Crypto.com Review
Crypto.com is a cryptocurrency exchange that enables users to engage in a variety of activities, including trading, investing, staking, using wallets and using NFTs. This exchange supports more than 250 different currencies, has fees that are not prohibitively expensive, and provides discounts to customers with considerable holdings of Crypto.com Coin (CRO). Those who are interested in doing a lot with their cryptocurrency may find that it is a good choice due to the ecosystem of crypto-related products that it offers.
Pros
• A comprehensive list of the coins that are supported
• Fees that are open and competitive, and there are reductions available
• Support for an ecosystem composed of items based on cryptocurrencies
Cons
• Increased costs unless you already possess and make use of CRO.
• Unsatisfactory help for customers
• Figuring out how to manage trading fee discounts can be difficult.
The Positives Exposed
• A comprehensive list of the cryptocurrencies that are supported, including: Support for over 250 different currencies, along with futures trading and a variety of other complex order types.
• Fees that are both transparent and competitive, with discounts available Crypto.com offers trading fees that are both transparent and competitive, with discounts available.
• Support for an ecosystem of cryptocurrency products, including trading, staking, and swapping of cryptocurrencies Crypto.com enables these activities. In addition to that, it provides its users with their very own credit card, crypto wallet, and the ability to invest in NFTs.
Defining the Drawbacks
• Higher fees, unless you hold and utilise CRO: Users of Crypto.com who have a considerable holding of CRO currency are eligible for trading fee savings.
• Unsatisfactory customer support Many of the consumer complaints that we receive concern how delayed and poor the customer support responses are.
• Figuring out how to navigate trading fee discounts can be difficult: The trading fee discount tiers on Crypto.com could be difficult to understand and manage.
Introduction
Crypto.com is a well-known cryptocurrency exchange that provides support for a diverse selection of crypto assets and items related to blockchain technology. Users have access to a comprehensive range of currencies for buying, selling, and trading, and transaction fees are kept to a minimum. Additionally, the business provides cryptocurrency credit cards, a decentralised exchange, a standalone cryptocurrency wallet, and an NFT marketplace. It also enables users to stake their cryptocurrency or store it in a wallet provided by Crypto.com for a predetermined amount of time in order to earn interest of up to 14.5%.
Crypto.com can be a suitable option for people who want to acquire and hold cryptocurrencies like Bitcoin and Ethereum in their portfolios. The fees are capped at 0.40% and go down if you have a high trading volume or a significant amount of the CRO currency held in your account. At the moment, Crypto.com supports 250 different currencies, provides a variety of advanced order types, and even lets user’s trade cryptocurrency futures on its site.
An Overview of the Company
In 2016, Crypto.com was established in Hong Kong as a company. At the moment, it provides over 250 different cryptocurrencies to its more than 10 million users all around the world. Users in 90 different countries can take advantage of the diverse range of cryptocurrency-related financial solutions offered by Crypto.com.
Crypto.com is excellent for customers of any level of expertise because it offers a comprehensive list of cryptocurrencies, competitive price, and a variety of additional services. On the other hand, those who are just starting out could find the abundance of features overwhelming.
In general, Crypto.com is the ideal option for users who want to do more with their cryptocurrency holdings than just buy and hold it. It is a good platform for active traders as well as anyone who is interested in using cryptocurrency as an actual currency rather than just an investment.
Cryptocurrencies That Can Be Purchased Through Crypto.com
More than 250 different currencies are supported for spot trading on Crypto.com, with a subset of these being enabled for staking. Although the list of supported currencies would be too long to include them all here, you can be sure that you will be able to buy and sell the majority of the currencies that are traded the most. (Take a look at the complete inventory of things that are for sale.)
The following are examples of well-known assets that may be found on the platform:
• What is Bitcoin? (BTC)
• Ether (ETH)
• Cardano (ADA)
• Dogecoin (DOGE) (DOGE)
• Polkadot (DOT)
CRO, Crypto.com’s own cryptocurrency, is also available. If you hold a big investment in CRO, the firm will reward you by lowering your trading fees, increasing your staking interest rates, and increasing the incentives you receive from your credit card.
Exchanging One’s Knowledge
The Crypto.com mobile app, which is compatible with both Android and iOS smartphones, serves as the company’s primary point of contact. If you are used to trading stocks through a smartphone app, you will most likely find the experience to be easy and uncomplicated.
You can get a quick overview of both your portfolio and a list of popular assets by using the Crypto.com app. Everything you need to trade currencies, earn by staking your cryptocurrencies, make payments with cryptocurrency, or sign up for a Crypto.com credit card is included in the mobile app.
Additionally, Crypto.com is compatible with a number of fiat currencies such as the Australian dollar (AUD), the Canadian dollar (CAD), the euro (EUR), the pound sterling (GBP), the United States dollar (USD), and the Brazilian real (BRL) (BRL). Because of this flexibility, customers in a number of countries are now able to simply acquire cryptocurrency with their native money.
