Introduction
Have you heard about Cryptocurrency? If not, it's high time you learn about it! Cryptocurrency also known as crypto-currency is a sort of digital currency. These sorts of currencies make use of cryptography to secure transactions or payments. One interesting thing about cryptocurrency is that it does not rely on bank transactions. Instead, these are peer-to-peer systems that assist one to receive payments. These are pretty helpful as well.
You do not carry hard cash wherever you travel. For this, you've got a digital wallet and the money transactions are always stored in a public ledger. Smart, right? These digital currencies are safe because of their encrypted method. The first-ever digital currency or cryptocurrency was Bitcoin. Here I'll bring you across two other popular digital currency trading platforms.
These are Crypto.com and Bitbuy. Crypto.com is a popular cryptocurrency platform where you can trade digital currencies with ease! Karl Marszalek created this platform in 2016. On the other hand, Bitbuy is yet another trading platform for cryptocurrencies. This was found three years later in 2019 by Adam Goldman. So, why wait? Let’s delve into the crux of the matter without any delay!
Crypto Vs Bitbuy: Let’s Know About These Two Digital Platforms for Cryptocurrency with Ease!
The main difference between Crypto.com and Bitbuy is that any investor or trader can invest their cryptocurrency using crypto.com as well as switch their currencies with other traders. This is possible because crypto.com supports a feature called Defy Wallet. On the other spectrum, Bitbuy is a trading platform where an instant verification feature for cryptocurrencies is available. Both these platforms have got their advantages and disadvantages. So, let's not wait and know the differences between the two in a tabular format!
Difference Between Bitbuy and Crypto.Com Platforms in Tabular Form
| Parameters of Comparison | Bitbuy | Crypto.com |
| Definition | Bitbuy is the official name for a Canada-based cryptocurrency. Computer analyst Adam Goldman is the creator and founder of this cryptocurrency platform. | Crpto.com, as the name suggests is a cryptocurrency trading platform. It is Hong-Kong Based. The platform was founded in 2016 by Karl Marszalek. |
| Exchange of cryptocurrencies | One interesting fact to note is that the Bitbuy-based exchange is available only to Canada-based citizens. This is one of the most recommended platforms for Canadian citizens. | Crypto.com is on the bright side of this feature. Even though the platform is Hong-Kong based, it's available for trading with several countries. The number of exchange countries ranges to over a hundred! This makes it user-friendly and helpful globally. |
| Funding methods of cryptocurrencies | Some of the funding methods for cryptocurrencies are Bank Transfer, Crypto-to-Crypto method, and Interac e-Transfer. | Unlike Bitbuy where you'll only be able to use crypto transactions using a few fixed methods, there are some extra methods you can avail for Crypto.com. These include credit card transactions and transactions via PayPal and Crypto.com Pay! This makes Crypto.com a very popular platform for digital currency trading! |
| Cryptocurrencies that the platform supports | Bitbuy has several cryptocurrencies to offer for the transaction. Some of the well-known cryptocurrencies are Bitcoin, Ethereum, Litecoin, Steller, Eos, Bitcoin Cash, and others. | Unlike Bitbuy where only a limited number of cryptocurrencies are available for trader or user exchange, Crypto.com is a supporter of approximately 20 plus fiat-based currencies. These currencies also include EUR, USD, AUD, and many others! |
| Staking activity in the digital currency platforms | Bitbuy does not support the feature of staking. This is a user activity where you can store your digital coins for a certain period. You can also earn rewards after this period is over! But unfortunately, the platform Bitbuy does not support this. | Crypto.com is well ahead in this feature as well. Crypto.com supports staking. Over here, you have the opportunity to stake your native coin called CRO. As you stake this currency, you’ll have to provide low trading fees at a higher rate of interest! |
| Fees structure in the cryptocurrency platforms | The fee structure for Bitbuy is less expensive than Crypto.com. If the user uses the Interac e-Transfer method, the fee comes to 1.5%. If the user uses a bank account for the transaction, the rate comes down to 0.5%. | The fee structure in Crypto.com is much more expensive. Here the fee ranges from 0.4% to 2.99%. |
| Security methods | Bitbuy has top-notch security techniques. This makes the trading method of cryptocurrencies out of reach for hackers. One such over-the-top technique includes security benefits by "Knox Custody" | Crypto.com is great for security facts as well. The platform makes use of techniques like "two-factor authentication". |
What is Bitbuy?
