Whether you are just getting started in the world of cryptocurrencies or you’re a newbie, there is no part of the trading process that is as important yet as overlooked as the process of choosing the right trading platform for your needs. Depending on the level of experience you have, the frequency of your trades, and the type of assets that you wish to trade, your choice of broker will differ largely.
In this Crypto.com review, we will analyze Crypto.com as a broker and look at what kind of traders or investors it is best suited to.
What is Crypto.com?
Crypto.com is a cryptocurrency exchange that supports a wide variety of trading and investing behavior, including but not limited to staking, wallets, NFTs, as well as other features and functionalities.
Through the Crypto.com app and exchange, users have the opportunity to trade over 250 cryptocurrencies with low fees compared to the industry standard. In addition to this, as we will discuss in the fees section, users can also get a discount by having a stake in the Crypto.com coin (CRO).
It was founded in 2016 as a crypto exchange, and since then it has grown to become a full-fledged crypto ecosystem that includes a wide variety of features and services – such as the Crypto.com app, the Crypto.com exchange, the Crypto.com DeFi swap, the Crypto.com wallet, Crypto.com Pay, Crypto.com Earn, Crypto.com Credit, as well as other services, all of which will be discussed below in this review.
While it is not exactly a regulated exchange, it works in a cooperative manner with regulatory institutions all over the world and has grown over the years to make the process of trading as easy and seamless as possible for traders.
One of the flagship products of Crypto.com, which we shall be analyzing in detail below, is the Crypto.com Visa Card, which allows users to easily make payments in cryptocurrencies at a variety of stores worldwide.
Crypto.com Review – Pros
The Crypto.com exchange and app have several pros associated with them, which include:
Large Selection of Cryptocurrencies
The Crypto.com Exchange is one of the largest and most popular exchanges in the world, and this is largely attributable to the fact that they have a very large and diverse collection of cryptocurrencies available for users to trade.
While we shall be looking at their collection of cryptocurrencies in detail later, it is important to note here that Crypto.com allows users to trade over 250 different cryptocurrencies easily.
Additionally, this trading is offered across a variety of different markets such as the spot trading markets, the futures markets, as well as with different advanced order types.
Easy to Use for Beginners
A lot of the more popular cryptocurrency exchanges usually lose out in terms of their target audience and customer onboarding by trying to incorporate as many trading features and advanced tools as possible, with the intention of giving experienced traders everything they might require in one place.
However, the world of cryptocurrencies is still quite new and evolving, and therefore, it is important to remember that there are a lot of people who are just getting started with the world of cryptocurrency trading and might not be familiar with all the advanced tools and features.
Therefore, a lot of platforms can be quite intimidating to beginner investors. This is not the case with the Crypto.com exchange, as it has been designed to ensure that it is quite intuitive to navigate and place orders. Even a beginner who has never traded before can easily sign up on Crypto.com and begin to trade.
The same also applies to the Crypto.com mobile app, which has been designed with a very modern and easy-to-use theme.
A lot of major cryptocurrency exchanges usually charge very high fees, especially as they begin to grow and start listing more and more assets. However, this is not the case with Crypto.com, and compared to the rest of the industry, it actually charges very competitive trading fees, especially considering the sheer variety of assets that can be traded through Crypto.com.
For example, users can get a discount on the fees that they pay simply by having a stake in the Crypto.com Coin (CRO). Even without these discounts, the fees associated with the Crypto.com app as well as the Crypto.com exchange are quite low, and this makes the platform very attractive to regular traders.
Strong Security Measures
While we discuss this more in the security section of this review, it is important to note that Crypto.com is among the most secure cryptocurrency exchanges in the world, and this has been proven time and time again as the platform has been a victim of an attempted cyberattack.
There are a variety of security features that the platform uses in order to protect its users, their funds, and their data. Given the high trading volume on Crypto.com along with its diverse ecosystem, it is no surprise that Crypto.com is the victim of several cyberattacks, however, the platform’s security features are industry-grade.
As we discussed earlier, one of the biggest reasons why people prefer using the Crypto.com app over other trading platforms is simply due to the fact that it has a very large and diverse ecosystem.
