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.
Whether you are a seasoned trader or a beginner, selecting the appropriate trading platform is vital yet often overlooked. Your level of expertise, trading frequency, and preferred assets will determine the best broker for you. This review will examine Crypto.com as a broker and identify the types of traders or investors it best serves.
What is Crypto.com?
Crypto.com is a comprehensive cryptocurrency platform that offers a variety of services for users to buy, sell, and trade cryptocurrencies. Founded in 2016, the platform has evolved into a crypto ecosystem with a range of features, including staking, wallets, NFTs, and more. Users can trade over 250 cryptocurrencies on the Crypto.com app and exchange, with low fees and discounts available for those with a stake in the Crypto.com coin (CRO).
In addition to the exchange, Crypto.com offers a variety of services, such as Pay, Earn, Credit, and more. While not a regulated exchange, Crypto.com works closely with regulatory bodies worldwide to ensure a secure and seamless trading experience.
One of the standout products offered by Crypto.com is the Crypto.com Visa Card, which enables users to make cryptocurrency payments at numerous merchants worldwide. This innovative card allows users to spend their cryptocurrencies in everyday transactions, making it easier to use cryptocurrencies in real-life situations.
Overall, Crypto.com is a user-friendly platform that offers a range of services for those interested in buying, selling, and trading cryptocurrencies. With its comprehensive ecosystem and innovative products, Crypto.com is a popular choice for those looking to enter the cryptocurrency market.
Crypto.com Review – Pros
The Crypto.com exchange and app offer several advantages, including:
Large Selection of Cryptocurrencies
Crypto.com is one of the largest and most popular exchanges globally, thanks to its extensive selection of cryptocurrencies. Users can trade over 250 different cryptocurrencies effortlessly, across various markets such as spot trading, futures markets, and with multiple advanced order types.
This broad range of options allows traders and investors to diversify their portfolios and take advantage of various market opportunities. The availability of numerous cryptocurrencies also caters to the diverse interests and preferences of Crypto.com’s users, making it a one-stop-shop for all their crypto trading needs.
We will delve deeper into their collection of cryptocurrencies later in this review, but it’s important to note that Crypto.com’s large selection is a significant advantage for those looking for a versatile crypto trading platform.
Easy to Use for Beginners
Many popular cryptocurrency exchanges tend to prioritize advanced trading features and tools, which can overwhelm beginners and limit their target audience. However, with Crypto.com, this is not the case. The exchange is designed to be user-friendly, making it easy for those new to cryptocurrency trading to navigate and place orders. The platform’s intuitive design ensures that even those who have never traded before can easily sign up and begin trading on Crypto.com.
The same applies to the Crypto.com mobile app, which boasts a modern and user-friendly interface, making it simple for beginners to use. The app’s design caters to the needs of both novice and experienced traders, providing an accessible and seamless trading experience.
Overall, Crypto.com stands out from other exchanges by catering to the needs of a broader audience, including those who are new to the world of cryptocurrency trading.
Low Fees
Crypto.com stands out from other major cryptocurrency exchanges by charging competitive trading fees, despite offering a wide variety of assets for trading. Unlike other exchanges, Crypto.com’s fees are not inflated, making it an attractive option for regular traders.
Furthermore, users can enjoy discounted fees by holding Crypto.com Coin (CRO). Even without the discount, the fees for using the Crypto.com app and exchange are relatively low. This is a significant advantage for those who trade frequently, as it can help reduce their overall trading costs.
Overall, Crypto.com’s low fees make it an appealing choice for individuals looking to trade cryptocurrencies without breaking the bank.
Strong Security Measures
Crypto.com prioritizes security, as demonstrated by its robust security measures. These measures have been tested and proven effective, even in the face of attempted cyberattacks.
The platform employs various security features to safeguard users’ funds and data. Given the high trading volume and diverse ecosystem of Crypto.com, it’s no surprise that it has been targeted by cybercriminals. However, the platform’s industry-grade security features have consistently protected its users.
These security measures are detailed in the security section of this review, providing a comprehensive overview of Crypto.com’s commitment to maintaining a secure environment for its users.
Crypto Ecosystem
The Crypto.com app stands out from other trading platforms due to its comprehensive and diverse ecosystem, which satisfies all cryptocurrency-related needs. This one-stop-shop offers a range of services, including cryptocurrency trading, staking, NFT trading, and the ability to spend crypto at millions of global locations. With everything available in one place, users can efficiently manage their crypto assets and enjoy a seamless experience.
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
Just like every coin has two sides, the Crypto.com trading platform also has its drawbacks. Some of the cons associated with the platform include:
Poor Customer Service
One of the major downsides of using the Crypto.com app is its subpar customer service. Many users have reported that the support team is unresponsive or unhelpful, which can be frustrating, especially when issues arise. What’s more, Crypto.com’s customer service has been criticized for being unhelpful, even in cases of serious account security concerns and problems. This lack of support can be a significant concern for users who value prompt and effective customer service.
