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Crypto.com vs. Binance

In this article, we will compare these two exchanges according to the most important criteria such as transaction costs, reputation, accessibility of funds and other features.

For people who are just entering the crypto exchange space, it is very important to choose the right platform for trading. When choosing a trading platform, the most important factors should be considered first. These include security, fees, number of supported cryptocurrencies, user experience, etc.

Crypto.com

Crypto.com is an investing and staking cryptocurrency platform, and was founded in 2016. It has mobile application with a features that include buying and selling crypto, sending funds to other crypto.com users, a crypto wallet, a Visa crypto card, and staking. Crypto.com supports over 100 cryptocurrency pairs and over 50 are available in the US.

Crypto.com has 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 has achieved Cryptocurrency Security Standard (CCSS) Level 3, and thus proved that the Crypto.com platform complies with the requirements of privacy and security.

Trading fees are calculated depending on 30-day trading volume. For the average user, the trading fee is 0.4%.  Users can receive a discount on trading fees if they stake CRO coin; the native Crypto.com cryptocurrency.

Users of Crypto.com platform can access their funds within a short period of time worldwide. Also, users can use their Visa crypto card globally.

In March 2021, Crypto.com launched its own blockchain called Crypto.com Chain developed for faster payments, and reduced fees.

Binance

Binance is the largest cryptocurrency platform founded in 2017. The Binance exchange has a trading volume of $30B, while the second largest exchange has the $ 4B trading volume. Although Binance is the largest crypto exchange, it is much more than just an exchange. In addition to standard features like buying and selling crypto, crypto wallet, etc. Binance has many other features. These include staking, margin trading, futures and options trading, savings accounts, DeFi savings, a launchpad for ICOs and IDOs of new tokens, and more. Like Crypto.com, Binance has a crypto card that can be used worldwide.

It can be said that Binance became an ecosystem the moment it launched its blockchain called Binance chain. The reason for launching Binance chain was to establish a high-speed blockchain to carry out more extensive transaction data. In September 2020, Binance has added programmability to the Binance chain, and introduced a new platform called the Binance Smart Chain (BSC). On BSC, uers now can create decentralized applications and smart contracts at a lower price with the benefit of high transactional data power.

In 2019, Binance was hacked and 7000 Bitcoin (worth $40 million) was stolen. The funds have since been returned to all users. Binance has an emergency asset fund in place to compensate users if their funds are stolen.

Binance has its own coin dubbed the Binance Coin (BNB). When users trade while holding BNB, trading fees receive a 25% discount on the base trading fee. This brings the regular user trade fee of 0.1% down to 0.075%.

Comparison Between Crypto.com and Binance
  Crypto.com Binance
Trading volume $0.25B $30B
Supported currencies 100+

50+ in US

350+

50+ in US

Total supported countries 90+ 180+
Fees Maker: 0.4%

Taker: 0.4%

Maker: 0.1%

Taker: 0.1%

Staking Interest rate of 6.5% on crypto and 12% on stable coins Various currency with different interest rate
Deposit methods Wire, credit card Wire, credit card
Security 100% cold storage

$ 360 million of cryptocurrency insurance

Secure Asset Fund for Users (SAFU)
Features Buy, sell, send, receive, exchange, staking, lending and saving, crypto card with cash back

 

Buy, sell, send, receive, exchange, limit order, market order, stop-limit order, margin trading, and more

Staking, savings accounts, DeFi savings, launchpad for ICOs and IDOs of new tokens and crypto card.

 

 

Currently, there is no crypto exchange that can compete with Binance in terms of what one exchange can offer to customers; this includes Crypto.com. If we compare these two exchanges in the area of trading fees, Binance has much less fees. Crypto.com wants to attract users on the opportunities it has in the field of staking and cash back when paying with a Crypto.com card.

In conclusion, it can be said that Binance is better exchange for users who want to trade cryptocurrencies, due to lower fees, and a large number of trading opportunities. For users who just want to buy, hold or pay with crypto; Crypto.com exchange is the better option.

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The post Crypto.com vs. Binance appeared first on Altcoin Buzz.

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