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Binance vs Crypto.com’s battle for supremacy is ongoing, and we may not have a winner for the best trading platform yet. Finding the right exchange to trade on can be confusing. You’d want an exchange with a user-friendly interface, thousands of coins to trade, excellent customer service, and low trading fees.
While choosing several platforms kind of narrows your options, it can still be challenging to pick one when they all cut.
There are many criteria to examine when choosing a trading platform. For example, Binance and Crypto.com are among the most popular, with large user counts and strong security.
According to a recent survey on statistical.com, the biggest problem crypto-traders face when choosing a trading platform is: Why? Because nobody wants to invest or trade on a platform that is not secure; this will be a key point in helping you decide your choice for the Binance vs Crypto.com argument.
What’s a crypto exchange?
A crypto exchange is an online trading platform where you can trade crypto coins and fiat. One of the reasons the Binance vs Crypto.com argument is healthy is that it allows users to compare and contrast before deciding on the best exchange suitable for them. Furthermore, the Binance vs Crypto.com will be scaled on seven major criteria:
- Unique features
- Security
- Customer service
- Trading fees
- Supported countries
- Supported currencies and payment methods
- Trade and withdrawal limits
Binance Exchange
Binance is a good place to start for both beginners and crypto veterans. It is the largest crypto trading platform, based solely on trading volume and weekly reviews.
The company is a Hong Kong-based platform created in 2017 by Changpeng Zhao after raising $15 million as an ICO (initial coin offering). However, it was banned in the US in 2019 due to money laundering issues, leading to a spin-off called Binance.US, which now operates legally in the US.
Features
Binance has many unique features that are updated frequently – the major ones are on the list below.
- Mobile App
The mobile app doesn’t look much different from the PC. It has a nice, easy-to-use interface. You can easily find everything you need on the platform, allowing you to control and manage your digital assets. You can download the app from the Google Play Store and the Apple App Store.
- Digital Wallet
The best crypto wallet is a software program that receives, stores, and enables you to transact with cryptocurrencies and other digital assets. Binance Wallet allows users to earn interest on the digital assets stored in their wallets.
- P2P Trading
In peer-to-peer trading, traders transact without Binance interference and on agreed terms. However, Binance can step in as an arbitrator in the case of conflict.
Security
Binance uses a 2-Factor Authentication (2FA) protocol, which means that to access your digital assets, you have to complete two security checks. Similarly, it uses the KYC verification process to ensure users enjoy the best possible customer experience.
In addition, Binance has device management, address whitelisting, and the ability to limit or restrict device access.
- Customer Service
They recently completed a customer service upgrade, tagged Online Chat V5.0. This service will assign an agent for any user with a complaint. In addition, they are very responsive on Twitter.
- Trading Fees
Technically, you will pay 0.1% of any trade you make on Binance, but if you trade with Binance’s native coin (BNB), you will receive a 25% discount on your trading fees. However, for instant buys, you will be charged 0.5% on your trade. Binance has 11 fee tiers, ranging from VIP 0 to 10. You can trade for as low as $10 on Binance.
- Supported Countries
- It is available for trading in over 180 countries and 46 US states.
- Supported Currencies and Payment Methods
Binance supports over 500 cryptocurrencies and popular coins like USDT, USD, BTC, ETH, AVAX, its native coin, BNB, and many more.
- Five major payment methods are supported:
Bank deposit: You can deposit fiat through a bank.
Third-party payment (TPP): You can deposit fiat through Simplex and Banxa.
Debit card and credit card: You can use your Visa or Mastercard to deposit money into Binance.
PTP (publicly traded partnership): You can deposit your fiat on Binance through bank transfer and over sixty other options. The Wire and SEPA transfers have no charging fee.
- Trade and Withdrawal Limits on Binance
On the Binance trading platform, you can trade different commodities from major trades like Spot trading, Margin trading, futures trading, P2P trading, and many more.
The withdrawal limit varies by account tier and depends on how fully verified the account is. For basic verified accounts, traders have a daily withdrawal limit of 0.6 BTC. For a fully verified KYC account, traders have a daily limit of 100 BTC.
Pros and Cons of Trading on Binance
- Pros
Extra features and services.
Multiple selections of the coin to buy and trade.
It has a good, easy-to-use interface.
Low trading fees
- Cons
Due to poor security, Binance has been hacked more than 2 times, and hackers have stolen millions of dollars in crypto. The most recent one was on May 7, 2019, when hackers stole 7000 BTC.
