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IN-DEPTH ANALYSIS

Crypto.com Review

Julija A. Image
ByJulija A.
June 23, 2022
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Crypto.com pitches itself as one of the most diverse trading platforms in the world, offering more than 250 cryptocurrencies for users to buy and sell. It’s primarily available on desktop but serves customers via mobile app, too. 

In this Crypto.com review, we discuss what this site does, how it works, its main tools and features, and why you should use it.

Trading fee:
0.036% to 0.4%

Mobile app available; 2-3 hours withdrawal time

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Wallet app:
Yes
Supported currencies:
250+
Trading fee:
0.036% to 0.4%
Mobile app:
Yes
BBB rating:
N/A
Withdrawal time:
2-3 hours
pros thumb up Strengths
  • Great cryptocurrency selection
  • Low trading fees
  • Earn interest on stacking crypto
  • Strong security
pros thumb up Weaknesses
  • No educational sources
  • Poor customer support

Overview

Crypto.com is an exchange that allows users to buy, sell and trade in a wide variety of cryptocurrencies, with low trading fees and many other benefits. These include an NFT marketplace, standalone crypto wallets, and decentralized exchange services.

Crypto.com currently supports multiple order options, including stop-limit, take-profit limit, stop-loss, and take-profit market.

For users trading in small volumes, Crypto.com fees are around 0.40%. However, they reduce the more trades you make (or if you are a major CRO holder, Crypto.com’s native coin).

Crypto.com launched in 2016 in Hong Kong, and has since come a long way. Today, it has more than 50 million customers across 90 countries. Thanks to its user-friendly features, the platform is excellent for both beginners and experienced traders, especially those looking to use the currencies they own, not just to buy and hold.

Crypto.com’s security is quite advanced. Users can benefit from multi-factor authentication, which requires secondary device log-in confirmation, and offline cold storage. It also works with US banks, offering $250,000 in FDIC insurance on dollar balances.

Crypto.com Tools And Features

Crypto.com offers a host of exciting features that make it stand out.

Minimum Trade

You don’t have to have a lot of money in your account to start trading on Crypto.com. There is no minimum deposit, and minimum trades begin from as little as $1. What’s more, the platform allows you to automatically buy pre-set amounts of popular currencies, such as BTC, for $1.

Huge Currency Array

Crypto.com’s vast selection of tradable crypto includes 250 individual currencies, among which you can find obscure or new assets that might not be available elsewhere. Crypto.com account holders can purchase most mainstream coins, plus more esoteric options, including Enjin Coin (ENJ), Paxos Standard (PAX), and Polkadot (DOT).

Digital Wallets

Crypto.com users can take advantage of the exchange’s non-custodial DeFi wallet. With it, users get access to a full suite of DeFi services and all other Crypto.com features. Once they download it, they can straightforwardly exchange and transfer coins and currency in and out in just a few simple clicks.

The Crypto.com exchange says it has put in place multiple features to protect any customers looking to hold assets inside the platform. One is the ability for clients to put their money into “cold storage,” i.e., holdings less vulnerable to hackers.

Furthermore, any fiat money used on the exchange is held in FDIC-insured bank accounts. The platform claims to have more than $750 million in reserves to cover losses users may incur.

Mobile App

The Crypto.com mobile app is a versatile tool that allows users to trade on the go, available for both Android and iOS. User reviews say the Android version of the app is superior.

NFT Marketplace

One of Crypto.com’s most interesting features is its NFT marketplace. Here, users can buy and sell non-fungible tokens (NFTs). Videos, music, and visual artwork can become NFTs on the Cosmos Tendermint Core BFT consensus mechanism blockchain.

Staking

Crypto.com investors can also participate in staking – a process that allows them to use their holdings to facilitate underlying blockchain networks and earn rewards. For instance, Crypto.com rewards customers when they use decentralized lending programs. To qualify, you need to use its DeFi Wallet app and swap tokens without an exchange.

The Cryptocurrency Selection

As discussed, Crypto.com offers more than 250 individual currencies for spot trading, with a smaller subset available for staking. BTC, ETH, and BNB top the list, though many others exist. Further options include Avalanche’s AVAX proof-of-stake coin, as well as Kava, Woo Network, and Horizen. You can view a complete list of the available coins on the website.

If you have a significant stake in Crypto.com’s own coin, CRO, you may qualify for additional perks, such as credit card rewards, higher staking interest rates, and lower trading fees.

Why Should Investors Use It

There are several reasons why traders should use Crypto.com instead of competitors: Lower prices, more coins, multiple options for earning interest, and staking benefits.

Crypto.com’s pricing is extremely competitive. Maker fees range from 0.04% to 0.4%, while taker fees run from 0.1% to 0.4%. Credit card purchases are charged an additional 2.99%, which is lower than much of the competition.

Crypto.com supports more than 26 fiat currencies, including GBP, EUR, and USD.

Crypto.com website screenshot

Rewards available via the platform are considerable; their size is dependent on the currency you use and the amount you are willing to stake. At the time of writing, Crypto.com offers up to 6% per annum for BTC and ETH, and 10% per annum for USDC.

In addition, Crypto.com offers better interest for CRO stakes. Rewards depend on how long you stake and how much your coins are worth. Every week, you’ll receive payment with a simple interest calculation and a statement of how much the coins were worth at the time of the payout.

The Crypto.com website offers a tool that allows you to calculate your rewards. Just choose the token you own, its USD value, and term, and then see how much money you could make.

