Founded in 2016, Crypto.com has come a long way today. It has turned into a full-fledged crypto hub offering a plethora of services to its users around the world. They have quite literally become The One App Army of the crypto world.
Do you want your app to have DeFi swap service? Crypto.com has it. Are you interested in crypto lending? Well, Crypto.com has that as well. With Crypto.com, you will be able to access services such as DeFi wallet, DeFi swap, crypto lending, staking, and much more.
A user can choose from 80+ cryptocurrencies for buying and selling on the Crypto.com app. It includes the leading cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and much more. Not only cryptocurrencies, but Crypto.com also supports seven fiat currencies for payments. Very few crypto companies can match the scale of operations of the Crypto.com app.
Cash App, on the other hand, was first built as a peer-to-peer payment facilitator that later turned into a dynamic app with more than 30 million active users. Offering a better way to send, spend, invest and save money, the Cash App aims to build an ecosystem where money was universally accessible. However, unlike Crypto.com, Cash App only facilitates transactions and trades in Bitcoin.
With Crypto.com and Cash App both making significant inroads in the world of digital currencies and decentralized finance, we decided to go with a neck and neck comparison between these two as they stand against each other in a highly competitive and exponentially expanding market.
What is Crypto.com?
Led by Kris Marszalek, the long-term vision of Crypto.com is to accelerate the world’s transition to cryptocurrency. A wide range of crypto-related products & services offered by crypto.com stands testimony to their efforts. Apart from running an application where users can buy more than 80 coins at their true cost without accounting for additional fees and markups, Crypto.com also runs a CRO-powered exchange. It offers deep liquidity at low rates.
In select countries, Crypto.com offers a metal visa card that enables holders to receive up to 8% back on spending. Users can also earn weekly interest by depositing their idle holdings or obtain credit by collateralizing their coins. As a facilitator, Crypto.com also offers the provision to pay and be paid through crypto coins anywhere, for free.
What is Cash App?
As one of the fastest-growing financial applications, Cash App wants to emerge as a true alternative to the traditional banking system. Started as a payment facilitator through which anyone could donate, tip, or send money using a $cashtag, phone number, or QR code, Cash App expanded into banking services, stock trading, and Bitcoin brokerage. While the free and customizable Cash Card helped make online payments and receive discounts on purchases, the stock trading services of Cash App opened up avenues to invest in equities with as little as $1. Buying, selling, and converting Bitcoin to fiat currencies also became a matter of a few taps on the screen with the application.
Crypto.com vs Cash App - Products and Services
Crypto.com offers a plethora of services, including its exchange services, mobile application, cards, earning-on-deposit services, credit services, DeFi wallet, and DeFi swap services where you can both swap and farm coins. Crypto.com’s newly introduced pricing services also help you to keep track of the top movers in the crypto world along with their current prices, daily change in prices, and market capitalization. Their 7D chart enables users to judge the performance of cryptocurrencies.
Compared to Crypto.com, Cash App’s offerings are relatively limited. It deals with payment services, a select set of banking activities, Cash App card, stock-investing services, and Bitcoin brokerage services.
Crypto.com App - The Brokerage Service
The Crypto.com app offers trading in a wide range of cryptocurrencies, including the widely popular ones, such as Bitcoin and Ethereum. As already noted, you can choose from more than 80 cryptocurrencies for buying and selling on Crypto.com. Additionally, it supports seven fiat currencies for payments. Apart from BTC and ETH, some of the other coins that you can try your hand on in the Crypto.com app includes LTC, XRP, USDT, CRO, EOS, XLM, USDC, ATOM, LINK, and XTZ.
Crypto.com’s app is secured by two-factor authentication either through biometrics or the Google Authenticator App. They have also ensured that their app's coding is secure. The app's code is peer-reviewed and their software development team follows Crypto.com's Secure Software Development Lifecycle.
When it comes to buying cryptocurrencies using a credit/debit card on the Crypto.com app, the fees depend upon your country. For example, purchasing cryptocurrencies using a UK debit/credit card on the crypto.com app will attract a 1.49% fee. On the other hand, buying cryptocurrencies using a US debit/credit card on the Crypto.com app attracts a 2.99% fee. The highest fee for purchasing cryptocurrencies using a debit/credit card on the Crypto.com app is 3.99% and it applies to cards from Argentina, Armenia, Aruba, Brazil, and a few others.
It is better to use fiat currencies to buy cryptocurrencies as exchanging fiat for crypto within your account is free on the Crypto.com app. Another benefit of using the Crypto.com app is that SEPA and ACH transfer are typically free. If you are transferring fiat currency to your Crypto.com app account through SWIFT then the bank fees may apply. Using PayPal and Transferwise is also an option to transfer fiat currency to your Crypto.com app. But it will attract the usual PayPal or Transferwise fees.
You can transfer cryptocurrencies from your Crypto.com app to other Crypto.com app users without any fees. But if you are transferring crypto to external wallets then network fees will apply.
Cash App Bitcoin Brokerage Services
Cash App offers one of the fastest ways to buy and sell Bitcoin. To purchase Bitcoin, you must already have a balance in your Cash App. You can also sell the bitcoin that you purchased directly in the Cash App application.
