Crypto.com vs Coinbase: Do We Have a Winner?

Crypto.com vs Coinbase: two cryptocurrency-focused platforms revolutionizing the online financial space with services and products similar to those offered in the traditional finance sector. Although they operate in the same industry, their products differ based on their target clients and guiding principles.

For example, although both platforms allow users to earn interest on deposits, the means in which the platforms offer these incentives are different. Crypto.com operates interest-earning accounts, while Coinbase operates staking services for select virtual currencies. Our Crypto.com vs Coinbase detailed overview goes over the advantages of each of these platforms.

Crypto.com

Crypto.com operates on the idea that “clarity of thought” is the most important ingredient to success. It takes its control of users’ data, money, and identity seriously. This is made possible by a team of over 900 employees and has attracted more than ten million users.

Among its top team members are it’s the company’s CEO, Kris Marszalek, CFO, Rafael Melo, CTO, Mathew Chan, and Cerulean Hu, the SVP of blockchain engineering.

Crypto.com Referral Program

The platform rewards existing users for bringing their friends to the network. Click this Crypto.com referral link or use this Crypto.com referral code: psmu8km4zv to sign up for Crypto.com and get your bonus. Luckily, both the referral and the referrer share in the rewards. In addition to the normal referral bonus, the referrer earns 50 percent of the invitee’s trading fees. However, both parties need to go through a rigorous know-your-customer procedure that includes submitting a government-recognized identity document, such as a passport, along with a selfie.

Note that referral bonuses differ depending on whether you are accessing the Crypto.com exchange or the Crypto.com mobile app. Also, both the inviter and the invitee have to stake a given amount of the network’s base asset, CRO, to receive benefits.

Read more about the Crypto.com referral program in this Crypto.com referral article.

Crypto.com Products

Crypto.com Exchange

This product allows users to trade a wide range of virtual currencies. The exchange makes it attractive by providing low trading fees and high liquidity. Deep liquidity enables traders to enter and exit positions with ease.

Apart from spot trading, the exchange allows users to take long or short positions on their margin trades. For those interested in futures contracts, Crypto.com Exchange has your back.

Another product tied to the trading platform is the Syndicate. This offering provides discounted prices for select virtual currencies. For the most part, it applies to newly listed coins. To access the product, users need to stake a specified amount of CRO coins and meet a few other conditions. The staked CRO is returnable to its holder if he or she disagrees with the allocated tokens.

Crypto.com Visa Metal Card

The Crypto.com Visa Metal Card is a debit card that facilitates the usage of cryptocurrency at merchant stores across the globe. The card provides up to eight percent back on the spent amount and has no annual fees. Other card-based benefits depend on the type of card you have.

For example, those with the Royal Indigo and Jade Green cards have airport lounge access, but they do not earn bonus interest like those holding the Frosted Rose Gold and Icy White debit cards. The highest card tier is Obsidian. Depending on the card, users have free ATM withdrawals per month ranging between $200 and $1,000.

Payments

This is a unique offering targeting merchants that would like to add cryptocurrency support to their payment options. More than 30 million Ethereum-based wallets support this feature. Its intuitive dashboard allows merchants to easily send invoices and manage payments. Additionally, the dashboard facilitates quick and easy setup. The dashboard provides options to view balances, customers, payments, and invoices, among other functionalities.

Some advantages of using this feature include paying zero fees if you settle transactions in virtual currencies and saving up to 80 percent if you choose to convert crypto to fiat. The Crypto.com payment features can be integrated with WooCommerce, Ecwid, Opencart, Loveit, nopCommerce, and PrestaShop.

Buyers using this option can choose between over 30 cryptos, receive 10 percent back in the platform’s native token, and tap into fee-free transactions when sending virtual currencies to friends.

Coinbase

Since its inception in 2012, Coinbase has been bent on building a transparent, efficient, accessible, and fair financial system powered by cryptocurrencies. The fruits of their relentless focus are evident in its over 50 million users and more than 7,000 institutions that use the platform to earn, save, spend, and invest in virtual currencies in a secure environment.

Coinbase’s success is enabled by a team of over 1,700 employees and its availability to users in more than 100 countries. Brian Armstrong heads the executive team in the position of CEO and cofounder. Other notable figures on the team include Emilie Choi (COO), Surojit Chatterjee (Chief Product Officer), and Manish Gupta (EVP of Engineering). The other Coinbase cofounder is Fred Ehrsam, who sits on the board of directors with Armstrong.

