If you want to immerse yourself in the world of cryptocurrency, you’ll need to find one of the best crypto exchanges.
Boasting more than 10 million users, Crypto.com is undoubtedly among the most popular virtual currency sites out there. The platform makes it easy to buy, sell, trade, send, receive and even earn cryptocurrency. Crypto.com is also packed with features and filled with exciting extras.
But could it be considered one of the top crypto venues? And is it right for you?
In this Crypto.com review, we will reveal everything you need to know about the platform. So read on and decide for yourself!
What Is Crypto.com?
First launched under the name Monaco Technologies as a crypto payment solution, Crypto.com quickly transitioned into a full-service crypto hub. Today the brand offers various functions and products. These include the Crypto.com exchange, mobile app, wallet and credit facility.
Located in Hong Kong, the platform welcomes users from over 90 countries, subject to jurisdictional restrictions. One good thing to reveal in this crypto.com user review is that you’ll find that client balances are protected by varying insurance policies and regulations, depending on where the user is based on what currency they hold.
How Crypto.com Works
Crypto.com offers a range of features. To access them, you’ll need to register and create an account. You can sign up using an email address and password. But before you can deposit fiat currency into your account or begin making trades, you’ll also need to verify your identity.
Verifying Your Identity on Crypto.com
The Crypto.com exchange implements the Know Your Customer (KYC) protocol. So to satisfy the site’s verification requirements, you’ll need to provide your full name, upload a copy of a government-issued ID and submit a selfie to prove you are who you say you are.
Following this, the Crypto.com team will verify your ID, and you’ll be able to begin using the platform. Bear in mind, however, that the process can take up to three business days.
If you’re based in one of the crypto.com-supported countries and want to access particular features, additional verification may be required. For example, when applying for a Crypto.com VISA card, you also need to supply proof of your address.
What Currencies Are Available on Crypto.com?
Currently, more than 100 digital currencies can be traded on Crypto.com, including the platform’s own Crypto.com coin Cronos ($CRO).
It’s worth noting, however, that not every digital asset is available in all jurisdictions, so your location may prevent you from trading in certain currencies with your crypto.com business account or investment account.
In addition to this, Crypto.com supports more than 20 fiat currencies, including USD, GBP, EUR, AUD, CAD, HKD, JPY, ZAR, RON, PLN, and NZD.
Trading Deposits: Minimum and Maximum
The crypto.com minimum deposit depends on the method you use. For example, an ACH bank transfer from within the US carries a minimum amount of $20, while a wire transfer from the US requires $5,000.
Withdrawal Amounts: Minimum and Maximum
When you first begin using Crypto.com and your account is verified, you’ll be able to withdraw a maximum of $5,000 from your account each day. However, if you progress and become an ‘Advanced User,’ this withdrawal limit increases to 100 BTC (Bitcoin) per day.
The Crypto.com minimal withdrawal depends on the coin. For instance, the minimum Bitcoin withdrawal is 0.0005, while the minimum withdrawal amounts for Ethereum (ETH) and CRO are 0.016 and 230.0, respectively.
What Can You Do on the Crypto.com Platform?
The Crypto.com app makes it easy to buy digital currencies with fiat currency. You can also:
- buy and sell cryptocurrencies,
- exchange fiat currencies,
- access Crypto Credit and Crypto Earn,
- make purchases using digital currencies, and
- manage your Crypto.com VISA card.
However, Crypto.com offers many more features. To find out more, read on to discover what services and features are on offer.
Cronos ($CRO)
What is Cronos?
This is the token that Crypto.com launched in 2021.
Like other digital currencies, Cronos can be bought, sold, traded, sent, and received. As the coin is fairly new, you won’t find many retailers that currently accept it as a form of payment. However, this is likely to change in the future as it becomes more popular.
Cards
Crypto.com offers a range of VISA cards, each with its own benefits and incentives. The card(s) you are eligible to will depend on your CRO coin holding.
Currently, there are five card options available:
- Midnight Blue
- Ruby Steel
- Royal Indigo and Jade Green
- Frosted Rose Gold and Icy White
- Obsidian
To successfully apply for a Midnight Blue Crypto.com VISA card, you won’t need a CRO stake, and you’ll earn 1% CRO rewards. Yet, you’ll have a maximum free withdrawal limit of $200 and won’t receive any other benefits.
In contrast, the Obsidian Crypto.com VISA card requires a CRO stake of $400,000. Still, you’ll receive 8% CRO rewards and a range of benefits, including free Spotify, Netflix, and Amazon Prime subscriptions and access to Crypto.com Private.
Functioning as prepaid cards, these VISA cards aren’t Crypto.com credit cards or debit cards. Instead, they can top up your existing card to increase the balance. You can then use it at any online or offline location that accepts VISA payments.
Crypto.com Credit
The Crypto.com credit facility allows users to obtain an instant loan with low-interest fees and flexible repayment terms.
When you deposit crypto into your account, you’ll be able to borrow up to half of the balance in TUSD, USDC, USDT, or PAX. However, only certain types of crypto can be used to access Crypto.com’s credit facilities. These include CRO, BTC, LTC, ETH, XLM, ADA, EOS, ALGO, VET, ATOM, XTC, LINK, WBTC, and DOT.
Exchange
The crypto.com desktop app is ideal for users who want to try their hand at advanced trading. There, you can trade in hundreds of cryptocurrencies and perpetual contracts, get up to 50x leverage on derivative trades and 3x on margin trading.
If you’re an existing Crypto.com app user, you will need to register to gain access to the Exchange separately. However, if you have already verified your identity via Crypto.com, you won’t be asked to do this again.
