Did you know that every three seconds, a post about Bitcoin goes up on social media? Or that Bitcoin remains the most popular cryptocurrency, occupying a 60 percent share of the market?
This is remarkable considering the coin cost approximately $0.0008 when launched in 2010. Of course, today, its value hovers above the $50,000 mark, with many analysts suggesting this value could go much higher to $100,000.
As a consumer, how do you get the blockchain and cryptocurrency foundation to start tapping into such incredible performance? It begins with finding the right platform. Two top-rated options are Crypto.com vs Coinbase.
Here's what you need to know about each cryptocurrency platform so that you can select the best option for your financial needs.
An Introduction to Coinbase
Coinbase is a secure platform where you can buy, sell, transfer, and store digital currency. The site remains committed to providing an open financial system worldwide.
Today, Coinbase represents a leading global brand that helps people convert digital currency into and out of their local fiat currency. Features worth noting when it comes to Coinbase include:
- A focus on making buying and selling cryptocurrency a cinch
- The ability to send or receive digital currency between friends, merchants, or online wallets
- Handling worry-free backups and security
Coinbase remains a one-stop-shop offering a wallet, merchant tools, and an exchange with one streamlined interface. What's more, the company continues to push the envelope when it comes to offering convenient applications built using its API.
Features of Coinbase
Besides the ability to connect your banking account to Coinbase, there are other reasons this company remains so popular. Many people love its easy-to-use, intuitive interface, which makes buying and selling Bitcoin a breeze.
You can also buy Bitcoin with a credit card. Just be prepared for additional fees.
Coinbase is a fantastic place for casual cryptocurrency investors who appreciate the user-friendly nature of this popular platform. That said, it's far from the ideal place to buy coins such as Bitcoin.
Why? For starters, many users get frustrated by the platform's extensive anti-fraud features. You must wait three full days before transferring your currency to a wallet outside of the website.
What's more, get prepared to wait multiple days for funds to clear when you sell and transfer money to your bank account. Such delays could prove disastrous for traders involved in split-second decisions. For more advanced day traders who wish to make money on the often erratic cryptocurrency market, these policies make Coinbase unsuitable.
More Coinbase Considerations
What else do you need to know about Coinbase? The platform offers limited cryptocurrency options, which prove disappointing to some. You'll gain access to the most popular options, such as Ethereum (ETH) and Bitcoin (BTC).
But if you're after more obscure options, look elsewhere. Although the company continues to pursue new coins, its diversity proves downright disappointing.
The information above begs the question. Is Coinbase a worthwhile platform for cryptocurrency trading? It depends on your current needs and situation.
For example, if you want to invest casually and look at these activities as a novelty, Coinbase's convenience makes it well worth your time. Yes, you'll pay more in fees.
But the company goes to great lengths to decrease the learning curve. You'll also enjoy the great simplicity of the platform.
That said, if you're a more experienced investor, Coinbase likely isn't right for you. You'll want to consider alternatives such as Crypto.com.
Who Should Use Coinbase
Experts recommend Coinbase to those looking to gain more experience. Why? Because it's one of the most reliable and easy exchanges to navigate in the world.
Coinbase lets you link your bank account, permitting direct transactions for buying and selling cryptocurrencies. For this reason, many consider it an ideal choice for traders still learning about digital currencies and funding wallets.
The platform also lets you track your portfolio over time. But you'll pay for this convenience. Coinbase comes with some of the highest fees you'll encounter when purchasing Bitcoin.
You'll also lack the agility necessary for day trading and other quick adjustments based on the market. That said, it's hard to find a more secure platform when it comes to anti-fraud policies. Here's what else you need to know about Coinbase.
An Introduction to Crypto.com
Similar to Coinbase, Crypto.com is a cryptocurrency platform where you can stake and invest funds. It lets people sell, buy, and earn interest on their crypto-assets. That said, you can only access this platform via its app and not your desktop.
If you don't mind this inconvenience, the company provides access to various financial services. These include credit, earnings, an exchange, and even an MCO Visa card.
Ultimately, the platform's goal remains to promote the widespread adoption of digital currencies. Let's take a closer look at the features it offers to achieve these ends.
Features of Crypto.com
When you use Crypto.com, you'll gain access to many powerful features. These features include the company's trendy MCO Visa card, which lets you convert your crypto-assets into fiat for spending.
Where can you use the MCO Visa card? Anywhere that the Visa logo is accepted, which translates into approximately 54 million different brands and businesses worldwide.
In other words, with the Crypto.com MCO Visa card, you can use assets in Bitcoin to buy everything from coffee to clothes and much more. It doesn't get better than that!
But the excellent features don't stop there. The Crypto.com app permits you to exchange, buy, send, and track cryptos. And with the platform's Crypto Credit feature, you gain access to an instant loan enabling you to use credit to spend on your Visa card.
