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Product name : Crypto.com
Brand : Crypto.com
Responsible : MCO Malta Dax Ltd.
Official Website : crypto.com
Language : English
Tiny description : Financial services related to cryptocurrencies.
Price : Free
Format : Application
Delivery : Instant Download
Guarantee : /
“Crypto.com” is one of the leading crypto-currency exchanges in the world. It offers a large number of crypto-currencies, must-have features, additional options, rewards, a very comprehensive help base…!
Lately, the downloads of crypto applications are constantly increasing! We can say that they have the wind in their sails!
Today, we are interested in “Crypto.com”, one of the most famous crypto-currency trading platforms due to the advertising efforts made by the company on the main channels around the world.
So, if you are looking for a crypto currency trading app, it will definitely be among the options that may interest you. This guide to this crypto currency wallet will highlight all the key features to help you make a more informed choice.
The platform was initially launched in 2016 under the name “Monaco.” Its goal was to develop a crypto-currency debit card. In July 2018, “Monaco” reportedly acquired the domain name “Crypto.com” for an undisclosed amount – rumored to be $10 million – and was later renamed “Crypto.com.” Part of the reason for the rebranding was to expand its reach beyond a debit card and accelerate the adoption of crypto-currencies to put money back in the hands of consumers.
Through an ICO, investors had poured $25 million into the project, but it would receive much more funding in the coming years. By January 2022, “Crypto.com” even had its own venture capital arm with $500 million in funding to invest in small crypto startups.
At the time of its launch, “Monaco” was located in Hong Kong, but has since moved its headquarters to Singapore, although there are offices in several other cities around the world. Since then, the company has grown rapidly and now boasts over 10 million users in 90 countries.
In fact, it has even been labeled as the fastest growing crypto-currency platform, mainly due to the company’s aggressive marketing and partnerships. On October 28, 2021, CoinDesk reported that “Crypto.com” had invested $100 million in a global advertising campaign. Its masterstroke was the 2022 Super Bowl ad, which is estimated to cost $6.5 million for a 30-second video.
“Crypto.com” has also partnered with superstars, including actor Matt Damon and basketball player LeBron James. In a $700 million deal, the company also secured the naming rights to the Staples Center in Los Angeles, which it renamed “Crypto.com Arena.” With this latest attempt to attract more users, it’s clear that the platform is in line to boost its growth in the coming years and is not ready to pull the plug.
As far as the crypto-currency exchange itself is concerned, it is certainly at the top of the list. It offers a wide variety of crypto-currencies, all the must-have features, additional functionality for rewards and passive income and a very comprehensive support database.
“Crypto.com” is a mobile-focused platform, and while it’s much easier to sign up from your smartphone, you can still subscribe from your desktop computer. All you need to get through the first phase is to provide your basic information, including your name, date of birth, email address and preferred password.
Once you have an account, you can join the referral program and try to win up to $2,000 in Cronos (CRO) tokens the platform’s native crypto, as well as other benefits.
– KYC requirements
For compliance reasons, “Crypto.com” requires a scan of some of your documents to verify your identity. The most common and popular document is a passport, but a national ID card or driver’s license can also do the trick.
Since you will need to take good quality photos of your document, we recommend that you perform this procedure on your cell phone after downloading the application. Final approval may take a few hours or a few business days. That said, if it takes more than three business days, you will need to contact customer service to correct any errors.
– Deposit methods.
The platform accepts deposits in fiat currency or in crypto. For fiat deposits, they can be made by bank transfer, ACH or credit card. Credit card deposits are instantaneous, while bank and ACH transfers can take up to 5 business days.
Over 20 different currencies are currently supported, including USD, EUR, GBP and CAD. So you don’t necessarily have to worry about conversion fees unless your local currency is not available.
Fortunately, there are no fees when you deposit in fiat currency, unless your bank or credit card issuer charges a fee. Plus, you can deposit as little as $1 into your fiat wallet.
You can also make a deposit using crypto. From the app, a deposit address will be generated for the particular crypto currency you wish to deposit, which can be scanned or copied. Crypto deposits take different periods for approval depending on the blockchain and are not controlled by “Crypto.com”.
– Accepted countries
At the time of publication, “Crypto.com” has customers in 90 different countries, including France, Belgium, Germany, Great Britain, Italy, Spain, the United States… The fact that it is available in the United States is a major asset due to the strict regulations in this country, which only strengthens the company’s credibility.
However, the app cannot be downloaded from dozens of countries, including Afghanistan, Bangladesh, China, Iraq, North Korea and Pakistan.
Focusing on a mobile trading and exchange experience, “Crypto.com” has had to set the bar very high in the face of fierce competition. Fortunately, the app offers everything crypto enthusiasts need.
The “Crypto.com” app is essentially a crypto-currency wallet in which you can store your tokens. From the app, you can also send, receive and trade crypto-currencies. With price charts and technical analysis tools, the app will be a useful tool if you are an active trader.
In addition, the app is a gateway to Web3, which means you can access other digital assets such as NFTs and decentralized finance (DeFi). Not only can you browse Web3 markets, but you can also create and sell your own NFTs without leaving the app.
– User Experience
In our analysis of the “Crypto.com” app, we found it to be easy to use and bug-free on both iOS and Android. Overall, it was easy to navigate between the different pages of the app, scroll through the pages and explore them.
For experts, the trading charts are packed with market analysis features without being too complicated for beginners and intermediates. So, we expect it won’t be too difficult for you either, regardless of your skill level.
