Is Crypto.com Safe? A Crypto Exchange Security Review (2024)

Whether you're a crypto novice or a seasoned trader, digital security is key when using a cryptocurrency exchange platform like Crypto.com. The Crypto.com app now serves more than 80 million customers worldwide, bringing digital security to the forefront and begging the question: Is Crypto.com safe?

Yes, and here’s why.

The Crypto.com platform offers robust security features, such as compliance monitoring and offline cold storage for customer deposits, in addition to multi-factor authentication, withdrawal protection, and 24/7 customer support. Each of these security measures plays a significant role in safeguarding your accounts and crypto assets. Here we will explain how Crypto.com supports secure crypto investing and trading and give you tips to protect your digital assets.

Crypto.com is a safe cryptocurrency exchange platform due to its robust security infrastructure. First, the platform employs multi-factor authentication (MFA), which adds an additional layer of security by requiring multiple forms of verification before granting account access. This layered security greatly reduces the risk of unauthorized access.

In addition to MFA, Crypto.com also continuously monitors suspicious activities. This proactive approach helps detect and mitigate potential threats. Some of these include cryptojacking threats and crypto pump-and-dump scams, which are known cybersecurity concerns. Enhanced security and data privacy are essential in the crypto exchange industry as new types of fraud and hacking techniques continuously emerge.

A noteworthy aspect of Crypto.com's safety measures is its insurance policies. For example, Crypto.com provides up to $250,000 in FDIC insurance on U.S. dollar (USD) balances. The cryptocurrency platform has secured large insurance coverage to protect user funds against potential losses due to security breaches or operational issues. This financial safeguard significantly indicates a platform's commitment to user safety.

Crypto.com pros and cons

Has Crypto.com ever been hacked?

In 2022, Crypto.com experienced a security breach that raised concerns among its users and the wider crypto community. The incident involved unauthorized withdrawals from several user accounts. Hackers bypassed the platform's security measures and withdrew user funds in various cryptocurrencies.

Crypto.com's response to the hack was prompt and transparent. The company immediately suspended withdrawals to investigate and rectify the security flaw. It also communicated openly with users, providing updates on the situation and the measures being taken. Crypto.com reassured its customers that all affected accounts would be fully reimbursed for unauthorized withdrawals, showcasing the company’s secured insurance coverage and commitment to user protection.

Following the incident, Crypto.com thoroughly reviewed its security infrastructure and implemented additional safety measures to prevent similar occurrences. This included enhancing the platform’s MFA system and introducing more rigorous monitoring protocols to detect suspicious activities more effectively.

What is Crypto.com?

Crypto.com is a renowned industry leader name in crypto trading among top contenders like Binance, Coinbase, and Kraken, to name a few.

On the Crypto.com app, you can buy, sell, and trade over 250 cryptocurrencies, including bitcoin (BTC), ethereum (ETH), cardano (ADA), dogecoin (DOGE), polkadot (DOT), and of course, cronos (CRO), Crypto.com’s own coin.

Crypto.com supports crypto trading, investing, in-app and DeFi wallets, Crypto.com Visa cards (prepaid debit cards and credit cards), NFTs (non-fungible tokens), which are unique digital assets that are recorded on a blockchain, and CRO staking, or a way to earn a return on your crypto assets.

Crypto.com, known for its comprehensive approach to security, employs a variety of features to ensure the protection of user assets. Each feature serves a specific purpose in the overarching security framework of the platform, contributing to a safe and trustworthy environment for handling crypto assets. Here's a breakdown of these features.

Secure Software Development Life Cycle

The Secure Software Development Life Cycle (SSDLC) is a framework that integrates security into every stage of software development. Crypto.com utilizes this approach to proactively address security issues from the initial design phase through to deployment and maintenance.

This method is beneficial as it helps identify and mitigate vulnerabilities early, reducing the risk of security breaches. While SSDLC significantly enhances security, you should remain vigilant. Regularly updating the Crypto.com app ensures you benefit from the latest security enhancements.

Multi-factor authentication

Multi-factor authentication (MFA) is a security system that requires more than one authentication method from independent categories of credentials to verify the user's identity. This feature significantly reduces the likelihood of unauthorized access to your account, as compromising multiple authentication factors is considerably more challenging for hackers.

You should ensure all MFA methods are up-to-date and accessible. If you lose access to one method (like a phone number), having a backup (like an email account) is crucial.

Withdrawal protection

Withdrawal protection includes various measures like withdrawal limits and the ability to whitelist withdrawals to certain addresses through email verification. There’s also the ability to add a 24-hour lock on newly added addresses.

These measures add extra layers of security, ensuring that unauthorized parties can't easily siphon off funds. You should regularly review and adjust your withdrawal settings according to activity levels and security comfort.

