Crypto.com is a cryptocurrency exchange with its own cryptocurrency, the Cronos. It operates in 90 countries. The app and website are easy to use. Here’s my full Crypto.com review.
The Good
- Crypto.com is primarily a cryptocurrency exchange, but it has a wide variety of features that set it apart from other apps.
- This app is easy to use, even for beginners.
- Crypto.com has good security measures.
- Crypto.com offers staking so you can earn rewards by holding your cryptocurrency.
- Crypto offers Visa cards which you can top up with fiat currency or crypto and spend for cashback rewards.
- You can buy and sell NFTs using this app.
The Bad
- Some users have complained about customer service
- You can only buy and sell approximately 250 cryptocurrencies on this exchange even though there are thousands and the number is still growing.
- There is a minimum amount that you can withdraw from Crypto.com and withdrawal fees can be high
- In early 2022, the platform was hacked and users lost funds.
Verdict: Lots of features, easy to use app and platform, but do your own research as Crypto.com may not be for everyone.
Introduction
The Crypto.com exchange is an easy way to trade in more than 250 cryptocurrencies. Crypto.com has both a website and a smartphone app. It is based in Singapore, but can be accessed by traders in 90 countries. The app is easy to use and has a number of features that make it a good choice for traders. There are fees for trading but they are competitively priced. When you make a withdrawal from the exchange there are additional fees depending on the cryptocurrency that you are withdrawing. If you are thinking about trading in cryptocurrencies, Crypto.com is worth considering.
What is Crypto.com?
Crypto.com is an app that can be used for buying and selling and storing cryptocurrencies. As well as being a cryptocurrency exchange, it provides a DeFi wallet which allows users to use and store your crypto assets. It also has a prepaid visa card which allows you rewards on your bitcoin and cashback on their purchases. The app is available on the Apple App Store and on Google Play. It has its own cryptocurrency, the Cronos ($CRO) and crypto.com rewards you for buying and holding it.
Who uses Crypto.com?
Crypto.com is one of the more popular crypto exchanges and can be used by anyone who is interested in trading in cryptocurrencies or NFTs. Whether you are a beginner or more experienced in trading you will be able to access the exchange, either online or with your smartphone.
“We consider clarity of thought to be the single most important trait we look for in our colleagues. We think about the message we want to deliver before we speak, and know what is important and what is not. We are concise and articulate, putting effort into making things simple and easy to understand.”
crypto.com/au/about
How does Crypto.com work?
Crypto.com is a cryptocurrency exchange. That means that you can buy and sell crypto on this platform. It has a number of other features, such as staking where you keep a cryptocurrency and earn rewards, usually more of the same cryptocurrency. It’s similar to the idea of earning interest from the bank. Users also have the chance to buy NFTs which are exclusive to crypto.com.
When you sign up for an account you will need to follow various Know Your Customer (KYC) procedures to prove your identity. After that, you can deposit money to your crypto.com account and you can start trading.
For more details, see this article1 on crypto.com.
In what countries does Crypto.com work?
The Crypto.com App is available in 90 countries2 and the Crypto.com Visa debit card is available in the USA, the European Union, Canada, Australia, Brazil, Singapore, no doubt, will be available in other countries in time.
Is Crypto.com free?
It is free to download the app and to make an account. When you trade in cryptocurrencies, you will incur some costs and there are withdrawal fees for transferring cryptocurrency to an external wallet. For more details, see this article3.
How much does Crypto.com cost?
There is a tiered fee structure, so the more you trade the lower the fee rate.
When you make a withdrawal to an external wallet there is a small transaction fee depending on the type of crypto that you are transferring.
The trading fees are split into maker and taker fees. A maker fee is charged when the order is not filled immediately and is marked as pending. A taker fee is charged when the trade is immediately filled. The fees are calculated based on the trader’s trading volume and are calculated daily. Crypto.com’s fees are quite low compared with many other cryptocurrency exchanges, especially if you are staking $CRO.
What exchanges does Crypto.com support/integrate with?
Crypto.com directly supports a number of different exchanges and supports others by read-only API keys. Crypto.com has stated that they intend to plan on supporting other chains and exchanges in the future.
Advantages of using Crypto.com
- Crypto.com is primarily a cryptocurrency exchange, but it has a wide variety of features that set it apart from other apps.
- This app is easy to use, even for beginners. It only takes a couple of minutes to set up your account and crypto wallet, and trading is easy. The instructions given by the app make it very easy to get started.
- Crypto.com has good security measures.
- Crypto.com offers staking so you can earn rewards by holding your cryptocurrency.
- Crypto offers Visa cards which you can top up with fiat currency or crypto and spend them for cashback rewards.
