Crypto.com Review: Crypto.com is a prominent cryptocurrency trading platform that is present in over 90 markets across the globe. It is among the biggest exchanges in terms of trade volume and is well-known because of the Crypto.com.
What is Crypto.com?
Crypto.com is a renowned cryptocurrency exchange that is present in over 90 countries around the globe. It’s one of the largest exchanges in terms of trading volume and is well-known due to the Crypto.com Visa debit card. Even if you’re not involved in the crypto world you’ll be able to recognize them through their celebrity endorsements as well as companies such as Lebron James, Matt Damon, Water.org, the UFC as well as the Paris St. Germain football club.
Who is Crypto.com For?
Crypto.com offers features that are suitable for every kind of user. For people who are brand new to the crypto world this app provides an easy method to try your hand at the world of crypto trading.
For traders with experience, Crypto.com offers everything from DeFi Staking as well as margin-based trading. Crypto.com can also be a great cryptocurrency exchange for traders who is looking for everything within an user-friendly application. Instead of transferring funds back and across DeFi exchanges, and OpenSea to facilitate NFTs Crypto.com integrates all of it to form one platform.
What Can It Offer?
As stated, Crypto.com is an incredibly adaptable exchange. It accommodates both novice as well as experienced traders, and offers many features to allow you to earn money.
Advanced Trading Dashboard, Order Types and the Like
If you’re looking for an easy and easy method to trade crypto and other digital currencies, the Crypto.com mobile application has you covered. For more sophisticated traders, you will benefit from the exchange’s trading dashboard on the internet.
The trading view lets you use different technical indicators as well as look up historical and live order book details for various trading pairs. You can also make limit, market and stop-loss limits, which means you’re not restricted to trading on spot. Additionally, you can utilize the spot trading bot to make orders automatically in accordance with the parameters you specify.
Crypto.com is also able to support derivatives and margin trading that you don’t receive from most exchanges. You can earn 10 times leverage using margin trading, whereas rivals such as Kraken offer only five times leverage.
It also allows you to trade futures and, Crypto.com has some of the best customer support for advanced traders.
With Crypto.com’s Earn service you could earn up to 14.5 percent APY across a range of cryptos and as high as 10 percent on stablecoins.
The platform is compatible with more than 40 assets that you can invest to earn interest. The amount of interest you earn is contingent on the cryptocurrency and the long you lock it in for. Additionally, you can earn higher rates when you stake and hold CRO tokens, which is the native token on the platform.
It’s a little complicated for those who are new but basically you’ll receive a specific interest rate when you have less than $400 in CRO secured or at least $4,000 locked up.
Crypto lending firms such as Nexo or BlockFi have higher fees, however Crypto.com is affordable and allows you to use your cryptocurrency to make money.
Flexible terms are another benefit since it allows you to trade and withdraw your crypto when you want to. Still, you must hold CRO tokens to enjoy the most favorable rates, however it’s a full-time earnings program that’s an attractive selling point for anyone looking for an income stream that is passive.
Another feature that decentralized financial (DeFi) users will love are Crypto.com’s wallet. It is a custodial-free wallet giving you full security over the private keys. It is compatible with over 100 of the most popular coins, and it is possible to import existing wallets such as Ledger or MetaMask and MetaMask as well.
It is also possible to use Crypto.com earn money using your account and exchange assets. If you are interested in keeping your private keys, it’s a great crypto wallet , and an added benefit for this kind of exchange.
Similar to others, Crypto.com has joined the NFT bandwagon , and even has an very own NFT marketplace. It allows creators to sell their NFTs, while buyers can buy and display their NFTs.
Crypto.com utilizes a drop-based method to release NFT collections, similar with other markets. It’s not as extensive or as comprehensive as other marketplaces such as OpenSea and others, but it’s still an important option for exchanges today.
Crypto Rewards Card
Today, more cryptocurrency exchanges are offering rewards cards that allow you to earn crypto-back from everyday spending.
Crypto.com is one of the best cards available, along with rivals such as BlockFi as well as Coinbase. The prepaid debit card that is powered by Visa does not have an annual fee and allows cardholders to earn CRO tokens on spending.
The rate of reward you earn is based on the worth of the CRO tokens that you’re betting similar to Earn. Earn program. The program has five rewards levels that total five:
This Ruby Steel card pays 2 percent back in CRO. It just requires you to stake 400 CRO tokens. For more serious investors, you could earn as much as 8% in CRO tokens if they hold around $400,000 worth of native currency.
