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Crypto.com Official Review 2022 - Pros and Cons

4.8 su 5

Alfredo de Cristofaro October 3,  2022

Author of the review
Alfredo de Cristofaro Author
Alfredo de Cristofaro
Co Founder

Graduated in Economics of Financial Intermediaries, after having worked for several years at one of the main financial brokers in Europe, he decided to make available to investors the knowledge gained over the years. On QualeBroker.com he's responsible of reviewing the stockbrokers, making sure that the highest standards of safety and transparency are guaranteed.

 
 Pros:   Cons:
Low commissions.     Lack of educational materials.
Wide variety of products.     Lack of customer assistance via telephone.
Option to participate in crypto staking.     No virtual account.
Possibility to take out loans.     Platform not suitable for advanced technical analysis.

 

Pros:

Low commissions.
Wide variety of products.
Option to participate in crypto staking.
Possibility to take out loans.

Cons:

Lack of educational materials.
Lack of customer assistance via telephone.
No virtual account.
Platform not suitable for advanced technical analysis.

Overall Rating: 84/100

How do we assign rates?

» Check out our methodology

Safety: 95/100
Fees and Costs: 90/100
Products and markets offering: 73/100
Platform and Research: 85/100
Mobile trading: 91/100
Ease of use: 92/100
Tax regime: 55/100
Customer support: 68/100
Education: 67/100
Banking services: 20/100

One of the main questions asked by traders entering the world of cryptocurrencies is: 

 "How can crypto be spent?" The well-known Hong Kong company Crypto.com is one of the answers to this question.

Crypto.com is a platform that allows you to buy, sell and spend your digital assets in an easy and safe way. 

Here are some of its special features:

  • Crypto.com CARDS, a service that allows users to request a Visa circuit card that can be used to pay directly with the cryptocurrencies available on the platform;
  • Crypto EARN, allows one to earn up to 12% per year with cryptocurrency stakings 
  • Crypto CREDIT, allows one to obtain loans after depositing cryptocurrencies as collateral
  • Crypto PAY, gives users the opportunity to purchase goods and services from affiliated merchants by paying with their own crypto

The company, created as “MONACO” in 2016, which is now named Crypto.com after purchasing, has now more than 2,500 employees and boasts more than 10 million customers worldwide.

The ease-of-use of its applications makes each user's experience pleasant and worry-free.

Moreover, the company has recently released the Crypto.com “DEFI WALLET”, which allows users to be fully in charge of the management and storage of their digital coins, owning the private keys of their wallet.

Safety

Safety is one of the first elements to take into consideration when it comes to evaluating a brokers’ reliability.

Many exchanges have failed in the past to protect their users' funds and have had to shut down their businesses due to malware, ransomware and cyberattacks.

To ensure the safety of its clients' funds, Crypto.com has a dedicated team responsible for monitoring each transaction.

Furthermore, cryptocurrencies are stored in armored cold storage guaranteed by the custody solution of the Ledger group, LEDGER VAULT, which uses multisignature technologies and world-class hardware.

The funds are insured for a total of $750 million against physical damage or theft by third parties.

Users' fiat currencies are held in regulated custodian bank accounts.

Crypto.com has secured a $100 million direct insurance policy led by Arch Underwriting at Lloyd's Syndicate 2012.

Customers with permanent residence in the United States are covered by FDIC insurance of up to $250,000.

All clients keep possession of the currencies in segregated bank accounts, which means that fiat funds cannot be claimed by Crypto.com or any of its creditors.

Regarding privacy, as shown on the website, Crypto.com uses the Zero Trust and Defense in Depth security protocols to safeguard users' personal information.

Crypto.com also boasts being the first cryptocurrency company in the world to have ISO/IEC 27701: 2019, CCSS Level 3, ISO / IEC 27001: 2013 and PCIDSS v3.2.1 as compliance levels and independently assessed at Tier 4, which is the highest level for both NIST Cybersecurity and Privacy Frameworks.

The Crypto.com app requires the use of multi-factor authentication (MFA). Transactions are protected by MFA, which includes the verification of passwords, biometric data, e-mail, telephone and authenticator.

Fees and Costs

Crypto.com has a very competitive commission plan suitable for all types of users.

The platform allows you to buy cryptocurrencies via credit card with a fixed fee of 2.99%, or via bank transfer with zero additional commissions.

With fiat/crypto or crypto/crypto trades, the spreads vary according to the level of each user. The level is established based on the trading volume.

For users owning CRO, the Crypto.com token, there are discounts applied by the broker from 10% to 100% based on the amount of coins in one’s possession.

As for crypto transfers, the cost of commission varies according to the blockchain used.

Trading Platform

Crypto.com allows one to operate both via a web platform and an app for smartphones and tablets. Both platforms are extremely dynamic and user friendly.

» Crypto.com App

Crypto.com mobile app is very comprehensive and reliable.

The app is divided into four main sections:

  • Home, that allows you to monitor your account balance and view, in real time, the quotation of the main cryptocurrencies
  • Accounts, for viewing the distribution of your digital assets within the application
  • Monitor, for checking the prices and changes of the various cryptocurrencies available on the platform
  • Card, for checking the operations carried out with the personal Crypto.com card

The central button allows you to open the menu to have access to all the features available on the app.

Buying cryptocurrencies on the app is very simple:

  • Click on the BUY+ button that appears at the bottom of the menu
  • Select the cryptocurrency you intend to purchase
  • Select the amount and payment method and confirm the operation

Please note: for the first 30 days after the registration rate, the credit card payment fee is covered by Crypto.com.

