Crypto.com Review 2022 – Definitive Guide to Using the Popular Crypto Exchange

Those who want to buy a broad range of cryptocurrencies and want to use their mobile devices to make payments with fiat money may find Crypto.com to their liking. It’s a reliable, low-fee cryptocurrency exchange that offers more than 150 coins that are accessible across much of the United States. Learn more about Crypto.com by reading our thorough review.

What Is Crypto.com?

In addition to a wide choice of cryptocurrencies and blockchain-related items, Crypto.com is a notable exchange. Users may trade a wide variety of currencies at a low cost because of the vast range of currencies offered. The service also offers an NFT marketplace, a decentralized exchange, and cryptocurrency credit cards. Those who stake or store their crypto on Crypto.com may earn up to 14.5 percent interest depending on the duration of time they keep them there.

If you’re interested in investing in cryptocurrencies such as Bitcoin and Ethereum, Crypto.com might be an excellent place to start your journey. High trading volume or a considerable CRO currency holding reduces fees by 0.40 percent. There are currently over 250 currencies supported on Crypto.com’s platform, which includes advanced order types and the ability to trade crypto futures. Always keep in mind that investing in cryptocurrencies has a significant level of risk, so only invest money you can afford to lose.

Crypto.com was formed in Hong Kong in 2016. More than 10 million consumers throughout the globe can now choose from a wide variety of cryptocurrencies offered by the company. Customers in more than 90 countries may benefit from Crypto.com’s wide variety of blockchain-related financial products.

Newbie and professional cryptocurrency enthusiasts may benefit from Crypto.com’s extensive currency selection, affordable prices, and features. However, newbies, on the other hand, might be put off by the sheer number of options.

As a whole, Crypto.com is the best option for individuals looking to do more with their crypto than just invest in it and store it. Anyone who wants to use cryptocurrency as a means of payment and not simply an investment product will find it useful.

Crypto.com Features

One day, the creators of Crypto.com foresee a world in which cryptocurrency is a mainstream financial option rather than an unusual one. Regardless of whether you think this will happen or not, Crypto.com might assist you to include crypto into your financial strategy. To reach this goal, the platform provides the following valuable features in addition to the conventional buying and selling of cryptocurrency.

High-Interest Rates

The ability to make money by lending your assets to others is provided on this exchange, as well as many notable others. Borrowers may use these funds to verify transactions in proof-of-stake currencies or in any other way they like.

With Crypto.com’s Earn program, depending on the currency you give out and the quantity of Cronos (CRO) in your account, you may earn up to 14% annually on your deposits. There is a one-month or three-month option to lock in your rate if you choose to do so, but prices may vary. If you don’t want to devote yourself to a term, you can always retrieve your crypto.

Cashback Visa Card

Prepaid Visa cards like those offered by Crypto.com enable you to utilize your crypto assets more conveniently. CRO, the platform’s native cryptocurrency, is accessible to everyone, but those that buy and keep it are likely to make the highest revenue from it.

Five reward levels are available on the Crypto.com Visa Card dependent on how much CRO you own. They provide users with different types of services such as Spotify, Netflix, and even Airbnbs.

All of the card tiers on Crypto.com.

All of the Card Tiers on Crypto.com. Source: Crypto.com

Crypto.com fees

Crypto.com, like other crypto exchanges, has a maker-taker fee model. Based on whether your order produces liquidity or lowers liquidity, you pay a different cost for the transaction. This implies that you pay a separate fee for the transaction.

However, Crypto.com lowers your costs according to your trading volume or if you are putting up CRO coins as collateral. Hence, the more CRO coins you stake, and the more you exchange in 30 days, the greater your savings.

Supercharger

DeFi tokens may be earned by depositing CRO into the Supercharger pool, which is available on the Crypto.com App and Exchange. Each user’s liquidity is used to evaluate the incentive sharing every day during the Charging Period.

