Crypto.com and Binance are popular cryptocurrency exchanges, and we need to pit them against one another to see which one is in the lead. We gathered the most pertinent information for you and compiled a thorough comparison so that you can make the best decision for yourself.
After a comprehensive comparison, we see that Crypto.com earns the top spot over Binance thanks to its user-friendliness and streamlined interface that provides the best experience for newbie investors. Crypto.com also caters to the demands of seasoned traders with a competitive pricing structure and a broad selection of advanced features, such as margin/futures trading, the Crypto.com Visa Card, etc.
Comparison Table
 |  | |
| Supported cryptocurrencies | 250+ | 500+ |
| Exchange Fees | Maker: 0.4%Taker: 0.4% | Maker: 0.1%Taker: 0.1% |
| Buy/Deposit Methods | ACH transfer, credit card, debit card, wire transfer | Credit card, debit card, wire transfer, bank transfer (SWIFT) |
| Cryptocurrency Wallet | Custodial & non-custodial | Custodial |
| Visa Card | Yes | Yes (not supported in USA) |
| Mobile App | Yes | Yes |
| Two-factor Authentication | Yes | Yes |
| Withdrawal 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 |
| Proprietary Token | Yes (CRO) | Yes (BNB) |
| Interest Accounts | Up to 14% | Up to 47.79% APY |
Crypto.com vs. Binance Overview
Kris Marszalek, Gary Or, Bobby Bao and Rafael Melo established Crypto.com in 2016. Since then, it has become one of the fast-growing crypto exchanges. With a team of over 900 people, Crypto.com is well-equipped to support its community of users, which exceeds 10 million.
Pros
There are around 250 cryptocurrencies for trading.
Crypto.com Visa Card is a beneficial debit card for spenders
Fees of 0.4% and 0.4% for maker & taker orders are competitive.
Visa debit card issued by Crypto.com to collect cashback in CRO
Marketplace for crypto borrowing, crypto lending, and NFTs
Cons
3.50% fee for credit/debit card payments (free for the first 30 days)
Cashback rewards and other perks are paid in CRO.
Changpeng Zhao founded the Binance exchange in 2017, becoming one of the world’s biggest crypto exchanges by trading volume. Due to legal issues, they had to relocate their headquarters from China to the Cayman Islands. Binance.com is now accessible worldwide, excluding the United States. In the United States, you can use Binance.US, a different version of Binance for US citizens.
Pros
0.1% trading fee, staking discounts, and minimal slippage
Superior desktop and mobile charting and trading instruments
OTC desk, leverage markets, staking, borrowing & lending and NFTs
A large variety of coins for trading against currency pairs
Cons
Difficult to use for novice investors and traders
The customer service is sluggish and lacks live chat support
Even for seasoned users, it may be pretty daunting.
In 2019, Binance suffered a significant cyberattack.
Supported cryptocurrencies
The number of cryptocurrencies accessible for trade is another crucial consideration when selecting an exchange. Binance, for instance, has a significantly broader selection of cryptocurrencies than Crypto.com. On Binance, you can access more than 500 cryptocurrencies, but on Crypto.com, you can only trade roughly 250.
Cryptocurrencies supported on Binance. Image: Binance
The extensive selection of cryptocurrencies accessible on Binance gives investors greater freedom in selecting which coins to invest in. However, Binance US only offers roughly 50 cryptocurrencies, focusing on the most significant ones.
Winner: Binance
Binance wins because it enables traders who need diverse options to trade a comprehensive assortment of trading assets. The ability to trade several cryptocurrencies is a crucial feature that can attract new customers and retain existing ones.
Fee Structures
Both platforms impose maker and taker fees based on the trader’s 30-day trading volume. Binance has some of the low fees of non-commission-free exchanges, but Crypto.com is quite close. Thus, you would not notice a difference unless you frequently trade on both platforms.
Using Crypto.com, you can cut your trading fees by up to 100% if you stake a substantial quantity of CRO. To obtain CRO rebates for trading fee discounts, you must stake CRO on Crypto.com and pay trading fees in CRO.
Binance gives a 25% reduction on trading fees to customers with a minimum quantity of BNB.
Crypto.com andBinanceneither charge deposit fees. However, flat withdrawal fees are charged depending on the coin.