The card comes with additional benefits including some free ATM withdrawals as well as possible reward points for crypto-back from companies like Airbnb or Netflix. However, most rewards require you to stake at least $4,000 of CRO.
Comparatively, the BlockFi Rewards credit card is able to pay an 3.5 percent crypto-back rate as an initial rate as well as 1.5 normal rate of 1 which means that Crypto.com’s card is very competitive.
Crypto.com allows you to make use of your cryptocurrency as credit line for taking out loans. You can take out loans up to 50 percent of the value your crypto. Other other assets that you can borrow from include PAX, TUSD, USDC and USDT.
Your APR will depend on the loan-to value (LTV) percentage. Additionally, you will receive a reduction on your borrowing when you invest at least $40,000 in CRO tokens. There’s no deadline for payments unlike other loans backed by crypto it doesn’t require an approval from a credit bureau and the checks are quick.
APRs vary from between 2% and 12% However, this again is contingent on your LTV ratio. It is possible to use a basic borrowing calculator available on its website to calculate the total amount of monthly interest.
Take take note the fact that Nexo as well as Celsius have more favorable borrowing terms and are worth considering as options if you’re looking in loans backed by crypto.
How Does It Perform?
The entirety the Crypto.com’s services are available through the app’s download and then registering an account. Once you’re a part of the Crypto.com community, you’re able to explore all the services the site offers. In order to begin you’ll have to either add funds to your Crypto.com account using fiat currency or transfer cryptos with another digital wallet. Once you have cryptos in your account, you will have access to the many services Crypto.com provides.
As one of the most popular exchanges in the marketplace, Crypto.com boasts one of the biggest selections of cryptocurrency in the world that includes over 250 distinct crypto currencies to choose from. The coins that it offers include all the major cryptocurrency such as Bitcoin, Ethereum, Solana and Cardano as well as meme coins such as Dogecoin or Shiba Inu Token. According to the article, Crypto.com’s native token is Cronos that can be traded for trading discounts and lets users enroll for an account with the Visa debit card.
How do I open an account with Crypto.com Account?
Crypto.com is a simple to access mobile application that has simple set-up procedures which can allow you to trade fairly quickly.
- Go to Crypto.com or download the application via on the Apple App Store or Google Play Store.
- Hit on the “Sign to sign up” click (on your desktop; it’ll be on the page for pricing) then follow the instructions.
- As with all crypto exchanges, Crypto.com will require your email address, the country of residence, as well as date of birth to verify that you’re qualified. (It’s worth noting that a few countries have banned trading in crypto completely, so you must reside in a country where trading in crypto is permitted. Also, you must possess a minimum of 18 years old age to open accounts, regardless of place of residence.)
- You’ll need to confirm your phone number by using the SMS Access Code.
- After you have created an account password and a 2-factor authentication you will be able to add money in your accounts.
Crypto.com Fees and Limits
One of Crypto.com’s benefits is its low fee for trading particularly for those who hold CRO stakes on the website. The spot trading cost is 0.4 percent per trade, without any staked CRO. The more CRO staked, the lower the fee for trading gets.
There is no cost to deposit crypto into the Crypto.com account, but extra charges apply to more complicated trading strategies like trading on margin using the website. There are charges for withdrawing funds when transfer of crypto to another account or to a platform. These fees depend on the type of crypto that you are trading.
What’s the status of Crypto.com’s Support for Customers?
Support for customers at Crypto.com is one of the weaknesses, since there is no telephone support. Users have to go through the website to get answers from the Help section or reach support through live chat feature or via email. Live chat as well as email support are accessible 24/7 and seven days per week, however, there might be a delay before receiving an answer.
Crypto.com Review (2022) Conclusion | Is Crypto.com Scam?
Security is an important issue within the crypto industry. Since it is a relatively emerging technology, the crypto market has been prone to fraud as well as hacks. Crypto.com isn’t the only one in January 2022. Crypto.com was compromised with more than $15 million in ETH , and $19 million of BTC stolen from wallets of users.
As a result, Crypto.com announced plans to move from 2FA and also to improve security. Crypto.com has an agreement that includes Cold storage maker, Ledger, where all Crypto.com user coins are kept. The site also requires its users to allow whitelisting of new addresses through the process of email verification.