2021-5-12 16:32 |
The cryptocurrency industry has been on an upward trend in recent years. Success in the cryptocurrency largely depends on the ability to identify the right market trends which is in turn determined by the type of cryptocurrency exchange you select. In this article we give a detailed side-by-side comparison of two of the top trading platforms (but not only trading, as both rapidly expand their offering and grow into real ecosystems) for cryptocurrencies; Binance and Crypto.com.
For newcomers in the crypto industry, selecting the right trading platform may be a challenge, especially considering the recent years have seen an explosive growth of Decentralized Finance (DeFi). Factors to consider when selecting a crypto trading platform include security, fees, user experience, and the type of crypto assets supported among others.
Quick 1-minute recap: If you are a US-based user, there is no dilemma for you: Crypto.com is the exchange to choose since Binance is not available to you and Binance.us is a pale copy of its mother-company.As for the rest of the world – Binance is by far the better exchange to use. The sheer number of features and the fact that you can use it with no KYC (up to certain amounts of crypto: 2BTC daily withdrawal limit which will suffice for the vast majority of crypto traders) speak for Binance.
Binance has more listed coins than Crypto.com, has lower fees, has more additional features (savings, launchpad, NFT marketplace, loans, derivative trading etc).
When it comes to customer support and regulatory status – Crypto.com is the winner. It is a registered and US based company that strictly adheres to the pertinent laws and regulations in the US. As for Binance, they hide their headquarters like a snake hides its legs. Their customer support is overwhelmed with tickets most of the time and stories about inexplicable account freezes, fund lockups and similar restrictions are very common. However, considering the millions of users Binance has, these represent an extremely tiny percentage which means that Binance still does a good job when it comes to its customer support.
Visit Binance Now Visit Crypto.com Now
Before we move on, here is a full Binance review. Click here to read a complete Crypto.com review.
BinanceBinance is a leader in the cryptocurrency industry and supports more than 200 cryptocurrencies. It is the largest cryptocurrency exchange platform in the world in terms of trade volume. The Binance crypto trading platform offers some of the most competitive rates in the industry and is suited for both beginners and seasoned traders.
The company was founded by its current CEO Changpeng Zhao back then in 2017 and it has its headquarters in Malta. The exchange offers investors with the widest variety of crypto assets to invest in.
Crypto.comCrypto.com is a cryptocurrency staking and investing platform founded in 2016 by four founders Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. The company has its headquarters in Hong Kong.
Crypto.com users can buy, sell, trade, and earn interest from their cryptocurrencies using a mobile app on their phones. The platform has its own native cryptocurrency called CRO which holders can use to pay for goods and services in the Crypto.com Wallet App. The platform allows users to swap or stake CRO coins in order to boost their yields.
Factors to consider when selecting a trading platform include; The reputation of each exchangeTransaction FeesAccessibility of Services and Funds The Reputation of Each ExchangeThe reputation of the exchange is very important in ensuring that you are placing your assets in the right hands. It is indicative of how secure your money will be in an exchange’s wallet.
Transaction FeesFees have an impact on the level of profit from any trading activity. Both Binance and Crypto.com have varying fees on various transactions like deposits, withdrawals, and transfers of crypto assets. You therefore need to pay a lot of attention to all the fees on the various transactions.
Accessibility of Services and FundsYou also need to ensure that the platform selected is easily accessible and also offer instant trading. This gives trader the ability to track any small changes in the market and take remedies to protect their assets from loss.
Last but not least, you want to ensure accessibility to the funds you trade. It requires finding a platform that offers instant access to your funds. You’ll need to explore issues such as liquidity, the efficacy of a platform’s hot wallet, and its capacity to match orders in real-time.
Binance vs. crypto.com: Supported CurrenciesBinance is known for having a wide variety of altcoins with more than 500 altcoins available to non-U.S users. The platform however supports 52 coins on its Binance.US version. Coins traded on Binance include Dogecoin (DOGE), VeThor Token (VTHO), Harmony (ONE), VeChain (VET), and BND to name a few.
