Crypto.com Review

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Crypto.com Review

Cryptocurrency exchanges, unlike conventional brokerage companies, are not members of the Securities Investor Protection Corp. (SIPC).As a result, unless the user agreement states otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange may lose their money as unsecured creditors.

Pros Explained

  • A comprehensive list of cryptocurrencies is supported: More than 250 currencies are supported, including spot trading, futures, and complex order types.
  • Transparent, low fees with discounts: Crypto.com provides competitive trading costs of up to 0.40% with discounts.
  • Crypto.com facilitates cryptocurrency trading, staking, and exchanging as part of an ecosystem of cryptocurrency goods. It also provides its own credit card and crypto wallet, as well as the ability to invest in NFTs.

Cons Explained

  • Higher costs unless you own and use CRO: Crypto.com members who own and utilize CRO currency may get savings on their trading fees.
  • Poor customer service: Customers have complained about sluggish and low-quality customer service replies.
  • Trading fee reductions might be difficult to understand: The trading fee discount levels on Crypto.com might be difficult to understand.

Introduction

Crypto.com is a well-known cryptocurrency exchange that accepts a variety of crypto assets and blockchain-related items. Users may buy, sell, and trade a wide range of currencies while paying very minimal trading costs. The firm also provides bitcoin credit cards, a decentralized exchange, a standalone crypto wallet, and an NFT marketplace. Users may also stake their cryptocurrency or keep it in a Crypto.com wallet for a fixed amount of time to earn up to 14.5% interest.

Crypto.com may be a suitable option for people wishing to purchase and keep currencies such as Bitcoin and Ethereum. Fees are capped to 0.40% and decrease with high trading volume or considerable CRO currency holdings. Crypto.com presently supports 250 currencies and provides complex order types, as well as the ability to trade cryptocurrency futures on its platform.

Keep in mind that the cryptocurrency market is volatile, and these investments are considered high-risk; thus, only invest money you can afford to lose.

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly speculative and dangerous, and markets may be quite volatile. Before making any financial choices, get the advice of a trained specialist. Investopedia or the author make no suggestion to invest in cryptocurrencies, nor can the accuracy or timeliness of the material be guaranteed.

Company Overview

Crypto.com was established in Hong Kong in 2016. It now provides over 250 cryptocurrencies to over 10 million consumers globally. Crypto.com provides a unique range of cryptocurrency-related financial solutions to consumers in 90 countries.

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Crypto.com is excellent for novice to experienced cryptocurrency users because to its extensive currency selection, inexpensive cost, and other services. However, novices may find the abundance of features overwhelming.

Overall, Crypto.com is the ideal option for people who want to do more with their cryptocurrencies than just purchase and keep. It’s an excellent platform for aggressive traders and anybody interested in utilizing cryptocurrency as a currency rather than simply an investment.

Cryptocurrencies Available on Crypto.com

Crypto.com offers over 250 currencies for spot trade, with a subset also available for staking. While there are too many currencies supported to mention them all, you should expect to be able to buy and sell the majority of the most often traded currencies. (See the complete list of accessible materials.)

Popular assets available on the platform include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Polkadot (DOT)

Crypto.com also has its own cryptocurrency, CRO. If you have a large investment in CRO, you will be rewarded with cheaper trading costs, greater staking interest rates, and larger credit card rewards.

Crypto.com’s trading costs begin at 0.40%. Fees as low as 0% are available to high-volume traders and those with a big CRO stake.

Trading Experience

Crypto.com’s mobile app, which is accessible for both Android and iOS smartphones, serves as its key center. If you’re used to trading stocks using a smartphone app, you’ll probably find the process simple and uncomplicated.

The Crypto.com app allows you to instantly check your portfolio as well as a list of popular assets. The mobile app offers everything you need to trade currencies, earn money by staking your cryptocurrencies, make cryptocurrency payments, and sign up for a Crypto.com credit card.

The Bitcoin tracking page in the Crypto.com app

Its chart tools are simplistic and don’t provide a lot of information. However, each currency’s website offers a quick summary as well as links to more thorough information, allowing you to learn about the blockchain and currency before purchasing.

Several fiat currencies are also supported by Crypto.com, including the Australian dollar (AUD), Canadian dollar (CAD), euro (EUR), pound sterling (GBP), US dollar (USD), and Brazilian real (BRL).This flexibility enables people from many nations to effortlessly acquire cryptocurrency using their native money.

