With the booming popularity of exchange-based tokens such as BNB and CRO, I thought it would be smart to take a look at some of the services that those exchanges offer.

Though there is a general sense that decentralization is the ideal for us in the crypto world (and the concept I hope for to see a better world), the fact of the matter is that centralized sources like exchanges make more sense right now to the average person looking to get involved with crypto.

I just recently discussed this with @nirvana3003 actually, we need to be cautious with how much power we give centralized companies, but IMO they can be seen as bridges between traditional finance and the finance of the future (i.e. DEX's and DeFi instruments).

Let's overlook concepts like the Binance Smart Chain or the decentralized platform Crypto.com is launching for now, and let's take a look at the visa card services being offered by the centralized exchange. Which one is better? What are the pros and cons? (note: there may be other crypto debit cards offered by other exchanges, I have chosen these two because Binance is growing rapidly and I own the crypto.com card)

Binance Visa Card

Background:

This is the debit card that is issued by Binance (not Binance.us). Binance was founded in 2017 by Changpeng Zhao and Yi He. They launched their BNB token around then and it is now trading around $600 USD just a few years later.

Pros:

• No processing or transaction fees
• Hold your card balance as crypto (exchange when needed)
• Up to 8% cashback on purchases
• Protected by Binance security protocols
• More cashback if you have more BNB staked
• Accepted at over 60 million merchants around the world
• Daily ATM limits of around 290 EURO
• No minimum needed
• No lockup on your BNB

Cons:

• Not available for US citizens
• $15 fee to get the card
• Does not support all cryptos in holding balance (rumored to only support BTC and BNB)
• KYC required

Crypto.com Visa Card

Background:

Crypto.com was founded in June 2016 by Kris Marszalek (CEO), Rafael Melo (CFO), Gary Or (CTO), and Bobby Bao (Head of Corporate Development). In June 2017, they raised $26.7 million from their Monaco (MCO) initial coin offering. They’re headquartered in Hong Kong and currently have a team of more than 900 people worldwide. - (https://quickpenguin.net/crypto-com-review/)

Pros:

• Available for US citizens
• Amount of cashback increases as you stake more CRO
• Full rebates for Spotify and Netflix at the lowest staking levels
• Numerous partnerships for cashback rebates
• Up to 8% cashback on purchases
• $5000 USD ATM daily limit
• 24/7 customer support (from personal experience, this went pretty well)
• Can be funded with any crypto
• Has all the security of the Crypto.com exchange

Cons:

• Minimum stake of 2500 CRO to get a debit card (around $600, though this price may change due to the high barriers to entry)

• Long wait to get the card

• Long lockup period for staked CRO (6 months for me)

Comparison

Well in America, it's a no brainer to go with the crypto.com card because you can't use the Binance card anyways, but let's be hypothetical.

Investment

It is my belief that BNB has a better chance of succeeding than CRO. This is due to the sheer size and popularity that Binance has over the rest of the market (except Coinbase); this leads me to believe that getting cashback as BNB rather than as CRO is a better option from an investment standpoint.

Binance wins here.

Use/Sign Up

In terms of the ease of use, I have personally found the crypto.com card to be awesome. The Binance card seems to be equally useful but is quite limited in the amount of fiat you are able to gain access to via ATM withdrawal.

Binance does take the win in this category despite this due to the fact that you have to stake $600 worth of CRO for numerous months to get a card on Crypto.com.

Promotions

This one is easily going to crypto.com as they have full rebates on Netflix and Spotify. Additionally the higher ranked cards have rebates on Amazon orders and other large companies products.

Reputation

Both of these cards are reputable and trustworthy, I will give this one a draw.

Customer Service

Binance needs to work on this aspect of their business as I have always struggled with them. Crypto.com did a great job addressing a conversion discrepancy I had while in the Bahamas and were very kind and responsive. I'll give this one to them.

Final Takeaways

Honestly, if you want to get cashback on all of your purchases, you should be choosing the card that is run on the crypto you most believe in. Both cards offer great services and have their drawbacks, but at the end of the day you are banking crypto each time you make a purchase; pick the one you think will moon (probably Binance, not financial advice).

Let me know what your experience has been with either card!

If you enjoyed this article please feel free to reblog/rehive!

@mariosfame gif once again, I love it

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