What are the differences between Crypto.com and Binance? If you want to make money from the crypto industry you will need to be successful in your trading and investment endeavor which mainly depends on your ability to make out the right market trends.
This is, however, in turn, determined by the type of crypto exchange you select for that matter.
This will help you to choose the right crypto exchange that will meet all your crypto trading and investment needs.
There has been a significant upward trend noticed in the world of cryptocurrency in recent years.
Simultaneously, crypto exchanges like Binance and Crypto.com have played a significant role in making this industry popular not only by facilitating trades and investments but also by expanding their offerings rapidly.
All these have resulted in the exponential growth in the real ecosystem of cryptocurrencies. Check out Differences Between Robinhood and Webull.
If you are new to this crypto industry, it might seem to be a challenge to you when it comes to selecting the right trading platform for you, given the fact that in recent years there has been a notable growth of DeFi or Decentralized Finance.
Knowing the factors that differentiate popular crypto exchanges like Binance and Crypto.com is therefore necessary for selecting one.
6 Differences Between Crypto.com and Binance
As a crypto trader, and even as an investor, your efficacy in choosing the right crypto exchange, or the lack of it, will play a significant role in the success of your endeavors.
Therefore, it is needless to say that you should take out some time to research several crypto exchanges before choosing one to use the services offered by them.
If you are unaware of them here is the list that will help you to eventually choose the most viable solution according to your needs.
1. The Basics
If you consider the trade volume of this particular crypto exchange, you will know that it is the largest crypto exchange platform in the world.
Apart from that, Binance is also one of the most favored and widely used crypto trading platforms that offer some of the most competitive rates in the entire industry.
This particular crypto exchange was founded in 2017 by its present CEO Changpeng Zhao. Having its headquarters located in Malta, this crypto exchange comes with features and functionalities that make it one of the most suited platforms for both beginners and experienced traders.
It also offers the crypto investors with probably the widest variety of crypto coins to invest in.
Crypto.com, on the other hand, acts ideally as a crypto investing and staking platform. The company was founded in 2016 by four visionaries namely, Bobby Bao, Kris Marszalek, Gary Or, and Rafael Melo and its headquarter is located in Hong Kong.
The native cryptocurrency of this platform is called CRO. The holders of this coin can use it to pay for the products and services purchased in the Crypto.com Wallet App. You can also boost up your yield because the platform will allow you to stake or swap the CRO coins.
2. Working Process
You can also do the same through any average financial account. You will be allowed to withdraw your assets at any point in time into your wallet.
However, Crypto.com too works in pretty much the similar way but it not only allows the users to buy, sell, and transfer crypto assets by accessing the platform but also allows them to earn interest on their holdings on a daily basis.
Once the users access the app, the platform allows the users to select their favored term and deposit the required funds.
Moreover, when you use Crypto.com, you will be able to access several premium services that are built with an intention to ensure total compliance, absolute security, and complete privacy.
When it comes to the compliance factor, it is good to know that Crypto.com also happens to be the first exchange in the world with CCSS Level 3 ISO 27001: 2013 and OCI: DSS 3.2.1 Level 1 compliance.
Apart from that, this specific platform has also made significant improvements and impressions in the debit card and crypto wallet forte.
This has not only added to the reputation of the platform but it has also taken the security and compliance aspect in keeping with all of the regulatory requirements of it to an entirely new level.
All these features of this platform have enabled it to offer top-grade security to the traders with respect to the wallet infrastructure and the entire crypto payment network.
If that was not enough to prove its repertoire, the platform has also partnered with Visa to put into practice and allow its users to use a secure and more compliant payment gateway.
In comparison, the Binance crypto exchange is known to have had several issues related to security in the past years. For example, in 2018, the hackers made an attempt to get into the accounts and withdraw funds illegally from the platform.
However, the good news is that the security system of the platform was able to deal with it and flag the breach. Fortunately for the users the system was able to disable the system before the hackers could take away the money.
However, in the following year, the platform was not second time lucky. This year the hackers were successful to steal as many as 7,000 Bitcoins that were valued to be $40 million at that time.
Though the platform was able to compensate the users for their loss, it, at the same time, raised several questions about its security and safety measures and also exposed the vulnerability of the exchange to hacks.
However, since then the platform has been trying exceptionally hard to improve its security systems.
