How to close your Crypto.com account (2024)

FAQs

Can you delete a crypto com account? ›

Closing your account means your Crypto.com App Account, Crypto.com Exchange Account, and your Crypto.com Visa Card will not be accessible again. Please refer to How does the $50 close account fee work for my Crypto.com Visa Card for more information about the cancellation process and fee for your Crypto.com Visa Card.

Yes, Crypto.com does report crypto activity to the IRS. US users who earn $600 or more in rewards from Crypto.com from Staking, Earn, Referrals, or certain other activities will receive a 1099-MISC tax form and the same form will be sent to the IRS.

For example, if you have created a wallet and have not made any transactions (sent or received), you can have your account deleted permanently. However, if you have made transactions, while you can still delete the wallet, it will always remain on the blockchain.

Warning: If you delete your wallet, all your crypto and transaction history will be permanently deleted from your device. You will only be able to recover your funds with your 12-word secret recovery phrase.

Nothing. Your funds are in the Blockchain and not on the device. Therefor you can reinstall the App and your funds will be shown like before.

Because Crypto.com doesn't support fiat withdrawals just yet, you don't have immediate access to your money. Selling your crypto is the only way to access your fiat money through Crypto.com.

Why can't i withdraw from crypto? ›

You may see a "Balance is insufficient for a withdrawal" error, or the withdrawal page may say that your funds are "Withheld" or that withdrawals are blocked. Do you have any orders open or pending? Cryptocurrencies that are used in an open or pending order cannot be withdrawn.

How can I unlock my CRO? After the 180-days staking period is completed, you'll be able to unlock your CRO. Simply go to the CRO wallet in your App and tap the “Unstake” button.

CRO is staked for 180 days and can only be withdrawn in full once the period is over. You can review the balance of CRO staked and the number of days until it can be withdrawn on the Stake & Earn page.

Yes. A variety of large crypto exchanges have already confirmed they report to the IRS. Back in 2016, the IRS won a John Doe summons against Coinbase. A John Doe summons compels a given exchange to share user data with the IRS so it can be used to identify and audit taxpayers, as well as prosecute those evading taxes.

After an initial failure to file, the IRS will notify any taxpayer who hasn't completed their annual return or reports. If, after 90 days, you still haven't included your crypto gains on Form 8938, you could face a fine of up to $50,000.

Does Crypto.com report to the IRS? Crypto.com provides American customers with a 1099-K form when they have more than $20,000 in trade volume and more than 200 trades for the year. A copy of this form will also be filed with the IRS.

Criminal Forfeiture

A warrant is not the only way for a law enforcement agency to seize bitcoin held by another individual or entity. Bitcoin can also be taken by the government through a process called forfeiture.

Because private keys are stored in application and device wallets, hackers can access them and steal your cryptocurrency.

Yes — your cryptocurrency can be stolen if you don't take the necessary steps to secure your coins. Hackers can steal them directly, or use scams to trick you into handing them over. If your private keys aren't kept safe, it's possible for a hacker to get into your hot wallet (see Wallet Hacks, below).

Should you always keep crypto in a wallet? ›

As mentioned previously, it is not wise to keep large amounts of cryptocurrency in any hot wallet, especially an exchange account. Instead, it is suggested that you withdraw the majority of funds to your own personal "cold" wallet (explained below). Exchange accounts include Coinbase, Gemini, Binance, and many others.

Crypto transactions are recorded on the blockchain. Only your keys are stored on the phone. If you lose your HTC EXODUS 1‍, you can still recover your Vault with the 12-word recovery phrase or Social Key Recovery. Once your keys are recovered, you'll be able to access your crypto assets.

Investors must report crypto gains, losses and income in their annual tax return on Form 8940 & Schedule D. Evading crypto taxes is a federal offence. Penalties for tax evasion are up to 75% of the tax due (maximum $100,000) and 5 years in jail. The IRS knows about your crypto already.

If you would like to manage, limit, or delete your information, you may do so by logging into Coinbase Wallet and tapping the Settings icon. You may delete your Coinbase Wallet account at any time. Please remember that when you delete your account, it does not affect the information other users have relating to you.

At a Glance: To withdraw money from Crypto.com, open the app, link a bank account (if you haven't already), hit the Withdraw button towards the bottom of the screen, choose Fiat and select your preferred currency, enter how much you want to take out, and hit the Withdraw button.

Crypto.com is considered a very safe platform, and both its app and wallet are safe. After all, a lot of people in the world are using it for crypto trading or to store their Bitcoin or other cryptocurrencies. There are many things you can do on the platform, such as purchasing or selling coins.

You must report income, gain, or loss from all taxable transactions involving virtual currency on your Federal income tax return for the taxable year of the transaction, regardless of the amount or whether you receive a payee statement or information return.

Withdrawals- Processing Time

Withdrawals to an external address may take 2-3 hours to process. Withdrawals to the Crypto.com App are instant.