High Bias Towards $CRO Holders
In our Crypto.com review, we discussed how users who trade on the platform can receive trading fee discounts by holding $CRO tokens. While this benefit may seem advantageous for $CRO holders, it can also become a double-edged sword. Many users have complained that the platform’s fee structure strongly favors $CRO holders, making it challenging to trade profitably without holding $CRO tokens. Additionally, using $CRO for trading can result in larger discounts compared to stablecoins, fiat currencies, or other cryptocurrencies. Furthermore, higher staking rewards are only available for staking $CRO tokens, with lower rewards for other tokens.
Lack of Educational Content
As discussed earlier, the cryptocurrency world is relatively new, and many users are just beginning to explore the world of cryptocurrencies and/or trading. Therefore, a vital service offered by cryptocurrency exchanges is educational content and learning materials that help users understand the platform and trading in general.
However, when it comes to Crypto.com, there is a noticeable absence of such educational resources, making it more challenging for users to navigate the learning curve associated with trading on the platform.
High Minimum Deposits
The cryptocurrency markets are notorious for their high volatility compared to traditional fiat currencies, which is why novice investors may not want to risk a large amount of capital early on in their trading journey.
To accommodate such users, many trading platforms offer low minimum deposit requirements for account setup. However, this is not the case with Crypto.com.
To create an account and start trading on the Crypto.com app, users must deposit a minimum of $500 via bank transfer, which can be prohibitively high for some investors and traders. The same minimum amount applies to bank transfer withdrawals.
Limited in Some Countries
Although we’ve noted in this review that Crypto.com provides an extensive selection of cryptocurrencies for trading, this might not be the case globally. In some countries, including but not limited to the US, the Crypto.com exchange offering is quite restricted, and may not encompass the full range of features.
Limited Support for Crypto-to-Crypto Trading
You can easily buy and sell a variety of cryptocurrencies on the Crypto.com App, but there is limited support for crypto-to-crypto trading, and in some countries, it is not possible to trade one cryptocurrency for another using the App. As a result, if you are using the Crypto.com App, your cryptocurrency balance can only be traded for fiat currencies. If you want to trade one cryptocurrency for another, you will have to do so through the Crypto.com Exchange, which can be inconvenient when you need to trade quickly.
Crypto.com History
Since its founding in 2016 in Hong Kong, Crypto.com has expanded its services to over 10 million users worldwide and is currently available in more than 90 countries. One of the main factors contributing to the platform’s rapid growth is the wide variety of cryptocurrencies it offers, as well as its extensive list of features. Unlike other trading platforms, Crypto.com offers a unique ecosystem that is tailored for users who want to use cryptocurrencies as a form of payment and an actual currency, rather than just a trading asset. Its features and services make it an ideal choice for those who want to take advantage of the entire ecosystem and create a more comprehensive cryptocurrency experience.
Crypto.com – Cryptocurrencies Available
Crypto.com supports over 250 cryptocurrencies, and users can buy, sell, and trade them on the platform. Some of the most popular assets available for trading include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT). Additionally, Crypto.com has its own native token, CRO, which offers benefits such as lower fees, higher staking interests, and higher cashback rates on transactions made with the Crypto.com Credit Card.
Crypto.com Fees
Trading platforms charge two types of fees: trading fees and non-trading fees. Trading fees are fees that users pay to place orders on the platform and have them executed. Most cryptocurrency exchanges charge spreads or commissions as trading fees.
Spreads
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, meaning users are effectively trading against the platform. As a result, there is usually a difference between the price at which an asset can be bought and the price at which it 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. This means that if a user were to buy and sell an asset at the same time, they would incur a loss.
Commissions
Another type of trading fee that an exchange might charge is a flat commission on every trade made. This is typically a small percentage of the trading volume and decreases as the trading volume increases. In other words, the higher the trading volume, the lower the fees that will be paid in this regard.
Crypto.com Trading Fees
Crypto.com operates a commission-based fee structure, where users pay a fixed percentage of their trading volume as fees to the platform. The standard trading fee for users without $CRO tokens and a monthly trading volume of under $25,000 is 0.4%. However, users can holding $CRO tokens can get a discount on their trading fees. Holding 5,000 CRO tokens reduces the fee to 0.36% for trading volumes below $25,000 per month. The more CRO tokens you hold, the lower your trading fees become.
It’s worth noting that Crypto.com uses a maker/taker fee structure. Maker orders, which add liquidity to the market, are charged lower fees, with the lowest fee being 0.04% per trade. Taker orders, which take away liquidity from the market, are charged higher fees, with the lowest fee being 0.1% per trade.
