4 out of 5 stars
Crypto.com is a one-stop platform for crypto trading, investing, and spending. It is one of the top cryptocurrency exchanges on the market, with more than 80 million users worldwide.
The exchange offers a wide range of innovative financial services, such as trading options, tools, and ways to make money with crypto. It also has a crypto debit card that allows users to spend their crypto holdings easily.
Crypto.com works with a large number of cryptocurrencies, and it has its own token that lets people get rewards. It's interesting that the fees for using its native token are some of the lowest in the crypto market.
Furthermore, the platform offers access to decentralized finance (DeFi) features. Through the platform, users can find decentralized applications (DApps) and take part in ways to earn DeFi. It also helps people learn more about the industry through its crypto university, which has a lot of useful information.
However, the crypto exchange needs to improve in a few areas. This review will explore the platform's top products and notable features. It will also highlight the areas where it falls short. Additionally, we will compare the exchange to other top exchanges in the industry.
|Products||Lending · Loans · Staking · Wallets · Exchange · Card|
|Interest Rates||Up to 0.4% APY on Stablecoins, 0.1% on BTC|
|Mobile App||Yes - iOS & Android|
|Available in USA||Yes - some geo-restrictions apply|
|Insured||Yes - $750 million|
|Withdrawal Fees||Varies by crypto|
The company was established in 2016 in Hong Kong and was initially known as "Monaco." Its founders, Bobby Bao, Rafael Melo, Gary Or, and Kris Marszalek, looked to create a platform to bridge the prevailing financial system and the future crypto payment system.
In 2018, the company's name changed to Crypto.com after purchasing the new domain name from a cryptography researcher, Prof. Matt Blaze. It has also moved its headquarters to Singapore.
Crypto.com provides a platform for active crypto traders and those looking to do more with their crypto. It offers spot, margin, and futures trading types, as well as other advanced trading instruments like trading bots. Users can also leverage the platform's Visa cards to spend cryptocurrencies like real currencies.
The exchange supports more than 250 cryptocurrencies across multiple trading pairs. It also allows users to deposit fiat currencies into their accounts. The only way to get to the platform is through the mobile app, but institutional investors can use the Crypto.com exchange on the web. This version only supports crypto-to-crypto trades.
Furthermore, the platform offers several opportunities to allow users to earn passive income. It also provides crypto loans, staking, NFT, and access to DeFi services. In addition, users will access rewards, high yields, cash backs, and low fees based on the amount of Cronos (CRO) tokens they hold.
Crypto.com Products and features
Crypto.com has a lot of products and features that help users get the most out of their crypto trading strategies. The following are some examples:
This is the most basic trading type available to users on Crypto.com. Spot trading involves trading crypto at the current market price. Just as its name suggests, all trades in the spot market are determined on the spot for immediate delivery.
Both new and experienced traders can use this type of trading to buy and sell cryptocurrency right away.
Margin trading involves borrowing extra funds to increase one's trading position. Users can borrow funds and increase their trading profits on Crypto.com during both up and down market movements.
The amount of leverage is determined by the account level. Crypto.com offers up to 10x leverage for more than 100 supported pairs. Also, borrowing rates vary depending on the leverage amount.
Derivatives trading is a type of advanced trading that lets traders bet on how the price of an asset will move without actually owning that asset. This kind of trading is typically used for hedging and speculation.
Crypto.com offers different types of derivatives, including futures and perpetual futures. Futures contracts end every month or every three months, but contracts that last forever don't end. However, users can close the contracts at any time.
Another advanced trading instrument available on Crypto.com is the Trading Bot. Users who do not want to monitor market movement constantly can take advantage of trading bots to trade all day.
Trading bots automatically place orders based on preset parameters. As a result, they can potentially profit or advance users' positions.
Crypto.com has an "Earn" section where users can invest in over 21 cryptocurrencies and stablecoins and receive interest. It simply requires users to deposit their favorite crypto and accrue interest daily.
Interest can be as high as 14.5%, depending on the selected coin, the term, and the amount of CRO tokens staked. Stablecoins offer higher interest, and locking for up to three months offers higher returns. Also, the larger the CRO stake, the larger the receivable interest.
Rewards are paid out weekly and in kind. This means investors will receive their payout in the same cryptocurrency they deposited. Rewards are sent directly to users' wallets.
Crypto.com DeFi Wallet
Crypto.com's DeFi wallet is a non-custodial wallet that serves as a gateway to a full suite of DeFi services. On the most basic level, users can send, receive, store, and swap cryptocurrencies across several chains on the DeFi wallet app.
