Crypto.com vs Binance are two of the most popular exchanges in the world. There are many exchanges to choose from, with Binance.com and Crypto.com are by far some of the best options because they are both well-known and reputable exchange platforms. They both offer user-friendly platforms and have a wide range of products and services.
In this article, we will provide the highlight differences that will be very helpful for your selection.
Overview
What is Crypto.com?
In 2016, Kris Marszalek and Bobby Bao launched Crypto.com in Hong Kong under the name Monaco. They provide a wide range of cryptocurrency services, including interest-earning accounts, a pay feature, and an NFT marketplace, despite the fact that their exchange is their main selling point. Users will gain from staking their own token CRO because, among other things, they will get greater interest rates on staking and loans backed by cryptocurrencies.
What is Binance?
Binance, one of the world’s largest cryptocurrency exchanges, was founded in 2017 in Hong Kong by Changpeng Zhao and Beijie Technology. Binance moved its offices from China to Japan in 2017 and then to Taiwan in 2018. Since another move in April 2018, they have been headquartered in Malta. Binance has been subject to more regulatory scrutiny than other exchanges and was banned in the U.S. in 2019. Binance.US, managed by BAM Trading Services and based in San Francisco, was subsequently opened.
Pros and Cons
Binance
| Competitively low fees | The full Binance.com is not available in the USA |
| P2P trading | Coins are often suspended, leaving users in the dark |
| Good track record with security breaches | Its user interface can be intimidating to beginners |
| Secure Asset Fund |
Crypto.com
| Fully functional exchange | The best rates call for CRO staking. |
| Fee reductions for regular dealers | Loans are not available in the US |
| Better rates in the U.S | Unknown spread charge on the exchange |
| More extra features (Pay, Wallet, NFTs) | Slow response from customer service |
Crypto.Com Vs Binance: Which is Better?
Features
Binance
- Binance is a cryptocurrency exchange that allows users to trade cryptocurrencies.
- Offers a wide variety of cryptocurrencies, including popular ones such as Bitcoin, Ethereum, and Litecoin. offers its own cryptocurrency, Binance Coin (BNB).
- Charges very low fees, making it a popular choice for traders.
- Available in many countries, including the United States.
Read more: Binance Vs BinanceUS Guide 2023: Which Exchange is Best?
Crypto.Com
- The exchange is a digital asset platform that allows users to buy, sell, and store cryptocurrencies.
- The platform offers a variety of features including a wallet, exchange, and a card payment system.
- Crypto.com is one of the few platforms that offer a Visa card that can be used to spend cryptocurrencies.
- The platform also offers a mobile app that allows users to manage their account and transactions on the go.
Supported Currencies
When it comes to the quantity of cryptocurrencies supported, Binance comes out on top because it offers more than 350 different cryptocurrencies on its exchange along with a variety of market pairs. On the other side, about 150 coins are supported by Crypto.com.
Binance
Binance (including Binance.US) offers a significant amount of cryptocurrencies and stablecoins for trade, one of the largest selections available in one place. The full list, which includes all major cryptocurrencies like Bitcoin and Ethereum, can be found here.
Binance.US supports a more limited but still substantial range of currencies, numbered over 600, including the following: BNB, TetherUS, Bitcoin, VeThor Token, Ethereum, Storj, Harmony, Cardano, VeChain, EOS, Dogecoin and more
Crypto.com
It offers a wide variety of cryptocurrencies, including popular coins like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), and more.
Staking, Credit Cards, Other Options
Binance
Other tools and services offered by Binance include the following:
- Binance Earn – a platform for staking or earning interest by depositing stablecoins with the exchange. Depending on the coin and the tenure, the exchange offers investors multiple options and interest rates for these coins.
- Binance Visa Card is a credit card that enables users to exchange their bitcoin for fiat money and use that money to purchase products. Administrative fees are not charged for the conversion, but third-party fees in the form of payment network fees are.
- Binance Smart Pool gives miners the option to switch between various cryptocurrencies for mining in order to maximize and increase their earnings.
- Binance Labs, an incubator for blockchain initiatives run by the cryptocurrency exchange, aims to support innovative pre-ICO businesses. It supports deserving cryptocurrency project teams by offering development financing, tools for advisors, and a starting point for any required fundraising and listing campaigns.
- The hosting of fresh and developing blockchain applications as well as API interfaces is also made available by Binance on a website called LaunchPad. 64 projects were started as of July 2023.
Read more: IDO Vs ICO Vs IEO: What Is An IDO In Crypto And How To Invest It 2023?
Crypto.com
Several cryptocurrency-related products are available on Crypto.com that can assist you in incorporating cryptocurrencies into your daily life and gaining access to other digital assets:
- Debit card: You can apply for the Visa rewards Crypto.com debit card after you stake CRO for at least six months. With this card, you can earn rewards with purchases which are paid in CRO and added to your Crypto.com wallet. The amount you earn and the fees involved depend on your card tier.
