Crypto.com is a cryptocurrency exchange platform where Canadian investors can buy, sell and trade an extensive list of crypto assets and blockchain-related products. The exchange also supports investing, staking, wallets, NFTs, and many more.
Crypto.com offers more than 250 currencies, reasonable fees, and even discounts for those who stake with Crypto.com’s native coin, CRO.
Getting a proper Crypto.com review could be very useful whether you are an existing user or new to the platform. Lucky for you, we’ve got you covered in this article.
This Crypto.com review discusses all you need to know about the exchange platform, its pros and cons, top features, fees, and how it compares to other platforms in Canada. Hang in there and find out all of this and more.
What is Crypto.com?
Crypto.com is a Canadian exchange platform with a massive selection of digital assets and competitively low fees for trading, buying and selling crypto coins. With over 250 currencies on Crypto.com, the platform is a great starting place for most beginners.
In addition to providing a platform for buying and selling cryptocurrencies, Crypto.com offers crypto credit cards in Canada, a decentralised exchange, a solitary crypto wallet, and an NFT hub.
Crypto.com also allows users to stake their crypto or hold it in a Crypto.com wallet for a specific period to earn up to 14.5% interest.
If you plan to buy and hold currencies like Bitcoin and Ethereum, Crypto.com could be a clever choice. The fees that have to be paid are limited to 0.40%. They also get lower with high trading amounts or significant currency holding.
Crypto.com offers a desktop version and a mobile app. Crypto.com offers a mobile application to its users in the US. It currently supports 250 cryptocurrencies, advanced order type and allows you to trade crypto futures on its platform.
Pros and Cons of Crypto.com
- Massive selection of crypto assets.
- If you add to your account with transfers of cash, then your fees will be quite low.
- High level of security
- Credit and debit buys are quite high in terms of fees.
- Some services are not offered in North America.
- No crypto-to-crypto trading.
Top Features of Crypto.com
Crypto.com offers numerous perks and features to its customers. The platform is a considerably great option for both beginners and most beginners.
Let’s look at some of its top features:
1. Minimum Trade
Minimum trades on Crypto.com vary depending on the cryptocurrency being traded. In the case of Bitcoin, the most valuable cryptocurrency, the platform adjusts the minimum regularly to keep it at the equivalent of $1.
2. Competitively Low Fees
The cost of using Crypto.com depends on how you choose to fund your account. The fee for a credit card or debit transaction is 2.99%, which is relatively reasonable compared to other crypto exchanges in Canada. However, it is possible to avoid these fees by transferring money into your account via ACH.
You’ll also pay a fee if you want to withdraw crypto from the platform. This fee depends on the type of cryptocurrency in question. A fee of 0.0004 BTC is what you have to pay if you are dealing with Bitcoin.
3. Number of Cryptocurrencies
Crypto.com has over 250 cryptocurrencies available, the highest number you are likely to find anywhere. As opposed to competitors of Crypto.com, you have to purchase cryptocurrency on Crypto.com using fiat currency.
4. Crypto-to-Crypto Trading Pairs
Crypto.com’s App does not allow exchanging crypto assets for one another. There must be fiat currency involved in every sale. Like other crypto exchanges in Canada, Crypto.com’s app supports crypto-fiat pairs only.
5. Digital Wallet Options and Security
Crypto.com allows users to connect multiple digital wallets to its service. However, Crypto.com offers its option for holding cryptocurrency, DeFi Wallet.
The DeFi Wallet allows users to get rewards on tokens used in finance applications not controlled by anyone in particular and supported by blockchain networks. It holds clients’ cryptocurrency in “cold storage,” which means it cannot be easily accessed from the internet, making it less accessible to hackers.
Fiat currency deposited onto the exchange is held in regulated bank accounts. Crypto.com also has up to $750 million waiting in the wings (insurance-wise) if the need to take care of losses arises.
Related: 11 Best Crypto Wallet in Canada.
Cryptocurrencies Available on Crypto.com
Crypto.com supports more than 250 currencies for trading, with a subset supported for staking. You can count on being able to buy and sell most of the highest-rated cryptocurrencies.
Popular assets available on the platform include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
In addition, Crypto.com also sells its coin called CRO. If you hold a significant stake in CRO, the company rewards you with lower trading fees, higher staking interest rates, and higher credit card rewards.