24/7 customer support

Offering 24/7 customer support, Crypto.com ensures you have constant access to assistance in case of security concerns or technical issues. This continuous support can be crucial in quickly resolving security breaches or suspicious activities. If you notice any suspicious activity, you should immediately contact support.

Anti-phishing code

An anti-phishing code is a unique code you set that appears in all legitimate communications from Crypto.com. This helps you distinguish authentic emails from phishing attempts, reducing the risk of falling prey to scams. You should choose a unique code and verify its presence in all communications from Crypto.com.

Cold storage

Cold storage refers to keeping a reserve of cryptocurrencies offline, away from potential online vulnerabilities. Crypto.com employs cold storage to secure a significant portion of its assets, thereby minimizing the risk of theft through cyberattacks.

While you can’t directly control how Crypto.com stores assets, understanding the platform’s use of cold storage can provide reassurance about the overall security of your investments.

6 tips to stay safe on Crypto.com

Navigating the digital currency landscape requires a deep understanding of the market and a devotion to personal security. While platforms like Crypto.com have robust security measures, you play a pivotal role in safeguarding your own crypto assets. Here are some essential tips to help you enhance your security on Crypto.com in order to ensure a safer and more secure experience in the crypto world.

1. Use a VPN

Using a virtual private network (VPN) is essential to enhance your online security. This is especially true when dealing with sensitive financial data and transactions on platforms like Crypto.com. A VPN encrypts your internet connection and protects your data from hackers. This is particularly important when you’re using public Wi-Fi networks, as they’re less secure and more vulnerable to attacks.

Best VPNs for Crypto.com

Here’s a list of some of the best VPN apps suitable for use with Crypto.com:

• NordVPN: Known for its advanced security features, NordVPN offers double VPN encryption and a strict no-logs policy to privatize your online activities. Its vast network of servers also guarantees high-speed and stable connections, ideal for trading on Crypto.com.

  Get NordVPN | Read Our NordVPN Review

• Surfshark: Surfshark stands out for its unlimited device support and CleanWeb technology that blocks ads and malicious links. It's a user-friendly choice for those who trade on multiple devices.

  Get Surfshark | Read Our Surfshark Review

• Private Internet Access: With a strong focus on privacy, Private Internet Access offers customizable security settings and a large server network. It's a great option for those who prioritize personalization in their VPN service.

  Get Private Internet Access | Read Our Private Internet Access Review

2. Secure your device against malware

Protecting your device with robust antivirus software is essential when using platforms like Crypto.com. Malware can compromise your device's security. This can lead to potential data theft, including sensitive financial information. Regularly updating your antivirus software also ensures you’re protected against the latest threats.

3. Set up anti-phishing code

Crypto.com offers an anti-phishing code feature that adds an extra layer of security to your communications with the platform. By setting a unique code, you can easily identify genuine emails from Crypto.com, reducing the risk of falling victim to phishing scams.

4. Create a strong PIN

A strong personal identification number (PIN) is vital for securing your Crypto.com account. Your PIN should be unique and complex, combining numbers, letters, and special characters, if possible, to create a robust barrier against unauthorized access.

Avoid using easily guessable information like birthdays, anniversaries, or simple numerical sequences. These are numbers that malicious actors can easily crack. Instead, you should opt for a PIN that’s not only hard to guess but also one that you can remember without writing it down.

5. Use two-factor authentication

Activating two-factor authentication (2FA) on your Crypto.com account adds an additional security layer. With 2FA, accessing your account requires both your password and a second factor. This could be a code sent to your phone or email. This makes it far more difficult for unauthorized users to gain access.

6. Store your crypto in your private wallet

While Crypto.com provides secure storage options, using a private wallet for long-term storage of your crypto assets can offer additional security. Private wallets give you complete control over your keys. They reduce the risk of platform-related security breaches affecting your assets.

By holding your assets in a private wallet, you're safeguarding them from potential platform vulnerabilities. You’re also ensuring that you have the sole authority over their access and use, a crucial aspect in maintaining the integrity of your digital investments.

FAQs

Bottom line: Is it safe to use Crypto.com?

The Crypto.com app is indeed a safe cryptocurrency platform for cryptocurrency exchange. This safety is underpinned by the platform's comprehensive security measures, which include advanced MFA, real-time monitoring for suspicious activities, and substantial insurance coverage to protect user funds and assets.

It's important to recognize that no online platform can guarantee absolute security. While Crypto.com provides a secure environment for cryptocurrency transactions, you must complement the mobile app’s security measures with your own best practices.

These involve using strong and unique passwords, enabling passwordless authentication like biometrics or magic links, and being vigilant against phishing attempts. Learn more about the best VPNs for crypto trading to further enhance your online security and ensure an additional layer of protection in your Crypto.com exchange endeavors.