Coinbase and crypto.com are popular cryptocurrency marketplaces. Coinbase is an online platform that is securely used to buy, sell, transfer and store currency in digital form. Its mandate is to make available a financial system that is open to the world and can help people to convert fiat currency into digital currency. On the other hand, Crypto.com is a Singapore-based cryptocurrency exchange platform that supports trading, staking, and even wallets with a mission to accelerate the transition of the world into cryptocurrency.
Despite these two platforms being popular leading crypto exchanges, they are quite different in their fee structures and trading experience. This article will evaluate both of these currencies in terms of security features, fees, special features, and supported currencies. We shall also dive into the difference in the access levels between investors in the United States locations. Keep reading to learn more! What you need to know about Coinbase and Crypro.com?
Coinbase uses the United States Dollar as their preferred stable coin (USDC). This means that one USDC is the equivalent of one United States Dollar. On the other hand, Crypto.com provides you with a Crypto.com Coin famously known as the CRO. Click here to invest in Cro Token.
Quick Fact: Coinbase is the only cryptocurrency exchange that is publicly traded at the New York Stock exchange. It trades under the ticker symbol "Coin". You can invest in its stock shares using platforms like Webull, Robinhood, Moomoo, Fidelity and more.
Despite all these platforms being popular, Crypto.com is cheaper compared to Coinbase. Crypto.com Maker-takers’ stricture of pricing more often gives rewards to their subscribers with trading volume that are higher and on the other hand. The taker fee of Coinbase is comparably high, and they may at times charge a fixed fee. However, Coinbase is cheaper for those who trade on the regular basis use their subscription fee services called "Coinbase one". It is a monthly membership that costs around $29.99. Coinbase one has many benefits. Such as free trading and access to advanced features of Coinbase.
Crypto.com is known for its delivery of generous rewards, a package that comes with ways that you can earn more crypto and how you can get interested in your deposit while Coinbase conspicuously stands out because it is easy to use, and it offers educational opportunities on how you can earn crypto.
Disclaimer
Cryptocurrency investment, Decentralized finance (DeFi), and Initial Coin offerings (ICOs) are both risky and speculative undertakings. These markets have a similar characteristic of being volatile. You must consult with professionals that are well versed with the knowledge of these markets before you decide to make a financial decision. You should also always invest an amount that you can afford to lose because of the volatility of these markets.
· Fee Charged
Crypto.com charges a marker fee between 0.04% to 0.4%. They also charge a takers fee of between0.1% to 0.4%. If you need to purchase a credit card for Crypto.com, you are looking at a 2.99% fee.
· Currency Outreach
Crypto.com deals with over one hundred and fifty currencies in terms of currency dealt in.
· Security
In terms of security, Crypo.com has a two-step authentication. FDIC insures AdditionallyCrypto.com with the sum insured hitting up to two hundred and fifty thousand United States dollar balnces.Crypto.com also has insurance of its platform against theft, cold coin storage, and it utilized a security program known as the bag bounty.
· Wallet Security
Crypto.com uses a multi-factor authentication kind of wallet, which is biometric and has private keys that are locally encrypted.
· Monthly Trading Amount Limit
Crypto.com has not listed the maximum monthly trading amount as of the date of this paper.
Advantages Of Crypto.Com
1. Crypto.com has lower fees as compared to other platforms that are well known.
2. Crypto.com has additional benefits of staking CRO.
3. Crypto.com has multiple ways in which you can earn additional crypto and interest.
Disadvantages Of Crypto.Com
1. Crypto.com has a very poor customer response service
2. There are somehow very few educational resources on crypto.com
3. Many of the coins on Crypto.com are not available in the United States
· Fee Charged
Coinbase charges up to 0.50% in spread per trade fee. You will be charged a 3.99% credit card purchase fee and an additional 1.49% for the Coinbase wallet purchase or Coinbase account purchase.
· Currency Outreach
Coinbase boasts of over one hundred currencies that it deals in.
· Security
In terms of security, Coinbase has a two-step authentication. Additionally, Coin base is insured by FDIC, with the sum insured hitting up to two hundred- and fifty-thousand-dollar balances. Coinbase also has insurance of its platform against theft cold coin storage, and it utilized a security program known as the bag bounty.
· Wallet Security
Coinbase has an AES-256 type of encryption with wallets of multiple signatures.
· Type of Transactions Supported
Coinbase supports buying, selling, sending, and receiving of currency, withdrawals, and exchanges.
Monthly Trading Amount Limit
The maximum limit will depend on the region you are located in and the payment method you are using. Advantages Of Coinbase
1. You can transact on this platform using your PayPal account.
2. There is an availability of educational resources which you can use to learn about trading and earn crypto.
3. This platform is user-friendly even for beginners.
Disadvantages Of Coinbase
1. Coinbase is the platform that charges the highest fees in all the exchanges.
2. When you compare Coinbase with Crypto.com, Coinbase has very few tradeable altcoins.
3. Coinbase has very few opportunities for fees and discounts.
Coinbase Vs Crypto.Com Features and How They Work
These two platforms both provide a mobile app that works on both android and IOS devices with digital wallets.
The difference between these two is the offering. Coinbase mainly focuses on beginner education, while cypto.com began as a platform for crypto payments and offers products such as visa cards, crypto paychecks out, and ways you can earn crypto.
They use the same verification methods after signing up for these accounts when it comes to how they work. As an investor, you can deposit money through ACH, PayPal, Wire transfer, or card payment once your account is verified.
Final Take Away
Both Coinbase and Crypto.com are excellent platforms for cryptocurrency trading, and the services for these two cryptocurrency exchanges are suitable for different types of customers. As a beginner, then your best choice will be Coinbase because of the availability of learning material, but if you have experience on a cryptocurrency exchange, then Crypto.com will suit you well.
Click here to learn more about crypto.com.
Related article: 11 Top Cryptocurrencies for Financial Freedom and Early Retirement: A Comprehensive Guide.
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