Crypto.com credit cards vary by tier. No monthly, yearly, or delivery costs apply. In addition to a monthly limit ranging from $200 to $1,000, Crypto.com imposes a 2% ATM withdrawal fee. The card replacement fee is $7.00. Meanwhile, the Binance card has daily spending restrictions of EUR 870 for virtual cards and EUR 8,700 for physical cards. The daily maximum is 290 EUR. Payment and ATM withdrawal transaction fees amount up to 0.9%. The replacement card fee is 25 EUR.
Winner: Tie
Both Crypto.com and Binance adopt a tier fee structure, and although Binance has a lower trading fee, Crypto.com is more beneficial with its fee for credit cards.
Ease of Use
Crypto.com is renowned for being one of the industry’s most user-friendly exchanges. The platform’s user interface is basic and intuitive, making it ideal for newcomers. It also gives advanced traders the tools necessary to conduct complicated transactions.
Crypto.com’s dashboard. Source: Crypto.com
Binance, on the other hand, might be pretty perplexing for novice users. However, it contains a variety of functions that are unavailable on Crypto.com. These include, for example, leveraged trading and futures contracts. Therefore, Binance seems more suitable for seasoned traders who need greater control over their trading experience.
Winner: Tie
Crypto.com better suits novice users and those who prefer an easy-to-use exchange platform, while Binance is geared towards experienced traders. If you want an exchange that suits both novice and seasoned investors, we highly recommend CoinSpot Australia. You can read our CoinSpot review to know more about its features.
Crypto Wallet
One of the most significant differences between Binance and Crypto.com is their wallets. Binance provides a wallet that enables users to store several cryptocurrencies. However, Binance has experienced security breaches, so investors should use this exchange with caution.
In contrast, Crypto.com offers both custodial and non-custodial wallets, giving investors a great deal of storage choice for their cryptocurrency. As a non-custodial wallet, Crypto.com’s Defi wallet enables users to have complete access and control over private cryptographic keys.
Winner: Crypto.com
Crypto.com takes the lead as it provides users with a safer way to keep their funds.
Mobile Pay
Crypto.com’s Mobile Pay app allows you to purchase gift cards (depending on the country), pay any merchant, acquire uncommon NFTs (currently 30+ tokens), send cryptos to your friends, and top up your or your friends’ prepaid phone with crypto.
If you stake CRO, you are eligible for various benefits. You can earn between 1.25 and 10% when you purchase a gift card and a 10% commission when you gift cryptos to friends.
Binance has a Pay option that allows users to send and receive cryptos from others. However, it’s only available to Binance.com users, not Binance.US ones.
Binance Pay. Image: Binance
Winner: Crypto.com
Crypto.com is the winner because Crypto Pay provides attractive perks for users and is not geographically restricted compared to Binance Pay.
Visa Cards
Crypto.com made a phenomenal bridge between crypto and the real world. They provide a variety of Visa cards with cashback options. The benefits range from 1% cash back on purchases for the basic card (no CRO investment required) to up to 8% cash back on purchases for individuals owning over $400,000 in CRO.
Binanceprovides a complimentary Visa card with up to 8% cash back on all qualified transactions. Binance will not impose administrative or processing fees; however, third-party fees may apply.
While the Crypto.com Visa Card is available globally, Binance does not provide Visa Cards to US consumers.
Additional advantages of Crypto.com Metal Cards include savings for Netflix, Spotify, Expedia, Amazon Prime and Airbnb, among others. The rewards are based on the type of Metal Card and the number of your CROs.
Crypto.com Visa Card. Image: Crypto.com
Winner: Crypto.com
Crypto Visa Card brings more benefits to users, such as discounts for entertainment services and attractive rewards and cashback.
Crypto.com vs. Binance Security
Crypto.com’s security features include multi-factor authentication, insurance, and cold storage of users’ funds. In addition, Crypto.com possesses advanced security and privacy features such as CCSS Level 3, ISO/IEC 27001:2013, PCI-DSS v3.2.1 Level 1 compliance; and Tier 4 NIST Cybersecurity and Privacy Frameworks. It also conducts audits of fundamental Blockchain technologies with renowned security consulting and auditingorganisationssuch as Kudelski Security.
Crypto.com security measures. Image: Crypto.com
Multiple financial institutions are investigating Binance, and its platform is unregulated in numerous jurisdictions, including the United States and the United Kingdom. In addition, hackers took 7,000 bitcoin from the exchange in a security breach in 2019. Binance has now taken measures to compensate its customers for losses incurred due to the attack using funds from its Secure Asset Fund and enhancing its security system with more stringent KYC and AML procedures.
