Last Updated: November 29, 2022
Pros:
✅ A reasonable amount of cryptocurrencies
✅ Earning interest in crypto
✅ Borrow with your cryptocurrency
✅ Modern trading instruments
✅ Strict anti-money laundering (AML) and know-your-customer (KYC) procedures
✅ Excellent client service
Cons:
❌ Not accessible in the US
❌ Requirement of minimum investment
❌ Insufficient transparency
❌ Loans with high APRs
a) High-Interest Rates. By participating in Crypto.com’s Earn program, one can earn up to 14.5% every year (APY). For instance, consumers can profit from their Ethereum up to 6%. (ETH). Although these interest rates are higher than any other high-yield savings account rates available, keep in mind that since they are not covered by the Federal Deposit Insurance Corp., they are riskier (FDIC). Additionally, you get basic interest, which means your earnings won’t grow over time.
b) Reduction of fees depending on trading volumes. The maker-taker fee model is used by Crypto.com, like many other cryptocurrency exchange sites. It follows that you are charged differently based on whether your order increases liquidity because there is no matching order (maker) or decreases liquidity because it matches an order that is already recorded in the books (taker). As a taker, you should generally anticipate paying a greater fee, though Crypto.com may cut your costs based on your trading volume and whether you are staking CRO coins or not. The more CRO tokens one stake and trade throughout a 30-day period, the greater the discount is.
c) Visa Cashback Card. Several reward tiers are available for the Crypto.com Visa Card* according to the amount of CRO you are actively staking. Every tier typically offers discounts for specific services, including Spotify, Netflix, or even Airbnb. Free ATM withdrawals and payback ranging from 1% to 5%, based on the amount of CRO staked, are additional bonuses. When used in this context, cashback also refers to CRO, which may be problematic if you just use the card to earn rewards. To get your cash reward, you’ll probably have to exchange CRO for fiat money, and you might even have to pay taxes on that exchange. It also implies that because CRO’s price can fluctuate slightly, the value of your incentives could vary abruptly.
d) Over 250 coins are supported by Crypto.com. The amount varies by international jurisdiction, nevertheless. Clients in the US can have less access to cryptocurrencies than other customers. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), USD Coin (USDC), Chainlink (LINK), Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Polygon (MATIC), Cardano are some of the popular cryptocurrencies supported by Crypto.com (ADA).
Crypto.com is an exchange that offers a wide range of services related to cryptocurrencies, including the Crypto.com App, Crypto.com Exchange, Crypto.com DeFi switch and Wallet, Crypto.com Pay, Crypto Earn, Crypto Credit, and many others. To provide you with the most convenient way to purchase, sell, trade, and spend cryptocurrencies, Crypto.com collaborates with regulatory organizations around the world.
A user may qualify for a bonus if they open a new account through the Crypto.com referral link. By using the referral link or referral code, users can take advantage of the referral bonus. Click here to use the referral incentive. You will receive a welcome bonus of 25 USDT by using this link.
The “Referral Code” field in your browser will already be filled in, making it simple to use our link or referral code. Finish the last few steps of the registration process. Please be advised that either of the two authorized mail- or mobile-based procedures may use your Crypto.com referral code. Customers might find Crypto.com particularly alluring because, among other rewarding features, the Crypto.com App enables users to buy over 100 of the most popular cryptocurrencies at true cost, earn high interest on their cryptocurrency, manage their Crypto.com Visa Card, and make simple crypto payments.
Before continuing, make sure you have read and comprehended all of the T&Cs. Make sure you are completely aware of all the terms before you begin your trading adventure with them with joy and satisfaction.
a) Numerous cryptocurrencies are supported, including Support for complex order types, futures trading, and more than 250 different currencies.
b) Discounts are available along with transparent, competitive pricing. Discounts are available, and Crypto.com provides affordable trading costs of up to 0.40%.
c) Support for a cryptocurrency ecosystem of goods. Crypto.com offers support for crypto exchanges, staking, and swapping. Additionally, it provides a credit card, and a cryptocurrency wallet, and enables NFT investments for customers.
d) No trading and transaction fees. If you pay for your purchase on Crypto.com using cash that has been deposited into your bank account by an ACH, or automated clearinghouse, transaction, there are no trading or transaction fees.
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a) Higher interest rates unless you own and utilize CRO: Crypto.com members who own a sizable amount of the CRO cryptocurrency qualify for reduced trading fees.
b) Inadequate client service. Customer service responses that are delayed and of poor quality are mentioned in complaints.
c) Navigating trading fee discounts can be challenging because of Crypto.com’s unclear trading fee discount tiers.
d) No trade between cryptocurrencies. Despite having a sizable selection, Crypto.com’s U.S. offering misses a crucial feature that several of its competitors offer. The platform doesn’t allow for the conversion of one cryptocurrency for another, so if you want to, say, exchange your Bitcoin for Ethereum, you’ll need to make two transactions: one to sell the first cryptocurrency and the other to buy the second.
e) Some services are not available in the United States. Singapore-based You could be out of luck if you prefer to trade from your desktop since Crypto.com only provides the majority of its services to American consumers through its mobile application. Additionally, some features of its exchange, such as margin trading, are not accessible to Americans, and New Yorkers cannot use Crypto.com at all.
To keep user accounts safe, Crypto.com employs a number of security procedures, including multi-factor authentication (MFA) and whitelisting. Naturally, using a strong password and following your own personal online security procedures will also help safeguard your account. You probably won’t be able to retrieve any lost cryptocurrency if your account is compromised because cryptocurrency transactions can never be undone. To help prevent breaches and losses, Crypto.com uses strong compliance monitoring in addition to its security measures and holds customer deposits offline in cold storage. Additionally, it collaborates with regional banks in the US to offer $250,000 in FDIC insurance on balances in US dollars.
Customer service for Crypto.com is accessible through a help page, email, and live chat. Customers of Crypto.com cannot get phone help. Although customer care is offered by email and chat, a number of users complain about delayed responses and a lack of assistance with account issues. Overall, consumer ratings for Crypto.com are unimpressive; the site is rated only 2.2 out of 5 stars on Trustpilot. The majority of unfavorable reviews highlight issues with withdrawals, frozen accounts, and bad customer support. Others have mentioned lost money and compromised accounts, which is worrying.
Crypto.com is no different from the many other bitcoin exchanges that have subpar customer support. Generally speaking, it’s a good idea to think of Crypto.com as a self-service website as customer support isn’t always useful.
