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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 is 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. In addition their mobile application is stacked with an impressive feature set with some of the most competitive offerings in the crypto space.
- One-stop shop for crypto with built-in exchange, app, lending platform, debit card and more
- Native CRO token assists in making low-fee transactions
- Potential for high amount of interest when storing digital assets on Crypto.com
- A long-term goal of building cryptocurrency adoption on whole
Crypto.com General Overview
Regular discounts called “Syndicate Events” offer up to 50% off coins
Soft staking allowing you to earn up to 5% on deposited assets
Staking CRO earns you up to 20% interest
Excellent UI is friendly for users
Trading competitions and participation incentives
The exchange is relatively new, not yet having proven its track record
The high staking rewards has people nervous about their business model
Crypto.com at a Glance
|Credit Card||Small Investments||Yes||No||Instant|
|Debit Card||Small Investments||Yes||No||n/a|
|Wire transfer||Large Investments||Yes||Yes||5-7 Business Days|
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 Can I Buy on Crypto.com?
Crypto.com may be a relatively new exchange but it offers a nice selection of different coins and tokens including the heavy hitters like Bitcoin and Ethereum but also some underrated assets. Like other exchange tokens such as BNB, users can trade on the Crypto.com exchange at a discount by paying fees in CRO.
Here’s a look at some of the popular digital assets you can buy on Crypto.com:
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. Inversely, the features available in the mobile application are not 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.
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 has a transparent, reasonable, and competitive fee structure, that allows you to opt into cheaper exchange fees by purchasing more of their core token, 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.
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.
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.