Crypto.com Review: Is it legit, safe and trustworthy for UAE citizens and residents?
In a manner analogous to those of platforms for lending and borrowing like as
BlockFi, Nexo, and Hodlnaut, users who save their assets on the Crypto.com
wallet have the opportunity to earn interest on cryptocurrency at a rate of up
to 6.5 percent per annum. The interest is disbursed on a weekly basis in the
form of the cryptocurrency, and either it or the funds it represents can be
cashed out or utilized for trading on the market.
Visit Crypto.com Website.
Cryptocurrency investors in Canada, the United Kingdom, Singapore, the United States of America, and Europe may buy a Crypto.com VISA card, which they can use to make purchases (just like cash) at stores and merchants who accept the card. When used for purchases, the card delivers a cashback bonus of up to 8% of the transaction amount.
Crypto.com is a reputable cryptocurrency exchange that adheres to all of the industry's safety and compliance standards. Customers in the United States have their fiat wallet balances (in US dollars) insured by the Federal Deposit Insurance Corporation (FDIC) for up to US$250,000, which gives some level of confidence that their assets are secure on the platform. There have been no big hacks or thefts of funds that have occurred on Crypto.com or its app as of yet.
The Crypto.com App allows users from all around the world, including those in the United States, to buy cryptocurrencies with a credit or debit card. Countries such as the United States of America, Australia, Singapore, the United Kingdom, and various jurisdictions within Europe are among those that are accepted. Using the Crypto.com app to purchase cryptocurrency is limited in some countries. These nations are not allowed to do so.
Users of Crypto.com will be required to establish an account on their mobile device and download the accompanying app before they can buy, sell, transfer, or receive cryptocurrency via the service. In order to obtain the verification code needed to validate the new wallet, you will need to provide a valid email address. The creation of a Crypto.com account or wallet, as well as its ongoing maintenance, does not incur any costs.
To purchase and sell cryptocurrency using fiat cash, new customers who register an account with Crypto.com will first need to authenticate their identification, as is the case with the vast majority of fiat to crypto exchanges throughout the world. The purpose of the identification verification procedure is to ensure compliance with AML/CTF legislation, which are imposed in a number of nations throughout the globe.
When utilizing the application, a full name, a government-issued identification document, or a passport is required. In most cases, the verification procedure may be completed in fewer than three days (including weekends and holidays). Know Your Customer (KYC) is an abbreviation that stands for "know your customer."
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The Crypto.com App is compatible with a total of 21 different fiat currencies, some of which are the AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, USD, and ZAR. The following types of payment can be used to fund your Crypto.com App account, which will then allow you to acquire cryptocurrency (subject to the availability of such services in each country):
Transaction by wire
Card for credit or debit from the bank
SEPA, Transfer Wise, PayPal
A bank transfer, also known as an ACH transfer, or a wire transfer is the most common way for people in the United States to move about fiat cash. A bank transfer, also known as an ACH, is an easy and inexpensive way to deposit cash, but the clearing process can take anywhere from three to five business days. Users can deposit up to $250,000 through a wire transfer, which offers a faster deposit speed of one to two business days. This option is available to those who play at larger amounts. When compared to requirements imposed by other cryptocurrency exchanges in the United States, the minimum deposit amount of $50,000 required by wire transfer is modest.
The Crypto.com App enables users to deposit 17 different cryptocurrencies and tokens, including BTC, ETH, CRO, BAT, LINK, USDC, and DOT. There are limitations placed on the types of cryptocurrencies and ERC-20 tokens that may be used in some jurisdictions, including the United States, Singapore, and Hong Kong. Customers in the United States, for instance, are unable to deposit the popular tokens YFI, AAVE, and UNI.
The time it takes for funds to be deposited into a wallet varies depending on the cryptocurrency being used and the amount of confirmations that are necessary. After a successful deposit has been processed, an email notification will be provided.
When using a debit card or credit card to buy cryptocurrency from Crypto.com, the user will be subject to a normal fee ranging from 1.49 percent to 3.99 percent, depending on the country in which they are located. When the order is placed using the app, the precise pricing will be presented to the user. For a limited time only, new customers of Crypto.com may take advantage of a deal that will remove their credit card fees entirely for the first 30 days they use the site.
The 'Crypto.com Exchange' is the name given to the cryptocurrency trading platform that Crypto.com operates. This platform allows users to buy, sell, and trade digital currencies. The Exchange may be accessed online and is equipped with a sophisticated user interface.
A multi-tiered verification system, with increasing features, functionality, and restrictions for each higher level, is available on the Crypto.com Exchange for traders who wish to purchase or sell digital currencies on the platform. After the KYC process is over, traders are allowed to deposit an infinite quantity of cryptocurrency into the Exchange.
Over twenty-four different cryptocurrencies are supported by the Crypto.com exchange, including BTC, XRP, LTC, MCO, EOS, XLM, ATOM, LINK, XTZ, BCH, VET, and USDT, among others. There is a wide variety of trading pairings available thanks to the fact that the assets may be exchanged against Bitcoin, Tether, and CRO tokens. Due to the fact that the platform is currently in beta, we can anticipate that other crypto pairings will be introduced to the exchange in the not too distant future.
Traders who like to speculate on the digital currency markets have access to a platform that is modern, user-friendly, and spotless thanks to Crypto.com Exchange. The trading platform for cryptocurrencies offers highly developed features, tools, and indicators, which can be used to examine chart data and price activity. Tradingview, a platform that is widely used in the cryptocurrency trading community, is the provider of the charting software and tools.
Switching between cryptocurrency pairings in a quick, responsive, and nearly immediate manner, which is a challenge for some other trading exchanges. When loading the price charts of each trading pair, there was no delay experienced. It is a wonderful feature that the interface is not cluttered by the drop-down menu that is located on the top right and allows users to access different files.
The chart is located in the centre of the user interface, while recent trades are displayed on the right. This arrangement allows users to view the most recent prices at which people are prepared to buy and sell the chosen cryptocurrency, as well as the volume or quantity transacted at each price level. This makes it simple to place an order simply clicking on a recent transaction, which will then cause the precise price of the pair to be populated for you immediately. When entering a price manually, there is a possibility of making mistakes.
Limit and market orders are the only ones that may be used to enter a trade at this time. The accessible orders are minimal in comparison to more complex cryptocurrency trading platforms like Binance, Coinbase Pro, Kraken, and KuCoin. These existing orders could be increased to include stop-limit and OCO orders.
For both market and limit orders, the Crypto.com Exchange applies costs known as maker fees and taker fees, with the former starting at 0.20 percent of each transaction. The costs differ depending on the total transaction volume, which is determined by the sum of the trading volume for the previous 30 days expressed in USD equivalent. If you make or take more than $10 million worth of trades each month on Crypto.com Exchange, your transaction fees will be as low as 0.04 percent (maker) and 0.10 percent (taker).