Non-Trading Fees
Cryptocurrency platforms often charge various incidental fees and charges in addition to trading fees. These fees and charges will be discussed in detail below.
Deposit Fees
Crypto.com does not charge any fees for depositing funds into your trading account, whether it’s in fiat currency or cryptocurrencies. The only fees you’ll pay are the network fees associated with the deposit.
Withdrawal Fees
Withdrawal fees are also charged by the majority of cryptocurrency exchanges, just like deposit fees. You must pay withdrawal fees depending on your chosen method of withdrawal when you withdraw money from your Crypto.com account.
For instance, gas fees are the only charges associated with cryptocurrency wallet withdrawals. These fees vary depending on the network and coin used for the transfer.
A different set of fees is charged for withdrawals made via bank transfer. You must pay a minimum of $500 to withdraw money, and you will be charged a $25 fee for doing so.
Crypto.com Ecosystem
The Crypto.com ecosystem includes several features and components, each of which will be thoroughly described below:
Crypto.com Spending Cryptocurrency
Spending cryptocurrency has become more convenient with the Crypto.com Credit Visa Card. Since it’s linked to Visa, the card can be used anywhere Visa is accepted worldwide. But that’s not all – you’ll also receive a cashback bonus every time you use the card. Depending on the card type, it can go as high as 8%.
This card offers a more streamlined way to use your fiat currency. You won’t need to withdraw your funds, as you can spend your cryptocurrencies directly with the card, making transactions more efficient.
Crypto Earn
Crypto.com Earn allows users to earn interest on their idle cryptocurrencies by depositing them and earning interest, similar to a bank account. Interest can be up to 7% for standard cryptocurrencies and 14% for stablecoin deposits and is calculated weekly and deposited into your trading account, providing a flexible way to earn passive income on your crypto assets.
Crypto.com Credit
Crypto.com Credit allows users to acquire loans in fiat currency by using their crypto assets, such as BTC and CRO tokens, as collateral. The loans can be approved for up to 50% LTV, contingent on various factors. This implies that users can obtain a loan for up to 50% of the value they choose to place as collateral through Crypto.com.
Crypto.com NFT
Users of the Crypto.com platform can access NFT collections created by A-list musicians, artists, and brands by signing up to the Crypto.com NFT platform.
The platform allows users to purchase NFTs using their credit or debit card, which are sold through the marketplace. The bidding for these NFTs starts at $0.
Crypto.com Syndicate
Traders on the Crypto.com Exchange can also access the Syndicate and purchase cryptocurrencies at significant discounts as they become available. For instance, users can buy cryptocurrencies such as BTC, DOT, and ZIL at discounts of up to 50%.
Crypto.com Price
The Prices page on the Crypto.com platform provides users with a straightforward and user-friendly way to monitor the prices of the most popular cryptocurrencies. This page displays the current price of each token, its market capitalization, and recent market movements. Furthermore, users can also access additional information about each token.
Crypto.com Security
Crypto.com prioritizes the safety and security of its users’ assets by implementing various security measures. One such measure is multi-factor authentication, which ensures that only authorized users can access their accounts by requiring physical access to their devices. Additionally, Crypto.com takes steps to prevent fraud through compliance measures, such as storing the majority of its deposits offline, following industry standards. The platform also offers up to $250,000 in FDIC insurance for USD deposits, providing users with added peace of mind.
Crypto.com – Signing Up
Opening a trading account on Crypto.com is a straightforward process that can be completed in just a few simple steps.
Step 1: Create a Crypto.com Account
To initiate the process, users must visit the Crypto.com website and click the “Sign Up” button. You will then be prompted to provide personal information, including your name, email address, and password.
Step 2: Verify Your Account
Once you have created your account, you will need to verify your identity by completing the Know Your Customer (KYC) process. This involves submitting proof of identity and proof of address. Only after completing this step can you deposit funds into your account.
Step 3: Fund Your Account
You can add funds to your Crypto.com account via bank transfer, credit/debit card, or an existing crypto wallet. Both fiat currencies and cryptocurrencies are accepted.
Step 4: Start Trading
Once your account is funded, you can begin trading immediately. Simply log in to the Crypto.com App Marketplace, search for the crypto pair you wish to trade, enter the amount, and click “Buy” or “Sell.” The order will be executed rapidly.
That’s it! With these simple steps, you can start trading on Crypto.com. The platform’s user-friendly interface and robust security measures make it a popular choice for those looking to buy, sell, and trade cryptocurrencies.
Crypto.com Review – Final Verdict
Crypto.com provides an excellent option for traders seeking a more comprehensive cryptocurrency experience beyond just buying and holding. With its wide range of features and the Crypto.com ecosystem, users can access a variety of services at low fees, making it an ideal platform for those familiar with the world of cryptocurrencies and looking to explore more opportunities.
