In the binary online (or "causal") channel coding model, a sender wishes to communicate a message to a receiver by transmitting a codeword $\mathbf{x} =(x_1,\ldots,x_n) \in \{0,1\}^n$ bit by bit via a channel limited to at most $pn$ corruptions. The channel is "online" in the sense that at the $i$th step of communication the channel decides whether to corrupt the $i$th bit or not based on its view so far, i.e., its decision depends only on the transmitted bits $(x_1,\ldots,x_i)$. This is in contrast to the classical adversarial channel in which the error is chosen by a channel that has a full knowledge on the sent codeword $\mathbf{x}$. In this work we study the capacity of binary online channels for two corruption models: the {\em bit-flip} model in which the channel may flip at most $pn$ of the bits of the transmitted codeword, and the {\em erasure} model in which the channel may erase at most $pn$ bits of the transmitted codeword. Specifically, for both error models we give a full characterization of the capacity as a function of $p$. The online channel (in both the bit-flip and erasure case) has seen a number of recent studies which present both upper and lower bounds on its capacity. In this work, we present and analyze a coding scheme that improves on the previously suggested lower bounds and matches the previously suggested upper bounds thus implying a tight characterization.