The features of these two different crypto platforms, Binance and Crypto.com, also differentiate them. As for the users of Crypto.com, they can use the wallet services as well as a crypto debit card in order to access their funds anywhere from the world in a quick time.
In addition to that, when you use the Crypto.com app you will get to trade on the go and even use the interoperable ecosystem. This mobile app can also be used by the users if they want to access the MCO Visa card or want to do market trading at original cost.
Apart from that, the platform also offers features such as loans and staking services and a very popular crypto card for its users. In spite of all these features, this specific crypto platform still has a lot more catching up to do to be at par with Binance.
Binance, on the other hand, offers some of the best and most advanced features that ensure high quality trading on this platform. It offers a much longer list of crypto assets to its users to choose from in comparison to Crypto.com.
In addition to that, the platform also offers a wider and more diverse assortment of trading options that you will hardly get in other crypto trading platforms.
Most importantly, the features of this platform not only make it highly efficient but also help the users to get around with the different negative impacts that may be caused due to the volatility of the crypto market.
You will also get a diverse range of services offered by this platform. Undoubtedly, the Binance platform is known for its innovation and addition of new features on the platform that makes it the leader in the industry.
This platform can also be used as a launch pad for IDOs and ICOs of new crypto tokens as well as an NFT marketplace very soon. As for the crypto card, it may not be available to the users across the globe but Binance is slowly but surely releasing it for them to use.
When it comes to the fees and pricing aspects, Binance has a slight edge over Crypto.com. In fact, this particular platform offers the lowest fees in some instances in the entire crypto industry.
For example, the users whose trading volume is less than a 100 Bitcoin usually have to pay just 0.1% every 30 days. Apart from that, the users who hold a fixed amount of native token of Binance, BNB, can also avail a special discount of 25% on every trade they make.
Add to that, these specific users also get an additional rebate of 25% when they pay the fees in BNB.
As for the Crypto.com in comparison the traders using this platform do not need to pay any fees for transferring money they earned into their Crypto.com wallet though this provision is not applicable to the on-chain transactions made.
Apart from that, the platform also charges different fees for withdrawal and payments made to other crypto wallets and the amount that will be charged typically depends on the type of crypto coin that is withdrawn.
Usually, the trading fees charged on this platform are tiered and are different for the makers and the takers. Usually, the lowest tier starts from 0.10% for the makers and 0.16% for the takers which involves a trading volume of less than $250K in a month, which is the case with most of the users.
With different charges there are 6 different levels. As for the deposits made on this platform however does not attract any fee and, add to that, the users can even reduce the total amount spent on paying the charges within the crypto market.
The users are also allowed to pay lower fees especially when they use CRO, the native coin of the platform for making the payments. As for the trades made on this crypto platform using its native coins, users can enjoy up to 50% for the listed coins and 20% for the staked coins.
6. Security Measures
As said earlier, Binance has had several security issues in the past. Since then, the platform has implemented and made several changes in the security measures to ensure that its users get a complete peace of mind knowing that their funds are well protected from the hackers and cyber thefts.
A few of these security measures implemented include password protection of the accounts of the users so that they have complete control over their accounts and crypto assets.
Then there is the 2FA or Two-Factor Authentication requirement through SMS and Google Authentication. Here, Google Authentication is recommended and much safer because SMS is an open option which may result in the user accounts falling into wrong hands in the case of a SIM swap or replacement of the SIM card by the fraudsters.
There is another security feature called the Address Management in the Binance platform which allows the users to limit and manage the number of wallet addresses where withdrawal of funds can be made.
Add to that, the platform also supports U2F-compatible authenticators such as Yubico YubiKey. This protects the accounts of the users by granting access only if it is plugged by the user into the computer or is paired wirelessly.
As for the security measures of the Crypto.com platform, which is quite strong to protect the crypto assets of the users, it includes a Defense in Depth security strategy.
This is a Zero Trust security measure implemented in the system all across the platform. In this specific strategy the data privacy is assessed and is built into the whole process.
This ensures that all personal information of the users is well protected. The platform also implements the most advanced security software and continually keeps it upgrading as its long-standing strategy of fortifying the security aspect of the platform.
There is a dedicated team that is very efficient and works around the clock to screen all assets deposited on the platform just to ensure absolute compliance.
In addition to that, the platform has also entered into a strategic partnership with Ledger in order to integrate the Ledger Vault so that it can offer a top-class custody solution that is of the institutional grade to its users.