To withdraw Bitcoins from Cash App, you should have a minimum balance of 0.0001 bitcoins. It is important to point out that while transfers between Cash App accounts are quicker, transfers to external wallets will take longer, between 30 and 40 minutes or more. The upper threshold of Bitcoin deposits is up to US$10,000 in any subsequent seven-day period.
In terms of security, Cash App’s Bitcoin services are PCI DSS Level 1 compliant. As far as your taxation needs are concerned, Cash App takes care of your 1099-B form. Another enticing feature of Cash App’s Bitcoin services is that it helps set up automatic purchases of Bitcoin on a daily, weekly, or bi-weekly basis.
Coinbase vs Cash App - Buying and Selling Cryptocurrencies
Number of Cryptocurrencies
Using the Crypto.com application, you can trade in more than 80 coins at true cost, without any fees or additional markups. On the other hand, Cash App only supports trade in Bitcoin.
Services and Fees
Using the Crypto.com application, you can buy and sell seven fiat and more than 80 cryptocurrencies. Moreover, you can access, manage and spend your funds with the Crypto.com visa card. To buy fiat currencies using the Crypto.com app, you only need to top up your wallet with a bank transfer, debit or credit card, or crypto.
For purchasing cryptocurrencies, you can leverage your fiat wallet, or your debit or credit card. Apart from purchases, you can track the performance of more than 200 coins with your Crypto.com app that keeps track of prices, volume, market capitalization, % change, and more.
On the other hand, Cash App did not charge any service fee when it began its operations. However, with expanding operations, it introduced a fee of 1.76% on crypto purchases. The spread on Cash App is between 1% and 4%.
Number of Supported Countries\ The services of Crypto.com is available in more than 80 countries, whereas Cash App is limited to the United States and the United Kingdom.
Crypto.com Card Vs Cash App Card
The composite metal cardholders of Crypto.com are eligible for 8% cashback in CRO rewards if their CRO stake volume is 5 million coins. For 500,000 CRO tokens staked, rewards on card spending go down to 5%, and for 50,000 and 5,000 CROs staked, the rewards percentages are 3% and 2% respectively.
Popular spending channels that qualify for rewards include Spotify, Netflix, Prime, Expedia, and Airbnb. Cardholders also qualify for an exclusive merchandise welcome pack and an opportunity to earn bonus interest. The card also comes with the benefits, such as a no-fee ATM monthly withdrawal at Lounge Key and Airport Lounge Access up to $1,000.
While using a Crypto.com card, you should be aware that you cannot load cryptocurrency onto your Crypto.com Visa Card. All cryptocurrency will first be converted to US Dollars, and then, the US Dollars will be loaded onto the Crypto.com Visa Card for use in purchase and ATM withdrawals.
Crypto.com card also provides rewards to its cardholders for staking. So, what does this staking refer to here? Staking implies that you hold the CRO tokens in your Crypto.com wallet for at least six months. The rewards that a cardholder earns by staking CRO tokens are transferred to the wallet app.
The Cash App card, on the other hand, is a Visa debit card. You can leverage the card to pay for both goods and services from your Cash App balance, online and offline. It is a free, customizable debit card connected to your Cash App balance. Using your Cash App cash card, you can pay with both Apple Pay and Google Pay.
The only fees that Cash App cash card charges are when you make an ATM withdrawal. The fees charged are a fixed amount of US$2. However, Cash App instantly reimburses the ATM fees, including the fees of the operator, for customers who get US$300 or more in paycheck deposited directly into their Cash App each month.
Cash App card makes you eligible for cash backs at select stores. However, many gas stations may charge your Cash App cash card a temporary authorization hold of up to $100. The cost of the gas is charged later, and this results in the release of the hold. The other disadvantage of Cash App card is that it is only available in the United States.
Crypto.com vs Cash App - Which is Better?
There are some aspects where both Crypto.com and Cash App fare similarly well. For instance, both Crypto.com and Cash App are equally robust in their security compliance. The cash card of Crypto.com is almost equally rewarding as Cash App. Both cards allow cashbacks on both online and offline purchases. But there are some clear-cut advantages of Crypto.com over Cash App when it comes to buying and selling cryptocurrencies. For instance, the Crypto.com card is available in 31 markets but the Cash App card is only available in the United States.
Crypto.com app offers trading services in more than 80 cryptocurrencies that include almost all the popular as well as high-potential digital currencies. On the other hand, Cash App’s crypto-services is limited only to Bitcoin. As far as Crypto.com app fees are concerned, there is no fee to exchange fiat for crypto on your account, whereas Cash App charges a fee of 1.76% on crypto purchases with a spread falling between 1% and 4%. Services of Crypto.com are spread in more than 80 countries, whereas Cash App is limited to the UK and the US.
It is clear that when it comes to their crypto services, the Crypto.com app covers a much wider area than Cash App. Cash App will have to make substantial efforts to achieve the scale of digital currency operations that the Crypto.com app already has. So far, Cash App has made no official announcements on whether they will add more cryptocurrencies in the days to come.