Bitfinex vs Crypto.com: The Key Differences You Need to Know

When weighing up Bitfinex vs Crypto.com, what are the key differences and which should you use? We explain the answers here.


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A growing number of consumers long to dabble in the cryptocurrency sphere. But they're not sure where or how to get started. Are you among this group? 

If so, you may feel overwhelmed by the number of different platforms on the market today. While having many choices comes with distinct advantages, it can also lead to decision paralysis.

Take, for example, Bitfinex vs Crypto.com. Both companies come with excellent reputations and years of experience in the industry. But which one's right for you? Keep reading for our breakdown of the differences between Bitfinex and Crypto.com. 

What Is Bitfinex?

A digital asset trading platform, Bitfinex offers users cutting-edge services as global liquidity providers and digital currency traders. One of the first professional platforms to cater to crypto trading, the company started in 2012.

Besides providing users with a suite of advanced trading features and charting tools, the company offers six different core products that we'll delve into later. It's also worth noting that iFinex Financial Technologies Limited supports Bitfinex's derivatives platform.  

Why Customers Love Bitfinex

Bitfinex includes six core products that traders and investors appreciate. They include:

  • Exchange trading
  • Margin trading
  • Margin funding
  • Over the counter market (OTC)
  • Derivatives
  • Paper trading

With exchange trading, customers gain access to trade, deposit, and withdraw digital tokens. Qualified users may trade up to 10x leverage with financing provided by the company's peer-to-peer (P2P) financing and margin trading platform. 

The company's P2P financing market offers users a way to earn interest on digital assets by lending their cryptos to other customers who want to trade with leverage. The company also provides a private OTC market for traders who'd like to perform large trades with a counterparty directly. 

Customers also gain access to derivatives trading with a maximum leverage of 100x, and its paper trading function lets users test tokens before making any real deposits. 

Promoted

USD Margin Lending

  • Return rates optimized daily
  • Secure, stable investment growth
  • No minimum
  • No lock-up period, withdraw anytime

Bitfinex Fees

Bitfinex charges trading fees for takers of 0.20 percent, which falls just below the industry standard of 0.25 percent. The company offers a discounted rate of 0.10 percent for maker fees, promoting the exchange's liquidity. 

If you regularly trade with Bitfienx, you'll gain access to trading fee discounts, but gaining access to this feature requires reaching an aggregate value of $0.5 million in 30 days, which means these discounts aren't readily available to just anyone. Find out more about the company in our Bitfinex review

Bitfinex Security

You'll enjoy multiple layers of security when using Bitfinex. They include knowing the company stores approximately 99.5 percent of its customers' funds in cold wallets.

What else does Bitfinex do to ensure the safety of the platform? The platform relies on encrypted user password storage, daily encrypted database backups to multiple locations off-site, and up-to-date Linux systems to host the platform. 

What Is Crypto.com?

A cryptocurrency and payment platform, Crypto.com promotes the widespread adoption of digital currencies. It provides users with a wide range of crypto services. For this reason, many people consider it a genuine digital currency one-stop-shop.

Headquartered in Hong Kong, Crypto.com is lead by Kris Marszalek, a seasoned entrepreneur. He works in tandem with the company's three other co-founders to provide users with an excellent, secure experience.

These three co-founders are:

  • Rafael Melo, CFO
  • Gary Or, CTO
  • Bobby Bao, Head of Corporate Development

Crypto.com started gaining momentum in early 2017 but was initially known as Monaco. In June of that year, it raised $26.7 million in an initial coin offering (ICO). At the time of the ICO, investment prices averaged $2.89/MCO.

Besides the four founders at the helm of Crypto.com, the company employs a vibrant team of blockchain and crypto enthusiasts, many of whom came from Ensogo. Why does this matter? Because some have asserted Ensogo closed due to unstable cash management.

Rumors also swirled about Ensogo's inability to deliver on promised rewards and flash sales. Although this led to initial skepticism about Crypto.com, the company has worked hard to forge a trustworthy reputation. 

Why Customer Love Crypto.com

Why do customers keep coming back to Crypto.com? They appreciate the platform's focus on supported assets as well as many compelling features. Crypto.com facilitates all of the following:

  • Buying and selling cryptocurrencies
  • Sending funds to other Crypto.com users
  • Using a crypto wallet
  • Earning interest on your crypto through staking
  • Using their convenient, crypto-fueled MCO Visa card
  • Using the site's native coin, CRO, for interest yields of 20x

You can find out more about the services provided by the company in our Crypto.com review. Let's take a closer look at another compelling feature of the company, super-low fees. 

Crypto.com Fees

Crypto.com's complex fee structure relies on a maker/taker model, common to many other exchanges, along with trading volume considerations. Maker fees may range from 0.036 to 0.10 percent based on your 30-day trading volume. Taker fees fall between 0.090 and 0.16 percent. That said, it's hard to make generalizations about these fees. 

Why? Because other factors also come into play. For example, your minimum and maximum withdrawal fees will also be stipulated by the type of crypto you're using. You can find out more about the platform's sophisticated fee structure here. 

Crypto.com Security

Crypto.com takes vital steps to protect your digital assets. That said, you won't enjoy the same security that you would with a traditional bank account. 

After all, traditional bank accounts get backed by FDIC or SIPC insurance. But you won't find this with crypto exchanges. What's more, you must bear in mind that Crypto.com remains based in Hong Kong rather than the US, which comes with different regulations.

