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 nice user interface, thousands of coins to trade, excellent customer service, and lower trading fees.
While the choice of several platforms kind of narrows down your option, it can still be challenging picking a choice when they all cut.
There are many criteria to examine when choosing a trading platform. For example, Binance and Crypto.com are some of the best in terms of popularity, number of users, security, and many more.
A recent survey according to statistical.com shows security as the biggest problem crypto-traders face when choosing a trading platform. Why? Because nobody wants to invest or trade in 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 method
- 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 solely based 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 ICO (initial coin offering). However, it was banned in the US in 2019 due to money laundering issues, which led to a subversion called Binance.US, which now works perfectly in the US.
Features
Binance has many unique features that upgrade 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 interface that is easy to use. You can easily locate everything you need on the platform; this allows you to control and manage your digital asset. You can download the app on Google Play Store and Apple App Store.
- Digital Wallet
The digital wallet is a software-based program that receives cryptocurrency or digital assets to keep and transact. Binance wallet allows users to earn interest on their digital assets stored in their wallets.
- P2P Trading
Peer-to-peer trading is where 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 2-Factor Authentication (2FA) protocol- Which means for you to access your digital asset, you have to complete two security checks. Similarly, it makes use of the KYC verification process for users to enjoy maximum 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 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 stages or levels of charging fees which range 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, BUSD, BTC, NGN, ADA, its native coin BNB, and many more.
- Five major payment methods are supported:
Bank deposit: you can deposit your fiat through banks.
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 fiat on Binance.
PTP (publicly-traded partnership): you can deposit your fiat on Binance through bank transfer and over sixty other options. The Wire & SEPA transfer has 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 on the account tier; it depends on how fully verified an account is. For basic verified accounts, traders have a limit of 0.6 BTC daily withdrawers. For an account fully verified with KYC, traders have a daily limit of 100BTC.
Pros and Cons of Trading on Binance
- Pros
Extra features and services.
Multiple selections of the coin to buy and trade.
It has an amazing interface that is easy to use.
Low trading fees
- Cons
Poor security, Binance has been hacked more than two times, and hackers have stolen a lot of crypto in millions of dollars. The 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 in different countries, particularly the US and Malaysia.
Sometimes, the Binance service can be frustrating. For instance, during high market volatility, users don’t have access to their account or trade, leading to many loss trades for traders on the platform.
Crypto.com Trading Platform
Crypto.com is one of the best cryptocurrency trading platforms and a good place to start your crypto journey. It is 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 is also maximum security, and high benefit of staking CRO, its native token.
- Mobile App
Their mobile app has an easy-to-use interface that allows you to control and manage your digital asset easily. You can download the app on Google Play Store and Apple App Store.
- Digital Wallet
The digital wallet is a software-based program that receives cryptocurrency or digital assets to keep and transact them. Crypto.com wallet allows users to earn interest on their digital assets.
- Cashback on visa
You can use a Visa card that can also function as a reward card. This card helps you spend crypto-asset whenever you want.
Security
It has one of the best security features in the crypto space. Their security is durable and reliable, and it has $250,000 in FDIC insurance for its customers located in the US.
It also uses a Multi-Factor-Authentication (MFA) for its wallet. Every transaction, account, biometric, email, and authenticator verification are protected by the 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, 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% for purchasing a credit card. Crypto.com gives a discount if you trade with their native coin CRO. The more you trade within 30days, the more discount you attract.
- Supported Countries
Crypto.com supports over 100 countries of the world, including the United States of America.
- Supported Currencies and Payment Methods.
You can buy up to 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, MCO Visa card for depositing and withdrawing.
Also, bank transfer and withdrawal of funds in USD through their ACH network.
You can also deposit funds from another crypto trading platform to your crypto.com account.
- Trade and Withdrawal Limit on Crypto.com
There is spot trading, derivatives, and staking of digital assets on the exchange platform.
Withdrawal daily limit of 10 BTC and a monthly limit of $800 on the Crypto.com ATM card withdrawal.
Crypto.com Pros and Cons
Pros
- It has a Visacard that allows you to spend your crypto asset, earnings, and rewards.
- Users can earn high interest in their crypto holdings.
- Tax support system.
- Crypto.com is a company based on ideology, where customers’ privacy and security are important to them.
- The exchange uses cold storage facilities for their 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, leading to poor value when the crypto market is down.
- Crypto.com has a high trading fee for low trading volume, especially when you don’t have the native coin CRO.
Conclusion
Based on personal preferences, the Binance vs Crypto.com debate is subjective since there are different criteria to consider. 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 crypto trading platform of your choice, you have to 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 suitable for you. However, if you want to keep or trade on a platform where the safety of your funds and digital assets are better secured, then it’s Crypto.com.
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