If you know the different reliable cryptocurrency exchanges you can use for your crypto business, you know none has a cooler name than Crypto.com. But, besides the name, what good trading features would you get from this exchange? Read on as we share a detailed Crypto.com exchange review, discussing everything from fees, and security, to trading options and more.
Crypto.com At a Glance
Crypto.com is a crypto exchange platform founded in 2016 by Bobby Bao, Rafael Melo, Gary Or, and Kris Marszalek. At the time, it was part of Monaco, a company that also introduced the MCO token and an ICO for the token later in 2017. The cryptocurrency exchange platform is based in Singapore but is available in over 90 countries, including the USA.
When you create an account with Crypto.com, you can benefit from many features, including trading a large collection of cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. In addition to crypto coins, you can invest in Non-Fungible Tokens (NFTs), Decentralized finance (DeFi), and tradable tokens through GameFi, a platform that combines video games and blockchain technology to reward gamers.
Who Can Use Crypto.com?
Crypto.com is designed for novice and experienced crypto traders from the 90+ countries the exchange is available in. Supporting over 10 languages, including English, Spanish, and French, the platform is accessible from the website, where you can easily complete a transaction. The mobile app also has a friendly UI for easy use by all traders.
To qualify for a Crypto.com account, you will need to be at least 18 years since you have to verify your identity. In addition, ensure you are in a country the platform is allowed. In case the platform is not available in your area, you can use a cryptocurrency VPN that would give you access to most of the platform’s features anonymously.
Before we delve into the platform’s features below, here are some pros and cons to look out for.
- You can fund your account using credit cards, debit cards, wire transfers, and other cryptocurrencies
- You can invest in a wholesome ecosystem of digital assents, including coins, NFTs, and De-Fi
- Easy to understand trading fees
- Mobile support
- Excellent security measures
- Easy sign-up process
- High transaction fees for low-volume trades
- Slow customer support
- No crypto to crypto trading
As you prepare to start your cryptocurrency investment with Crypto.com, you need to understand the most impactful features you can use on the platform. So, read on as we discuss the platform’s security measures, sign-up process, transaction fees, available cryptocurrencies, and trading options, among others.
As you know, the cryptocurrency environment is highly unpredictable, and you could lose your investment in the blink of an eye. Therefore, most exchange platforms like Crypto.com are taxed with designing security measures that prevent hacks, fraud, and other challenges that could make you lose your money and/or digital assets.
Crypto.com is a fairly secure exchange platform to use today. However, the company had to beef up their security measures after a serious hack engineered a loss of around $30 million worth of cryptocurrency. This security breach resulted from a single hacker making away with crypto assets from 483 users’ digital wallets.
Today, you will need to set a strong password when opening an account. In addition, you will also need to activate multi-factor authentication (MFA) to authorize logins and transactions. The MFA includes the password, biometrics, phone, email, and authenticator verifications.
Besides the verifications, you can also allowlist your wallet through email for safer transactions. Therefore, even if a hacker has your login details, they cannot access your assets unless they verify any transaction through your registered email.
Crypto.com works with Ledger Vault to secure 100% of users’ crypto in cold storage. In addition, the company also leverages hardware security modules (HSM) and multi-signature technologies to keep your investments out of reach of hackers.
While over USD 750M worth of crypto is held in offline cold storage, you can still access your assets when you want to transact. For this, the company stores a part of their assets in hot wallets that also use HSM, multi signatures, and other key-generation technologies to ensure no third party can access your funds without permission.
As we will see later, you can fund your crypto.com account with fiat currencies. When you fund your account, your USD balance (for US residents) will be held at Metropolitan Commercial Bank, a regulated bank and FDIC member. As a result, your fiat currency is insured, and you retain its ownership.
Finally, crypto.com also guarantees security when you trade through your smartphone. The mobile software is securely coded and peer-reviewed for security purposes. You will also need MFA for mobile log-ins and transactions.
Crypto.com is also ISO and IEC-certified and compliant with Tier 4 NIST Cybersecurity, Privacy Frameworks and Service Organization Control (SOC) 2 exams. The company is also third-party audited to ensure user privacy and guarantee their blockchain system is hack-proof.
b) Sign-up process
While you can sign up for the Crypto.com Exchange Pro online if you have a crypto portfolio, you will need to download the mobile app to open an account with Crypto.com if you are a new trader. Fortunately, it is available for Android and iOS.
Once you download the app, enter your email address and create a strong password. Afterwards, you will share your names, identification document, and a selfie. Once you verify your account, you may proceed to add your payment method.
If you choose the bank as your payment option, you will need to provide more details, such as a Know Your Customer (KYC) form to verify your identity. Still, the sign-up process is super straightforward and should take no more than 20 minutes to complete.
When your Crypto.com account is ready, you will need to consider how to fund it to start investing.
c) How to fund your account
You can fund your Crypto.com account using a credit or debit card. You may also use a wire transfer that will require an already registered bank account. Alternatively, you can fund your account with crypto as a Crypto.com Exchange Pro user, meaning you can transfer your crypto assets from another wallet to your Crypto.com wallet and start investing.
