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 all you need to know in this article.
Crypto.com is a popular cryptocurrency exchange with support for an extensive list of crypto assets and blockchain-related products. Users can buy, sell, and trade an impressive range of currencies, and enjoy relatively low trading fees.
That’s not all. There are other advantages you stand a chance to benefit from using Crypto.com. Hang in there and find out all of this and more from this crypto.com review.
What is Crypto.com all About?
Apart from providing a platform for buying and selling cryptocurrencies, Crypto.com offers crypto credit cards in Canada, a decentralized exchange, a solitary crypto wallet, and an NFT hub. It also allows users to stake their crypto, or hold it in a Crypto.com wallet for a specific period of time, to earn up to 14.5% interest.
If your plan is 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 a significant holding of their currency.
Crypto.com currently supports 250 cryptocurrencies and offers advanced order types. In addition, you can trade crypto futures on its platform.
How to Open a Crypto.com Account?
That’s pretty easy. To create a Crypto.com account, download the Crypto.com app from the Google Play Store or Apple Store. Enter your email and choose a password.
New Crypto.com accounts are verified using your name, a picture of your photo ID, and a selfie. After that, you’ll need to link a payment method, like a bank account.
The new account setup process, including KYC verification, generally takes less than ten minutes. If you’re fast at typing and have your ID handy, you can probably do it in five minutes or less.
Crypto.com Key Features
Minimum trades on Crypto.com vary depending on the cryptocurrency being traded. In the case of Bitcoin, which happens to be the most valuable cryptocurrency, the platform adjusts the minimum regularly to keep it at the equivalent of $1.
Trading and Transaction Fees
The cost of using Crypto.com depends on how you choose to fund your account. The fee for credit card or debit transactions is 2.99%, which is relatively high among the transaction and trading fee structures on the best 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.
Number of Cryptocurrencies
Crypto.com has over a hundred 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 with the use of fiat currency.
Crypto-to-Crypto Trading Pairs
Crypto.com’s App does not allow the exchange of crypto assets for one another. According to them, there must be fiat currency involved in every sale. That is, Crypto.com’s App like many exchanges and Apps supports crypto-fiat pairs only.
Digital Wallet Options and Security
Crypto.com allows users to connect multiple digital wallets to its service, and it also promotes its own options for holding cryptocurrency.
One of the wealth of options they have is the DeFi Wallet which lets users get rewards on tokens used in finance applications that are not controlled by anyone in particular and supported by blockchain networks, too.
For those whose intentions are to hold crypto on the platform, there are measures taken by the exchange to make sure users are safe.
According to the platform, it holds clients’ cryptocurrency in “cold storage,” which simply 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, according to Crypto.com.
Crypto.com also has up to $750 million waiting in the wings (insurance-wise) in case the need to take care of losses arises.
Check out our review of the contenders for the 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. It would take a lot of time going over the numerous cryptocurrencies available on the platform, but 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)
Crypto.com also sells its own 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.
Crypto.com Visa Cards
In partnership with Visa, Crypto.com have a list of cards you can acquire that have their own special features and benefits. These include Obsidian, Ruby, Midnight Blue, Royal Indigo and Jade Green, Frosted Rose Gold and Icy White.
Those in possession of the Midnight Blue card get 1% back, and it has to be paid in CRO. But if you want value, go for the Obsidian card which lets you earn back a whopping 8%.
As for the Ruby card, it gives you 2% cashback and valuable offers if you subscribe to services such as music streaming platform Spotify. But keep in mind that these cashbacks are in CRO. All you have to do is stake $400 worth of CRO to unlock these benefits.
Cards like Jade Green and Royal indigo also have some pretty cool features, too. With just $4,000, you can get full blown access to the luxuries of airport lounges. For the air explorers out there, this should catch your attention.
Not may cards out there 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 6 months or more, then sit back and enjoy.
Overview of Fees
The different ways of depositing money into your Crypto.com account (and also withdrawing money) come with different costs. Here is a general overview of the fees:
Crypto deposit fees
Free (the minimum is $20)
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
Send crypto to other Crypto.com App users
Exchange crypto to crypto
Crypto withdrawal fees
This is dependent on the cryptocurrency in question.
Crypto.com and NFTs
NFTs seem to be the craze right now, don’t they? 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. For those who don’t know what they are, NFTs (an acronym of non-fungible tokens) let you own digital files like art, music, videos, etc.
Some NFTs have been bought and sold for remarkably high amounts, so you might want to consider jumping on the train with Crypto.com.
Is Crypto.com Safe?
Crypto.com utilizes 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.
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 be appealing to its advanced users.
How Does Crypto.com Work?
Crypto.com can work on both your desktop and your handheld mobile app. Once you’ve set up your account and verified your identity, you can use it to trade crypto in any of the following two ways: through its exchange or through its DeFi wallet.
The app is a recommended fiat-to-crypto gateway. If you use the exchange to trade cryptocurrencies, you’ll pay a small fee.
On the other hand, the DeFi wallet is a decentralized exchange that lets you exchange cryptocurrencies with other users. If you go via this path, you will have full control of your keys, and you can opt to pay a higher fee to process your exchange quicker.
If you stash CRO for more than six months in your Crypto.com app or exchange after staking it, you can enjoy things like interest and get access to benefits that you would not ordinarily.
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.
- Credit and debit buys are quite high in terms of fees.
- Some services not offered in North America.
- No crypto-to-crypto trading.
User Experience on Crypto.com
The main place where Crypto.com gets its buzz is its mobile app, which is available for Android and iOS devices. If you are accustomed to trading stocks using a mobile app, you will probably find the experience easy to understand and straightforward.
With the Crypto.com app, you can quickly view your portfolio and a list of popular assets. The mobile app includes everything you need to trade currencies, earn through staking your crypto, make payments with cryptocurrency, or sign up for a Crypto.com credit card.
Its chart tools are relatively simple and don’t give you a ton of data. However, each currency’s page includes a brief overview and links to more detailed information so you can learn how the blockchain and currency work before buying.
Crypto.com also supports several fiat currencies, including the Australian dollar (AUD), Canadian dollar (CAD), euro (EUR), pound sterling (GBP), U.S. dollar (USD), and Brazilian real (BRL). This flexibility allows users across several countries to easily purchase crypto with their local currency.
Alternative to Crypto.com
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, its platform isn’t as easy to navigate as Coinbase, and the trading experience isn’t something beginners can easily get a grasp of. But depending on your needs, Crypto.com could be a better choice.
Here’s a breakdown of significant differences between Crypto.com vs. Coinbase:
- Coinbase Pro will charge you 0.50%, but Crypto.com will charge you 0.40%.
- As Crypto.com has over 250 virtual currencies on its platform, Coinbase is less prolific in this sense because it supports 158 only.
- 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 choose to open an account with both. It’s your choice to make.
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 a lot of cryptocurrency exchanges, customer service isn’t something Crypto.com has particularly improved on, so plan on a mainly self-service experience. If you’re comfortable with that, Crypto.com could be a suitable option for your needs.
Crypto.com Review FAQs
What is CRO?Crypto.com Chain
(CRO) is a cryptocurrency that is built atop the Ethereum Platform. Its objective is to be the next generation decentralized mobile payment protocol. The CRO was previously called Monaco before the name was eventually changed.