- Earn: When you stake your coins with Crypto.com, you can earn interest on them. Just allocate your coins to the Earn function and watch your balance grow!
- NFTs: Differentiate your NFTs with Crypto.com, including access to collections and drops.
- Pay: Payments made as part of your business, buying goods and services, or sending crypto to friends can all be done using the Crypto.com network. With Crypto.com Pay, you don’t need to worry about crypto.com trading fees, and you can even get a bonus of CRO.
- Yield farming: Lock up your coins to earn even more by providing liquidity to the exchange and other projects. Locking up your coins can earn additional income by providing liquidity to the exchange and other projects.
There’s no doubt that Crypto.com has the upper hand when it comes to products and services that can help you make money in the cryptocurrency world.
Security
Binance
Binance takes security seriously and has implemented multiple layers of protection, including 2-factor authentication, cold storage, and a host of other security measures.
Binance has been subject to hacks in the past, but they have always reimbursed users from their own reserves. In 2019, Binance experienced its biggest hack to date, with 7,000 BTC being stolen. However, Binance had insurance and was able to reimburse all affected users.
Crypto.com
Crypto.com employs a number of security features to protect user accounts and data. Two-factor authentication is required for all account activity, and all communications between users and the site are encrypted. User funds are stored in cold storage, and the company has implemented a number of measures to prevent fraud and hacking.
However, even with this security system, Crypto.com was the subject of a $35 million hack in January 2023. The company claims no users lost funds in the hack and that the exchange upgraded its security features to prevent future hacks. In an effort to prevent future issues, Crypto.com joined the Worldwide Account Protection Program and sent consumers alerts whenever a new payee address is added.
Crypto.com is the best option for peace of mind because it is more open about its efforts to secure consumer assets.
Read more: TOP 8 Best Privacy Coins To Trade & HODL In 2023: A Full Guidance
Geographic Availability
- Binance is available in most countries around the world, Canada, the UK, Germany, Canada, India, Italy, Spain. In May 2023, Binance gained regulatory approval in France, allowing the company to provide digital asset services in the country. But recently Binance is facing some legal problems in some countries such as: some US states, UK, Japan, The EU, Germany, South Korea, China, …
- Crypto.com is available in many countries around the world, including 49 states and territories of US, the UK, Germany, Canada, Australia, India, Italy, France and Spain, and more.
Fees
Taker fees are often greater than maker fees at each tier with Binance.US and Crypto.com. Both platforms appear to be on the same footing when it comes to fees because they both charge maker and taker fees based on the trader’s trading volume. A 30-day trading volume of less than 50 BTC will result in a maker and taker charge of 0.1% for Binance. A 25% discount is applied when using the Binance cryptocurrency.
For traders who generate a 30-day trading volume below $25,000, Crypto.com will levy a maker fee of 0.05% and a taker fee of 0.07%. On Crypto.com, trading volumes below $50,000 per month result in maker and taker fees of 0.04% and 0.065%, respectively. Moreover, Both Binance and Crypto.com deposit fees are free.
Because there are no additional per-trade costs, Crypto.com’s pricing is reasonable.
Read more: Difference Between Maker vs Taker: Top Full Guide 2023.
Ease of Use
Binance
- Binance is a very easy to use exchange. They have a user-friendly interface that can be used by both beginners and professionals.
- The platform is also available in many languages, so it can be used by people from all over the world.
- Binance also has a mobile app which makes it even easier to use the exchange.
Crypto.com
- Crypto.com is easy to use and navigate around. The user interface makes it easy for users to find what they are looking for, and the fact that it has a mobile app also makes it easy to use for people who are always on the go.
- The only thing that might be a bit confusing for some users is the fact that there are so many different features and options available on the platform. However, once you get used to it, it is actually quite easy to use.
Both bitcoin exchanges have a ton of functionality, but they have come under fire for making it unclear how to utilize their platforms. To give newbies a terrific experience utilizing its services, Crypto.com appears to have invested more time and effort perfecting its user interface. For expert users, Binance appears to invest more time in creating new features and services.
Interest Rates
Binance
Binance.US gives you the chance to take rewards by staking your coins. Rates vary from coin to coin but are estimated to be between 0.5% and 10%.
QTUM, EOS, ONE, Vechain Staking Rewards, XTZ Staking, ATOM Staking, and ALGO Staking
Binance offers DeFi staking and Locked Staking for international users. Locked staking offers higher APY rates in exchange for depositing your coins for fixed terms, in this case, periods of 15, 30, 60, or 90 days. rates of Interest range from 1.49% to 33.12% on a range of 64 locked staking and 11 total DeFi staking coins. Your rate will be determined by which coins you choose to stake and your fixed term.
Crypto.com
Crypto.com’s Earn feature gives you great interest rates on a range of coins, starting at 0.2% and going as high as 14.5% for crypto coins like Bitcoin and Ethereum. You can also earn up to 10% on stablecoins like USDC.
