Investing in cryptocurrencies comes with significant risk. You could lose all the money you invest. Please read our risk warning here.
When weighing Crypto.com vs. Cash App, understanding their distinct advantages is crucial. This article dives into the fees, features, and security of both platforms, offering insights to help you decide which suits your financial and investment activities better. From crypto offerings to customer support, we’ve got you covered.
Key Takeaways
- Crypto.com supports over 80 cryptocurrencies and provides both custodial and non-custodial wallets, while Cash App focuses solely on Bitcoin transactions and offers a custodial wallet.
- Crypto.com is available in 90 countries with a diverse range of services; Cash App has a limited presence, focusing mainly on users in the US and the UK.
- Both platforms offer unique financial services, with Crypto.com providing a Visa card with cashback rewards, and Cash App offering banking services, a customizable debit card, and Bitcoin rewards.
Crypto.com Overview
Launched in 2016, Crypto.com has rapidly expanded to over 100 million users, making it one of the best crypto exchange platforms. This top-tier crypto exchange lets users buy, sell, and manage their cryptocurrency through a dedicated mobile app, making it a popular choice among various crypto exchanges.
In addition to its trading features, Crypto.com offers a metal Visa card that includes benefits such as up to 8% back on spending and earning weekly interest on idle holdings. Moreover, the platform is keen on making crypto payments cost-efficient by offering free cryptocurrency transactions.
Cash App Overview
Conversely, Block, Inc.’s Cash App has distinguished itself by offering a wide array of financial services, including banking services. This app, initially named Square Cash, was introduced in 2013 and offers services ranging from payments and mobile banking to Bitcoin brokerage through partnerships with banks.
Apart from these core services, Cash App also allows users to invest in stocks using fractional shares for as little as $1 and to file taxes with Cash App Taxes. This wide range of financial activities makes the Cash App a versatile platform for its users, further enhancing its value proposition.
Cryptocurrency Offerings
In terms of cryptocurrency options, Crypto.com clearly outperforms the Cash App. With support for over 80 cryptocurrencies, Crypto.com provides users with a wide variety of digital assets for trading, making it a preferred choice for users interested in investing in other cryptocurrencies.
In contrast, Cash App focuses exclusively on Bitcoin, limiting its users to transactions and trades in Bitcoin. While this singular focus may be appealing to Bitcoin enthusiasts, it does restrict options for those interested in exploring other digital currencies.
Fees and Charges
Every user must carefully weigh the fees and charges. Here are some key points to consider about Crypto.com’s fees:
- By increasing trading volumes or holding CRO coin, one can lower trading fees, which start at 0.075%.
- Transactions made using credit or debit cards are charged up to 2.99%.
- Fee-free trading is available when using ACH bank transfers.
- Withdrawal fees on Crypto.com can be high.
Cash App, on the other hand, imposes variable charges when buying or selling Bitcoin; these include a service fee of approximately 1.76% and a possible additional spread from 0% to 1% on the transaction. This flat fees and spread model may not provide the same opportunities as Crypto.com for users to reduce or avoid costs.
Wallets and Security
In the realm of cryptocurrency, security takes precedence. Crypto.com and Cash App both prioritize this aspect, albeit in different ways. While Cash App offers a custodial wallet, where the company holds the virtual currency on behalf of the user, Crypto.com provides both custodial and non-custodial options, giving users the choice to have full control over their private keys and funds.
In terms of security measures, Crypto.com employs multi-factor authentication, including two factor authentication, cold storage solutions for customer deposits, insurance for digital assets, and the option to secure the app with biometrics or Google Authenticator. Cash App, on the other hand, employs encryption, fraud detection technology, and a secure, cold storage solution. Both platforms strive to balance convenience and control with robust security measures.
User Experience and Interface
Both Crypto.com and Cash App prioritize user experience and interface. Crypto.com app users appreciate its clear interface and straightforward functionality, which enhance the user experience. Its mobile applications are heavily used, particularly in the U.S., although desktop trading options are not as prevalent.
Cash App, too, scores highly on user experience. The ease of use and the added convenience of a linked physical debit card are often highlighted in user reviews. High-rated applications on both the iOS and Android platforms highlight this strong mobile presence, which demonstrates both platforms' dedication to providing a seamless user experience.
Global Availability
Crypto.com outstrips Cash App in terms of global reach. Serving over 70 million customers worldwide, it is accessible in 90 countries, providing services in regions including:
- the US
- the UK
- Europe
- the Middle East
- Australia
- Asia
- South America
- Africa
However, the availability of Crypto.com’s services and features varies by country due to different regulatory requirements.
