Crypto.com is a distinguished cryptocurrency exchange. It is one of the most popular cryptocurrency exchanges, supporting various options like trading, investing, crypto wallets, NFTs, and more. The platform also offers a good deal of cryptocurrencies from which users can buy, sell, or trade. It was founded in 2016 in Hong Kong. The company has over 10 million customers and serves 90 countries worldwide.
An additional discount is given for users with a notable stake in Crypto.com coin (CRO). Apart from that, 250 different currencies are offered, and decent fees for all users. Usually, it is limited to 0.40%, but the fees could decrease even further for users with notable CRO holdings and high trading volume.
For users who intend to invest in cryptocurrencies highly, that is, use crypto as a real currency rather than just investing, crypto.com could be a very sensible choice because it offers a good bunch of crypto-related products.
Large-scale currency trading is possible because crypto.com offers relatively low trading fees. Users can earn 14.5% interest if they stake their crypto or hold it in a Crypto.com wallet.
This company is in high demand as a cryptocurrency exchange because it offers many cryptocurrencies, an NFT marketplace, an autonomous crypto wallet, cryptocurrency credit cards, and a spread-out exchange.
Crypto.com offers over 250 currencies; a few popular ones are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
Features of Crypto.com
The Trading Experience
Crypto.com has a mobile app for both android and iOS users. The mobile app includes every necessary option, like staking your crypto or making payments via cryptocurrencies. You can also sign up for a Crypto.com credit card through the mobile app. For people who are used to trading stocks from mobile apps. The Crypto.com mobile app could also serve as convenient.
The app provides an overview of the exchange and links that provide detailed information about the app. Crypto.com supports currencies, including the Australian dollar (AUD), Canadian dollar (CAD), Euro (EUR), US dollar (USD), Brazilian real (BRL), and pound sterling (GBP). This makes it more flexible for users from different countries to avail of the crypto easily through their local currency.
Fees
For beginners without CRO holdings and a trade exchange volume of less than $25000, the trading fee is 0.40% monthly. For users with high trading exchange value, the trading fee can go down to 0.04% or 0.1% even without CRO holdings. Extra discounts apply for users with a minimum of $5000 CRO in the Crypto.com wallet, like 0.36% monthly for a trading volume of $25000. The trading fee decreases as the stakes of users increase.
Security
Along with multi-factor authentication (MFA) and whitelisting, Crypto.com uses various other security measures to keep the account of the users safe. For personal security, a strong password and other personal security measures for the account are advised. Once your account is split, your lost crypto transactions cannot be recovered since crypto transactions are irreversible once made. Crypto.com uses additional security measures like robust compliance monitoring.
Pros and Cons of Crypto.com
Crypto.com is a popular crypto exchange platform that offers several benefits to its users. However, the platform also has a few shortcomings. Given below are the pros of the platform.
Crypto.com has the largest reserve of cryptocurrencies. The platform supports around 275 cryptocurrencies, including Bitcoin, Cardano, etc. Thus, investors have a wide range of options for trading their currencies. This is one of the most significant advantages of the platform, and hence, most users prefer using it for trading.
Unlike many crypto trading platforms. Crypto.com is known for its low transaction fees. The traders can sometimes avoid any transaction fee, depending on their payment medium. Thus, new investors and traders looking for an affordable crypto trading platform generally turn towards Crypto.com.
Crypto.com adds to the ease of trading through its easy-to-use and efficient mobile application. One can view their portfolio, previous transactions, market stats, and other information through the platform’s mobile app. Additionally, the mobile application is designed for Android and iOS, ensuring users across various operating systems can access the platform.
Crypto.com offers staking on 35 cryptocurrencies, along with lucrative rewards to investors. Such opportunities can increase the investor’s income. However, the rewards do not multiply over time. Instead, they get exhausted from unstacking cryptocurrencies.
Cons
Unlike many other crypto trading platforms that offer prompt customer care support, Crypto.com offers only chat-based customer support. Thus, traders can’t get in touch with any employee or professional from the platform in case of any issue. Thus, new traders and investors often find it intimidating because the platform works best as self-service.
Paying through credit and debit cards is cost-intensive on Crypto.com. The platform charges 4% transaction fees on credit and debit cards, which is pretty high. Thus, transactions through cash seem to be the most affordable and easiest on Crypto.com. However, paying in cash might be challenging in case of large amounts. Additionally, though the platform offers ACH transfers, only a limited number of banks are linked. Thus, customers might find it challenging to find an affordable payment medium.
Crypto.com only offers mobile application features in the US. Thus, investors using a desktop for trading can be at a disadvantage. Furthermore, margin trading and similar services are unavailable in the US. The platform also does not operate in New York. Thus, traders from the US can find it challenging to use this platform.
