Crypto.com vs Binance

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Recently Crypto.com announced that they are making an exchange. Not just any exchange, but the most secure exchange in the world. But is this true? Are they really as secure as they say they are? And what fees are involved? And what features do they offer? In this blog, we compare Crypto.com vs Binance to see which one really is better.

Binance

More regulatory oversight has been directed at Binance than at other exchanges. As a result of Binance’s 2019 U.S. prohibition, BAM Trading Services, a San Francisco-based company, launched Binance.

Binance is an alternative exchange. Binance is now one of the top 10 exchanges listed on the ranking and scoring website.

Crypto.com

A variety of cryptocurrency services are available on the Crypto.com exchange, including interest-bearing accounts, a payment facility, and an NFT marketplace.

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.

Crypto.com vs Binance: Usability 

When you first sign up on either platform, Crypto.com or Binance, both provide a typical user experience.

You can download an intuitive mobile app from Crypto.com for both Apple and Android smartphones. Particularly on its mobile app, Crypto.com does a fantastic job of making the process of trading cryptocurrencies simple. On the smartphone app, you can easily transfer funds between wallets and engage in cryptocurrency trading. Additionally, Crypto.com offers a complex trading platform with sophisticated charts for experienced traders.

Although Binance’s user experience is almost identical to that of Crypto.com, most newcomers might find Binance’s mobile app to be a little frightening. The learning curve is much steeper when using the desktop version of the Binance app because it is equally as complicated as the mobile version. When all is said and done, the Crypto.com mobile app provides a more basic and beginner-friendly experience.

Crypto.com vs Binance: Trust & Security

The platform of Binance is unregulated in many countries, including the U.S. and the U.K., and it is now the subject of investigations by multiple financial organisations. In a separate security incident, hackers took a considerable amount of bitcoin from the exchange.

Even while the theft was mostly caused by customers’ 2FA credentials being stolen, which was out of the company’s control, it serves as a good warning never to keep sizable sums of money on an exchange’s hot wallets.

Since the incident, Binance has made an attempt to compensate its users for their losses with money from its Secure Asset Fund and has also strengthened its security system with more stringent KYC and AML procedures.

Contrarily, Crypto.com has never experienced a hack and, like Binance, offers multi-factor authentication and anti-phishing protections on its site. Additionally, according to Crypto.com, all of the cryptocurrency owned by its users is kept in offline cold storage, which is more than you can obtain from Binance.

Crypto.com vs Binance: Fees

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 0.1 per cent maker and taker charge for Binance. At all tiers, using the Binance coin will result in a 25% discount.

For traders who generate a 30-day trading volume below $25,000, Crypto.com will impose a 0.05 per cent maker fee and a 0.07 per cent taker fee. On Crypto.com, trading volumes below a particular threshold are subject to fees for makers and takers of 0.04 per cent and 0.065 per cent, respectively.

Detailed Comparison: Crypto.com vs Binance

FeaturesCrypto.comBinance
Spot trading Fees (Taker)0.1% – 0.4%0.04% – 0.1% 
Spot trading Fees (Maker)0.04% – 0.4%0.02% – 0.1%
Swap discount10%25%
SecurityMulti-factor AuthenticationStrict KYC and AML procedures
Deposit MethodsBank transfer, Credit/Debit Cards, P2PBank transfer, Credit/Debit Cards, P2P
Withdrawal MethodsACH transfer, Wire transferBank transfer, Visa card, Advcash, Etana
Available Cryptocurrencies
Crypto Wallet

Sign-Up Process

On both platforms, the registration procedures are comparable. Users must go through KYC and AML procedures on both platforms in order to validate their accounts.

With Binance, your VIP status increases along with the amount you can withdraw from your wallet as you submit more verification documents. As a result, you can anticipate longer verification times on Binance. The registration and approval processes on Crypto.com are a little quicker.

Available Cryptocurrencies

When it comes to the number of cryptocurrencies supported, Binance comes out on top because it offers more than 350 different cryptocurrencies on its exchange, along with a wide variety of market pairs. On the other side, about 150 coins are supported by Crypto.com.

Cryptocurrency Wallet: Crypto.com vs Binance

Crypto.com

Custodial and non-custodial crypto wallets are available on Crypto.com.

Due to the fact that trades are processed within the Crypto.com ecosystem, the custodial wallet allows traders to avoid network costs. The non-custodial wallet guarantees total ownership over private keys but impose network fees to reward the Blockchain’s transaction processing.

Binance

Although the Binance platform allows you to store your currencies there, they advise utilising Trust Wallet to keep your cryptocurrency secure.

Standout Features in Crypto.com vs Binance

One of Crypto.com’s standout features is its metal Visa card, which enables users to spend their cryptocurrency holdings and earn rewards with each purchase. The only thing that makes the rewards unappealing is that they are given out in the native CRO coin of Crypto.com, which can occasionally be unstable. The exchange offers you the opportunity to earn interest on your cryptocurrency holdings, and while being a controlled platform, it offers a DeFi service that enables you to exchange a range of DeFi tokens.

In addition to the numerous cryptocurrency pairs that are offered on its platform, Binance stands out for the range of cryptocurrencies that you can trade. Additionally, Binance would be an excellent place to start if you wanted to trade derivatives and futures in the cryptocurrency space. Derivative trading is hazardous, though. Additionally, Binance, the top cryptocurrency exchange in terms of trading volume, has the most liquidity.

Both exchanges have significant earn aspects, which is one of their distinguishing qualities. On Crypto.com, you may earn up to 14.5 per cent APY on your cryptocurrency investments, while on Binance, you can earn up to 20 per cent on well-known coins like NEAR. While Crypto.com has staking in their separate CRO DeFi wallet, Binance also provides staking.

Bottom Line 

Choosing the best exchange between Crypto.com and Binance depends on the specific requirements of each trader. As usual, various trading methods demand various toolkits. One thing to bear in mind is that Binance and Crypto.com are both more restricted if you live in the USA.

Crypto.com is a terrific choice if you’re searching for a simple way to buy and trade cryptocurrency with a credit or debit card. However, Binance is the ideal option if you want to carry out high-frequency trades and techniques that demand high levels of liquidity across a range of markets. You can only use the app for Crypto.com and the far more constrained for Binance.