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Binance Vs Crypto com
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Binance Vs Crypto.com

When it comes to cryptocurrency exchanges, Binance and Crypto.com have emerged as two of the most popular exchanges in the industry, both offering a wide range of features. However, there are some key differences between the two platforms that investors should consider before choosing which service to use. Find out which is the better platform for you, Binance or Crypto.com.

About Binance

Binance is a cryptocurrency exchange launched in July of 2017. The platform quickly became one of the most popular exchanges in the industry, with over 10 million users. 

Offering a significant range of features, Binance supports numerous cryptocurrencies and fiat currencies. The platform also includes functional trading tools and services available for their users' advantage in the trading market. In addition, Binance offers a rewards program that gives users discounts on trading fees and provides other valuable benefits.

Moreover, Binance US is a cryptocurrency exchange launched in September 2019. It is the American version of the global Binance exchange and allows users to trade cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and XRP. 

About Crypto.com

Crypto.com was founded in 2016 as a payments company but has since pivoted to become a cryptocurrency exchange and wallet provider. The platform offers users the ability to buy, sell, and store cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP.

Crypto.com offers a spectrum of other features, including a built-in crypto payment card, enabling users to spend their cryptocurrencies at any merchant that accepts Visa cards. 

Additionally, Crypto.com offers an MCO rewards program that permits users discounts and bonuses when they use the Crypto.com app or make purchases with the crypto payment card.

Binance vs Crypto.com: Fees

One of the most crucial factors to consider when choosing an exchange is the fees you will pay for each service. 

Between Crypto.com and Binance, Binance is known to have a very competitive fee structure, with no fees charged on deposits and only a 0.1% fee charged on trades. It also offers a 25% trading fee discount when users opt to use BNB, the cryptocurrency issued by Binance.

Similar to Binance, Crypto.com doesn't have a deposit fee, but the platform's trading fees are volume-based. Meaning, you may get more discounts on the price as your trading volume increases. The volumes are categorized into levels, starting from level 1, and going up to level 9. You can learn more about these levels by reading our Crypto.com review.

Keep in mind that users pay a flat fee for each withdrawal in both platforms, depending on the cryptocurrency used.

Binance vs Crypto.com: Available Coins

Another critical factor to keep in mind when choosing an exchange is the number of coins available for trading. For example, Binance offers a much more comprehensive range of coins than Crypto.com. While Binance gives you access to more than 500 cryptocurrencies, on Crypto.com you'll only be able to trade around 150.

The wide range of coins available on Binance gives investors greater flexibility in choosing which coins to invest in. However, Binance US supports a more limited range of about 50 cryptocurrencies, focusing on more substantial ones. 

Crypto Wallet

One of the critical areas where Binance and Crypto.com differ is their wallets. Binance offers its in-house wallet, which authorizes users to store a variety of cryptocurrencies on the platform. However, it should also be noted that Binance has suffered from security breaches in the past, so investors should take care when using this exchange.

On the other hand, Crypto.com offers custodial and non-custodial wallets, which afford investors a lot of flexibility in storing their cryptocurrencies. For example, the Defi wallet of Crypto.com sanctions users to get full access and control of private crypto keys, as it is considered a non-custodial wallet. 

However, when it comes to ease of withdrawal or deposit, Crypto.com takes the lead. Withdrawing or depositing funds on Binance can be a little confusing and time-consuming for new users. Conversely, Crypto.com makes it easy to add and remove funds with just a few clicks.

Security

When choosing an exchange, one of the most important factors is security. Binance has implemented multiple layers of security, including 2-factor authentication, a host of encryption measures, and a Secure Assets Fund for Users (SAFU).

On the other hand, Crypto.com provides cold storage for all of its users' funds, meaning that your money is stored offline and consequently inaccessible online. It also has multi-factor authentication, insurance, and many other security measures. 

Crypto.com has advanced security and privacy protocols such as ISO/IEC 27701:2019; CCSS Level 3; ISO/IEC 27001:2013 and PCI-DSS v3.2.1 Level 1 compliance; Tier 4 NIST Cybersecurity and Privacy Frameworks. Furthermore, the platform engages in stress testing and auditing core Blockchain systems with globally known security consulting and auditing firms like Kudelski Security.

Ease of Use

Crypto.com is known for being one of the most user-friendly exchanges in the industry. The platform has a simple and easy-to-use interface perfect for beginners. It also provides more experienced traders with all the features to execute complex trades.

Binance, on the other hand, can be a little bit confusing for first-time users. However, it includes a wide range of features not available on Crypto.com. These include margin trading and futures contracts, to name a couple. So Binance may be better suited for more experienced traders who want more control over their trading experience.

Other Features

Both Binance and Crypto.com offer other features like staking and loans for various tokens on their platforms. Accessing this enables users to earn passive income by holding on to specific tokens and borrowing money against their holdings. In addition, both platforms also support NFTs (non-fungible tokens). These are unique digital assets that have individual value.

Conclusion

Binance and Crypto.com both have different features that may appeal to different investors. Ultimately, which platform is better depends on what you, as an investor, are looking for in an exchange.

For example, Binance is better for investors looking for a wide range of cryptocurrencies to invest in, while Crypto.com offers a more user-friendly experience and lower fees. 

To find the best crypto exchange for your, use our comparison tool. Just answer a few simple questions and see which platform is best suited to your needs.

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