Crypto.com Featured Image
Pros
Cons
  • Over 90 cryptocurrencies are available
  • Visa card to earn rewards
  • Earn interest on crypto holdings
  • Tax support available
  • Solid security features
  • Poor customer services
  • Limited selection of crypto in the U.S.
  • High fees for low volume traders

Crypto.com Review

Crypto.com was founded in 2016 and since then it has grown into a fully-fledged and well-known international cryptocurrency hub. The crypto ecosystem here consists of

  • Crypto.com App,
  • Crypto.com Exchange,
  • Crypto.com DeFi swap and Wallet,
  • Crypto.com Pay,
  • Crypto Earn,
  • Crypto Credit,
  • many other services.

Aiming to bring the most convenient way to buy, sell, trade, and spend cryptocurrencies Crypto.com must work with regulatory institutions all over the globe. Over 100 top cryptocurrencies at true cost are available at Crypto.com App allowing users to buy, earn high interest on their crypto, manage their Crypto.com Visa Card, and easily make crypto payments, among many other rewarding features. The company’s Crypto.com DeFi Wallet is non-custodial, so users can have full control of their private keys.

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General info

Website:

Crypto.com

Support contact:

Link

Main location:

Hong Kong

Daily volume:

0.0 BTC

Mobile app available:

Yes

Is decentralized:

Yes

Parent Company:

Crypto.com

Transfer types:

Bank Transfer, Credit Card, Debit Card, Crypto Transfer,

Supported fiat:

20+

Supported pairs:

100

Has token:

CRO

Fees:

Medium (Compare rates)

Crypto.com – Key Features
  • Spend cryptocurrency and get up to 8% back on spending with the Crypto.com’s well-known visa Card.
  • App – With its app you can buy over 100 cryptocurrencies at true cost and manage the Crypto.com Visa Card, allowing users to pay for daily purchases with crypto.
  • Crypto Earn – earn up to 8% (up to 14% for stablecoins), which will be paid weekly just by depositing crypto.
  • Crypto Credit – With up to 50% LTV you can secure a crypto loan.
  • Exchange – With the lowest maker and taker fees in the industry you can trade top cryptocurrencies with deep liquidity, offering the best execution. You can also get up to a USD 2,000 referral bonus and a 50% commission on their trading fees for a year just by referring a friend.
  • NFT – Exclusive NFT collections are also available for users that can access by A-list artists, musicians, athletes, and brands by signing up to Crypto.com NFT. Using just their credit/debit card, the user-friendly platform allows users to buy NFTs, and sell collectibles in the Marketplace, where bidding starts at just USD 0.
  • The Syndicate – The Syndicate is available for all Crypto.com Exchange traders that can access and buy top cryptos like BTC, DOT, and ZIL at up to 50% off.
  • Supercharger – the Supercharger pool is designed for the Crypto.com App and Crypto.com Exchange users allowing them to deposit CRO into and earn popular DeFi tokens as rewards. During the Charging Period, the reward allocation is calculated every day and is based on the liquidity provided by the user.
  • DeFi Swap – As a fork of Uniswap V2 allows users to swap and farm DeFi coins at the best available rate. Crypto.com DeFi Wallet is the service where users can also connect to and safely store their crypto.
  • DeFi Earn – By depositing their tokens into the protocol with the highest APY at the time of the deposit users can receive the best returns. Currently, integration with Aave Lending V2, Yearn Earn V2, Compound, Cosmos Staking, and native CRO Staking is established.
  • Price – Crypto.com’s price page provides an easy way for users to track the latest token prices, market movement, market capitalization ranking, and token information.

Some of these Crypto.com features may not be accessible to you as the services and features are location-dependent. For instance,  residents of Hong Kong, Singapore, Switzerland, Malta, and the United States are not approved for lending services.

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History and Background

Launched as Monaco Technologies GmbH in June 2016 Crypto.com was founded by its current CEO, Kris Marszalek. The slogan: “Spend anywhere, without fees” is how the company started and where it aimed

Monaco launched its token, MCO funded via an ICO in the first half of 2017. Monaco managed to raise approximately USD 26,7 million worth of crypto by selling 12,135,542 MCO tokens (out of 31,587,682 in total supply) during the ICO period which took place from May 18 to June 18.

