Crypto.com Review 2021

Crypto.com Review 2021

Daniel Chan

October 18, 2021

Cryptocurrency

What is Crypto.com?

Crypto.com is a cryptocurrency exchange that offers so much more. You can access the crypto exchange from a desktop, but to fully appreciate all that Crypto.com has to offer, you need to download the app, which is available for iOS and Android. There are plenty of benefits of Crypto.com, including staking, lending, borrowing, NFT marketplace and a metal Visa debit card that gives you up to 8% cashback on your purchases.

  • Web Address: www.crypto.com
  • Deposit Methods: Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
  • Deposit Fee: Free
  • Withdrawal Fee: Free fiat withdrawals. Crypto withdrawal fee depends on coin.
  • Fiat Currencies: USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
  • Cryptocurrencies: BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 140+ more
  • Trading Fee: Exchange: from 0.4%, App: Free
  • Mobile App: Yes

My Overall Thoughts on Crypto.com

Crypto.com is an excellent platform with the combined desktop exchange and mobile app. Not only can you buy and sell cryptocurrency, like you would expect on any top crypto exchange, but there are plenty of additional features such as staking, earning, Visa debit card, and NFT marketplace. These are the top three reasons why I would recommend Crypto.com.

1) Crypto.com offers over 150+ cryptocurrencies that users can buy, sell or trade. This includes many of the most popular coins, such as BTC, ETH, ADA, XRP, SOL and DOGE as well as CRO - Crypto.com's own coin. CRO can be staked to earn rewards, reduce trading fees, as well as provide cashback on purchases using the Visa debit card. 

2) The Crypto.com metal Visa debit card not only looks beautiful, but comes with a range of benefits. You will receive different rewards based on the level of card you have (which is determined by the amount of CRO you have staked). You can receive up to 8% cashback (paid in CRO) on purchases, receive 100% rebates on Netflix & Spotify subscriptions, 10% rebates on Airbnb & Expedia bookings and even Airport lounge access.

3) Crypto.com Earn is a way for you to earn interest on your crypto assets while you hold them, including on stable coins. There are over 40+ coins available for staking, and interest is paid weekly in the coin that you are staking. You can even increase your yield (interest rate) on your staked coins based on how much CRO you have staked.

One downside of Crypto.com is that the desktop exchange does not have the full functionality of the Crypto.com app. For example, in the exchange you can only trade cryptocurrencies against USDT, USDC, BTC and CRO, and not against any fiat currencies. To buy crypto using fiat, you need to use the app. However, this is only a minor inconvenience as most users will have access to a mobile and can download the app. If you are planning to only use a desktop and you want to find out the best crypto exchanges, have a look at this article.

Key Features & Advantages of Crypto.com

Crypto.com has a lot of fantastic features that set it apart from other cryptocurrency exchanges. Let's have a look at the best advantages of Crypto.com.

Negatives and Disadvantages of Crypto.com

Crypto.com is a great platform, but there are some downsides, which I have listed here. To read more about these negatives, click on the jump links below.

What Services does Crypto.com offer?

Crypto.com has plenty of great services on their platform. Keep on reading to find out some of the best features that users can enjoy. 

Desktop exchange with spot trading, margin trading and derivatives:  Crypto.com's desktop exchange has a detailed interface with advanced charts for spot trading, margin trading (10x leverage) and BTC USD perpetual contract (up to 50x leverage). This is ideal for experienced traders that want more options than are offered on many basic crypto exchanges. 

Mobile app for iOS and Android:  Crypto.com's app for Android and iOS mobile devices gives users access to their extensive range of services, wherever they are. Whereas on the desktop exchange, crypto trading is limited to pairs with BTC, USDT, USDC and CRO, on the app you can buy crypto using fiat currency or swap from another cryptocurrency. You can use Crypto.com Pay and also apply for your Crypto.com Visa card using the app.

Over 150+ different cryptocurrencies available:  Crypto.com offers over 150+ different coins that you can buy, sell and trade. This includes the most popular coins, such as BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE, plus plenty more. 

Live Chat support available:  A feature that I really value on crypto exchanges is Live Chat support, and Crypto.com offers this. At times, if they are busy, your chat will be replied to by email at a later point in time, and you can reply to their email by the Live Chat if you prefer. They are quite responsive depending on how busy they are, and I have tested out their email ticket support. I received a reply email within the hour, and subsequent responses were within minutes.

CRO coin - stake Crypto.com's own coin for extra benefits:  Crypto.com has its own coin (CRO) that you can use for many additional benefits. CRO can be purchased on Crypto.com as well as some other crypto exchanges. If you stake CRO on the desktop exchange, you receive 10% APR interest paid daily, CRO rebate when you pay trading fees with CRO, and cashback when you use Crypto.com Pay. If you stake CRO on the mobile app, you receive up to 12% APR, a premium metal Visa card, where you receive up to 8% cashback on purchases (paid in CRO), rebates on subscriptions (Netflix, Spotify) and bookings (Expedia, Airbnb), and better APR in Crypto Credit and Crypto Earn.

