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Coinbase vs Stripe: What are the differences?
Key Differences between Coinbase and Stripe
Coinbase and Stripe are both popular payment platforms, but they have distinct differences that set them apart in terms of their functionalities and target markets.
Integration with Cryptocurrencies: Coinbase is primarily a cryptocurrency exchange and wallet platform, allowing users to buy, sell, and store various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. On the other hand, Stripe is a payment processing service that enables businesses to accept online payments, but it does not support direct integration with cryptocurrencies.
Payment Processing Focus: While both platforms facilitate online payments, Coinbase primarily focuses on cryptocurrency transactions, whereas Stripe caters to a wider range of payment methods, including credit cards, digital wallets, and bank transfers. Stripe's versatility makes it suitable for businesses that operate in both traditional and online markets, whereas Coinbase is more tailored to users specifically interested in cryptocurrency-related transactions.
Geographical Availability: Stripe is available in more than 40 countries worldwide, making it a global payment solution. In contrast, Coinbase is available in over 100 countries, but its services may vary by location due to different regulations regarding cryptocurrency operations. Therefore, Coinbase may not be as widely accessible as Stripe for businesses operating internationally.
Transaction Fees: Coinbase and Stripe have different fee structures. Coinbase charges transaction fees for buying and selling cryptocurrencies, with fees varying depending on the transaction value and payment method used. Stripe, on the other hand, charges a flat transaction fee for each successful payment, regardless of the payment method used. The specific fee rates of both platforms may change over time, so it's essential to review the latest fee structures before making a decision.
Developer Tools and APIs: Stripe offers a comprehensive set of developer tools and APIs that enable businesses to customize and integrate payment functionalities into their websites or applications. This flexibility allows developers to create seamless payment experiences. While Coinbase also provides APIs for developers, its focus is primarily on cryptocurrency-related integrations rather than general payment processing.
Payout Timelines: Another distinction between Coinbase and Stripe is their payout timelines. Stripe typically processes payments and initiates payouts to businesses within two business days. Coinbase, on the other hand, may take longer due to additional security measures associated with cryptocurrency transactions, which can sometimes result in longer processing times.
In summary, Coinbase caters specifically to cryptocurrency transactions, providing an integrated platform to buy, sell, and store cryptocurrencies, while Stripe is more versatile, offering a broader range of payment options and serving businesses across various industries.
With COVID-19 looming over us, businesses are, more than ever, looking for ways to set up online payments.
And having recently gone through implementing both Stripe and GoCardless to get monthly subscriptions set up and automated on my company website, I felt there was no better time to write this blog post!
If you're currently looking at working with a Payment Gateway provider API, or you're currently working with one but are not a fan, are looking to automate things a bit more, or are just generally thinking about changing, then you should have a read of my latest blog post where I compare Stripe and GoCardless.
I compare APIs in depth, specifically the subscription checkout flow that both offer (they're very similar, with some BIG differences).
There are plenty of code examples on how to set it up in a Node.js environment and right at the end, I rate each API based on the following factors:
- API ease of use
- API documentation
- Payment pages
- Costs / fees
- Security
- Developer appeal
- Customer experience
- Free Trial
So feel free to check it out, and I hope you like it. Please leave any feedback as it is very helpful. Thanks!
Stripe was made with developers in mind first so the extensibility of it is great! This makes it very easy for us to integrate and automate as much as we need with its APIs and SDK. It allows a lot of customization of exactly what we need to build our applications. They also manage all of our customers from a tax and accounting perspective which makes it easy from a business standpoint.
Pros of Coinbase
- Great payments API9
Pros of Stripe
- Easy setup302
- Developer friendly292
- Well-designed api248
- Great documentation191
- Clear pricing169
- Secure75
- Reliable74
- Full integration with webhooks63
- Amazing api43
- Great customer support38
- Easy11
- Credit cards never hit your server - no pci worries6
- Recurring billing5
- No merchant account/gateway required4
- BitCoin3
- Easy to integrate3
- Support for SCA (Strong Customer Authentication)2
- Fast UI2
- Great app2
- Beautiful1
- Payments without own backend (using Stripe Products)1
- Connect1
- Checkout.js1
- Great UI1
- So easy to use1
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Cons of Coinbase
Cons of Stripe
- Connect4
- CANNOT withdraw USD to a Canadian Bank Account2
- Does NOT have a currency conversion option like Paypal2
- They keep 25% of the income for 60 days2
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What is Coinbase?
What is Stripe?
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