Currently Crypto.com supports 87 coins including AAVE, BNT, BTC, and CELR.
Binance vs. crypto.com: SecurityBinance has faced several security scares since its launch. In 2018, an attempted breach into Binance was flagged by the platform’s security system which prevented the hackers from withdrawing members’’ funds.
There are several features and strategies that Binance has implemented to secure its members assets; The users’ accounts are password protected and the users maintain full control of their accounts and assets.The Two-Factor Authentication (2FA) through Google Authentication and SMS. While SMS is an open option, Google Authentication is recommended as sim swapping may land the users account in the wrong hands in case the user’s simcard is replaced by fraudsters.Binance has another security feature called Address Management, where users can manage and limit the number of wallet addresses that can withdrawal funds.Binance also supports U2F-compatible authenticators like Yubico YubiKey that protect the user’s account and only grant access if the user plugs then into the computer or paired via a wireless connection. Below are strategies undertaken by Crypto.com to secure members’ assets; The platform operates a Zero Trust, Defence in Depth security strategy across its platforms and systems where data privacy assessments are built into the all processes to safeguard users’ personal information. Crypto.com has a long-standing strategy of strengthening its security features by implementing the latest security software.The company has a dedicated team that screens all assets deposited on Crypto.com for compliance.Crypto.com has signed a strategic partnership with Ledger for integration of the Ledger Vault, an institutional-grade custody solution. The exchange also leverages hardware security modules (HSM) and multi-signature technologies. Binance vs. Crypto.com: FeesIn terms of pricing and fees, Binance offers some of the lowest fees in the crypto industry. Users with less than 100 Bitcoin in trading volume pay 0.1 percent every 30 days. In addition, users hold a predetermined amount of Binance’s native token, BNB can access a 25% special discount on all trades. In addition, they get an additional 25 percent when they settle the fees in BNB.
On the other hand, traders on Crypto.com do not pay any fees transferring their earnings into the Crypto.com wallet. However, this provision does not include on-chain transactions. In addition, there are other withdrawal fees attached to payments transacted to other crypto wallets. The final charge on Crypto.com depends on the type of cryptocurrency being withdrawn.
Trading fees on Crypto.com are tiered-based and start from 0.10% for makers and 0.16% for takers for the lowest tier that has a trading volume of less than $250k per month (most of the users).
Level30d Trading Volume (USD)MakerTakerDiscounted Maker/Taker10% OFFLevel 1$0 – $250,0000.10%0.16%0.090%0.144%Level 2$250,001 – $1,000,0000.09%0.15%0.081%0.135%Level 3$1,000,001 – $20,000,0000.08%0.14%0.072%0.126%Level 4$20,000,001 – $100,000,0000.07%0.13%0.063%0.117%Level 5$100,000,001 – $200,000,0000.06%0.12%0.054%0.108%Level 6$200,000,001 and above0.04%0.10%0.036%0.090%All deposits on Crypto.com do not attract any fee. In addition, users can reduce the total amount spent on fees within the cryptocurrency market. Users also pay less fees when they use the native coin CRO in payments. All trades completed in CRO are entitled to a 20 percent for staked tokens and 50 percent for the listed one.
Both Binance and Crypto.com offer special VIP packages for high-end users that trade millions per month. They also both have their native tokens: BNB and CRO that offer rebates when you choose to pay fees in them and if you hold them in your wallet. Crypto.com vs. Binance: Other features (card loans, staking, savings, launchpad)When selecting a crypto platform one of the key factors to consider is accessibility. You need to consider the availability of tools that allow traders to access the market. The crypto market is very volatile and prices fluctuate within days. This is why traders need to be in constant contact with the market.
Crypto.com users can use a crypto debit card and wallet services to access their funds worldwide within a short period. In addition, the Crypto.com app allows users an interoperable ecosystem and trading on the go. Users can use the mobile app to access the Crypto.com exchange, market trading at actual cost, and the MCO Visa card. Crypto.com is relatively new in the crypto space and still playing catch-up to Binance.