If using a bank account, you will have to share your KYC details, after which you can have unlimited deposits using a supported fiat currency. Some acceptable currencies include USD, CAD, GBP, AUD, BRL, and EUR. In addition, a bank payment method allows you to withdraw up to 100 Bitcoin at a go.
d) Crypto.com transaction fees
Similarly to how other exchange platforms like Binance, Gemini, Coinbase, and Kraken work, Crypto.com’s transaction fees decrease with higher trading volumes. However, the fee models differ from these other platforms because you can incur lower charges if you have a Crypto.com Coin (CRO) staking. CRO is Crypto.com’s native token.
That said, the transaction fees start at 0.4% for volumes below $25,000 for new traders without a CRO stake. If you have a CRO staking, the transaction fees start at around 0.36% for trading volumes below or equal to $25,000.
As mentioned above, the transaction fees decrease with higher trade volumes. Therefore, you can expect low taker fees of 0.04% and maker fees of 0.1% when you trade high volumes, even without a CRO staking.
e) Available assets
When looking to start buying and selling cryptocurrency coins, you will love that you can choose from a selection of more than 250 coins. You can transact these at real-time prices displayed on the website, a process known as spot trading. Alternatively, you can hodl these currencies and then stake them to make more passive income. Some of the main crypto coins you can invest in from Crypto.com include;
- Bitcoin (BTC)
- Ethereum (ETH)
- Polkadot (DOT)
- Dogecoin DOGE)
- Tether (USDT)
- Solana (SOL)
- Dai (DAI)
- Avalanche (AVAX)
- Cronos (CRO)
- Litecoin (LTC)
f) Crypto.com trading options
Now that you know the assets you can invest in on Crypto.com, you will need to know how to buy, sell, or hodl them to make good money. Luckily, you have several trading options once you open a Crypto.com account, including;
- Spot trading. This option allows you to buy crypto assets at real-time prices displayed on the website or smartphone.
- Margin trading. This option allows you to amplify your investments by up to 10x during up or down market movements. It is available on the mobile and web versions.
- Staking. If you have a large portfolio, crypto.com also allows you to stake your assets to earn passive income.
- Stop-loss limit and take profit limit orders. With this option, you determine the condition when you can order a transaction. It allows you to cap your losses if the market moves against your favor, while you can also earn the most money when the market moves in your favor.
- Limit orders. This option lets you determine how much you can spend on a single market order. The buy limit orders are completed when the last market price is equal to or less than your order limit price. On the other hand, a sell limit order completes when the price is equal to or higher than your price.
g) Mobile support
Crypto.com is available on a mobile application supported on Android and iOS operating systems. You can easily download this app from Google Playstore or Apple Store and start using its impressive trading and tracking features through an easy-to-use interface.
h) Customer service
Crypto.com offers user support through email and chat when you need to contact them directly. However, many users have noted that replies are slow, thus making the platform better suited for experienced traders who do not need step-by-step guidance on their orders.
Fortunately, if you are a new trader, Crypto.com has a help page that answers most trading options you may have. The page is quite detailed, with posts that offer step-by-step instructions so you can trade smoothly.
Frequently Asked Questions About Crypto.com
a) Is crypto.com good for new traders?
The platform is good for new traders, thanks to the low transaction fees. In addition, their dedicated help page details all the information a new crypto trader needs to get started.
b) Can I use credit cards to fund my crypto.com account?
You can fund your Crypto.com account using Visa and Mastercard credit and debit cards from accredited banks. In addition, you can also use a wire transfer from a registered bank to fund your account. Finally, you can also sign up for the Crypto.com Exchange Pro program to use your crypto portfolio to fund your account.
c) Is Crypto.com safe?
Yes. The exchange platform requires you to set up a strong password and multi-factor authentication to secure your logins and withdrawals. In addition, the platform also uses cold storage to hide assets from hackers, while hot wallets are also insured against hacking. The company is also ISO, IEC, and SOC-2 certified to protect your data. Finally, Crypto.com reports assets traded on the platform to the IRS.
In case of a hack, the company has impeccable insurance policies to guarantee they can refund your investments. These include a $350 million reserve they can activate after a hack.
Finally, the company is trusted globally, and you can judge this by looking at its partners and sponsorships. Using this metric, you will find that Crypto.com is trusted by big brands, including Formula 1 team Aston Martin Cognizant, soccer team Paris Saint-Germain, and Ultimate Fighting Champions (UFC).
d) After how long will my Crypto.com account be activated?
Once you provide all the necessary details, including an ID and KYC details, the verification process can take a few minutes to 3 hours.
e) How do I track my portfolio on Crypto.com?
Since Crypto.com has one of the best crypto tax portfolio trackers, you can easily keep up to date with your assets through the web or mobile app.
f) How will I pay taxes after trading on crypto.com?
Unlike other crypto trading platforms that need you to use crypto tax software to calculate your taxes, you can generate a tax report from Crypto.com to understand how much you owe the government. You will get this report in a few minutes, and the maths are calculated depending on how much crypto you’ve transacted in a year.
Featured image source: forbes.com