If you're the kind of person who wants to speak to a live person, Crypto.com may not be right for you. You won't find a mailing address or phone number on the website, which could prove frustrating when you need to talk to someone.

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Coins

Pros & Cons of Bitfinex

Pros

  • The platform offers the widest possible range of order types that includes limit orders, market orders, stop-limit orders, trailing stop orders, take profit orders, and more.
  • It supports a wide range of crypto assets including BTC and more than 160 altcoins.
  • One can instantly purchase Bitcoin through their credit card on Bitfinex. Other crypto assets up for the purchase with your credit card or debit card includes Tether, Tether Gold, Tezos, TRON, Ethereum, or other ERC20 tokens.
  • Bitfinex is a highly trusted crypto exchange with the provisions of anonymity.
  • Derivatives are traded on margin allowing users to access up to 100x leverage.
  • The platform has a demo portal helping users to try out all its features before signing up for an account.

Cons

  • History of vulnerability with 70 million US dollars worth of coins stolen from the site in 2017.
  • The user interface includes lots of features and options that may appear confusing for people who are newly initiated.
  • Comparatively higher 30% limit on balance during margin trading.
  • The wallet services are pretty basic.

Pros and cons of Crypto.com

Pros

  • Is a complete crypto platform
  • Offers frequent promotions
  • Permits you to earn returns on your deposits
  • Includes a high-speed exchange with competitive fees
  • Offers a crypto-backed rewards card
  • High-speed exchange with competitive fees

Cons

  • Having to stake CRO or MCO to get the most out of your MCO rewards
  • A general lack of transparency regarding where funds come from
  • A confusing two token system (e.g., CRO and MCO)

Frequently Asked Questions About Bitfinex

We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.

How Secure is Bitfinex?

Having witnessed a significant cyber-hack in the past, Bitfinex takes its security very seriously. The protection of the user account involves two-factor authentication and the ultra-secure FIDO Universal 2nd Factor (U2F) open authentication standard. It also requires advanced API key permissions, uses email encryption with open PGP, and also puts withdrawals protection into effect. The majority of the funds stay in offline, multi-signature cold wallets with only 0.5% of crypto assets being present in hot wallets for day-to-day platform operation. To keep the overall system secure, the platform leverages up-to-date Linux systems to host the platform and automatic real-time backup of the database, and an automatic Distributed Denial of Service (DDoS) protection.

What is the Fees-Structure of the Platform?

For order execution, the fees depend upon your trading volume in the last 30 days. The maker fees range from 0.020% to 0.100% and the taker fees range from 0.055% to 0.200%. For Margin Funding Providers, the lender’s fee is 15.0% of the fees generated by active margin funding contracts. It can go up to 18% when opened by a hidden offer. There are no fees on crypto and stablecoin deposits. Bank wire deposits are charged with a deposit fee of 0.1%.

Does Bitfinex have any Geographic Restrictions?

According to the Bitfinex rules, no U.S. Person may directly or indirectly use any of the Services or the Bitfinex site. Apart from the US, countries that ban the use of cryptocurrency would not be able to access Bitfinex.

What are the Payment Methods Supported by Bitfinex?

Using credit and debit cards, you can purchase Bitcoin, Tether, Ethereum, and other ERC20 tokens from Bitfinex.

Does Bitfinex Support Token Sales?

Yes. Bitfinex has a dedicated service platform meant to facilitate token sales under certain conditions and guidelines.

Crypto.com: Frequently Asked Questions (FAQs)

Now that you've got a much better concept of what you'll get with Crypto.com, let's take a look at some of the platform's most frequently asked questions (FAQs). These common customer inquiries will provide you with insights into everyday aspects of using the app, card, and more.

Which Cryptocurrencies Are Accepted by Crypto Pay?

At the moment, you only have one option when it comes to Crypto Pay. The platform currently only accepts Crypto.co Coin (CRO).

What Should You Know About Crypto.com DeFi Swap Fees?

Crypto.com's DeFi swap permits users to connect their personal Ethereum wallet for effortless and streamlined ERC-20 token swaps, unlike the app or exchange.

Generally, you'll get charged 0.3 percent fees to liquidity providers for token swapping fees. These fees support the run of smart contracts.

To get started, connect your Defi Swap with your Crypto.com Defi Wallet. When transferring crypto in the Ethereum network, you must pay gas fees.

Choose between average, fast, and super transaction confirmation speeds. Remember that average and super-fast speeds respectively represent low and very high transaction fees.

Which Wallets Are Compatible With Crypto Pay?

You've got incredible flexibility when it comes to Crypto.com. You may use any wallet that both holds and sends Crypto.com Coin (CRO) with Crypto Pay.

Bitfinex vs Crypto.com: The Takeaway

When exploring Bitfinex vs Crypto.com, you'll find both platforms come with many advantages. Each company takes security seriously and has significant business experience to draw from. That said, Bitfinex outperforms Crypto.com when it comes to the length of time in operation.

Bitfinex has also avoided a blemished reputation, unlike Crypto.com, which still operates under the shadow of Ensogo. But both exchanges offer low rates, although you stand to get a better deal with Crypto.com. Nevertheless, Crypto.com's fee structure proves complex and difficult to grasp.

Last but not least, Crypto.com's MCO Visa card proves highly convenient and tough to beat. Before deciding which platform's right for you, check out our comprehensive list of crypto platforms.

  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
  • 3
  • 4
  • 3
  • 3
  • 4
  • 4
  • 3.5
Go to site
  • 4
  • 3
  • 4
  • 4
  • 3
  • 4
  • 3.67
Go to site