Crypto.com Review [The Ultimate Guide 2022]
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Crypto.com is a one-stop-shop for all your crypto transaction needs, with support for an extensive list of crypto assets, advanced order types, and blockchain-related products. Crypto.com provides its users with the most convenient way to buy, sell, trade, and spend cryptocurrencies by partnering with regulatory authorities worldwide. The exchange offers relatively lower trading fees and its Cronos (CRO) token, a way for investors to reduce fees on crypto trades.
Crypto.com has been around since 2016. It's headquartered in Singapore and boasts over 50 million users in 90 countries. The Crypto.com ecosystem consists of the Crypto.com App, Crypto.com Exchange, Crypto.com DeFi swap and wallet, Crypto.com Pay, Crypto Earn, Crypto.com Visa card, an NFT marketplace, and other crypto services. It also allows users to stake their crypto, or hold it in the Crypto.com wallet for a set period, to earn up to 14.5% interest.
Crypto.com App users can purchase more than 100 top cryptocurrencies at true market prices, earn high interest on their cryptocurrencies, manage their Crypto.com Visa Cards, and easily make crypto payments.
Our Crypto.com review will examine the platform's pros and cons and key features to help you decide if it's a suitable exchange.
Let's get right to it!
Crypto.com Pros
- Extensive List of Cryptocurrencies
With more than 250 cryptocurrencies and spot trading, futures, and advanced order types to choose from, investors can find the perfect option to fit their needs on the platform. Whether you're looking for a long-term investment or a quick flip, Crypto.com has the right option for you.
- Transparent and Competitive Fees
Crypto.com offers competitive trading fees up to 0.40%, with discounts available for staking the CRO token.
- High Interest Rates
Through Crypto.com’s Earn program, you can receive up to 14.5% per year on your deposits of more than 30 cryptocurrencies, depending on the cryptocurrency you select to loan out and the amount of CRO you hold in your account.
- Extensive List of Cryptocurrency Products
Crypto.com supports cryptocurrency trading, staking, and swapping. It also offers its own Visa card that allows you to spend your crypto and earn rewards, a crypto wallet, and enables users to buy, sell, and showcase NFTs.
Crypto.com Cons
- Higher Fees When CRO Is Not Used
One disadvantage of using Crypto.com is that it charges higher fees when you don't use its CRO tokens.
- Poor Customer Support
Customer reviews complain about slow and low-quality customer support responses, so you may not always get the help you need when using their platform.
- Discounts Can Be Confusing
According to Crypto.com’s blog, it offers discounts on specific trading pairs. However, the discounts can be confusing for some users, as they are based on the volume of trade and can change daily. This can make it difficult to know how much you'll save on a trade and lead to some users paying more than they need to.
- Available Only in 49 US States
At the moment, Crypto.com has become available in 49 US states, but some of the features are still not accessible, like Crypto.com visa card. The exchange is also unavailable in many countries.
Crypto.com Review
Crypto.com is a popular and easy-to-use cryptocurrency exchange that offers a wide range of features and services and allows you to trade in more than 100 different crypto assets. It allows users to buy and sell cryptocurrencies using various payment methods, including credit cards, a direct bank transfer from your bank account, etc.
Crypto.com Overview
Crypto.com has the vision to accelerate the world's transition to cryptocurrency by making it easy for everyone to buy, use, and trade cryptocurrencies. The platform also provides a wallet for storing and managing digital assets.
Crypto.com has a team of experienced professionals from the financial, legal, and technology industries. Since their launch, they've made it their mission to make crypto easy to use and accessible to everyone to promote worldwide adoption. In the past few years, they have made significant progress in achieving their mission. They have launched several products and features and partnered with some leading companies to promote cryptocurrency adoption.
The platform offers a mobile app, lending platform, staking platform, and a referral program. Crypto.com also has a strong focus on security, including a 2-factor authentication system.
Available Crypto Assets
As of writing, over 250 crypto assets are available on Crypto.com, making it one of the fastest-growing platforms. These include Bitcoin, Ethereum, Cardano, Polkadot, etc. The assets can be bought, sold, and traded directly on the Crypto.com website.
Crypto.com App is one of the fastest-growing crypto application.
Alternatives of Crypto.com
Gemini and Coinbase are cryptocurrency platforms very similar to Crypto.com in terms of features. These are easy-to-use platforms for trading cryptocurrencies, managing your cryptocurrencies, and sending and receiving payments.
Gemini
Gemini is one of the most secure platforms available. In addition to industry-standard security features like two-factor authentication and whitelisting of wallet addresses, Gemini offers the ability to review and approve devices used to log into accounts.
Gemini offers a variety of features that make it easy to use, including a user-friendly interface and tools for managing your account.
Also See: Gemini Review
Coinbase
Coinbase is a digital asset exchange founded in 2012 and headquartered in San Francisco. Coinbase allows users to buy and sell digital currencies and store them in the Coinbase wallet.
Coinbase has been one of the most popular cryptocurrency platforms in recent years due to its user-friendly interface and the support of various digital currencies. Coinbase also offers some advantages over other cryptocurrency platforms, including its insurance policy, which protects user funds in the event of a hack or security breach.
Also See: Coinbase review
You can also trade crypto on the Latoken exchange since it's always safe not to keep all your eggs in one basket!
Crypto.com Advantages
Crypto.com is a crypto bank that allows you to buy, sell, and hold cryptocurrencies. You can also use it to pay for goods and services with cryptocurrencies. It offers a prepaid Visa card that lets you easily spend your crypto holdings.
Crypto.com offers a mobile app for on-the-go trading that lets you track your account balance, transactions, etc. You can also keep track of all your funds through crypto portfolio trackers such as CoinStats.
