Crypto.com Review – Does Fortune Only Favour the Brave?

Pros

• Low Fees: Crypto.com charges a 0.1% trading fee, with discounts available for high-volume traders.
• Secure and Reliable: Crypto.com employs state-of-the-art security measures to protect user funds and data.
• Convenient: The Crypto.com app is available on Android and iOS, making it easy to buy, sell, store, and trade cryptocurrencies on the go.
• Support: Crypto.com offers 24/7 customer support via live chat and email.

Cons

• Limited Payment Methods: Crypto.com only accepts bank transfers and credit/debit card payments.
• Restricted Countries: Crypto.com is not available in the United States or other countries where cryptocurrency trading is prohibited.
• New Exchange: Crypto.com is a new exchange, which means it may be less reliable than some of the more established exchanges.

There are plenty of high-profile cryptocurrency exchanges available to those who want to buy, sell, and trade digital assets. But many of these platforms offer much more. One such option is Crypto.com, which gives users access to staking, NFTs, Visa cards, and more. Keep reading our Crypto.com review below to learn all about this unique platform that touts “Fortune Favors the Brave.

What is Crypto.com?

Crypto.com launched in Hong Kong in 2016. The platform supports over 250 different digital assets and is home to more than 10 million users. In addition, the exchange offers a variety of crypto-related products and services in over 90 countries around the world.

Even though Crypto.com doesn’t have the cache of Binance or Coinbase, it has grown significantly since its launch. With low fees and a long list of features, Crypto.com is a great platform for crypto-traders of any skill level. Both beginners and experienced traders will find the tools and products necessary to be successful. However, those new to investing and trading might find the bevy of features a little overwhelming at first.

From a holistic perspective, Crypto.com is ideal for those who prefer to buy, sell, and trade crypto. For example, if you want to hold your digital assets, you might be better served using another platform. But on the other hand, if you’re an active user and always looking for new and innovative ways to trade, Crypto.com might be the platform for you.

Trading Options

Crypto.com has plenty of trading options available to traders and investors. Here are some of the choices you’ll have while using the Crypto.com platform.

Spot trading

Also called spot transactions, this is basically making a trade and getting the crypto you want at a specified date. With spot trading, you’ll only use the assets you own. You’re not allowed to use margin or leverage when performing spot trades. It’s likely your first trade on a crypto platform was a spot trade.

Over-the-counter trading

With Over-the-Counter trading, securities are exchanged through a broker-dealer platform, as opposed to using a centralized network. Using OTC trading on Crpyto.com allows investors and traders to place high-volume trades with a minimum of USDT 50,000 and a maximum of USDT 1,000,000.

Derivatives trading

A derivative is a contract in which the value of the contract depends on the value of the underlying asset. Derivative contracts are used for trading a wide variety of assets, including cryptocurrencies. Traders typically use derivative trading to hedge against their risk, which is why many crypto traders like using it.

Futures trading

When you trade futures, you agree to purchase or sell an asset at a certain price on a certain date. These assets could be almost anything, but when for Crypto.com, we’re referring to cryptocurrencies.

Order Types

Like trading options, Crypto.com offers a variety of order types. These are a few of the order types you’ll find on their platform. 

Stop-limit

Stop-limit orders are orders that tell the system to purchase or sell an asset when it reaches a certain price. When the stop price is reached, the limit order executes at that specific price. The advantage here is that the trader controls the price at which the order is executed.

Stop-loss

Stop-loss orders are designed to protect an investor’s losses on a specific position. These types of orders buy or sell stock when it gets to a certain price. However, it’s intended to protect the security of the investor and keep from losing more on their investment. 

Take-profit market

Take-profit orders are used by traders that want to get the most profits out of their investments. These orders specify that an order should be placed when the price gets to a specific point above the purchase price. The trader sets the price, and once the asset hits that number, the take-profit order automatically executes. 

Currencies & Payment Methods

You’ll have access to more than 250 different cryptocurrencies while using Crypto.com. Traders and investors will be able to stake some of these assets as well. We’re not going to list out all the digital currencies supported by Crypto.com, but here are some of the more popular options available on the platform:

• Bitcoin (BTC)
• Ethereum (ETH)
• Polkadot (DOT)
• Cardano (ADA)
• Solana (SOL)
• Binance Coin (BNB)
• Litecoin (LTC)
• Uniswap (UNI)
• Stellar (XLM)
• Algorand (ALGO)

Traders and investors will also have access to the Crypto.com coin, CRO. Using grow gives users lower trading fees, better interest when staking, and more rewards on the Crypto.com credit card.

To purchase crypto on the exchange, you can use your debit or credit card if you don’t want to sign up for the Crypto.com card. You can also use the Crypto.com app or pay via a compatible ERC-20 crypto wallet using WalletConnect or MetaMask.

Fees

If you’re not using Crypto.com’s CRO token while trading, you’ll pay 0.4% on all your transactions – unless you’re doing more than $25,000 a month in trading volume. These fees aren’t the cheapest you’ll find in the market, but they’re comparable with the industry average.

If you’re a high-volume trader or you decide you want to use CRO, your fees can drop as low as 0.1% if you’re a taker. If you hold at least 5,000 CRO in your Crypto.com wallet, you’ll get this type of discount on all your trades. 