In contrast, Cash App primarily serves users in the US and the UK, showing its restricted international presence. While Crypto.com is working on expanding their services to cover regions they are currently restricted in, such as offering services in New York, Cash App’s reach remains relatively limited.
Customer Support
Crypto.com and Cash App both offer multi-channel customer support. Crypto.com offers assistance through a help center, email support, and in-app live chat, while Cash App provides help via its application, a help center on the website, email, phone support, and social media platforms.
However, some users have voiced concerns about the challenges of reaching Cash App’s support and resolving account-related issues, which has become a noteworthy point of dissatisfaction among users. Despite such concerns, both platforms strive to deliver prompt and effective customer support to their users.
Staking and Rewards
Both Crypto.com and Cash App present appealing staking and rewards programs. Users can stake their crypto with Crypto.com for up to 14.5% interest, which requires funds to be locked for a designated period. Crypto.com Visa cardholders can earn rewards up to 8% back on spending, depending on their CRO stake volume.
On the other hand, Cash App has a unique rewards program where users can earn Bitcoin on purchases by adding offers to their Cash App Card without incurring additional fees, providing a unique way to earn Bitcoin and even sell bitcoin.
Payment and Banking Features
Crypto.com and Cash App each bring unique benefits to the table regarding payment and banking features. Crypto.com supports multiple fiat currency options, such as AUD, CAD, EUR, GBP, USD, and BRL, enabling users to make crypto purchases with their local currency. In addition, Crypto.com Visa cardholders can earn rewards like rebates on services such as Spotify, Netflix, and Airbnb.
Cash App offers the following features for managing your bank account and keeping track of your cash app balance:
- A customizable Visa debit card with cashback at selected stores
- FDIC insured balances
- A savings feature with no fees or minimums
- Reimbursement of ATM fees for users with qualifying direct deposits
These features add to the appeal of Cash App.
Integrations and Partnerships
Both Crypto.com and Cash App have made considerable progress by incorporating new technologies and forming strategic partnerships. Crypto.com simplifies engagement with decentralized finance and non-fungible tokens through its DeFi Wallet, which includes management features for NFTs across different blockchains.
In contrast, Cash App has integrated the Bitcoin Lightning Network to facilitate rapid and almost feeless Bitcoin transactions, showing its commitment to enhancing the user’s Bitcoin transferring experience.
Pros and Cons
As with any platform, Crypto.com and Cash App come with their own sets of advantages and disadvantages. The straightforward interface, withdrawal capabilities, and support for the Lightning Network are significant advantages for users, while the support for only Bitcoin, custodial nature of the wallet, and transaction limits could be seen as downsides depending on an individual’s needs.
For Crypto.com, its wide range of features and cryptocurrencies, staking options, and competitive network fees could be appealing to many users, particularly those looking to diversify their cryptocurrency portfolio.
On the other hand, Cash App’s focus on ease of use and Bitcoin transactions might be more suitable for those interested in a simple, straightforward platform to buy and sell Bitcoin.
Summary
In conclusion, both Crypto.com and Cash App have unique offerings that cater to different user needs. Crypto.com stands out with its wide range of cryptocurrencies, staking options, and competitive fees, making it a comprehensive platform for crypto enthusiasts. Cash App, on the other hand, offers a streamlined, user-friendly interface with a focus on Bitcoin transactions, making it ideal for users who prefer simplicity and ease of use.
Overall, the choice between Crypto.com and Cash App depends on individual preferences and needs. It’s crucial for users to consider their investment goals, comfort with technology, and preference for certain features before choosing a platform.
Frequently Asked Questions
Which platform supports more cryptocurrencies?
Crypto.com supports over 80 cryptocurrencies, making it the platform that supports a wider range compared to Cash App, which only supports Bitcoin.
How do the fee structures of Crypto.com and Cash App compare?
The fee structure of Crypto.com offers more potential for reduced fees through increasing trading volumes or holding CRO coin, while Cash App imposes a service fee of approximately 1.76% and a possible additional spread from 0% to 1% on Bitcoin transactions.
How secure are Crypto.com and Cash App?
Both Crypto.com and Cash App employ robust security measures to protect user funds and data. With options for custodial and non-custodial wallets, they offer different levels of security for users.
Which platform has more global availability?
Crypto.com has a wider global reach, being accessible in 90 countries, compared to Cash App's primarily US and UK user base. Choose Crypto.com for broader global availability.
What are the key differences between Crypto.com and the Cash App?
Crypto.com offers a wide range of features and cryptocurrencies with competitive fees, while Cash App focuses on Bitcoin transactions with a streamlined, user-friendly interface. Choose based on your cryptocurrency needs and user experience preferences.