Winner: Crypto.com
In addition to multi-factor authentication and anti-phishing measures, Crypto.com’s platform stores 100% of its users’ coins offline in cold storage, which is more secure than Binance.
Customer Support
On the Binance website, users are first connected with a chatbot to have their questions answered. The chatbot displays the most essential Frequently Asked Questions and elaborates on a topic after obtaining your queries. The user can contact the customer support team if the issue is not resolved. However, several consumers were unhappy with the support team’s poor response time. Due to the unpredictable nature of the cryptocurrency market, this tardy response might result in substantial financial losses for investors.
Crypto.com offers customer support via a help website, email, and live chat. Although Crypto.com’s customer service is standard, a few customers have complained about slow answers. Many consider Crypto.com a self-service website, as client service is not always advantageous. It is best suited for people comfortable with online financial products and requires little guidance.
Winner: Tie
Crypto.com and Binance are infamous for their lousy customer service, as are many other cryptocurrency exchanges. Since most clients are dissatisfied with their services, it is recommended to use alternative exchanges, such asCoinSpot, that provide more excellent customer support.
Our verdict
Crypto.com and Binance are good, but if we have to select one, it would be Crypto.com. For newbie investors seeking a secure place to store their cryptocurrencies and use them in “real life,” Crypto.com is an ideal choice. The mobile app and interface of Crypto.com make the experience stress-free for beginners. In addition, it has a competitive pricing structure and a vast array of advanced features, including leveraged margin/futures trading, staking, the Crypto.com Visa Card, etc.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
As a seasoned cryptocurrency enthusiast with a deep understanding of the crypto space, I bring a wealth of knowledge and experience to the table. Having closely followed the developments in the crypto industry and actively engaged with various platforms, I am well-equipped to provide an expert analysis of the comparison between Crypto.com and Binance.
Let's delve into the key concepts covered in the provided article:
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Cryptocurrency Exchanges Overview:
- Crypto.com: Established in 2016 by Kris Marszalek, Gary Or, Bobby Bao, and Rafael Melo, Crypto.com has rapidly grown to become a prominent crypto exchange with over 10 million users. It offers a user-friendly interface and a range of features catering to both new and experienced traders.
- Binance: Founded in 2017 by Changpeng Zhao, Binance is one of the largest crypto exchanges globally, known for its extensive range of cryptocurrencies and high trading volumes. It has faced challenges, including a significant cyberattack in 2019, leading to enhanced security measures.
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Comparison Table:
- Supported Cryptocurrencies: Binance supports over 500 cryptocurrencies, surpassing Crypto.com, which offers around 250.
- Exchange Fees: Binance has lower maker and taker fees (0.1% each) compared to Crypto.com (0.4% each).
- Buy/Deposit Methods: Both platforms support various payment methods, but Crypto.com accepts ACH transfers, while Binance supports SWIFT bank transfers.
- Cryptocurrency Wallet: Crypto.com provides both custodial and non-custodial wallets, offering users more flexibility. Binance offers a wallet but has faced security breaches.
- Visa Card: Both platforms offer Visa cards with cashback benefits, but Crypto.com's Metal Cards provide additional perks.
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Pros and Cons:
- Crypto.com Pros: 250+ cryptocurrencies, user-friendly interface, competitive fees, Crypto.com Visa Card, marketplace for crypto services.
- Crypto.com Cons: 3.50% fee for credit/debit card payments, cashback rewards in CRO.
- Binance Pros: Extensive coin variety, low trading fees, advanced features like staking and NFTs.
- Binance Cons: Complex for novice users, slow customer service, past security issues.
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Winner in Each Category:
- Supported Cryptocurrencies: Binance.
- Fee Structures: Tie.
- Ease of Use: Tie.
- Crypto Wallet: Crypto.com.
- Mobile Pay: Crypto.com.
- Visa Cards: Crypto.com.
- Security: Crypto.com.
- Customer Support: Tie.
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Verdict:
- Based on the comparison, Crypto.com emerges as the preferred choice, especially for novice investors, due to its user-friendliness, security features, and a range of services. However, individual preferences may vary, and users are encouraged to conduct their own research.
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Disclaimer:
- The article concludes with a crucial disclaimer, emphasizing that the information provided is for informational purposes only and not financial advice. It highlights the volatile nature of the crypto market and recommends readers to perform due diligence and consult financial advisors.
In summary, this comprehensive comparison provides valuable insights for individuals considering Crypto.com or Binance for their cryptocurrency activities.