This means that it is a one-stop shop for all your cryptocurrency needs, whether you wish to trade cryptocurrencies, stake your digital assets, trade NFTs, or simply spend your crypto at millions of stores around the world.
Crypto.com Visa Card
The Crypto.com visa card is possibly one of their flagship products and is one of the best things about using Crypto.com as a platform. There are different tiers to the cards that the users can choose from based on their needs and requirements.
Each tier of the Crypto.com visa card has its own set of advantages and perks, which included cashback of up to 8% on everyday purchases, higher staking rewards, as well as the social clout of owning a crypto metal card that lets you make crypto payments anywhere in the world.
Passive Income Opportunities
The Crypto.com app also offers a variety of passive income opportunities to users so that they can earn interest on their idle cryptocurrency assets, and the most famous among these features is the Crypto.com Earn feature.
Through this feature, users can deposit their cryptocurrencies in more or less the same way as depositing funds to a bank account, and earn interest on the funds. This is a form of staking but is a lot more convenient, flexible, and easy to engage with.
Crypto.com also offers a variety of other passive income opportunities through their Earn features.
Crypto.com Review – Cons
Every coin has two sides, and the Crypto.com trading platform is no exception. There are several cons associated with the platform, which include:
Poor Customer Service
One of the biggest drawbacks of using the Crypto.com app is the fact that they have very poor customer service, and they have frequently been accused of being unresponsive or unhelpful by users.
This becomes a bigger issue when you consider the fact that the Crypto.com customer service has been unhelpful even when it comes to serious account security issues and problems.
High Bias Towards $CRO Holders
As we mentioned earlier in this Crypto.com review, users trading through the Crypto.com platform can get trading fee discounts by holding $CRO. While this is a good thing for the holders of these tokens, it can very easily become a double-sided sword.
For example, there have been numerous complaints that the fee structure of the platform is very heavily biased towards $CRO holders, in the sense that it becomes almost impossible to trade profitably on the platform without having $CRO tokens.
This also translates to using $CRO, as a larger discount can be applied if you use $CRO to trade instead of stablecoins, fiat currencies, or other cryptocurrencies.
Similarly, users can only get higher staking rewards if they choose to stake their $CRO tokens, and the rewards for other tokens are not as high.
Lack of Educational Content
As we discussed earlier, the cryptocurrency world is quite new, and a lot of users are only just getting started with the world of cryptocurrencies and/or trading. Therefore, one of the key crypto services of any cryptocurrency exchange is the presence of educational content and learning material that users can use in order to learn more about the platform and about trading in general.
With regards to Crypto.com specifically, there is a lack of such educational content, which makes the learning curve associated with trading on Crypto.com a lot steeper and harder to navigate.
High Minimum Deposits
The cryptocurrency markets are known for their high degree of volatility as compared to fiat currencies, which is why beginner investors might not wish to risk a lot of capital in them at the early stages of their trading journey,
In order to cater to such users, trading platforms normally allow users to set up accounts on the platform with very low minimum deposit requirements. However, this is not the case with Crypto.com.
In order to set up an account and begin trading with the Crypto.com app, the minimum amount that you have to deposit is $500 for a bank transfer, which can be quite high for some investors and traders.
The same also applies to when you wish to withdraw funds through a bank transfer, and the minimum amount that you have to withdraw in this regard is $500.
Limited in Some Countries
While we have mentioned in this Crypto.com review that the platform offers a very high collection of cryptocurrencies to trade, this might not be the case worldwide. In several countries, including but not limited to the US, the Crypto.com exchange offering is quite limited, and might not include the entire range of features.
Limited Support for Crypto-to-Crypto Trading
While the Crypto.com Exchange offers a variety of cryptocurrencies that users can buy and sell easily, the App only has very limited support for crypto-to-crypto trading, and in some countries, it does not allow you to trade one crypto for another at all.
Therefore, if you are using the Crypto.com App, all you can do with your cryptocurrency balance is to trade it for fiat currencies. If you wish to trade one cryptocurrency for another, you will have to do so through the Crypto.com Exchange, which is quite inconvenient at times when you wish to trade quickly.
