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Crypto.com Wallet Review
Currently, Crypto.com consists of their Mobile App, their exchange, and the newest addition, the Crypto.com wallet. Both the exchange and the Mobile App are custodial and the Mobile App acts as a crypto wallet, but the DeFi wallet is non-custodial, with all three apps seamlessly integrated into a single ecosystem. In this review, we will be focusing specifically on the two wallet applications.
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- A secure, non-custodial wallet in the Crypto.com ecosystem
- Stake coins like CRO and ATOM directly from the wallet
- Slick design and very strong U.I. for new crypto users
- Easily transfer funds from Crypto.com to Crypto.com Wallet
Meet Our Reviewing Team
Pros & Cons
Pros
Many ways to buy/sell/use cryptocurrency from within the application
Contains all the standard security features such as 2FA, and Passcodes
Simple and intuitive interface
Cons
Full set of features are not available to all countries or users
Is the Crypto.com Wallet Good for Beginners?
Crypto.com is highly proficient at creating an ideal experience for newcomers to the world of cryptocurrency. Their user interfaces take out as much complexity as possible, and hand holds the user through many of the more technical aspects. This simplicity is reflected in the Crypto.com Non-Custodial wallet. The only assets offered are the ones that people are most familiar with, (Bitcoin and Ethereum) as well as Crypto.com’s signature asset CRO.
The wallet makes it very easy to integrate with the rest of the Crypto.com offerings. Instead of having to copy and paste addresses between applications, you can hook up the wallet directly to the rest of your Crypto.com account. This essentially allows the non-custodial wallet to talk to the custodial wallet. When you’re moving funds from one wallet to another, you can then choose “Crypto.com Wallet” or “Crypto.com Exchange.”
You can also use the wallet to stake cryptocurrencies like CRO and DOT to earn passive income on your crypto.
Keep in mind that to use the Crypto.com DeFi wallet you’ll need to buy your crypto somewhere else and transfer it. If you’re looking for convenience, the Crypto.com mobile app is, of course, the natural choice for funding the DeFi wallet…
What About the Regular Crypto.com App?
Crypto.com is a great place to start using cryptocurrency. You can buy, sell and lend your crypto to earn a yield.
They have invested heavily in creating a positive user experience for anyone new to cryptocurrency, from being able to purchase cryptocurrency with your credit card, to top notch security on your own account.
Crypto.com then gives you access to a range of different services. Much of the functionality and features you will find within the mobile app are services you’d find at your traditional bank, except in crypto form. This familiarity brings trust and simplicity, which is crucial to the crypto beginner.
The Crypto.com app also interfaces perfectly with the non-custodial DeFi wallet and users are charged no extra fees when transferring between the two applications (although there might be regular blockchain fees).
Is the Crypto.com Wallet Safe?
The wallet is non-custodial, which means that you have complete control over your cryptocurrencies. At one point, you’ll copy down a 12 word phrase, which you should keep in a very safe place such as a fireproof safe, as it’s required for account recovery.
When you get rid of your device, it is important that you don’t leave any trace of the cryptocurrency wallet in memory. Sophisticated hackers may be able to steal your funds. That’s why the wallet has the ability to manually destroy any record that the wallet ever existed in the first place.
Use the “Remove wallet from device” option from the menu to completely remove the wallet from your device. To do this, you need to enter parts of your 12 word phrase to prove that you’ve backed up your funds. If you don’t have your phrase backed up, and you removed your wallet, then you would lose your funds forever. It’s a good thing that before removing the wallet from your device the application makes you prove that you’ve written it down.
Is Crypto.com Mobile App Wallet Safe?
Even though the Mobile Application is a custodial wallet, Crypto.com has done a great job of building trust in the application, obtaining some of the highest security ratings for their applications. The ratings include Cryptocurrency Certification Consortium, ISO/IEC 27001:2013 and PCI:DSS.
Not only that, but they have the most insurance for cryptocurrencies out of any other crypto company in the world, with $355 million dollars in insurance should an untimely hack or disaster result in the loss of user funds.
Both the Crypto.com Wallet and the Mobile Application supports the ability to use a passcode, a face scan, or 2 factor authentication to gain access, further enhancing security.
What Are the Crypto.com Wallet Fees?
There are no extra fees to move funds, however all transactions are on-chain. That means that if Ethereum, for instance, is congested, you might pay anywhere from $5 to $50 for a single transaction.
Transaction fees are charged differently from blockchain to blockchain so you might not know exactly how much it will cost until you attempt to make the transaction.
Fortunately the Crypto.com DeFi wallet has a handy Ethereum gas tracker so you know exactly how much ETH fees are at any given time. You can pick and choose times where the network is less congested in order to make cheaper transactions.
FAQs
The Crypto.com Wallet is non-custodial. Crypto.com has an alternative custodial wallet, which is simply the Crypto.com mobile application.
Because the Crypto.com wallet is non-custodial, your funds are completely within your control. This doesn’t mean that they are 100% safe though. You must copy down your 12 word phrase in order to completely secure your cryptocurrency.
You’ll have a different address for each crypto asset you hold.
To find your address, simply click the wallet dashboard and then hit the receive button. Select the cryptocurrency you want to receive and then you’ll be given a barcode and string of keys. You can use either to receive coins. Please double check the key, however, as inputting the wrong address can lead to a loss of funds.
Crypto.com has made it extremely simple to transfer cryptocurrency between the various applications within their ecosystem. After linking the Crypto.com wallet, you will see the wallet as an option when withdrawing funds from the custodial application or the exchange.
The Crypto.com Wallet is a non-custodial wallet. This means you have complete access to your cryptocurrency. To connect it to the app means that the app will know about your various cryptocurrency addresses. This feature is meant to enhance the experience of using the entire Crypto.com ecosystem.
Yes. You can earn anywhere from 1-14% APY by staking your coins directly in the Crypto.com DeFi wallet. It’s a great way to earn passive income.
You’ll also be able to manually select the validator where you want to stake your coins. It’s worth doing a little research because you want to select a reliable validator, but it’s also helpful for decentralization if you don’t just pick a top 10 (by volume) validator.
There are 5 tiers of Visa Debit cards including a free tier at the bottom. As you acquire and stake more CRO tokens, you gain access to a wider variety of perks. Some of the perks include paying for various popular subscriptions such as Spotify, Netflix, and Amazon Prime.
