Over the last year, crypto adoption grew faster than anyone could have imagined. This growth was fueled by many companies like MicroStrategy and Tesla, and dipping into the crypto market. In addition, to the non-fungible token (NFT) boom and the ever-popular metaverse. As crypto adoption has grown so has the need for secure and reliable crypto exchanges like Binance and Crypto.com.
However, the retail purchases and use of crypto remains difficult. This is due, partly, to the high barriers to buying crypto for the first time. For instance, blockchains do not support fiat currency purchases and the most popular cryptos also happen to be some of the most expensive. These reasons and more make entry into the crypto market prohibitive. Crypto exchanges exist to eliminate or reduce the barriers to crypto adoption by offering an easy gateway into crypto buying and selling. But, between Binance and Crypto.com, which crypto exchange is better?
Crypto.com vs Binance Exchange Overview
To clarify, a crypto exchange is a website or application on which a user can buy coins or tokens. There is an ever-increasing number of crypto exchanges despite many shutdowns, hackings, and rug pulls. For example, AscendEX (Bitmax) recently lost $78 million to hackers. Crypto exchanges vary in strength and functionality, thus there is a need to be well informed before using an exchange. Critical areas for consideration include reputation, fees, security, and ease of use, educational resources and range of products offered.
Notably, Binance and Crypto.com are both popular and reliable exchanges. While no exchange is foolproof, these exchanges have solid reputations and strong security features that set them apart. We will now look at both exchanges in greater detail to ascertain the differences between them and what they offer.
|Mobile Support (app)||Yes||Yes|
|Number of supported coins/tokens||368||87|
|Number of supported trading pairs||536||150|
|Non-Fungible Tokens (NFTs)||In process||Yes|
|Supports fiat currencies||Yes||Yes|
|Supports debit/credit cards||Mastercard||Visa|
|Offers debit card||Yes (limited access)||Yes|
|CEO||Changpeng Zhao||Kris Marszalek|
Crypto.com vs Binance Reputation and Popularity
Binance was founded in 2017 by Changpeng Zhao (CZ) in China with its headquarters in Malta. Now, Binance has a global reach and a $91,843,648,060 market cap making it the top-ranking crypto exchange according to CoinGecko. Also, the Binance coin (BNB) is trading at $546.27 with a $1,260,943,104 trading volume.
However, the exchange’s reputation has suffered several blows this year (2021). Mainly, this is due to some regulatory woes in countries like Britain, Japan, and Thailand to name a few. These legal woes have led to Binance losing some of its market share as the exchange exited some markets like China, however, this has not stopped the exchange from expanding.
In addition, Binance faced several security issues over the years. In 2018, hackers tried to access and illegally withdraw funds from the platform. The security system managed to flag the breach and disabled the system before users’ funds were lost. However, in 2019, Binance was unlucky as hackers managed to steal more than 7,000 bitcoin (BTC) worth an estimated $40 million at the time. While Binance managed to compensate its users, the incident exposed the vulnerability of the exchange. Since then, the company has made significant steps in improving its security features and trying to recover the stolen assets.
Recently, Binance CEO CZ announced a partnership with Dubai World Trade Center. Of note, Dubai has taken steps to establish itself as a crypto hub. To further this, the Dubai World Trade Center Authority will regulate cryptocurrencies in the United Arab Emirates.
On the other hand, Crypto.com has a solid reputation that includes various high profile sporting partnerships. Specifically, Staples Center, the home of popular NBA teams, Lakers, Clippers, and Kings is now called Crypto.com Arena. The arena was officially renamed on December 25, 2021.
Crypto.com seems to enjoy a strong reputation with no reported fraud or hacking on the platform. With Crypto.com, users can access premium services built on a foundation of compliance, privacy, and security. In addition, Crypto.com is the first exchange in the world with OCI:DSS 3.2.1 Level 1 and CCSS Level 3 ISO27001:2013 compliance. Crypto.com has also made significant steps in the wallet and crypto debit card niches, which has helped it reach new levels in terms of security and compliance with regulatory requirements.
The Crypto.com payment ecosystem and the wallet infrastructure are built to offer top-grade security features to traders. Best of all, Crypto.com also partnered with Visa to allow its users access to a secure and compliant payment gateway.
Crypto.com’s CRO is trading at $0.625656 with a $242,473,091 trading volume and a $15,819,599,499 market cap at the time of writing.
