Being a crypto investor can be challenging! The difficulty in finding new projects and other crypto-related earning opportunities can be intimidating, especially because different platforms offer different aspects of the crypto trade. For example, some bring you staking options, while others bring NFT.
There’s hardly any platform that allows users to diversify their portfolios by investing in different aspects of the crypto trade. Thankfully, Crypto.com is one such platform that has it all! A well-known cryptocurrency exchange, Crypto.com supports a variety of digital currencies and blockchain-related items. As a result, users benefit from relatively low trading fees and can buy, sell, and exchange various currencies.
The platform also offers NFT marketplaces, independent crypto wallets, decentralized exchanges, and cryptocurrency credit cards. In addition, customers can earn up to 14.5 percent interest by staking their cryptocurrency or keeping it in a Crypto.com wallet for a predetermined time.
But is Crypto.com the right fit for you? We understand how challenging this question can be. Therefore, to help you better here’s a comprehensive review of the innovative platform. Continue reading as we know the different aspects of trading over the Crypto.com platform; let’s get started.
Pros And Cons Of Crypto.com
Crypto.com At A Glance
|Founded in||June 2016|
|Native token||Cronos (CRO)|
|Number of listed cryptocurrencies||200+|
|Supported fiat currencies||EUR, GBP, USD, USDC|
|Customer support||Online and phone|
Crypto.com: Company Overview
The foundation of Crypto.com was laid back in 2016 when Gary Or, Kris Marszalek, Rafael Melo, and Bobby Bao formed the business under the name “Monaco.” Following acquiring a domain name belonging to professor and researcher in cryptography Matt Blaze, the business changed its name to Crypto.com in 2018. Today, a company named Foris DAX Asia runs the Crypto.com website.
However, the platform began its journey in 2016, when the basics of Crypto.com were first established in Hong Kong. Fast forward to 2022; today, it has more than 10 million traders worldwide. Crypto.com is an excellent option for anyone buying and holding different cryptocurrencies.
Fees are capped at 0.40 percent and decline with high trading volume or a sizable CRO currency holding. At the moment, Crypto.com offers advanced order kinds and supports 250 different currencies. So continue reading to understand better what Crypto.com has to offer.
The platform offers a distinctive range of financial solutions related to cryptocurrencies to users in 90 different countries. It is ideal for both beginner and experienced cryptocurrency users because of the wide selection of currencies, affordable prices, and extra features.
Overall, Crypto.com is the ideal crypto platform for users who wish to do more than just buy and hold their tokens. In addition, the platform introduces excellent offerings for active traders or seasoned investors who want to use cryptocurrency for actual transactions rather than merely as an investment.
Cryptocurrencies Supported in Crypto.com
Traders can choose from a wide variety of cryptocurrencies and other digital assets on Crypto.com. The platform is one of the leading crypto exchanges in the world, offering more than 250 digital assets, according to its website.
Some of the leading tokens in the platform include the bigshots like Bitcoin, Decentraland, and Ethereum. However, the platform has also listed new-age tokens.
Here’s an overview to give you an idea of some of the top tokens on the platform:
Cryptocurrencies Supported in Crypto.com
|Bitcoin (BTC)||Binance USD (BUSD)||Tron (TRX)||Chainlink (LINK)||VeChain (VET)|
|Tether (USDT)||Cardano (ADA)||Shiba Inu (SHIB)||Stellar (XLM)||Monero (XMR)|
|Ethereum (ETH)||Solana (SOL)||Avalanche (AVAX)||Cosmos (ATOM)||Decentraland (MANA)|
|USD Coin (USDC)||Dogecoin (DOGE)||Polygon (MATIC)||Litecoin (LTC)||Hedera ( HBAR)|
|Ripple (XRP)||Polkadot (DOT)||Uniswap (UNI)||Cronos (CRO)||Theta Network (Theta)|
These are some of the most popular cryptocurrencies available on Crypto.com. You can also access many cryptos to diversify your portfolio and minimize volatility risk.
Besides, users also have the option to invest in Crypto.com’s own native currency Cronos (CRO). Using this native currency can give you access to various discounts and other similar perks, such as greater staking interest rates and larger credit card benefits based on your CRO holdings.
Key Features Of Crypto.com
Crypto.com provides a broad range of features that allows the platform to stand out from the competition. Additionally, these features have been carefully chosen to meet the requirements of both beginners and experienced traders. So let’s look at some essential characteristics that make Crypto.com unique.
Investing in NFTs
NFTs or digital arts are the latest buzz in the crypto industry! These digital art pieces have provided massive returns on mere investments, making them an industry highlight. However, NFTs were initially limited to platforms dedicated to them, which isn’t the situation anymore. Users signing up for Crypto.com have access to buying and selling NFTs.
