When people decide to learn about or start investing in cryptocurrencies, one of the first platforms they are most likely to come across is Crypto.com. Many want to find out whether Crypto.com is a good choice, and learn how safe and reliable it is.
Key Takeaways
- Crypto.com is a safe and beginner-friendly crypto app
- Buy and sell more than 250+ cryptocurrencies, and earn interest on 40+ coins
- Crypto.com is a very safe platform, and has never been hacked
- Crypto.com uses multi-layered security to ensure users’ funds are always safe
- Crypto.com also has an extensive line of internal risk controls
- It has insurance coverage of around $500 million, including indirect and direct coverage via physical damage, custodians, and third-party theft
Crypto.com Overview
Crypto.com is a very simple-to-use mobile app that makes it easy for beginners to buy and sell 250+ cryptocurrencies, earn interest on more than 40+ coins, and even purchase NFTs. The fees are included in the spread, so the price you see is what you get, making it very straightforward, with no additional commissions. To learn more about Crypto.com, see our full detailed review here.
Crypto.com – History
Crypto.com was founded by its current CEO Kris Marszalek in June 2016. Originally called Monaco, the company launched their own token called MCO in the first half of 2017.
A year and a half after its launch, Monaco announced their rebranding and started shipping their Crypto Visa Cards to US customers. Shortly thereafter they introduced various services such as Crypto Earn, Crypto.com Pay, Crypto Credit, among others. In 2020, Crypto.com launched their DeFi Swap and DeFi Wallet services and started delivering their Visa Cards to European customers as well.
Is Crypto.com Safe?
Crypto.com is one of the safest options for investing in cryptocurrency. It uses “Defense in Depth”, meaning it has security processes in all of its business aspects, and is among the few crypto platforms that has never been hacked.
How does Crypto.com manage to maintain such safety when tons of platforms are being hacked all the time? First, Crypto.com keeps all users’ funds in cold (offline) storage. Moreover, the platform has insurance coverage of around $500 million, including indirect and direct coverage via physical damage, custodians, and third-party theft.
Crypto.com uses hot wallets only for day-to-day withdrawals. The funds that are in hot wallets are only a tiny fraction of the total holdings of the company. Their hot wallets are also protected by security measures such as multi-signature keys and HSM.
Infrastructure Security
Crypto.com utilizes AWS (Amazon Web Services), which comes with the following security features:
- Various industry-level security features
- Real-time analytics, monitoring, logging, and automatic threat detection
- Attacks prevention
- Business continuity planning
- Automatic traffic encryption
Their infrastructure security measures work together with an extensive line of internal Crypto.com risk controls that includes:
- AI analytics tool
- An internal team that screens deposits for AML, KYC, tobacco, alcohol, and ATF compliance
- Manual approval of crypto and big fiat transfers
- Access control features for hot and cold wallets
Crypto.com Fees
Crypto.com fees are on the lower end, but vary depending on the product.
Crypto.com App Fees
Many users around the world agree that the Crypto.com app is the easiest way to buy, and sell crypto. There is no commission when you buy and sell crypto, as the fees are included in the spread.
Depositing and withdrawing fiat currencies is free of charge. Depositing crypto is also free, but withdrawing crypto will incur a charge which depends on the asset you wish to transfer.
Crypto.com Exchange Fees
Crypto.com charges withdrawal and trading fees. Trading fees are based on your 30-day trading volume, which means you get better discounts if your trading volume increases. You also have the option to stake CRO tokens that you can use later to pay the trading fees. The more tokens you stake, the better the trading discount.
Crypto.com DeFi Swap Fees
Unlike the exchange or the app, Crypto.com DeFi Swap allows you to connect to your Ethereum Wallet for easy ERC-20 swaps. You usually have to pay a 0.3% fee to the liquidity providers supporting the running of smart contracts. You can also connect DeFi Swap to your DeFi Wallet.
Conclusion
If safety is what you are looking for, Crypto.com is one of the best cryptocurrency platforms you can use. It stores almost all its crypto assets in cold wallets and uses hot wallets only for daily withdrawals, which make up only a tiny fraction of the total funds. Crypto.com uses plenty of other security measures to ensure safety for its users, and is one of the few crypto platforms to have never been hacked. To learn more, read our review here, or you can visit the official site here.
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