaction fees, powerful charting tools, and an easy-to-use mobile app that allows for quick, easy crypto trade,  ultimately Binance may be the best option for crypto day traders.

Binance allows crypto traders to trade with almost every altcoin on the market. Users can start trading cryptocurrencies on Binance for as little as $1. The trading platform also has a feature called Binance Academy, where novice crypto traders can learn about cryptocurrencies and blockchain through short videos. Note that Binance does not allow you to exchange USD for cryptocurrencies, but it does accept credit and debit cards. US users must go to Binance.us, a US-regulated cryptocurrency exchange where you can buy and sell more than 60 cryptocurrencies.

Kraken

Kraken is one of the oldest and safest exchanges which has a whole Resource Center full of the basics of trading cryptocurrency. The feature-loaded interface is also easy to use for beginners. Kraken has an in-house proprietary custody system, according to a Kraken spokesperson. In fact, the company says 95% of all deposits on Kraken are kept in offline, air-gapped, geographically distributed cold storage. The only time assets are moved online is when users trade or withdraw them from the platform.

Kraken's fees are also competitive among other cryptocurrency exchanges. Kraken does not have a flat fee for every trade but rather has a volume-based fee structure, so the more you trade, the lower your rate is. However, the exchange's maker-taker fee system is confusing at best, and it often leaves users holding the bag for larger fees than they'd find elsewhere unless they're actively trading during a 30-day period.

Robinhood

You may not think of Robinhood Markets Inc. (HOOD) when you think of cryptocurrency trading. Because it only offers a limited supply of seven cryptocurrencies: Bitcoin, Ethereum, Dogecoin, Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), and Bitcoin SV (BSV). But it has all the essentials for a cryptocurrency rookie, and with the company's mobile-first mindset, Robinhood has built an incredibly easy-to-use app, and no fees for trading means the barriers to entry are extremely low, it might be the best crypto exchange for new traders.

As for security, Robinhood keeps cryptocurrency secured through a combination of hot and cold storage. Hot storage is connected online to the crypto exchange, whereas cold storage is offline. A majority of users' crypto is held in cold storage for additional protection. Robinhood has no minimums for deposit. But Robinhood doesn't let users use their coins for payments – it is strictly a trading app. Robinhood lacks the bells and whistles of its bigger, better-established competition, and advanced users would be better served elsewhere.

Coinbase vs. Crypto.com vs. Binance vs. Kraken vs. Robinhood: Full Comparison

Next， I will compare Coinbase, Crypto.com, Binance, Kraken, and Robinhood in detail from supported currencies, Deposit and Withdrawal Methods, Mandatory Fees, security, and Customer Support.

Supported Currencies

Coinbase offers over 100 different cryptocurrency trading, including classics such as Bitcoin, Ripple, and Litecoin, as well as more obscure ones like Algorand, Augur, Ren, Orchid, and Civic. In addition to being one of the biggest crypto exchanges around, the list of Coinbase supported currencies includes fiat currencies such as US dollars, British pounds, and euros.

Crypto offers over 200 cryptocurrencies, including Bitcoin, Ripple, Dogecoin, Litecoin, and less popular ones, like MANA, VET, and HBAR. This platform also supports a wide range of fiat currencies too, including the euro, pound sterling, US dollar, Australian dollar, Canadian dollar, and Brazilian real. In addition, Crypto allows you to invest in different NFT collections.

Binance allows users to trade more than 60 cryptocurrencies. Among these, you’ll of course find the classics like Bitcoin, Ether, and Litecoin. You’ll also be able to trade lesser-known coins such as Siacoin, Ravencoin, and New BitShares. As for fiat currencies, Binance will accept your American, Australian, Hong Kong, or Canadian dollars, British pounds, and Polish zloty, among many others.

Kraken supports 58 cryptocurrencies currently. It was at the forefront of Bitcoin adoption, so there’s no surprise that the original crypto remains popular here. However, the site also accepts coins like Dogecoin, Litecoin, Kusama, Waves, and many more. Kraken also accepts multiple fiat options, including, but not limited to, USD, EUR, GBP, and JPY.