Crypto Earn - stake over 40+ coins to earn interest:  Users of Crypto.com can receive up to 14.5% interest on coins they stake. Staking periods can be locked for 1 month, 3 months, or flexible, and the amount of CRO coin you have staked will affect how much interest you receive on your other staked coins. To receive the highest interest rate, you need to stake the equivalent of $40 000 USD in CRO.

Visa debit card - receive up to 8% cashback and other benefits:  Crypto.com will give you a free Visa debit card when you request one using the app. The more CRO you stake, the higher level of Visa card you can receive, with increased benefits. You can receive up to 8% cashback on purchases (paid in CRO), rebates on subscriptions (Netflix, Spotify) and bookings (Expedia, Airbnb), Airport Lounge access, and 2% extra interest on fixed-term deposits.  

Crypto Credit - get an instant crypto loan with no deadlines:  With Crypto Credit you can borrow up to 50% of your crypto collateral, and receive credit straight into your crypto wallet. No credit check is required, there are no statement deadlines or late fees, and you can repay your loan whenever you like. If you stake CRO, you also receive lower annual interest rates. 

Crypto.com Pay - pay with crypto and earn rewards:  You can use the Crypto.com app to spend 30+ tokens, including CRO, ETH, BTC, DOT and DOGE at online retailers, to buy gift cards, NFTs or to top up a prepaid phone. You can receive up to 10% cashback (paid in CRO) on gift cards and sending crypto friends, and 5% cashback on Mobile Airtime (paying for a prepaid phone with crypto).

NFT Marketplace - buy and sell NFTs:  Everyone is talking about NFTs these days, and with Crypto.com you can get onboard as well. Buy and sell NFTs easily with Crypto.com NFT.

Insurance for your cryptocurrencies:  Crypto.com has secured a US $100M direct insurance policy led by Arch Underwriting at Lloyd's Syndicate 2012. This is the largest coverage that Crypto.com has secured for its cold storage assets on custodial partner Ledger Vault. The new policy brings Crypto.com’s total cryptocurrency insurance to $750M, including direct and indirect coverage via custodians. This significantly expands security protection for Crypto.com’s growing user base against physical damage or destruction, and third-party theft. You can use Crypto.com with peace of mind, knowing that your funds are always covered.

What I Don't Like About Crypto.com

Desktop website is limited to trading with only USDT, USDC, BTC & CRO:  For those that like to use a desktop, the Crypto.com website is limited in its crypto trading. You can only trade against USDT, USDC, BTC and CRO, with no ability to trade directly using fiat currency. Of course, this is not an issue for many people, as they can easily download the mobile app, but it is a minor inconvenience for those that prefer the larger screen of a computer.

Not all fiat currencies supported on Visa card - may require currency conversion and subsequent fees:  The Crypto.com Visa debit card is one of the best features of the app, with excellent benefits, including up to 8% cashback on purchases. Unfortunately, not all fiat currencies are supported as a base currency, so you may incur currency conversion fees. Depending on the currency conversion rate, and the amount of cashback you are eligible for, you may lose more in fees than you gain in cashback. 

Crypto.com Fees

Crypto.com Deposit Fees

There are 0% deposit fees for cryptocurrency and fiat currencies.

Crypto.com Buy Crypto Fees

When using the Crypto.com app, if you want to use a Debit or Credit to make a purchase, there is a fee of up to 4% depending on your location. However, for the first 30 days, Crypto.com waives this fee.

If you deposit fiat currency first (free of charge), there is no charge to buy crypto with the fiat already deposited in your account. It is also free to swap one crypto for another crypto. However, although Crypto.com does not charge an explicit fee on these transactions, the fee is incorporated into their spread. 

Crypto.com Trading Fees

When spot trading and margin trading on the desktop exchange, fees start from 0.4% for maker and taker, with lower fees based on 30-day trading volume, as shown in the table below. Additionally, you can receive a discount on fees if you stake over 5000 CRO. The more you stake, the higher your discount, starting from 10% (for staking 5000 CRO) up to 90% (for staking 5 million CRO).

30-day Trading Volume (USD)

Maker Fee

Taker Fee

$0 - $25 000

0.4%

0.4%

$25 001 - $50 000

0.35%

0.35%

$50 001 - $100 000

0.15%

0.25%

$100 001 - $250 000

0.1%

0.16%

$250 001 - $1 million

0.09%

0.15%

$1 million - $20 million

0.08%

0.14%

$20 million - $100 million

0.07%

0.13%

$100 million to $200 million

0.06%

0.12%

$200 million +

0.04%

0.1%

Derivatives trading fees on the desktop exchange start from 0.050% for maker and 0.070% for taker, with reduced fees based on 30-day trading volume (see table below). Traders can also receive a further discount on fees if they stake over 5000 CRO. The higher the amount staked, the larger the discount, starting from 10% (for staking 5000 CRO) up to 90% (for staking 5 million CRO).

