crypto.com review

A Comprehensive Crypto.com 2022 Review: How It Works, Is It For You?

The crypto world took off last year. With a market capitalization of more than $1.2 trillion, it is estimated that there are over 300 million cryptocurrency users worldwide. Reports show that the biggest trends in crypto are happening in 2022, and they are likely to continue through 2025 and beyond.

Institutional crypto adoption across large corporations and financial institutions that were skeptical of cryptocurrency has also led to the crypto world’s growth. By 2020 more than $15 billion of institutional assets under management were classified under crypto assets.

Cryptocurrency exchange platforms are now more popular than ever before. These platforms allow the trading of cryptocurrencies and other assets, including fiat and digital currencies. Crypto exchanges are the intermediary between the buyer and the seller. They make money from the transaction fees and commissions from trading.

What Is Crypto.Com, and How Does It Work?

Crypto.com was first launched as Monaco Technologies GmbH in June 2016. Most people are now familiar with its marketing efforts over the past year. Having Matt Damon star in their commercial and taking over the naming rights of the former Staples Centre has led to massive recognition for the crypto exchange.

These marketing moves are to push more awareness for crypto investments and increase the number of investors on their platform. Crypto.com offers different crypto services, including access to non-fungible tokens, wallet service options, and Visa rewards debit cards.

Crypto.com has more than 10 million users in over 90 countries, with its headquarters in Singapore. The platform has its digital token, Cronos (CRO), allowing investors to incur lower fees when trading.

Crypto.com provides an easy way to manage crypto assets for both beginner and immediate investors.

Crypto.Com Key Features

Here is an overview of the features to expect with Crypto.com:

1. Crypto.com App

With the app, you can buy over 100 cryptocurrencies at true cost and manage your crypto.com visa card. The Visa card allows users to pay for their daily purchases with crypto. The Crypto.com app lets you exchange fiat currencies and manage your Crypto.com Visa card. You can also sell crypto and withdraw crypto from the app as well.

2. Crypto.com Visa Card

With the Visa card, you can spend cryptocurrency and get up to 8% back after spending.

3. Crypto Earn

Once you deposit crypto, you earn up to 8% and up to 14% for stable coins, which are paid weekly.

4. Crypto.com Exchange

You can trade crypto with high liquidity with the best execution prices. The platform also has the lowest maker and take fees in the industry. Once you refer friends, you get up to $2000 in referral bonus and a 50% commission in discounted trading fees for a year.

5. Crypto Credit

Users can secure a loan with up to 50% LTV.

6. Crypto.com NFT

Users can access an exclusive NFT collection by musicians, A-list artists, athletes, and brands on Crypto.com NFT. The NFT platform is quite user-friendly and allows users to buy NFTs with a credit or debit card. Users can also easily start selling their collectibles on the platform, and the bids start at 0 USD.

7. Supercharger

Crypto.com Exchange and Crypto.com App users can easily deposit their CRO in the Supercharge pool and earn DeFi tokens as rewards. The rewards allocation is usually calculated daily during the charging period based on the liquidity provided by the user.

8. The Syndicate

Crypto.com users can also access the Syndicate and buy top crypto coins such as DOT, BTC, and Zil at almost 50% off.

9. DeFi (Decentralized Finance) Earn

Crypto.com users receive the best returns by depositing their token into protocols with the highest APY. DeFi Earn is currently integrated with Aave Lending V2, Compound, Yearn Earn V2, native CRO staking, and Cosmos Staking.

10. DeFi Swap

This is a fork for UniSwap V2, allowing users to swap and farm DeFi coins at the best rate available. Users can also connect and safely store their crypto tokens in the Crypto.com DeFi Wallet without compromising their private keys. Private keys help protect your assets on the cryptocurrency exchange.

11. Crypto.com Price

This page allows users to track the latest price of the tokens, market capitalization ranking, market movements, and other token information. If you are a merchant, you can use Crypto.com Pay to accept crypto payments.

It is important to note that some features might not be available, depending on your location. For example, Crypto.com’s lending services are unavailable in Singapore, Hong Kong, Malta, Switzerland, and the United States.

Crypto.com Supported Countries

Crypto.com is available in most countries across the globe, including the United States, Canada, Europe, Russia, Australia, Latin American countries in some Asian and African states. The Crypto.com exchange is a fully regulated crypto company that complies with the necessary financial and risk prevention regulations. You will therefore not be able to use its service anonymously.

Once you register for the Crypto.com app or Crypto.com exchange, you are required to provide either of the platforms with your:

  • Full legal name
  • Selfie as proof of liveness
  • A photo of a government-issued ID

For a Crypto.com Visa card, you must verify your residence address with a utility bill, not over three months. The platform takes an average of 3 business days to verify your account.

