Crypto.com is a well-known cryptocurrency exchange, which supports a number of coins and blockchain-related products. Trading fees are relatively low, and users can buy, sell, and trade an extensive list of currencies. The company offers a DEX (decentralized exchange), one of the most popular crypto credit cards in the world in partnership with visa, an NFT marketplace, and a standalone crypto wallet.
Crypto.com’s native token, CRO or Crypto Coin, is enjoying a meteoric rise in the rankings by market cap. It is currently 13th, just below the overblown Shiba Inu. The company is keen on entering into lucrative partnerships with investors and sports teams, which is only adding to its appeal and lasting success.
Fees
Transaction fees are 0.40% and decline with a significant holding of CRO or high trading volume. At present, the exchange supports 150 currencies with advanced order types. Users can trade crypto futures on it as well.
If you hold 5,000 CRO or more in your wallet, discounts on trading fees are available. The fee is reduced to 0.36% for traders with up to $25,000 in monthly volume. Rates decrease with a larger stake. The exchange is competitive as there are no additional per-trade fees.
The basics
Crypto.com was founded about six years ago in Hong Kong. Today, it has more than 10 million active users in 90 countries, who enjoy access to a unique suite of cryptocurrency-related financial products. It is suitable for novice investors as well as those with more experience with low prices, a long list of currencies, and a wide variety of additional features. However, novices might find the last somewhat intimidating.
If you’re the hodler type, crypto.com is not the best option. It’s a good platform for traders who want to be active or want to use crypto as an actual currency, not just an investment.
Cryptocurrencies available
Apart from the 150+ currencies supported for spot trading, Crypto.com also supports a subset for staking. The most popular pairs are available. Among the options on the platform are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), and Polkadot (DOT). Holders of a significant amount of CRO get higher staking interest rates, lower trading fees, and higher credit card rewards. Sometimes, the fee is waived.
Straightforward and intuitive trading
The exchange’s mobile app is its central hub. It’s available for iOS and Android devices. You’ll probably find the experience intuitive if you are accustomed to trading stocks using a mobile app.
The app lets you view your portfolio and a list of popular assets quickly. It has everything a user needs to earn through staking crypto, trade currencies, sign up for the Crypto.com credit card, and make payments with cryptocurrency.
The chart tools don’t exactly provide a wealth of info. Each currency’s page has links to more detailed information so you can inform yourself before committing to a purchase.
Fiat currencies
The exchange supports the U.S. dollar (USD), the euro (EUR), pound sterling (GBP), the Australian dollar (AUD), Canadian dollar (CAD), and Brazilian real (BRL). If one of these fiat currencies is used in your location, you can buy crypto in your local currency quickly and easily.
Security
To keep accounts safe, Crypto.com uses security measures like whitelisting and two-factor authentication (2FA). You’re advised to use a strong password and personal online security practices to help protect your account. You can’t reverse a cryptocurrency transaction, so in the event of a security breach, you’re not likely to recover any lost funds.
To date, crypto.com has never been hacked. It uses solid compliance monitoring in addition to its security measures and stores customer deposits offline in cold wallets to help prevent losses and hacks. In the US, it provides FDIC insurance of $250,000 on balances in USD.
Getting started with Crypto.com
If you’re signing up via desktop, things can get tricky. The process is a lot simpler through the mobile app, which you can download from the Google Play Store or Apple Store. You start by entering your email and selecting a password. The platform verifies new accounts using the customer’s name, a selfie, and photo ID. Then, users must link a bank account or another accepted payment method.
Users in the US must enter Know Your Customer (KYC) details to have their identity verified, including contact details such as their name as well as a Social Security number. If everything goes well, it shouldn’t take more than 10 minutes to set up an account.
Customer support
You can access Crypto.com’s customer service by email, the help page, or live chat. No phone number is available for Crypto.com customers. Customer service can be less than helpful sometimes, with some users reporting low effectiveness and efficiency and slow responses. In fact, most of the exchange’s negative reviews come from poor customer service experiences. Other issues, albeit not as common, including problems withdrawing and locked accounts.
Still, bad customer service is not a rare thing for cryptocurrency exchanges. Even bigger ones, like Coinbase, aren’t immune to criticism. Like Coinbase, Crypto.com is best-described as a “self-service website”. This is why it’s probably better for people with some experience with trades and investments.
Account management
The mobile app gives a clear overview of Crypto.com accounts and assets. If you prefer, you can view them in a pie chart or a list. The app also lets users review transfers, manage bank accounts, track Crypto.com credit card balance, and make crypto trades.
We mentioned Coinbase just above. To continue with that comparison, we’ll point out that Crypto.com offers lower fees and a longer list of tradable assets. It’s less beginner-friendly than Coinbase though. It might be a better choice depending on your needs.
Coinbase Pro charges 0.50% for trades and supporters fewer digital assets than Crypto.com – about 125. Both exchanges work well for different investment and trading goals. You could open an account with both depending on your needs and trading experience.
Final thoughts
If you’re looking for an exchange with an extensive list of supported currencies and low fees, Crypto.com is a good choice. Experience managing a financial account through a mobile app is mandatory.
