Crypto.com is a major cryptocurrency exchange that supports a variety of crypto assets and blockchain-related services. Users can purchase, sell, and exchange a vast array of cryptocurrencies with relatively cheap trading fees. In addition, it offers crypto credit cards, a decentralised exchange, a standalone crypto wallet, an NFT marketplace and DeFi services. However, Crypto.com has some drawbacks you must consider before trading on it.
Exchange Name | Crypto.com |
Fiat Currency | AUD, USD, CAD, EUR, GBP, SGD & 17 others |
Cryptocurrency | 90+ |
Payment Type | Bank transfer, wire transfer, credit/debit card, SEPA, Transfer, Wise, PayPal & others. |
Trading Fee | 0.2% |
Mobile App | Yes |
Crypto.com Overview
Crypto.com was founded in Hong Kong in 2016. Currently, it offers over 250 cryptocurrencies to more than 10 million consumers globally in 90 countries. The extensive currency selection, affordable pricing, and additional features make Crypto.com appropriate for novice and advanced cryptocurrency users. However, beginner traders may find the plethora of features overwhelming.
Overall, Crypto.com is the ideal option for people who want to do more with their cryptocurrencies than buy and hold. It is a good platform for active traders and anyone interested in using cryptocurrency as an actual currency, not merely an investment.
Pros
A wide range of supported cryptocurrencies
Competitive fee structures with discounts available
Support for an ecosystem of cryptocurrency services
Crypto Visa card with cashback and other benefits
Cons
You cannot trade in AUD on the exchange desktop
Higher fees if you don’t hold and use CRO
Poor customer support with negative reviews
Crypto deposits are not protected by local laws
Security concerns are raised as it was hacked in 2022
Cryptocurrencies Supported
More than 250 cryptocurrencies are available for spot trading on Crypto.com, with a subset supported for staking. For instance, you can buy and sell popular assets, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), and Polkadot (POLK) (DOT).
In addition to providing the opportunity to purchase, sell, and trade hundreds of cryptocurrencies, Crypto.com has its coin, CRO. If you use Crypto.com’s Visa debit card, Staking CRO provides a trading fee discount and the opportunity to earn rewards.
Crypto.com Design & Usability
Crypto.com is a beginner-friendly platform for acquiring, exchanging, and spending cryptocurrency. It also provides a wide range of crypto services, such as the Exchange, DeFi Swap, DeFi Wallet, Earn, Pay, and Lending.
Crypto.com App
Crypto.com’s app is the most convenient way to use its services. The app enables you to buy and sell cryptocurrencies, swap fiat currencies, manage your Crypto.com Visa Card, access Crypto Earn and Crypto Credit, and make crypto transactions.
In addition, you can monitor your portfolio, send coins to the Crypto.com Exchange, withdraw cryptocurrencies to external wallets, and manage platform deposits. The Crypto.com app is compatible with iOS and Android devices, and you can download it from the App Store and Google Play.
Crypto.com Exchange
The Crypto.com Exchange is a dedicated crypto-to-crypto exchange geared towards more experienced traders. The Exchange lets you trade Bitcoin (BTC), Tether USD (USDT), and Crypto.com Coin (CRO) base pairs. You can place limit, market, and advanced stop-limit/stop-loss orders on the Crypto.com Exchange.
It also offers Derivatives and Margin trading with up to 50x and 3x leverage, respectively. You can also access Crypto.com Lending, buy newly-listed coins at a discount with The Syndicates, join Trading Arena competition, and earn high-yield by depositing CRO into liquidity pools. Traders are also eligible for additional trading fee discounts by paying trading fees with Crypto.com’s native CRO tokens.
The Exchange can be connected to your Crypto.com App account, making it easy to transfer coins back and forth in case you need to deposit or withdraw.
Crypto.com NFT Marketplace
Given the extraordinary popularity of NFTs, Crypto.com decided to build its own NFT marketplace in March 2021. The first drop featuring a new collection by the renowned Marvel artist BossLogic was on March 26, 2021.
To use the Crypto.com NFT Marketplace, Crypto.com users must create a second account, but this takes only a few minutes. Once created, users can immediately validate their NFT account by linking it to their Crypto.com trading account through the Crypto.com app.
The Crypto.com NFT marketplace features various top NFTs available for purchase, spanning areas including art, gaming, sports, music, and more. Each NFT will be listed at a fixed price or through a traditional auction. Like the CoinSpot NFT marketplace, the Crypto.com NFT marketplace enables customers to buy NFTs using a credit or debit card.
Crypto.com DeFi Swap
DeFi Swap is a relatively new DeFi exchange that can be simply linked to the DeFi Wallet on Crypto.com. It allows you to trade the most popular DeFi tokens in a non-custodial way, allowing you to exchange coins without compromising your private keys. DeFi Swap is accessible via the web and a mobile application.
Crypto.com Visa Card
Crypto.com App users can reserve a Visa card to spend their crypto holdings. Other card tiers entail staking a set number of CRO tokens in exchange for a composite metal card with additional perks.
You will receive 1% cash back on all purchases and USD 200 monthly in ATM withdrawals and foreign exchange transactions at the most basic level. Besides large withdrawal and exchange limitations, cards with higher tiers offer perks such as Spotify, Netflix, and Amazon Prime rebates.
While you can add cryptocurrency to your Crypto.com Visa card, it must first be converted to fiat currency before spending dollars, euros, or other currencies.
Crypto.com Fee Structure
In addition to customer support and service quality, the fee structure is one of the considerations that many traders and investors pay attention to when selecting the right platform. Below are the fees that Crypto.com may charge you.