The rebranding to Crypto.com was announced by Monaco in July 2018, and a few months later it began to ship its Crypto.com Visa Card. At the same time, the Crypto.com Chain with its native CRO token was launched.

In late 2019, aiming to win a bigger market share amongst crypto traders, Crypto.com launched its crypto-to-crypto exchange. Among other services, the company also introduced its Crypto.com Pay, Crypto Earn, Crypto Credit, and Crypto.com Visa cards started shipping to the United States.

The non-custodial DeFi Wallet and DeFi Swap services appeared in 2020. After this, the company also started delivering Crypto.com Visa cards to its European customers. By swapping to CRO, the company also decided to phase out the MCO token completely, meaning that from now on, Crypto.com Visa card users have to stake CRO tokens to earn rewards.

Currently, the core management team at Crypto.com is composed of:

  • Kris Marszalek, CEO
  • Rafael Melo, CFO
  • Gary Or, Co-founder
  • Bobby Bao, Head of Corporate Development
  • Brent Diehl, Chief Business Officer
  • Weiyi Zhang, Head of Trading
  • Eric Anziani, COO
  • Jason Lau, CISO
  • Steven Kalifowitz, CMO
  • Matthew Chan, CTO
  • Antonio Alvarez, CCO

More than 10 million users worldwide at the time of writing are registered at Crypto.com. Hong Kong is where the company’s headquarters are located, however, it has offices all over the world, including Malta, Bulgaria, Singapore, United States, China, Japan, Russia, India, United Kingdom, Australia, and Argentina. As such, with a rapidly increasing user base, it has grown into a global crypto giant.

The scaling of the presence of the Crypto.com Visa Card is what follows from Crypto.com, launching additional features on the Crypto.com Exchange, and further developing its DeFi offerings and NFT platform.

Countries availability

As a fully regulated crypto company, Crypto.com complies with all necessary financial and risk-prevention regulations. If this was not the case, you won’t be able to use its services, be it the App or Exchange, anonymously.

Currently, most countries allow Crypto.com services, including the United States, Europe, Canada, Australia, Russia, Latin American countries, and some Asian and African states.

Your identity is verified upon registration. Information that you will need to provide to the platform is:

  • Full legal name
  • Picture of a government-issued ID
  • Selfie as proof of liveness

You will also need to verify your residence address with a recent (not older than 3 months) utility bill if you are going to get a Crypto.com Visa card.

A maximum of 3 business days is required to get your account verified.

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Crypto.com fees

When it comes to trading fees for centralized exchanges Crypto.com is on the lower end. it is one of the best fiat-to-crypto gateways in the crypto industry even though different products are priced differently.

Crypto.com App fees

In our experience, Crypto.com App offers crypto services that are by far the easiest way to buy, sell, send, receive, and exchange. This app allows different services from depositing cryptocurrencies free of charge to allow free crypto to crypto exchanges and support of free transfers to the Crypto.com Exchange and DeFi Wallet.

For crypto withdrawals, however, it charges a fee to an external address which differs based on cryptocurrency being withdrawn.

Crypto.com Exchange fees

Trading and withdrawal fees are charged when using the Crypto.com Exchange. A 30-day trading volume is how the trading fees are calculated and delegated. i.e. as your trading volume increases you get more discounts. There is also the option to stake CRO tokens and pay your trading fees with CRO. The bigger your trading discount comes the more CRO you stake. As a bonus on your CRO stake, you will get 10% p.a. earnings. To pass KYC verification and earn trading fee rebates all you need to do is stake at least 5,000 CRO.

For cryptocurrency withdrawals, the Crypto.com Exchange charges standard fees. For cryptocurrency deposits, there are no fees.

Purchasing cryptocurrencies directly with your credit/debit card is also possible at the Crypto.com App. Depending on their jurisdiction, users pay between 0% -3.5% in credit/debit card fees.