Additionally, users can find decentralized applications (DApps) and access DeFi earning opportunities on the hottest decentralized exchanges. The wallet also lets you put in non-fungible tokens (NFTs) in different formats that are used on different blockchains.
As a non-custodial wallet, the Crypto.com wallet allows users to keep their private keys. Thus, users maintain total control over assets stored in the wallet.
Crypto.com Visa Card
One of Crypto.com's most interesting features is the Visa debit card. With Crypto.com's prepaid debit cards, users can buy everyday things with cryptocurrency and earn rewards. Also, users can top up the card balance with fiat currency or crypto.
Crypto.com debit cards have no annual fees and offer up to 5% cash back on spending. The cards come in five variations for the five available tiers. Note that these tiers have specific CRO staking requirements, which determine how much cash back users can get.
Users who are not staking CRO tokens can still access the "Moonlight Blue" card. However, as the bottom tier card, holders do not qualify for cashback or other card benefits like Spotify, Amazon Prime, Netflix, and other rewards. Also, it is limited to a $200 free ATM withdrawal and a total of $5000 in free ATM withdrawals per month.
The rest of the tiers include Ruby Steel, Royal Indigo & Jade Green, Royal Indigo & Jade Green, and Obsidian. The higher the tier, the higher the cashback, free ATM withdrawals, total ATM withdrawals, and card benefits. Note that all cards are metal; hence, they are durable.
Crypto.com users can trade more than 250 cryptocurrencies on the trading app. These include popular cryptocurrencies and stablecoins. Here are some of the major ones:
- Bitcoin (BTC)
- Ethereum (ETH)
- Terra (UST)
- Cronos (CRO)
- Litecoin (LTC)
- Ripple (XRP)
- Enjin Coin (ENJ)
- TRON (TRX)
- Dogecoin (DOGE)
- Avalanche (AVAX)
- Solana (SOL)
- Stellar Lumens (XLM)
- Polkadot (DOT)
- Polygon (MATIC)
- Basic Attention Token (BAT)
There are different payment methods available to users on Crypto.com. Users can buy cryptocurrencies with fiat through any of these methods. They include:
- Debit/credit cards
- Bank transfers
- Crypto.com Pay
Crypto.com is a fully regulated crypto platform. It follows all relevant financial and risk-prevention rules so that it can do business in different places.
It recently got more than half a dozen approvals from government agencies, including one from the Cyprus Securities and Exchange Commission (CySEC). It is also registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France.
The exchange is also registered under the name Foris Dax UK Limited and follows local rules against money laundering (AML). It also complies with U.S. industry standards and is accessible to U.S. residents.
Crypto.com is open to residents of more than 100 countries worldwide. These include the U.S., Australia, Singapore, Canada, and the U.K.
Cronos Token (CRO)
Cronos (CRO) is a utility token designed to facilitate transactions within Crypto.com's financial ecosystem. It is native to the Cronos blockchain, an open-source, decentralized network created by Crypto.com.
Besides paying transaction fees, CRO is used to level up for rewards and discounts. For instance, people who own CRO tokens can stake them to get up to 5% cashback on Crypto.com Visa card purchases and a 10% discount on Crypto.com payments. They can also receive higher yields on Crypto.com Earn and higher staking rewards. The higher the CRO stake, the higher the rewards.
The CRO token offers value and utility to holders. There are a total of 30 billion of them, and no more will be made. Thus, the token has an element of scarcity. As demand grows, this could increase the value for holders.
Crypto.com employs standard security features to secure funds deposited on its platform. The company says every aspect of its business is secured and undergoes stress tests.
The company's custodial partner, Ledger, secures users' funds in cold storage. Also, its insurance program against damage or theft is worth about $750 million. This amount includes both direct and indirect custodian coverage. Additionally, all USD balances on Crypto.com are FDIC-insured, similar to bank account balances.
Crypto.com has the security features you need to keep your personal information safe, such as anti-phishing and multi-factor authentication. The platform offers phone, email, password, and biometric authenticator verification.
It is worthy of note that Crypto.com is the first among crypto exchanges in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO/IEC 27001:2013, and PCI DSS 3.2.1, Level 1 compliance. It is also rated at Tier 4, which is the highest level for privacy frameworks and NIST cybersecurity, by a third party.
But the company had a security breach at first because of a problem with its two-factor authentication. The hackers stole more than $30 million from around 400 customers' accounts. Nevertheless, the company paid back all that was lost.
