It can be tricky to figure out which cryptocurrency exchange is the best fit for your needs. Each one has its own strengths and weaknesses, and it can be hard to determine which one will offer the most value for your money today we will do a Crypto.com Exchange Review to discover if this crypto platform is the right fit for you.
Crypto.com is a great option for those who want an all-in-one solution when it comes to buying and selling cryptocurrencies.
With a broad selection of coins available, as well as a user-friendly interface, Crypto.com makes it easy for beginners to get started with crypto investing.
In this guide, we will discuss the pros & cons of Crypto.com and will also discover potential alternatives for those who are looking for a different crypto trading experience. So without further ado, let’s dive right in!
Crypto.com Exchange Review
Crypto.com is a leading cryptocurrency exchange that offers a wide range of crypto assets and blockchain-related products. The company’s cryptocurrency credit cards are some of the most popular on the market, allowing users to spend their crypto with ease.
The Crypto.com Wallet app allows users to store, send, and receive a variety of cryptocurrencies. The Decentralized Exchange (DEX) enables users to trade cryptocurrency without having to rely on a third party.
And the NFT Marketplace offers a convenient way to buy, sell, or trade non-fungible tokens. In addition to these core products, Crypto.com also offers a suite of tools and resources for developers, including an API and SDK.
Key Features
Crypto.com is one of the most popular cryptocurrency wallets, and for good reason. In addition to providing a secure place to store your digital assets, Crypto.com also offers a number of features that make it easy to use your crypto holdings in everyday life, let us list them in our Crypto.com exchange review.
Cashback Visa Card
This prepaid Visa card functions like rewards debit card, allowing you to earn cash back on every purchase. Plus, there’s no monthly fee and you can get your card delivered for free.
To use the card, simply load it with crypto from your Crypto.com wallet and then use it like you would any other Visa card – the crypto.com visa card is perfectly simple like every normal debit card.
When it comes to redeeming your rewards, you can choose to receive them in either USD or CRO (Crypto.com’s native token).
So if you’re looking for a convenient way to spend crypto using crypto payments, the Crypto.com Cashback Visa Card is worth considering.
High-interest rates
With Crypto.com, you can earn interest on your digital assets by lending them to others. The interest rates vary depending on the asset and the loan term, but they are generally very competitive.
For example, you can currently earn up to 8% interest on Bitcoin loans and up to 12% interest on Ethereum loans. This makes Crypto.com an attractive option for those looking to maximize their returns on their digital investments.
Crypto.com NFTs
Crypto.com is one of the latest platforms to enter the world of NFTs. For those who are unfamiliar, NFTs are digital assets that are unique and cannot be replicated. This makes them ideal for collectibles, art, and other items that are meant to be one-of-a-kind. Crypto.com’s new functionality allows users to buy, sell, and showcase NFTs.
The platform is still in its early stages, but it has already attracted a number of high-profile sellers, including some who have sold NFTs for over $1 million.
In addition to buyers and sellers, Crypto.com is also enabling artists and creators to mint their own NFTs. The platform is still in its infancy, but it has the potential to revolutionize the way we think about digital assets.
Pros
1. One-stop shop
Crypto.com offers a variety of services, including a wallet, exchange, and merchant processing. You can use the platform to buy, sell, and store cryptocurrency, as well as earn interest on your holdings and take out a crypto-backed loan. In other words, it’s like a bank for cryptocurrencies.
The company offers a great deal of flexibility and convenience, allowing you to move seamlessly between different services. And because Crypto.com is built on the blockchain, you can rest assured that your transactions are secure and transparent.
2. Low fees
For most transactions, you’ll only be charged a very small percentage of the total amount. This can make a big difference if you’re planning on making a lot of transactions or if you’re dealing with large sums of money.
Additionally, you can deposit money into your account without having to pay any fees. This is a great feature if you want to quickly add funds to your account without incurring any additional costs.
Overall, the low fees associated with Crypto.com make it a very attractive option for those looking to save money on their transactions.
3. Easy to convert your money
Crypto.com accepts over 20 fiat currencies including USD, GBP, and EUR. The conversion process is simple and takes only a few minutes.
There are no fees for converting your money, and you can receive your Crypto.com balance in as little as 24 hours. Once you have converted your money, you can use it to buy or sell Crypto.
4. Based in Singapore
Singapore as a safe and regulated financial market is an interesting place for a location because it does give the user extra security since Singapore does have one of the hardest data and privacy laws.
So in case, the exchange would lose funds it is very likely that you will get refunded (like they did on their last 50 Mio hack)
Cons
1. Not universally available
One of the main drawbacks of using Crypto.com is that it is not universally available. You can sign up to Crypto.com from every U.S. state except New York. However, you can’t buy all of its currencies everywhere.
For example, if you want to buy Bitcoin, you can only do so from certain states. This can be a major inconvenience for some users. Another downside of Crypto.com is that it has very limited customer support options.
There is no live chat or phone support available, so if you have any problems with your account, you will need to submit a ticket and wait for a response.
2. Ease of use
For those who are comfortable using cryptocurrencies, the website is easy to use. However, for those who are not familiar with cryptocurrencies, the website can be a bit confusing. There are a lot of options and features, and it can be tough to know where to start.
The customer service team is very responsive and helpful, but they can only do so much. Ultimately, it would be helpful if the website was more user-friendly for those who are new to cryptocurrencies.
They also do offer their crypto.com app for mobile users which is a key element in their crypto services.
3. Educational resources
While Crypto.com has a lot to offer investors, one area where it falls short is in educational resources. There is no cryptocurrency knowledge center on the site and little in the way of research.
