Cronos (CRO) is a digital currency issued by Crypto.com in 2016, a well-known platform for trading cryptocurrencies. As many investors seek to purchase CRO coins, this guide will provide a step-by-step guide on where and how to buy Cronos.
What is Cronos (CRO)?
Cronos, formerly known as Crypto.com Coin, is the primary utility token of the Crypto.com blockchain. Despite the rebranding in February 2022, it is still traded under the CRO abbreviation. The coin is not minable due to its unique design, protocols, and consensus mechanism.
The goal of the Crypto.com token is to make cryptocurrency accessible to everyone and to facilitate the world’s transition to digital currency.
Cronos is a smart contract-enabled blockchain that is highly adaptable, enabling various decentralised applications (DApps) to be developed within its ecosystem. It is among the top 10 platforms in total value locked (TVL), with an investment of over $2 billion.
Where to Buy CRO: Best Crypto Exchanges Reviewed
You should purchase CRO (Cronos) from a reputable and trustworthy crypto exchange to ensure you don’t fall victim to fraudulent activity. Fortunately, numerous exchange platforms are available, and this list provides a solid starting point for your research.
CoinSpot – Best Place to Buy CRO in Australia
CoinSpot is one of the top crypto exchanges in Australia, favoured by investors seeking user-friendliness and reliability. Its straightforward platform enables anyone, including beginners, to buy and sell coins directly using Australian dollars (AUD).
With over 370+ cryptocurrencies, CoinSpot offers one of the broadest ranges in Australia, including major coins such as BTC, ETH, LTC, XRP, and BNB, as well as many small altcoins. Investors can also earn interest on 21 coins and grow their investment in the long term.
CoinSpot has undergone numerous audits and obtained the ISO 27001 certification. It is registered with ASIC and AUSTRAC to prevent money laundering and terrorism financing, and it stores most assets offline in highly secure locations. Investors can trust CoinSpot with their funds and not worry about bankruptcy or theft.
CoinSpot also offers 24/7 Live Chat support, which can be very helpful for newcomers who need assistance. Read our CoinSpot review to learn more about its features.
eToro – Best Social Trading Platform to Buy CRO
eToro has been in operation for over a decade, making it one of the most well-regulated platforms in the industry. EToro lists over 60 cryptocurrencies, including CRO and Ethereum Name Service (ENS), besides other investment options like stocks, forex, and commodities.
eToro’s user interface is beginner-friendly and has notable features such as eToro Academy, which provides easily understandable blogs about the blockchain ecosystem and trading.
Unlike other crypto exchanges, eToro charges on a spread-only basis (+1%) instead of the standard commission model. Deposits in US dollars do not incur any charges. As a social trading platform, eToro offers Copy Trader and Copy Portfolio features for you to copy the investment strategies of profitable investors or trade independently. You can network with other traders to hear their Cronos price predictions.
eToro is heavily regulated by the FCA, CySEC, and ASIC, ensuring that it has industry-leading security measures. Personal information is SSL encrypted, and investor funds are secured in tier 1 banks.
Crypto.com – Best Place to Buy CRO on Leverage
Crypto.com supports over 250 cryptocurrencies, including major and low-cap DeFi coins. The platform’s maker/taker fee per trade is 0.4%, while investing in CRO through fiat methods such as debit cards incurs a 2.99% transaction fee. However, new users receive a 30-day trial period during which they do not need to pay transaction fees.
For beginners, the platform offers simple spot trading features with CRO/USDT, CRO/USDC, and CRO/BTC pairs, while experienced traders can engage in margin trading using leverage on perpetual trading pairs.
CRO holders can use the platform’s dedicated DeFi wallet to store their crypto assets and DeFi tokens, which feature user-controlled private keys and biometric authentication methods. Crypto.com has partnered with Ledger and stores all crypto assets in cold storage for added security.
Crypto.com users can earn interest on more than 40 coins and stablecoins with the Crypto Earn program, with a potential annual percentage yield of up to 14.5% for crypto holders and up to 10% for stablecoins. Crypto.com also operates its own NFT marketplace and yield farming platform, providing users multiple ways to earn money with crypto beyond trading.
Coinbase – Best Crypto Exchange to Buy CRO for Beginners
Coinbase added CRO to its list of cryptocurrencies on November 4, 2021. Founded three years after Bitcoin’s arrival, Coinbase is now the most renowned crypto trading platform in the USA, with over 89 million users and over $278 billion in crypto assets.
Despite being one of the pricier platforms to invest in crypto, Coinbase offers over 100 cryptocurrencies, including popular coins like Cardano, Solana, Polkadot, Uniswap, and meme coins like Shiba Inu. The minimum investment required is $2, and beginners can easily navigate the user-friendly interface with the help of tutorial videos.
Coinbase charges high deposit fees (3.99%) for fiat methods like debit or credit cards, but the fee can be reduced by nearly half (1.49%) with ACH transfers. Coinbase Pro is a premium service that provides advanced tools and a lower maker/taker fee (starting at 0.4% / 0.6%) for trading.
Coinbase Prime is an option for institutional investors seeking more powerful analytical tools and information. The Coinbase Earn Program offers earning opportunities through an educational program allowing participants to learn about cryptocurrencies like GRT, XLR, and AMP while earning free crypto.
Huobi – Best Crypto Exchange to Buy CRO with USDT
Huobi Global is a crypto exchange that originated in China in 2013 and quickly became the leading trading platform in the country. But changes in China’s cryptocurrency regulations forced Huobi to relocate to Singapore to expand into the Asian market. The exchange-listed CRO token was on July 12, 2019.
