Are you looking for a cryptocurrency exchange platform and couldn’t decide which one to choose between CoinW and Binance? In this post, we will compare CoinW and Binance in terms of features, similarities, differences, advantages, and disadvantages.
Binance and CoinW are two cryptocurrency platforms with very different modes of operation. Binance provides international traders with hundreds of currency trading options, while CoinW, on the other hand, provides traders with a lesser amount of trading options.
Although the CoinW platform is easy to use, it isn’t nearly as easy as Binance. The Binance USD is less elaborate, with limited options and higher fees.
We will compare the overall price for various transaction types, security, features, and customer service for both platforms.
CoinW vs. Binance: Overview
With similarities in functions and differences in methods and approaches, Binance and CoinW stand out in their uniqueness and modes of operation.
Both platforms have merits and are widely successful in cryptocurrency. They provide feature upgrades that help you get the best from using them.
When choosing a platform, one must know about the services offered, transaction fees, and monetary requirements. Understanding the terms and conditions is essential before drawing a conclusion on which platform is tailored for you.
CoinW Overview
CoinW is a relatively new platform launched in 2017 for cryptocurrency exchange and trading. It boasts over 7 million users, 50, 000+ app downloads on the google play store, and an excellent average user rating of 4.8/5.
The platform consists of investors and technical experts who have gathered rich experience working for top companies like google and oracle in high-frequency trading, security protection, and infrastructure development.
The platform was launched in 2017 and provided financial services in over 120 countries.
As a significant player in the cryptocurrency industry, CoinW has created product trends by choosing high-quality crypto assets for investors and creating new technology models for their users.
They offer financial services and trading options like; contract trading, spot trading, ETF, OTC, and overall asset management.
CoinW’s user platform has strict guidelines for users that are tailored to meet their values. These values include, but are not restricted to – wealth creation, quality service, and transparency. They have obtained financial regulatory licenses in areas where they operate to protect users’ interests.
Both buyers and sellers of cryptocurrency on the platform must adhere to strict guidelines to carry out any transaction on the platform.
CoinW has an app where users can create accounts or signup to perform various trading transactions like buying and selling cryptocurrency and transfers and exchanges. Users can perform multiple transactions on the app and access various tools and services.
Users can also withdraw their earnings using any preferred method of their choice.
As an alternative to using the app, users can also create accounts or login into their accounts on the CoinW website to perform all trading transactions.
Binance Overview
Features: Over 200+ Supported cryptocurrencies, with their own Binance Coin (BNB) and Binance USD coin included.
Binance boasts of over 90 million registered users
Fees: Low transaction fees, 0.10% for spot trading fees, and 4.5% for debit card withdrawals.
Binance allows its users to buy or sell bitcoin and other cryptocurrencies – this is considered their specialty. It has also developed two cryptocurrencies recently: The Binance coin (BNB) and Binance USD(BUSD).
The Binance coin (BNB) was launched in June 2017, starting as an Ethereum token and later moved to the Binance Smart Chain (BSC). The Binance Smart Chain was launched in 2020 and later merged with the former and initial Binance Chain to undergo a rebranding into the BNB (Binance Coin) Chain.
The Binance Coin Chain is operated using validation of “Proof of Stacked Authority,”; a combination of proof of stack and proof of authority. With over 20 Validators, the Binance coin is currently the cryptocurrency with the third largest market capitalization behind Ethereum and Bitcoin.
A huge bonus is that users on the platform are allowed to pay transaction fees using their Binance Coin.
Supported by Binance is the smart contract feature, which involves an automatically executable computer program that controls and records critical processes according to the forms of agreement in it. This feature helps in reducing fraud and ensuring user safety.
Binance is also compatible with the Ethereum Virtual Machine (EVM). The EVM isn’t a physical machine but a virtual run-time environment for transaction execution in Ethereum. The environment includes a stack, program counter, storage for all accounts, memory, and a gas balance for calculating transaction fees.
The Binance USD is a stablecoin released by Binance in September 2019.
Stablecoins are cryptocurrencies whose value is attached to referenced assets. These assets are usually in the form of fiat money, cryptocurrency, or exchange-traded commodities.
They are designed to reduce volatility associated with cryptocurrency. Stablecoins are becoming increasingly popular as a means of trading assets, sending money internationally, and earning interest on stored cryptocurrency.
The Binance USD has a current market capitalization of $20 billion and is restricted to the United States. It is a widely popular stablecoin and the 3rd largest stablecoin.
Over time, Binance has evolved into serving entertainment purposes, with the Binance Coin serving as payment for virtual gifts and lottery tickets.
The process of creating a Binance account and signing up is relatively easy. To create an account, signup on their website, verify your identity, and fund your account using any payment option.
Alternatively, you can create a Binance account by downloading their app from the play store, signing up, verifying your identity, and finally funding your account.
The steps above are easy and can be performed in less than 10 minutes.
The app provides a higher level of security, using the Secure Asset Fund Users (SAFU funds) to protect the interests of its users. In addition, users can set price alerts to know when there is a fluctuation in prices or a change in trends.
Users can also earn interest on their bitcoin and crypto holdings, and users can also send and receive crypto from friends and family using QR codes.
