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The main differences between parked and addon domains:

Parked domain

pros:

- free; you can park as many domains allowed in hosting package

- ideal for multiple domains sharing the same website

cons:

- cannot be used for a separate website

- shares the logs of the main domain

- shares the stats of the main domain


Addon domain

pros:

- can be used for a website separate than the main one

- uses separate logs

- uses separate stats

- has its own VirtualHost entry in the Apache configuration

cons:

- shares the same hosting space as the main website

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