If you're a cryptocurrency trader, there are some awesome opportunities waiting for you at the tokenized asset exchanges known as Currency.com and Binance. In this article, we'll compare the available assets, trading volume, and other highlights of these two popular platforms.
Binance is the largest exchange in the world. According to CoinMarketCap, its daily turnover is over $97.5 billion! Then you have Currency.com, which allows you to trade the world's top tokenized commodities, currencies, and stocks with fiat or crypto!
Get rid of your FOMO and learn more for huge success! If you are looking to invest in cryptocurrencies this year, then take a look at our in-depth guide and review of Currency.com and Binance.
Available Assets and Trading Volume
Binance supports up to 591 crypto trading pairs and 184 tokens for your crypto investment needs. You can exchange Bitcoin for many digital and traditional currencies. It even has its own token called the Binance Coin (BNB).
In 2020, Binance reached over $3 trillion in total trading volume, according to their website. Their per day maximum skyrocketed to over $52.6 billion. In terms of trading volume, they're the world's largest exchange.
Currency.com offers over 1,700 crypto assets. Here you can see tokenized shares of some of the world's biggest companies, including Apple, Tesla, and indices such as FTSE 100 and the S&P 500. You'll see huge commodities such as oil and gold, as well as a huge selection of popular cryptocurrencies.
Currency.com sees user numbers around $16 billion. Their highest trading volume per day is close to $120 million. You'll notice that BTC is the best crypto to buy right now.
Team and Location
Trading software developer Chengpeng Zhao founded Binance in 2017. It was originally based in China but moved to Japan, and eventually to Malta, due to increased regulation of cryptocurrency.
But in 2020, Malta declared them not officially registered in the country. The founder of Binance later stated that they didn't have a headquarters.
Founded in 2019, Currency.com Limited is registered and regulated in Gibraltar. It operates under the laws of the Republic of Belarus. These include the regulation of cryptocurrency circulation, the creation of smart contracts, and the conduction of ICOs.
Jonathan Squires leads the Currency.com team. He has members at The Stars Group, GlabalData, and Trinity Mirror Digital. Currency Com is DLT-licensed by the financial regulator of Gibraltar.
Currency.com vs Binance Safety
Hackers stole over $41 million in bitcoins from Binance in May 2019. Binance representatives reported that the thieves accessed 2-factor authentication codes, user API keys, and other sensitive information. They don't deny that hackers still may have control of some accounts.
Binance leaked KYC (Know Your Customer) data. This is personal data provided to the company by customers. Hackers allegedly got this information from a third party. Later, Binance told the public that their security was strengthened through the improvement of their monitoring capabilities.
User data within Currency.com is stored using military-grade protection. They implemented PGP/GPG systems for email checks, a secure document download system, and advanced global encryption. At the moment, there are no leaks or theft but always choose your crypto platform wisely.
Verification and Registration
It only takes about 2 minutes to make your account on either cryptocurrency exchange. All you do is enter a valid email address, create a password, and then confirm your registration.
If you only want to do standard trading on Binance, verification isn't required. However, your withdrawals can't be over 2 BTC per day. Go through the full verification if you want to deposit or withdraw fiat funds or do margin trading.
You can look around at Currency.com for 15 days without doing the KYC procedure. But if you want to withdraw any funds you'll need to be fully verified. This is essential, as it's a fully regulated crypto exchange.
To become verified, send a scan or photo of your ID card. Then provide proof of address (like a bank statement). Within an hour, you'll get confirmation.
Deposits and Withdrawals
To fund your Binance account you can use several different cryptocurrencies and over 60 fiat currencies. Deposits are free, but there is a fee for a withdrawal.
If you want to deposit Bitcoin (BTC), the commission comes to 0.0004 BTC. When depositing fiat currencies, there are fees for different types.
Commissions
The commission in Binance is calculated according to your trading volume over a span of 30 days. It also takes the number of native BNB tokens on your balance. If you have under 50 BNB, you only pay 0.1% commission.
If your balance is over 50 BNB, you're at the lowest level and makes and takers get the same commission (0.1%). When you reach higher levels, makers pay less than the takers. For example, in the 50-500 BTC range, the commission is 0.09% for the maker and 0.1% for the taker.
The same rules apply for both makers and takers if you're trading without leverage on the Currency.com crypto exchange. The only difference lies in the asset forms. These are 1% for crypto, 0.03% for crypto bonds, and 0.05% for crypto stocks, ETF, commodities, and indices.
When trading cryptocurrencies, leveraged trading rates come into play. These are 0.075% for takers and -0.025% for makers when trades, 0.0125% for makers and takers on shares, commodities, indices, and ETFs. The rate is 0.002 on cryptocurrencies.
Currency.com has a smaller spread than Binance. This makes up for Binance's difference in commission rates/fees. However, Binance has lower spot fees.
It just depends on your personal preference. If you have good information on what crypto to buy and sell, you'll have more fun and fees will be less important to you.
| Platform | Interest Rates (APY) | |
|---|---|---|
| Nexo | Up to 7% on BTC Up to 12% on Stablecoins ... 36 more coins | |
| OKX | Up to 5% on BTC Up to 0.08% on Stablecoins ... 196 more coins | |
| YouHodler | Up to 3.05% on BTC Up to 8.33% on Stablecoins ... 56 more coins |
It's a Toss-Up!
If you want access to more than 1,500 tokenized assets as well as fiat money and cryptos, Currency.com is the place for you. It's user-friendly, supporting both novice and more seasoned investors.
Currency.com offers professional charts, competitive fees, and leverage. It's an exchange for the novice as well as the best crypto traders and investors. It offers speed and security in a safe, regulated space. Their reach is worldwide and they provide you with a liquid environment perfect for trading volatile assets.
Binance is currently one of the most trusted brands in the crypto realm. It has state-of-the-art features for advanced traders, yet easy enough for the novice to use. Their native token gives them advantages like lower trading fees. So all in all, either one is a great choice depending on your personal preferences and investment plans!
Read more about Binance in this great article!