How To Open a Crypto.com Account

You can register on Crypto.com as an existing app user or a brand new customer. To do this, you need to follow a few simple steps:

Step 1: Sign-Up

Go to crypto.com/exchange and click the Sign-Up button in the upper right corner.

Step 2: Enter Your Information

Enter the requested personal information. Crypto.com, like other exchanges, has “know your customer” (KYC) compliance procedures in place, like a regular stock brokerage. You’ll need to provide your name, address, email, and Social Security number. You’ll also need to provide evidence that you are over the age of 18.

Step 3: Have One-Time Password Sent To Your Email

Crypto.com will then send a one-time password to your email. You’ll need it to confirm your email address and registration.

Step 4: Enter Your One-Time Password On Crypto.com

Use your one-time password to log into Crypto.com, create your password when prompted, and click “Submit.”

Step 5: Verify Your Phone Number

You’ll then need to verify your phone number as an additional security measure.

Start by choosing your country code and then type in your phone number, minus the area code. Once you enter a valid number, Crypto.com’s customer support will send you a unique code that you must type into the box provided. After that, you’ll return to the exchange’s landing page.

Additional Steps

Crypto.com takes compliance seriously, viewing it as one of its “core competence areas.”

Because of this, it must collect necessary information about you before you are allowed to carry out certain transactions live on the exchange, such as depositing, trading, and withdrawing crypto, and making advanced order types.

To get this clearance, you will need to provide your first and last names, nationality, date of birth, and email address. You will also need to supply a verifiable government ID and a photo of yourself.

How Crypto.com Compares to Competitors

Now that we know how Crypto.com works, let’s see how it compares to some of its major rivals, Coinbase and Binance.

Crypto.com vs. Coinbase

Crypto.com compares favorably to Coinbase across several dimensions. For instance, Coinbase offers around 100 cryptocurrencies on its trading platform, while Crypto.com allows you to buy and sell more than 250.

Crypto.com may also offer slightly superior security compared to Coinbase. Both have two-factor authentication and FDIC protection. However, Crypto.com keeps 100% of its currencies in air-gapped cold storage, while Coinbase only keeps 98%.

Both exchanges offer app and web-based trading. However, Crypto.com can be a little overwhelming at first because of the sheer range of features it offers compared to Coinbase.

In terms of accessibility, Crypto.com is the marginal winner. It is available in 90 countries worldwide, and every US state except New York. Coinbase is not available in Hawaii, and users face several restrictions in New York.

Overall, Coinbase is an entry-level platform for investors relatively new to cryptocurrencies, while Crypto.com is more for those who want to get fully immersed in everything trading on the blockchain has to offer.

Visit Coinbase

Crypto.com vs. Binance

Crypto.com sees itself as a cryptocurrency broker, exchange, wallet, and decentralized finance platform, while Binance offers regular exchange features, plus trading derivatives, similar to a conventional stock market.

Fees on Crypto.com are 0.4% for makers and takers, with a 10% discount for CRO fee payment, respectively, while on Binance, they are 0.1% for both, with a 25% discount on any fees paid with Binance Coin (BNB).

Crypto.com is beginner-friendly in many respects, while Binance could still use some improvement. Both sites require verification, and both have a proprietary token.

Both platforms also let you deposit money with credit and debit cards, and wire transfers. However, Crypto.com also allows ACH transfer, while Binance allows SWIFT bank transfer.

Both platforms are incredibly similar in their security features. However, Binance is under investigation by several national-level financial bodies over security concerns and lacks proper regulation in territories such as the US and UK. It has also been subject to various security breaches, including one in January 2022 in which hackers stole over $34 million.

Visit Binance

Customer Support

When it comes to customer support, Crypto.com offers several options. You can send them an email or through the in-app chat feature. Help is available 24/7, and customers can access it via the web or mobile app.

Even though customer support works round-the-clock, it may take some time to get a response, which is one reason Crypto.com has an unflattering rating of 2.1 stars on Trustpilot. If you check Crypto.com reviews on this platform, you will see that customer support is one of the most common complaints.

Final Thoughts

So what is the final verdict of Crypto.com?

Fundamentally, Crypto.com is a sound trading platform. What makes it stand out are its DeFi features that replace many of the functions of the traditional banking system and its innovative NFT marketplace.

Crypto.com does well on other fronts too. For instance, its low transaction fees and intuitive interface are both popular among newer traders. Customers can also benefit from its exceptional security record, something many other significant platforms cannot offer.

FAQ

How long does it take to withdraw from Crypto.com?

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Withdrawal times at Crypto.com depend on the withdrawal destination. Crypto.com withdrawals to the exchange’s app are instantaneous, while those to external addresses can take between two and three hours to process.

How do I deposit money into Crypto.com?

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US users can now deposit crypto immediately via the Crypto.com app. Usage limits are up to $50,000 per day or $500,000 per month, and there are no additional service charges.

Is Crypto.com trustworthy?

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Crypto.com is a highly trustworthy cryptocurrency exchange that takes the security of its users extremely seriously. Part of its core mission is to maintain compliance, so it always collects vital information about its users before they can use any of its services. Once you make an account, Crypto.com will review your information thoroughly and may request additional documentation to verify your identity.

This process is in place to protect users from fraud and theft, and it also helps Crypto.com comply with anti-money-laundering regulations. Overall, this makes Crypto.com a very safe platform to use.