 

What Are Fiat Currencies Supported on Crypto.Com?

You can use fiat currency on the platform to make crypto purchases and top up the Crypto.com Visa card. You can also use your fiat wallet to withdraw from your Crypto.com account to your bank accounts. Here are the fiat currencies that are supported on Crypto.com:

Name Abbreviation
AUD Australian Dollar
CAD Canadian Dollar
EUR Euros
GBP Pound Sterling
USD US Dollar
USDC USD Coin
BRL Brazilian Real
SGD Singapore Dollar

 

What Cryptocurrencies Are Available?

Crypto.com exchange supports more than 250 cryptocurrency coins available for spot trading and some supported for staking. Crypto.com exchange has many coins of use to list all of them here. Here is the complete list of all the assets available on Crypto.com.

You can be sure that you will be able to trade on the most popular crypto coins in the crypto world. Here is a list of the most popular coins available on the platform.

Find out our article on which cryptocurrency to buy.

Name Abbreviations
Bitcoin BTC
Ethereum ETH
Cardano ADA
Dogecoin DOGE
Basic Attention Token BAT
Polkadot DOT

 

What Fees Does Crypto.Com Charge?

Here is an overview of the fees to expect on Crypto.com:

Withdrawal and Deposit Fees

Your deposit and withdrawal fees differ based on how you deposit fiat currency into your account. Here is how:

TRANSACTION FEE
ACH transfer Free (minimum $20)
Wire transfer Free (minimum $5,000)
Credit or debit card crypto purchases Up to 4% (waived for the first 30 days on the Crypto.com app)
Purchase crypto with money you’ve deposited Free
Send crypto to other Crypto.com App users Free
Exchange crypto to crypto Free
Crypto deposit fees Free
Crypto withdrawal fees Depends on the currency. (For example, it costs 0.0001 BTC to withdraw Bitcoin and as little as 0.001 CRO to withdraw Cronos.)

 

Maker/Taker Fees

30 DAY TRADING VOLUME (USD) MAKER TAKER
$0 – $250,000 0.40% 0.40%
$25,001 – $50,000 0.35% 0.35%
$50,001 – $100,000 0.15% 0.25%
$100,001 – $250,000 0.1% 0.16%
$250,001 – $1,000,000 0.09% 0.15%
$1,000,001 – $20,000,000 0.08% 0.14%
$20,000,001 – $100,000,000 0.07% 0.13%
$100,000,001 – $200,000,000 0.06% 0.12%
$200,000,001 and above 0.04% 0.10%

 

The higher the 30-day trading volume, the lower the fee.

Crypto.com DeFi Swap Fees

Your Crypto.com DeFi Swap allows you to connect with your personal Ethereum wallet for effortless ERC-20 token swaps. The platform charges 0.3% fees for liquidity providers to support the running of the smart contracts.

You can easily connect your DeFi Swap account with your Crypto.com DeFi Wallet account, and when transferring crypto on the Ethereum Network, you will only have to pay gas fees. You can also choose between average, fast, and super-fast transaction confirmation speeds.

crypto currency btc etc

What Are the Pros of Using Crypto.Com?

1. Easy to Use Mobile App

Crypto.com has an easy-to-use mobile app great for beginner investors. Both intermediate and experienced investors praise the mobile app for being the most user-friendly to trade with.

2. Excellent CRO Staking Rates

The platform offers great staking rates from its staking programs. You can easily buy and hold the native Crypto.com CRO tokens in your wallet for at least six months.

3. It Has the Prepaid Crypto.com Visa Card

Crypto.com offers its Visa card in five different tiers. The cards all have different benefits and different cashback rates. You must stake CRO tokens within 180 days to get the prepaid visa card.

4. It Supports More Than 250 Currencies

Crypto.com offers more than 250 crypto currencies for futures, spot trading, and advanced trading. The platform also allows various crypto trading activities, including swapping, trading and staking.

5. Competitive Trading Fees

Crypto.com offer transparent and competitive trading fee discounts. The platform offers up to 0.4% in trading fees with available discounts.

What Are the Cons of Using Crypto.Com?

1. High Withdrawal and Trading Fees

When compared to other platforms, Crypto.com has high withdrawal and trading fees. It is important to note that fees are only high if you hold or use CRO tokens.

2. Problems When Making Deposits

Many users have reported having issues while making deposits on Crypto.com. You need a third party such as Xfers or IBAN while making deposits to your accounts.

3. Unresponsive Customer Support

Many users have complained that the customer support on the platform is quite unresponsive. Some say it takes days and sometimes hours to get a response to their question.

4. The Discount Tier Is Confusing

Many users have complained that the discount tier is hard to understand and navigate.

people holding bitcoin laptop shovel

How Do Crypto.Com Exchange Compare Versus Other Similar Platforms?

