I think I don't need to recap what happened, you all know it.
This post will just be about what (in my opinion) could be possible next moves for everyone fed up with Crypto.com, for all alternatives I will give 1-10 points on 6 topics: Accessibility, Diversity, Acclaim, Fees+Spread, Staking and Credit/Debit Card.
I will leave my referral link below all the options, if you want to check it out and want to support me then I would appreciate if you would use it, it benefits both of us. Thank you very much and now have fun reading.
1 - Binance
If you dealt with Crypto before you know Binance and I dont think I need to explain what exactly it is.
Rating:
Accessibility - 7/10 - The App is confusing for starters, I would say even worse than Crypto.com, the website is a bit better although, as far as I know, binance.us seems to be worse than binance.com
Diversity - 10/10 - With over 600 Coins listed there is not much more that you can wish for as well as with the BNB Ecosystem there are a lot of Alt-Coins based off it as well for risky investments
Acclaim - 10/10 - Binance if for sure one of the more known Exchanges without any major incidents in recent times
Fees+Spread - 9.5/10 - Binance advertises a 0.10% Fee for transactions and has near to no spread.
Staking - 9/10 - There are tons and tons of coins you can stake with APR up to 120% for tokens like AXS offering flexible terms as well as longer lockups
Credit/Debit Card - 8/10 - The Binance debit card is similar to the CDC card, also built up on tiers from the free card with 0.1% cashback up to a card that requires 600 BNB (around 231,000$ at the current rate) with 8% cashback. One of the big differences is, that this card has no lockup. For the calculation of your tier your monthly average BNB holdings are checked, as soon as your average goes lower than one tier it just downgrades your card and the other way around. Transaction fees may occur though with up to 0.9%.
Referral Code: https://www.binance.com/en/activity/referral-entry?fromActivityPage=true&v=3&ref=LIMIT_PZADPISV - Dont ask me what you get for this, I dont understand it myself
2 - Coinbase
Again, like Binance, Coinbase is one of the major Exchanges out there so not much to be said as well
Rating:
Accessibility - 7/10 - The app is not that amazing and same for the website, both are average I would say
Diversity - 7/10 - With only 50 coins there are the major ones and some smaller ones but dont expect too much
Acclaim - 10/10 - Like Binance, Coinbase doesnt have a recent history of incidents and is well known
Fees+Spread - 9/10 - Low Spread but taker fees (fees for instant buys) are ranging from 0.6% for anything between 0-10k to 0.05% for 500mil (which is rather unrealistitc but who knows) as well as maker fees (fees for buys at a specific price) are from 0.4% for 0-10k and 0% for anything over 300mil
Staking - 5/10 - there are not many offers for what to stake and with a maximum of 5% APR its not that impressive
Credit/Debit Card - 8/10 - The coinbase debit card is arguably one of the better cards, it offers up to 4% cashback in different coins but only 1% when you want your cashback in Bitcoin. There is a 2.49% liquidation fee as well when selling crypto to your card. Sadly I cant tell you much more about it as the card is not available in my country.
Referral Code: https://www.coinbase.com/join/1myg9c - 10$ in Bitcoin once you deposit 100$
3 - Celsius
Celsius is focused on crypto loans with low APR (2.8-8.95% depending on how much you borrow against your collateral). You can as well use it to buy and send crypto with Credit Cards or Bank transfers.
Rating:
Accessibility - 8/10 - Celsius has a clean and simple app as well as a nice website which is simple to use.
Diversity - 7/10 - Celsius supports 72 coins from which 24 can be bought directly in their app. Again, most major coins are supported but dont expect any altcoins.
Acclaim - 8/10 - Although it is not known that much it has not had any major problems in recent times.
Fees+Spread - 5/10 - With BTC being priced 1,500$ higher than normal and Ethereum being priced 100$ over its price as well the Spread is quite bad. Additionally there is a fee depending on how you add your funds, credit cards will cost you 3% extra when in Europe and 3.5% for everywhere else. If you chose to use bank transfer it will cost an extra 0.1% for ACH and 0.5% for SEPA deposits.
Staking - 7/10 - Celsius offers staking on all of their coins and does not require lockups. The APR can go up to 17% for some coins but their rates are mostly around the 7% mark.
Credit/Debit Card - ?/10 - The Celsius (Credit) Card is not yet released so I cant rate it yet
Referral: https://celsiusnetwork.app.link/13373112f0 - 50$ in Bitcoin once you deposit and hold 400$ worth of Crypto for 30 days on their app
4 - Nexo
Nexo is like Celsius focused on crypto loans with even lower APR (as low as 0% if you stay below 30% of your collateral). It operates on a Tier based system with higher Tiers having more benefits. Tiers are easy to up- or downgrade though as their highest tier just requires you to have at least 10% of your portfolio's value in their Nexo Token.
Rating:
Accessibility - 9/10 - Nexo has a clean app as well as as simple to use website.
Diversity - 7/10 - With 40 supported coins its again not great, not terrible.
Acclaim - 8.5/10 - For Nexo it is the same as for Celsius with the difference, that they are very transparent with what they are changing, when any why.
Fees+Spread - 10/10 - No fees, little spread but for swapping you actually get cashback of up to 0.5% in your target currency if you have the Platinum tier. Withdrawals cost you only the network fee and 5 of them are free each month if you have Platinum as well.
Staking - 8/10 - For Nexo any coins in your wallet are automatically staked at a flexible term (except if you have it tied up as collateral) and will earn you up to 10% APR on Stable Coins + 2% if you choose to get paid in their Nexo tokens
Credit/Debit Card - 9/10 - The Nexo credit card has no fees other than currency conversion rates. It will let you spend as much as you have in your Credit Line which you can repay bit by bit or all at once but you should know that the loan has around 12% APR so you should repay it as soon as possible. The card also offers you 2% cashback in Nexo tokens or 0.5% in Bitcoin and with it creating debt, spending your crypto will NOT be a taxable event.
Referral: https://nexo.io/ref/flfph2gulb?src=web-link - 25$ in Bitcoin once you deposit and hold 100$ worth of Crypto for 30 days on their app
Now about my choice: I personally will switch to Nexo as it looks great to me, just like CDC did a few months ago.
Disclaimer: Nothing in this post is financial advice and I cannot guarantee that everything I said is correct, also this is my opinion, yours might be different. If I forgot something leave a comment and tell me please.
Thanks for reading all of this, any upvotes or opinions would be appreciated. Have a great day.
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