Also, the Binance Custody app is available on the google play store for storing cryptocurrencies for institutional investors only.
This app helps institutions store their cryptocurrencies using robust asset management and bank-grade security. In addition, storage security is guaranteed with the operation of Binance custody, an independent custody platform owned by Binance for the safe keeping of clients’ funds.
In addition to the Binance Custody app is the Binance Academy – for users who wish to learn about blockchain and cryptocurrency technologies.
The Binance academy allows users to sign up and learn what they should know about cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Users learn how Bitcoin blockchain and Ethereum smart contracts work and how technologies like Plasma and Sharding are revolutionizing cryptocurrency. Also included in the academy are materials and resources on crypto trading technical indicators and information on how crypto signals and technical analysis can help give you an edge in understanding cryptocurrency’s mode of operation.
CoinW vs. Binance: Review
Below are reviews from users on these three review sites for CoinW and Binance.
CoinW: Review
On the Google Play Store, CoinW has an average rating of 3.9/5.
A vast majority of users gave a 5/5 rating with positive feedback, whilst the lower percentage gave a critical 1/5 rating.
In general, the platform has high positive user feedback and engagement.
Binance: Review
Below are reviews from Binance users on these three review sites; G2, Capterra, and Trust Radius.
G2
On the G2 software and app review website, Binance has an overall user rating of 4/5, as seen in the screenshot below.
Also below are screenshots of users’ ratings of the platform.
Binance users have expressed their thoughts and satisfaction with the platform. Most of the reviews left by the users show that they would gladly recommend Binance to others.
Most Binance users seem very satisfied with its services and features, as seen in the screenshots above.
Capterra
On Capterra, Binance has an overall user rating of 5/5 from over 24 reviews left by platform users.
These reviews were verified before posting to ensure fairness and transparency, so you can be sure that these are legitimate views.
Also, users generally seem satisfied with Binance and consider it one of their safest options for trading cryptocurrency.
In general, users seem to enjoy trading on the Binance platform and look forward to seeing the incorporation of better features.
Trust Radius
On Trust Radius, Binance has an average user score of 8.7/10.
Reviews from users show a high delight rate with the platform.
CoinW vs. Binance: Ideal for?
CoinW
CoinW is a good option for cryptocurrency traders because it allows them to exchange cryptocurrencies and buy and sell them. Those who want to use Binance Coins exclusively shouldn’t use it. The CoinW exchange platform offers many features for anyone looking to exchange cryptocurrencies.
Binance
Binance is ideal for individuals who wish to trade cryptocurrencies and earn interest on their crypto holdings. Binance is also ideal for institutions or companies who wish to store crypto for future use. In addition, it is ideal for users who wish to learn and understand how cryptocurrency operates.
CoinW vs. Binance: Support
In this section, we will examine the customer support of both platforms.
CoinW Support
Live Chat
CoinW has Live Chat support for users and visitors to ask questions or report issues they might have encountered or are currently facing.
Email Support
The email support feature is currently unavailable. It is most likely that this feature will be added soon. Presently, other support channels are available for CoinW users like; Telegram, Medium, Weibo, and Twitter.
Binance Support
Live Chat
Presently, Binance has a Live Chat option for users to ask questions and get professional advice from operators. Users can also perform simple tasks like verifying their identity using the Live Chat feature.
Email Support
The email support feature is currently available for users who wish to submit formal requests or complaints. Email Support is an effective channel for resolving customer concerns relating to their service. There is no need for parties to be online to maintain the conversation.
CoinW vs. Binance: Pros and Cons
Let’s quickly examine the pros and cons of both platforms.
CoinW Pros
· Cryptocurrency trading
· Cryptocurrency exchange
· Extensively available cryptocurrencies
CoinW Cons
· Lack of detailed information for visitors and first-timers.
· Instability of Live Chats
· Slow response rates
· Complicated interface
Binance Pros
· The software has an interactive user interface.
· Analysis tool included.
· Users are offered interest in their investments.
· Users are offered educational resources to learn how to perform trading transactions and operations.
· Users are charged low exchange fees.
· Prompt customer support to answer all their questions.
· Best selected cryptocurrencies
· Fast crypto transfer
· Easy trading
· Useful for investment purposes
· Useful for entertainment
Binance Cons
· Slow response rates
· Multiple Identity verification requirements
· A small number of supported banks
· Unclear transaction fees
· A small number of payment integrations
· Complicated application interface
· Slow load time
Conclusion
Binance and CoinW are excellent platforms for individuals to trade cryptocurrencies and carry out exchanges.
With easy steps to set up your profile and verify your identity, Binance has low transaction fees and a secure payment protection application that creates a transparent system for buyers and sellers.
CoinW, on the other hand, is a growing crypto exchange platform. The platform is easy to navigate and offers amazing features for you as a crypto trader.
In conclusion, both platforms offer users incredible opportunities and resources for trading transactions
To start your journey into the world of cryptocurrency, register an account on CoinW or Binance.
This brings us to the end of this post, if you have any questions, kindly drop them in the comments section below and I will answer them.
Frequently Asked Questions
Yes, it’s called CoinW token (CWT).
Depending on your goal, Binance might be the better option for you.
Binance has lower transaction fees compared to CoinW.