Namecheap as the name suggests is one of the cheapest domain registrar at just $10.69 per year for a .com.
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Pro Bitcoin payment support
Pro Low prices
Domain registration at Namecheap is economical, as their name implies.
Pro Strong Anti-SOPA stance
Namecheap took a stand against SOPA.
Pro Free subdomains
Namecheap allows you to set up 198 subdomains for free, and also provides wildcard subdomain catching so you can manage them yourself.
Pro Supports credit cards, PayPal and adding funds to your account separately
When it comes to paying for domains, Namecheap supports all common payment methods. For most people this will be credit cards and Paypal, but Namecheap also has an option to add funds to your account separately.
Pro Expiration grace period
Namecheap will notify you if your credit card is going to expire, and has a 27 day non-guaranteed grace period for renewal.
Pro Free e-mail and URL forwarding
Namecheap allows you to set up 100 virtual email addresses per domain, as well as catch all forwarding all undefined addresses.
Pro Two-factor authentication
Pro Great support with 24 hour live chat
Namecheap support is available 24 hours a day, every day of the year. Their support is provided over live text chat, which has a lower barrier to entry, faster connection, and allows you to communicate easier than other the phone.
Because most of the support you need for domains require you to provide text configuration data, live online messaging is the most efficient way to get fast support. It also does not require your constant attention so you don't have to waste time while the operator is researching an answer for you.
Pro FreeDNS for outside domain
Namecheap offers a free and premium (w/ SLA) DNS hosting service for domains registered with other registrars.
Pro Free .me domain for students
Through its NC.ME program, students can get a free 1-year registration on the .me TLD and discounts on .com, .io, and other TLDs along with Namecheap Private Email hosting.
Pro Proactive support
Not all registrar care, but when there's an error or something held up the registration they've always at least gave it a shot without prompting. This is done in a proactive way, which isn't seen very often at all. This way the user can be hands off and not need to deal with certain issues as it is taken care of in the background by their support. User is still informed, of course, but can be entirely hands off, or not, but usually they've been efficient and transparent.
Pro Free whois protection
Pro Free dynamic DNS routing
Con Free whois protection is off by default
Con Private whois registration is extra
Private registration costs an extra $2.88/year after the first year for their "WhoisGuard" service.