Crypto.com vs. Binance: Which is Best for Crypto in 2023?
The rise of cryptocurrency exchanges has given investors several marketplaces to invest their money in.
These marketplaces all come with their own unique features and characteristics, offering benefits to investors at varying skill levels to help them achieve their goals.
This means that the crypto industry is filled with various comparisons between marketplaces and their features – for example, Binance vs. Coinbase or even Kraken vs. Coinbase.
In addition to the above sites, Crypto.com is another big marketplace, and today, I’ll compare it with Binance.
Both of these platforms are headquartered in Hong Kong, both have bitcoin/crypto trading options, and both support multiple cryptocurrencies across multiple platforms.
However, there are many more similarities and differences you need to know about before making a trading decision.
With so many features for you to choose from, which one is best for your specific needs?
Let’s get right into it.
Crypto.com vs. Binance: Quick Overview
Let’s start with a quick overview of these two platforms.
Crypto.com: Overview
Crypto.com is an investing and staking crypto platform that was launched in 2016.
With a staff of more than 900 members, Crypto.com is ideally positioned to serve its community of consumers, which now number over 10 million people.
There are a variety of features on offer, which include:
- a metal crypto Visa card with an 8% reward for any spending
- a mobile app that allows you to control your crypto wallet,
- the ability to go for crypto loans when needed
All of these make Crypto.com worth considering when trading in this new financial reality.
Crypto.com is a reputable cryptocurrency and blockchain platform with no known fraud or hacks.
In fact, no hackers have had any unauthorized access to this platform so far.
When using the platform, you can expect premium-level services offering exceptional levels of privacy, security, and compliance.
Government requirements and standards on this platform are at an all-time high.
Finally, with the introduction of an NFT marketplace, you can expect Crypto.com to continue growing and gaining adoption as time goes by.
Binance: Quick Overview
Binance was launched in 2017 when the cryptocurrency market was on a massive bull run.
Founded by Changpeng Zhao, the firm has become the world’s most significant cryptocurrency exchange when considering its trading volume.
Binance is currently the most popular cryptocurrency exchange, with more than 500 supported cryptocurrencies.
Binance, like other significant exchanges, supports a wide range of cryptocurrencies.
It offers more than 1,000 market pairs on its platform, adding to the exchange’s already lengthy list of supported cryptos.
Users can also trade or discover new NFTs on the Binance NFT Exchange, the primary source for exchanging non-fungible tokens.
With sources reporting that Binance currently makes around $76 billion a day, it’s no wonder that it is a popular crypto platform.
Crypto.com vs. Binance: Side By Side
Now that I’ve gone through an overview of these two platforms, let’s look at how they match up against one another.
Cryptocurrencies Available For Trading
The first thing to consider when choosing an exchange is the number of currencies available on that platform.
Binance, one of the most comprehensive crypto exchanges available, offers more than 500 cryptocurrencies and stablecoins for trading.
Apart from the major cryptocurrencies (including Bitcoin and Ethereum), the list of cryptocurrencies you can trade on Binance is comprehensive.
Binance.US (the platform that supports trading in the U.S.) offers fewer choices (around 50 in total) than Binance.com, but this is still a good selection.
When it comes to the Crypto.com exchange, there are over 100 cryptocurrencies on offer, which is definitely a decent number.
These include Litecoin, Ethereum, Bitcoin, Ripple (XRP), and more.
The choices over at Binance (International) make this platform a clear winner regarding the number of supported cryptos available for trading.
Mobile Pay
Users of the Crypto.com mobile app can purchase goods and services, acquire gift cards, and send cryptocurrency to others in over 30 cryptocurrencies.
This offers a quick and straightforward way to get everyday jobs done using cryptocurrency.
Paying via the mobile Crypto.com app might make sense when considering features such as the following:
- Bonuses (ranging from 1.25% – 10%) are offered when buying specific gift cards.
- Mobile airtime purchases get 2.5% – 5% back.
- Sending money to others results in 10% rewards when having a $10,000 CRO stake (Crypto.com’s own coin, which is on an upwards trend).
On the other hand, Binance Pay is a contactless mobile payment service that allows you to send and receive cryptocurrencies.
You may use your Binance Pay Wallet to shop online or in-person with money stored there.
Security
Binance is infamous for a 2019 hack in which more than $40 million of crypto were stolen from its possession.
To prevent this from happening again, Binance has since tightened security measures.