In general, the beginning fee for market and limit orders on the Crypto.com Exchange is 0.2 percent, which is comparable to the fee charged by Huobi Global. However, the charge is more than what is offered by Binance, which has a trading fee of only 0.10 percent, which may be lowered by an additional 25 percent either by earning referral incentives or by holding the exchange's native BNB coin.
The Crypto.com Exchange does not levy any fees on users who wish to deposit or withdraw cryptocurrency assets in order to participate in trading on the platform. To withdraw funds from the exchange, you will be subject to the usual blockchain transaction fees, which might vary depending on the asset and the load on the network. As an illustration, the charge to withdraw Bitcoin is 0.0005 Bitcoin.
Crypto.com has expanded its product offerings to include a Derivatives Exchange in order to compete with other popular leverage trading exchanges such as Bybit, FTX, and even Binance. Trading BTC/USD perpetual contracts with USDC serving as collateral is made possible on this platform. Users of the site have the ability to trade utilizing leverage of up to 50 times, allowing them to control bigger positions and capitalize on even minute price shifts.
Traders who hold and stake specified quantities of the Crypto.com coin (CRO) are eligible for trading fee savings, similar to what is offered on the Crypto.com Exchange for trading spot.
One of the advantages of utilizing the Crypto.com App is the opportunity to accumulate interest on cryptocurrency holdings. To be eligible for the bonus, the assets that were deposited had to be kept in the wallet provided by Crypto.com. This wallet allows users to earn up to 6.5 percent per annum on cryptocurrencies and 12 percent on stablecoins. The Crypto.com Earn interest amount is distributed every week in the cryptocurrency that was deposited. For instance, Bitcoin (BTC) deposits will get weekly interest in the form of Bitcoin.
Staking 50,000 or more CRO tokens is required in order to have access to the additional 2 percent per year interest on fixed term contracts. On the other hand, the increased interest is not paid in the asset itself but rather in CRO tokens.
Crypto.com Earn is compatible with a total of 34 different digital currencies, some of which are quite popular and well-known. These coins include Bitcoin, Ethereum, Litecoin, and XRP, as well as Binance Coin. There are now eight different stablecoins, such as USD Coin, Tether, and True USD, that may be placed into the Crypto.com App in order to receive interest.
The Crypto.com App provides users with a Bitcoin Debit Card that is supported by VISA, allowing users to spend their cryptocurrency and receive cashback incentives on purchases of up to 8%. When you use your Crypto.com VISA Card to make purchases at merchants who participate in the rewards program, you won't be subject to any initial or ongoing fees or levies of any kind. Users are required to download the Crypto.com App, complete identity verification (KYC), acquire CRO tokens from inside the App, and put funds into their wallet to stake the CRO tokens before they are eligible to apply for the Crypto.com VISA debit card (for 180 days).
MCO VISA cardholders will get a cashback percentage ranging from 1% to 8%, with the exact amount depending on the quantity of CRO tokens staked within a Crypto.com wallet. The cashback will be distributed as follows:
Obsidian VISA Card: 2 percent to 8 percent
Frosted Rose Gold with an Icy White Finish VISA Card: 1.75 percent - 5 percent
1.5 percent to 3 percent for those with a Royal Indigo or Jade Green VISA card.
Ruby Steel VISA Card: 1 percent - 2 percent
Customers who do not stake CRO tokens can still apply for and use the Crypto.com VISA card to receive 1% cashback on purchases. Customers who stake CRO tokens are not eligible for this cashback offer. On the other hand, they are not qualified for any further advantages or card rebates.
Cardholders of the Crypto.com VISA may benefit from earning in rebates when purchasing at Crypto.com premium partners such as Spotify, Netflix, Prime, and Expedia, in addition to earning up to 8 percent cashback incentives on local and international transactions. The amount of CRO staked on the app, which also enables additional interest to be earned, will determine not only the amount of the refund, but also the size of the rebate.
Customers are encouraged to visit the website for further information since there are monthly limitations placed on the rebates. After the lock-up staking period of 180 days has passed, the tokens can either be moved to a wallet on Crypto.com in order to be traded, or the staking process can be continued in order to receive extra rewards.
A bitcoin success story is provided by Crypto.com. They not only have the
most popular domain name in the sector, but they also have the goods and
services to back up the reputation that comes with with owning such an
influential domain name.
Crypto.com originated from the MCO project, which debuted in 2017 as part of an initial coin offering (ICO). They first conceived up the concept to manufacture a cryptocurrency credit card in order to accelerate the widespread acceptance of cryptocurrencies. Since then, however, they have expanded their value offering to include the Crypto.com cryptocurrency exchange. They stayed true to their concept and launched what is widely regarded as the most successful crypto credit card in the history of the industry.
In addition, its mobile application has a remarkable feature set, including some of the most cutting-edge and competitive options available in the cryptocurrency industry. In addition, the corporation has invested an amount that has never been seen before in high-profile marketing, including sponsorship deals with the NBA, NHL, European football, and more.
On their cryptocurrency exchange, Crypto.com provides two degrees of verification: basic and advanced.
Information such as a person's name, email address, and phone number are required for the most fundamental level of verification. This grants you access to the most of their services and provides you with a considerable degree of flexibility about deposits and withdrawals.
You are need to provide identification papers in order to pass their advanced level of KYC (Know Your Customer). This enables you to make an infinite number of deposits, but places a cap of 100 BTC on the amount you may withdraw.
Although Crypto.com is a relatively young exchange, it provides a wide variety of coins and tokens, including not only the most popular cryptocurrencies such as Bitcoin and Ethereum but also certain assets that are not as widely known. CRO, much like other exchange tokens such as BNB, enables users to receive a discount while trading on the Crypto.com exchange when the fees are paid for in CRO.
Take a look at some of the most well-known digital assets that are now available for purchase on Crypto.com, including:
BTC, LTC, ETH, XRP, USDT, CRO, EOS, XLM, USDC, ATOM, LINK, XTZ
At this time, the desktop version of Crypto.com's exchange is the only one available. However, part of the functionality of the exchange is incorporated into the Crypto.com mobile app; however, the amount of control you have over your transactions is severely limited. On the other hand, the desktop version of the program does not have some of the capabilities that are available on mobile. It is reasonable to believe that Crypto.com intends to build a cryptocurrency platform that is completely integrated in the future and will work to bridge this separation.
The industry has provided Crypto.com with some of its top affirmations of security, which the company has received. The Cryptocurrency Certification Consortium, ISO/IEC 27001:2013, and the Payment Card Industry Data Security Standard are a few of the certifications. On Crypto.com's security website, the first line of text reads "Security First. Always," and the company adheres to the principle of "Defence in Depth." This proclamation of their beliefs, when taken along with the certifications, goes a long way toward establishing that they are committed to providing their clients with the best possible level of security that is currently accessible.
