Digital currency, a recent digital medium of exchange, is widely used globally for different transactions locally and across borders. Currently, there are several digital currencies available in the digital space, but Binance and Crypto.com stay at the top when it comes to digital exchanges in Canada.
Both cryptocurrency trading platforms include sophisticated trading tools, a large cryptocurrency list, their native tokens, and several additional cryptocurrency services, such as crypto staking, loans, crypto Visa cards, various trading alternatives, and more. These features are basic for all digital currency transactions. This article clearly explains and compares Binance and Crypto.com as well as their features and usage in places such as Canada.
All About Binance
Leading cryptocurrency exchange Binance was established in Hong Kong in 2017. It has a significant emphasis on trading altcoins. More than 600 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and Binance Coin, are available for trading on Binance (BNB).
The Binance exchange boasts some of the lowest transaction costs of all cryptocurrency exchanges and is mostly recognized for trading crypto-to-crypto or trading between two cryptocurrency pairings. Users who pay using the native BNB cryptocurrency tokens get discounts and the product has high liquidity.
Bitcoin and finance are combined to form the moniker “Binance.” It promises to give high processing throughput, high standards of safety and security, multi-tier and multi-clustered architecture, and the ability to handle about 1.4 million orders per second. More than 600 different currencies, including Bitcoin, Ethereum, Litecoin, and its own native BNB tokens, are supported for trade.
The biggest and most sophisticated cryptocurrency exchange in the world, Binance is known for its cheap fees, extensive range of digital currencies, and many opportunities for users to earn money from their crypto holdings. These features made Binance stand out when compared to exchange platforms.
The Binance exchange provides many trading alternatives, both for novice and experienced traders, as well as simple and complicated trading platforms. Users may get further savings and cost reductions by using the platform’s native currency, the BNB coin.
By utilizing bank transfers, debit/credit cards, P2P trading, or third-party payment methods like Simplex, Paxos, and Banxa, users may access and purchase more than 600 cryptocurrencies using more than 50 fiat currencies.
All About Crypto.com
A well-known cryptocurrency exchange, Crypto.com, supports a variety of digital currencies and blockchain-related goods. Users benefit from very cheap trading costs and may buy, sell, and exchange a wide variety of currencies. The business also provides NFT marketplaces, independent crypto wallets, decentralized exchanges, and cryptocurrency credit cards.
Additionally, customers may earn up to 14.5% interest by staking their cryptocurrency or keeping it in a Crypto.com wallet for a certain amount of time.
Crypto.com could be a wise alternative for anyone who wants to acquire and hold digital currencies like Bitcoin and Ethereum. Fees are capped at 0.40% and decrease with high trading volume or a large CRO currency holding.
Currently, 250 different currencies are supported by Crypto.com, which also provides complex order types and a platform for trading cryptocurrency futures. In 2016, the Hong Kong-based cryptocurrency exchange, Crypto.com was established.
The site provides sophisticated trading tools and charting resources, in addition to over 250 cryptocurrencies, Crypto.com may be purchased with more than 20 fiat currencies through bank transfers or debit/credit cards.
Furthermore, it includes a native currency called the CRO token that users may stake to get access to additional discounts and fee waivers.
Key Features Of Binance
Some of the key features of Binance are explained below.
1. Fees
In contrast to Coinbase, whose fees are not publicly available online, Binance has some of the lowest in the market. Binance fees are known for the following:
2. Makers and takers pay the same costs under Binance’s maker-taker mechanism.
For high-volume traders, in particular, the pricing chart provides much cheaper fees but might be perplexing for newcomers. By acquiring Binance (BNB) tokens to pay fees with a 25% discount, Binance customers may save on expenditures. Leveling up also grants very important person (VIP) discounts to high-volume dealers.
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Binance provides 0% maker costs on BUSD pairings and 0% commission fees on 13 BTC Spot trading pairs
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Commissions are charged when trading other cryptocurrencies on the site.
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Trading commissions on the Binance platform for futures and spot trading begin at 0.1% and lower, respectively.
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When costs are paid using the BNB token, in addition to a reduction of 25% on spot fees users get a 10% discount on futures trading fees.
Binance has other important features such as security, customer service, and customer satisfaction
3. Security
By safeguarding its platform with stringent standards and state-of-the-art technological tools, Binance protects user cash. Binance always looks for novel methods to secure the consumers they serve, from real-time monitoring and a 360-degree risk management system to sophisticated data privacy technologies and end-user security education.
4. Customer Service
Customer service on Binance is accessed on their self-service portal where you can reset the password, unlock your account, reset phone security verification, change your email address, reset Google authenticator, and lodge a complaint on a crypto deposit not credited.
5. Customer Satisfaction
Customer ratings in Binance can be accessed from their website or Playstore. In more than 2,000 Trustpilot evaluations, Binance has received merely 2 out of 5 stars on average. Poor customer service and problems withdrawing money are common complaints. Nevertheless, despite the challenges some users confront, some response is favorable.
