When discussing platforms and applications to trade cryptocurrencies, the two most popular options today are Binance and Coinbase. Like most tools that allow us to operate with virtual assets, each solution has certain commissions applied when buying and selling cryptocurrencies, regardless of their nature (Ethereum, Bitcoin, Dogecoin, etc.). To shed some light on the two most well-known platforms, we have put the Coinbase vs. Binance commissions in front to find out the fees that apply to the purchase and sale of virtual currencies.
COINBASE COMMISSIONS IN 2021 FOR TRADING CRYPTOCURRENCIES
The Coinbase system for applying commissions in virtual asset purchase and sale operations is determined by the type of currency, its monetary value, and the total amount of the operation. The map that establishes the platform is the following:
- Suppose the transaction amount is less than or equal to 10 dollars. In that case, the commission applied is 0.99 dollars, 0.99 euros, 0.99 British pounds, 0.99 Mexican pesos, 0.99 Canadian dollars, 0 99 Singaporean dollars, or 0.99 Chilean pesos.
- Suppose the transaction amount is greater than 10 dollars and less than or equal to 25 dollars. In that case, the commission applied is 1.49 dollars, 1.49 euros, 1.49 pounds sterling, 1.49 Mexican pesos, 1.49 Canadian dollars, Singapore dollars 1.49, or Chilean pesos 1.49.
- Suppose the transaction amount is greater than 25 dollars and less than or equal to 50 dollars. In that case, the commission applied is 1.99 dollars, 1.99 euros, 1.99 British pounds, 1.99 Mexican pesos, 1.99 Canadian dollars, Singapore dollars, 1.99 or Chilean pesos 1.99.
- Suppose the transaction amount is greater than 50 dollars and less than or equal to 200 dollars. In that case, the commission applied is 2.99 dollars, 2.99 euros, 2.99 pounds sterling, 2.99 Mexican pesos, 2.99 Canadian dollars, 2.99 Singapore dollars, or 2.99 Chilean pesos.
For over 200 dollars, euros, British pounds, Mexican pesos, Canadian dollars, Singapore dollars, or Chilean pesos, Coinbase has not specified a fixed percentage, so it is understood that it could vary depending on the transaction amount. To all this map of commissions, we must add the surcharges that Coinbase applies depending on the user’s location and the type of card, service, or bank account used to carry out the transaction.
CANADA
| Purchase via debit card | Standard sale via PayPal |
| 3.99% | 1% |
CHILI
| Purchase through debit and credit card |
| 3.99% |
EUROPE
| standard sales | Instant purchase via credit card | SEPA deposit and withdrawal transfer | Instant withdrawal via cards |
| 1.49% | 3.99% | Free for deposits and 0.15 euros for withdrawals | Up to 2% on any transaction with a minimum commission of 0.55 euros |
For SWIFT payments (international transfers), a fixed amount of 5 euros will be charged, which cannot be returned if the amount does not exceed those 5 euros .
MEXICO
| Purchase through debit and credit cards. |
| 3.99% |
SINGAPORE
| Purchase through debit and credit card | Goods and services rates |
| 3.99% | 7% of the amount of the commission applied |
UNITED KINGDOM
| standard sales | Instant purchase via debit card | SEPA deposit and withdrawal transfer | Instant payment | Instant withdrawal via cards |
| 1.49% | 3.99% | Free for deposits and £0.15 for withdrawals | Free | Up to 2% on any transaction with a minimum commission of £0.55 |
USA
All transactions made in US territory have a fixed commission of 4% on the final amount of the transaction. Based on this commission, the fees vary depending on the nature of the means used to sell assets.
| Method of payment and withdrawal for the sale | The commission applied after an exempt amount |
| American bank account | 1.49% |
| Coinbase dollar wallet | 1.49% |
| A debit card or PayPal account | 3.99% (banks may apply a small purchase commission through cards) |
| Instant withdrawal via cards | Up to 1.5% on any transaction with a minimum commission of $0.55 |
| deposit method | The commission applied after an exempt amount |
| Transfer via ACH | Free |
| Credit Transfer (Wire Transfer) | $10 (or $25 out) |
| Paypal account | 2.5% |
BINANCE COMMISSIONS IN 2021 FOR THE SALE OF CRYPTOCURRENCIES
Unlike Coinbase, Binance segments its commission map based on the platform’s VIP levels presented in 2019: the higher the level, the lower the percentage that will be applied to the commission when making transactions within the platform .
| Level | 30-day trading volume (Bitcoin value) | Condition | BNB Balance | Commission for the purchase | commission for sale |
|---|---|---|---|---|---|
| VIP 0 | less than 50 BTC | either | equal to or greater than 0 BNB | 0.1000% | 0.1000% |
| VIP 1 | greater than or equal to 50 BTC | and | equal to or greater than 50 BNB | 0.0900% | 0.1000% |
| VIP 2 | greater than or equal to 500 BTC | and | equal to or greater than 200 BNB | 0.0800% | 0.1000% |
| VIP 3 | greater than or equal to 1,500 BTC | and | equal to or greater than 500 BNB | 0.0700% | 0.1000% |
| VIP 4 | greater than or equal to 4,500 BTC | and | equal to or greater than 1,000 BNB | 0.0700% | 0.0900% |
| VIP 5 | greater than or equal to 10,000 BTC | and | equal to or greater than 2,000 BNB | 0.0600% | 0.0800% |
| VIP 6 | greater than or equal to 20,000 BTC | and | equal to or greater than 3,500 BNB | 0.0500% | 0.0700% |
| VIP 7 | greater than or equal to 40,000 BTC | and | equal to or greater than 6,000 BNB | 0.0400% | 0.0600% |
| VIP 8 | greater than or equal to 80,000 BTC | and | equal to or greater than 9,000 BNB | 0.0300% | 0.0500% |
| VIP 9 | greater than or equal to 150,000 BTC | and | equal to or greater than 11,000 BNB | 0.0200% | 0.0400% |
Another of the differences that Binance keeps from Coinbase is that fees are not applied based on the monetary value or the user’s country of origin.
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