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Crypto investors often aim to use platforms that offer a wide variety of cryptocurrencies. Having the bonus of crypto-related products could make a platform even more attractive. That’s what Crypto.com aims to provide to its users.
The platform is one of the top 20 cryptocurrency exchanges globally by volume and offers hundreds of coins to buy and sell.
Additionally, Crypto.com offers several crypto products, like NFTs and crypto-linked Visa debit cards. These products further incorporate cryptocurrencies as part of your regular finances.
But with its advantages, Crypto.com has some cons. Let’s look closer at this platform to help you decide if it’s the right cryptocurrency exchange for you.
Crypto.com at a glance
Crypto.com offers several products aimed at new crypto investors who might still be learning how to buy cryptocurrency and enthusiasts who want to integrate more crypto into their lives.
| Crypto.com | |
| Mobile app | iOS and Android |
| Trading fee structure | Tiered maker/taker model:
|
| Available cryptocurrencies | 250+ cryptocurrencies including:
|
| Buy/deposit methods | Fee-free through ACH transfers, wire transfers, and external crypto wallets |
| Sell/withdrawal methods |
|
| Order types | Market, limit, stop loss |
| Other features | NFTs, Visa debit card, yield farming, staking |
| FDIC insured | U.S. dollar (USD) balances are FDIC-insured up to $250,000 |
| Best for... | Novice to intermediate cryptocurrency investors interested in other crypto-related financial products |
What is Crypto.com?
Crypto.com bills itself as the fastest-growing crypto app in the world. The exchange received a lot of attention for its 2022 Super Bowl ads featuring Matt Damon and LeBron James.
However, even though it made a relatively recent splash, Crypto.com has been around for several years. The platform was founded in 2016 by Bobby Bao, Gory Or, Kris Marszalek, and Rafael Melo. Crypto.com is based in Singapore and is available in most of the United States, except in New York.
Crypto.com ecosystem
Crypto.com is in the top 20 cryptocurrency exchanges in the world by trading volume.
The platform has a native currency, cronos (CRO). It’s also building its own blockchain, which is meant to compete with the ethereum blockchain in supporting decentralized finance (DeFi) applications.
DeFi apps offer financial products that are not managed by a central authority. The blockchain, which is in its beta stage, touts its carbon offset policy and is positioning itself as a sustainable DeFi solution.
In addition to offering exchange services, Crypto.com also has a Pay feature that allows you to pay friends and merchants without gas fees. The platform also offers a metal Crypto.com Visa card. However, it isn’t a credit card and operates more like a prepaid or debit card while offering cronos rewards.
Crypto.com also has a non-fungible token (NFT) marketplace, where you can buy, sell, and curate your collection. You could also sign up for NFT drops to get early access to new NFTs when a project releases them.
What does Crypto.com offer?
Crypto.com aims to be a one-stop shop for your crypto needs. It offers several advantages to its users, including access to more than 250 cryptocurrencies, an NFT marketplace, and several other features and crypto products.
Large number of cryptocurrencies
With most major cryptocurrencies available, you could buy bitcoin (BTC), invest in ether (ETH) or litecoin (LTC), or bet on the future of dogecoin (DOGE). There are also many other digital coins available in addition to Crypto.com coin, cronos (CRO).
One major disadvantage is that the Crypto.com exchange doesn’t offer coin-to-coin trades, with the exception of bitcoin, which offers limited markets for coin-to-coin trading.
Instead, you have to use a U.S. dollar stablecoin, a coin fixed to the U.S. dollar's value, to exchange for other cryptocurrencies. Examples are tether (USDT) and U.S. dollar coin (USDC).
Crypto.com is accessible through an app available on both iOS and Android.
Low fees and discounts
Crypto.com charges fees based on a tiered maker/taker model. In this model, your fee is based on whether you’re considered a maker or a taker and your 30-day trading volume.
- A maker places an order to be filled later when certain conditions are met. The order is placed “on the book” and isn’t executed until a matching order is found. This provides more liquidity to the exchange.
- A taker trades immediately, placing a market order that matches what’s already on the books or at the market price.
The more you trade, the lower your fees will be. Makers see lower fees than takers as the trading volume increases. Fees range between 0.40% and 0.04% for makers and 0.40% to 0.10% for takers, but Crypto.com offers tiered discounts if you use cronos to pay your fees.
Various crypto products
Besides providing an exchange platform, Crypto.com offers several crypto-related products, including:
- Visa debit card: Crypto.com offers a metal Visa debit card accepted anywhere you could use Visa. The card allows you to make everyday purchases based on your Crypto.com account. There are several tiers, and each rewards you with a different percentage of cash back. You receive all rebates in cronos.
- NFT marketplace: Buy, sell, and collect NFTs, including signing up for NFT drops so that you could get early access to new NFTs.
- DeFi wallet: Crypto.com offers to keep your coins in a custodial wallet on the exchange or the Crypto.com app. However, there is also an option to use a DeFi wallet. This is a non-custodial wallet that you control. When you use this wallet, you are able to choose your transaction network and decide the transaction fee structure you’d like to use.
- Crypto.com Pay: With the Pay feature, you could use your Crypto.com account to pay merchants, buy gift cards, and send money to people you know. When using Pay, you could settle transactions fee-free in addition to getting 10% back in cronos.
- Staking: When staking a cryptocurrency, you hold it to support the validation process on its network in exchange for a reward. With Crypto Earn, you could earn interest on cryptocurrencies that support this type of reward. Interest rates could be up to 14.5%, with your earnings paid out weekly.
- Yield farming: Crypto.com provides access to different crypto projects that need liquidity. If you’re willing to put your cryptocurrencies into one of these projects, you could receive a higher reward.
