Even Hollywood megastar Matt Damon desires you to affix Crypto.com.
In case you missed it, Crypto.com’s advert starring our favourite martian/murderer/Harvard genius acquired a ton of consideration — and never all of it was good. (“Cringe-worthy” was a preferred evaluation tagline.)
However tacky advertising and marketing techniques apart, how effectively does Crypto.com ship on its promise of being “one of the best place to purchase, promote, and pay with crypto”? And must you register for an account with Crypto.com?
Let’s dig in.
Crypto.com Execs and Cons
Execs
- Number of crypto. Helps over 250 fashionable cryptocurrencies.
- Number of transactions. Helps shopping for, promoting, and buying and selling crypto.
- Sturdy cell app. It’s straightforward to handle crypto and carry out transactions shortly and on the go.
- Inexpensive. Low charges for buying and selling and no per-trade payment to maximise your investments.
Cons
- No crypto-to-crypto buying and selling for U.S. customers. A fiat foreign money should at all times be concerned within the transaction to some extent.
- Restricted customer support. Crypto.com presently provides solely chat-based buyer assist, and there have been a number of buyer complaints about its velocity and high quality.
What Is Crypto.com?
Crypto.com is a cryptocurrency change platform that lets you purchase, promote, and commerce greater than 250 completely different cryptocurrencies.
Based in 2016, Crypto.com already has 10 million customers in 90 international locations. The large number of crypto is one issue that makes the platform stand out, in addition to its low buying and selling charges when in comparison with the competitors.
There’s additionally a Crypto.com Visa card out there. You’ll be able to prime off this card with crypto and earn as much as 8% again with this Visa.
Within the unlikely occasion of a loss, the corporate has insurance coverage to cowl hundreds of thousands in property.
How Does Crypto.com Work?
Crypto.com requires you to join an account, confirm your identification, and fund your account to start buying and selling. The onboarding course of is pretty easy, permitting you to enroll and confirm your account inside a matter of minutes.
Much like a checking account, you have to to supply the next documentation to finish your account registration:
- First and final identify
- Nationality
- Date of delivery
- Electronic mail
- Cellular quantity to obtain a one-time passcode (OTP)
- Photograph ID submission
- Selfie photograph
As a regulated change, Crypto.com locations a excessive worth on safety, and follows one of the best practices for the Know Your Buyer (KYC) course of. This contains submitting an image of your photograph ID, in addition to taking a selfie image to confirm your identification. This helps hold unhealthy actors off the platform, and minimizes the probability of identification theft.
Upon getting signed up and verified your identification, you’ll be able to deposit funds to start buying and selling. To deposit U.S. {dollars} or different fiat foreign money, you’ll be able to switch funds by way of ACH or wire switch. To deposit cryptocurrency, you’ll be able to ship crypto instantly out of your digital pockets to the Crypto.com app pockets. Simply ensure you choose the proper crypto, as every pockets tackle is exclusive.
And that’s it. You’ll be able to then begin utilizing Crypto.com for crypto buying and selling, incomes curiosity, or shopping for NFTs.
Pricing for Crypto.com
One of many prime advantages of Crypto.com is its low buying and selling payment, decrease than these of a lot of its rivals — permitting you to maximise your earnings.
The buying and selling payment is 0.4% for brand new customers on a complete month-to-month buying and selling quantity of lower than $25,000. As with most funding platforms, larger quantity trades supply decrease charges that may dip to as little as 0.04%. Should you maintain a big quantity of its coin, you get a further low cost on buying and selling charges.
Crypto.com additionally doesn’t have any extra per-trade charges, that are frequent amongst buying and selling platforms, making the Crypto.com platform an much more enticing possibility. It does, nevertheless, have transaction charges, corresponding to a 2.99% payment for debit and credit score transactions, which is on the upper aspect, however you’ll be able to keep away from this when you switch cash into your account by way of ACH (Automated Clearing Home).
For a platform that provides such a big number of crypto choices, these charges are fairly cheap and might prevent cash in your investments in the long term.
Crypto.com Options
Crypto.com boasts a number of strong options that assist this funding platform stand out from the competitors.
Extensive Choice of Crypto Belongings
One of many greatest promoting factors for Crypto.com is its substantial number of crypto choices out there. At present, they’ve over 250 completely different cryptocurrencies on the change, which is considerably greater than different comparable platforms. A subset of those currencies can be supported for staking.
Some fashionable cryptocurrencies out there on the app embrace:
- Bitcoin (BTC).
- Ethereum (ETH).
- Cardano (ADA).
- Dogecoin (DOGE).
- Tether (USDT).
Crypto.com additionally provides its personal foreign money, a CRO coin or CRO token. Should you personal a big stake in CRO tokens, Crypto.com could reward you with perks, corresponding to decreasing your buying and selling charges.
Though the platform is well digestible for brand new and newbie crypto traders, it’s value noting that the big number of cryptocurrencies out there might be onerous to dissect for many who haven’t invested in crypto earlier than.
Cellular App
Crypto.com is primarily a cell app, out there for iOS and Android units.
With the cell app, Crypto.com is straightforward to make use of on the go. From it, you’ll be able to:
- Handle your related financial institution accounts.
- Make crypto trades.
- Evaluation transfers.
- Observe and handle your Crypto.com bank card stability.
Take into account that Crypto.com may be very a lot devoted to being a mobile-first expertise, so when you’re extra of a desktop buying and selling fan, this might not be one of the best platform for you.