Is Crypto.com Safe?
Crypto.com utilises several security measures, including multi-factor authentication (MFA) and whitelisting, to help keep customer accounts safe and hack-proof.
As ever, it’s also important to use a strong password and personal online security practices to help protect your account.
Cryptocurrency transactions can’t be reversed, so you won’t recover any lost crypto if your account is breached. Always keep that in mind.
In addition to its security measures, Crypto.com uses robust compliance monitoring, and stores customer deposits offline in cold storage to help prevent hacks and losses.
Crypto.com Visa Cards
In partnership with Visa, Crypto.com have a list of cards you can acquire to enjoy special features and benefits. These include Obsidian, Ruby, Midnight Blue, Royal Indigo and Jade Green, Frosted Rose Gold and Icy White.
The Midnight Blue card offers 1% cash back paid in CRO. But if you are looking for more value, go for the Obsidian card, which lets you earn back a whopping 8%.
The Ruby card gives you 2% cashback in CRO and valuable offers if you subscribe to services such as the music streaming platform Spotify. All you have to do is stake $400 worth of CRO to unlock these benefits.
Cards like Jade Green and Royal Indigo also have pretty cool features. With just $4,000, you can get full-blown access to the luxuries of airport lounges.
Not many cards can give you part or full reimbursements when you pay for services like Amazon Prime, Netflix, and Spotify. So, Crypto.com cards are a great choice. To get the best out of it, stake CRO for six months or more, then sit back and enjoy.
Crypto.com Trading and Transactional Fees
The different methods of depositing and withdrawing money into your Crypto.com account come with varying fees. Here is a general overview of the fees:
- Crypto deposit fees: Free
- ACH transfer: Free (the minimum is $20)
- Wire transfer: Free (the minimum is $5,000)
- Debit or credit card crypto purchases: As high as 4% (for the first 30 days, this is waived if you use the Crypto.com app)
- Purchase crypto with deposited money: Free
- Send crypto to other Crypto.com App users: Free
- Exchange crypto-to-crypto: Free
- Crypto withdrawal fees: This is dependent on the cryptocurrency in question.
Crypto.com and NFTs
NFTs (Non-Fungible Tokens) let you own digital files like art, music, videos, etc. NFTs are the talk of the town now.
While many have reservations about the artistic merit of some of them, they remain economically valuable. Crypto.com has a marketplace for the buying and selling of these modern-day assets.
Some NFTs have been bought and sold for remarkably high amounts, so you might want to consider jumping on the train with Crypto.com.
Crypto.com vs Coinbase
Coinbase is generally regarded as a strong competitor of Crypto.com. Compared to Coinbase, Crypto.com offers a more extensive list of tradable assets and lower trading fees.
However, Crypto.com isn’t as easy to navigate as Coinbase, and the trading experience isn’t something beginners can easily grasp. But depending on your needs, Crypto.com could be a better choice.
While Coinbase Pro charges you 0.50%, Crypto.com charges you 0.40%. Crypto.com has over 250 virtual currencies on its platform; Coinbase is less prolific in this sense because it supports only 158 coins.
A more user-friendly user interface is what you will experience if you use Coinbase (especially for beginners). This is in stark contrast to Crypto.com, which is harder to navigate.
Depending on your needs and trading experience, you may open an account with both. It’s your choice to make.
Final Thoughts on Crypto.com Review
Crypto.com is a great choice for cryptocurrency traders looking for a platform with considerably low fees and a long list of supported cryptocurrencies.
It is suited for people who feel confident managing a financial account through a mobile app and may be ideal for those with medium cryptocurrency knowledge and experience.
Like many cryptocurrency exchanges, Crypto.com hasn’t improved its customer service. They are still limited to text chat only. If you’re comfortable with that, Crypto.com could be suitable for your needs.
FAQs on Crypto.com Review
Is Crypto.com Right for You?
Crypto.com offers a wide-ranging selection of digital assets and has fees that can be quite low. Although it does not support crypto-to-crypto trading pairs, its DeFi offerings might appeal to its advanced users.
What is CRO?
Crypto.com Chain (CRO) is a cryptocurrency built atop the Ethereum Platform. Its objective is to be the next-generation decentralised mobile payment protocol. The CRO was previously called Monaco before the name was eventually changed.