As a result, Crypto.com investors will have to do their learning elsewhere. However, this is not necessarily a bad thing.
There are many excellent resources available online, and by diversifying their learning sources, investors can get a well-rounded education in cryptocurrency investing.
Moreover, there are many active crypto communities online where investors can share knowledge and insights. As long as investors are willing to do their homework, they should be able to find everything they need to make informed investment decisions on Crypto.com.
Opening a Crypto.com Account
Opening a Crypto.com account is simple and only takes a few minutes. First, go to the Crypto.com website and create an account. Once you have created an account, you will need to verify your email address and phone number.
After your email and phone number have been verified, you can begin using your account. To deposit funds into your account, you can use a credit or debit card, or you can transfer funds from another crypto wallet.
You can also earn interest on your deposited funds by staking CRO tokens. To start staking, simply deposit CRO tokens into your Crypto Earn account and watch your balance grow.
Security
When it comes to online security, Crypto.com takes a comprehensive approach. They utilize various security measures, including multi-factor authentication (MFA) and whitelisting, to help keep customer accounts safe.
MFA adds an extra layer of protection by requiring users to confirm their identity using multiple factors, such as a code sent to their mobile phone.
Whitelisting is another important security measure that allows Crypto.com to manage which addresses and IP ranges can access account information. This helps to prevent unauthorized access and protects customer data.
Crypto.com also uses industry-standard encryption to protect data in transit and at rest. By employing these security measures, Crypto.com helps to ensure that customer accounts remain safe and secure.
Fees overview
Deposit and withdrawal fees
For ACH transfers, there is no fee for transfers of $20 or more. Wire transfers also allow free Crypto deposits, with a minimum transfer amount of $5,000. Crypto.com offers debit and credit card purchases of crypto, with fees of up to 4%.
However, these fees are waived for the first 30 days after you sign up for a Crypto.com account. And if you’re looking to purchase crypto with money you’ve already deposited into your account, there are no fees for that either.
Maker/taker fees
Crypto.com’s trading fees are very straightforward and easy to understand. For all trades under $250,000, the maker and taker fee is 0.40%. Once the trade size increases to between $25,001 and $50,000, the maker fee decreases to 0.35% while the taker fee remains at 0.40%.
For even larger trade sizes of $50,001 to $100,000, the maker fee decreases further to 0.15% while the taker fee decreases to 0.25%.
However, if you are a high-volume trader and you stake 5,000 CRO or more on the exchange, you qualify for a 10% trading discount.
That means that your top rate for trading would be 0.36%. Overall, Crypto.com’s fees are very competitive and should not deter you from using their exchange.
Stake discount
Crypto.com offers a special discount on staking CRO tokens. For a limited time, holders of 5,000 or more CRO tokens will receive a 10% discount on staking fees.
For those with 10,000 or more CRO tokens, the discount increases to 20%. And for those with 50,000 or more CRO tokens, the discount jumps to 40%.
Alternatives to consider
Coinbase
Coinbase operates exchanges of bitcoin, Ethereum, Litecoin, and other digital assets with fiat currency in 32 countries, and bitcoin transactions and storage in 190 countries worldwide.
Coinbase allows you to buy and sell cryptocurrencies, as well as store them in a wallet. You can also use Coinbase to buy goods and services with Bitcoin, Ethereum, and Litecoin.
Coinbase has a growing user base all over the world and is one of the most popular ways to buy and sell cryptocurrencies. However, there are high fees associated with using Coinbase. For example, when you buy or sell cryptocurrencies on Coinbase, you will be charged a 1.49% fee.
You can also be charged a fee when you withdraw funds from your Coinbase account to your bank account or PayPal account. Coinbase is a great option for those looking for a simple and user-friendly way to trade cryptocurrencies.
Binance
Binance is a popular cryptocurrency exchange designed for experienced cryptocurrency investors.
It offers relatively low trading fees and a wide selection of cryptocurrencies for trade globally, though its trading options are more limited in the U.S. Binance also has its own cryptocurrency, Binance Coin (BNB), which can be used to pay fees on the exchange or traded on select other exchanges.
In addition to being a popular cryptocurrency exchange, Binance also operates a peer-to-peer lending platform, Binance Lending, and a number of other crypto-related businesses. Binance is one of the most well-rounded and complete crypto exchanges available today.
Gemini
Gemini is one of the largest exchanges in terms of trading volume and offers a broad lineup of cryptocurrencies. The crypto exchange has built a reputation for security and compliance and is one of the few exchanges that are FDIC insured. Gemini also offers unique features like block trading and OTC desks for large orders.
Furthermore, Gemini allows users to trade directly from their bank account using ACH transfers. Gemini is perfect for US-based cryptocurrency traders who are looking for a secure and compliant platform with a broad selection of assets.
Final Verdict
So, is Crypto.com the best choice for you? That really depends on your individual needs and goals.
If you’re looking for a comprehensive crypto platform that offers a wide range of features, then you must give Crypto.com a try.
However, if you’re simply looking to invest in a few coins, you may be better off going with another exchange.
Ultimately, the decision comes down to what you value most in a crypto platform. If security, accessibility, and user-friendliness are your top priorities, Crypto.com is definitely worth checking out and we hope this Crypto.com Exchange Review was too
Moritz Pindorek (Moritzpindorek.com)
Social Media, Marketing & Blockchain
Crypto/Web 3 Advisor, Top 10 Crypto Influencer 2022(Forbes Monaco) & Top 10 Entrepreneur 2022 (Forbes Monaco)
Owner and writer for Cryptouserguide.com