The consumers of Crypto.com are assured that one hundred percent of their cash are kept in a cold storage facility. In the event that any money are lost, Crypto.com is prepared with an insurance fund for cold wallets. Their hot wallet contains only business monies and is totally devoted to guaranteeing that all transactions on their network of services go off without a hitch. In addition, the Federal Deposit Insurance Corporation (FDIC) will protect your funds up to a maximum of $250,000 if you are a citizen of the United States and hold US dollars with Crypto.com.
Crypto.com keeps a close eye on all incoming financial transactions to confirm that none of the money they handle originates from illicit sources. This is a sound practice that will keep them out of legal hot water if they are found to be laundering money for illegal activities. This degree of compliance and proactivity to avoid money laundering and illicit financial acts is the type of responsible behavior that exchanges need to look up to as a model for how to behave responsibly.
Their mobile application and exchange are both finished with two-factor authentication on a daily basis, either via the use of biometrics or the Google Authenticator app. Finally, even if a hacker is successful in penetrating all of the security measures that have been implemented by crypto.com, the hackers will not be able to transmit your monies unless the address that they are sending to has been whitelisted by you. You may get a comprehensive rundown of the safety precautions that crypto.com has taken here if you click this link.
You have the option to purchase more of their fundamental token, Cronos, in order to take advantage of Crypto.com's clear, reasonable, and competitive pricing structure, which enables you to opt into reduced exchange costs (or CRO).
Their maker and taker costs begin at 0.2 percent of the value of the deal, which is a competitive rate in and of itself despite being on the higher end of the pricing spectrum. The method through which you are able to reduce your fees is preferable. You are required to stake CRO tokens, which not only earns you a return on investment (ROI) of 20 percent on the amount that you have staked but also earns you gradually lower costs.
Bear in mind that this pertains to the Crypto.com trading platform. The prices for the simple-to-use app are a little bit more.
The heavyweight cryptocurrency exchange Binance.com is perhaps Crypto.com's most formidable rival.
Binance.com is the largest cryptocurrency exchange in the world, and it provides access to a trading pair selection that is unmatched by any other platform. In addition to this, it makes use of its own coin called BNB, which provides its users with a variety of benefits.
Binance's user interface isn't quite as user-friendly as Crypto.com's, and the exchange's credit card isn't quite on level with Crypto.com's. This is one of the exchange's major drawbacks.
The popular cryptocurrency software Crypto.com provides users with access to a variety of cryptocurrency-related goods and services. The cryptocurrency may now be purchased using fiat cash in a lightning-fast and hassle-free manner thanks to the exchange's global expansion. In this analysis, we will evaluate the many different elements that may be utilized, such as the App, the Exchange, the Earn, and the Pay options. In our analysis, we will provide feedback on a variety of topics, including the user interface, trading assets, fees, countries covered, and more.
Crypto.com is a global digital asset service that provides users with access to a broad variety of products via a mobile app that is user-friendly and straightforward for novices. Customers of the supplier of the digital currency are given the opportunity to purchase, trade, sell, store, earn, borrow, and pay bills using cryptocurrencies by utilizing the provider's products that are compatible with mobile devices.
Customers from all over the world are able to trade a range of digital assets on a safe crypto platform thanks to Crypto.com's very own 'exchange,' which is accessible through the company's very own web interface. The Crypto.com exchange is able to give its customers access to high levels of liquidity and reasonable trading costs because to its very own native digital token coin, which is known as CRO.
Is Crypto.com a Reputable Trading Platform? Crypto.com is one of the leading cryptocurrency platforms since it provides investors with access to a wide range of services via a robust platform as well as an app. Customers may make hassle-free and risk-free purchases of cryptocurrencies using any major credit or debit card from any location in the world. The Crypto.com Exchange is highly developed, with cutting-edge trading options, drawing tools, and indicators that are accessible to both intermediate and experienced traders.
Crypto.com is a cryptocurrency provider that offers a wide range of products and services, including a fiat-to-crypto currency conversion service, a trading exchange, staking, and decentralized financial solutions. Crypto.com, which is becoming a household brand in the business and is best recognized for its mobile app that monitors a portfolio around-the-clock, currently has more than 10 million members all around the world.
The ability to purchase and sell cryptocurrency at its genuine cost using an app that is user-friendly for beginners, up to date, and intuitive is one of Crypto.com's many advantages. The software is available for Android and iOS smartphones. The platform now supports over 250 different currencies, each of which may be purchased with fiat cash using a mobile device at any time and in any location. Crypto.com is a premium cryptocurrency exchange since it provides users with a variety of beneficial features, such as a Crypto.com VISA card that comes with cashback benefits and financial services that allow users to earn cryptocurrency interest.
The arrangement that exists between the Crypto.com App and the Crypto.com Exchange when it comes to more complex trading is a drawback of using Crypto.com. When trying to comprehend the trading costs, several accounts need to be opened and then connected together, which may be a difficult process in and of itself. In addition, users of Crypto.com who invest significant quantities of CRO tokens are eligible for an exclusive group of privileges that are not open to the general public.
In order to keep the website, user data, and user cash secure, Crypto.com implements security protocols similar to those used by banks. Two-Factor Authentication and 100% cold storage wallets for client cash are two examples of the security processes that are in place to protect the safety of assets (2FA). Despite these precautions, Crypto.com was breached in 2022, resulting in the theft of cryptocurrency valued at more than 34 million dollars' worth of Bitcoin and Ethereum.
Although the circumstances surrounding the attack on the exchange have not been confirmed, the exchange does have a policy covering assets in cold storage that is worth one hundred million dollars. Additionally, Crypto.com is one of the first cryptocurrency organizations in the world to obtain ISO 27001:2013, PCI:DSS 3.2.1, Level 1 compliance, and CCSS certifications. This makes Crypto.com a pioneer in the industry.
Crypto.com provides a mobile software that is very intuitive, user-friendly, and simple to use, and it allows users to purchase and sell more than 90 different currencies at their genuine cost. The application may be used by people with varying degrees of expertise and is compatible with both iOS and Android-based mobile devices.
The ability to purchase and sell more than 90 cryptocurrencies at actual cost with no markups and the best possible execution pricing is something that is exclusive to Crypto.com. When purchasing cryptocurrencies using a credit or debit card for the first 30 days after downloading the app, new users will not be charged any trading fees. In addition, users are able to transmit cryptocurrency instantaneously to other users without incurring any costs, and users may trade cryptocurrency for cryptocurrency with no trading fees.
The company Crypto.com is a staunch supporter of blockchain technology as
well as the widespread use of cryptocurrencies. To get them closer to achieving
their long-term objective, the ecosystem of Crypto.com offers a secure platform
that individuals and organizations can use to incorporate digital currencies
into their day-to-day activities. With the help of Crypto.com Pay, businesses
may enable their websites to accept Bitcoin and other popular cryptocurrencies
as methods of payment.