Compared to other trading platforms,  Robinhood's cryptocurrency selection is somewhat limited. However, you can still find the most popular currencies for trading, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ether, Ether Classic, and Litecoin. In addition to crypto trading, Robinhood account holders can trade stocks, options, and gold.

Deposit and Withdrawal Methods

In terms of trading methods, Coinbase allows you to make purchases by bank wire transfers (and ACH in the States or SEPA in the European Union), as well as credit and debit cards. Withdrawals can also be made through PayPal.  Finally, you can make a Coinbase crypto wallet, which will also lift the $25,000 daily trading limit for wire transfers.

When it comes to payment methods, Crypto allows you to trade cryptocurrencies through its mobile app for iOS and Android devices. This is a centralized custodian, but if you want to be the only person in charge of your cryptocurrency, you can use the Crypto.com DeFi Wallet. With this option, you will be the only person with access to your encryption key.

Binance is considered one of the best fiat-to-crypto exchanges. You won't be able to trade until the money is in your account, so make sure you have enough fiat currency on hand before you start buying. You can pay by bank deposit, credit, or debit card, or you can use one of the third-party payment options.
For unverified accounts, the withdrawal limit is 2 BTC per 24 hours. Verified members can withdraw up to 100 BTC per day.

Kraken allows you to make deposits and withdrawals via SEPA, SWIFT, and domestic and international wire transfers, which is very convenient for EU residents. Some deposit and withdrawal methods are free, while others require a fee. Always check your personal interest rate before making a deposit or withdrawal. Deposits are unlimited. However, depending on your verification level, withdrawals are limited, starting at $5,000 per day and up to $10,000,000 per day.

As perhaps the cheapest Bitcoin exchange, Robinhood allows you to transfer money from your current or savings account. You can deposit money using Robinhood’s mobile app for iOS or Android by linking the bank account to the app. The other option is to access your Robinhood account directly from a browser and link your account. The same goes for withdrawing money. Robinhood allows you to withdraw funds through your mobile app or through the web app. You can make a maximum of five withdrawals per day, or up to $50,000.

One of the best things about Robinhood is that the platform does not charge transaction fees. You can trade cryptocurrencies for free, which is not allowed by most alternative platforms.

Mandatory Fees

The spread fee for buying and selling cryptocurrencies on Coinbase is approximately 0.50%, but there is also a Coinbase fee that represents the greater value between a fixed fee and a variable percentage fee determined by region, product feature, or payment type. Flat fees range from $0.99 (total transaction value less than or equal to $10) to $2.99 (more than $50 but less than or equal to $200). Percentage fees in the US range from 1.49% (US bank accounts and Coinbase wallets) to 3.99% for debit card purchases. ACH deposits are free, while wire transfers cost $10 ($25 outgoing).

Crypto's crypto transaction fees are among the lowest in the market. The final cost depends on your trading volume, but if you trade below $25,000 per month, your fee can be as low as 0.4%. Unlike many other trading platforms, Crypto.com does not charge additional per-transaction fees. In addition, the CRO (Crypto.com Coin) owners can get a discount, but only if you own a certain amount of this cryptocurrency.

In addition to the standard spot transaction fee of 0.1%, there is a 0.5% fee for buying and selling cryptocurrencies on Binance. But traders are encouraged to buy BNB; those who hold the coin can get a 25% discount, which could make Binance the cryptocurrency exchange with the lowest fees.

As a peer-to-peer exchange, Kraken only charges mandatory fees when transactions are completed. This fee can vary from 0% to 0.26% of the total transaction value. A minimum trade fee based on a traded pair is also set in place, and you can also expect some margin fees.

One of the best things about Robinhood is that the platform does not charge transaction fees. You can trade cryptocurrencies for free, which is not allowed by most alternative platforms.

