Security Compliance
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
Coinbase uses its own digital wallet for storing your cryptocurrency.
Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.
Crypto.com provides a secure trading environment, holding 100% of users' assets in cold storage. The platform is ISO-certified, ensuring rigorous security measures. Coinbase is also known for its strong safety measures, storing 98% of digital assets in offline cold storage. The platform employs two-factor authentication and encrypts wallets and private keys for additional security.
Regulatory Compliance
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.
Crypto.com aligns itself with Canadian regulations, having signed a pre-registration undertaking with the Ontario Securities Commission (OSC), demonstrating a commitment to providing secure and lawful services to Canadians. Coinbase, although US-based, complies with Canadian regulations as a registered Money Services Business with FinCEN. Therefore, both exchanges adhere to Canadian regulatory standards
Customer support
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.
Crypto.com offers a responsive and comprehensive support system with 24/7 live chat and email services. Coinbase provides support via live chat, email, and recently introduced 24/7 phone support. However, it's worth noting that Coinbase has previously received some criticism regarding the effectiveness of their support response.
Conclusion
While both Crypto.com and Coinbase have robust platforms and considerable user bases, Crypto.com has a slight edge due to its comprehensive offerings, stringent security measures, and commitment to Canadian regulatory compliance. Coinbase, despite its user-friendly platform and rich educational resources, has faced criticism for its customer support and account limitations for Canadian users.
When comparing Coinbase to Crypto.com, it's worth noting that Coinbase One introduces several new features that make it more competitive. These include zero trading fees, boosted rewards, and priority customer support. Additionally, the platform has increased its focus on staking, allowing users to earn rewards, such as 5.10% APY on USDC. While Coinbase’s fees remain high outside of Coinbase One, these added benefits can make the platform more attractive for users looking to maximize earnings while minimizing transaction costs, especially compared to exchanges with lower fees but fewer reward opportunities.
When comparing Crypto.com to other exchanges, it's essential to note that Crypto.com stands out by offering over 350 cryptocurrencies, making it one of the most comprehensive platforms available. It also provides a Visa card with customizable cashback rates and different card types to suit user preferences. Additionally, Crypto.com’s robust DeFi services and competitive staking options, with regularly updated APY rates, make it a versatile choice for investors. Furthermore, its security certifications, such as SOC2 and ISO standards, further enhance its appeal by ensuring a high level of safety and trustworthiness.
We recommend choosing Crypto.com over Coinbase for your cryptocurrency trading needs. By opting for Crypto.com through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Crypto.com nor Coinbase meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
