The emerging acceptance of cryptocurrency among the masses has paved the way for many cryptocurrency exchanges that facilitate thousands of transactions daily. Crypto.com is such an exchange that brings a bevy of incentives for the users. So let’s look into everything you need to know before starting to trade through the platform.
Started in 2016 as Monaco technologies and rebranded to crypto.com in 2018, it is one of the fastest growing crypto exchanges and has features that make a compelling case for it.
Since its inception in 2016, it has become a full-fledged cryptocurrency hub offering an app, Crypto.com Exchange, a DeFi swap and Wallet, Crypto.com Pay, Earn, and Credit, and NFT marketplace, amongst many other services.
What does Crypto.com do?
The focal point of the platform was to Fast Track the world’s transition to Cryptocurrency. Today it has become more than just a Crypto exchange by issuing crypto debit cards and opening an NFT marketplace.
DeFi wallet is one of the features under the umbrella of things that the platform offers, although introduced at a later stage it allows you to trade currency amongst peers. The wallet gives you full control over your keys, and you can pay to process transactions faster.
You are also eligible to earn interest and unlock benefits (depending on the balance in your account) if you stake CRO on the platform for more than 6 months.
Crypto availability
The platform has over 250 cryptocurrencies listed, you will find each of the most sought-after currencies like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), etc. You can also come across Binance Coin (BNB) and Binance USD (BUSD) being traded but that is a rare occurrence.
Crypto.com Features
Cashback: Up to 8% cash back on purchases made through the crypto.com Visa card. The platform offers up to five prepaid Visa Cards. The cards can be used by all merchants that accept Visa. The hierarchy of the cards depends upon the stake you have in CRO, ranging from $0 which offers no cash back, to up to $400,000 which offers 5% cashback. The benefits extend to subscription services like Netflix, Amazon Prime, and Airbnb rewards.
Crypto Earn – Earn an interest of up to 8% (14% for stable coins) on your deposits every week.
Crypto Credit – Get a crypto loan with an LTV of up to 50%.
Crypto.com Exchange – You can trade crypto with one of the lowest execution prices in the market with the added benefit of the lowest maker and taker fees. Most currencies have deep liquidity, which lowers the risk of losing your money. You can earn money by referring people to the platform, with benefits from a $2000 referral bonus or up to 50% commission on the trading fees for up to a year.
Crypto.com NFT – You can find valuable NFTs, including one-of-one projects by artists, celebrities, athletes, and others on the NFT marketplace.
The Syndicate – Traders have access to ‘The Syndicate’ that has the biggest cryptos at up to 50%.
Supercharger – App users and traders can earn popular DeFi tokens by depositing CRO into the Supercharger pool. The user’s liquidity dictates their reward, and during the charging period, the allocation is calculated every 24 hours.
DeFi Swap – Based on the Uniswap V2, the users can swap and collect DeFi coins at the best available rate.
Some of the features are location specific, it is advisable to see if they are available in your country before making an investment. For example, countries like Singapore, Malta, the United States, Hong Kong, and Switzerland do not have lending service available.
Crypto.com Safety
Crypto being a digital asset, is prone to cyber-attacks which have been increasingly common over the last few years. The safety of the traded cryptocurrency is a make-or-break factor for any Crypto wallet.
Crypto.com has all the measures to secure your crypto in your wallet. The wallet has the basic 2FA along with anti-phishing measures. User security is also given utmost priority with Biometric and Authenticator verification.
The site claims that it has all the boxes checked when it comes to security, going further to say that its system is stress tested by top firms to find and fix any leaks. The funds are kept in cold storage, using HackerOne to find weaknesses.
On top of that, the platform is insured for $360 million against damage or theft, and they have partnered with Ledger to store all of the user cryptocurrencies. The user’s deposit is also insured if kept in USD by the FDIC-insured as it would be with a regular bank.
That hasn’t made Crypto.com safe from attacks, the platform suffered a loss of $34 million, because of issues in their 2FA. However, the company was quick in reimbursing the money and set up Account Protection Programmes as well.
Crypto.com Fees
Crypto.com is very competitive with the pricing, the platform has one of the lowest taker and maker fees in the market.
New users with no CRO holdings are charged with 0.4% trading fee for monthly transactions less than $25,000. Traders without CRO holdings that trade large volumes are eligible for fees as low as 0.04% as the maker and 0.1% as the taker.
Users that have a stake in CRO are offered more discounts, with 10% on stakes worth ≥ 5,000 CRO and up to 100% on stakes worth ≥ 50,000,000 CRO.
|
CRO STAKE IN $ |
$0 |
$400 – $3,999 |
$4,000 – $39,999 |
$40,000 – $399,999 |
$400,000 |
|
VISA CARD |
Midnight Blue (0% cash back) |
Ruby Steel (1% cash with some Spotify credit) Monthly reward tops at $25 |
Royal Indigo & Jade Green (2% cash back with some credits for Spotify and Netflix) Monthly reward tops at $50 |
Frosted Rose Gold & Icy White card (3% cash back with credits for, Expedia, Netflix, Spotify amongst other perks) |
Obsidian card (5% cash back with credits for Netflix, Spotify, Airbnb, and Expedia along other perks). |
Crypto.com Pros
- Low fees: Crypto.com has one of the lowest trading fees in the market.
- Great for crypto payments: The transactions are swift and secure so you can trade without worry.
- Easy to convert money: Crypto.com accepts a wide range of Fiat currencies, making it easy to buy crypto.
- Visa card with cash back rewards: The prepaid cards give cashback on purchases with various other benefits.
- Interest on crypto: Crypto.com gives you assured returns on holding their currency CRO, which beats a range of savings accounts.
- Cryptocurrency selection: The platform has a plethora of cryptocurrencies that you can trade anytime.
- Strong security: Suffering a loss of $34 million in early 2022, the crypto exchange has strengthened its security measures massively.
Crypto.com Cons
- The Crypto.com app and the website are 2 different entities. Confusing as it is, you have to have accounts on both of the platforms to trade seamlessly. The process of moving crypto between the 2 accounts is effortless but it is important to remember that 2 accounts mean that you have to pay for the CRO 2 times to avail of the benefits.
- Crypto.com is notorious for cutting corners on the benefits available to users. It received a huge backlash from its users when it tried to remove some of the benefits. The company later backtracked on its decision, but this is something that does not sound good on its CV.
Bottom line
Crypto.com makes a good case for itself, to say the least. It checks a lot of the right boxes. Crypto.com offers too many services, which might be confusing to start with for beginners. However, for experienced cryptocurrency traders and users, it is one of the best exchanges out there.