INTRODUCTION
Crypto.com is so much more than a cryptocurrency exchange. It should be better characterized as a 'crypto bank'. Yes, the availability is still there to buy and sell covered cryptocurrencies. However, you can also swap crypto with other users using your DeFi compatible wallet, you can spend your crypto using a debit style prepaid Visa card, you may get your pay in crypto, you can deposit cash into a provided interest bearing account, and in several countries you may obtain a crypto loan.
With such a broad spread of services available, this subsection of the Leo Finance Crypto.com Coin Guide will look into the pros and cons associated with this platform to assist you in deciding whether or not you wish to avail yourself of their services.
PROS ASSOCIATED WITH CRYPTO.COM (CRO)
- Crypto.com supports more than 100 different cryptocurrencies allowing spot trading, futures, and other advanced forms of order types. A non-exhaustive list of some of the cryptocurrencies supported by Crypto.com include:
Aave (AAVE)
Algorand (ALGO)
Binance Coin (BNB)
Bitcoin Cash (BCH)
ChainLink (LINK)
Crypto.com Coin (CRO)
Dai (DAI)
Dash (DASH)
Dogecoin (DOGE)
EOS (EOS)
Fetch.AI (FET)
Harmony (ONE)
KyberNetwork (KNC)
NEO (NEO)
Nano (NANO)
Polkadot (DOT)
Qtum (QTUM)
Ravencoin (RVN)
Stellar (XLM)
Stratis (STRAT)
TomoChain (TOMO)
TrueUSD (TUSD)
Uniswap (UNI)
USD Coin (USDC)
USDM (USDM)
Yearn.Finance (YFI)
Ocean Protocol (OCEAN)
Solana (SOL)
- Crypto.com supports a wide array of fiat to convert into cryptocurrencies. Any of the following fiat currencies may be used on the platform:
United States Dollar (USD)
Canadian Dollar (CAD)
Euro (EUR)
British Pound (GBP)
Singapore Dollar (SGD)
New Zealand Dollar (NZD)
Australian Dollar (AUD)
Swiss Franc (CHF)
Swedish Krona (SEK)
Norwegian Krone (NOK)
Danish Krone (DKK)
Polish Zloty (PLN)
Hong Kong Dollar (HKD)
New Taiwan Dollar (TWD)
Kenyan Shilling (KES)
South African Rand (ZAR)
Russian Ruble (RUB)
Romanian Leu (RON)
Hungarian Forint (HUF)
Czech Koruna (CZK)
Bulgarian Lev (BGN)
United Arab Emirates Dirham (AED)
Israeli New Shekel (ILS)
Saudi Riyal (SAR)
- By using Crypto.com, you may add money to your account via EBT or wire transfer with no fee charged. The purchase and sales on the platform are at true cost. Trading fees are competitive up to 0.40% with multiple discounts available.
- Crypto.com explains the trading fees as follows: "Our trading fees are volume-based: get more discounts as your trading volume increases. For even more savings, stake CRO and pay your trading fees in CRO. As a bonus, you even get earnings of 10% p.a. on your CRO stake!" [Crypto.com. Fees & Limits. (Accessed December 2, 2021).
- There are nine levels of trading discounts available on Crypto.com as follows:
- Crypto.com supports five varieties of prepaid Visa cards. Once topped off these cards may be used for purchases wherever Visa is accepted. Like the platform fees charged, the Visa card benefits improve with the amount of CRO staked. While the top of the line Visa (Obsidian) earns 8% back in crypto plus other bonuses, 5,000,000 CRO must be staked to qualify.
- Returning to earth for most of us, Crypto.com offers a no stake Visa card earning 1% back in crypto (Midnight Blue).
- Depending on the Visa card held, there is no annual fee and the user has a set number of fixed free ATM withdrawals and foreign transactions per month.
- A user can earn a maximum of 14% on certain deposited cryptocurrencies. However, the amount of interest earned is likewise dependent on the amount of CRO staked (in the same manner as with the platform fees and Visa card benefits).
- Crypto.com boasts of exhibiting robust security. Various security measures are employed including two-factor authentication as well as whitelisting. The platform employs compliance monitoring and stores users deposits in cold storage (offline) to assist in the prevention of hacks to the system. Additionally, Crypto.com works with banks in the United States for the provision of $250,000 FDIC insurance on all held US Dollar balances.
- Additionally with regard to security, Crypto.com uses Hacker One, a bug bounty program, to identify weaknesses. The platform is also insured for $360 million against damage or theft.
CONS ASSOCIATED WITH CRYPTO.COM (CRO)
- The fees charged by Crypto.com are higher than most other platforms unless considerable CRO coins are staked. Users with considerable CRO staked holdings receive significant discounts on the fees charged.
- The Crypto.com website is cumbersome and difficult to navigate. Because of the many services offered by the platform navigation within the site may be confusing, especially for those who are new to crypto. Some have found the website to be overwhelming in verbiage and content.
- Not all of the products offered by Crypto.com are universally available. Within the United States, the platform may be utilized in all states save New York. But even though Crypto.com boasts of supporting more than 100 cryptocurrencies, 40 cryptos are not available in the United States, and 35 more are not available in every state. Furthermore, the Crypto.com Loan option is not available in the US.
- A frustrating negative surrounds Crypto.com's customer support system. The platform at present only carries a rating of 2.8 stars out of 5 stars on Trustpilot. The majority of these complaints concern slow and poor-quality customer service responses.
- The trading fee discounts are confusing and complex to be easily calculated and navigated.
- Crypto.com users are provided only the most basic information concerning the covered cryptocurrencies forcing its users to find information elsewhere. The website and platform is completely devoid of a 'knowledge center' and provides little in the way of current research. For this reason, Crypto.com is not a good choice for those new to the cryptoverse.
CONCLUSION
In light of the foregoing, Crypto.com may be a suitable destination for you to satisfy your crypto needs if:
- it is your wish to conduct more of your banking (spending, saving, investing, etc.) on a cryptocurrency oriented platform.
- you are ready, willing and able to deposit large amounts of CRO coins onto the platform to take advantage of all the discount perks.
- you want a relatively low fee crypto exchange and an easy mechanism to convert fiat to crypto.
- you do not need a lot of crypto education to navigate the cryptosphere using the Crypto.com platform.
Clearly, however, if you are a beginner in the cryptocurrency arena, Crypto.com is not a good choice for you.