Key Features Of Crypto.com
Crypto.com has unique features that make it a considerable exchange to choose from among many other exchanges. Some of these features are explained below
1. Fees
Higher volume traders may be eligible for maker or taker fees as low as 0.04% or 0.1%, respectively, without CRO staking. If you have at least 5,000 CRO in your wallet, you may get lower trading costs. Traders that have up to $25,000 in monthly volume pay 0.36% at that time. Rates drop as stake size increases.
Because there are no extra per-trade costs, Crypto.com’s price is reasonable.
2. Security
Multi-factor authentication (MFA) and whitelisting are only two of the security procedures that Crypto.com employs to protect user accounts. Naturally, using a strong password and following your online security procedures can also help safeguard your account. You probably won’t be able to retrieve any lost cryptocurrency if your account is compromised since cryptocurrency transactions can never be undone.
To assist avoid breaches and losses, Crypto.com utilizes strong compliance monitoring in addition to its security measures and holds client deposits offline in cold storage. Additionally, it collaborates with regional banks in the US to provide $250,000 in FDIC protection on holdings in US dollars.
3. Customer Service
Customer service for Crypto.com is accessible via a help website, email, and live chat. Customers of Crypto.com cannot get phone help. Although customer care is offered by email and chat, several customers complain about delayed answers and a lack of assistance with account issues.
4. Customer Satisfaction
Overall, consumer ratings for Crypto.com are unimpressive; the site is rated just 2.2 out of 5 stars on Trustpilot. The majority of unfavorable reviews highlight issues with withdrawals, frozen accounts, and bad customer support. Others have mentioned lost money and compromised accounts, which is worrying.
Crypto.com is no different from the many other bitcoin exchanges that have poor customer support. Generally speaking, it’s a good idea to think of Crypto.com as a self-service website as customer support isn’t always useful. It’s probably better for those who are at least slightly familiar with online financial goods and won’t need much help.
5. Account management
The mobile app allows users to conveniently access their Crypto.com accounts and assets.
You may manage your bank accounts, check transfers, trade cryptocurrencies, and check the balance on your Crypto.com credit card using the app.
Trading Options In Binance
On Binance, trading options are simple. To choose “Options,” you must activate your futures account and click the Trades tab. Make sure your future wallet is funded. Transferring money from your spot wallet to your future account will enable you to achieve that.
Trading cryptocurrency options may be challenging, particularly in the world of derivatives. However, this derivative is a potent tool for traders trying to manage risk on a long or short bet.
Both the stock market and the cryptocurrency market use comparable options trading techniques. This tutorial will teach you how crypto options trading works as well as the advantages and disadvantages of common tactics.
Compared to Crypto.com, Binance provides greater trading possibilities. Binance provides Fan Token, Strategy Trading, Margin Trading, P2P Crypto Derivatives, Binance OTC, and Swap Farming.
Trading Options In Crypto.com
Crypto.com has unique options that distinguish the exchange from other exchanges. In Crypto.com, the underlying asset and quantity, strike price, expiry date, settlement terms, and options premium are some of the basic options you should look for. Spot, margin, cryptocurrency derivatives, the OTC Portal, and trading bots are supported by Crypto.com.
Generally, both Binance and Crypto.com provide a variety of web-based interfaces and mobile cryptocurrency trading applications to let consumers trade whenever and wherever they choose.
Platforms For Trading on Binance
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Purchase cryptocurrencies: Novices may quickly and simply purchase cryptocurrencies using more than 50 fiat currencies via bank transfers or debit/credit cards.
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Access sophisticated trading capabilities and charting tools on Binance Convert: Exchange one currency for another.
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Utilize leverage via margin to increase your trading holdings.
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P2P: Supports more than 100 payment methods that let you transact with other users directly.
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Binance OTC: Utilize off-exchange OTC execution options and liquidity for cryptocurrencies. Derivatives platform: Access leveraged tokens, permanent and future contracts, and more
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For mobile trading and staying updated on the markets, download the Binance app for iOS or Android.
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Launchpad for Binance: On Binance, you may easily buy or earn fresh tokens.
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Trading tactics: Use Spot and Futures Grids to automate your transactions.
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Swap farming: Exchange tokens or pool them to get rewards
Binance Fan Tokens are available on the Fan Token platform, enabling fans to support and influence the teams they support.
Available Platforms for trading on Crypto.com
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Crypto.com’s Platform for spot and margin trading: Purchase/sale of more than 200 pairs with up to 10X leverage
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Crypto.com’s Platform for trading derivatives: offers more than 40 long-term and futures contracts.
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The OTC Portal Dealing in big blocks
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Syndicate: Get up to a 50% discount when purchasing newly listed coins.
