Binance and Crypto.Com are two major cryptocurrency platforms in the world with very different approaches. Crypto.Com is a Singapore-based exchange popular for its simple user interface and rewards offers. Binance on the other hand is ideal for both beginners as well as advanced users offering a plethora of currency trading options like Binance Crypto Derivatives.
If you consider the number of currencies and trading options available, then Binance is surely a clear winner. However, Crypto.Com offers you multiple options to earn money up to 14.5% per annum through its platform.
In this article, you will find two virtual assets giants facing off each other. Get detailed information about all the perks one has to offer as compared to the other and then make an informed decision for your investments.
Binance Crypto Exchange
Binance.Com was founded by Changpeng Zhao in 2017 and is one of the largest crypto exchange forums now with more than 500 cryptocurrencies listed.
Binance leads globally in terms of trading volume with a daily trading volume of above 27.76 billion USD. Talking about the extensive list of Binance’s supported currencies, the company has more than 1000 market pairs on its popular platform.
You will also discover a wide range of trading alternatives such as spot exchange, margin trading, derivative trading, and peer-to-peer trading.
Binance is also at the forefront of offering NFTs where users can deal with the digital assets in the marketplace.
Features of Binance
Binance offers the lowest trading fee in the industry that varies in the range of 0.015% to 0.10% trading fees.
Let’s have a look at different fee types in Binance as shown in the table below.
|Bank account (Stripe)||Free (if not US resident)|
|Debit/credit cards||Higher of 3.5% or $10|
|Cryptocurrency conversion fee||Zero|
|Purchases/ Trading fee||0.015% to 0.1%|
|Instant Buy/Sell fee||0.50%|
Binance provides two-factor authentication (2FA) via the Google Authenticator app. Binance also offers security features like address whitelisting, device management, and the ability to restrict device access if found something fishy.
Binance US is Federal Deposit Insurance Corporation (FDIC) insured which is not the case with its international counterpart Binance.com.
Binance also provides Trust wallet, a third-party crypto wallet which popular for its premium security features. Not having an inbuilt wallet could be a turn-off for some people.
#3. Other Features
Let’s have a look at the other important features that Binance offers to customers.
- Binance Pay – You can use the crypto pay feature to pay using your cryptocurrencies at certain retailers.
- Binance Earn – You can earn up to 12% by locking your coins with Binance.
- Binance Loan – You can get a crypto loan for up to 60% of your collateral (not available for U.S. residents).
- Binance Visa Card – You get up to 8% cashback on spending through visa card.
Pros of Binance.Com
- 500 plus cryptocurrencies available for trading
- Low trading fee
- Various trading options available
- Advanced charting indicators
Cons of Binance.Com
- Built-in digital wallet not available
- Excessive options may be overwhelming for newcomers
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Crypto.com Exchange Platform
Crypto.com was established in 2016 by co-founders Kris Marszalek and Gary having over 10 million users, that find Crypto.com trustworthy and reliable for trading. Crypto.Com has a daily trading volume of 4.32 million USD.
Crypto.com is mostly selected by peers for its availability, capitalization, and market volume. Even newbies stepping into the world of crypto find it amazing.
The company has over 900 members supporting users at any time of the day. It has made a sound reputation among the industry giants over the decade.
Crypto.com supports around 200+ tokens including Bitcoin, Ethereum Tether, XRP, Helium, Doge, Stablecoin, and many more. The company is also known for offering more than just tokens such as non-fungible tokens (NFTs) and decentralized finance (DeFi) management. Platforms like british-bitcoinprofit.org will give you all the latest information about trading crypto.
Also read – How Bitcoin gateway works
Features of Crypto.com
Crypto.com follows a simple maker-taker model, with a trading fee ranging from 0.04% to 0.40% for maker fees and 0.10% to 0.40% for taker fees.
Maker means the one whose order is not being executed instantly giving liquidity to the market, on the other hand, Taker is someone who places an instantaneous order that executes immediately when placed, taking away the liquidity.
So maker charges are always lower than taker charges.
Crypto.com also offers decent discounts if you stake CRO up to 100% of the maker-taker fees depending on the amount you stake.
Let’s have a look at other Crypto.com fees.
|Bank account (Stripe)||Free|
|Wire transfer||Free, with a minimum of $1,000|
|Cryptocurrency conversion fee||Zero|
|Wallet Conversion fee||Zero|
|Purchases/ Trading fee||$0 to $25,000 – 0.40% maker, 0.40% taker|
$25,001 to $50,000 – 0.35% maker, 0.35% taker
$50,001 to $100,000 – 0.15% maker, 0.25% taker
Further goes down for
$200,000,001 and above – 0.04% maker, 0.10% taker
|Fiat Withdrawal||Not Available|
Crypto.com is also a highly secure platform that offers industry-standard like two-factor (2F) authentication, Federal Deposit Insurance Corporation (FDIC) insurance on USD balances up to $250,000.
Crypto.com also provides you insurance against damage or theft which is a plus point over Binance.
Crypto.com also claims that they store currencies 100% in air-gapped cold storage. Similar to Binance, Crypto.com also offers address whitelisting.
But the best part is, the Crypto.com wallet offers private keys that are encrypted locally on the user’s device, not on the Crypto.com server that ensures safe storage of your coins.
#3. Other Features
- OTC order – Allows you to place big orders instantly by letting two parties deal directly that avoids price slippage.
- DeFi Wallet – You get an in-house made wallet to store your cryptos in which keys are stored locally on your device, not with Crypto.com.
- Crypto Pay – You can use the crypto pay feature to pay using your cryptocurrencies at certain retailers.
- Crypto Earn – You can earn up to 14% on crypto deposits that vary from coin to coin.
- Crypto Credit – You can also borrow up to 50% of your crypto collateral as a Crypto loan (not available for U.S. residents).
- Visa Card – You get up to 8% CRO rewards on spending through visa card (it depends on the number of CROs staked)
Pros of Crypto.Com
- Multiple ways to earn money on your coins
- Rewards for signup
- Better returns-plus-rewards on staking CRO coins
Cons of Crypto.Com
- Limited educational resources
- Poor customer service
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Binance Vs Crypto.Com – Comparison
|Fees||0.015% to 0.10% trading fees, |
3.5% or 10 USD (whichever is higher) for debit or credit card purchases,
15 USD for wire transfer
|Maker fee – 0.04% to 0.4% |
Taker fee – 0.1% to 0.4%,
2.99% for credit card purchases
|Security||2FA, FDIC-Insured on Binance.US (But not on Binance.Com), cold storage available||2FA, FDIC-Insured, insurance against theft on hot storage, cold storage.|
|Trading Types||Buy/Sell, peer-to-peer trading, margin trading, |
7 types of derivative trading
|Buy/Sell, margin trading, derivative trading (only 2 options available), OTC ordering|
|Ease of Use||Overwhelming for Newbies||Yes|
|Ideal For||Experienced Traders||Beginners|
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Binance and Crypto, both are fairly well-established companies with extensive experience and trust gained from their users.
The major difference users come face to face with while selecting the platform is that Crypto only supports 200 coins while Binance supports a variety of almost 500 tokens.
When you compare the fees and prices, Crypto.com charges a tad bit more than the beloved Binance.com. On the popularity index, Crypto.com is lower than Binance for all the above-mentioned reasons.
You can go with Binance if you need a plethora of trading options in one place and you want solid customer support in the future.
Or you can go with Crypto.com which will provide you in-house wallet with local key storage, let you earn while staking your CROs, insurance against theft or damage and customer support is not a big concern for you.