Digital Pockets Choices
Crypto.com provides a standalone crypto pockets to maintain your property protected, safe, and accessible for while you want them.
The Crypto.com app can hook up with the DeFi pockets app, one of the vital fashionable digital pockets decisions that lets you earn rewards and tokens, so you’ll be able to hold all of your crypto property protected in a single place.
Learn extra: 6 Greatest Crypto Wallets to Stash Your Bitcoin
NFT Market
One other facet of Crypto.com that helps this platform stand out from the remainder is that it hosts its personal NFT market.
NFTs are digital information corresponding to visible artwork, video, or audio, which might be purchased, traded, and bought. NFTs have exploded in recognition currently and at sky-high costs ($600,000 Nyan Cat, anybody?). Should you’ve been tempted with buying NFTs, you’ll be able to take a whirl by the Crypto.com NFT market.
Learn extra: The Full Information to Shopping for Your First NFT
My Expertise Researching Crypto.com
When researching the Crypto.com platform, I discovered that it supplied a easy consumer expertise, although it’s only out there by way of its cell app for U.S. residents. Signing up for an account was simple, as was verification, and I used to be in a position to log in to the cell app with none points.
The app offers a fast overview of the market and the homepage is customizable, which is a pleasant contact. The bounce menu on the backside allowed me to shortly cycle by a number of options, together with the homepage, my accounts (digital wallets), a customized coin monitoring, and particulars on the Crypto.com bank card. Having a devoted button for the bank card looks like a bit a lot, and as a non-card consumer I can’t take away the menu button.
The app was responsive, and I may shortly bounce by completely different cryptocurrencies, lookup costs, and place orders to purchase Bitcoin or another crypto with a couple of faucets. Total, Crypto.com provides an intuitive cell app, and whereas not made for superior merchants, it’s a good expertise for brand new customers.
Who Ought to Use Crypto.com?
Crypto Newbies
Crypto.com may be very mobile-centric, and its cell app design is pretty intuitive for crypto newbies. With fast entry to favorites and the flexibility to purchase and promote crypto shortly, the app is right for brand new crypto merchants.
Payment-Acutely aware Customers
Crypto.com provides low charges in comparison with different main exchanges, charging 0.4% per commerce, and giving reductions to high-volume merchants. Should you’re seeking to commerce crypto with out the excessive charges, Crypto.com is value a glance.
Crypto.com vs. Rivals
Right here’s how Crypto.com stacks up in opposition to two fashionable U.S.-based cryptocurrency exchanges:
Crypto.com | Gemini | FTX.us | |
---|---|---|---|
Charges (maker/taker) | As much as 0.40%/0.40%, relying on 30-day commerce quantity | $0.99 to $2.99 for orders under $200; 1.49% to three.49% for trades over $200.
ActiveTrader®: |
As much as 0.10%/0.20%, relying on 30-day commerce quantity |
Buying and selling choices | Purchase/promote, commerce, futures/derivatives, lend, NFTs, curiosity accounts | Purchase/promote, earn curiosity | Purchase/promote, margin, futures/derivatives, lend, NFTs, curiosity accounts |
Funding choices | ACH, wire switch, crypto deposit | Wire switch, ACH, debit card, crypto deposit | Wire switch, ACH, debit card, bank card, SEN, Signet, crypto deposit |
Foreign money choice | 250+ crypto, 20+ fiat | 100+ crypto, 7 fiat | 25 crypto, 1 fiat |
Verification course of | 2–3 minutes | 2–3 minutes | Instantaneous |
Gemini
Gemini is a user-friendly crypto change with entry to over 100 cryptocurrencies, a well-designed cell app, and even sizzling pockets insurance coverage on crypto held of their digital pockets. Gemini additionally provides an app that permits you to pay for normal retail purchases along with your crypto stability.
Gemini fees a lot larger charges than Crypto.com on its normal platform, however provides discounted buying and selling on the Gemini ActiveTrader® platform. Gemini additionally provides a bank card that pays crypto rewards instantly into your account. Total, Gemini is a safe place to purchase crypto for rookies, however chances are you’ll pay larger charges than different exchanges.
Study extra by studying our full Gemini evaluation.
FTX.us
FTX.us is a sophisticated cryptocurrency buying and selling platform that provides a wide array of buying and selling instruments and options for essentially the most skilled merchants. Customers can entry margin, futures, and choices buying and selling, superior charting, and even programmatic crypto buying and selling, in addition to an NFT market.
FTX.us has among the lowest buying and selling charges within the trade, with reductions out there for high-volume merchants, even as little as 0.00% for maker trades for customers with over $50 million per 30 days in buying and selling quantity. It additionally provides its personal crypto debit card, permitting you to spend your crypto stability. FTX.us is right for lively merchants that need entry to essentially the most superior buying and selling platform round.
Study extra by studying our full FTX.us evaluation.
Abstract
Crypto.com is a cryptocurrency change and funding platform value contemplating. For crypto merchants who’re searching for an in depth checklist of currencies to develop their portfolio with out outrageous buying and selling charges, Crypto.com is a powerful possibility.
The cell app can be an enormous promoting level and provides extra flexibility for buying and selling — making it straightforward to see and handle your whole property from one spot.
All in all, it’s a great possibility if you wish to purchase, promote, or commerce cryptocurrencies. And with Jason Bourne’s stamp of approval besides, it could be value your time when you’re out there for cryptocurrency.
Featured picture: Ira Lichi/Shutterstock.com