When compared to costs charged by standard payment methods like PayPal and the major credit card companies, the prices charged by Crypto.com merchants to settle transactions in cryptocurrency provide savings of up to 80 percent. Online companies have the option of being paid in Bitcoin, Ethereum, Litecoin, or the Crypto.com token, which may then be exchanged for United States Dollars, Canadian Dollars, or Euros.
Users of the Crypto.com App may utilize their digital currency stored in the wallet in the same manner as a traditional bank card when making purchases online. The program offers substantial financial benefits in the form of cashbacks and other prizes for making cryptocurrency purchases.
In light of the numerous breaches that have occurred on cryptocurrency exchanges over the past few years, one of the most important factors to take into account when choosing an exchange is how secure the platform's cash and information are.
When it comes to matters of security, Crypto.com takes a security-first approach and has put into place a variety of stringent procedures and processes to secure the assets of its clients. Compliance with ISO/IEC 27001:2013, ISO/IEC 27701:2019, PCI:DSS 3.2.1, Level 1, and CCSS have been achieved by the platform, making it the first cryptocurrency firm in the world to achieve these standards.
The following is a rundown of the most important aspects of the security system:
One hundred percent of the cash from users are kept offline, in cold storage.
Fiat currency that is kept in bank accounts that are regulated and carefully safeguarded by the United States.
A dedicated crew will keep an eye on all of the transactions, including KYC, AML, and ATF compliance checks.
checks any and all withdrawal requests for potentially questionable activity and transactions
Whitelisting of external withdrawal addresses through email verification
Access to the app requires Two-Factor Authentication, abbreviated 2FA.
Crypto.com maintains an active presence on the social networking sites Facebook and Twitter. The user interface and general usability of the app have received positive feedback from a number of users on many occasions. Although the majority of the evaluations on TrustPilot for Crypto.com are centered on the MCO card, the site as a whole has received a rating of 4.5 stars out of a possible 5 based on more than 200 reviews. There are a few comments that express dissatisfaction with how slowly customer support is provided.
It may take some time for a customer support representative to react while using the live chat feature on Crypto.com. On the other hand, the Support area of the website is exceptionally thorough and covers all of the issues pertaining to each of the items that are on sale.
Kris Marszalek is the Co-Founder and CEO of Crypto.com. He is responsible for leading a team that includes more than 200 workers stationed in 11 offices throughout the world. The headquarters of the multinational corporation are located in Hong Kong, Singapore, China, the United States of America, the United Kingdom of Great Britain and Northern Ireland, Brazil, Bulgaria, Japan, Russia, India, and Ireland.
The Crypto.com Exchange does not provide a practice trading environment (also known as a demo account) for users who are just getting started in the cryptocurrency trading market. New traders can use alternative platforms that provide risk-free crypto trading with a practising account before making a deposit of actual dollars to the Crypto.com Exchange. These platforms include:
The cryptocurrency trading platform known as Crypto.com is accessible to users in a number of different nations all around the world. Late in the year 2020, the exchange started offering its services in Australia after having successfully secured a license from the Australian Financial Service License (AFSL).
The application for the virtual currency has swiftly risen to prominence as one of the leading cryptocurrency exchanges in Australia that permits the purchase of Australian Dollars (AUD) using a bank card. When buying cryptocurrency via the Crypto.com app, customers will no longer be required to pay costs associated with the conversion of foreign currency.
To summarize the findings of our examination of Crypto.com, both the App and the Exchange provide superior monetary services and goods, which should lead to a growth in the widespread use of digital currencies. In particular, the Crypto.com App is a genuine platform for mobile devices that enables investors from all over the world to quickly and securely acquire cryptocurrencies such as Bitcoin and Ethereum with the use of debit or credit cards.
The Crypto.com Exchange is a fantastic platform for intermediate and experienced traders to speculate on cryptocurrencies using a charting interface that is straightforward, reliable, and user-friendly. Users are able to speculate on more than 12 trading pairs with trading costs that are comparable to those of other exchanges and which can be reduced if the user has CRO tokens. The Exchange, when compared to other other cryptocurrency trading platforms, stands out as a very strong option.
Crypto.com is a well-known website that specializes in cryptocurrencies and online payments. It contributes to the overall effort of fostering widespread acceptance of cryptocurrencies. The seasoned businessman Kris Marszalek presides over Crypto.com's operations in Hong Kong, where the company's headquarters are located. In 2016, he and three other co-founders, namely Gary Or, Rafael Melo, and Bobby Bao, established Crypto.com, and as of right now, the platform has more over 3 million members.
Crypto.com, formerly known as Monaco, asserts that it is in business to facilitate the widespread use of cryptocurrencies all over the world. As a result, the crypto platform was built with the intention of providing a variety of services and products that are driven by blockchain technology. These include a mobile Crypto.com wallet, an MCO Visa card, a Crypt.com Token, Crypto Invest services, and debit cards. In 2019, it introduced its cryptocurrency trading platform, which featured all of the aforementioned goods.
In this review of Crypto.com, we will go over the most notable advantages of using the platform, as well as its benefits and drawbacks, goods and services, Crypto.com prices, and features.
Review of Crypto.com: The Many Advantages of Using the Crypto.com Platform
In this article, we will discuss the advantages of using the Crypto.com platform.
The provision of its CRO coins is only one of the numerous benefits offered by Crypto.com. When you invest more CRO tokens with Crypto.com, you will receive a greater number of rewards in return. The following are some of the most notable advantages that come with using crypto.com:
There is a possibility that a significant number of users of the Crypto.com app may mistake it for a bank rather than a brokerage or cryptocurrency platform. Users are able to purchase and sell cryptocurrency using the crypto website or app, and they can even trade with other users through the DeFi wallet.
In addition, consumers have the option of utilizing their Crypto.com Visa Prepaid card to pay for their purchases. Users in some nations may also apply for and receive cryptocurrency loans.
In this review of crypto.com, you will find that there are no fees charged to you for making a cash deposit into your crypto.com account using a wire transfer or a bank transfer. This exchange gives customers the ability to purchase and sell cryptocurrency at prices that are accurate. After completing 30 days on the official website of the Crypto.com exchange, you will be eligible for a reduced cost on any credit or debit card transactions made using the exchange's mobile app.
The Crypto.com exchange, much like every other cryptocurrency exchange, makes it easy to convert fiat dollars into cryptocurrency. This financial platform is compatible with over twenty different fiat currencies, including the United States Dollar, the British Pound, and the Euro. They have really reasonable prices for carrying out this process. However, the number of fiat currency you may hold after registration is restricted, and this restriction is dependent on the nation in which you reside.