Binance has also made efforts to reimburse losses incurred by its customers due to the hack, not to mention increased security with more thorough KYC (know your customer) and anti-money laundering processes.
There are also some pending investigations into Binance for potentially not being as regulated as it should be.
Crypto.com has never been hacked, and it uses multi-factor authentication and anti-phishing measures to protect its customers in the crypto space.
Crypto traders need to make sure they are exchanging their digital crypto assets securely and that their assets are held in cold storage where it’s tough to get to.
With security in the crypto exchange space being super essential and due to past shortcomings on Binance’s part, Crypto.com takes the win here.
Exchange Transaction Fees Accessibility
Both platforms appear to be on a similar level regarding fees, as they charge both parties when transactions are carried out on their platforms.
However, let’s get more into the specifics.
Binance
Binance is one of the most cost-effective exchanges in the crypto market, with fees sometimes far lower than those charged by major exchanges that might be non-commission-free.
The platform will charge a maker and a taker fee of 0.1 percent if the trading volume is less than 50 BTC (over 30 days).
With that said, using the Binance coin at all levels saves you 25%.
Binance.US has similar trading fees to Binance, although international users will benefit from slightly lower fees.
Crypto.com
The fee structure on Crypto.com is tiered, with Maker and Taker fees based on 30-day trading volume.
For example, if I had to take a low tier, a mid-tier, and a high tier range (over thirty days), this is what the fees would look like:
|
Level |
30 day Trading Volume (USD) |
Maker Fee |
Taker Fee |
|---|---|---|---|
|
Low Tier |
$0 – $25,000 |
0.4% |
0.4% |
|
Mid Tier |
$250,001 – $1,000,000 |
0.09% |
0.15% |
|
High Tier |
$200,000,001 and above |
0.04% |
0.10% |
Deposits to your Crypto.com account do not incur fees. However, when it comes to withdrawal fees, these are cryptocurrency-dependent.
Purchases made with a credit or debit card in the United States incur a 2.99 percent fee, while purchases incur a 3.99 percent charge in most other countries.
There are specific fees for inactivity, ACH decline, card upgrade, and replacement, as well as card load.
Binance users will generally receive somewhat lower trading fees than Crypto.com users when it comes to trading.
The difference, however, is minor and unlikely to influence most traders.
With that said, Binance is the winner in this category.
Beginner Friendliness
When you first create an account on either Crypto.com or Binance, you are sent to a standard user interface.
You can use both investment apps on both Apple and Android devices, both of which are simple to download and use.
The Crypto.com website and mobile app do an excellent job of making trading crypto as straightforward as possible, especially with its user-friendly interface.
Crypto.com also has an advanced trading platform with sophisticated charts for skilled traders and various tools to help investors make more informed decisions.
Binance’s interface will appeal to those who already know crypto, as it gives you an insight into the exchange’s core features.
Binance’s mobile app is much more sophisticated than Crypto.com’s, and it may be difficult for most newcomers to navigate.
Binance’s desktop software has a much steeper learning curve than the mobile app, suitable for more advanced users when its complexity is considered.
Crypto.com’s mobile app, on the other hand, has a more fundamental and easy-to-use design that is friendly to novices.
This one goes to Crypto.com for being more beginner-friendly.
Visa Cards
Customers in the United States will not be able to acquire a Binance card, but this feature is available to individuals from this list of countries:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Netherlands, Norway, Poland, Portugal, Reunion, Romania, Slovakia, Slovenia, Spain, Sweden.
The Binance Visa card has no fees and may give up to 8% cashback on selected purchases.
It also enables you to store bitcoin in your Binance Funding Wallet and use it when you want.
Moving on to Crypto.com, this platform has a range of Visa cards that offer rewards and can be used at ATMs and POS terminals.
If you get your CRO stake, you will get increasing rewards when using the card.
The basic card (no CRO stake necessary) gets 1% cashback on purchases.
Tiered incentives climb to 8% for persons who stake CRO.
Crypto.com’s card ATM withdrawal limits are set at a maximum of $1000 per month.
Several additional prospective benefits include extra interest, discounts on travel (through Expedia), music (through Spotify), and movies (through Netflix).
One of the most distinctive features of Crypto.com is its metal Visa card, which allows users to spend their crypto assets and earn a cashback reward on every transaction.
The only downside is that the rewards are given in Crypto.com’s native CRO token, which has been volatile at times (as is the nature of crypto).
With Binance’s debit card only available to customers outside the U.S., this one has to go to Crypto.com.