Crypto.com NFT

Using the Crypto.com NFT Platform, you can generate and showcase NFTs, as well as purchase and sell them. NFT collections by well-known artists, sports, and companies can be accessed simply by joining up for Crypto.com NFT. Customers may purchase NFTs with a credit or debit card and trade products in the Marketplace.

Crypto.com’s NFT Homepage.

Crypto.com’s NFT Homepage. Source: Crypto.com

Crypto.com DeFi Swap

As a fork of the popular cryptocurrency exchange Uniswap V2, it enables users to swap and farm DeFi tokens at the highest available rates. They may also log in to the Crypto.com DeFi Wallet, where they can securely keep their cryptocurrency.

Certain features may not be available to you, depending on the country you live in. There are several additional features available on the Crypto.com platform that we have not included here; please take the time to explore them.

Crypto.com’s Pros

Among other things, Crypto.com offers a few key advantages that set it apart from other similar platforms. We have listed a few of them down below.

User-Friendly Interface

Crypto.com’s sleek and user-friendly mobile app UI has been highly acclaimed by the majority of its customers. However, it has been noted that the mobile app has a tendency of crashing. Furthermore, Crypto.com does not have any online or desktop applications for bigger displays.

Staking Interest Rates

There is a six-month holding period for the Crypto.com native coin in your app’s wallet while using the staking program offered by Crypto.com. The staking interest rates at Crypto.com are fairly good, with 6% for CRO (below $500), 6.5 % for BTC (above $5,000), and 14.5 % for Polkadot (above $50,000).

Crypto.com Visa Card

Five distinct debit card levels are available from Crypto.com, the most basic of which is the Midnight Blue Tie and Ruby Steel cards. Receiving prizes in CRO is one of the benefits of Crypto.com.

Crypto.com’s Cons

Crypto.com, like any other platform, has its share of drawbacks. Here are some of the more notable ones.

Customer Support

There is a wide range of opinions on Crypto.com’s customer service. Crypto.com has been accused of taking days or even weeks to react to support issues made by certain users. Your account tier determines how quickly you receive a response from Crypto.com.

Deposits

Many people have expressed their difficulty depositing fiat money into their Crypto.com accounts online. Third-party payment gateways are required in Singapore, such as Xfers or IBAN. Furthermore, the platform has a notoriety for being complex to navigate for new users.

Potential High Fees

The maker-taker approach used by Crypto.com is basic, with fees ranging from 0.04 percent to 0.40 percent for the maker and 0.10 percent to 0.40 percent for the taker. Coinbase charges a fee for credit card transactions, and investors are no different. It’s common for fees to rise when the price of a cryptocurrency fluctuates rapidly or when there are important international events. It will take longer to complete your transaction if you have made multiple minor deposits into your account.

How To Open A Crypto.com Account

Opening a new account on Crypto.com is simple, as it is with most modern cryptocurrency platforms. To begin with, navigate to the official Crypto.com exchange website. After that, click the “Sign Up” button in the upper right corner. There, double-check that you have entered all of your information correctly. After that, confirm the terms and agreements and then click “Create Account.” 

Keep in mind that some jurisdictions are not supported, so you will be unable to create an account. Remember to verify your account by clicking “Log In” in the email you received from Crypto.com. Enter your phone number and confirm your verification code there. Finally, press the “Continue” button to confirm your identity. In this section, you must enter your full legal name and upload a photo of your ID, both front and back.

Finally, take a photo of your face and wait a few days. After your identity has been verified, enter a passcode, choose your payment currency, and proceed to the next page. Confirm the terms and conditions. Congratulations! You’ve completed the process of creating your Crypto.com account.

Crypto.com Vs. Coinbase

Two reputable cryptocurrency exchanges, Crypto.com and Coinbase, each provide a native currency. Cryptocurrency trading is available on both exchanges. A digital wallet and top-notch security are also included. But let’s see what makes them different from each other.

Crypto.com is far less expensive, despite them both being well-known. With the maker-taker price system, bigger trading volumes are rewarded, while Coinbase offers maker-taker costs that are a little higher and may also charge fixed fees. Additionally, Crypto.com offers a variety of options to earn cryptocurrency, as well as income on deposits. The simplicity of usage and educational possibilities offered by Coinbase, on the other hand, set it apart.