The Crypto.com website now supports five different prepaid Visa Card options. Increasing one's CRO share in order to accrue rewards is the straightforward rule. Along with a bonus, the premium Obsidian card provides users with either an 8% cashback or an 8% crypto back option. In order for users to qualify, a stake of 5,000,000 CRO, which is about $750,000, is required.
If you do not have such a large quantity of cash available as CRO, you have the option of applying for a Midnight Blue card, which does not need a CRO stake and provides you with 1% cashback on all of your transactions. To obtain the Ruby Steel card, you must make a wager of 5,000 CRO, which is equivalent to roughly $750. In return, you will receive a payback bonus of 2%.
Users of Crypto.com have the ability to buy Bitcoin (BTC) as well as other cryptocurrencies and earn a high rate of interest on their purchases. Even the lowest rates of interest offered by Crypto.com produce a higher income than a savings account would. Earn the maximum interest rate available, which is 14%, but in order to qualify, you will need to make a one-time cash investment in CRO stock.
If you bet more than 500,000 CRO, you will receive a higher rate of interest on your investment. In addition, although you have the option of flexible periods, the prices for the 3-month durations are significantly more favorable. Stable coins that are tied to the value of the US dollar provide investors the opportunity to earn additional interest on their investments. Having said that, holding cryptocurrency funds might be dangerous. This type of savings account does not qualify for FDIC protection, in contrast to traditional savings accounts.
Desktop versions of Crypto.com, in addition to mobile app versions, are both operational. To begin, visit the official website of Crypto.com and create an account there. This will also allow you to authenticate your identity. There are two ways for trade to take place: through its DeFi wallet or through its exchange. When it comes to the DeFi wallet, the decentralized exchange facilitates users' ability to trade cryptocurrency with one another. By going this way, you will have complete control over the private keys; but, a greater charge will be necessary for a DeFi switch that is even quicker.
On the other hand, if you choose to trade cryptocurrencies on an exchange, you will be subject to a fee that is far lower. Users who have questions about any of the Crypto products may get answers to their questions by contacting the customer support team, which is available 24 hours a day, seven days a week.
The Crypto.com app is one of the greatest digital assets products available since it helps customers to make profitable and straightforward investments in cryptocurrency exchange. The mobile app is user-friendly and offers a variety of specialized functions, such as the ability to purchase, sell, trade, earn, store, and pay off your loan with cryptocurrency.
The wallet and software offered by Crypto.com offer a high level of security and safety due to the fact that investors from all over the world use this exchange to buy Bitcoin, Dogecoin, Litecoin, and other currencies without the fear of being scammed. You are not at danger of being charged any additional fees while buying or selling cryptocurrency. It is imperative that you do not overlook any of the following components of the Crypto.com app:
Stablecoins provide returns of up to 12 percent per year, while crypto assets offer returns of up to 6.5 percent per year.
The Rewards/cashback potential on the Metal Visa Card can reach up to 8%.
The software allows users to buy and sell more than 100 different cryptocurrencies at the market price, eliminating the possibility of incurring any additional fees.
The Crypto.com app may provide you with immediate financing, and you can trade on this exchange.
You may use bank transfers or debit/credit cards to buy cryptocurrencies like as Ethereum (ETH), Bitcoin (BTC), Stable coins, and Litecoin (LTC).
The Crypto.com app also assists cardholders in monitoring their balances by allowing them to add deposits of fiat currency or cryptocurrency.
Non-fungible tokens, often known as NFTs, are a category of digital assets in which each individual token or object possesses its own distinct identifier. Because of this, the tokens are no longer usable as currency, but they still have value in other contexts, such as in crypto art. Every non-fungible token is unique, and as a result, none of them can be exchanged for any of the other things currently available.
The only other non-fiat token (NFT) market in existence is Crypto.com's, and it uses the Crypto Blockchain in its entirety. This is easily one of the most impressive items that Crypto.com has ever developed. Users are able to conduct searches for selected collectibles that have the potential to be exchanged for NFTs. It is important to note that the exchange collaborates with a large number of well-known artists, designers, and companies, and that certain things have been designated as limited editions.
The MCO Visa Card is another another outstanding product that can be purchased from Crypto.com. They are intended to bridge the gap between the advantages of using debit and credit cards and those of using cryptocurrency. The following essential and security aspects were incorporated into the design of these metal cards when they were manufactured in 2018:
The MCO Visa card gives users the opportunity to simultaneously purchase, sell, store, spend, and exchange cryptocurrencies together with traditional currency.
There are no costs associated with the ATM or withdrawals.
Tap and Pay functionality
Very low minimum deposit amounts and there are no yearly fees.
There is no cap on the amount that may be spent and you will receive 5 percent cash back on all purchases made locally and abroad.
One hundred percent cash back on the purchase of regular membership plans for both Netflix and Spotify.
10% cashback on bookings made through Expedia and Airbnb
It is not possible to mine MCO tokens; rather, they are produced based on the amount of money that is kept in the Crypto wallet and the card that is attached to the account. Tokens issued by MCO can be stored in any wallet that supports ERC-20 tokens. The Visa Cards support a total of seven different cryptocurrencies and seven different fiat currencies, including the US Dollar (USD), Ethereum (ETH), and Bitcoin (BTC).
The purpose behind the creation of Crypto.com Pay was to enable merchants and dealers to more easily accept bitcoin payments. Processing fees are not assessed on payments made using cryptocurrency transactions; nevertheless, a fee equal to 0.5 percent of the total amount is assessed on payments made using fiat money.
If you compare this to other well-known payment processors, you will find that it is significantly discounted by 80 percent. This solution allows customers to make payments through their WooCommerce and Ledger stores. In addition to this, it possesses the following important characteristics:
This product makes it easy to engage in a variety of trading activities with cryptocurrencies, including derivatives trading, margin trading, OTC trading, and decentralized token swaps.
It is connected to a number of different websites, each of which offers supplemental advantages.
Maintains a number of marketing initiatives, including trading quizzes,
competitions, and other events, all of which are centered on the giving away of
free cryptocurrency to participants.
This cryptocurrency exchange has just established its own blockchain, which places an emphasis on anonymity, speed, and additional financial incentives. Despite this, the blockchain technology is now in the test-net phase.
You may choose whatever cryptocurrency to put into Crypto Earn, and then earn daily income while also growing your digital assets. On this particular site, CRO stakes are not the same as any deposits that could be paid in CRO. The amount of interest that you earn varies depending on the length of time that the coins have been staked.
In addition, the interest payment is not made in a fiat currency such as USD; rather, it is made in the specific cryptocurrency that you have staked. Because this product did not pass regulatory muster in Hong Kong, Malta, or Switzerland, those places have decided not to make it available to consumers there.