- You can buy and sell NFTs using this app.
“We don’t seek the limelight and focus on doing what is best for the company and the users. We leave our egos at the door and learn from our mistakes, knowing that we are always stronger as a team. We think twice before spending, but are aggressive when it comes to investing in what matters.”
crypto.com/au/about
Disadvantages of using Crypto.com
- Some users have complained about customer service, saying that it is hard to contact them and that when they get through to customer service, they do not get the help they need to resolve their problems. A number of users have complained that they have been unable to access their accounts or withdraw their funds and have not received help.
- You can only buy and sell approximately 250 cryptocurrencies on this exchange even though there are thousands and the number is still growing. See this article4 for more information.
- There is a minimum amount that you can withdraw from Crypto.com and withdrawal fees can be high depending on which crypto you are withdrawing.
- In early 2022, the platform was hacked and users lost funds. Read about the cause of the hack here5.
FAQs about Crypto.com:
Who owns Crypto.com?
Crypto.com is based in Hong Kong although it was originally launched in Singapore in 2016. The founders of Crypto.com are Bobby Bao, Gary Or, Rafael Melo, and Kris Marszlek who has been the Chief Executive since its launch. Although its headquarters are in Hong Kong, there are offices all over the world.
Can you cash money out of Crypto.com?
It is free to make a crypto.com account and you can earn rewards by using Crypto.com’s prepaid Visa card. You will get up to 5% cash back on all your spending, depending on how much $CRO you are staking. Crypto.com also has a feature they call ‘Crypto Credit’ where you can borrow up to 50% of your cryptocurrency collateral. Of course, when you sell your cryptocurrencies on the Crypto.com exchange, you will be able to withdraw your cash.
Is it easy to use Crypto.com?
This Crypto platform is very easy to use. After you download the app, you will be guided through the process of making an account and proving your identity. Once you have done that, you will be able to deposit money to your account or use your credit or debit card to start trading. The app is particularly easy for beginning cryptocurrency traders to use.
Learn how to use crypto.com6 in this article.
How many Crypto.com users are there?
Crypto.com has more than 70 million from 90 different countries.
Conclusion
Crypto.com is a Singapore-based cryptocurrency exchange that operates in 90 countries. It has more than 70 million users. Users can trade around 250 different cryptocurrencies and buy and sell NFTs on the exchange. The website and the app are easy to use and have reasonable fees.
You might also be interested in my articles on:
Bamboo App Review; Micro-Investing For Crypto
BearTax Review – Cryptocurrency Tax Software
Podcast: Cryptocurrency And Bitcoin – Stacking Satoshi’s With Stephan Livera
TaxBit Review – Cryptocurrency Tax Software
Reference List:
1. ‘What is the Cryptocurrency Exchange: An Overview for Beginners’. 23 Sep, 2022. Accessed online at https://crypto.com/university/how-does-crypto-exchange-work on 4 Dec, 2022.
2. ‘In What Countries is Crypto.com Available?’ 16 March, 2022. Accessed online at https://ethtrust.org/in-what-countries-is-crypto-com-available/ on 4 Dec, 2022.
3. ‘Crypto.com Review:Top-Notch Security Features, But Are Margins Too Low?’ 28 Feb, 2022. Accessed online at https://commodity.com/brokers/crypto-com-review/ on 4 Dec, 2022.
4. ‘How Many Cryptocurrencies Are There?’ By Lyle Daly. 27 June, 2022. Accessed online at https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/how-many-cryptocurrencies-are-there/ on 4 Dec, 2022.
5. ‘2FA Compromise Led to $34M Crypto.com Hack’. Anita Ramaswamy. 21 Jan, 2022. Accessed online at https://techcrunch.com/2022/01/20/2fa-compromise-led-to-34m-crypto-com-hack/ on 4 Dec, 2022.
6. ‘How To Use Crypto.com’. 5 Dec. 2021. Accessed online at https://www.cryptoryancy.com/how-to-use-crypto-com/ on 4 Dec, 2022.
‘Crypto.com Review 2022’. Bob Mason. Accessed online at https://www.fxempire.com/crypto/exchange/cryptocom/review on 4 Dec, 2022.
‘Crypto.com Review (2022). Accessed online at https://cryptonews.com/reviews/crypto-com/ on 4 Dec, 2022.
‘Crypto.com Exchange Review’. Andrew Munro. 29 Sep,2022. Accessed online at https://www.finder.com.au/crypto-com-app-review on 4 Dec, 2022.
Captain FI is a Retired Pilot who lives in Adelaide, South Australia. He is passionate about Financial Independence and writes about Personal Finance and his journey to reach FI at 29, allowing him to retire at 30.