Limits

There are minimum deposit amounts on Crypto.com, but the amount you need will depend on the method you choose. For instance, if you choose to use an ACH within the United States, you’ll have to deposit at least $20. On the other hand, if you go the wire transfer route, the minimum is $5,000.

Once you’ve set up an account and Crypto.com has verified your identity, you’ll have the ability to withdraw up to $5,000 from your account on a daily basis. If you choose to become a Crypto.com “Advanced User,” they’ll increase that limit on daily withdrawals to 100 BTC.

There are also minimums on withdrawing your crypto, but the amount will be impacted by which coin you want to move. For example, if you want to withdraw BTC, you’ll have to move at least 0.0005. Ethereum, on the other hand, is 0.016 ETH. 

Security

Is Crypto.com legit? If you’re worried about the safety of your funds, Crypto.com takes its security seriously. There are plenty of security features available on the platform, including two-factor authentication (2FA) and the ability to whitelist web and IP addresses. Both of these will help protect your account against hackers and spammers.

It should be noted that a strong password is also an important step to take to secure your Crypto.com account. Keep in mind that you can’t reverse a crypto transaction, so if someone is able to access your account, you’re not going to be able to recover your funds.

Crypto.com also offers monitoring in compliance with regulatory guidelines depending on the country. Plus, it keeps customer deposits in a cold storage wallet, which prevents massive losses in the event of a hack.

Customer Service

If you run into a problem and need help, there are several ways to get support through Crypto.com. While there is no way to contact the exchange via phone, you can reach out through email or live chat. There’s also a help page if you’re the type of person who likes to try to figure things out themselves.

Unfortunately, Crypto.com does not get very good reviews in regard to its customer service. Trustpilot rates the site as a 2.2 out of 5, which most negative responses attributing to a lack of customer service. Other poor reviews mentioned lock accounts and lost funds, which doesn’t bode well for the platform.

However, it’s important to keep in mind that customer service is one area in which most crypto exchanges are lacking. Crypto.com hasn’t done anything to set itself apart in this regard, but it isn’t really any different than any of the other platforms.

Alternative Exchanges

Here are a few alternatives to Crypot.com if it isn’t what you’re looking for in a crypto exchange.

Coinbase

While Coinbase isn’t the crypto exchange with the most users, it might be the most well-known platform on the planet. It’s the largest in the United States based on trading volume, but Binance takes the cake from a global perspective. Still, Coinbasea has more than 89 million users, with 11 million active users on a monthly basis.

The biggest drawback for Coinbase is its fees, which are considerably more than other well-known exchanges on the market. Plus, it doesn’t offer near as many cryptocurrencies as other popular platforms like Binance or Crypto.com.

Binance

Speaking of popular platforms, Binance is the biggest cryptocurrency exchange based on trading volume. It offers over 500 cryptocurrencies to buy, sell, and trade, along with innovative trading features. However, US residents will have a limited version of the platform called Binance.us.

In addition to being the most popular exchange, Binance also offers a native platform token, BNB (Binance Coin), which users can hold to lower their trading fees. Furthermore, the exchange also offers an NFT marketplace and an earning market that allows users to stake their coins.

FTX

One last alternative to Crypto.com is FTX, which has only been around for a few years. The exchange officially launched in 2019, but it provides users with more than 100 cryptocurrencies to trade, hold, buy, or sell. There are also plenty of trading features like margin trading, leverage trading, staking, and a quickly growing NFT marketplace. 

How to Open an Account

If you want to register on the Crypto.com desktop site, use the following steps:

• Step 1: Navigate to crypto.com/exchange, then choose the “Sign-Up” button, which you’ll find in the top right corner of the site.

• Step 2: Follow the screen provided by Crypto.com to complete the registration process. You’ll need your email address, which you’ll use to confirm you’re a real person. Crypto.com will also ask for your country and your date of birth.
• Step 3: Once you’ve provided the necessary information, Crypto.com will send you a verification email. Confirm the link in your inbox to retrieve the one-time password and continue the registration process.
• Step 4: Enter the one-time password on the Crypto.com site.
• Step 5: Set up your password, then select the “Submit” button.
• Step 6: The last thing you’ll need to do is confirm your phone number. Make sure you choose the right country code, then give Crypto.com your phone number. You’ll receive an SMS from Crypto.com. Enter it into the corresponding fields, then submit it. 

That’s it! You’re ready to start trading on the Crypto.com website.

FAQs

Here are some frequently asked questions about Crypto.com.

Is Crypto.com trustworthy?

Yes, Crypto.com is a trustworthy and secure platform for buying, selling, and storing cryptocurrencies.

Is Crypto.com better than Coinbase?

There is no definitive answer to this question as it depends on each user’s individual needs and preferences. However, Crypto.com does offer some advantages over Coinbase, such as lower fees, a more user-friendly interface, and a wider range of supported cryptocurrencies.

Is Binance better than Crypto.com?

Again, there is no definitive answer to this question as it depends on each user’s individual needs and preferences. However, Binance does offer some advantages over Crypto.com, such as a larger selection of supported cryptocurrencies and advanced trading features.

How does Crypto.com make money?

Crypto.com charges fees for trades and transactions on the platform. The company also earns interest on the assets that are stored in user wallets.

Is Crypto.com a Chinese company?

No, Crypto.com is a Hong Kong-based company. However, the company does have offices in China and Japan.