Crypto.com DeFi Swap fees

For simple ERC-20 token swaps not serviced through the App or Exchange, Crypto.com DeFi Swap allows you to connect your personal Ethereum wallet. Normally, 0.3% fees to liquidity providers is what you pay and this is necessary in order to support the running of smart contracts.

Your Crypto.com Defi Wallet account is connectable to the Defi Swap. You will have to pay gas fees if you are transferring crypto on the Ethereum network. It is really convenient because you can choose between average, fast, and super-fast transaction confirmation speeds, where average and super-fast represent low and very high transaction fees respectively.

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Crypto.com design and usability

Crypto.com is super easy to acquire, exchange, and spend crypto as it is a beginner-friendly crypto ecosystem. What is even more helpful is that anyone can make use of its other crypto services like the Exchange, DeFi Swap, and DeFi Wallet, staking, Earn, Pay, and Lending.

Crypto.com App

Downloading its mobile app is the easiest way to access Crypto.com’s services. The app itself is like a mobile bank that lets you buy and sell cryptocurrencies, exchange fiat currencies, manage your Crypto.com Visa Card, access Crypto Earn and Crypto Credit, make purchases with crypto, and much more.

Another really handy thing is that it lets you track your portfolio, send coins to the Crypto.com Exchange, withdraw cryptocurrencies to external wallets, as well as manage deposits to the platform. Acting like a finance center for both fiats and cryptocurrencies, Crypto.com App is like a Swiss army knife for crypto.

The app can be downloaded from the App Store or Google Play and it is available on both iOS and Android devices.

Crypto.com Exchange

As a dedicated crypto-to-crypto exchange the Crypto.com Exchange is aimed at more experienced traders. Crypto.com Exchange, which is accessible via the web platform, lets you trade Bitcoin (BTC), Tether USD (USDT), and Crypto.com Coin (CRO) base pairs. With up to 50x and 3x leverage, respectively, it also offers Derivatives and Margin trading.

Even though the Exchange itself has a neat design, it is oriented towards expert traders and may not be easy to navigate for complete beginners. Limit, market, and advanced stop-limit/stop-loss orders are available for placement starting as of 2021 February.

Crypto.com Lending is also available for the Crypto.com Exchange users where they can buy newly-listed coins at a discount with The Syndicates, join Trading Arena competitions, and earn high yield by depositing CRO into Supercharger’s liquidity pools. By paying trading fees with Crypto.com’s native CRO tokens traders are also eligible for additional trading fee discounts.

In case you need to make a deposit or withdrawal The Exchange can be connected to your Crypto.com App account, which makes it easy to transfer coins back and forth.

Crypto.com DeFi Swap

As a relatively new DeFi exchange, DeFi Swap can be easily connected to the Crypto.com DeFi Wallet. A non-custodial trade of the hottest DeFi tokens with this service is accessible in a manner that allows swapping coins privately and without compromising the private keys.

There is a web and mobile app of DeFi Swap.

Crypto.com Visa Card

To spend their crypto assets Crypto.com App users can reserve a Visa card. Starting with the Midnight Blue card as free, other card tiers require a stake i.e. a certain amount of CRO tokens, that will grant you a composite metal card with extra benefits.

At the most basic level, you will get 1% back on spending as well as USD 200 worth of ATM withdrawals and currency exchange transactions per month. Higher withdrawal and exchange limits come with higher card tiers, as well as rewards like Spotify, Netflix, and Amazon Prime rebates.

It’s important to note that your Crypto.com Visa card first needs to be converted to fiat currency, and then you spend dollars, euros, or other currencies of your choice.

crypto.com cards
Security measures

Crypto.com embeds security processes into all aspects of its business as it practices a “Defense in Depth” culture. As a result, the platform is nearly impossible to hack.

In terms of the service side of things, Crypto.com uses keeps offline cold storage to keep 100% of its user’s funds. Ledger comes up as a partner for the security solution offering the utilization of its institutional-grade custody solution Ledger Vault, which provides technologies like hardware security modules (HSM) and multi-signature keys.