Here is a Crypto.com review against other major crypto exchanges in the industry.

Cryptocurrency exchange Number of listed cryptocurrencies Trading Fees
Crypto.com 250++ 0.4%
Bitmex 18 0.075%
OKX 300++ 0.1%
Bitfinex 170++ 0.2%
Huobi Global 400++ 0.2%
Kraken 100++ 0.9% to 1.5%
Gemini 70 0.9% 
Coinbase 100+ 0.6% 
Independent Reserve 27 0.5%
Zipmex 100++ 0.2%
Luno 6 0.75%
Coinhako 12 1%

 

Should I Start Using Crypto.Com?

Yes, you should start using Crypto.com to invest in cryptocurrency. The platform has a huge selection of digital assets with low fees compared to other industry exchanges and exceptional security features. However, it does not support crypto-to-crypto trading, but advanced users benefit from the DeFi features and other Initial Coin Offerings (ICOs).

Here are other reasons why you should start using Crypto.com:

1. Wide Selection of Crypto-Coins

Crypto.com offers more than 250 cryptocurrencies on the platforms. This is a massive selection when compared to other exchanges in the industry.

2. Low Trading Fees

Crypto.com has no transaction and trading fee if you make your purchases with the money transferred from your bank account through an automated clearing house or ACH.

3. Easy to Use Mobile App

Crypto.com App is available on both android and iOS. It has an easy-to-use interface and is ideal for beginner traders and investors who prefer mobile trading.

4. Website Transparency

Crypto.com’s website has important information, including the supported assets, minimum investment, and how to close your account.

5. Minimum Trade

The minimum investment for the platform is $1, making it an ideal platform for beginner investors who want to start trading small.

man holding bitcoin

How Do I Sign Up for A Crypto.Com Account?

Here are the steps to follow when opening a Crypto.com account in Singapore:

1. Launch the Crypto.com website or download your phone to Apple Store or Google Play Store.

2. Afterward, you will be prompted to create your crypto.com on the mobile app or website using your email address. Once done, you will need to scan your passport or NRIC. You will need to scan your face with your mobile phone for the KYC (Know Your Customer) verification process.

3. The verification process may take a few days, and they will send you a prompt once you are verified. You will be prompted to resubmit your documents if your account has not been verified.

4. Once your account is verified, you may start funding your account as soon as possible through a credit card, Xfers, or bank transfer and start trading in crypto.

You can fund your Crypto.com account using either of the following methods:

Depositing Cryptocurrency

If you already have another crypto exchange account in another crypto wallet, you can deposit it into your Crypto.com wallets. Crypto.com Exchange supports about 250 coins, five of which are not supported in Singapore.

To deposit cryptocurrency in your Crypto.com account, you need to launch your Crypto.com app, tap ‘Transfer,’ ‘Deposit,” and then go to ‘Crypto.” You find your deposit address which you copy and paste into the other crypto wallet, and immediately start the transfer process.

Deposit Singapore Dollars Via EUR IBAN

To deposit funds through EUR IBAN, you will need an international money transfer platform such as InstaReM, Wise or DBS Remit. You will need to app Crypto.com app wallet as a new recipient on the platform.

Deposit SGD via Xfers

While in Singapore, you must use Xfers to deposit Singapore dollars to your Crypto.com account. First, you must create your Xfers account from their website and complete the Know Your Customer (KYC) verification process. Once done, you will need to launch your Crypto.com app and tap on the “Settings” icon in the top left-hand corner, which the “Xfers Account follows.”

Deposit USDC from Your Bank Account Through a Bank Transfer

You can also easily fund your Crypto.com account using USDC by transferring the funds from your bank account in USDC. To use this option, you will need to launch your app and tap on ‘Fiat Wallet”, followed by the “USDC Bank Transfer.” Once done, you will be prompted to submit your Singapore residential address for confirmation purposes. This process will take a few business days to get verified.

Related Questions (FAQs)

1. What Security Measures Does Crypto.Com Employ?

The platform uses the Defense in Depth culture meaning that the security processes are embedded in all the aspects of the business. The platform also has numerous security certifications, and this makes it one of the few crypto platforms that have not been hacked yet. Customer’s fiat currency deposits are held in highly regulated custodian bank accounts around the world hence benefiting from local regulation.

Crypto.com also keeps the funds in offline cold storage. They have a security solution in partnership with Ledger, which utilizes the institutional-grade custody solution Ledge Vault. The Ledger Vault uses technologies such as multi-signature keys and hardware security modules (HSM).

Crypto.com’s cold storage also has an FDIC insurance cover of USD 500 million, including indirect and direct coverage via custodians, third-party theft, and physical damage.

