Crypto.com vs. Binance.US
Crypto.com vs. Binance.US: Similarities
Coinbase and Binance. Both the US and Europe allow you to trade a wide variety of cryptocurrencies. They also provide a wide range of other services, including cryptocurrency wallets and staking for Ethereum and Cardano (ADA) (ETH).
Both exchanges provide solutions for storing cryptocurrencies.
Binance.
The Binance Chain Wallet, which facilitates the storing of currencies including Bitcoin, Ethereum, and Binance Coin (BNB), among others, is an option for US customers. Crypto.com users have access to the Crypto.com DeFi wallet to store their cryptocurrency.
Margin trading is a service that is available on both exchanges. Users that utilize margin trading can borrow money to trade larger quantities.
In crypto, security is a crucial concern.
Nearly 500 Crypto.com accounts had fraudulent withdrawals occur in January 2022. Overall, losses were nearly $34 million, which included roughly $66,200 in other cryptocurrencies, more than $15 million in ETH, and $19 million in BTC.
While the Binance.US exchange hasn’t been compromised, its partner, Binance.com, had $40 million worth of BTC stolen from them in 2019. (Binance.US and Binance.com are separate companies).
Crypto.com vs. Binance.US: Differences
For more seasoned cryptocurrency traders who trade frequently and can save money owing to the exchange’s tiered fee structure, Binance.US is the best option.
For transactions worth less than $10,000 per month, the maker and taker costs are 0.1% and 0.2%, respectively, for customers that trade Tier 1 crypto pairings like ETH/USD or SOL/USD. Additionally, the business provides free BTC trading for a restricted number of pairings.
Customer support at cryptocurrency exchanges is not renowned for being top-notch. Binance, however Compared to Crypto.com, the US does particularly poorly on this front. 90% or so of Binance In US reviews on Trustpilot, the exchange has received a “poor” rating, however only 64% of reviews are negative for Crypto.com.
Despite having a reputation for having subpar customer support, Crypto.com is more user friendly for beginners than Binance.US.
According to Ivaylo Yovkov, chief operating officer of Rewards Bunny, “Crypto.com is the go-to solution for newcomers and individuals new to cryptocurrency.”
Though it often has higher fees than Binance.US, the Crypto.com platform is also more widely accessible in the United States.
According to Joseph Poulose, chief information officer of InterMedia Group of Companies, “Crypto.com’s prominent global sports sponsorships and TV advertising campaigns make their platform look recognizable and credible.”
Who Should Pick Crypto.com?
One of the most well-known cryptocurrency exchanges is the Crypto.com network, which has 50 million members spread over 90 nations. It was established in 2016 and is accessible across the country, with the exception of New York.
It has more than 250 tradeable coins, however not all of them may be exchanged in the United States. Despite this, Crypto.com provides a number of services, such as a DeFi wallet and a market place for non-fungible tokens (NFTs).
Additionally, you may easily add money to your account with bank transfers, credit or debit card purchases, and cryptocurrencies using Crypto.com’s prepaid Visa rewards card. The card will be particularly useful to users of Crypto.com Coin (CRO), the exchange’s native cryptocurrency.
Users of Crypto.com can also earn interest on cryptocurrencies they lend to other users, based on how much CRO they have in their account, how much they are lending, and other factors.
Crypto.com Pros
- Trading fee discounts for users who hold CRO
- Cashback rewards Crypto.com Visa card
- Beginner-friendly app
Crypto.com Cons
- You pay more in fees if you trade less
- It’s not available in all 50 states
- Fees and discounts can be hard to understand for beginners
- Platform has been hacked
Who Should Pick Binance.US?
Low fees are one of Binance.key US’s draws. The exchange furthermore provides a small amount of free Bitcoin trading within the United States and some of the lowest costs in the sector. Your costs will decrease the more you trade, and if you pay using BNB, Binance’s native coin, you will receive a 25% reduction on advanced trading fees.
One of the top 10 cryptocurrencies is BNB, as you may have seen. The coin’s $47 billion market valuation is evidence of Binance’s appeal despite the fact that it is mostly used to pay trading fees and receive discounted deals.
According to Anderson Mccutcheon, CEO of Chains.com, “Crypto.com and Binance are two startups that are fundamentally fighting for the same pool of retail customers and a distinct group of more sophisticated users and corporations.”
Residents of the United States must utilize the condensed spin-off platform that conforms with U.S. financial rules, with the exception of individuals who reside in Hawaii, New York, Texas, and Vermont.
Similar to Crypto.com, Binance.US provides over-the-counter (OTC) trading, in which transactions are made directly between a buyer and a seller and substantial deals may be made without affecting the market as a whole.
Binance.US Pros
- Fees are low compared with major competitors.
- Supports more than 125 cryptocurrencies.
- It offers several versions tailored to various crypto skills and comfort levels.
Binance.US Cons
- Not available in several states in the U.S.
- Binance.com, the separate legal U.S. partner to Binance.US, has been hacked
- Company is facing regulatory issues
- Has a reputation for poor customer service