Coinbase is backed by globally recognized investors like Andreessen Horowitz, Tiger Global, Spark Capital, Y Combinator, Polychain Capital, and MUFG.

Coinbase Referral Program

The Coinbase referral program rewards both new and existing users $10 worth of Bitcoin for every successful referral. To receive the referral bonus, new users must sign up with a Coinbase Referral link, and buy or sell at least $100 worth of cryptocurrency within 180 days.

The platform also runs a referral program under the name Coinbase Affiliate. Its mission is to help broadcast crypto news to the world. Affiliates earn a commission by promoting the platform through articles, new content, and website-based advertisements. Referral rewards come in the form of a percentage of their referrals’ trading fees for their first 90 days on the platform.  Read this Coinbase referral article to read more about the step-by-step referral process.

Coinbase products

Coinbase Exchange

The Coinbase exchange provides a secure place to buy and sell virtual currencies. Mostly, Coinbase is referred to as an on-ramp platform since most new entrants into the cryptocurrency scene use it to buy cryptocurrencies using fiat currencies. This lowers the entry barrier to virtual currencies.

The exchange supports popular traditional payment methods including bank transfers, wire transfers, and debit cards. However,  the exchange currently supports less than 80 cryptocurrencies.

Unfortunately, the exchange now concentrates heavily on spot trading after halting margin trading functionalities in November 2020. Coinbase cited guidance from the United States Commodity Futures Trading Commission (CFTC) as the main reason for halting this service.

Coinbase Card

Coinbase Card works to deliver on the promise of helping holders “spend crypto anywhere.” It is a debit card, meaning users have to explicitly fund it using balances held in their wallets on the exchange. Its Visa engine allows it to be used in millions of places across the globe. Apart from paying for goods and services, it supports ATM withdrawals for those looking for physical fiat.

Coinbase protects the card with cutting-edge security features that include instant card freeze and 2-step verification. The exchange understands that you may have multiple wallets on the platform, so it lets you select the wallet you want to use to fund the card. This selection is available through the platform’s mobile application.

The card comes with many added benefits. For example, it provides spending summaries and instant notifications, and each transaction comes with a receipt. The card is issued and operated in conjunction with Paysafe Financial Services Limited. Paysafe operates under the watch of the financial Conduct Authority. Working with regulated firms increases transparency and security, boosting users’ confidence in the card.

Coinbase Commerce

Coinbase Commerce enables merchants to safely accept cryptocurrency payments within minutes. The product is free and easy to set up, and you can convert received crypto into fiat or stablecoins such as USD Coin (USDC). Additionally, it’s available globally, and transactions are irreversible, eliminating the possibility of chargebacks.

This feature provides extra functionalities like invoicing and the ability to work with multiple ecommerce platforms. Coinbase Commerce integrates with WooCommerce and Shopify.

Crypto.com vs Coinbase: Do We Have a Winner?

Because of the differences in how each platform packages its various products, there’s no clear overall winner. Each program has its shortcomings and strengths. For example, Coinbase provides a straightforward way to earn referral bonuses but has a small array of tradable cryptocurrencies compared to Crypto.com.

Also, Crypto.com supports more integrations with ecommerce platforms, unlike Coinbase Commerce. However, Coinbase and Crypto.com exchange allow crypto purchases using traditional methods like debit cards and bank transfers, bridging the gap between conventional finance and virtual currencies.

Crypto.com’s Visa debit card carries more benefits than the Coinbase Card. For instance, it has free ATM withdrawals, it can get you access to an airport’s lounge area, it provides cash back at select stores, and it allows you to pay for goods and services at merchant stores around the world.

Conclusion

If you are looking for more referral rewards, Crypto.com is a good option. However, you must be ready to adhere to a long list of requirements and understand how the platform works.

If you’re interested in a more relaxed approach to referrals, Coinbase provides a simple way to refer friends and earn. Unfortunately, how much an invitee spends on trades determines how much you earn, and rewards only last for three months. For a crypto-enabled Visa card, Crypto.com’s offering seems to have more benefits than Coinbase’s. However, Coinbase beats Crypto.com on popularity and adherence to regulations.

Crypto.com vs Coinbase,  do you already have a winner? If you still have questions, check out our reviews for Crypto.com and Coinbase.