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HomeBinance vs. Crypto.com - An In-depth Comparison

Binance vs. Crypto.com – An In-depth Comparison

Binance VS Crypto.com which exchange platform is better?

Choosing the right crypto exchange can be a very challenging task, especially if you are a newbie. The reason is that there are several crypto exchanges to choose from, and they all offer similar features, so how do you know which is best for you?  

You want to benefit from the many perks offered by a cryptocurrency exchange platform, yet at the same time, make sure your funds are safe and don’t get stuck on a less efficient platform. 

So, even while looking for mouth-watering benefits from a crypto exchange, you should find one that can satisfy your safety and efficiency needs. On that note, we will compare the various features and perks of Binance vs Crypto.com to help discover which is more suitable for your needs.

 

Binance VS Crypto.com Overview

Binance

Binance VS Crypto.com

Binance is one of the world’s biggest and most efficient crypto exchanges. Founded in 2017 by Changpeng Zhao. Their headquarter was formerly located in China but was recently relocated to the Cayman Islands.

However, the platform is accessible worldwide and suitable for beginners and advanced crypto investors. In addition, Binance has a different version of its exchange platform for US residents called Binance.us.

Crypto.com

Binance VS Crypto.com

Crypto.com is also a fantastic platform accessible to all crypto users; it was established in 2016 by Gary Or, Kris Marszalek, and Rafael Melo. It has now become one of the fastest-growing crypto exchanges worldwide, with over 900 personnel in its team and over 10 million active users. The platform is well-equipped to support multiple features and accommodate all its users while remaining efficient and fast. 

 

Binance VS Crypto.com Supported Currencies

Binance has a significantly more extensive selection of cryptocurrencies and fiat currencies than Crypto.com, so it takes the win here. 

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Binance supports over 500 cryptocurrencies and fiat deposits in up to 50 currencies. While Crypto.com only supports about 250 cryptocurrencies and about 20 fiat currencies. However, you can make fiat deposits using a bank transfer or credit/debit card on both platforms. 

 

Binance VS Crypto.com Features

Exchange 

Binance exchange is one of the most popular exchanges worldwide. It offers a wide range of coins, and some coins have up to 10 times leverage when traded. Binance also offers limit-market, NFT marketplace, and stop-order. 

Crypto.com lets users trade, buy, and sell over 250 cryptocurrencies. It supports margin trades, derivatives with up to 100x leverage, and limit orders.

 

Cryptocurrency wallet

Although the Binance exchange allows you to store your coins on the platform, they still recommend using a trusted wallet to ensure your cryptocurrencies are safe. 

Crypto.com exchange offers custodial and noncustodial crypto wallets; the first saves the network fees generated from trading, while the latter ensures complete control of all private keys.

 

Visa Cards

Binance does not offer VISA cards to US users, but users from some other countries can get the card. The Binance VISA card allows users to hold crypto in their funding wallet and spend it at will; it has zero charges and up to 8% cash back on specific purchases. 

Crypto.com has different types of VISA cards; you can find the complete list of cards and their various features here. However, note that the ATM withdrawal limit is $200-$1,000 monthly.

 

Backed Loans

Binance only offers crypto-backed loans for users outside the US. However, they provide a wide range of coins with a margin call at 75%, LTVs up to 65%, and liquidation at 83% LTV. Loan terms come in different ranges from 7 to 180 days, with no incentives for early repayment. 

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Crypto.com also offers crypto-backed-up loans, but their offer is limited, and the interest rates depend on CRO and LTV stakes. The loan minimums are equivalent to $100; retail users can borrow up to $0.5M, and the loan terms are 12 months.

 

Binance VS Crypto.com Security Features

Binance VS Crypto.com

Binance Security Features

  • Two-Factor Authentication: the platform supports two-factor Authentication via Google Authenticator, Yubikey, or SMS message.
  • Secure Asset Fund for Users (SAFU): Binance automatically pulls 10% of its transaction fees into a secure fund they intend to use as a backup payment for investors in the event of a hack.
  • Withdrawal Address Whitelist: Binance users can have a whitelist of specific wallets they want to allow withdrawals to.
  • Trust Wallet: Binance Wallet is available for Android and iPhone users.

 

Crypto.com Security Features

  • Insurance: Crypto.com holds cash funds in FDIC-insured bank accounts for up to $250,000.
  • Cold Storage: Only corporate funds are held in hot wallets; 100% of user funds are in offline cold storage.
  • Bug Bounty: Crypto.com has measures to make sure hackers are incentivized instead of exploiting them.
  • Address Whitelisting: Users can only withdraw to specific addresses.
  • Multi-Factor Authentication: Crypto.com supports multifactor Authentication, which includes biometrics, passwords, phone, email, and authenticator.

 

Binance VS Crypto.com Fee Structure

Binance trading fees are way lower than the trading fees on Crypto.com. Also, Binance futures trading fees are lower than that of Crypto.com, and the minimum take fee on Crypto.com is 0.015%, whereas that of Binance is 0%.

Furthermore, for non-trading fees, both exchanges do not charge deposit fees, and there are no registration fees on the platforms. Although, Crypto.com has no fee for bank transfers and withdrawals, but Binance has a $1.5 charge. Still, Binance has a cheaper fee structure. 

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Binance VS Crypto.com Pros and Cons

Binance Pros and Cons

Pros

  • 0.1% trading fee, minimal slippage, and staking discounts.
  • OTC desk, staking, leverage markets, borrowing & lending, and NFTs.
  • Secure asset fund.
  • Superior desktop and mobile trading and charting tools. 
  • Competitively low fees.
  • A wide variety of supported cryptocurrencies.
  • Accessible in most parts of the world.

Cons

  • Binance.com is not available in the USA.
  • Difficult to use for novice investors and traders.
  • Even for seasoned users, it may be daunting.
  • Coins are often suspended, leaving users in the dark.

 

Crypto.com pros and cons

Pros

  • Marketplace for crypto lending, crypto borrowing, and NFTs.
  • Highly reputable and trusted platform.
  • Users can earn interest on crypto holdings.
  • Industry-leading Visa card with cashback rewards.
  • Better rates in the US.
  • Full-service exchange. 

cons 

  • Undisclosed spread fee on exchange.
  • Loans are unavailable in the US.
  • Insufficient educational resources.
  • Customer support could be better.

See also: Binance VS Coinbase: Which One Should You Choose

In conclusion, determining the best exchange between Binance and Crypto.com comes down to your individual needs; as you already know, different trading strategies require different tools and features.

If you are looking for an easy way to buy, sell, and trade crypto using a credit/debit card, Crypto.com is an excellent choice. However, if you need to perform high-frequency trades and transactions with strategies that require a high level of liquidity, then Binance will be the best choice. 

 

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