Security

If you like centralized exchanges, Coinbase is probably the best cryptocurrency exchange. You do miss out on full control over your crypto wallet, but in return, you get one of the safest places to store your crypto funds online. Almost 100% of user encrypted funds are held in cold storage around the world, all traffic is fully encrypted, and the wallet is encrypted with 256-bit AES. You will need to submit your bank information for direct deposit and personally identifiable information such as your passport to verify your account. All information is stored securely and is never shared by Coinbase with third parties. Coinbase Security also has a 2FA system and Google Authenticator as a backup, and the USD wallet is covered by FDIC insurance up to $250,000.

Crypto.com employs standard security measures. Once you decide to create an account, Crypto.com will ask you to create a very strong password and verify your account by sending your ID photo and other personal information. The site also uses two-factor authentication as an extra layer of security for your account. Additionally, Crypto has partnered with prominent American banks to provide FDIC insurance for USD accounts.

Although Binance is still relatively new, it has taken all necessary steps to keep the site as safe as possible. However, it is important to mention here that Binance was hacked in February 2019 and $40 million worth of tokens were stolen. On the plus side, the hack made Binance aware of its shortcomings. Since then, security has improved a lot, which means that Binance is now one of the top cryptocurrency exchanges when it comes to security. Binance proudly uses artificial intelligence to aid the verification process, big data analytics solutions to monitor the exchange for suspicious activity, and cyber forensic investigations to track and locate suspects. At Binance, you can rely on the two-factor authentication process, which includes the PIN and private key required to authorize any transaction.

Without a doubt, Kraken is one of the best cryptocurrency exchanges in terms of security. It has never been hacked. This is impressive considering it is one of the oldest exchanges. With Kraken, all cryptocurrencies are kept in a hack-proof offline wallet, and user accounts are secured with two-factor authentication, among many other measures.

In November 2021, Robinhood announced that some user information had been leaked. On the plus side, there is no financial loss. Today, the platform employs industry-standard measures to protect user accounts from bad actors. All communications are secured via the TLS protocol with the latest configuration and ciphers. At the same time, user accounts get extra protection with two-factor authentication.

Customer Support

Customer support is one area where Coinbase could make some improvements. There is a very detailed and well-written FAQ section on the website, but other than that, your only option is to get in touch via email. You can follow the company's status updates on Twitter, but for security reasons, the ticketing system is your only way to get technical support.
While this crypto trading app is intuitive, every user will need help from time to time. Unfortunately, Crypto.com doesn't quite shine when it comes to customer service. It is understood that Crypto’s customer support team is not always able to lend a helping hand.

Unfortunately, Binance's overall good reputation doesn't extend to its customer support services. Many online reviews have mentioned this as a major area for Binance to improve. While it's unlikely you'll get the personalized service you want, you'll find a very detailed FAQ section with the information you need to start trading on Binance.

Customer support is what Kraken excels at. The site's extensive support documentation should be your first stop. If that fails, you can speak to a support agent via 24/7 live chat or email.

Robinhood's customer support isn't the best thing this company has to offer. There is no phone or live chat support, but if you are an account holder you can send an inquiry via email, social media, or the app and an agent will respond within 30 minutes. The platform makes up for its lack of support channels with the vast array of articles and guides you can find on the website.

Coinbase vs. Crypto.com vs. Binance vs. Kraken vs. Robinhood: Verdict

Extrabux is an international cashback shopping site, offering up to 30% cashback from 10,000+ Stores!

Squarespace, SkinStore, MATCHESFASHION, The Wall Street Journal, NordVPN, Visible, Armani Exchange, Sam's Club, PUMA, AliExpress, Card Cash, NET-A-PORTER, Udacity, Udemy, Selfridges, LOOKFANTASTIC, Vimeo, Coach Outlet, lululemon, PrettyLittleThing, Booking.com, Ripley's Aquarium, iHerb, Groupon, etc.

Join to get $20 welcome bonus now! (How does Welcome Bonus work?)