Crypto.com was founded in 2016 in Hong Kong, and since then it has grown to provide over 250 cryptocurrencies to more than 10 million users across the world. Based on research and surveys, it was estimated that Crypto.com currently has customers in over 90 countries, where it offers its range of cryptocurrency services and other associated features through the ecosystem.
One of the biggest reasons why the Crypto.com platform has been able to grow as quickly as it has is because of the wide variety of cryptocurrencies that can be traded through it, and also because of the long list of features that it offers.
Crypto.com has uniquely positioned itself in the market as being much more than a trading platform – in fact, as you will see through this Crypto.com review, the platform is actually not very suitable for you if all you are planning to do is buy and hold your cryptocurrencies.
The trading platform is the most suitable for users who wish to take advantage of the entire ecosystem that Crypto.com offers, and use that to create a more holistic cryptocurrency offering.
Additionally, the platform is suitable for anyone who wishes to use cryptocurrencies as a means of payment and an actual currency instead of simply treating them as an asset to trade.
Crypto.com – Cryptocurrencies Available
As we discussed earlier, the Crypto.com Exchange supports over 250 cryptocurrencies that users can buy, sell, and trade through the platform. In addition to this, a subset of these currencies is also available for staking and can be used by holders to earn rewards on their idle cryptocurrencies.
Some of the most popular assets that are available to trade on the Crypto.com platform include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
In addition to this, the Crypto.com platform also has its own native token – which is the CRO coin. Holders of the CRO token are rewarded with lower fees, higher staking interests, as well as a higher rate of cashback on their transactions through the Crypto.com Credit Card.
Any trading platform charges two types of fees: trading fees and non-trading fees.
Trading fees refer to the fees that users pay in order to place orders on the platform and have them executed. Most cryptocurrency exchanges charge fees in one of two ways: they either charge spreads or commissions.
Spreads refer to the difference between the bid price and the ask price. This model is primarily adopted by market-maker trading platforms that assume the position of the counterparty in the trade. Therefore, you are effectively trading against the platform.
When this happens, there is usually a difference between the price at which you can buy the asset and the price at which the asset can be sold at any given moment. The buying price, also called the bid price, is almost always higher, and the difference between these two prices is called a spread.
What this effectively means is that if you were to buy and sell an asset at the same time, you would actually incur a loss.
The other form of trading fee that might be charged by an exchange is a flat commission on every trade that you make. This is usually a very small percentage of the trading volume and is done in a decreasing manner, i.e. the higher your trading volume, the lower the fees that you will have to pay in this regard.
Crypto.com Trading Fees
The Crypto.com fee structure is largely commission-based, with users paying a fixed portion of the trading volume as fees to the platform.
For starters, users that do not hold $CRO tokens and have a monthly trading volume of less than $25,000will pay a 0.4% trading fee on each trade that they make. This is slightly lower than the industry average, but not by much.
Users can also get a discount on their trading fees by holding $CRO tokens, and holding 5,000 CRO tokens will reduce your fees to 0.36% for trading volumes of below $25,000 a month.
The larger your stake of CRO Tokens, the lower your trading fees become.
Another important point to consider when it comes to the fees that Crypto.com charges are that it employs a maker/taker fee structure. Here’s what that means:
Orders that add liquidity to the market are called maker orders and are charged a lower fee. The lowest fees that you can pay as a maker are 0.04% per trade.
Orders that take away liquidity from the market are called taker orders and are charged higher fees. The lowest fees that you can pay as a taker are 0.1% per trade.
In addition to the trading fee, cryptocurrency platforms often also charge a variety of other incidental fees and charges. These have been discussed in detail below.
Most crypto exchanges charge fees in order to allow users to deposit money into their accounts. On Crypto.com, there are no charges associated with depositing funds to your trading account, whether you choose to do so in the form of fiat currency or cryptocurrencies. The only fees that you will end up paying are the network fees associated with the deposit.
Similar to deposit fees, most cryptocurrency exchanges also charge fees if you wish to withdraw money out of the platform. When you wish to withdraw money from your Crypto.com account, there are withdrawal charges associated with it, depending on the method of withdrawal you choose.
For example, withdrawals to crypto wallets are free apart from the gas fees you pay for the transfer. This is highly dependent on the network you use to withdraw your money and the coin you are withdrawing.