Crypto.com vs Binance Features
Accessibility and speed
The crypto market is very volatile and prices fluctuate in a matter of hours if not minutes. As such, it is important for users to be able to make instant trades to protect their position. It is important that both Crypto.com and Binance support mobile apps available on both Google Play and App Store. The advantage of mobile apps is that users can react to unexpected market movements in real-time. Thus, enabling users to mitigate loss or take profit at their convince. Binance, for instance, offers high liquidity which facilitates almost instant withdrawals. But, Binance is restricted in the United States of America and uses a different platform for that region. On the other hand, Crypto.com is fully accessible and supported in the United States of America.
As previously mentioned, Binance has survived and staved off a number of hacking attempts. In 2018, an attempt to breach the platform was thwarted by its security protocols. Binance’s quick reaction prevented user funds from being withdrawn. However, in 2019 hackers were successful and since then the exchange has implemented a multi-tier security system with the following strategies and features:
i) User accounts are password protected and the users retain full control of their accounts and funds.
ii) Two-Factor Authentication (2FA) through Google Chrome.
iii) Address Management, a feature where users are empowered to limit the number of wallet addresses that can withdraw funds.
iv) Binance offers support for u2F-compatible authenticators such as Yubico Ubikey that protect the user’s account and only grants access once the user plugs them into the computer or when paired via a wireless connection.
v) Binance makes use of Trust Wallet. This enables users to store and move their assets around. Binance and Trust Wallet are committed to ensuring the security of members’ assets and the protection of users’ personal data
Crypto.com, in comparison, implements the following:
i) A zero trust, defence in depth security strategy across its website and apps ensuring that no information leaks. Includes data privacy assessment at all process levels.
ii) Integration of the industry-leading Ledger Vault into their systems. The company also utilizes Hardware Security modules (HSM) and multi-signature technologies.
iii) All assets deposited on the platform are screened for compliance by a dedicated team.
iv) Uses the latest security software to bolster security features.
Crypto.com outshines Binance in terms of security. First, Crypto.com is yet to experience a breach of its systems. Secondly, the company is committed to the security and protection of users’ assets and also personal data.
Binance offers some of the most competitive rates in the world and is suitable for both beginners and experts. Binance also has fewer scam coins due to its high token/coin registration fee.
Crypto.com offers its users a crypto debit card and wallet services to instantly access their trading funds from anywhere in the world. The platform also allows users an inter-operable ecosystem with trading on the go. Users can use the mobile app to access the Crypto.com exchange, market trading at actual cost, and the MCO Visa card. Crypto.com offers a loan service and a staking service for its users. The Crypto.com debit card is also very popular.
Meanwhile, Binance possesses far more advanced and higher-quality features. Where Crypto.com is in some ways still a start-up, Binance is the current industry leader. Binance also offers a wider range of crypto assets including derivatives and exclusive trading options not readily available on other platforms. Thanks to its high efficiency, Binance helps users circumvent many negative impacts caused by crypto volatility.
In addition, Binance offers a wide range of services and is arguably the leader when it comes to innovation and adding new features. Binance offers staking, margin trading, futures and options trading, savings accounts, decentralized finance (DeFi) savings, and a launchpad for ICOs and IDOs for new tokens. Binance is also gradually releasing its crypto debit card to users across the globe.
Crypto.com is relatively new in the crypto space and still playing catch-up to Binance. For American users and those residing there physically, the clear cut choice is Crypto.com, since Binance presence is limited there. The alternative, Binance.us is really not as robust as the original website, Binance.com. For the rest of the global community, Binance.com offers, by far, the best bang for your buck due to its lower trading fees. Binance offers a wider range of features such as savings, ICO launch-pad, loans, derivative trading and can be used with no KYC.
Determining the right exchange between Crypto.com and Binance comes down to the individual needs of every trader. As usual, different trading strategies require different sets of tools. If you are looking for an easy way to buy and trade crypto with a credit or debit card, Crypto.com is a great option. However, if you want to perform high-frequency trades and strategies that require high levels of liquidity across a variety of markets, Binance offers the best choice.
Disclaimer: The views expressed in this article does not necessarily reflect the views of CryptoNewsLand (CNL). Readers of this article should not take this as financial advice. CNL strongly recommends that all users do their own in-depth research before investing in cryptocurrency.
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