The company has also added new ways to protect accounts, such as a new 2-factor authentication system, a 24-hour waiting period for withdrawals to new crypto addresses, and email alerts when new addresses are whitelisted.
Proof of Reserves
Proof-of-Reserves (PoR) was just released by Crypto.com to show that the company is still committed to safe, transparent, and legal crypto operations. The Proof of Reserves (PoR) lets users check that the cryptocurrencies they put on a platform are backed 1:1. Thus, funds will be available for redemption at any point.
An independent third-party auditor, Mazars Group, conducted the verification. Using advanced cryptography techniques, the auditing company made sure that customers' balances were available and backed up.
Existing users can visit the Proof of Reserves page and follow the guide to self-verify their funds.
Crypto.com offers a chat support system to address users' questions and complaints. The system is up and running 24/7, although it might take a little while to get a response from a representative.
However, while waiting, users can browse through a list of general topics in the help section. There is also phone support for debit card issues such as misplacement or theft. Users can also email firstname.lastname@example.org.
Trustpilot reviews platforms like crypto.com and collects data from verified users. However, Crypto.com does not have the best ratings on the review platform.
Over 65% of the verified reviewers had complaints about the platform's services, especially customer service and verifications. They say that the support system is slow and that the platform asks for verification documents more than once, only to turn them down. The company has a poor overall score (2-star rating).
However, 20% of the reviewers think the platform's services and support are "excellent." There were also new positive reviews from people who had dropped negative reviews before, which showed that their problems had been solved.
The good reviews mention, among other things, how friendly the customer service reps are and how useful the crypto debit card is.
Furthermore, the crypto.com app has a 4.5 score on the Apple App Store and a 4.3 score on the Google Play Store.
Crypto.com charges 0.4% in trading fees. Compared to some competitors, this fee isn't the lowest on the market, but it's not the highest either. The fees can also be less if users make limit orders instead of market orders.
Additionally, holding CRO tokens can qualify users for trading discounts. Also, users can get lower fees if they trade $25,000 or more in a 30-day period.
But there are extra fees when you buy crypto with a credit card or take cash out of your bank account. Users can still walk around these fees with the Crypto.com debit card or withdraw cryptocurrency rather than cash.
How to Create an Account on Crypto.com
Getting started on crypto.com involves only a few easy steps.
- Scroll down the page, and select Google Play or Apple App store to get the trading app.
- Click the "install" button and launch the app when it is done.
- Click "Create New Account."
- Enter your email address.
- Prove that you are not a robot by sliding the puzzle into the right space.
- You will receive a confirmation email. Click the link in the email to finish creating your account.
|Large crypto selection||Offers more than 250 cryptocurrencies for users to buy and sell.|
|Standard security features||Provides industry-standard security measures, including cold storage, 2FA, and anti-phishing measures.|
|Supports fiat deposit and withdrawal||Users can hold fiat balances and withdraw fiat currency from the platform.|
|Crypto debit card with cashback||Offers a prepaid debit card that allows users to spend cryptocurrencies directly and receive rewards and cashback.|
|Low fees||Provides low trading fees of 0.4% and lower, with higher trading volumes and CRO holdings.|
|Yield generation||Allows users to deposit cryptocurrencies and earn high yields through the Crypto.com Earn section, with higher yields for stablecoin deposits and stake CRO tokens.|
|Poor customer support||Offers only a few support options, and chat responses may take a while.|
|Platform benefits require CRO balances||Users need to have CRO tokens in their wallets to receive discounts, rewards, and high returns.|
|No Crypto-to-Crypto trades||Users must first sell the crypto they have before buying the crypto they want.|
|High fiat withdrawal fees||Charges up to $25 for fiat withdrawals to bank accounts.|
|No desktop App||Only accessible through the mobile app.|
How Crypto.com Compares to Other Exchanges
Crypto.com faces competition from other crypto exchanges in the market. These exchanges have certain features that set them apart. Let's see how they compare to Crypto.com.
