Bitcoin.com Vs Binance.US
Before making a bitcoin investment, do your research.
It involves more than just choosing which cryptocurrencies you wish to hold. You must first decide how you will acquire and sell cryptocurrencies.
Start by learning about the approximately 500 crypto exchanges available. Let’s focus on Crypto.com and Binance.US, two of the most well-known exchanges.
Similarities between Binance.US and Crypto.com
Coinbase and Binance.
Both the US and Europe allow you to trade a wide variety of cryptocurrencies. They also provide a wide range of additional 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 use margin trading can borrow money to trade larger quantities.
Cryptography has a serious security problem, and both businesses have been the target of hackers.
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.
Binance against Crypto.com.
US: Disparities
For more seasoned cryptocurrency traders who trade frequently and can save money thanks to the exchange’s tiered fee structure, Binance.US is the best option.
For trades worth less than $10,000 per month, the maker and taker costs are 0.1% and 0.2%, respectively, for users that trade Tier 1 crypto pairs like ETH/USD or SOL/USD. Additionally, the business provides free BTC trading for a constrained number of pairs.
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, but 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 at Rewards Bunny, “Crypto.com is the go-to solution for newcomers and people new to cryptocurrency.”
Though it typically 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 at InterMedia Group of Companies, “Crypto.com’s prominent global sports sponsorships and TV advertising campaigns make their platform seem familiar and credible.”
Who Must Choose 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 can be exchanged in the United States. Despite this, Crypto.com provides a number of features, 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, depending on how much CRO they have in their account, how much they are lending, and other factors.
Pros of Crypto.com
• Trading cost reductions for CRO-holding users
• Cashback rewards Visa card from Crypto.com
• Simple to use app
Cons of Crypto.com
• Less trading results in higher fees.
• Not all 50 states offer it.
• For novices, fees and discounts can be challenging to understand.
Platform has been compromised.
Who Must Choose Binance.US?
Low fees are one of Binance.key US’s draws. The exchange additionally provides a small amount of free Bitcoin trading within the United States and some of the lowest costs in the sector. Your fees will decrease the more you trade, and if you pay with BNB, Binance’s native coin, you will receive a 25% reduction on advanced trading fees.
One of the top 10 altcoins 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 differentiated pool of more sophisticated users and corporations.”
Residents of the United States must utilise the condensed spin-off platform that complies with U.S. financial regulations, 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 can be made without affecting the market as a whole.
Pros of Binance.US
• Fees are reasonable when compared to top rivals.
• Accommodates over 100 cryptocurrencies.
• It offers a variety of variants catered to different levels of familiarity and skill with cryptography.
Cons of Binance.US
• Not accessible in some U.S. states.
• Hackers broke into the parent firm Binance.
• The business is dealing with legal problems.
• Is known for providing subpar customer service
