Pionex vs Coinbase: Which Platform Reigns Supreme?
Jack Moreau
Aug 2023
9 min read
Fact checked
If you're trying to decide whether Pionex or Coinbase is the better crypto exchange, look no further. Our team has deep dived into their respective product features, trading fees and much more to help you make the right choice. In this comprehensive comparison, you'll gain valuable insight into the strengths and weaknesses of both Pionex and Coinbase.
Pionex is a relatively new player in the cryptocurrency exchange space having been launched in 2019.
Despite its young age, Pionex has quickly gained popularity for its unique use of trading bots which automate trading strategies for users.
Pionex trading bots
The platform offers over 370 different cryptocurrencies including large caps like Bitcoin, Ethereum, Cosmos as well as many lesser-known altcoins.
Pionex is estimated to have over 1 million users around the world with over 500,000 downloads on its Android app and an average rating of 4.2 stars.
Pionex app
Pionex offers a wide selection of over 370 cryptocurrencies to choose from, making it a great option for those looking for a diverse range of trading pairs.
Founded in 2012, Coinbase is known for being a secure, highly regulated and user-friendly exchange.
Coinbase exchange interface
Coinbase provides support for over 200 cryptocurrencies which means that users will be able to find most well known cryptocurrencies on the platform.
Coinbase also offers a good range of products such as spot trading, recurring buys, staking, learn and earn and some custody solution for institutional investors.
Coinbase app
The exchange caters to both retail and institutional investors with its advanced trading platform, Coinbase Pro, offering additional features and lower fees.
Coinbase has over 10 million downloads on both Android and IOS and an average rating of 4.1 stars based on over 750,000 reviews.
Pionex vs Coinbase Signup & KYC
There are a few things to keep in mind when it comes to signing up for a cryptocurrency exchange.
One of the most important quesions is if the exchange requires all of it's users to pass a Know Your Customer (KYC) process.
Pionex level 1 verification
This is used to verify a user's identity. In this area, Pionex and Coinbase have taken a similar approaches as KYC is required by both exchanges.
To sign up for Pionex, all you need is an email address or phone number. Once you've logged in, you'll be prompted to complete the KYC verification process.
This can usually be done within 15-60 minutes which is quite fast compared to many other exchanges. In my case, once I uploaded my ID and conducted the face scan, the verification was completed within 2 minutes.
Like Pionex, KYC is required to trade on Coinbase. To sign up for Coinbase, you need to provide your full name, email and then verify your email in order to login to your account.
The verification process takes a few minutes to submit the required documents and can be verified in a few minutes to a few hours.
However, the verification process in most cases take longer than Pionex and is worst cases up to a business day or two.
Pionex vs Coinbase Products & Services
With a slick and streamlined user experience, Coinbase makes it easy for beginners to begin buying nad selling cryptocurrencies.
Plus, with a wide range of products and services including spot trading, lending and borrowing, and NFTs, Coinbase offers something for everyone. But if you're a bit more advanced and looking for sophisticated trading tools, Pionex might be more up your alley.
Coinbase products
Pionex offers spot and leverage trading as well as an interesting derivative product called Lotto where users can bet on price direction with leverage.
In addition, they have 16 grid bots that let you automate different trading strategies. Plus, with daily spot trading volume frequently exceeding $1.5 billion, Pionex is a top 10 exchange in terms of liquidity.
One major factor to consider when deciding which exchange to choose is trading fees. Let's compare Pionex and Coinbase and see which one offers lower fees.
First up, let's take a look at Coinbase's trading fees. They charge a spot maker fee of 0.40% which is on the higher end compared to other exchanges like Binance and OKX which charge 0.1%.
Coinbase spot fees vs Pionex
Their spot taker fee is even higher at 0.60%. Unfortunately, Coinbase doesn't offer futures or margin trading so there are no fees to discuss there.
Now let's continue with Pionex. They offer the lowest spot trading fees on the market with a maker and taker fee of just 0.05%.
For leveraged products, the fee doubles to 0.1%, which is still much lower than Coinbase's fees.
While Coinbase doesn't offer futures trading, Pionex does, and they charge a futures maker fee of 0.02% and a futures taker fee of 0.04%.
Pionex spot fees
Pionex trading fees are not only impressive compared to the higher fees of Coinbase but are actually some of the lowest trading fees on the market.
In terms of deposit methods, Pionex and Coinbase offer different options for their users. Pionex only allows for bank deposits in EUR via SEPA. Pionex's deposit options may be limited but they do not charge any fees for deposits made via SEPA. Users on Pionex can also purchase crypto with credit and debit cards through third-party providers like Banxa, Simplex and AlchemyPay.
Buy crypto with card on Pionex
Meanwhile, Coinbase has a wider range of fiat currencies that can be deposited such as USD, EUR, and GBP. Deposits can be made via ACH, wire transfer (USD), SEPA (EUR), and Swift (GBP). Coinbase ACH deposits are free and wire transfers come with a fee of $10 USD.
Coinbase fiat deposits
Coinbase offers the convenience of having multiple fiat currencies and deposit methods, including bank transfers and various fiat currencies. Overall, both exchanges offer their own unique options for depositing funds. It ultimately comes down to the user's preference and the specific fiat currencies they want to use. Pionex may be more suitable for those who have EUR as their primary currency while Coinbase offers more flexibility with additional fiat currencies such as USD and GBP.
Let's continue by looking at the withdrawal methods offered by each exchange. Starting with Pionex, users are only able to withdraw cryptocurrencies from the platform. Withdrawing Bitcoin comes with a fee of 0.0004 BTC while withdrawing Ether comes with a fee of 0.0004 ETH. Withdrawing SOL incurs a fee of 0.01 SOL and withdrawing ERC-20 USDT comes with a fee of 10 USDT.
Coinbase also users have the option to withdraw fiat currencies as well as cryptocurrencies. Fiat withdrawals are available via ACH, wire transfer, SEPA, and Swift, with different fees depending on the method chosen. ACH withdrawals are free while wire withdrawals come with a $25 USD fee. SEPA withdrawals have a fee of 0.15 EUR and Swift withdrawals come with a 1 GBP fee.
As for cryptocurrency withdrawals, Coinbase charges a fee of 0.0001 BTC for Bitcoin withdrawals and $3 fee when withdrawing USDT. Both Coinbase and Pionex generally don't charge too high fees when withdrawing cryptocurrencies. The big downside of Pionex however is the lack of fiat withdrawals.
In conclusion, Pionex is a relatively new player in this space but has quickly garnered popularity for its unique use of trading bots and its fast KYC verification process. With over 370 cryptocurrencies to to buy and sell, Pionex offers a wide selection of digital assets that will satisfy most users.
Moreover, Pionex has some of the lowest trading fees on the market with only 0.05% spot fees for makers and takers. This makes it a great option for those looking to save money on trading fees. Even more so when compared to Coinbase's high 0.4-0.6% maker and taker fees.
Coinbase is one of the biggest players in the industry with over 100 million users worldwide. They offer more traditional products and services as they are a highly regulated exchanged based in the US. These services include spot trading, staking, and educational programs. With over 200 cryptocurrencies supported, Coinbase caters to both retail and institutional investors.
One clear upside that Coinbase has compared to Pionex is that it offers much more flexibility when it comes both to the number of support fiat currencies but also deposit and withdrawal methods. In this regards, Pionex is best used by depositing cryptocurrencies to trade as opposed to buying crypto with fiat currencies.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