More Crypto.com Considerations
What else do you need to know about Crypto.com? The app includes a Crypto Earn feature, which lets users earn up to eight percent interest on crypto deposits.
Crypto.com also comes with an exchange powered by its native tokens, Crypto.com Coin (CRO) and MCO token. This exchange offers low fees and deep liquidity. It comes with the best execution prices, and users may trade the most popular cryptos like Bitcoin.
Some people feel that the company's dual-token system, fueled by CRO and MCO, represents an unnecessary complication. Here's what you need to know about each token.
The CRO Token
Currently available in 22 exchanges globally, CRO token includes cross-asset currency settlement. It settles block transaction fees, and nodes get rewarded with CRO upon validating and processing transactions.
When transacting directly in CRO, you must pay minimal fees. But users can access a 50 percent discount when they purchase cryptos with CRO through the exchange. With CRO tokens, you also gain access to the Syndicate.
The Syndicate is a spot where users can go to gain access to the most promising crypto projects. You'll find the coins from these projects listed on the exchange.
The MCO Token
The other coin you need to know about is the MCO token. This token's sale took place from May 18, 2017, through June 18, 2017. At this time, Crypto.com generated a whopping $26.7 million. Today, the MCO gets traded on more than 30 crypto exchanges worldwide.
What can you do with the MCO token? For starters, it permits users to order metal Visa cards by staking in the token. When you transact using your MCO Visa card, you'll also receive up to five percent back on all spending with the card.
You can upgrade your MCO Visa card by staking more MCO tokens, jumping up to a higher tier of the card. This upgrade will provide you with access to more features and perks.
What's more, there are rewards when you stake. For example, you'll get MCO at six percent for 500, and you'll get eight percent for the 5,000 and 50,000 tiers.
Who Should Use Crypto.com
Countless advantages come with using Cryoto.com. It's an excellent card for individuals who would like to start transacting in cryptocurrencies in everyday life. The MCO Visa card provides you with the freedom to turn crypto-assets into spending power usable anywhere Visa gets accepted.
The card comes with no monthly maintenance fees, and you'll enjoy cashback rewards of up to eight percent on purchases. That said, it doesn't have with the same anti-fraud reputation as Coinbase.
What's more, there's a steeper learning curve when it comes to using Crypto.com. You'll need to devote more time to getting started as the interface isn't as intuitive as you'll find with Coinbase. Find out more about Crypto.com and whether it's right for you.
Pros and cons of Crypto.com
- 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
- 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)
Pros and cons of Coinbase
- Most trusted brand in crypto
- Top-tier team and investors
- One of the pioneers of the industry
- Never successfully hacked
- Interoperable suite of crypto products
- It offers a great user interface for beginners
- It offers access to over 30 cryptocurrencies
- Can be more expensive than other options
- The site crashes at times of high volatility
- There is a lack of timely support
- Transactions can be delayed for up to 3 days
- Most local payment methods are not supported
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.
Frequently asked questions about Coinbase
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.
Where is Coinbase based?
Coinbase's headquarters is in San Francisco, California. They did recently announce, however, that a large percentage of their workforce will be going remote. Their mailing address is: Coinbase, Inc. 100 Pine Street Suite 1250 San Francisco, CA 94111
Who is the team behind Coinbase?
Coinbase was founded by Brian Armstrong and have a team of more than 500 employees. You can read more about their employees here.
Where can I use Coinbase?
Coinbase can be used in more than 30 countries including:
- The Czech Republic
- The Netherlands
- San Marino
What's the difference between Coinbase App and Coinbase Wallet?
The Coinbase app is a great product for those looking to buy and sell cryptocurrency. While the Coinbase Wallet app is used for storing your cryptocurrencies.
Can I switch from my existing wallet app to the Coinbase Wallet app?
Yes, you can. Each wallet uses a private key for security that can be imported into the Coinbase Wallet. In the settings menu of your current wallet, just search for the 12-word recovery phrase or mnemonic and then use the same 12 word phrase to sign into the Coinbase Wallet.
Crypto.com vs Coinbase
What's the final verdict when it comes to Crypto.com vs Coinbase? Your current level of experience with cryptocurrencies and your investment goals should inform a final decision.
Carefully consider how much time you wish to devote to learning a new platform. While Crypto.com ultimately proves more complicated, it also comes with lower fees than Coinbase and more conducive regulations for trading and investing. Best of all, you'll gain access to the MCO Visa card.
Of course, your choice of crypto platforms should involve more than just considering Crypto.com vs Coinbase. Many other excellent platforms exist that prove well worth your attention. With that in mind, explore our comprehensive list of crypto platforms now.