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Comprehensive Crypto.com Exchange Review
Crypto.com is a cryptocurrency success story. Not only do they have the hottest domain name in the industry, they also have products and services to back up the reputation of carrying such a powerful domain.
Crypto.com was born out of the MCO project which launched in an ICO in 2017. Stemming from an idea to produce a crypto credit card to fuel crypto mass adoption, they’ve expanded their value offering to include the Crypto.com cryptocurrency exchange. True to their vision, they released arguably the most successful crypto credit card in history.
In addition their mobile application is stacked with an impressive feature set with some of the most competitive offerings in the crypto space. Furthermore the company has spent an unparalleled amount on high-profile marketing including F1 racing, NBA, NHL, European football and more.
Perhaps the most important factor? Crypto.com has been remarkably resilient during bull markets and bear markets alike.
- One-stop shop for crypto with built-in exchange, app, earn platform, debit card and more
- Native CRO token assists in making low-fee transactions
- Earn interest when storing digital assets on Crypto.com
- A long-term goal of building cryptocurrency adoption on whole
Meet Our Reviewing Team
Crypto.com General Overview
Pros
Award-winning crypto credit cards that integrates with the Crypto.com ecosystem
Earn product lets users generate up to 12% APY on their crypto
Cronos (CRO) is a legitimate standalone token
Excellent UI makes onboarding easier for beginners
Cons
The app has relatively high fees
The high staking rewards has people nervous about their business model
Getting the best perks on Crypto.com requires staking huge amounts of crypto
Crypto.com at a Glance
Exchange Overview
Crypto.com is one of the most powerful exchanges in the world thanks to its Gen 3.0 software upgrade.
The Gen 3.0 upgrade merged both Crypto.com’s spot and derivatives exchanges into one engine. That means you need just one wallet to trade across the numerous products available on Crypto.com.
The benefit is that users get industry-leading performance and execution speed with a streamlined trading experience.
Fees are also quite low on the Crypto.com exchange, which makes it one of the most compelling options on the market.
Sign-Up Process
Crypto.com has two levels of verification on their exchange, Basic and Advanced.
Basic verification takes information such as name, email, and phone number. This gives you access to most of their services, and gives you a reasonable degree of freedom with respect to deposits and withdrawals.
Their advanced level KYC (Know Your Customer) requires you to submit identity documents. This grants you the ability to have unlimited deposits, and a 100 BTC withdrawal limit.
What Cryptocurrencies Are Available on Crypto.com?
Crypto.com offers a great selection of different coins and tokens including the heavy hitters like Bitcoin and Ethereum but also some high-growth cryptos like BNB and Polygon.
Of course Crypto.com is the best possible place to buy CRO tokens, which give users a variety of perks on the site like trading discounts on the exchange.
Here’s a look at some of the popular digital assets you can buy on Crypto.com:
- BTC
- LTC
- ETH
- XRP
- USDT
- CRO
- EOS
- XLM
- USDC
- ATOM
- LINK
- XTZ
- SOL
- MATIC
Supported Applications
Crypto.com the exchange is only currently available on the desktop. However, some of the exchange functionality is integrated into the Crypto.com mobile app, but without as much control over your trades. The app also has slightly higher fees.
Inversely, the features available in the mobile application are not necessarily available on desktop. It is reasonable to assume that Crypto.com has plans to bridge this divide to create a fully integrated cryptocurrency platform.
Is Crypto.com Safe?
Crypto.com has received some of the highest declarations of security in the industry. Some of the certifications include the Cryptocurrency Certification Consortium, ISO/IEC 27001:2013 and PCI:DSS. Crypto.com ‘s first line on their security page says “Security First. Always”, with a philosophy of “Defence in Depth”. This declaration of their values, in combination with the certifications goes a long way in proving their commitment to giving their customers the highest degree of security available.
Crypto.com tells their users that 100% of their funds are stored in cold storage. Crypto.com boasts a cold wallet insurance fund in the event of a loss of funds. Their hot wallet is entirely corporate funds and dedicated to ensuring that transactions occur smoothly on their network of services. Furthermore, if you’re a US citizen and holding US dollars with Crypto.com, up to $250,000 is insured by the FDIC.
The exchange also offers proof of reserves for users that want to verify the amount held by the company.
Crypto.com monitors all incoming transactions to make sure that they are not dealing with money coming from black markets. This is good policy, as it ensures that they don’t get into trouble for laundering money for criminals. This level of compliance and pro-activeness to prevent money laundering and criminal financial actions is the kind of responsible behavior that exchanges ought to look up to.
On a day-to-day basis, their mobile application and exchange are complete with 2FA through biometrics, or the Google Authenticator app. Finally, if a hacker manages to break through each and every piece of security crypto.com puts in place, the hackers can’t send your funds unless the address they’re sending to has been whitelisted by you. Check here for a complete overview of the security measures crypto.com has put in place.
Crypto.com Fees
Crypto.com has a transparent, reasonable, and competitive fee structure, that allows you to opt into cheaper exchange fees by purchasing more of their core token, Cronos (or CRO).
At the most expensive end of things, their maker/taker fees start at .2% of the value of the trade, which is in itself, competitive. What is better, is how you obtain cheaper fees. You must stake CRO tokens, which not only gets you a 20% ROI on the amount that you’ve staked, but gets you incrementally cheaper fees.
Keep in mind this is for the Crypto.com exchange. The easy-to-use app has slightly higher fees.
What Are Good Alternatives to Crypto.com?
Perhaps the biggest competitor to Crypto.com is heavyweight Binance.com.
Binance.com is the biggest crypto exchange in the world and offers access to an unparalleled number of cryptocurrency trading pairs. It also has a proprietary coin (BNB) which offers a number of perks to users.
The downside of Binance is that the user interface isn’t as intuitive as Crypto.com and its credit card isn’t quite on par with the CRO card.
Meanwhile if you’re looking for a US regulated cryptocurrency exchange you might want to check out Coinbase Pro.
- Easy sign-up process
- Lowest transaction fees of any major exchange
- 175+ different digital assets available
- Free deposits
- Superior option for experienced crypto traders
- Dramatically lower trading fees
- More powerful platform for trading
- Same diverse selection of coins as regular Coinbase
Frequently Asked Questions
All of your money on Crypto.com is stored in cold storage.
Crypto.com has secured FDIC insurance for US dollars (up to $250k) held with crypto.com. Furthermore, crypto.com maintains their own cold storage vault for insurance against the event that they are hacked.
Crypto.com has gone through great lengths to provide that they prioritize security over almost anything else. They’ve obtained a variety of third party security certifications, and have undertaken numerous independent security audits in order to give their customers the confidence that they are secure.
To date, Crypto.com has not been hacked in any way shape or form. If you are worried about having your funds stolen, then the safest thing you can do is to store your cryptocurrency in a hardware wallet such as Trezor, or Ledger.
Yes. Crypto.com is one of the first exchanges to also offer a VISA card. The card offers rewards for people who stake CRO. You can learn more by checking out our CRO review. You can use the exchange without the card, however.
Crypto.com compares very well to the other major exchanges despite being relatively new. One way that Crypto.com differentiates itself from the other exchanges is by offering a vast suite of tools for crypto users that includes staking rewards, VISA cards, crypto lending and more.
There are no fees in involved with sending cryptocurrency or fiat between the Crypto.com app and exchange because they are both custodial wallets.
Essentially it’s all part of Crypto.com’s internal systems.
Crypto.com has never been hacked, as noted above, but they do have a large amount of insurance in case of such an incident.
The company currently has reserves of $350+ million in case of a hack.