Fees
On trades with a total monthly trading volume of less than $25,000, new Crypto.com users who have never participated in CRO staking will be charged a fee of 0.4%. The trading fees are slightly lower than what you would see with some of the largest competitors in the business, but they are not the lowest rates available.
In the absence of CRO staking, higher-volume traders have the potential to be eligible for fees as low as 0.04% as a maker or 0.1% as a taker. If you keep at least 5,000 CRO in your wallet at any one time, you will be eligible for reduced trading fees. At that moment, traders who have monthly volume of up to $25,000 will pay 0.36% commission. The higher the stake, the lower the rate per unit.
Crypto.com is in a competitive position when it comes to pricing because there are no additional fees charged every trade.
Security
Whitelisting and multi-factor authentication (also known as MFA) are two of the many security procedures that Crypto.com employs in order to assist in the protection of its users’ accounts. To assist in the protection of your account, it is, of course, equally essential to make use of a robust password and to engage in other personal online security measures. Because cryptocurrency transactions cannot be undone, it is highly unlikely that any lost cryptocurrency would be recovered if your account is compromised.
In addition to its security measures, Crypto.com employs stringent compliance monitoring and maintains customer deposits offline in cold storage as a means of assisting in the prevention of hacking and losses. Additionally, it collaborates with local banks in the United States to offer FDIC protection of up to $250,000 on U.S. currency holdings.
Establishing a User Account on Crypto.com
To sign up for an account on Crypto.com, download the Crypto.com app from the Google Play Store or the Apple Store on your mobile device. Launch the application, then start by selecting a password and inputting your email address. New accounts on Crypto.com must be confirmed by uploading a selfie along with a photo of a valid government-issued photo identification. After there, you’ll have to link a payment method, such a bank account, so that you can make purchases.
You will be asked to submit your name, contact information, and Social Security number as part of the Know Your Customer (KYC) process in order to authenticate your identity if you are linking a bank account that is located in the United States. This process is used to prevent fraud. Users who have had their identities fully confirmed can make deposits and withdrawals on Crypto.com up to the site’s daily and monthly restrictions.
In most cases, the process of setting up a new account, which includes the verification of KYC information, may be completed in about ten minutes. If you’re a fast typist and you have your ID on hand, it should take you no more than five minutes to complete the task.
Assistance to Customers
Help pages, email, and live chat are the three communication channels offered by Crypto.com for contacting customer service. Customers of Crypto.com do not have access to telephone support. Despite the fact that customers can contact customer support by email and chat, a number of users have complained about the poor response times and the lack of assistance in addressing account issues.
Satisfaction of the Customer
The majority of Crypto.com’s customer ratings are below average, and the website only has 2.2 out of a possible 5 stars on Trustpilot. The majority of unfavourable evaluations centre on complaints about the quality of customer support received, account lockouts, and withdrawal issues. Concerningly, some people have mentioned having their accounts broken into and losing money.
Cryptocurrency exchanges generally have a reputation for having subpar customer support, and Crypto.com is no exception to this trend. Because customer care on Crypto.com isn’t always all that helpful, it’s best to approach the website as if it were a self-service option whenever possible. It is most likely best suited for individuals who have some familiarity with online financial goods and won’t require a great deal of assistance.
Management of Client Accounts
The Crypto.com mobile app makes it simple for users to view both their accounts and their assets.
You may also make crypto trades and keep tabs on the balance of your Crypto.com credit card by using the app to manage your bank accounts, evaluate transfers, and check your transfer history.
How Crypto.com Stacks Up Against the Competition in the Cryptocurrency Industry
In the United States, two of the most common cryptocurrency exchanges are Crypto.com and Coinbase. Crypto.com provides users with a more comprehensive selection of assets that may be traded and lower trading costs when compared to Coinbase. However, the platform is not as user-friendly as Coinbase in terms of navigation, and the trading experience is not as accommodating to newcomers. However, depending on what you’re looking for, Crypto.com might be a better option.
The following is a comparison of Crypto.com vs Coinbase, highlighting the key differences between the two:
Comparison of Crypto.com and Coinbase
• The fees associated with trades on Crypto.com go up to 0.40%, while those associated with Coinbase Pro go up to 0.50%.
• Crypto.com offers over 250 different virtual currencies, but Coinbase only supports 158 different virtual currencies.
• Coinbase has an easy-to-navigate site that is intuitive and user-friendly, making it a potential better option for novices than Crypto.com.
Both Crypto.com and Coinbase have the potential to be useful tools for achieving a variety of trading and investing objectives. You might decide to open an account with any one of them, depending on the kind of trading experience you have and the requirements of your business.
FINAL VERDICT
Crypto.com is an excellent option for cryptocurrency traders searching for a platform that offers a comprehensive list of supported currencies and transaction costs that are on the lower end of the spectrum. It is recommended for those who are comfortable managing their financial accounts via a mobile app and may be appropriate for users who have intermediate understanding and expertise with cryptocurrencies.
As is the case with most cryptocurrency exchanges, customer assistance is not Crypto.com’s strong suit; consequently, you should prepare for an experience that is predominately self-service. If you are okay with it, then Crypto.com can be a good alternative for you to consider given your requirements.