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Trading Field entry to prize pools with up to $1,000,000 in value
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Mobile application for Crypto.com: Full-featured mobile trading app
Services Offered by Binance for Cryptocurrencies
1. Binance Card
Binance cards can serve the following functions such as converting your cryptocurrency and using it to get up to 8% in cryptocurrency rewards, secure loans secured by cryptocurrencies and sending/receiving cryptocurrency payments with no costs with Binance Pay
2. Binance Institutional
Binance institutional provides institutions and VIP customers with specialized digital asset solutions.
3. Binance Wallet by DeFi
The Binance Wallet by Defi uses the Binance App to communicate with DApps directly and to transfer money across chains.
4. Binance Gift Cards
If you wish to send gifts or other rewards to your loved ones or friends, Binance gift cards can be used to give cryptocurrency to loved ones with individualized crypto gift cards
Additionally, Binance Earn provides a variety of options to monetize your digital assets, including a crypto savings account, staking, token launchpad, liquidity farming, BNB Vault, Binance pool, dual investing, and the Auto-Invest function that enables you to amass cryptocurrency automatically.
Services Offered by Crypto.com for Cryptocurrencies
NFT Market
Users may purchase, sell, and display NFTs from their preferred creators and brands on the Crypto.com NFT marketplace, which contains top collections, artists, and collectibles.
The premium and exclusive NFT collections and mystery boxes on the Binance NFT markets allow users to mint, buy, bid on, and win a range of common, uncommon, and unusual NFTs from the greatest artists across the globe.
Additionally, it enables exclusive collections and exhibits, as well as premium NFT events like Initial Game Offerings (IGO).
Crypto Staking
Both Binance and Crypto.com provide services for cryptocurrency staking to assist consumers to utilize their unused digital assets and generating passive revenue. But compared to Crypto.com, Binance has a larger assortment of staking items.
40+ cryptocurrencies and stablecoins, including BTC, ETH, and USDT, are supported by Crypto.com for staking.
Users have various options thanks to the over 100 locked staking goods and around 13 DeFi staking products offered by Binance. Flow, MINA, BNB, NKN, ADA, BUSD, ETH, BTC, AAVE, and DYDX are some of the most popular staking currencies on Binance.
Crypto Visa Card
Crypto cards are available from both Binance and Crypto.com, allowing you to spend your cryptocurrency holdings with ease and receive rewards without having to first exchange your cryptocurrency for fiat currency.
You may get up to 8% BNB cash back with the Binance card on qualifying transactions, which is promptly paid into your Funding Wallet.
You may receive CRO rewards of up to 5% with the Crypto.com Visa card, which is tier-structured into 5 tiers according to your CRO investment.
How Safe Is Binance?
Binance has a high tendency to guarantee safety. It uses strong security measures to protect users’ accounts and digital assets on the site. Binance is a safe cryptocurrency exchange. Among the security features are:
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2-Factor authentication
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Anti-phishing codes to prevent email phishing attacks
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Whitelisting devices
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Withdrawal address management
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Login security alerts
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Non-custodial Trust Wallet and DeFi wallet to give you total control of your key
How Safe is Crypto.com?
Numerous security precautions are taken by Crypto.com to protect user cash and digital assets on the site. They consist of:
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Multi-factor authentication via email, phone, or biometrics to ensure secure login
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Bank custody for fiat deposits
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Cold storage of digital assets
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Whitelisting devices and withdrawal address management
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DeFi Wallet to give you full control of your private keys
Crypto.com vs. Binance: Sign-up Bonuses
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A 20% lifetime trading fee reduction when you open a Binance account through a referral.
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Create a crypto.com account, and you’ll get a $25 sign-up bonus worth of CRO if you stake at least 1000 CRO.
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Binance has both simple and complex trading interfaces. It works well for both new and experienced traders who want to invest in a variety of crypto assets or find different methods to make money off of their unused assets.
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Due to its comprehensive trading tools and features, crypto.com is an excellent choice for seasoned investors.
Frequently Asked Questions (FAQs)
Is Binance an improvement over Crypto.com?
Each is a superb platform. However, Binance provides a greater range of digital assets, several trading alternatives, user-friendly trading interfaces, and numerous methods to invest in and expand your cryptocurrency.
Binance: Is it equally secure as Crypto.com?
Yes, Binance is a secure cryptocurrency exchange that provides capabilities like those offered by Crypto.com.
Who is larger, Crypto.com or Binance?
In terms of global accessibility, trading volume supported cryptocurrencies, and other cryptocurrency services provided, Binance is greater than Crypto.com.
Final Words
Finally, choosing a suitable exchange for your assets and the business transaction can be challenging. However, Binance and Crypto.com have been commendable exchange platforms used by many.
Making a choice between Binance or Crypto.com depends on what you intend to do and the cost you are willing to give for each transaction. Choosing between any of the exchanges explained in this article will for sure serve its purpose. Thanks for reading! Please let me know your thoughts and comments below.