It has a non-transparent structure; this can be a turn-off point for investors and customers.
Binance got into trouble with many governments around the world, particularly in the US and Malaysia.
Sometimes, the Binance service can be frustrating. For instance, during periods of high market volatility, users can’t access their accounts or trade, resulting in many lost trades for traders on the platform.
If Binance seems like a good fit for your trading needs, you can create a Binance account here and start exploring its spot, futures, staking, and copy trading features. You can also discover effective trading strategies for Binance Futures to maximize your potential profits. Additionally, staying updated on market trends will help you make informed decisions. Exploring various strategies can lead to a more successful trading experience overall.
Crypto.com Trading Platform
Crypto.com is one of the best cryptocurrency trading platforms and a good place to start your crypto journey. It was established in 2016 on the ideology that every human has the right to control their money, data, and identity.
It is highly secure, with finance industry standards required to operate in the United States of America. Not only that, It has a two-factor authentication (2FA) process, FDIC insurance on USD balance, and insurance against theft and damages.
Features
Crypto.com is known for its dynamic ways of earning interest and rewards on users’ digital assets. There are also maximum security and significant benefits to staking CRO, its native token.
- Mobile App
Their mobile app has an easy-to-use interface that lets you manage your digital assets. You can download the app from the Google Play Store and Apple App Store.
- Digital Wallet
A digital wallet is a software program that receives, stores, and transacts with cryptocurrencies and other digital assets. The Crypto.com wallet allows users to earn interest on their digital assets.
- Cashback on Visa
You can use a Visa card that also functions as a rewards card. This card helps you spend crypto assets whenever you want.
Security
It has one of the best security features in the crypto space. Its security is durable and reliable, and it has $250,000 in FDIC insurance for its customers located in the US.
It also uses Multi-Factor Authentication (MFA) for its wallet. Every transaction, account, biometric, email, and authenticator verification is protected by MFA. Infuses security into all its coding, using static and dynamic source code analysis tools.
It is the first crypto platform to use ISO/IEC 27001:2013 and ISO/IEC 27701:2019. CCSS Level 3 and PCI-DSS v3.2.1 Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy.
- Customer Service
24/7 live customer support.
- Trading Fees
The exchange has a trading fee of 0.04% % -0.4 % and a taker fee of 0.1% to 0.4%. It has a 2.99% fee for purchasing a credit card. Crypto.com offers a discount when you trade with its native coin, CRO. The more you trade within 30 days, the greater the discount you receive.
- Supported Countries
Crypto.com supports over 100 countries worldwide, including the United States of America.
- Supported Currencies and Payment Methods
You can buy and sell more than 91 currencies on the crypto.com trading platform, including the most popular currencies: BTC, USD, ETH, etc.
It supports Crypto.com Pay and MCO Visa cards for deposits and withdrawals.
Also, you can make bank transfers and withdraw funds in USD through their ACH network.
You can deposit funds from another crypto trading platform to your crypto.com account.
- Trade and Withdrawal Limits on Crypto.com
There is spot trading, derivatives, and staking of digital assets on the exchange platform.
The daily withdrawal limit is 10 BTC, and the monthly limit is $800 for Crypto.com ATM card withdrawals.
Crypto.com Pros and Cons
Pros
- It has a Visa card that allows you to spend your crypto assets, earnings, and rewards.
- Users can earn high interest on their crypto holdings.
- Tax support system.
- Crypto.com is a company built on ideology, where customers’ privacy and security are a priority.
- The exchange uses cold storage facilities for its assets, which keeps them safe from hackers.
Cons
- Crypto.com has limited tradable currencies.
- The exchange platform and the wallet are separated, which can confuse a new user.
- Rewards are paid in its native token, CRO, resulting in poor value when the crypto market is down.
- Crypto.com charges high trading fees for low trading volume, especially if you don’t have the native coin, CRO.
Conclusion
The Binance vs Crypto.com debate is subjective, as personal preferences and criteria vary. Both Binance and Crypto.com have different unique features. Selecting the best among the two lies solely on the individual and their geographic location.
When choosing the best crypto exchanges, you must be sure of the type of trading you want. Knowing what you want will help streamline the trading platform that suits you.
If low trading fees matter, Binance should be a good fit for you. However, if you want to keep or trade on a platform where the safety of your funds and digital assets is better secured, then it’s Crypto.com.