Crypto.com vs. Binance
Binance is a well-known financial company that runs the most-used cryptocurrency exchange. The exchange works with the most commonly traded cryptocurrencies and has a number of advanced trading products and features. It also lets users get the most out of their crypto assets by giving them many ways to make money.
|Both offer basic and advanced trading tools and services.||Binance offers a larger crypto selection and trading pairs than Crypto.com.|
|Both issue Visa debit cards.||Binance trading fees are lower than Crypto.com.|
|Both provide yield-generation opportunities.||Crypto.com's main app is available to U.S. users, while Binance offers a separate limited app for U.S. investors.|
|Both offer rewards to holders of their utility tokens–BNB and CRO.||Binance offers more customer support options than Crypto.com.|
|Both have mobile apps to allow users to trade on the go.|
Crypto.com vs. Nexo
Nexo is another popular financial service platform for crypto buying, selling, and investing. It has competitive rates for lending and borrowing crypto, and it has an app that lets users store their assets safely.
|Crypto.com and Nexo offer crypto trading and investment opportunities.||Crypto.com offers a crypto debit card, while Nexo offers a credit card.|
|Users can hold fiat balances on both platforms.||Crypto.com supports more cryptocurrencies than Nexo.|
|Both platforms incentivize users to hold their utility tokens.||Nexo offers lower trading fees than Crypto.com.|
Crypto.com vs. OKX
OKX is a top platform and one of the biggest competitors in the market for crypto products and services. It offers basic and advanced trading tools and access to DeFi protocols. It also offers some of the lowest fees on the market.
|Crypto.com and OKX support the most commonly traded cryptocurrencies.||OKX offers lower trading fees than Crypto.com.|
|Both platforms offer access to opportunities on DeFi protocols.||Crypto.com users can hold fiat balances in their accounts, while OKX only allows users to buy crypto directly with fiat.|
|Both platforms offer high yields for staking and saving.||OKX has a more responsive customer support team than Crypto.com.|
|Both platforms encourage users to hold their utility tokens with rewards.||OKX offers more products and services than Crypto.com.|
Here are some frequently asked questions about the Crypto.com exchange:
Is Crypto.com legit?
Yes. Crypto.com is one of the top platforms for buying and selling cryptocurrencies. The company is fully regulated and offers standard security measures to avoid exploitation. It's good for both people who trade a lot and people who want to spend their cryptocurrencies like real money.
Are Crypto.com's fees high?
Crypto.com charges about 0.4% in fees on trades, which is relatively low. Users who stake CRO tokens can get even lower fees, even though they are not the lowest on the market.
How can I withdraw from Crypto.com?
Crypto.com offers both crypto and fiat withdrawals. For crypto withdrawals, log into your account, and from the menu, click on "Wallet." Next, find the crypto you wish to withdraw and select "Withdraw" from the menu.
You can also use the "Fiat Wallet" option in the "Accounts" menu to apply for a fiat withdrawal. Select "Transfer," then "Withdraw," and finally, "USD." Then, click on the available balance and withdraw.
If you haven't already updated your bank account information, the app will prompt you to do so before the withdrawal. Note that fiat withdrawals attract extra fees.
Is Crypto.com backed by the FDIC?
The FDIC does not protect cryptocurrencies deposited on Crypto.com. However, Crypto.com supports fiat balances. Thus, the FDIC covers all fiat balances on crypto.com accounts.
In this review of Crypto.com, we looked at its financial ecosystem and showed its features and products. However, deciding to use crypto.com will depend on your experience level and what you want to use the platform for.
Crypto.com is fully regulated and offers both basic and advanced trading products. It also offers low fees. However, it is best suited for intermediate and expert users.
The platform is also good for crypto investors who want to buy everyday things with their crypto. The company's prepaid Visa card can be used at any store that accepts Visa cards. Users can also receive cashback on their spending, depending on their card tier.
Users can stake CRO and invest in Crypto.com Earn to earn passive income. Through the platform, they can also get access to liquidity pools and opportunities for yield farming on DeFi protocols.
However, the support system is relatively poor. It might take a while before a representative responds to a query. The company also has fewer products and features than some of the top trading apps.
Check out the alternative exchanges covered in this review to find the best platform for you.
Please note that Bitcompare does not offer advisory or brokerage services. We also do not offer financial advice on potential investment opportunities. Therefore, carefully consider investment opportunities before deciding to invest your funds.
Methodology for this review
The team at Bitcompare poured through as much information as possible directly from Crypto.com. However, that wasn’t enough, we needed to use the product as well. This allowed the team to fully grasp its features and how competitive it was with other crypto exchanges.
When scoring this product, we evaluated:
- Security: Does it have best practices like two-factor authentication and cold wallet storage, and has it ever been compromised?
- Usability: Is it easy to navigate? Have we experienced any bugs? And how does its usability compare with that of the competition?
- Regulation and licensing: Is it regulated and licensed to operate in its respective markets?
- Insurance: Is it insured? How much, and under what conditions?
- Features: Does it have features for advanced and beginner users? How do those features stack up with the competition?