To become one of the best crypto-currency exchanges in the world, “Crypto.com” had to incorporate a variety of features to attract users.
Some of the most important ones include:
– Cronos Cryptocurrency (CRO)
“Crypto.com” has created its own native crypto-currency called Cronos (formerly Crypto.com Coin). It can be acquired both as an investment in itself and more importantly to enhance the trading experience on the platform.
Holding CRO in your “Crypto.com” wallet allows you to benefit from reduced transaction fees. For example, you can get a 10% discount on transaction fees if you have 5,000 or more CRO tokens in your wallet. In addition to discounts, CRO staking earns you up to 4% interest and cashback when you use the “Crypto.com” Visa card.
“Crypto.com” has also developed a blockchain network known as the Crypto.org Chain. It was designed to offer an alternative blockchain capable of hosting smart contracts. It is much faster and costs much less than Ethereum.
Rather than simply holding your crypto-currencies in your wallet, “Crypto.com” allows you to earn interest of up to 14.5% per year on your holdings and generate passive income. At Crypto.com, you earn interest every day without having to lock in your funds for a period of time.
Over 40 cryptos and stablecoins are currently supported for staking. In addition, you can invest in DeFi projects and earn even higher interest depending on the project and its specifications.
– Trading on margin
With margin, you don’t need to have the full amount of capital needed to complete a trade. When trading crypto-currencies, you can benefit from 10x leverage. This means, for example, that to make a $10,000 trade, you only need $1,000 in your account to create the position. And leverage can be as high as 50x when trading derivatives like futures.
Despite the appeal of margin trading, however, you should be careful, as it can also add to your losses. That’s why we only recommend margin trading to more experienced traders!
– Visa Card
To carry out its mission of giving users control over their finances, “Crypto.com” provides a physical debit card to its users. This can then be used to make transactions at retail outlets and online e-commerce platforms, just like any other debit card, without having to withdraw its crypto assets.
The main advantage of the “Visa Crypto.com” debit card is that users earn cashback rewards of up to 8%, issued in the form of CRO. The earned CROs can then be used to get the aforementioned discounts and benefits or converted into real money.
– Crypto Loan
Just like a bank, “Crypto.com” offers credit to its customers provided that you already have crypto-currencies. After that, you can receive up to 50% of your assets as credit and pay only 8% interest, with no late fees, delays or credit history.
There are currently over 250 crypto-currencies available on the platform, ranging from major tokens like Bitcoin, Ethereum or Ripple to memecoins like dogecoin, Cardano or Shiba Inu and stablecoins like Tether. When different tokens are matched, traders can access over 500 assets.
Compared to other crypto-currency exchanges and platforms, the variety of crypto-currencies on “Crypto.com” is well above average and should be able to satisfy even the most active traders and investors. The platform is also constantly adding new tokens to its portfolio so that users always have access to the widest variety of options.
For the most part, “Crypto.com” derives its revenue from charging for trading. The exact amount charged will depend on whether you are a maker or taker, i.e. adding or withdrawing cash from the market.
The highest fee is 0.10%/0.16% and can go down to 0.04%/0.10% depending on your monthly trading volume. To get a discount on fees, you need to hold CRO tokens in your portfolio. From 5000 CRO you get 10% discount and, you can get up to 100% discount if you have more than 50 million CRO!
“Crypto.com” does not usually charge for deposits or withdrawals. So, you should expect almost zero fees, except for credit/debit card deposits (2.99%). On the other hand, crypto-currency transactions always incur fees based on the blockchain network.
Securing your account is largely up to you, hence the reason for using a unique password. Additional measures provided by the platform include two-factor authentication (2 FA) and alternative login methods such as biometrics, which is much more secure.
As for the company itself, “Crypto.com” has $750 million in crypto-currency insurance underwritten by insurers such as Lloyd’s, guaranteeing the safety of customers’ assets.
Most people don’t realize how important this service is until a problem arises, so it’s good to see the company’s commitment to answering customer questions. So, whether it’s on a computer or smartphone, “Crypto.com” always has a customer support service available to answer questions or solve problems you might encounter.
The technical support highlighted on the site is the online chat which should normally allow you to chat live with a member of the customer support.
It is also possible to email customer service via firstname.lastname@example.org.
During our review of the platform, we found that the response time from customer support changed depending on the traffic, sometimes taking more than 10 minutes. Unfortunately, there is no phone number to call and the response time to emails is by all accounts not encouraging. However, in most cases, the website help pages offered very satisfactory answers.
“Crypto.com” was the victim of a hack in January 2022, which resulted in the loss of $34 million. The good news is that none of the affected customers lost their assets, as the company is insured against such attacks.
Crypto-currencies are an unregulated and highly volatile investment product. No protection for EU investors.
Like all crypto investment systems, “Crypto.com” comes with a high level of risk, so only invest capital you are willing to lose!
The reputation of “Crypto.com” is good. The vast majority of users are satisfied with the services offered by the crypto platform. It offers much more than many of its competitors. Moreover, the platform is focused on growth, as evidenced by the continuous addition of new features.
That said, there are still a lot of negative testimonials because of the not always up to par technical support! Indeed, it seems that “Crypto.com” has bitten off more than it can chew and is for the moment a victim of its own success!
“Crypto.com” seems, according to what is said on the Internet, to be a serious and reliable crypto platform that should satisfy most of us.
Note however that there are a number of negative testimonials due to the lack of responsiveness of the technical support which, during heavy traffic, does not always manage to respond to the many requests of these customers.
Official Website : crypto.com