Crypto also offers loans and staking services for its users. It also has a very popular crypto card.
Binance has advanced and high-quality features and a long list of crypto assets to choose from. Binance opens a wide array of trading options which are not available on other platforms. Thanks to its high efficiency, Binance helps users circumvent many negative impacts caused by crypto volatility.
Binance has a wide range of services and is arguably the leader when it comes to innovation and adding new features. Binance offers staking, margin trading, futures and options trading, savings accounts, DeFi savings, launchpad for ICOs and IDOs of new tokens, NFT marketplace (soon), crypto card and many other services.
Binance is also gradually releasing its crypto card to users across the globe.
Visit Binance Now Visit Crypto.com Now
Crypto.com vs. Binance: The Reputation of Each ExchangeCrypto.com seems to enjoy a strong reputation with no reported fraud or hacking on the platform. With Crypto.com, users can access premium services built on a foundation of compliance, privacy, and security. In addition, Crypto.com is the first exchange in the world with OCI:DSS 3.2.1 Level 1 and CCSS Level 3 ISO27001:2013 compliance.
Crypto.com has also made significant steps in the wallet and crypto debit card niches, which has helped it reach new levels in terms of security and compliance with regulatory requirements. The crypto payment ecosystem and the wallet infrastructure are built to offer top-grade security features to traders.
As if not enough, Crypto.com has also partnered with Visa to allow users to implement a secure and compliant payment gateway.
On the other hand, Binace has faced several security issues over the years. In 2018, hackers tried to access and illegally withdraw funds from the platform. The security system managed to flag the breach and disabled the system before users’ funds could be lost.
However, in 2019, Binance was unlucky as hackers managed to steal more than 7,000 bitcoins estimated at $40 million at the time. While Binance managed to compensate its users, the whole incident exposed the vulnerability of the exchange. Since then, the company has made significant steps in improving its security features and trying to recover the stolen assets.
How Do Binance and Crypto.com Work?The Binance cryptocurrency exchange works similarly to an online brokerage that allows users to buy, sell, and trade cryptocurrencies. A user starts by creating an account then adds funds using credit card to purchase cryptocurrency or through a standard financial account. Users can withdrawal their assets into their wallets at any time.
For Crypto.com, users can access the platform where they can buy, sell, and transfer crypto assets and earn interest on a daily basis. After accessing the app, the user can then select the preferred term and deposit their funds.
Is It Safe to Hold Crypto in the Binance or Crypto.com Exchanges?Binance uses the Trust Wallet to enable member stores and move their assets around. Both Binance and Trust Wallet are committed to ensuring the security of members’ assets and protection of personal data.
Crypto.com also scores high in terms of security. Unlike Binance, Crypto.com is yet to experience any breach to its systems The company is committed to security and protection of users’ assets and also personal data.
ConclusionIn the end, we can paste our recap from the top of this article:
If you are a US-based user, there is no dilemma for you: Crypto.com is the exchange to choose since Binance is not available to you and Binance.us is a pale copy of its mother-company.As for the rest of the world – Binance is by far the better exchange to use. The sheer number of features and the fact that you can use it with no KYC (up to certain amounts of crypto: 2BTC daily withdrawal limit which will suffice for the vast majority of crypto traders) speak for Binance.
Binance has more listed coins than Crypto.com, has lower fees, has more additional features (savings, launchpad, NFT marketplace, loans, derivative trading etc).
When it comes to customer support and regulatory status – Crypto.com is the winner. It is a registered and US based company that strictly adheres to the pertinent laws and regulations in the US. As for Binance, they hide their headquarters like a snake hides its legs. Their customer support is overwhelmed with tickets most of the time and stories about inexplicable account freezes, fund lockups and similar restrictions are very common. However, considering the millions of users Binance has, these represent an extremely tiny percentage which means that Binance still does a good job when it comes to its customer support.
Visit Binance Now Visit Crypto.com Now
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