Easy Conversion of Fiat Currencies to Crypto
Crypto.com has a straightforward conversion of fiat currencies to crypto. With the click of a button, users can convert their fiat currency to crypto and vice versa.
Gift Cards
Crypto.com offers its users gift cards as a unique perk. Gift cards can be used to buy products and services at various businesses, making them a great way to get started with cryptocurrency. Additionally, they can be used to give back to the community, as they can be donated to charities and other causes.
Earn Interest
Crypto.com offers a unique opportunity to earn interest on your cryptocurrency holdings. By staking your crypto on the Crypto.com app, you can earn up to 14.5% per year on your deposits. The interest is paid out in CRO tokens, which can be used to pay for goods and services on the Crypto.com platform.
Exclusive NFT Collection
Crypto.com is a popular cryptocurrency exchange known for its exclusive NFT collection, including unique and rare NFTs.
There are no fees for purchasing an NFT, but if you resell, you’ll pay a fee of 1.99%. Creators also pay a 1.99% fee for selling on the platform.
How to open a Crypto.com Account
To open a Crypto.com account, follow the steps below:
1. Go to Crypto.com and click on "Sign Up."
2. Enter your email address, and the OTP received on the email ID.
3. Create a strong password.
4. Click on the "Create Account" button.
5. Verify your phone number and enter the code received via SMS.
6. Once your phone number is verified, you can log in to your account and start using it.
Why Trade On Crypto.com
Crypto.com offers several features, making it easy for users to trade securely and efficiently.
Some of the Crypto.com platform’s trading functionalities include:
-A user-friendly interface
- Security features that protect your account and your assets
- A wide range of supported assets
- Competitive fees.
Crypto.com is a great trading platform for experienced traders with extensive holdings of CRO tokens, which means lower trading fees and more rewards on the Crypto.com Visa card.
Security Measures
As one of the leading platforms in the cryptocurrency space, the Crypto.com platform takes security very seriously. The platform employs several security features to protect users' funds and personal information, including 2-factor authentication, advanced encryption, and a strict KYC/AML policy. Two-factor authentication is required for all accounts, and all communications between users and the platform are encrypted. Additionally, the platform employs some security measures to prevent fraud and hacking, including fraud monitoring and a secure login system.
By employing industry-leading security features, Crypto.com provides users with a safe and secure environment to buy, sell, and trade cryptocurrencies. Additionally, the platform's 24/7 monitoring ensures that any potential security threats are quickly identified and managed.
Crypto.com Fee Structure
Crypto.com charges different fees for buying, selling, and holding cryptocurrencies. These include trading fees and withdrawal fees.
- The trading fees are a percentage of the total trade value charged when you buy or sell cryptocurrencies on the platform. Crypto.com charges both takers and makers 0.40 percent for every trade, significantly higher than the industry average. There are, however, discounts available based on trading volumes.
- The withdrawal fee is a flat fee when you withdraw funds from your account, depending on the cryptocurrency you buy. For example, the withdrawal fee for Bitcoin is 0.0004 BTC, whereas, for the CRO token, it's 100 CRO.
Fees may vary depending on the cryptocurrency you're buying, the exchange rate at the time of purchase, and the payment method. You'll also pay a small fee, lower than the industry standard, when you buy or sell cryptocurrencies through the Crypto.com app.
You won't be charged any fees for holding cryptocurrencies in your Crypto.com wallet, but you'll pay a small network fee if you transfer cryptocurrencies out of your wallet.
The cryptocurrency exchange has a tiered fee structure, with lower fees for higher-volume traders. For example, makers (those who provide liquidity to the market by placing orders) are charged less, while takers (those who take liquidity from the market by matching orders) are charged more.
For instance, in VIP Tier 2, makers are charged 0.010 %, and takers are charged 0.030% for the 30 days trading volume of less than 2% of exchange volume.
Low Transaction Fees
Another benefit of trading on Crypto.com is its low transaction fees. The platform uses a hybrid model combining key features of centralized and decentralized exchanges. As a result, users can trade with reduced fees and enjoy the security and flexibility of a decentralized exchange.
It uses a maker-taker fee structure. Takers pay a higher fee, although Crypto.com reduces fees based on your trading volume e over a 30-day period and if you stake CRO tokens.
Crypto.com DeFi Wallet
Crypto.com's noncustodial DeFi wallet lets you safely store your crypto and swap cryptocurrencies with other users. You'll have full control of your keys, and you can opt to pay a higher fee to process your swap faster. Swap fees are some of the most competitive in the industry. Also, you won't pay fees for transactions within Crypto.com. The wallet lets you choose your network, decide on a transaction speed, and see what your fees are.
Final Words
Crypto.com is a one-stop-shop for all your crypto transaction needs. It offers the Crypto.com App, Crypto.com Exchange, Crypto.com DeFi swap and Wallet, Crypto.com Pay, Crypto Earn, Crypto Credit, and many other services. It's a crypto platform that supports trading, investing, staking, NFTs, etc. The exchange offers reasonable fees and discounts and supports a wide range of cryptocurrencies.
If you're looking for a simple, fast, and secure way to buy, sell and trade cryptocurrencies, you've found it! If you're not already registered, you can sign up and try it out for yourself!
Take a look at our wallet and exchange reviews to choose cold storage or a software wallet to store your crypto assets securely.
You can also visit our CoinStats blog to learn more about DeFi wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on how to buy various cryptocurrencies, such as How to Buy SushiSwap, What Is DeFi, How to Buy Cryptocurrency, etc.
Read more: https://coinstats.app/blog/crypto-com-review/
Text source: CoinStats Blog