You may subscribe to news about new drops, follow creators and collections, and get notified when new collectibles are released. Celebrities and mainstream investors have become interested in NFTs, but they are even more speculative than typical cryptocurrency investments.
Competitive Deposit & Withdrawal Fees
Withdrawal fees have always been a primary concern for novice and seasoned investors and traders alike. After all, no user would like to pay some fees just to withdraw their hard-earned returns! This brings us to another great feature of Crypto.com, no deposit fees.
Users signing up for the platform don’t need to pay any fees on deposit but need to pay a slight charge on funds withdrawal (which is less than many other leading platforms). Interestingly, this fee can also be minimized using the platform’s native CRO token as the currency helps determine the minimum withdrawal limit for the transaction. But before that, you need to evaluate the network you are using to determine how the charge may affect what you receive while withdrawing your tokens.
Multiple Wallet System
Crypto.com offers the option for both centralized wallets and decentralized wallets. While the Crypto.com wallet is decentralized, the Crypto.com app offers a centralized custodial wallet for your currencies. Like a centralized exchange, a third party controls a custodial wallet. This ensures better security for your digital assets.
You have the flexibility to select your network, select a transaction speed, and view your fees with Crypto.com’s noncustodial DeFi wallet. In addition, you need not pay any transaction fees when using the custodial wallet, and you won’t have to worry about losing your private keys.
Like how you’d generate interest on your savings, yield farming is a way to earn interest on your cryptocurrencies. Yield farming means locking your cryptocurrency for some time, or “staking,” in exchange for interest or other benefits like additional cryptocurrency.
Yield farming offers incentives if you’re willing to lock up your tokens for longer. This is accomplished by adding other people’s liquidity pools to finance transactions. When prepared to provide these projects’ liquidity, you are rewarded with a share of the fees or tokens on Crypto.com.
Seamless API For Reliable Trading
Application Programming Interfaces, or APIs, are essential to improving a platform’s usability. But more fundamentally, the API is in charge of making it possible for two apps to communicate and connect. For example, the comprehensive API with Crypto.com receives requests and transmits them efficiently to the machine executing them.
You don’t have to be concerned about running into any difficulties when trading your bitcoins, thanks to Crypto.com’s API. As a result, you may trust this software solution to provide a positive trading experience.
Additional Features Of The Platform
As mentioned earlier, Crypto.com is the ideal platform to simplify cryptocurrency trading. However, the platform includes a few essential extra features you should be aware of. Let’s explore these features to see what they are all about.
- Option to Earn: Crypto.com, like most other cryptocurrency exchanges, allows you to stake your coins in exchange for incentives. With weekly payments, you can receive up to 14.5 percent in rewards. However, how much you stake, which coin you stake, and how long you keep the coin staked with Crypto.com all affect how much you make.
- Crypto.com Pay: You can pay businesses that accept Crypto.com through the network. You can settle transactions without gas fees. Additionally, you may send cryptocurrency to friends and purchase gift cards while earning up to 10% back in CRO financed by the network. Through Crypto.com Pay, you may also set up your capacity to take cryptocurrency payments if you’re a merchant running your own business.
- Crypto.com Debit Card: A prepaid Visa debit card from Crypto.com enables you to spend money and receive cryptocurrency incentives. You can stake CRO tokens for at least 180 days to be eligible for the card. While you can top up your card with fiat or cryptocurrency, all incentives are paid in CRO and are sent to your Crypto.com wallet. Fees, incentives, and other benefits differ based on the tier of your card.
- Mobile App: Customers can access Crypto.com’s services primarily through mobile applications. Therefore, if you want to use Crypto.com, you should ensure you enjoy how the app functions on your phone. The platform provides apps for iOS, which has a customer rating of four stars, and Android, which has a rating of five stars. The app can also be linked to the independent DeFi Wallet app, which has an average user rating of about four stars.
Regarding the trading experience, Crypto.com offers a clean, interactive central hub for users of every type. The platform is free for beginner and advanced traders, allowing you to make the most of your trades using premier cheating tools. In addition, the mobile app is available in both iOS and Android play stores.
The clean, interactive UI allows the users to make the most of their trading experience on the go as you can quickly view your portfolio and all the assets. Overall, with all the additional features on the platform, Crypto.com has done a commendable job of providing its users with a reliable trading experience.
Fees Structure Of The Platform
The Crypto.com platform revolves around a maker-taker model! Therefore, users signing up for the platform can make the most of their operations with its competitive fee structure. Besides, the higher the volumes and more the CRO token, the more users are better at reducing their fees.