If that was not all for you, be informed that the platform also uses HSM or Hardware Security Modules as well as multi-signature technologies in order to fortify the security.
Which is Better – Crypto.com or Binance?
Crypto trading is considered to be one of the most productive and legitimate ways to make money from the crypto space.
However, your success and making profits will depend on the ability to identify and follow the trends of the market, capitalize on the price fluctuations and the services provided by the crypto exchange.
As it is evident from the differences between the two crypto exchanges Crypto.com and Binance, both are equally good for the crypto traders to use.
However, choosing one amongst the two and saying it is better than the other will be quite difficult since both are robust platforms.
However, there are a few specific aspects that may influence your final decision.
If you want to go with an exchange that is more secure and has a better reputation in protecting the funds of the users, you can go with Crypto.com.
On the other hand, if you want liquidity then probably there is no crypto exchange that can beat Binance in this aspect.
When you choose Binance, you will get the opportunity to use a wide variety of Altcoins even if you are a non-US user.
These include Dogecoin or DOGE, VeThor Token or VTHO, Harmony or ONE, VeChain or VET, and BND just to name a few of them.
However, as of now, Crypto.com supports only 87 crypto coins that include BNT, BTC, AAVE, and CELR.
Also, you must remember that both Binance and Crypto.com exchanges offer special prices and fees for those high-end users who trade crypto worth millions in a month.
These packages are called the VIP packages. The users who use their native coins BNB and CRO respectively are eligible to enjoy a special rebate when they opt to pay for the fees in them as well as hold the coins in their wallet.
Moreover, the usefulness of a crypto exchange largely depends on its accessibility.
For that matter, you will need to consider the other features that the platform offers such as the availability and ease of use of different useful tools that will allow the traders to access and know about the crypto market more easily.
It is very important for the crypto traders to be in constant touch with the crypto market and know about all of the latest news and developments so that they can deal with the extremely volatile nature of the crypto market as well as the frequent price fluctuations of the crypto assets.
Talking about the fees, both these platforms offer opportunities to reduce it by using their respective native coins.
With that said, the Binance platform needs special attention because it offers the lowest fee structures as compared to most of the major crypto trading platforms including Crypto.com.
Here are a few fundamental points that, if remembered, will make your choice even easier.
If you are based in the US then you should go for Crypto.com without any question because Binance is not available for you to use.
Yes, you can use Binance.us but that is not as useful and functional as the mother company.
As for the users in the rest of the world, the Binance platform happens to be the best choice by far.
Even if you do not consider the other aspects of this platform, it is the sheer number of features of it that will make it your eventual choice.
Moreover, if your trades are limited to a specific amount of crypto and withdrawal of 2 BTC daily, then you can even use this platform without needing to go through the hassles of KYC.
If you want to make your choice on the basis of the number of coins offered for trading, then, once again, Binance is the one that you should go with since it offers a lot more listed coins in comparison to Crypto.com.
However, users who want better customer support will find Crypto.com to be more useful for them.
The customer support of Binance can seem to be overwhelming at times with tickets most of the times.
Crytp.com is also a good platform considering its regulatory status. It is a registered US based company.
It strictly follows the rules and regulations pertinent in the US.
One thing that may bother you a bit about Binance is its continual attempt to hide its headquarters.
Also, there have been a lot of stories going around about fund lockups, incomprehensible account freezes, and other restrictions that are quite common on this platform.
However, if you want to make your choice by the sheer number of users, then Binance has millions of them spread all over the world which proves its mettle.
It uses the Trust Wallet where the users can store their coins and move them around as well as rest assured that their personal data will be protected safely.
Ideally, when you choose a crypto trading platform there are a few specific parameters that will help you a lot in this aspect. These are:
- The reputation
- The transaction fees and
- The accessibility of services and funds.
As of now, there is no crypto exchange for trading that is better than Binance and can compete with it in terms of the offerings made by this platform and that includes Crypto.com.
However, if you simply want to buy and hold your crypto coins and sometimes pay with them, Crypto.com exchange can be a good option for you.
Considering all the above aspects, it can be said that you should make your choice according to your specific needs and situation. This will enable you to meet your financial goals.
Since the crypto exchanges play a significant role in bridging the gap between the users and the market, choosing the right one is extremely necessary. Since there are lots of them, knowing the differences is crucial to make the right choice.