Other Features To Consider
Crypto.com’s ecosystem includes the opportunity to make money by keeping your crypto assets, as well as the ability to swap a variety of Defi tokens via their decentralized platform, which is why they are becoming increasingly popular.
These features make Crypto.com an excellent choice for investors looking to hold their crypto assets long-term.
On an unrelated note, if you’re into cryptocurrency derivatives trading, margin trading, perpetual swaps, or futures, Binance is the platform to get started with.
It’s important to consider that derivatives trading does come with its risks, so it’s important to know what you’re doing before diving into this.
Finally, Binance is the world’s most liquid cryptocurrency exchange, with a volume of trade that has surpassed even that of Coinbase.
The Verdict
Crypto.com is more beginner-friendly because it’s built with a more straightforward and intuitive interface.
Binance offers more options for experienced crypto traders and has been around for longer.
The Crypto.com card is the best choice when using your crypto assets to get cash back rewards or convert them into fiat currency using a credit card.
For users who want to use their crypto tokens for high-frequency derivative trading, margin trades, or swaps on a decentralized platform, Binance is the way to go.
The most crucial aspect of any exchange is security – with Binance, its past vulnerabilities will always remain in the back of one’s mind, whereas Crypto.com doesn’t seem to have any known ones that have been exploited.
Finally, Crypto.com is available everywhere, whereas Binance’s full features are only available outside the U.S. – even though Binance.US is a good alternative.
These are all items to think about before making your final decision.
Factors To Consider When Choosing Your Crypto Exchange
Besides the factors mentioned above, here are some further points to consider before choosing your crypto exchange.
These factors might sway you beyond Crypto.com and Binance, so it’s essential to decide if these factors are needed for your specific needs.
Margin Trading
Margin trading is defined as the ability to borrow funds to increase the buying capacity of an investor.
Choosing a platform that facilitates margin trading is crucial because it’ll allow you to maximize your buying power and multiply your returns.
Crypto Debit Card Niches
Another point of consideration when choosing a crypto exchange is the ability to use payment options like debit cards.
This will help ensure that you can easily access your funds anytime you need them.
If you’re not able to withdraw fiat currency without using a bank account, for example, you may want to choose an exchange that has this payment method.
Compliant Payment Gateway
Another essential feature of your crypto exchange is the compliance of its payment gateway with set market regulations.
If it cannot comply with applicable laws and regulatory requirements, then your funds might be at risk.
Trading to Fiat Currency
It’s also essential for an exchange to have fiat currency trading pairs.
This will allow you to withdraw your assets into fiat currency easily.
If this does not exist, you’ll have to go through additional steps to get your crypto assets into fiat currency.
Secure Asset Fund
Finally, any exchange needs to secure its users’ assets with a non-custodial cold storage and API key.
It would help if you also looked out for proof in the following areas:
- reserves audits
- security procedures
- backup processes
- insurance coverage for crypto assets held on the platform
- multiple layers of security measures being in place
- regular penetration testing.
These are some essential points to consider when deciding on a secure crypto exchange platform.
Crypto.com vs. Binance – FAQ
What Are Some Excellent Crypto Coins To Consider At The Moment?
While this should not be taken as investment advice, some good coins to consider right now are the following:
- BTC (Bitcoin)
- BNB (Binance Coin)
- ETH (Ethereum)
- ADA (ADA)
- LTC (Litecoin)
- USDT (Tether)
- VET (VeChain)
What Is The Definition Of Altcoins?
An Altcoin is a cryptocurrency that came after the initial launch of Bitcoin.
It can also refer to cryptocurrencies deriving from Bitcoin.
For example, Dogecoin (DOGE) was a huge hit when it first came out.
Are there any other good cryptocurrency exchanges to consider?
Coinbase, Kraken, and eToro are three good exchanges to keep in mind.
Wrap Up.
After considering the factors mentioned above, it should be easier to determine which exchange is best suited for your needs.
These are some of the most important criteria to help ease the trading process and increase your potential in this area.
Binance vs. Crypto.com are excellent choices for cryptocurrency exchanges.
They both have great track records and strong teams behind them, so it’s simply understanding what your needs are and which platform can best satisfy them.
Have you ever used these platforms to trade crypto before? Do you have any experience with them that you’d like to share? Let me know in the comments below.
Further reading on AdamEnfroy.com: Check out my comparison reviews on various crypto platforms:
In addition, here are the best crypto portfolio trackers available right now to store your digital assets.
Last Updated on December 8, 2022 by Adam Enfroy
