Crypto.com is a cryptocurrency exchange account that supports trading, investing, staking, wallets, NFTs, and more. This exchange offers over 250 different currencies, reasonable fees, and discounts for those who hold a large stake in Crypto.com Coin (CRO). Its ecosystem of cryptocurrency-related products could make it a good choice for those looking to do a lot with their cryptocurrency.
The benefits explained
Extensive List of Supported Cryptocurrencies: Support for over 250 currencies with spot trades, futures, and advanced order types.
Transparent and competitive fees, with rebates available: Crypto.com offers competitive trading fees of up to 0.40%, with rebates available.
Support for an ecosystem of cryptocurrency products: Crypto.com supports cryptocurrency trading, staking, and swapping. It also offers its own credit card, and cryptocurrency wallet and allows users to invest in NFTs.
Disadvantages Explained
Higher fees unless you hold and use CRO: Crypto.com users who hold a significant amount of CRO currency can get discounts on their transaction fees.
Poor customer support: Customer complaints report slow and poor responses from customer support.
Transaction Fee Discounts Can Be Difficult to Understand: It can be difficult to navigate through the different levels of Crypto.com's transaction fee discounts.
Introduction
Crypto.com is a leading cryptocurrency exchange that supports a range of crypto assets and blockchain-related products. Users can buy, sell and trade an extensive list of currencies, and enjoy relatively low trading fees. Additionally, the company offers cryptocurrency credit cards, a decentralized exchange, a standalone cryptocurrency wallet, and an NFT marketplace. It also allows users to pledge their cryptocurrencies, or hold them in a Crypto.com wallet for a specified period, to earn up to 14.5% interest.
For those looking to buy and hold currencies like bitcoin and Ethereum, Crypto.com might be a good choice. Fees are capped at 0.40% and decrease with high trading volume or large CRO currency holdings. Crypto.com currently supports 250 currencies and offers advanced order types, and you can also trade crypto futures on its platform.
Remember that the cryptocurrency market is volatile and these investments are considered high risk, so only invest money you can afford to lose.
Investing in cryptocurrencies, decentralized finance (Defi), and other initial coin offerings (ICOs) is highly risky and speculative, and markets can be extremely volatile. Consult a qualified professional before making any financial decision. This article is not a recommendation by Investopedia or the author to invest in cryptocurrencies, and the accuracy or timeliness of the information cannot be guaranteed.
Company presentation
Crypto.com was founded in 2016 in Hong Kong. It currently offers over 250 cryptocurrencies to over 10 million customers worldwide. Crypto.com serves users in 90 countries with a unique suite of cryptocurrency-related financial products.
The long list of currencies, low prices, and additional features make Crypto.com suitable for both beginners and advanced cryptocurrency users. However, beginners may find the plethora of features daunting.
Overall, Crypto.com is the best solution for those who want to do more with their cryptocurrency than just buy and hold. It is a good platform for active traders and anyone who wants to use cryptocurrencies as real money, not just as an investment.
Cryptocurrencies available on Crypto.com
Crypto.com supports over 250 currencies for spot trading, with a subset supported for staking. Although there are too many currencies supported to list them all here, you can count on the ability to buy and sell most of the most traded currencies. (See full list of available assets ).
The most popular assets available on the platform include:
Bitcoin (BTC)
Ethereum (ETH)
Cardano (ADA)
Dogecoin (DOGE)
Polkadot (DOT)
Crypto.com also offers its own currency, CRO. If you hold a large stake in CRO, the company rewards you with lower transaction fees, higher staking interest rates, and higher credit card rewards.
Crypto.com transaction fees start at 0.40%. High-volume traders and those with a large stake in CRO can benefit from fees as low as 0%.
Trading experience
The central linchpin of Crypto.com is its mobile app, which is available for Android and iOS devices. If you're used to trading stocks using a mobile app, you'll likely find the experience intuitive and straightforward.
With the Crypto.com app, you can quickly view your portfolio and a list of popular assets. The mobile app includes everything you need to trade forex, earn money by staking your crypto, make cryptocurrency payments, or sign up for a Crypto.com credit card.
Its charting tools are relatively simple and don't give you much data. However, each currency's page includes a brief overview and links to more detailed information so you can learn how the blockchain and currency work before you buy.
Crypto.com also supports multiple fiat currencies, including the Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), British Pound (GBP), US Dollar (USD), and Brazilian Real (BRL). This flexibility allows users from multiple countries to easily purchase cryptocurrency with their local currency.
