This article will cover everything you need to know before choosing Crypto.com as your exchange for your cryptocurrency trading needs.
Tom, Crypto Enthusiast
A leading digital currency trading platform, Crypto.com englobes a large variety of crypto resources and blockchain-related items. Its members can purchase, sell, and exchange a broad variety of coins, with moderately low trading costs.
Also, the organization offers digital currency credit cards, an independent crypto wallet, a NFT marketplace, and a decentralized exchange.
It additionally permits members to stake their cryptocurrency, or hold it in a Crypto.com wallet for a set period of time, in order to generate up to 14.5% interest.
At the time of writing this article, Crypto.com had over 250 cryptocurrencies available to trade, and its platform offered advanced order type features, as well as crypto futures trading.
The long list of cryptocurrencies, low fees, and advanced extra features make Crypto.com appropriate for beginner to advanced crypto traders. However, beginners may find the abundance of features intimidating.
If you are just starting out and are considering Crypto.com as you exchange, I recommend that you read my newbie guide for trading crypto first.
On the whole, Crypto.com is best for people interested in doing more with their crypto than just buy and hold. It’s app is great for active traders and those who want to be using their crypto as an actual currency, not just a passive investment.
Crypto.com was created in Hong Kong in 2016. It presently has over 10 million clients and supports over 250 coins to trade. It offers a unique package of cryptocurrency-related products to consumers in 90 countries.
For spot trading, Crypto.com offers over 250 currencies, with a subset of those available for staking. While there are too many currencies to mention here, you may expect to be able to buy and sell the majority of the most often traded coins.
Here are some of the coins available to trade on the platform.
The Australian dollar (AUD), Canadian dollar (CAD), euro (EUR), pound sterling (GBP), US dollar (USD), and Brazilian real (BRL) are among the fiat currencies supported by the platform. This flexibility enables clients in a variety of countries to buy bitcoin or other coins with their current money.
CRO, Crypto.com's own coin, is available as well. You’ll be rewarded with cheaper trading costs, greater staking interest rates, and larger credit card rewards if you own a considerable amount of this coin.
Crypto.com's mobile app, which is accessible for iOS and Android smartphones, serves as the company's main hub. If you're used to trading stocks using a smartphone app, you'll find the process simple and easy.
You can see your portfolio and a list of popular assets instantly using the Crypto.com app. It’s mobile app has everything you need to trade currencies, earn money by staking your crypto, make cryptocurrency payments, and apply for a Crypto.com credit card.
Its charting capabilities are simplistic and don't provide a lot of information. However, each currency's page contains a quick introduction as well as links to more thorough information so you can discover how the blockchain and currency function before making a purchase.
On transactions with a total monthly trading volume of less than $25,000, new Crypto.com members without any CRO staking will be charged 0.4 percent. Trading costs are lower than those charged by several major industry competitors, but they aren't the cheapest.
Without CRO staking, high-volume traders can be eligible for costs as low as 0.04 percent as a maker or 0.1 percent as a taker. If you have at least 5,000 CRO in your wallet, you can also get a discount on your trading costs. At that stage, traders with up to $25,000 in monthly volume only pay 0.36 percent. With a higher stake, your rates will drop.
Because there are no extra per-trade fees, Crypto.com's price is competitive.
In order to keep user accounts secure, Crypto.com employs whitelisting and multi-factor authentication (MFA), as well as a variety of other security procedures.
To safeguard your account, it's also crucial to utilize a strong password and good personal online security habits. Because cryptocurrency transactions cannot be undone, it is doubtful that you will be able to retrieve any lost crypto if your account is compromised.
To prevent against breaches and losses, Crypto.com employs stringent compliance monitoring and holds customer deposits offline in cold storage. It also collaborated with various U.S. banks to offer $250,000 in FDIC protection on US currency deposits.
Download the Crypto.com app from the Google Play Store or Apple Store to register a Crypto.com account.
Start by entering your email address and selecting a password in the app.
New Crypto.com accounts are validated using your name, a photo ID, and a selfie. Following that, you must link a payment mechanism, such as a bank account.
If you're connecting a bank account in the United States, you'll be asked to submit Know Your Customer (KYC) information, such as your name, contact information, and Social Security number, to verify your identification. Fully verified customers can deposit and withdraw money up to the daily and monthly restrictions set by Crypto.com.
The process of registering an account, including KYC verification, typically takes less than 10 minutes. If you're a quick typer and have your ID ready, you should be able to finish it in five minutes or less.
If you'd like to sign up for a new Crypto.com account, you can do so by clicking the button below.
Customer service at Crypto.com is offered via a help website, email, and live chat. Customers of Crypto.com do not have access to phone assistance.
While customer support is available via email and chat, numerous customers have complained about delayed answers and a lack of assistance in addressing account issues.
Overall, consumer ratings for Crypto.com are unimpressive, with a rating of 2.2 out of 5 stars on Trustpilot. The majority of bad reviews revolve around poor customer support, frozen accounts, and withdrawal issues. Others have complained of hijacked accounts and lost payments, which is troubling.
Cryptocurrency exchanges with poor customer support are quite widespread, and Crypto.com is no exception. Because the customer service team isn't always helpful, it's best to think of Crypto.com as a self-service website.
It's probably better for people who are familiar with online financial goods and don't require much guidance.
In the mobile app, users may conveniently access their Crypto.com accounts and assets. You may also use the app to manage your bank accounts, conduct crypto transactions, review transfers, and check the balance of your Crypto.com credit card.
Here's what I found to be the strongest points, and the ones that could be improved, based on my own experience with the Crypto.com app.
Extensive choice of cryptocurrencies to trade
Competitive and transparent fees, with discounts available
Easy to convert money
Margin trading & interest earning on your crypto available
Visa card with cash back rewards
Great security features
Some services are not available in the U.S.
Poor customer support
Does not offer crypto-crypto trading options
I can say from my experience that Crypto.com is a fantastic choice for cryptocurrency investors seeking for an exchange with minimal costs and a large number of supported currencies.
It is best suited for those who are comfortable managing a bank account via a mobile app and may be excellent for those with intermediate crypto understanding and knowledge.
Customer assistance, like those of other cryptocurrency exchanges, is not Crypto.com's strong point, so expect a mostly self-service experience. If you're okay with that, Crypto.com can be a good fit for you.
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