Does Crypto COM have a monthly fee? ›

Are There Any Fees? Yes, Crypto.com has a complex maker/taker fee structure for trading crypto. Depending on your 30-day trading volume, the maker fee can range from 0.036% to 0.40% and the taker fee can range from 0.090% to 0.40%.

Fees for Crypto Trading

Buying with a credit or a debit card will have a 2.99% fee, and if you exchange crypto within your account, the transaction will be free. SWIFT deposits and withdrawals will have varying bank transfer fees, and ACH and SEPA deposits and withdrawals are usually free.

But Coinbase is the best choice for beginners or institutions who want to get the most out of their crypto. Crypto.com, on the other hand, better serves traders who want to earn higher staking rewards and use DeFi services.

One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase. Coinbase has an easy-to-use “buy/sell” button and you can choose which cryptocurrency you want to sell and the amount.

If you dispose of cryptocurrency and recognize a loss, you can deduct that on your taxes. Buying crypto on its own isn't a taxable event. You can buy and hold cryptocurrency without any taxes, even if the value increases.

Why Do Banks Block Crypto Transactions? As we referenced above, banks primarily block crypto transactions because they are worried about fraudulent activity.

The best bet is to use a platform like Binance.us or FTX.us to save on fees, and quickly cash out your crypto for dollars. The mobile apps make it easy to sell, and you can connect your bank account to transfer funds after the crypto is sold.

Maximum withdrawal limit for all cryptos is BTC 10 (or equivalent) on a 24h rolling basis. Please check the Fees & Limits section in the app's Settings, for the most current information.

Can I Unstake CRO Ahead of the 180 Days. Once you lock your CRO for staking, you cannot withdraw the amount within 180 days. To unstake your CRO after the staking period, go to your app's CRO wallet and tap “Unstake.”

Can you Unstake CRO before 180 days? ›

Once your card is ready to ship, you'll need to stake the required CRO. Data source: Crypto.com. After you've staked crypto for 180 days, you can unstake it and keep your card. However, you'll earn a much lower rewards rate and lose most of your card's benefits.

For the other tiers, you must stake an amount of CRO for a minimum of 6 months. After the 6 month period, you can keep your money staked and keep all the benefits, or withdraw your stake and the benefits you receive will be reduced.

CRO is staked for 180 days and can only be withdrawn in full once the period is over. You can review the balance of CRO staked and the number of days until it can be withdrawn on the Stake & Earn page.

There are a few risks of staking crypto to understand: Crypto prices are volatile and can drop quickly. If your staked assets suffer a large price drop, that could outweigh any interest you earn on them. Staking can require that you lock up your coins for a minimum amount of time.

The Sub-accounts feature allows the Crypto.com Exchange users to set up multiple Sub-accounts under their existing primary account (“Master Account”). It enables users to better manage their trading risks by implementing different strategies in each Sub-account.

If you're linking a bank account in the United States, you'll be prompted to enter Know Your Customer (KYC) details to verify your identity, including your name, contact information, and Social Security number. Fully verified users can deposit funds and make withdrawals up to Crypto.com's daily and monthly limits.

Crypto.com CEO admits hundreds of customer accounts were hacked.

It doesn't appear that Crypto.com will collapse any time soon, but this also doesn't mean that the exchange will thrive. The goal at this point is for Crypto.com to survive.

Is crypto com safe? ›

100% of user cryptocurrency assets are safely held and fully backed 1:1. We hold all customer assets deposited on our platform in institutional-grade reserve accounts on a 1:1 basis, meaning funds are responsibly backed by Crypto.com and accessible at customers' convenience.

If you don't report a crypto-taxable event, you could incur interest, penalties, or even criminal charges if the IRS audits you. You may also even receive a letter from the IRS if you failed to report income and pay taxes on crypto, or do not report your transactions properly.

Crypto.com delivers generous rewards with ways to earn crypto and interest on deposits. However, Coinbase stands out for its ease of use and educational opportunities to earn crypto. We evaluated both exchanges on supported currencies, fees, special features, and security.

Driver's License + Selfie: Many crypto sites require users to upload official identification/driver's license as one of the steps to gain access to their sites. When paired with a selfie of the person, this step in the signup flow is designed to automatically accept or deny access.

Crypto.com does not allow users to deposit, trade, or withdraw crypto anonymously at any trading level. You will need to submit information like ID and photo for verification in addition to using the name, phone, and email. Even starter-level accounts will need to be verified at Crypto.com.

There are several ways that thieves and scammers can get your cryptocurrency or trick you into giving it to them. Crypto scams often aim to gain private information such as security codes or trick an unsuspecting person into sending cryptocurrency to a compromised digital wallet.

These ledgers are open to the public, and anyone can access them. This makes Bitcoin transactions traceable. With the help of tools known as Bitcoin explorers, users can trace any activity on the blockchain. One can also trace the amount sent and the addresses involved in a transaction.

Applications (software) and devices can be hacked. Because private keys are stored in application and device wallets, hackers can access them and steal your cryptocurrency.