Crypto.com App Fees
The Crypto.com app is the simplest way to purchase, sell, send, receive, exchange, and pay using cryptocurrency via Crypto.com. The app supports free crypto deposits, crypto-to-crypto trades, and free transfers to the Crypto.com Exchange and DeFi Wallet.
However, crypto withdrawals to an external address incur a fee that varies based on the withdrawn coin.
Crypto.com Exchange Fees
The Crypto.com Exchange imposes withdrawal and trading fees. The trading fees are determined by your 30-day trading volume, with discounts increasing as trading volume rises. You can also stake CRO tokens and pay trading costs with CRO. The greater your CRO wager, the greater your trade discount. You will receive 10% of your CRO stake’s annual earnings as a bonus. For trading fee rebates, you must stake at least 5,000 CRO and pass KYC verification.
VIP retail clients on the Crypto.com Exchange can enjoy these rates:
The Crypto.com Exchange charges regular fees for crypto withdrawals but no deposit fees for cryptocurrencies. Here is a small sample of withdrawal fees for some coins:
The Crypto.com App also enables direct credit/debit card purchases of cryptocurrencies. Depending on the jurisdiction, credit/debit card fees range between 0% and 3.5%.
Crypto.com DeFi Swap Fees
In contrast to the App or Exchange, Crypto.com DeFi Swap allows you to connect your personal Ethereum wallet for straightforward ERC-20 token swaps. Typically, you will pay liquidity providers 0.3% in fees to support the execution of smart contracts.
Defi Swap can be linked to your Crypto.com Defi Wallet account. You must pay gas fees while transferring cryptocurrencies on the Ethereum network. You can opt for standard, fast, and ultra-quick transaction confirmation speeds, with average and ultra-fast corresponding to low and extremely high transaction fees.
Security Measures
Crypto.com prides itself on its security measures, including best practices for crypto exchanges. Whitelisting external addresses is required, and transactions require multifactor authentication. Your cryptocurrencies are held offline in cold storage by Ledger Vault. U.S. dollar balances are kept by the Metropolitan Commercial Bank, a Federal Insurance Deposit Corporation member, and insured for up to $250,000 by insurance.
Despite these security measures, the exchange was hacked in January 2022, resulting in the illicit removal of Ether and Bitcoin from the accounts of 483 users. The theft involved around $19 million worth of Bitcoin, $15 million worth of Ethereum, and $66,200 in other currencies.
Crypto.com stated that it instantly halted all withdrawals and that no user funds were lost. It then included security measures such as notifying the user when a new payee address is registered and the Worldwide Account Protection Program, which restores up to $250,000 for users in designated countries for digital and fiat currencies.
Customer Service & Reviews
Crypto.com offers help via in-app chat and email around the clock. Crypto.com’s customer service has room for improvement. Most complaints concern poor response times and a lack of support in resolving customers’ issues. However, it’s worth noting that the VIP program includes a dedicated account manager as one of its rewards, so high-frequency traders may not experience the same problems as less frequent customers.
Poor customer service is quite typical among bitcoin exchanges, including Crypto.com. The exchange receives mediocre customer ratings and is rated 2.22 out of 5 stars on Trustpilot. Most bad reviews focus on poor customer support, frozen accounts, and withdrawal issues. Concerningly, others mention compromised accounts and lost funds.
Frequently Asked Questions
Is Crypto.com trustworthy?
The Hong Kong-based platform doesn’t have a good reputation, as many customers express dissatisfaction with its services and customer support. Despite its security measures, reward schemes, and reduced rates, many traders opt for more secure and best-rated exchanges such as CoinSpot and Binance.
Can you withdraw money from Crypto.com?
Yes. There are several withdrawal options from Crypto.com:
- Withdraw cryptocurrency to your app or an external wallet.
- Users with a fiat wallet can sell crypto to that wallet to withdraw fiat currency.
- Using the crypto.com Visa card, you can withdraw cash from nearly any ATM.
Who is Crypto.com best for?
If you are a beginning or intermediate investor looking to buy, sell, or trade cryptocurrencies, Crypto.com is a generally good option. Using Crypto.com, you can invest in NFTs and participate in staking and yield farming. The fees and yields are both competitive, yet not the lowest.
Is Crypto.com legit?
Yes. Crypto.com has been in operation since 2016 as a legitimate crypto exchange. The Australian Financial Services License (AFSL) granted to Crypto.com enables them to offer debit card services in Australia. They are among the first crypto exchanges in the world to have gained ISO/IEC 27701:2019 accreditation after completing rigorous third-party privacy audits.
Which is better, Coinbase or Crypto.com?
Coinbase supports more than 600 cryptocurrencies, and some staking currencies give a 100% return within 90 days. Crypto.com, in comparison, lists more cryptocurrencies and offers lower fees and better interest rates for staking coins.
Can I use the Crypto.com Visa debit card in Australia?
Yes. Since November 2021, Crypto.com has started to provide Australians with Visa debit cards. The card can be loaded with Australian dollars and used anywhere Visa is accepted online and in person.
Conclusion
Crypto.com is a beginner-friendly crypto trading platform that simplifies acquiring, exchanging and spending crypto. Users can benefit from its crypto services, such as the Crypto.com Exchange, Crypto.com DeFi Swap and Wallet, Crypto Earn, and Crypto Pay.
However, there are choices to consider if you are interested in minimal buy/sell fees and trading cryptocurrency on the market. CoinSpot provides the lowest total costs and spread, and Swyftx is another fantastic option. You can read our review of the best crypto exchanges in Australia to learn more.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