Earn
As you may have seen in other crypto.com reviews, crypto.com allows its clients to earn interest on crypto trading. Depending on how much you hold, you can earn up to 8.5% of your crypto coins at up to 14% p.a. on stablecoins. Currently, Crypto.com enables users to earn interest on more than 30 cryptocurrencies, including CRO, ETH, BTC, LTC, USDC, and XLM.
The interest rate you’ll receive depends on how much you hold in CRO, which incentivizes users to purchase Crypto.com’s own coin. If you have $4,000 worth of CRO, for example, and deposit $5,000 USDC for a period of three months, you can earn per year in USDC with an interest rate of 12% p.a.
DeFi
Next in this crypto.com review, we’re going to take a look at DeFi.
The Crypto.com wallet gives you access to a full suite of DeFi services in one place. If you want to buy, sell or exchange coins over a decentralized network, Crypto.com’s DeFi functionality enables you to do so.
Furthermore, the DeFi wallet gives you somewhere safe and secure to hold your coins. If you have an existing crypto wallet, you can even import it into your DeFi wallet and manage your electronic money from one location.
Crypto.com Fees
Crypto.com is known to charge relatively low fees, which makes it a popular platform to use. However, the exact amount you’ll pay will depend on what services you use, the selected payment, and your trading volume.
For example:
| Account Deposits | |
| ACH Bank Transfer | Free ($20 min.) |
| Wire Transfer | Free ($5,000 min.) |
| Crypto Purchases with Fiat | |
| Credit or Debit Card | 2.99% |
| Purchases made with account balance | Free |
| Withdrawal Fees | Variable, depending on which coins are withdrawn (e.g. BTC withdrawals cost 0.0004 BTC, while CRO withdrawals attract a fee of 100 CRO). |
The Crypto.com trading fees are calculated using a Maker-Taker model. This pricing structure takes your 30-day activity into account when determining what fees to incur. Depending on your trading volume, this can make Crypto.com one of the best day trading platforms.
For example:
| 30 Day Trading Volume (USD) | Maker | Taker |
| $0 – $25,000 | 0.4% | 0.4% |
| $25,001 – $50,000 | 0.35% | 0.35% |
| $50,001 – $100,000 | 0.15% | 0.25% |
| $100,001 – $250,000 | 0.1% | 0.16% |
| $250,001 – $1,000,000 | 0.09% | 0.15% |
| $1,000,001 – $20,000,000 | 0.08% | 0.14% |
| $20,000,001 – $100,000,000 | 0.07% | 0.13% |
| $100,000,001 – $200,000,000 | 0.06% | 0.12% |
| $200,000,001 + | 0.04% | 0.1% |
Security
Another important element to discuss in this crypto app review is security.
Crypto.com has a range of security protocols in place to protect users and their funds, including multi-factor authentication, AES-256 wallet encryption, and anti-phishing measures.
The platform also uses a bug bounty program to identify any potential weaknesses within its systems. This makes it one of the best crypto exchanges and bitcoin trading platforms on the security front.
User Reviews
To date, a significant number of users rate Crypto.com as excellent. On the whole, the wide range of services and features available on Crypto.com appeal to users interested in doing more than making one-off crypto purchases. So positive crypto.com reviews from users are common among active traders and investors.
However, some are dissatisfied with the level of customer support offered. Numerous users claim that they have been unable to receive adequate assistance from the Crypto.com customer service personnel and that they waited days or weeks to get a response.
Alternatives
What are the best alternatives for Crypto.com?
Crypto.com vs Coinbase
Generally, Crypto.com has cheaper fees and a wider range of services than Coinbase, which can make it a cost-effective choice. However, Coinbase is known to have a wider variety of educational materials and may be more suited to beginners who are still getting to grips with buying, selling, or trading crypto coins.
For more details, check out our side-by-side comparison of Crypto.com and Coinbase.
Crypto.com vs Binance
Binance is another advanced crypto exchange and bitcoin lending site that offers similar features to Crypto.com. However, Binance does offer slightly cheaper trading fees for users who have a lower 30-day trading volume. Due to this, users who don’t trade frequently may be tempted to pay reduced fees on Binance.
Crypto.com vs Robinhood
Crypto.com offers a wider range of features than Robinhood, such as Crypto Credit and more coins. For users who want to access a full suite of services, the enhanced functionality available on the Crypto.com platform may make a more suitable option than Robinhood. Recent negative publicity also leads a lot of people to wonder: is Robinhood safe? The lack of features can be a cause for concern, but Robinhood does take security seriously if you decide to go down this route.
Crypto.com vs Kraken
Both Crypto.com and Kraken are great options for advanced traders, but the difference in their fee structure can impact your decision on which platform is right for you. Crypto.com employs a percentage-based structure, while Kraken implements a flat fee. Depending on how much and how frequently you want to trade, you might find that a flat fee or a percentage works best for you.
Crypto.com vs BlockFi
You can earn interest on both Cyrpto.com and BlockFi, but the former typically allows you to earn interest on a wider variety of coins. However, BlockFi tends to be more flexible when it comes to withdrawals, as you won’t have to lock your funds in for a certain amount of time to earn interest on them.
Wrap Up
With so many services and features, Crypto.com is undoubtedly a major player in the industry. While it may not be the ideal platform for beginners, its low fees coupled with its extensive functionality makes it a great choice for regular or advanced traders.
So there you have it: everything you need to know about Crypto.com. We hope that you have found this Crypto.com review helpful in determining whether or not it is the right platform for you.