When it's time to pay out, the app displays the value of the coins that have been staked. This software provides users with the option to choose between one-month and three-month contracts, in addition to a flexible option. It is very evident that the interest rate would be higher for longer durations, whilst the minimum payment will be made for flexible terms. You have the opportunity to earn greater rates every month with an additional 2 percent income when your CRO stake is $50,000.
Credit on Crypto.com is widely regarded as one of the most valuable products offered by the company. Despite the fact that the product has not yet been released in its whole, it is anticipated that users will be able to borrow money from the app in order to pay for purchases later. You can gain access to the Crypto credit by either staking MCO tokens or making a cryptocurrency deposit. A single user can have access to 6,000 USD credit by placing a stake of 10,000 MCO tokens. They also have the option of using Bitcoin as security in order to access the credit line. The following is a list of the specific properties that Crypto Credit possesses:
No deadline for payback
Does not necessitate a review of the credit history
The use of MCO tokens has cheap transaction costs.
No minimum payments
You may get loans from Crypto.com by depositing a variety of tokens, including Ethereum (ETH), Bitcoin (BTC), MCO, and CRO currencies. The loan-to-value ratio offered by the product is fifty percent (50%). If a borrower wishes to take out $500 worth of credit, for example, he will need to deposit $1,000 worth of Bitcoin.
Borrowers have the option of selecting their credit limit in one of four different forms of stable currencies (USDC, Tether, etc.), which are collectively referred to as "Stablecoins." The number of MCO tokens that are staked determines the interest rate, which can range anywhere from 8% to 12% per annum. To obtain a loan, however, it is not necessary to put up coins as collateral.
The Crypto.com exchange was created in 2019, and it offers a variety of major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, EOS, XRP, CRO, MCO, Stellar Lumens, and a large number of other Stablecoins and tokens. The exchange provides extra benefits like as low trading costs, extensive liquidity, security on par with that of an institution, and unique pricing for CRO tokens.
In addition to this, the exchange is also responsible for operating the Syndicate, which is a fundraising tool that gives CRO holders the ability to buy tokens at a reduced price. Whatever profits the financial platform gives to the exchange, the latter puts those profits toward the development of cryptocurrency-related enterprises.
The CRO staking and 30-day trading volume of a user might determine whether or not they get a discount of one hundred percent on their trading expenses. The throughput has been improved by a factor of ten thanks to upgrades made to the Order Management System and the Matching Engine.
In addition, the Unified Websocket API in conjunction with REST has made it simple to use this exchange. The Crypto.com exchange provides a powerful and reliable risk engine in addition to a high derivatives trading leverage margin.
There are a lot of advantages to staking CRO coins on this market, however the Crypto.com exchange has two degrees of verification available for users:
The information required at this level of verification includes things like your name, phone number, and email address. After the user has provided these details, they will have unrestricted movement and access to the majority of crypto products and services.
The identity documents must be submitted in order to access the advanced features of this edition. There is no upper restriction on deposits, however there is a limit on the amount of Bitcoin that may be withdrawn. You are only allowed to withdraw 100 BTC at a time.
Crypto.com DeFi Wallet is being developed to provide safe storage of cryptocurrencies as well as complete management over them. The term "decentralized finance" is abbreviated as "deFi." Crypto.com Using a DeFi wallet provides investors with the highest level of safety and security while holding digital assets.
Traders are allowed to transmit bitcoin at the network speed of their choosing thanks to the non-custodial nature of the DeFi Wallet. They are not needed to provide their KYC information in order to use the DeFi wallet, but they are obliged to pay transaction fees while trading.
DeFi Exchange is another element of Crypto that enables traders to swap and stake DeFi coins, as well as leverage DeFi protocols and a CRO-powered incentivization scheme. This feature was built with the intention of attracting traders.
Overall, DeFi Swap is an excellent decentralized protocol that was developed on the Ethereum network. It has a framework that places trust, usability, and transparency at the forefront of its design priorities. Switch DeFi enables traders to swap ERC-20 and ETH tokens with an easy-to-use interface and raises the stake rewards for CRO staking for DeFi coins to over 20 times their original value.
The Tendermint protocol underpins the Crypto.org Chain cryptocurrency service, which is geared at individual users. The purpose of the Chain service is to facilitate the development of a growing number of cryptoproducts. The interface is designed to be incredibly user-friendly for novices, and it eliminates all of the complexities of blockchain technology, making it possible to make efficient use of crypto assets and smart-based goods. Users have the opportunity to earn two distinct types of incentives when using Crypto.org Chain:
Block Rewards are rewards that be received by validating transactions and creating new blocks to a blockchain.
Explore the Crypto.org website. Chain ServicesInvestigate Crypto.org's Offerings The Chain Services Transaction Bonus is a payment that is given out when a validator adds more than 66 percent of the pre-commits from other validators to the new blocks that they produce. This reward is handed out when a validator does this. It is hoped that this would offer extra incentives to the users, resulting in stronger networking, and will also reduce the number of empty block proposals.
Another payment option that allows customers to pay with over 15 different DeFi tokens, including as BTC, USDC, ETH, CRO, LTC, and many more, is Crypto.com Pay for Business. This service was developed by Crypto.com. You may get gift cards from more than 300 different brands located in over 30 different countries by using this service. You are able to do your shopping online at reputable establishments such as BC VAULT, Ledger, Coinzilla, and Travala.com.
Get Reward Points by Using Crypto.com. The Price of Doing Business Get Reward Points by Using Crypto.com. The Price of Doing Business
You can accumulate awards in accordance with the kind of payment that you select. For example, if you pay for food and beverages, you will receive a reward of ten percent, which is more than the standard rate of five percent offered by the business.
Traders may choose how they want to put money into their Crypto.com account, which will determine whether or not trading on the Crypto.com website or app is cost-effective and feasible for them.
When cryptocurrency is deposited into a Crypto.com account by users, no cost is assessed; however, when cryptocurrency is withdrawn by investors, various fees are assessed depending on the coin. For instance, the withdrawal cost for Bitcoin is 0.0004 BTC, whereas for Crypto.com Coin, it is 100 CRO. In the case of Ethereum, the charge is 0.0001 ETH. These rates are slightly lower than the typical fees charged by businesses in this sector.
Trading fees, in their most common form, are expressed as a percentage of the total amount of an order to trade. Every deal on the Crypto.com exchange platform costs takers and makers 0.40 percent of their respective profits. The trading costs are much higher than the usual fees charged by businesses in this industry. On the other hand, the Crypto.com exchange provides discounts determined on the amount of trade. The more trading there is, the cheaper the fees!
The term "staking" refers to the procedure through which users can earn interest on their crypto currencies by keeping those coins locked up for a certain amount of time. The rate of staking changes based on the amount of time that coins have been staked for. When it comes to your Crypto.com account, the discount rates will be proportionally larger the more CRO you stake. In addition, if you bet more than 500,000, you will have the opportunity to earn an additional 2% on your stake.
