Crypto.com Review
Crypto.com is a global, multi-faceted cryptocurrency exchange and broker with an eye on ushering in a new age of decentralized finance and personal financial empowerment for individuals, businesses, and institutions. Crypto.com is a bit different from many of the other exchanges within the industry as it seeks to provide a complete digital asset solution for anyone looking to go that route.
Crypto.com has its own cryptocurrency/blockchain, called CRO. Many of the services available to Crypto.com customers use CRO as a basis of operation. In addition to maintaining balances in over 100 cryptocurrencies, investors on the exchange will get to know CRO quite well.
Crypto.com Account Types
An important thing to note about Crypto.com (and one that is not immediately apparent upon signing up) is that there are two different account types to choose from. The first is the mobile app account and the second is the Crypo.com Exchange account. Each account type has its own sign up and verification process.
The app account allows for all the basic functionality, including pairs trading, staking, card orders and management, and wallet access. The Exchange account allows for derivatives trading, advanced trading options, crypto-backed loans, and more.
Notable Crypto.com Features
Crypto.com users can take out loans secured by their own crypto holdings, stake several coins and tokens to earn interest on their savings, create crypto payment systems, trade digital currencies at industry prices, and boost their trades with margin. Visa rewards cards, a DeFi wallet option for those wanting more control over their crypto keys, and the option to create multiple accounts based on region, are also available options.
As mentioned, Crypto.com comes with many features. Some of the firm’s offers can be found throughout the industry, while others are unique to Crypto.com.
Visa Debit Card
The Visa debit cards on offer at Crypto.com offer many benefits to crypto investors. The cards allow Crypto.com users to spend their digital assets as they would a traditional fiat currency. The cards come in several tiers and each card level comes with a different set of requirements and rewards.
To gain access to most of the cards, it is required to stake a certain amount of CRO for an established period. Once that period has elapsed, the card is issued and users can begin to take advantage of the rewards that are attached to the card.
Rewards come in CRO cashback and cashback rebates on services such as Airbnb, Netflix, Amazon Prime, and Spotify. The higher the tier, the more services are included in the cashback program. An added feature that many will also find attractive is the fact that most of the cards are metal.
| Cards | Staking Requirements | Rewards |
|---|
| Midnight Blue | $0 | 1% Cashback Rewards (in CRO) |
| Ruby Steel | $400 (in CRO) | 2% Cashback Rewards (in CRO) |
| Royal Indigo & Jade Green | $4,000 (in CRO) | 3% Cashback Rewards (in CRO) |
| Frosted Rose Gold & Icy White | $40,000 (in CRO) | 5% Cashback Rewards (in CRO) |
| Obsidian | $400,000 (in CRO) | 8% Cashback Rewards (in CRO) |
Open Crypto.com Account
Open Crypto.com Account
Staking
In this Crypto.com review, staking will come up quite a few times. It is through staking that users unlock some of the most notable features, including the Visa debit cards, high APY interest accounts, and referral rewards program. Users can also stake in other coins and tokens to take advantage of the high APY return potential.
Crypto.com uses a straightforward process to calculate the staking rewards on offer but it can be useful to put the service’s staking calculator (https://crypto.com/earn) to use if you would like to determine exactly how much you can earn. Rates are dependent on amount of CRO staked, the type of coin or token being staked, how long the staking will take place, and how much is being staked.
In short, the biggest earners on the staking list are stablecoins, CRO, ETH, and BTC, while most of the other available tokens share the same values.
DeFi Wallet
Another interesting feature offered by Crypto.com is the DeFi wallet. Staying true to its goal of providing users with more freedom over their finances, the DeFi wallet gives users complete control over their own crypto keys.
The wallet is ‘non-custodial’ which means users have governance over their own cryptocurrencies. Using the wallet, investors can send, receive, swap, and stake more than 100 tokens, choosing the speeds and network fees for each transaction.
The Crypto.com DeFi app essentially turns your smartphone into a hardware wallet geared towards cold storage, basic operations, and enhanced security.
Loans
Loans are also available at Crypto.com. Investors can take out loans up to 50% of their crypto holdings. The user’s digital currency is then used as collateral and held until the loan is paid back.