Additionally, including direct and indirect coverage via custodians, physical damage, and third-party theft Crypto.com’s cold storage has insurance coverage of USD 500 million.

HSM and multi-signature keys are the basics when it comes to protecting its hot wallets. Crypto.com uses hot wallets where it keeps the funds that are corporate funds and constitute just a fraction of the company’s total holdings, being sufficient for day-to-day withdrawal requests from customers.

A highly- regulated custodian bank accounts all over the globe hold the customer’s deposits when it comes down to fiat currency security, thus benefiting from local regulations. FDIC insurance, for instance, protects U.S. customers’ USD balances covering up to USD 250,000 worth the money. What is important is that with Crypto.com you retain ownership of your fiat funds, meaning that they can never be claimed by Crypto.com or its creditors.

Concerning infrastructure security, Crypto.com makes use of Amazon Web Services (AWS), coming with the following security features:

  • Firewall – Network and web application.
  • With the integrated Transport Layer Security (TLS) across all services, controlled encryption is in transit  
  • Automatic encryption of all traffic.
  • For outages and attacks prevention, business continuity planning exists
  • Logs, keeping records and monitoring, automatic threat detection, and real-time analytics.
  • … and other industry-level security measures.

These infrastructure security measures work in parallel with a variety of internal Crypto.com risk controls:

  • All deposits for KYC, AML, and alcohol, tobacco, and firearms (ATF) compliance are controlled by a dedicated internal team that screens everything.
  • To flag suspicious transaction amounts and velocity all withdrawals undergo request screening.
  • Large fiat and crypto transactions undergo manual approval.
  • Industry-leading AI analytics tools.
  • For both cold and hot wallets, there are strict access control measures.
  • Via numerous attack vectors and external audits penetration testing run in the background.
  • For responsible vulnerability disclosure, there is a Hacker One Bug Bounty program.

What is handy when it comes down to the users is that Crypto.com  protects your accounts with two-factor authentication (2FA), as well as a combination of a passphrase, password, biometric (fingerprint & face ID), email, and phone verification. What is, even more, is that its DeFi wallet lets you keep your private keys, meaning that you can self-custody your funds instead of relying on the security of the platform.

Crypto.com is a highly secure and regulated crypto platform with numerous security certifications and assessments by top security auditors allowing you to easily adopt the trust with your funds. Crypto.com has obtained the following certificates:

  • ISO/IEC 27001:2013, ISO/IEC 27701:2019, PCI:DSS 3.2.1, Level 1 compliance and CCSS.
  • ISO/IEC 27701:2019 Certification for privacy risk management by SGS.
  • ISO/IEC 27001:2013 Certification for information security management by Bureau Veritas.
  • Level 1 (highest degree) PDC: DSS standard for complying with strict requirements in the payment card industry.
  • CCSS (Cryptocurrency Security Standard) – a series of strict security requirements for storing, accepting, and transacting cryptocurrencies.
  • Adaptive (Tier 4) rating – National Institute of Standards and Technology (NIST) Privacy Framework
  • Adaptive (Tier 4) rating – National Institute of Standards and Technology (NIST) Cybersecurity Framework

With all of these packed up as a testimony, Crypto.com follows the “gold standard” for security measures and takes the security of its users’ data and funds extremely seriously and to the next level becoming one of the safest crypto platforms on the market.

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Conclusion

Though it may seem like Coinbase is one of the more expensive platforms out there, that comes with certain perks. One is definitely the fact that Coinbase is both one of the first and leading crypto platforms in the world. Operating nearly 10 years now, it has pretty much seen many similar platforms fading away with time. And with the initial goal being the US market, which we must add is a bit financially potent when compared to many other countries.

Regardless of the fact, Coinbase still has a solid fan base. Even more so if you take into account that it offers top-notch services in the utmost secure environment. Unique features such as Staking, and Coinbase Pro are what keep customers coming back. So it should come as no wonder why so many players are using Coinbase, despite several obvious drawbacks. And it seems like that will continue to happen in the future as well.

Go to Crypto.com