For instance, higher volume traders may be eligible for maker or taker fees as low as 0.04 percent or 0.1 percent, respectively, without CRO staking. You can get lower trading costs if you have at least 5,000 CRO in your wallet. Traders with up to $25,000 in monthly volume pay 0.36 percent then. Rates drop as stake size increases.
Let’s have a look at a simplified tabulated version of the fee structure of Crypto.com:
|Trading Volume (30 Days)||Taker||Maker|
|$0 to $250,000||0.40%||0.40%|
|$25,001 to $50,000||0.35%||0.33%|
|$50,000 to $100,000||0.25%||0.15%|
|$100,001 ot $250,000||0.16%||0.10%|
|$250,001 to $1,000,000||0.15%||0.09%|
|$1,000,001 to $20,000,000||0.14%||0.08%|
|$20,000,001 to $100,000,000||0.13%||0.07%|
|$100,000,001 to $200,000,000||0.12%||0.06%|
|$200,000,001 & above||0.10%||0.04%|
In addition, the platform also has certain fees around miscellaneous transfers and payments over the platform. In the following section, here’s a detailed table covering the different aspects of fees under other conditions.
Withdrawal And Deposit Fees
|Wire Transfer||Free (minimum $20)|
|ACH Transfer||Free (minimum $20)|
|Purchase crypto with money you've deposited||Free|
|Send crypto to other Crypto.com App users||Free|
|Exchange crypto to crypto||Free|
|Crypto deposit fees||Free|
|Crypto withdrawal fees||Free|
|Debit/Credit card crypto purchases||Up to 4% (waived for first 30 days on Crypto.com app)|
Overall, it is fair to say that Crypto.com’s pricing is highly competitive compared to most other leading exchanges in the market. In addition, new users of Crypto.com who haven’t staked any CROs will pay 0.4 percent on trades with a monthly trading volume under $25,000. The trading costs are not the lowest in the market, but they are slightly lower than those of several major competitors.
How Secure Is Crypto.com?
Crypto.com uses multi-signature keys to secure its hot wallets. The money maintained in the company’s hot wallets is corporate money. It only makes up a small portion of its total assets, enough to cover daily consumer withdrawal requests.
- Multi-Signature Keys: Crypto.com uses multi-signature keys to secure its hot wallets. The money maintained in the company’s hot wallets are corporate money. It only makes up a small portion of its total assets, enough to cover daily consumer withdrawal requests.
- 2 Factor Authentication (2FA): Crypto.com offers two-factor authentication (2FA), which combines a passphrase, biometric (fingerprint & face ID), a password, and email verification, to secure your accounts. Its DeFi wallet lets you maintain your private keys, enabling you to self-custody your money rather than relying on the platform’s security.
- Cold Storage: All user assets are kept by Crypto.com in offline cold storage. The security solution and ledger are working together to use Ledger Vault, an institutional-grade custody solution that uses multi-signature keys and hardware security modules (HSM).
- Amazon Web Services: When it comes to infrastructure security, Crypto.com uses Amazon Web Services (AWS). It provides automatic traffic encryption, logging, monitoring, threat detection, real-time analytics, and network and web application firewall. It also offers controlled encryption in transit with integrated Transport Layer Security (TLS) across all services.
These additional security layers make Crypto.com a reliable option to sign up with. Therefore, if you’re a user concerned with adaptive security measures from a crypto platform, Crypto.com would be an ideal option.
Account Opening On Crypto.com?
Getting started with Crypto.com is as easy as it can get. The platform only requires you to follow a couple of simple steps before you can trade your cryptos like a pro. So let’s check out these steps.
Step1: Click the Sign-Up button at Crypto.com/exchange (upper right-hand corner).
Step 2: Pay attention to the directions displayed on the screen and provide the required data.
Step 3: Click on the Continue button. A one-time password (OTP) will be issued to your registered email address as part of email verification. To confirm your registration, check your inbox.
Step 4: On the Exchange website, enter the OTP.
Step 5: Make up your Exchange password, then hit “Submit.”
Step 6: Your phone number must be verified as the final step. An SMS verification code will be issued to you to input. Enter the code given into the box, then click “Submit.”
Once you’re finished, you’ll be taken to the exchange’s landing page. From here, you can fund your account and get started with everyday crypto trading.
Concerning customer satisfaction, it is reasonable to state that Crypto.com has done a satisfactory job meeting all its users’ needs. Numerous features and capabilities on the platform make it incredibly simple to purchase and sell cryptocurrencies. In addition, there is no doubt about the platform’s legitimacy or authenticity, as Crypto.com has a verified license.
The fact that Crypto.com’s trading volume is consistently rising is unquestionably a sign of its dependability. However, consumer ratings for Crypto.com are unimpressive; the site is rated only 2.2 out of 5 stars on Trustpilot. Most unfavorable reviews highlight withdrawals, frozen accounts, and lousy customer support issues. Others have mentioned lost money and compromised accounts, which is worrying.