We compared both exchanges based on their offered currencies, fees, unique features, and security. Let’s see which one is better.

Features

Both platforms offer a mobile app, as well as a digital wallet. However, the platforms’ features vary. While Coinbase concentrates on basic education, Crypto.com, which began as a crypto payment platform, provides a variety of goods, including Visa cards, crypto pay at checkout, and many methods to earn cryptocurrency.

Coinbase investors value a large collection of cryptocurrency trading knowledge. Users may earn cryptocurrency by completing a class or watching a tutorial on different cryptocurrencies. Crypto.com provides very little instructional content. Its level of expertise covers the platform’s fundamentals. Instead, it mainly focuses on products.

Security

Both crypto exchanges are extremely secure platforms that provide the modern features necessary for operating in the US. Both exchanges include two-factor authentication (2FA). They also employ a bug bounty mechanism to uncover vulnerabilities. Coinbase claims to maintain 98 percent of its assets in cold storage, whilst Crypto.com claims to keep 100 percent in air-gapped cold storage.

Each platform has a digital wallet with great security features. Whitelisting, on the other hand, is mandatory on the Crypto.com wallet but optional on Coinbase. The Crypto.com wallet delivers encrypted private keys to the user. When using Coinbase, you can’t maintain your private keys in your trading account, but you may do it in your stand-alone wallet.

Currencies

Crypto.com offers more than 150 cryptocurrencies, while Coinbase supports more than 100 trading cryptocurrencies. Both accept major fiat currencies such as USD and EUR. Crypto.com supports 26 fiat currencies, although Coinbase no longer shares their whole list.

Fees

The most significant distinction between the systems is in pricing. Crypto.com uses the maker-taker structure, with maker costs ranging from 0.04 percent to 0.40 percent and taker fees ranging from 0.10 percent to 0.40 percent. Using credit cards incurs extra costs for investors, as it does for Coinbase. Coinbase charges maker costs ranging from 0.00 to 0.40 percent and taker fees varying from 0.05 to 0.60 percent.

Crypto.com provides significant discounts to CRO holders. According to how much you stake, you may get higher and bigger discounts up to 100 percent of the maker-taker fees using a tiered approach. Although there are several Coinbase promos available on the internet, there are fewer alternatives for fee reductions on Coinbase.

CRO Holder Discounts.

CRO Holder Discounts. Source: Crypto.com

Easy To Use

Both systems include web-based or app-based trading. Although the mobile applications and internet tools are simple to use, the transactions seem different. Coinbase has a straightforward approach, making it simple to explore the website and determine your next actions. In contrast, Crypto.com offers a variety of items, and the interface might be confusing at first. Beginners who are new to investing may feel more at ease utilizing Coinbase.

Final Verdict

Some of the top cryptocurrency exchanges are distinguished by their ease of use, cheap costs, and a diverse variety of currencies. Although there is a little learning curve with Crypto.com, the app and website are simple to use. Furthermore, the fees are cheaper than on Coinbase, and the currency selection is greater. These factors, together with a variety of discounts and items, place Crypto.com ahead of Coinbase.

Crypto.com Vs. Binance

Platform Interface

You can use Crypto.com’s app on both iOS and Android smartphones with ease. On its smartphone app, Crypto.com does a decent job of making crypto trading easier. It’s easy to trade and move coins across wallets via the smartphone app. Additionally, skilled traders will like Crypto.com’s trading interface, which includes a variety of useful charts.

While Binance’s mobile app is essentially identical to Crypto.com’s, it has a considerably more advanced design that may be frightening for new users. The Binance desktop interface has a higher learning curve than the Binance mobile app, which is equivalent in complexity. If you are new to cryptocurrencies, Crypto.com’s mobile app is a great option.

Security

A number of financial regulators are now investigating Binance, and its platform is not authorized in numerous countries, including the United States and the United Kingdom. In addition, a security failure resulted in the theft of 7,000 bitcoins from the platform back in 2019. 