There are more than 20 different fiat currencies that are supported by Crypto.com. These currencies include AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, USD, and ZAR.
In recent weeks, Crypto.com has introduced three more currencies to its currency basket: the Saudi Riyal (SAR), the Brazilian Real (BRL), and the Turkish Lira (TRY).
The following is a list of all of the supported cryptocurrencies that you are presently able to use the Crypto.com app to purchase and sell, transfer to and from a bank or wire transfer, and store:
BTC , LTC , ETH , CRO , ENJ , BAT
Exchange of cryptocurrencies, savings of cryptocurrencies, lending of cryptocurrencies, storage of cryptocurrencies, digital wallets, visa cards, and other related services
Fees - Taker costs – 0.09 percent – 0.16 percent , Maker fees – 0.036 percent – 0.10 percent
The annual percentage rate of return on cryptocurrency investments might reach up to 6.5 percent.
Coins with a fixed interest rate, which can reach up to 12 percent per year.
Credit and debit cards, as well as PayPal, are acceptable forms of payment. Deposit fees can be paid for free.
Withdrawal fees – The costs associated with withdrawals change based on the cryptocurrency being used.
Protection with a bitcoin insurance policy of 360 million dollars and storage in cold locations only
The availability of mobile applications on both Android and iOS
The verification process often takes less than five minutes.
customer assistance available 24 hours a day, seven days a week with a response time of no more than 24 hours.
You may buy and trade more than 100 different cryptocurrencies.
Create an account with Crypto.com for free.
You may purchase it in Singapore, the United States, Canada, and the United Kingdom.
There is no mandatory monthly maintenance fee associated with the Crypto.com Visa Card.
Free shipping and a Visa debit card with contactless payments.
Receive a payback equivalent to at least ten percent of the purchase price of gift cards.
All in all, in this Crypto.com review, we have spoken about how utilizing the Crypto.com platforms makes spending and trading in a crypto exchange incredibly straightforward. When it comes to the top cryptocurrency exchanges, this site is consistently ranked as one of the most user-friendly options available. Because it leverages other crypto services like DeFi Swap, Crypto wallet, Exchange, Earn, Lending, and Staking, and because it provides security for cold storage that is one hundred percent foolproof, it is known as "cold storage." All of these factors combine to make Crypto.com an amazing destination for one-stop shopping for cryptocurrency exchanges.
The fact that Crypto.com appears to be a completely regulated and safe banking platform lends credibility to the site. The FDIC protects US customers' fiat holdings for up to $250,000, ensuring the security and integrity of their cash while they are held on our platform. On the Crypto.com website or mobile app, there is no evidence of any thefts or hacks having taken place.
Two-factor authentication, often known as 2FA, and cold storage, which is 100 percent of the time, are the asset protection measures offered by Cryto.com. The leading producer of hardware wallets, Ledger, is a partner of the cryptocurrency exchange. It complies with 2013:ISO IEC 27701 as well as ISO IEC 27701:2019 at the Level 1 level.
Is It a Good Idea to Invest in Crypto.com Coin? Yes, everyone who is willing to spend, store, trade, and preserve cryptocurrency may benefit from making investments with Crypto.com. The fees are significantly cheaper than the standard market prices. The CRO coins are one of the various cryptocurrencies that can be traded on the site. The more the amount of CRO coins that you bet, the more rewards you will receive.
Is It Worth It to Get the Crypto.com Card? Yes, Crypto.com's trading platform makes it simple to acquire, spend, and trade cryptocurrency due to the fact that it is really user-friendly for novices. The cryptocurrency services, which include DeFi Wallet and Swap, Staking, Pay, Earn, and Lending, are available to anybody who wants to use them. Users of Crypto.com are able to acquire cryptocurrencies at the current exchange rate, and the site does not charge any additional fees.
The Advantages of Crypto.com Exposed:
Comprehensive list of the cryptocurrencies that are supported: Support for over 250 different currencies, along with futures trading and a variety of other complex order types.
Fees that are open and competitive, as well as reductions being offered: The trading costs offered by Crypto.com are among the most competitive in the industry and range up to 0.40 percent, with reductions also being made available.
Encouragement of the development of an ecosystem for cryptocurrency products: Trading, staking, and exchanging of cryptocurrencies are all supported on Crypto.com. In addition to that, it provides its customers with their very own credit card, crypto wallet, and the ability to invest in NFTs.
The Downside of Crypto.com Exposed:
Higher costs unless you hold and use CRO: Users of Crypto.com who hold a considerable amount of CRO currency are eligible for savings on the fees associated with their trading activities.
Poor support for customers: Many of the complaints received from customers emphasize the delayed and poor quality of support answers.
Trading fee reductions can be difficult to understand and comprehend; the levels of trading charge discounts offered by Crypto.com might be difficult to comprehend and comprehend.
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Crypto.com is a well-known cryptocurrency exchange that provides support for a diverse selection of crypto assets and items linked to blockchain technology. Users have access to a comprehensive range of currencies for buying, selling, and trading, and transaction costs are kept to a minimum. Additionally, the business provides bitcoin credit cards, a decentralized exchange, a standalone cryptocurrency wallet, and an NFT marketplace. It also enables users to stake their cryptocurrency or store it in a wallet provided by Crypto.com for a certain amount of time in order to earn interest of up to 14.5 percent.
Crypto.com can be a suitable option for people who want to acquire and hold cryptocurrencies like Bitcoin and Ethereum in their portfolios. The fees are capped at 0.40 percent and go down if you have a large trading volume or a considerable amount of the CRO currency held in your account. At the moment, Crypto.com supports 250 different currencies, provides a variety of complex order types, and even lets users trade cryptocurrency futures on its site.
Keep in mind that the market for cryptocurrencies is extremely volatile, and that these investments are regarded to have a high level of risk; thus, you should only invest money that you can afford to lose.
Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets itself may be very unpredictable. Before making any decisions about your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a recommendation to invest in cryptocurrencies on the part of Investopedia or the author, nor can the accuracy or timeliness of the information included herein be guaranteed.
In 2016, Crypto.com was established in Hong Kong as a company. At the moment, it provides over 250 different cryptocurrencies to its more than 10 million users all around the world. Users in 90 different countries may take advantage of the diverse range of cryptocurrency-related financial solutions offered by Crypto.com.
Crypto.com is excellent for customers of any level of expertise since it offers a comprehensive list of cryptocurrencies, competitive price, and a variety of additional services. On the other hand, those who are just starting out could find the abundance of features overwhelming.
In general, Crypto.com is the ideal option for those who want to do more with their cryptocurrency holdings than just buy and retain it. It is an excellent platform for active traders as well as anyone who is interested in utilizing cryptocurrency as a real currency rather than just an investment.