Crypto.com is different from the many other exchanges with subpar customer support. Generally speaking, it’s a good idea to think of Crypto.com as a self-service website, as customer support isn’t always practical. It’s probably better for people who are at least slightly familiar with online financial goods and won’t require much help.
Crypto.com Vs. Competition
Crypto.com is one of the best crypto exchanges in the market. But it is not the only exchange in this highly competitive crypto sphere. Many other exchanges offer different features and functionalities to stand out in the crowd. Every crypto trader must know these differences to make an informed decision.
One of Crypto.com’s leading competitors is Coinbase. So let’s put them up against each other and see how these platforms differ.
Crypto.com Vs. Coinbase
Both Crypto.com and Coinbase are similar platforms for their features and security. In addition, both the platforms revolve around a maker-taker fee model and are market leaders for their reliable customer support. However, besides their similarities, they also differ in their overall approach.
To give you a better idea, here’s an in-depth comparison of both the platforms:
|Maker Fee||0.10% to 0.35%||2.00%|
|Taker Fee||0.16% to 0.40%||2.00%|
|Access To US Residents||Yes||Yes|
|Deposits in USD||Yes||Yes|
Looking at this short but insightful review, it’s evident that both platforms are competitive with their offerings. However, it’s Crypto.com that takes the lead over Coinbase with its low trading fees and higher crypto tokens on offer. Read the full Coinbase review.
For crypto traders seeking a platform with reasonable costs and a large selection of supported currencies, Crypto.com is a great option. It may be best suited for those with intermediate cryptocurrency understanding and experience. Like other trading platforms, Crypto.com also has its advantages and disadvantages. So let’s check out these advantages and shortcomings of Crypto.com to help you get a better understanding.
Should You Consider Using Crypto.com?
- An extensive list of supported cryptocurrencies: Crypto.com offers more than 250 different cryptocurrencies on its platform. These coins are open for trading and futures and are supported by advanced order types. This makes it an ideal platform for traders on intermediate and advanced levels.
- Low trading fees: If you purchase using funds transferred via an ACH, or automated clearinghouse, transaction, there are no trading or transaction fees on Crypto.com. Additionally, it offers extra discounts on trading fees when the trader has a sizable holding of its native token, Cronos (CRO).
- Support for an ecosystem of cryptocurrency products: Trading, staking, and swapping cryptocurrencies are supported on Crypto.com. It also provides a credit card and two types of cryptocurrency wallets: one centralized and one decentralized wallet. It also provides NFT trading for its customers.
- Security Features: With some of the top security features in the industry, Crypto.com has a great reputation for security. It employs extremely successful procedures to guarantee the security of the information provided by the traders and their assets.
Shortcomings of Crypto.com
- Poor Customer Support: Crypto.com is no different from the many other cryptocurrency exchanges with poor customer support. Customer service responses that are delayed and of poor quality are mentioned in complaints. According to customers, resolution times have spanned over a few hours and days.
- Trading fee discounts can be confusing to navigate: The trading fees discount tiers on Crypto.com could be challenging to understand. This is mainly because this platform offers varying discounts based on the customer’s trading volume. This might not be very clear for novice traders, whereas traders who have been trading on this platform for some time have grown used to it.
This brings us to the end of our comprehensive review of the Crypto.com platform. Looking at all the features, fee structure, and NFTs marketplace, it’s evident that the platform is a great alternative to multiple accounts that users generally create to carry different aspects of trading in digital assets. However, similar to the pros, the platform has some drawbacks.
Therefore, if you’re one of those users who wants to settle for a platform with better customer support, Crypto.com isn’t the platform for you. Instead, we suggest you keep looking for better alternatives. All the best!
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Does Crypto.com offer two-factor authentication (2FA)?
Yes, Crypto.com offers two-factor authentication with a Time-based One-time Password (TOTP), which creates a one-time, temporary, 6-digit code that is valid for 30 seconds. You will need to enter this code in addition to the standard password to carry out any operations through your account.
Does Crypto.com charge you to cash out?
While wire transfers demand at least $1,000 per transaction, ACH transactions have a $20 transaction minimum. It's vital to verify with your financial institution before making a transfer since Crypto.com doesn't charge any fees for these transfers while your bank might, so this is something to keep in mind.
How do I avoid fees on Crypto.com?
Transferring cryptocurrency to the address associated with your Crypto.com Wallet App will cost money if done on-chain. Use the "Withdraw to App" feature to avoid paying a fee. Withdrawal fees cannot be paid using CRO; they must be settled in the currency you are receiving.