Costs
New Crypto.com users who do not have CRO staking will pay 0.4% on trades with a monthly volume of less than $25,000. Transaction fees are a little lower than some of the big competitors in the industry, but not the lowest.
Traders with higher trading volume can benefit from fees as low as 0.04% as a maker or 0.1% as a taker, with no CRO staking. Reduced trading fees are available when you hold at least 5,000 CRO in your wallet. At this point, traders with up to $25,000 in monthly volume pay 0.36%. The rates decrease as the bet increases.
There are no additional fees per transaction, so Crypto.com is price competitive.
Security
Crypto.com uses various security measures, including multi-factor authentication (MFA) and whitelisting, to keep client accounts secure. Of course, it's also important to use a strong password and personal online security practices to help protect your account. Cryptocurrency transactions cannot be undone, so it is unlikely that you will be able to recover lost cryptocurrencies in the event of an account breach.
In addition to its security measures, Crypto.com uses rigorous compliance control and stores customer deposits offline in cold storage to prevent hacks and losses. It also works with local banks in the US to provide $250,000 FDIC insurance on US dollar balances.
Opening a Crypto.com Account
To create a Crypto.com account, download the Crypto.com app from the Google Play Store or Apple Store. Open the app and start by entering your email address and choosing a password. New Crypto.com accounts are verified using your name, ID card photo, and selfie. Next, you'll need to link a payment method, such as a bank account.
If you're linking a US bank account, you'll be prompted to enter Know Your Customer (KYC) information to verify your identity, including name, contact information, and social security number. Users whose identity has been verified can deposit funds and make withdrawals within Crypto.com's daily and monthly limits.
The process of creating a new account, including KYC verification, usually takes less than ten minutes. If you type fast and have your ID handy, you can probably do it in five minutes or less.
Customer service
Crypto.com customer support is available through a help page, email, and live chat. There is no telephone support for Crypto.com customers. Although customer service is available via email and chat, several users report slow responses and a lack of help with account issues.
Customer satisfaction
Crypto.com gets poor customer reviews overall and is only rated 2.2 out of 5 stars on Trustpilot. Most of the negative reviews relate to poor customer service experiences, blocked accounts, and withdrawal issues. Others mention hacked accounts and lost funds, which is worrying.
Poor customer service is quite common among cryptocurrency exchanges, and Crypto.com is no different. It is generally advisable to think of Crypto.com as a self-service site, as customer support is not necessarily helpful. It's probably best for those who are somewhat comfortable with online financial products and won't need a lot of assistance.
Account management
Users can easily view their Crypto.com accounts and assets in the mobile app.
Through the app, you can also manage your bank accounts, review transfers, perform cryptocurrency transactions, and track your Crypto.com credit card balance.
How does Crypto.com compare to other cryptocurrency companies?
Crypto.com and Coinbase are two popular exchanges in the United States. Compared to Coinbase, Crypto.com offers a larger list of tradable assets and lower transaction fees. However, its platform isn't as easy to navigate as Coinbase's, and the trading experience isn't as beginner-friendly. But depending on your needs, Crypto.com might be a better choice.
Here is an analysis of the significant differences between Crypto.com and Coinbase:
Crypto.com vs. Coinbase
Crypto.com charges up to 0.40% for transactions, while Coinbase Pro charges 0.50%.
Crypto.com supports over 250 virtual currencies, while Coinbase only supports 158.
Coinbase offers an intuitive and user-friendly platform that may be easier for beginners to navigate than Crypto.com.
Both Crypto.com and Coinbase can suit different trading and investment purposes. Depending on your needs and trading experience, you can choose to open an account on both.
Final verdict
Crypto.com is a good choice for cryptocurrency traders looking for a platform with relatively low fees and an extensive list of supported currencies. It is best for people who feel confident managing a financial account through a mobile app and may be ideal for those with intermediate cryptocurrency knowledge and experience.
Like other cryptocurrency exchanges, customer service is not Crypto.com's strong point, so expect a mostly self-service experience. If you are comfortable with this, Crypto.com might be a suitable option for you.
Methodology
Investopedia is dedicated to helping people interested in cryptocurrency investments make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the best cryptocurrency exchanges for investors of all skill levels.
The exchanges have been reviewed on things like security, fees, the number of cryptocurrencies available, and more. We have also taken into consideration whether the exchange is regulated by an appropriate agency or fully decentralized. Our complete cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.
.jpg)
0 Comments