What Crypto.com gets right
- Competitive fees and discounts: While fees aren’t as low as exchanges like Binance.US, Crypto.com still offers competitive pricing and provides fee discounts.
- Earning through staking and yield farming: If you want to participate more in the crypto world and increase your earnings by putting your coins to work, you could use the Earn and yield farming features.
- Access to NFTs: Learn more about the NFT ecosystem and get access to NFTs to diversify your crypto portfolio.
- Using cryptocurrencies in daily life: The Visa debit card and the Crypto.com Pay feature allow you to make regular transactions through your account.
- Wide variety of cryptocurrencies: You get access to more than 250 coins, including major cryptocurrencies, stablecoins, and alternatives to bitcoin in the form of altcoins.
What Crypto.com is missing
- Not available in New York: If you live in the state of New York, you won’t have access to Crypto.com and its products.
- Limited coin-to-coin transactions: You can’t directly exchange one coin for another on the exchange. You need to use a U.S. dollar-linked stablecoin or one of the limited bitcoin markets.
- Complicated process for withdrawing fiat: Crypto.com requires you to jump through some hoops if you want to withdraw money from the exchange. You have to set up a fiat Crypto.com wallet that stores your U.S. dollars. Once you set up this wallet, you’d need to connect it to a bank account to be able to withdraw your money.
- Higher benefits are exclusive to cronos: While it’s possible to stake and farm with other coins, you’d get the best results when using cronos. Additionally, to qualify for a Visa debit card, you must hold cronos for at least 180 days.
How to open a Crypto.com account
To open a Crypto.com account, you need to download an app available on iOS or Android. You could search for the Crypto.com app on the Google Play Store or the Apple App Store.
Once you download the app, you could create a new account by providing your email. The app requires a confirmation of your email before allowing you to register. During the registration process, you may be required to verify your phone number and your identity. You might need to provide the following:
- Legal name
- Driver’s license, passport, or other legal forms of ID
- A picture of your face
Once you’re verified, you’ll need to connect a funding source. You can transfer cryptocurrencies from an external wallet or use a bank transfer to add money to your account.
Crypto.com could offer access to cryptocurrency for beginners. Intermediate cryptocurrency enthusiasts might benefit from exploring different aspects of DeFi on the platform. It provides a relatively easy-to-use interface that allows you to buy and sell cryptocurrencies and get involved in other aspects of DeFi, such as staking and yield farming.
Other trading platforms to consider
While Crypto.com has several advantages, such as its low fees and its ecosystem of crypto products, it might not be the right choice for everyone. However, other cryptocurrency exchanges might be more fitting. Some of the best cryptocurrency exchanges include:
Binance.US
For frequent traders interested in advanced charting, Binance.US offers low fees and access to crypto trading tools that might work well for intermediate to advanced users. However, a smaller number of cryptocurrencies are available on the exchange, and it doesn’t offer the same ecosystem of crypto products.
Read our Binance.US review.
Kraken
Kraken offers competitive fees and a variety of tools that allow you to experiment with DeFi. It also provides a robust margin trading option. Kraken might suit advanced traders who have higher risk tolerance.
Read our Kraken review.
Coinbase
Coinbase provides ways to exchange cryptocurrencies and earn rewards through staking coins. The crypto platform uses a clean interface that is easy to use, and there are many coin-to-coin trades available. It also offers a Visa debit rewards card. However, trading fees are relatively high. Coinbase might be suitable for an investor who plans to build a cryptocurrency portfolio and hold it for a while.
Read our Coinbase review.
FAQs about Crypto.com
Is Crypto.com trustworthy?
Crypto.com is a legitimate company and cryptocurrency exchange. U.S. dollar fiat balances are insured through the Federal Deposit Insurance Corporation (FDIC), and all crypto balances are held offline in cold storage.
The exchange uses a process for whitelisting external addresses to protect you from unauthorized withdrawals. It also uses two-factor authentication to add a layer of security to your account.
However, the exchange faced a hack in January 2022 that used a bug in its two-factor authentication security feature. Crypto.com claims that its security has been upgraded and strengthened following the hack.
What are the advantages of Crypto.com?
Crypto.com has several advantages for those interested in experimenting with crypto-related products and decentralized finance. It offers access to NFTs and various yield farming opportunities. It also offers a fee-free payment network that you could use to pay friends while earning extra rewards when you send money to participating merchants.
Was Crypto.com hacked before?
Crypto.com was hacked in January 2022. Hackers used an issue with the two-factor authentication process to make unauthorized withdrawals from several accounts.
The hackers stole more than $30 million in bitcoin, ether, and other cryptocurrencies. However, Crypto.com claims that no users lost their funds and that they upgraded their processes to make the cryptocurrency platform more secure.
Does Crypto.com charge withdrawal fees?
Yes, Crypto.com charges withdrawal fees based on the coin and network used. Withdrawal might also have minimum limits depending on the fiat currency or cryptocurrency you use. Check the Crypto.com fee schedule or contact customer support to confirm the true cost of your withdrawals.
Bottom line
Crypto.com is positioning itself as a platform that offers access to various financial products. If you’re interested in buying, selling, or holding cryptocurrencies or NFTs, Crypto.com might be a place to experiment more with these digital assets and learn how to invest money in them.
Crypto.com also allows using your coins to earn crypto rewards through yield farming and staking. When you use your digital coins to provide liquidity to an exchange or crypto project, you’re rewarded with additional coins that could help you grow your portfolio.
However, carefully consider your risk tolerance and portfolio goals before investing in cryptocurrency. Decide what you could afford to lose and whether you have other assets helping you reach your long-term financial objectives. Realize that crypto assets are new and volatile, so you have a more significant potential for loss.
FinanceBuzz is not an investment advisor. This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.
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