If you are a cryptocurrency dealer, you should know about this popular exchange platform for crypto coins! Bitbuy is a top-class platform for digital coin exchange in Canada. The platform was created in 2019 and has more than three lakhs eighty-nine thousand users! Despite being such a useful platform for cryptocurrency exchange, it has got its negative side as well. The platform is beneficial only to users and permanent residents in Canada.
Other users from other countries cannot avail of the benefit offered by this platform. Also, the platform offers a limited number of cryptocurrencies. This narrows down its functionality as well. Let us delve into the features of this platform in detail. Knowing about this helps you choose the right cryptocurrency exchange medium of your choice.
What Is the Medium of Exchange for the Bitbuy Platform?
Bitbuy is limited only to Canadian residents and users. So, the platform only supports currencies like CAD. The medium supports a limited number of cryptocurrencies as well. 15 cryptocurrencies are included in the list. Some of these are BTC, LTC, ETH, and others.
Fee Structure in Bitbuy
The fee structure in Bitbuy is pretty easy to get. The exchange in the platform includes a 0.2% fee on every buy and sell. The medium of exchange decides the rate. If the users make use of Interac e Transfer, then the fee comes on the costly side. The fee rate on this mode is 1.5%. On the other hand, the fee rate using a bank account comes down to 0.5%.
Modes of Deposit in the Bitbuy Platform
If you do not know the modes of deposit on Bitbuy then stay connected. This helps the user to choose the deposit method of his or her choice. These include deposit exchange techniques like Bank Wire, CAD, or Interac e- Transfer. But the modes of the transaction are limited on this platform.
Staking On Bitbuy. Does Bitbuy Support the Feature?
Staking is a feature that is used to store your digital assets like crypto coins and savings for a certain period. After this period of the store, you also get amazing offers of earning rewards and interest rates. Bitbuy is a Canadian platform for cryptocurrency exchange which do not support this feature. If you are new to the Cryptocurrency sphere, then to access this feature you may go to Crypto.com.
Other Special Features of Bitbuy
Some of the notable features that Bitbuy supports are Pro Trade and Express Trade. Pro Trade is used by users if they are opting for limiting orders or setting up market orders. With the help of this trade, one can do crypto-crypto trades. On the other hand, Express Trade is another significant feature where the user can buy and sell digital currencies in the easiest route.
Security-Based Features
Security features in the Bitbuy platform include backing up by "Knox Custody". The transaction of bitcoins with the help of this feature verifies every legitimate coin. The security features in the platform hold offline funds in cold storage. This feature makes the saved digital assets inaccessible to hackers.
What is Crypto.Com?
Crypto.com is yet another exchange platform for cryptocurrencies. Crypto.com is Hong-Kong based. But the perk over here is that the platform is available for users in more than ninety countries worldwide. The platform began its operation in 2016 and presently has more than 10 million users over the globe.
What Is the Medium of Exchange for the Crypto.com Platform?
The medium of exchange for the Crypto.com platform is vast. Crypto.com supports more than 20 fiat currencies. These include popular currencies like AUD, EUR, USD, and many more.
Fee Structure in Crypto.com
The fee structure comes expensive when talking about Crypto.com. The fees range from 0.4% to 2.99 % on the crypto.com platform. This is the case if you are making transactions using a credit card or debit card. But if you make use of the native coin, CRO then the fee comes down a good deal.