30-day Trading Volume (USD)

Maker Fee

Taker Fee

$0 - $25 000

0.050%

0.070%

$25 001 - $50 000

0.040%

0.065%

$50 001 - $100 000

0.030%

0.060%

$100 001 - $250 000

0.025%

0.040%

$250 001 - $1 million

0.020%

0.035%

$1 million - $20 million

0.015%

0.030%

$20 million - $100 million

0.010%

0.025%

$100 million to $200 million

0.005%

0.020%

$200 million +

0.000%

0.015%

Crypto.com Withdrawal Fees

It is FREE to withdraw fiat currency via bank transfer. The only exception is withdrawing USDC via SWIFT Network, which incurs a $25 USD fee.

For cryptocurrency withdrawals, there is a flat fee incurred, depending on the coin. There are too many coins to list, but I have included some popular cryptocurrencies and their fees in the table below.

Note that transferring crypto to another Crypto.com app user is FREE. 

Cryptocurrency Withdrawal Fees

Cryptocurrency

Flat Fee

BTC

0.0004 BTC

ETH

0.008 ETH

ADA

0.8 ADA

DOGE

50 DOGE

LTC

0.001 LTC

USDT

25 USDT

XRP

1 XRP

Pros and Cons of Crypto.com

Pros
  • Over 150+ cryptocurrencies supported with staking available on 40+ coins
  • Crypto.com Visa debit card with up to 8% cashback on purchases and additional benefits, such as Airport Lounge access
  • Lend and borrow cryptocurrency easily
  • Insurance cover on cryptocurrencies
  • Margin trading and derivatives trading available on desktop exchange
Cons
  • Desktop website is limited to trading with only USDT, USDC, BTC & CRO
  • Crypto.com Visa card may require currency conversion fees

Verdict

Crypto.com is an excellent platform that offers more than just basic buy and sell functionality. On the desktop exchange users can invest in crypto with spot trading, margin trading and derivatives trading. Using the app, buying and selling crypto using fiat or swapping from another coin are both supported, as well as staking over 40+ coins. The coolest feature is the Crypto.com Visa debit card, where you can spend fiat currency and receive up to 8% cashback in CRO, as well as receive rebates on subscriptions like Netflix and Spotify, and bookings on Expedia and Airbnb! Staking Crypto.com's coin (CRO) gives you access to even more benefits, such as higher interest rates, lower trading fees and cashback on Crypto.com Pay and the Visa debit card.

I don't like that their desktop exchange is limited compared to the mobile app, but I guess most users prefer using their phone than a computer anyway.  If you are still researching other cryptocurrency exchanges, I suggest having a read of this article on the best crypto exchanges.

Frequently Asked Questions

Is Crypto.com legitimate?

Yes, Crypto.com is a legitimate cryptocurrency platform established in 2016. Crypto.com operates in compliance with local regulations around the world, including strict AML/KYC obligations found in all jurisdictions. Fiat currency in Crypto.com accounts are held by custodian bank accounts and US residents benefit from FDIC insurance for those funds. In Australia, Crypto.com has an Australian Financial Services License (AFSL) that allows it to offer their debit card services in Australia. Crypto.com has received ISO/IEC 27701:2019 certification after extensive third-party privacy audits, making it the first cryptocurrency exchange to hold this coveted privacy certification.

Is Crypto.com safe?

Yes, Crypto.com is a safe cryptocurrency platform, with 100% of user cryptocurrencies held offline in cold storage, using Ledger Vault's institutional-grade custody. The funds held in hot wallets are corporate funds to ensure smooth day-to-day withdrawal requests from customers. Fiat currencies are held in regulated custodian bank accounts, with US residents enjoying FDIC insurance. Crypto.com was awarded the ISO/IEC 27701:2019 certification in 2020, making it the first cryptocurrency company in the world to receive this standard.

Can Crypto.com be trusted?

Yes, Crypto.com is a trustworthy cryptocurrency platform established in 2016. Crypto.com operates in compliance with local regulations around the world, including strict AML/KYC obligations found in all jurisdictions. Fiat currency in Crypto.com accounts are held by custodian bank accounts and US residents benefit from FDIC insurance for those funds. In Australia, Crypto.com has an Australian Financial Services License (AFSL) that allows it to offer their debit card services in Australia.

Can Crypto.com be hacked?

Crypto.com is a very secure cryptocurrency platform, with 100% of user cryptocurrencies held offline in cold storage, using Ledger Vault's institutional-grade custody. The funds held in hot wallets are corporate funds to ensure smooth day-to-day withdrawal requests from customers. However, no matter how secure, there is a small chance that it can be hacked. The good news is that Crypto.com has insurance cover for its crypto assets so you can always trust your funds will be safe.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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