Should Beginners Buy Shiba Inu on Coinbase or Binance?

If you are new to cryptocurrencies, it can take effort to figure out which site is best to buy digital assets, especially if you want to purchase popular tokens like Shiba Inu. When people talk about Shiba Inu coin, they often mention Coinbase and Binance, two of the most popular cryptocurrency markets. But which is better for the beginners?

We’ll look at how easy it is to use, how much it costs, how safe it is, and what features are available on Coinbase and Binance as places to buy Shiba Inu coin (SHIB). Let us break it down so you can make the best choice.

What is Shiba Inu Coin?

Know what Shiba Inu currency is before comparing platforms. Another term for Shiba Inu coin is “SHIB.” It’s an Ethereum ERC-20 token. Dogecoin inspired its August 2020 creation, which has a Shiba Inu mascot. Shiba Inu coin differs from Dogecoin in terms of blockchain technology and objectives. 

SHIB became popular quickly in 2021 after its pricing rose, owing to social media hype and celebrity backing. Though called a “meme coin,” it promotes art through NFTs and Shiba Inu dogs. 

Key Differences Between SHIB and Dogecoin

Based on memes and featuring dogs, Dogecoin is a cryptocurrency with its own blockchain, while Shiba Inu coin is an ERC-20 token. Consider this while considering SHIB transaction fees and tokenomics. 

Now that you know a bit about SHIB, let’s compare two of the top exchanges where you can buy Shiba Inu coin.

Coinbase vs Binance: Which is Best for Buying Shiba Inu Coin?

1. Ease of Use and User Interface

1. Coinbase: Many consider Coinbase one of the most accessible coin exchanges for beginners. Its UI is sleek, simple, and designed for cryptocurrency novices. Coinbase simplifies Shiba Inu cryptocurrency buying, selling, and storage. This is ideal for beginners who dislike sophisticated platforms. After signing up and completing KYC, you can quickly deposit Money with a credit or debit card or bank transfer. SHIB is easy to buy on Coinbase for cryptocurrency beginners.

2. Binance: Binance is famous yet challenging for novice users to learn. New crypto users may need help to keep up with all the complicated trading options, charts, and technical tools. Binance’s “Lite” mode simplifies the design for beginners. Even in Lite mode, Binance’s layout may be more complex than Coinbase’s. 

2. Transaction fees 

1. Coinbase: Coinbase charges exorbitant fees for tiny purchases, the site charges a fixed cost plus a payment method- and location-based fee. Credit card purchases of Shiba Inu coins usually incur more expenses than bank transfers. Coinbase’s fees are straightforward but can mount up if you buy a lot. 
2. Binance: Due to lower costs, Binance prefers Coinbase when buying Shiba Inu cryptocurrency. Binance charges 0.1% for most transactions. You can reduce this cost by holding and trading Binance Coin (BNB). You can save a lot on fees by buying a lot of SHIB or trading often on Binance. 

3. Security

1. Coinbase: Coinbase’s safety is a plus, the exchange secures 98% of customer funds in cold storage and ensures online digital assets. Coinbase has never had a significant security breach and respects regulators’ rules. Coinbase is ideal for safe beginners. 
2. Binance: Other security features on Binance include two-factor authentication (2FA) and a Secure Asset Fund for Users (SAFU) for hacks. Binance is one of the safest sites in the world, yet some have checked it for compliance. Coinbase is slightly better at protecting users and explaining restrictions. 

4. Availability of Shiba Inu Coin

1. Coinbase: Millions of individuals worldwide could buy and sell Shiba Inu coins on Coinbase in late 2021. For North American customers or those in countries where Binance isn’t available, Coinbase is one of the largest US platforms with many users. 
2. Binance: However, Binance was one of the first major platforms to list Shiba Inu. Its larger SHIB funding pool allows for faster and more frequent exchanges. Due to its more extensive user base and market, Binance is undoubtedly the best option for users worldwide, especially in Asia. 

5. Features and Extra Benefits

1. Coinbase: Coinbase is also user-friendly. Coinbase Earn offers several learning tools that allow users to explore and earn modest amounts of currency for free. Besides training and basic trading, Coinbase provides SHIB holders with a few advanced services. 
2. Binance: Binance provides many tools beyond trading. You can stake, trade futures, use advanced charting, and trade on credit. Binance also has an NFT store where users may purchase and sell Shiba Inu NFTs. 

6. Customer Support 

1. Coinbase: Coinbase’s customer service is generally good, although some consumers say they answer too slowly during busy times. Phone service is accessible for specific issues, but the site features a thorough help centre and email support. Coinbase’s assistance is sufficient for beginners. 
2. Binance: Binance’s 24/7 live chat and lengthier FAQ page improve customer service. Binance serves individuals worldwide; thus, some users say they can’t communicate, and the service could be faster during peak periods. Generally, Binance’s customer care is more accessible to reach than Coinbase’s. 

SEE ALSO: Top Crypto Wallets for Storing Shiba Inu Coin Safely (USA Users Guide)

Conclusion

Coinbase is preferable for newcomers who desire straightforward cost structures, top-notch security, and easy shopping. Coinbase makes buying Shiba Inu coins easier but costs more because of the higher fees. However, Binance has more features and costs less. This is ideal for beginner traders seeking lesser fees and more complex trading options. Binance may be superior if you are okay with a more sophisticated interface and want more crypto features. This is especially true if you wish to trade or acquire other cryptocurrencies.