For the infrastructure security, the crypto platform uses Amazon Web Services (AWS), which offers the following security features:

  • Automatic encryption of all traffic
  • Network and web application firewall
  • Controlled encryption with integrated Transport Layer Security (TLS)
  • Business continuity planning for attacks and outages prevention
  • Monitoring, logging, automatic threat detection, and real-time analytics
  • Among other industry-level analytics.

Crypto.com also has a range of internal Crypto.com risk controls, which include:

  • An internal dedicated team screens deposits for compliance with AML, KYC, and alcohol, tobacco, and firearms (ATF).
  • Industry-leading AI analytics and multi-factor authentication.
  • Withdrawals undergo request screening and flag suspicious transactions amount and frequency.
  • Strict control measures for both cold and hot wallets.
  • Penetration testing through different attack vectors and external audits.
  • It has the Hacker One Bug Bounty program for responsible vulnerability disclosure.

2. What Is the Crypto.com Visa Debit Card?

The Crypto.com Visa Card is a prepaid debit card you can use with cryptocurrency and fiat. If you decide to fund it with fiat, you can do so with the funds already on your Crypto.com account. The debit card has five tiers. Each cashback visa card has its benefits.

With each tier, you must stake a certain amount of CRO token on the crypto platform for 180 days. Staking means you must commit your CRO to the platform for the state period. After which, you will earn CRO rewards.

Here is a look at the Crypto.com Visa card tiers:

TIER CRO STAKE CRO REWARDS
Midnight Blue $0 1%
Ruby Steel $400 2%
Royal Indigo and Jade Green $4,000 3%
Frosted Rose Gold and Icy White $40,000 5%
Obsidian $400,000 8%

 

Here is a summary of what you get with the crypto.com visa card:

BENEFIT CARD TIER(S) RESTRICTIONS
Spotify fee reimbursement Ruby Steel, Royal Indigo/Jade Green, Frosted Rose Gold/Icy White, Obsidian Up to $12.99 per month
Netflix fee reimbursement Royal Indigo/Jade Green, Frosted Rose Gold/Icy White, Obsidian Up to $13.99 per month
Amazon Prime fee reimbursement Frosted Rose Gold/Icy White Obsidian Up to $12.99 per month
Expedia reimbursements Frosted Rose Gold/Icy White, Obsidian Up to 10% of each purchase with a $50 limit per month
Airbnb reimbursements Obsidian Up to 10% of each purchase with a $100 limit per month
Unlimited LoungeKey airport lounge access Royal Indigo/Jade Green, Frosted Rose Gold/Icy White, Obsidian Can bring one guest with a Frosted Rose Gold, Icy White, or Obsidian card
Crypto.com Private services Frosted Rose Gold/Icy White, Obsidian N/A
Exclusive merchandise welcome pack Frosted Rose Gold/Icy White, Obsidian N/A
Private jet benefits Obsidian Valid on the first flight with a private jet partner of Crypto.com
Free ATM withdrawals All card tiers Between $200 and $1,000 per month based on card tier

 

3. Is Crypto.Com Legal in Singapore?

The Crypto.com app and the desktop version of Crypto.com Exchange are available in Singapore. It is important to note that trading cryptocurrency is legal in Singapore, but cryptocurrencies are not recognized as legal tender in the country. This means you cannot pay for any goods or repay your debts in cryptocurrency.

Learn more on the best crypto etf to consider for Singaporeans.

4. Can I Transfer Crypto from Crypto.Com to Other Cryptocurrency Exchanges?

Yes, you can easily transfer your crypto to other cryptocurrency exchanges. To initiate a transfer, you need to go to ‘Transfer,’ then ‘Withdraw, and then ‘External Wallet.’ Once here, you will need to add the other crypto exchange’s wallet address.

There are minimum withdrawal amounts and fees. For example, for Bitcoin, the minimum withdrawal is 0.0005 BTC, while the withdrawal fee is 0.0004 BTC.

5. What Payment Methods Are Accepted on Crypto.Com?

Every payment method here has different charges.

  • Cryptocurrency
  • Credit card
  • PayPal
  • SEPA
  • TransferWise

Conclusion

Crypto.com is a great crypto exchange platform for investors looking for a platform with relatively low fees and a long list of cryptocurrencies. It is ideal for people who feel confident in managing financial products through an app and may be ideal for investors with intermediate knowledge and experience. Like most crypto platforms, customer service is not their best suit, so it is ideal for planning a majorly self-service experience.

Key Takeaways

  • Crypto.com offers more than 250 cryptocurrencies for futures, stop trading, and advanced order types.
  • Crypto.com supports a massive crypto ecosystem that allows staking crypto, trading, and swapping in large trading volume.
  • Crypto.com is ideal for people with intermediary knowledge of crypto trading since they do not have the best customer service.
  • Crypto.com support various fiat currencies, including the pound sterling and the Australian dollar.

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