Although the main crypto trading platform is not directly accessible to US users, Americans can still use HBUS, Huobi’s strategic trading partner. Huobi has listed over 400 cryptocurrencies, including popular crypto assets like Dogecoin, Ripple (XRP), and Polkadot, and regularly adds new assets to the platform.
Huobi uses a maker/taker fee model and provides discounts for high-volume traders who hold HT tokens. It implements standard security features such as cold storage, 2FA, identity verification, and security measures to protect against DDOS attacks. Huobi keeps Bitcoin reserves to compensate clients who lost their funds due to hacking incidents.
How to Buy CRO Coin: A Complete Tutorial 2023
Choose a Crypto Exchange
In Australia, buying Cronos (CRO) requires using a crypto exchange, a website or an app that facilitates the buying and selling of various cryptocurrencies using fiat currencies, such as AUD.
Numerous cryptocurrency exchanges are available, including local platforms such as CoinSpot and Swyftx and global platforms like Crypto.com, Coinbase Pro, and eToro.
Before choosing an exchange, it’s essential to consider a few factors. One is the number of cryptocurrencies listed on the exchange, as some offer over 600 currencies, while others provide around 100.
Additionally, fees can vary significantly between exchanges, with some charging fees for payment methods, coin trading, or asset transfers. Credit card fees, typically set at 3.99%, are common.
Most crypto exchanges accept payment methods like debit or credit card deposits and bank transfers. It is also worth noting that some exchanges offer integrated wallets where purchased cryptocurrencies can be stored.
Select a Payment Method
After choosing a crypto exchange, the next step is to decide on a payment method to buy your Cronos CRO. However, it’s essential to check for any associated fees before proceeding.
Most exchanges offer various options, including depositing Australian dollars via a bank account, linking your account to a credit or debit card, or transferring cryptocurrency from your wallet or another exchange.
Buying with a credit card may incur a higher interest rate than a regular purchase. Credit card issuers typically consider crypto purchases, which incur additional fees as soon as the transactions are executed.
Purchase CRO Tokens
You can buy CRO after funding your account or setting up a payment method on the chosen exchange. Look for CRO, specify the amount you want to purchase, and check the cost before proceeding. Once you click the buy button, the CRO coins will be available in your exchange account.
Remember, buying any cryptocurrency on a trading platform is generally more cost-effective than on a beginner platform or via quick/instant buy options. For example, Coinbase’s transaction fees are much higher on its beginner platform than on Coinbase Pro, the free-to-use advanced trading platform.
Choose a Storage Method
Most crypto exchanges provide a free integrated wallet where your Cronos CRO will be automatically stored. However, you may prefer to hold your coins in a separate third-party wallet to protect your investment better. Moving your coins off the exchange and into a separate crypto wallet reduces the risk of losing them if the exchange platform gets hacked.
You can use two types of wallets: a “hot” wallet, which stores your crypto online, or a “cold” wallet, which keeps it in an offline device like a hard drive. Hot wallets are more vulnerable to hackers, but providers can help you regain access if you lose your access code.
Cold wallets are safer because they remove your Cronos CRO from the internet, making them inaccessible to hackers. However, if you lose the access code to your cold wallet, there is no customer service to help you recover it, and you may permanently lose access to any currencies you have stored.
Pros & Cons of Buying CRO
Pros of Buying CRO
CRO presents promising growth potential, primarily due to the extensive marketing campaigns of its parent company. CRO is still a relatively new cryptocurrency but has demonstrated significant growth since its launch in 2018, currently ranking 17th in terms of market cap. If Crypto.com maintains strong name recognition, the future growth of CRO may remain high.
Besides, the staking APY for CRO as of February 2022 is 10%, which means you can earn a return (in CRO) by using your CRO to help run the Crypto.com blockchain. This is notably higher than the ETH staking APY at competitor Coinbase, which is only around 4.5%.
Holding CRO in your Crypto.com account can also provide lower trading fees, which is advantageous for those who engage in large-volume trades.
Another benefit of CRO is the generous rewards offered by the Crypto.com Visa debit card, including up to 8% cash back on purchases paid in CRO, free subscriptions to Netflix, Spotify, and Amazon Prime, and complimentary access to airport lounges. The rewards increase based on the amount of CRO staked in your Crypto.com wallet.
Cons of Buying CRO
The price of CRO, like most cryptocurrencies, is highly volatile and can experience significant fluctuations in any given week. Investors should be prepared for potential losses, especially in the short term, as cryptocurrencies can be high-risk, high-reward investments.
CRO’s success is closely linked to that of Crypto.com, which makes it vulnerable to negative publicity surrounding the platform. For example, in January 2022, Crypto.com suffered a $33 million hack that decreased CRO’s market value.
To be eligible for higher rewards with Crypto.com, investors must stake their CRO with the platform for at least six months. This means that more than quick cashouts are needed. Only those over $400,000 qualify for the highest reward rates.
Should I Invest in CRO?
With Crypto.com’s significant marketing resources, CRO offers several advantages over other cryptocurrencies.
If you already use the Crypto.com exchange, buying and holding CRO can provide extra benefits, such as reduced trading fees and the opportunity to earn CRO through the company’s debit card. However, given its significant price swings, adopting a dollar-cost averaging strategy may be wise, making multiple purchases spread over several months rather than all at once.
Furthermore, avoiding investing a large portion of your holdings in any cryptocurrency is essential. Investing in any cryptocurrency involves risk, so it’s crucial only to invest money you can afford to lose with Crypto.com, even if you’re the biggest Lakers fan.
