There are many cryptocurrency exchanges in the crypto community. All their features are similar but not the transaction fees. The transaction fees and side attractions like discounts are sometimes determinants of why people choose certain exchanges over others.
Crypto.com offers affordability and all-in-one features with up to 150 different cryptocurrencies pairs and other trading benefits. In addition, it is suitable for crypto enthusiasts who are interested in aspects like staking, trading, investing and the NFT community, etc. It also has a debit card feature which gives it an edge over other currencies.
In this article, we’ll do a detailed review of the platform and form an opinion on whether it’s a good idea to trade on crypto.com.
Let’s get started.
What Is Crypto.com?
Crypto.com is a cryptocurrency platform that offers one of the best full packages needed by cryptocurrency users, both newbies and pros. Originally, it was designed to be a cryptocurrency payment platform but now, it transcends beyond that. It offers full packages which include the Crypto.com App, Decentralized exchanges, Debit (VISA) cards, Defi wallets, DeGi Earn, DeFi swap, staking, Crypto.com price place, and cryptocurrency lending, etc. These unique all-in-one services have made the platform one of the most promising platforms with a bright future in the cryptocurrency world.
History of Crypto.com
Crypto.com, was founded in Hong Kong in June 2016. Over 5 years, it has amassed over 10 million customers from over 90 countries worldwide. It supports over 159 cryptocurrency pairs with unique trading features and provides users with more options on how they can make use of their cryptocurrency.
The Crypto.com Card is a debit card that can be used in place of a VISA card during transactions. When using this platform, your Crypto.com DeFi wallets automatically convert your cryptocurrency to the required funds directly, without the stress of undergoing trading processes. There are 5 levels to the use of cryptocurrencies. They are:
- Midnight Blue: It involves staking $0 then, getting a 1% cashback. This card comes with a $200 monthly ATM withdrawal limit.
- Ruby Card: It involves staking $400 then, getting a 2% cashback with a free Spotify bonus. This card comes with a $400 monthly ATM withdrawal limit.
- Royal Indigo/Jade Green Card: It involves staking $4,000, then getting a 3% cashback. This card comes with an $800 monthly ATM withdrawal limit. It comprises bonuses like free Spotify, Netflix, and airport lounge access.
- Frosted Rose Gold/Icy White Card: It involves staking a $40,000 stake to get a 5% cashback. It comes with a $1,000 monthly ATM withdrawal limit. It comprises bonuses such as free Spotify, Netflix, Prime, and 10% off Expedia. It also gives access to a free Airport lounge and one guest, etc.
- Obsidian Card: It involves staking $400,000 to get an 8% cashback. It comes with a $1,000 monthly ATM withdrawal limit. It not only contains all the benefits of the other tiers but also 10% off Airbnb and a Private Jet Partnership.
The Crypto.com Visa card review is quite user-friendly with similarities with regular cards.
How Does Crypto.com Work?
This trading platform has both website and mobile app support. It is popular for its high-security measures put in place to minimize the vulnerability of the crypto platform in case of cyber-attacks and is also known for its unique features. Although, they vary according to the location of the user.
How Do You Open An Account On Crypto.com?
STEP 2: Choose the signup option.
After clicking on that page, you’ll be redirected to fill in important details as shown below:
Most times, for new Crypto.com accounts, the verification process involves providing your name, a picture of your photo ID, and a selfie and then linking a verified payment method, like a bank account. For users in the USA, it is important to know that for the verification process, there will be a need to provide your name, contact information, and Social Security number (SSN).
The verification process is known as the Know Your Customer (KYC) process, which takes less than 10 minutes to complete. Only when a user is verified can the user deposit funds and make withdrawals according to crypto.com’s daily and monthly limits.
Cryptocurrencies Available on Crypto.com
The exchange platform does not only support 150 currencies for spot trading but also has a subset supported for staking. According to the cryptocurrency community, some cryptocurrencies have gained popularity over time. These top crypto coins and many more can be found on the Crypto.com popular trading platform:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Chainlink (LINK)
- Litecoin (LITE)
- Curve (CRV)
- Binance Coin (BNB)
- Aave (AAVE)
- Polygon (MAUTIC)
Does Crypto.com Have Its Own Token?
Crypto.com has its token known as CRO. It is a token designed to improve monetary control and provide security via decentralization. It is the main token on this Decentralized exchange used for trading purposes. This token was launched in December 2019, 3 years after the launch of the exchange. CRO offers its holders/users the following lower trading fees, higher staking interest rates, and higher credit card rewards.
On CoinMarketCap, the current price of CRO (at the time of writing) is $0.858909 with a 24-hour trading volume of $1,904,449,447. It has a current market ranking of #12.
Is Crypto.com Secure?
Security is the main concern of most cryptocurrency users. It is a good thing to know that Crypto.com holds the security of its users with maximum seriousness. It adopts both the use of a cold storage system and an online storage system for storing important information. The cold storage features give it full storage security as it is near impossible for hackers to access a cold storage system. In addition, its fiat currencies are kept in a centralized and regulated banking system.
To ensure the security of its online system, it adopts the use of multi-factor authorization to boost the security clearance level. The users must also whitelist any external addresses or else, the withdrawal won’t be processed.
How Many Crypto.com Coins, CRO, Are in Circulation?
There are 30-billion CRO coins in circulation after 70 billion CRO were burned in 2021. This act made it a non-mineable cryptocurrency.
The remaining supply of CRO is allocated for five different purposes as listed below:
- 30%: for secondary distribution and launch incentives which will be released in batches daily over five years. This began on November 14th, 2018
- 20%: capital reserve which is frozen until November 7th, 2022.
- 20%: reserved for network long-term incentives which remained frozen until November 7th, 2022
- 20%: an ecosystem grant which was frozen until the launch of Crypto.com Chain Mainnet.
- 10%: for community development.
What Makes CRO Coin Unique?
It is a token charged with providing utilities to cryptocurrency users on the Crypto.com platform. It is used for payment, trading, and all other financial-related activities.
CRO holders/owners who want to act as liquidity providers in the pool are usually given an incentive that is earned while processing transactions on the platform. Also, users can use it as payment for transaction fees.
Pros and Cons of Crypto.com
Pros of Crypto.com
Below are the advantages of using Crypto.com over other exchange platforms:
- It has relatively lower fees than other well-known platforms
- User’s benefits added values in form of incentives when staking CRO
- There are multiple ways to earn crypto or incentives when trading on the platform.
Cons of Crypto.com
- Customer service has a slow response rate.
- Less information available on how to use the platform.
- A lot of the listed coins are unavailable to its users in the U.S.
Crypto.com is a company that is trying to be a perfect cryptocurrency network. And their consistent work and development give users leverage in the cryptocurrency community and also give them control over their money, data, and identities.