Crypto.com Wallet Review

Crypto.com Mobile Application

The Crypto.com mobile application was the first application to be offered by Crypto.com. The list of services that you can use within the mobile application has grown since its initial release in 2018. In the beginning, the mobile application was how users could manage their Crypto.com Visa card. Users can now stake an amount of CRO tokens in exchange for a range of Crypto.com Visa Debit cards. Crypto.com makes regular updates to the applications that they offer. This makes sure that they maintain their reputation for delivering excellent service through a great user interface.

This is a list of all the features included within the Crypto.com Mobile Application:

1. Manage your Crypto.com VISA Debit Card
2. Buy / Sell Cryptocurrencies with your Credit Card
3. Invest in a Cryptocurrency Index Fund
4. Lend / Borrow Cryptocurrencies
5. Pay merchants, or purchase gift cards from Crypto.com partners
6. Manage your referrals, and claim rewards

Crypto.com Wallet

The Crypto.com Non-Custodial Wallet is the newest addition to the suite of products offered by Crypto.com. The Non-Custodial wallet offers the user base of Crypto.com the ability to store their cryptocurrency assets within a wallet that they fully control, all while staying inside the Crypto.com ecosystem. The wallet itself does not have any fancy bells and whistles built into the interface. Instead, the wallet is a trust builder, and supplementary addition to the exchange, and custodial financial services offered by the Crypto.com mobile application.

Beginner Perspective of Crypto.com Wallet

Crypto.com is highly proficient at creating an experience ideal 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. Crypto.com often adheres to the philosophy of “less is more”, and this is reflected in the Crypto.com Non-Custodial wallet. The only assets that are 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, the user is able to hook up the wallet directly to the rest of their Crypto.com account. This essentially allows the non-custodial wallet to talk to the custodial wallet. Now, when you’re moving funds from one wallet to another, the user has the ability to select more user friendly destinations such as “Crypto.com Wallet” or “Crypto.com Exchange”.

From a beginners perspective, the Crypto.com wallet is a fine starter wallet. It has all the essentials, and little to no complicated features that require additional understanding to use.

Beginner Perspective of Crypto.com Mobile Application

Crypto.com is a great place to start using cryptocurrency. They have invested heavily in creating a user experience for individuals that are new to cryptocurrency. From being able to purchase cryptocurrency with your credit card, to forcing you to implement top notch security on your own account. Crypto.com then gives you access to a range of different services, using terms and definitions from the traditional world of finance. Much of the functionality and features you will find within the Crypto.com Mobile Application are services that you would find at your traditional bank, except in crypto form. This aspect of familiarity brings a lot of trust, which is crucial to the crypto beginner.

Is Crypto.com Wallet Safe?

The Crypto.com wallet is non-custodial, this means that you have complete control over your cryptocurrencies. The wallet makes you copy down a 12 word phrase, which you should keep in a very safe place such as a fireproof safe. The fact that the wallet forces you to do this is an example of great user experience, and dedication to the security of user funds.

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. In order to accomplish this, you need to enter parts of your 12 word phrase in order 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 itself 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 and security into the application. Crypto.com has secured 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 Crypto.com has secured the most insurance for cryptocurrencies out of any other cryptocurrency company in the world. Crypto.com has secured $355 million dollars in insurance in the event that an untimely hack or disaster happens that results 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 to the app. This amount of flexibility, and the ease in which these features can be set up support the overall security of the application.