Modes of Deposit in Crypto.Com Platform
The modes of deposits are huge when it comes to the crypto.com platform. You can make your funding using a credit card, bank transfer, or debit card as well on this platform. The option of credit card transactions is not available on the Bitbuy platform.
Staking On Crypto.com. Does Crypto.Com Support the Feature?
Crypto. com is a platform that supports the transaction or exchange of a variety of coins. This makes staking a great feature of the platform. If you stake the native coin called CRO on this platform you will also get cool rewards at a good interest rate!
Other Special Features of Crypto.com
Well, a great feature that crypto.com offers is the earning of cool rewards after coin staking. But do you know there are other exclusive features as well? One such feature is that crypto.com functions on Android and IOS systems. This is uncommon because crypto exchange platforms do not offer apps. But you are on the bright side as this platform offers such unique functions!
Security-based features
Crypto.com offers many securities-related options. "Two Factor authentication" is one such security technique offered by the exchange platform.
Main Differences Between Bitbuy and Crypto.com in Points
- Bitbuy is the official name for a Canada-based cryptocurrency. Computer analyst Adam Goldman is the creator and founder of this cryptocurrency platform. While, Crpto.com, as the name suggests is a cryptocurrency trading platform. It is Hong-Kong Based. The platform was founded in 2016 by Karl Marszalek.
- One interesting fact to note is that the Bitbuy-based exchange is available only to Canada-based citizens. It is one of the most recommended platforms for Canadian citizens. Crypto.com is on the bright side of this feature. Even though the platform is Hong-Kong based, it's available for trading with several countries. The number of exchange countries ranges to over a hundred! It makes it user-friendly and helpful globally.
- Some of the funding methods for cryptocurrencies are Bank Transfer, Crypto-to-Crypto method, and Interac e-Transfer. While Unlike Bitbuy, here are some extra methods you can avail of. These include credit card transactions and transactions via PayPal and Crypto.com Pay! This makes Crypto.com a very popular platform for digital currency trading!
- Bitbuy has several cryptocurrencies to offer for the transaction. Some of the well-known cryptocurrencies are Bitcoin, Ethereum, Litecoin, Steller, Eos, Bitcoin Cash, and others. While, Unlike Bitbuy where only a limited number of cryptocurrencies are available for trader or user exchange, Crypto.com is a supporter of approximately 20 plus fiat-based currencies. These currencies also include EUR, USD, AUD, and many others!
- Bitbuy does not support the feature of staking. This is a user activity where you can store your digital coins for a certain period. You can also earn rewards after this period is over! But unfortunately, the platform Bitbuy does not support this. On the other hand, Crypto.com is well ahead in this feature. Crypto.com supports staking. Over here, you have the opportunity to stake your native coin called CRO. As you stake this currency, you'll have to provide low trading fees at a higher interest rate!
- The fee structure for Bitbuy is less expensive than Crypto.com. If the user uses the Interac e-Transfer method, the fee comes to 1.5%. If the user uses a bank account for the transaction, the rate comes down to 0.5%. But Fees structure in Crypto.com is much more expensive. Here the fee ranges from 0.4% to 2.99%.
- Bitbuy has top-notch security techniques. This makes the trading method of cryptocurrencies out of reach for hackers. One such over-the-top technique includes security benefits by "Knox Custody". While Crypto.com is great for security facts as well. The platform makes use of techniques like "two-factor authentication".
Conclusion
Both platforms have their perk and disadvantages. It is for us to delve deep into the points and get the best out of both. We can try out the different features offered by both platforms and choose our best pick as well.
Bitbuy is available only to Canadian people but Crypto.com is a diverse platform. It is available to more than ninety countries globally. So, these are the factors one needs to look out for while researching the best cryptocurrency platform! So, why wait? Get your best pick without delay!
References
- https://coincompanion.io/exchanges/bitbuy-vs-crypto-com/
- https://www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency
- https://www.cryptovantage.com/best-crypto-exchanges/bitbuy/