Several factors affect rates:
- Cryptocurrency (with higher rates for stablecoins)
- Term (Flexible, 1 month or 3 months)
- Staking CRO for 6 months ($400 or less, $4,000, or $40,000 or more)
Assuming we’re taking Bitcoin as an example: For Tier 1 – Allocations up to US$3,000 (full reward). The minimum rate is 0.2% (flexible term and minimum or no CRO stake)
- 1.5% (1-month term, minimum CRO stake)
- 3% (3-month term, minimum CRO stake)
- 4% (3-month term, stake of $4,000 CRO or more)
- 6%, the highest rate for Bitcoin, requires a 3-month term and staking $40,000 in CRO (for 6 months or more)
A flexible term, even with a maximum stake, will only earn 0.25%. 0.55% is the most you can earn on a flexible term with no CRO stake on stablecoins.
The interest rate for three-month terms without staking Bitcoin and Ethereum is 3%, and for most stablecoins, it is 6%. Rewards are paid every week in USDC.
At a Glance
| CRYPTO.COM | BINANCE | |
| HEADQUARTERS: | Hong Kong, China | George Town, Cayman Islands |
| COMPANY TYPE: | Cryptocurrency broker, exchange, wallet, and DeFi platform. | Earn crypto by trading NFTs, derivatives, and other products on the exchange. |
| FEES: | Makers pay 0.1% in fees, and takers pay 0.16% in fees. | A fee of 0.10% maker and taker with a 25% discount on fees paid with Binance Coin. |
| SECURITY: | Medium | Medium |
| BEGINNER FRIENDLY: | Yes | No |
| VERIFICATION REQUIRED: | Yes | Yes |
| AVAILABLE CRYPTOCURRENCIES: | Over 90 different cryptocurrencies | There are over 200 cryptocurrencies. |
| PROPRIETARY TOKEN: | Yes (CRO) | Yes (BNB) |
| ON-SITE WALLET: | Yes (Crypto.com DeFi Wallet) | Yes |
| BUY/DEPOSIT METHODS: | ACH transfer, credit card, debit card, wire transfer | Credit card, debit card, wire transfer, bank transfer (SWIFT) |
| SELL/WITHDRAW METHODS: | Bank transfer, Crypto.com Visa card | Crypto |
| YEAR ESTABLISHED: | 2016 | 2017 |
| FIAT TRADING: | Yes | Yes (Stablecoins only) |
| VISA CARD | Yes | Yes (not supported in USA) |
| MOBILE APP | Yes | Yes |
| INTEREST ACCOUNTS | Up to 14% | Up to 47.79% APY |
| AFFILIATE PROGRAMS | Yes | Yes |
| 2FA | Yes | Yes |
| WITHDRAWEL LIMIT | 2BTC / day for unverified accounts; 100BTC / day for verified accounts; Wire Transfer: $7,500,000 / day | 10 BTC equivalent per rolling 24 hour period; $100,00 per day and $500,000 per month |
FAQs
How Do Crypto.com and Binance Work?
Crypto.com and Binance are digital asset exchanges allowing users to buy, sell, and trade cryptocurrencies.
Both Crypto.com and Binance offer a variety of features and services. Crypto.com offers a debit card that allows users to spend their cryptocurrency anywhere that accepts Visa. Binance offers a similar service with its Binance Card. Both exchanges also offer staking services, which allow users to earn interest on their cryptocurrency holdings.
Is It Safe to Hold Cryptocurrency in the Crypto.com or Binance Exchanges?
There is no easy answer when it comes to the safety of holding cryptocurrency in an exchange like Crypto.com or Binance. While both exchanges have taken steps to improve their security measures, there is always the potential for hacks and other security breaches. In general, it is generally considered safer to store your cryptocurrency in a personal wallet rather than on an exchange.
Who Should Use Crypto.com or Binance?
Crypto.com is the better choice for users who want to buy, sell, and hold cryptocurrencies. It has a more user-friendly interface and offers a higher level of customer service than Binance.
However, Binance is a good choice for more experienced users who want to trade a wider range of cryptocurrencies.
Which One Should You Choose?
There is no easy answer when it comes to choosing between Binance and Crypto.com. Both platforms offer a variety of features and benefits that could appeal to different users. However, Crypto.com does not have as many features and services as Binance since Binance is the world’s largest cryptocurrency exchange and offers a lot of features and services.
Ultimately, it is up to the individual to decide which platform is right for them.
Conclusion
Both Binance and Crypto.com offer a variety of features and benefits for users. However, there are some key differences between the two platforms. Binance is a more traditional exchange, offering a wider range of coins and features. Crypto.com is a newer platform that focuses on providing users with an easy way to buy, sell, and store cryptocurrencies.
So, which platform is right for you? If you’re looking for a traditional exchange with many of features, Binance is a good option.
If you’re new to the world of cryptocurrency and want a simple platform to get started with, Crypto.com is a good choice.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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