It’s a useful tip to never put big sums of money in an exchange’s wallet, even if the theft was largely due to the loss of customers’ 2FA credentials, which are outside the control of the platform. As a result of the incident, Binance has taken steps to compensate its customers for the damage they have suffered and has also strengthened its security measures.

However, Crypto.com has never been hacked, and its platform incorporates multi-factor authentication and anti-phishing methods like Binance, making it less vulnerable to hackers. On top of that, Crypto.com promises to hold all of its users’ coins in cold storage. 

Fees

It seems that both platforms impose maker-taker fees depending on the trading volume produced by the user; therefore, they appear to be the same when it comes to fees. 

For investors with a 30-day trading volume under $25,000, Crypto.com will impose a 0.05 percent maker fee and a 0.07 percent taker fee. Crypto.com charges makers and takers 0.04 percent and 0.065 percent accordingly for monthly trading volumes beneath $50,000 on the platform. On the other hand, there is a 0.1% maker and taker charge for trading volumes of less than 50 BTC for Binance. There is a 25% discount for using the Binance currency at any tier.

The Main Features

Via Crypto.com, a metal Visa card enables people to spend their crypto assets and get a return bonus for every transaction. The main drawback is that the incentives are paid out in Crypto.com’s native CRO currency, which might fluctuate at times. In addition, the exchange offers a DeFi service that allows you to trade a range of DeFi tokens, despite the fact that it is a centralized platform.

In addition to offering a wide range of currencies to trade, Binance is notable for the large number of cryptocurrency pairings it supports. Binance is also a good place to start if you’re interested in trading cryptocurrency derivatives, such as perpetual swaps and futures. Nevertheless, trading derivatives is a dangerous endeavor. In terms of the trading volume. Binance is a leading cryptocurrency trading platform.

In terms of profit features, both exchanges have a lot to offer. Coins such as AVAX and NEAR may offer you up to 20% at Binance, while Crypto.com provides up to 14.5 percent APY on your cryptocurrency holdings. Staking is available on both Binance and Crypto.com’s CRO DeFi wallets.

Coinbase Vs. Crypto.com Vs. Binance

One of the finest exchanges for newbies, and also the only one regulated enough to be listed on the Nasdaq Stock Market, is Coinbase. Getting started with cryptocurrency has never been as simple as it is with Coinbase.

The fact that Coinbase is the most popular cryptocurrency exchange doesn’t imply that Crypto.com and Binance aren’t worthy of consideration. Binance provides reduced costs, larger volumes, and a wider variety of coin pairings. We prefer Crypto.com’s debit card, though, because of its many bonuses, but this is a matter of personal preference; make sure to pick the best platform that suits your needs.

Frequently Asked Questions (FAQ)

Is Crypto.com Safe?

Yes, Crypto.com  is very secure, and it uses security precautions that are industry-standard or higher for citizens living in the US.

Is Crypto.com Good?

All in all, Crypto.com is among the greatest options out there. It’s an excellent site for professional traders and anybody interested in utilizing cryptocurrency as a legitimate currency rather than merely as a means of investment.

Does Crypto.com Charge Fees?

Yes, Crypto.com does have a set of fees it imposes on its users. Crypto.com maintains a simple strategic plan based on the maker-taker model, with maker fees ranging from 0.04 percent to 0.40 percent and taker fees varying from 0.10 percent to 0.40 percent, respectively.

Takeaways

  • Crypto.com is a renowned exchange where users may trade a wide range of currencies at a minimal cost.
  • It has a lot of extra features that make buying and selling cryptocurrency even better.
  • Crypto.com has a few things that make it different from other platforms giving it an advantage in the crypto scene.
  • There are certain disadvantages to using Crypto.com, just as there are with any other cryptocurrency exchange.
  • A number of factors, including discounts and products, put Crypto.com ahead of Coinbase.
  • All in all, for those who want to do more with crypto than merely keep it, Crypto.com is a great platform.