On the other hand, when you choose to withdraw funds through a bank transfer, you will be charged fees for the withdrawal. The minimum amount that you have to withdraw in this regard is $500, and you will incur a fee of $25 for doing so.
There are several different features and parts to the Crypto.com ecosystem, and these have been discussed below in detail.
Crypto.com Spending Cryptocurrency
Through the Crypto.com Credit Visa Card, you can spend cryptocurrencies whenever you want. Since the card has been developed in connection with Visa, it can be used by a variety of vendors all over the world.
Additionally, you also get a cashback whenever you decide to use the Crypto.com visa card in order to make payments. This cashback depends on the type of card you are using and could be as high as 8%.
Therefore, the credit card serves as a more efficient way of using your fiat currency, because it means that you can bypass the withdrawal process and just spend your cryptocurrencies directly.
Through the Crypto.com Earn facility, users can deposit their idle cryptocurrencies and earn interest on them, similar to earning interest on deposits made into a bank account.
The interest that you earn can be up to 7% for standard cryptocurrencies and up to 14% for stablecoin deposits. This interest is calculated weekly and deposited into your trading account, providing you with a more flexible method of earning passive income on your crypto assets.
Crypto.com Credit allows users to obtain loans in the form of fiat currency by holding their crypto assets such as BTC and CRO tokens as collateral.
These loans can be given out with up to 50% LTV depending on a lot of factors. This means that you can get a loan for as much as 50% of the amount you choose to place as collateral through Crypto.com.
Users of the Crypto.com platform can also access NFT collections that have been made by A-list musicians, artists, and brands by signing up to the Crypto.com NFT platform.
This platform allows users to buy NFTS using their credit or debit card, and these are sold through the marketplace. The bidding for these NFTs starts a $0.
Traders that use the Crypto.com Exchange can also access the Syndicate and purchase cryptocurrencies at high discounts as and when they become available.
For example, users have the opportunity to purchase cryptocurrencies like BTC, DOT, and ZIL at discounts which are as high as 50%.
The Prices page on the Crypto.com platform also provides an easy and efficient way for users to track the prices of all the major cryptocurrencies.
This page displays the latest price of the tokens, their market capitalization, as well as the market movements that the token has made recently. Additionally, users can also get information about the token.
Crypto.com uses a variety of security measures that are designed to keep users and their wallets as secure as possible while trading on the platform.
For example, multi-factor authentication is a security protocol that the Crypto.com platform employs, and it ensures that no one else has access to a user’s account without being able to physically access their device.
Crypto.com also uses a variety of compliance measures to prevent fraud. As is the standard industry practice, they store a majority of their deposits offline so that hacks and losses through cyberattacks can be prevented.
Additionally, the Crypto.com platform provides up to $250,000 in FDIC insurance on USD deposits made through the platform.
Crypto.com – Signing Up
As we discussed earlier, the process of signing up on Crypto.com for a trading account is actually quite straightforward and has been discussed below in detail.
Step 1: Sign Up for Crypto.com
This step is as simple as heading over to the Crypto.com website and clicking on the sign-up button. At this stage, you will then be asked to enter your information, including your name, email address, and contact information. Additionally, you will be asked to set up a password for your account.
Step 2: Deposit Funds
The next step is to deposit money into your account. You can only do this once you have verified your account and completed the KYC process, which requires you to submit your proof of identity and proof of address.
You can then deposit money to your Crypto.com Account through bank transfer, credit/debit card, or any existing crypto wallet. Funds can be added in the form of both fiat currencies and cryptocurrencies.
Step 3: Begin Trading
The last step for you is to simply begin trading. To do this, once you have deposited the funds into your account, simply head over to the Crypto.com App Marketplace, search for the crypto pair you wish to trade, enter the amount, and click on buy or sell. The order will be executed almost instantaneously.
Crypto.com Review – Final Verdict
Crypto.com offers a good choice for traders that are looking to do more than simply buy and hold their cryptocurrencies. Through its robust offerings and the Crypto.com ecosystem, it enables users to access the complete plethora of cryptocurrency services, all at low fees.
The platform is highly suitable for people who feel confident with the world of cryptocurrencies and are looking to expand their horizons