Cryptocurrencies That Can Be Purchased Through Crypto.com
More than 250 different currencies are available for spot trading on Crypto.com, with a subset of these being enabled for staking. Although the list of supported currencies would be too long to include them all here, you can be sure that you will be able to buy and sell the majority of the currencies that are traded the most.
The following are examples of well-known assets that may be found on the platform:
Ethereum (ETH) (ETH)
Dogecoin (DOGE) Polkadot (DOT)
CRO, Crypto.com's own own cryptocurrency, is also available. If you hold a big investment in CRO, the firm will reward you by lowering your trading costs, increasing your staking interest rates, and increasing the incentives you receive from your credit card.
The minimum commission rate for trades at Crypto.com is 0.40 percent. Those who trade a high volume and those who have a significant CRO interest may be eligible for fees as low as zero percent.
The Crypto.com mobile app, which is compatible with both Android and iOS smartphones, serves as the company's primary point of contact. If you are used to trading stocks using a smartphone app, you will most likely find the experience to be easy and uncomplicated.
You may get a fast overview of both your portfolio and a list of popular assets by using the Crypto.com app. Everything you need to trade currencies, earn by staking your cryptocurrencies, make payments with cryptocurrency, or sign up for a Crypto.com credit card is included in the mobile app.
The charting tools offered by it are not very complex, and they do not supply an excessive amount of information. On the other hand, the page for each currency offers a condensed explanation of its functionality along with links to other material that goes into greater detail. This allows you to become familiar with both the blockchain and the currency prior to making a purchase.
Additionally, Crypto.com is compatible with a number of fiat currencies such as the Australian dollar (AUD), the Canadian dollar (CAD), the euro (EUR), the pound sterling (GBP), the United States dollar (USD), and the Brazilian real (BRL) (BRL). Because of this flexibility, customers in a number of countries are now able to simply acquire cryptocurrency with their native money.
On deals with a total monthly trading volume of less than $25,000, new Crypto.com customers who have never participated in CRO staking will be charged 0.4 percent commission. The trading costs are slightly lower than what you would find with some of the largest rivals in the business, but they are not the lowest rates available.
Traders who do higher volumes of business may be eligible for fees as low as 0.04 percent as makers or 0.1 percent as takers in the absence of CRO staking. If you keep at least 5,000 CRO in your wallet at any one time, you will be eligible for reduced trading costs. At that time, traders who have monthly volume of up to $25,000 are charged 0.36 percent commission. The higher the stake, the lower the rate per unit.
Crypto.com is in a competitive position when it comes to price because there are no additional fees charged every trade.
Whitelisting and multi-factor authentication (also known as MFA) are two of the many security procedures that Crypto.com employs in order to assist in the protection of its users' accounts. To assist in the protection of your account, it is, of course, equally essential to make use of a robust password and to engage in other personal online security measures. Because cryptocurrency transactions cannot be undone, it is highly unlikely that any lost cryptocurrency would be recovered if your account is compromised.
In addition to its security measures, Crypto.com employs stringent compliance monitoring and maintains client deposits offline in cold storage as a means of assisting in the prevention of hacking and losses. Additionally, it collaborates with local banks in the United States to offer FDIC protection of up to $250,000 on U.S. currency holdings.
To sign up for an account on Crypto.com, download the Crypto.com app from the Google Play Store or the Apple Store on your mobile device. Launch the application, then start by selecting a password and inputting your email address. New accounts on Crypto.com must be confirmed by uploading a selfie along with a photo of a valid government-issued photo identification. After there, you'll have to establish a payment method, such a bank account, so that you may make purchases.
You will be asked to submit your name, contact information, and Social Security number as part of the Know Your Customer (KYC) process in order to authenticate your identity if you are connecting a bank account that is located in the United States. This process is used to prevent fraud. Users who have had their identities fully confirmed can make deposits and withdrawals on Crypto.com up to the site's daily and monthly restrictions.
In most cases, the process of setting up a new account, which includes the verification of KYC information, may be completed in about 10 minutes. If you're a fast typist and you have your ID on hand, it should take you no more than five minutes to complete the task.
Help pages, email, and live chat are the three communication channels offered by Crypto.com for contacting customer service. Customers of Crypto.com do not have access to telephone assistance. Despite the fact that customers may contact customer support by email and chat, a number of users have complained about the poor response times and the lack of assistance in addressing account issues.
The majority of Crypto.com's customer ratings are below average, and the website only has 2.2 out of a possible 5 stars on Trustpilot. The majority of unfavorable evaluations center on complaints about the quality of customer support received, account lockouts, and withdrawal issues. Concerningly, some people have mentioned having their accounts broken into and losing money.
Cryptocurrency exchanges often have a reputation for having subpar customer support, and Crypto.com is no exception to this trend. Because customer care on Crypto.com isn't always all that helpful, it's best to approach the website as if it were a self-service option whenever possible. It is most likely best suited for individuals who have some familiarity with online financial goods and won't require a great deal of assistance.
The Crypto.com mobile app makes it simple for users to access both their accounts and their assets.
You may also conduct crypto transactions and keep tabs on the amount of your Crypto.com credit card by using the app to manage your bank accounts, evaluate transfers, and check your transfer history.
How Crypto.com Stacks Up Against the Competition in the Cryptocurrency Industry
In the United States, two of the most common cryptocurrency exchanges are Crypto.com and Coinbase. Crypto.com provides users with a more comprehensive selection of assets that may be traded and reduced trading costs when compared to Coinbase. However, the platform is not as user-friendly as Coinbase in terms of navigation, and the trading experience is not as accommodating to newcomers. However, depending on what you're looking for, Crypto.com could be a better option.
The following is a comparison of Crypto.com vs Coinbase, highlighting the key differences between the two:
The fees associated with trades on Crypto.com can go up to 0.40 percent, whereas the fees associated with Coinbase Pro are 0.50 percent.
While Coinbase only supports 158 different virtual currencies, Crypto.com supports over 250 different digital currencies.
Coinbase has an easy-to-navigate site that is straightforward and user-friendly, making it a potential better option for novices than Crypto.com.
Both Crypto.com and Coinbase have the potential to be useful tools for achieving a variety of trading and investing objectives. You could decide to create an account with any one of them, depending on the kind of trading expertise you have and the requirements of your business.
Crypto.com is an excellent option for cryptocurrency traders searching for a platform that offers a comprehensive list of supported currencies and transaction costs that are on the lower end of the spectrum. It is recommended for those who are comfortable managing their financial accounts via a mobile app and may be appropriate for users who have intermediate understanding and expertise with cryptocurrencies.
As is the case with most cryptocurrency exchanges, customer assistance is not Crypto.com's strong point; thus, you should prepare for an experience that is predominately self-service. If you are okay with it, then Crypto.com can be a good alternative for you to consider given your requirements.
Sites like Crypto.com in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.