Fees

Without any CRO staking, new Crypto.com customers will pay 0.4% on transactions with a total monthly trading volume of less than $25,000. Trading costs are somewhat lower than those of several significant industry rivals, but not the lowest available.

Without CRO staking, higher-volume traders may qualify for costs as low as 0.04% as a maker or 0.1% as a taker. Trading costs are reduced when you have at least 5,000 CRO in your wallet. Traders with up to $25,000 in monthly volume pay 0.36% at that time. Rates fall as the stake is greater.

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Because there are no extra per-trade fees, Crypto.com offers low pricing.

Security

To assist keep user accounts secure, Crypto.com employs a variety of security procedures, including multi-factor authentication (MFA) and whitelisting. To help safeguard your account, you should also utilize a strong password and 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 assist avoid breaches and losses, Crypto.com employs rigorous compliance monitoring and holds client deposits offline in cold storage. It also collaborates with local banks in the United States to provide $250,000 in FDIC protection on US currency deposits.

Opening a Crypto.com Account

Download the Crypto.com app from the Google Play Store or Apple Store to establish an account. Start by entering your email address and selecting a password on the app. Your name, a snapshot of your photo ID, and a selfie are used to verify new Crypto.com accounts. Following that, you must connect a payment mechanism, such as a bank account.

If you’re connecting a bank account in the United States, you’ll be asked for Know Your Customer (KYC) information, such as your name, contact information, and Social Security number, to verify your identity. Fully verified customers may deposit and withdraw monies up to the daily and monthly restrictions set by Crypto.com.

The process of creating a new account, including KYC verification, usually 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.

Customer Service

Customer service at Crypto.com is offered through a help website, email, and live chat. Customers of Crypto.com do not have access to phone assistance. While customer support is accessible through email and chat, numerous customers have complained about delayed answers and a lack of assistance in addressing account issues.

Customer Satisfaction

Crypto.com has average customer feedback and is rated 2.2 out of 5 stars on Trustpilot. The majority of bad reviews center on poor customer support, frozen accounts, and withdrawal issues. Others have expressed worry about compromised accounts and lost payments.

Cryptocurrency exchanges with poor customer support are very widespread, and Crypto.com is no exception. Because customer care isn’t always helpful, it’s best to think of Crypto.com as a self-service website. It’s probably better for those who are familiar with online financial goods and don’t need much guidance.

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Account Management

The mobile app allows users to effortlessly access their Crypto.com accounts and assets.

Cryptocurrency wallet at Crypto.com

You may also use the app to manage your bank accounts, review transfers, conduct crypto transactions, and check the balance of your Crypto.com credit card.

How Crypto.com Compares to Other Cryptocurrency Companies

Both Crypto.com and Coinbase are well-known exchanges in the United States. When compared to Coinbase, Crypto.com has a larger selection of tradable assets and reduced trading costs. However, its interface is more difficult to use than Coinbase, and the trading experience is less user-friendly. However, depending on your requirements, Crypto.com may be a better option.

Here is a summary of the key differences between Crypto.com and Coinbase:

Crypto.com vs. Coinbase

  • For trades, Crypto.com costs up to 0.40%, whereas Coinbase Pro charges 0.50%.
  • Crypto.com offers over 250 virtual currencies, whilst Coinbase only accepts 158.
  • Coinbase has a straightforward, user-friendly interface that may be easier to operate for newcomers than Crypto.com.

Both Crypto.com and Coinbase might be useful for a variety of trading and investment objectives. You may opt to establish an account with both, depending on your requirements and trading expertise.

Final Verdict

Crypto.com is a fantastic option for cryptocurrency traders searching for a platform with minimal costs and a large number of supported currencies. It’s suited for folks with intermediate bitcoin knowledge and expertise who are comfortable managing a bank account using a mobile app.

Customer assistance, like those of other cryptocurrency exchanges, is not Crypto.com’s strong te, so expect a mostly self-service experience. If you’re okay with that, Crypto.com could be a good fit for your requirements.

Methodology

Investopedia is committed to assisting individuals interested in cryptocurrency investment in making sound judgments. We are dedicated to provide our readers with honest evaluations of the best cryptocurrency exchanges for all levels of investment.

Security, costs, the quantity of cryptocurrencies accessible, and other factors were considered while evaluating exchanges. We also assessed whether the exchange is governed by a centralized authority or is totally decentralized. Our whole bitcoin exchange methodology is accessible for scrutiny, including the review process and weighted data points.

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