Among the many benefits of becoming your own lender at Crypto.com is that there are no late fees or payment deadlines. Since the loan is secured with the investor’s own capital, there is very little risk to the custodian.
Staking also plays a role here. If a user has at $40000 in CRO staked for at least 6 months, the cost of the loan is reduced from 12% to 8%. A rate that is paid monthly until the loan is paid back.
Platform and Trading
For serious traders, the mobile app may not be quite enough to power their trading style. Fortunately for them, Crypto.com has supplied a robust trading solution to their list of services. Traders will find Crypto.com Exchange to be quite interesting.
Although we did mention it earlier, it should be stated again for clarity’s sake that the login credentials, Know your Customer (KYC) verification, and account setup are different for the Exchange side than they are for the mobile app. The two services share the same name and management but are in fact separate services.
Open Crypto.com Account
Open Crypto.com Account
Platform/Trading Tech
Once an account is created on Crypto.com Exchange, traders have access to several products and tools that will accelerate their trading results.
For charting, Crypto.com Exchange utilizes TradingView’s API. That means traders get to use highly responsive charts that are clear and simple to use. The only real downside with the charting is that third-party indicators aren’t supported. TradingView has a large library to choose from, but for popular options like the Squeeze and JT Trend, traders will still have to load up another TradingView window to use in tandem with Crypto.com’s trading platform.
On the trading platform, investors can choose between spot trading, spot with 3x margin, and highly leveraged derivatives (100x).
Special Events and Competitions
To feed the competitive spirit of Crypto.com’s userbase, the exchange creating several events which gamify cryptocurrency trading.
It would be a good idea for newer traders to watch for a long time before jumping into any competitive trading as events like these inspire copious amounts of FOMO and poor decisions making. It’s great for level-headed pros, though, because the awards are pretty impressive.
Trading Arena
The Trading Arena features one competition at a time, and they are available for members of the Exchange. Each competition requires different skills from traders, and each offers up some impressive awards. Some recent prize pools for the Trading Arena included 5 BTC, $50000, and $200000, with prizes being dispersed among a few winners.
The Syndicate
The Syndacate events on the Crypto.com Exchange are very similar to the way IPOs work, only with a crypto twist. When new tokens are set to be released on Crypto.com, the firm runs a Syndacate Event that allows users to stake a certain amount of CRO in exchange for a deep discount of the new Token. The earning potential is dependent on how many traders add to the staking pool.
Supercharger Events
Supercharger events provide traders with an excellent opportunity to grow their stack by communally mining DeFi tokens. Crypto.com Exchange will feature one token at a time for this event. There are two 45-day periods during which investors can take advantage of benefits that each period provides. Basically, investors can stake sums of money into a particular token for a set number of days. The longer they keep their money in, the more money they can make.
Pros and Cons
There are quite a few pros when it comes to the services offered by Crypto.com. However, not everyone in the world of crypto will benefit from the most interesting features of the company. Therefore, for some Crypto.com can certainly be a game changer while being somewhat comparable to many other options for others.
| Pros | Cons |
|---|
| Plenty of products and services to suit traders of all kinds. | CRO staking is required for almost every noteworthy service. |
| Dedicated products means traders can focus on what they want and leave the rest. | Long staking waits before enjoying services. |
| Great card selection | Traders with a short-term view may miss much of Crypto.com’s value. |
| The DeFi hardware wallet app makes it easy to take control of your crypto. | Creating two separate logins for use the mobile app and pro trading platform is annoying. |
| Fun events and interesting competitions. | |
Crypto.com Review Final Thoughts
Crypto.com invests a lot of time and energy to create cryptocurrency options for investors on its
platform.
The company’s goal to bring cryptocurrencies into every aspect of life is quite evident and they are doing a good job of it so far. The services offered are varied and accessible to most. For anyone considering Crypto.com as an option for taking more control over his or her digital asset investments, the crypto brokerage could be a great choice.
Just keep in mind that some of the services on offer require significant staking and time commitments. If those commitments are not a barrier for you, Crypto.com provides plenty of digital asset empowerment to its users.
Open Crypto.com Account
Open Crypto.com Account
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