» Crypto.com CARDS

The main feature that makes Crypto.com stand out from major cryptocurrency exchanges is CARDS. Crypto.com allows users to pick their choice of card based on the amount of CRO tokens owned.

Each card is part of the Visa circuit and is accepted globally for all types of payments.

There are 5 different types of card:

1. MIDNIGHT BLUE is the standard Crypto.com card. All customers can request it for free. It offers 1% CRO token cashback on each transaction. Midnight Blue allows you to withdraw up to $200 per month for free; the circuit is VISA and the card is plastic

2. RUBY RED is the first level METAL card. To request it, it is necessary to stake $400 in CRO tokens for a period of 90 days. It offers 2% cashback and 100% refund on your personal Spotify subscription. It allows you to withdraw up to $400 per month from ATMs for free

3. ROYAL INDIGO and JADE GREEN are the second level METAL cards. To request one of them, $4,000 in CRO tokens must be staked for a period of 90 days. They offer 3% cashback and 100% refund on Netflix and Spotify subscriptions. They allow you to withdraw up to $800 per month from ATMs for free

4. FROSTED ROSE GOLD and LOY WHITE are the third level METAL cards. To request one of them, $40,000 in CRO tokens must be staked for a period of 90 days. They offer 5% cashback and 100% refund on Netflix, Spotify and Amazon Prime subscriptions, 10% discount on Expedia and numerous other benefits. They allow you to withdraw up to $1,000 per month from ATMs for free

5. OBSIDIAN BLACK is Crypto.com's ultimate METAL card. To request it, $400,000 in CRO tokens must be staked for a period of 90 days. It offers 8% cashback and 100% refund on Netflix, Spotify and Amazon Prime subscriptions, 10% discount on Expedia and Airbnb and many other benefits. It allows you to withdraw up to $1,000 per month for free.

All cards have zero issuing and delivery costs and the annual fee is £0 per year.

1. MIDNIGHT BLUE is the standard Crypto.com card. All customers can request it for free. It offers 1% CRO token cashback on each transaction. Midnight Blue allows you to withdraw up to $200 per month for free; the circuit is VISA and the card is plastic

2. RUBY RED is the first level METAL card. To request it, it is necessary to stake $400 in CRO tokens for a period of 90 days. It offers 2% cashback and 100% refund on your personal Spotify subscription. It allows you to withdraw up to $400 per month from ATMs for free

3. ROYAL INDIGO and JADE GREEN are the second level METAL cards. To request one of them, $4,000 in CRO tokens must be staked for a period of 90 days. They offer 3% cashback and 100% refund on Netflix and Spotify subscriptions. They allow you to withdraw up to $800 per month from ATMs for free

4. FROSTED ROSE GOLD and LOY WHITE are the third level METAL cards. To request one of them, $40,000 in CRO tokens must be staked for a period of 90 days. They offer 5% cashback and 100% refund on Netflix, Spotify and Amazon Prime subscriptions, 10% discount on Expedia and numerous other benefits. They allow you to withdraw up to $1,000 per month from ATMs for free

5. OBSIDIAN BLACK is Crypto.com's ultimate METAL card. To request it, $400,000 in CRO tokens must be staked for a period of 90 days. It offers 8% cashback and 100% refund on Netflix, Spotify and Amazon Prime subscriptions, 10% discount on Expedia and Airbnb and many other benefits. It allows you to withdraw up to $1,000 per month for free.

All cards have zero issuing and delivery costs and the annual fee is £0 per year.

» Crypto Earn

CRYPTO EARN is the exclusive feature of Crypto.com that allows you to earn interest by putting your cryptocurrencies at the disposal of the application.

With CRYPTO EARN it is possible to stake the coins held in the portfolio in exchange for revenue that varies according to the type of currency and the staking period selected.

For interest, it depends on the type of card held. The higher the card level, the higher the interest.

Getting started earning cryptocurrencies via staking is super easy:

  • From the central menu, select the Earn item
  • Choose which cryptocurrency to stake
  • Select the term and the level of interest
  • Select the amount

Upon the expiration term, it will again be possible to use the previously blocked assets and the accumulated interest will be automatically sent to your account.

» Trading Platform

Regarding the trading service, Crypto.com allows both spot and leverage operations.

Please note: the trading app is only available online.

Placing orders is very simple. Go to the right side of the mainscreen in the dedicated box, select the type of order (Limit, Market, Stop Limit, Stop Loss), enter the amount and price and confirm the transaction.

Through the web application it is also possible to invest using leverage.

Customer Support

Customer service is available 24 hours every day. It is available in several languages.

To contact customer service, you need to open the application, go to the settings menu and click on the “help center'' button to open the Live Chat.

We tested out the customer service experience for you. The operator replied in English after 9 minutes of waiting. The operator was at our complete disposal and helped us to solve the problem.

Overall Rating

Crypto.com is a platform that meets our expectations. Its features are particularly valuable and make the user experience truly complete. The application is simple, intuitive and within everyone's reach. The purchase options by bank transfer and credit card and instant fiat/crypto and crypto/crypto conversions are very convenient.

The EARN mode allows you to earn and receive coins from staking your assets while you can receive loans for 50% of the amount held on the platform.

These features make Crypto.com a decentralized alternative to the banking system and allows users to access credit very easily.

The web platform for trading is also upstanding, comprehensive and well structured. Liquidity is also among the 10 highest in the entire crypto sector, this means that exchanges take place instantly and with fair spreads.

To improve the services offered, in our opinion, Crypto.com must give more attention to education, a topic that is still  lacking. Training on trading cryptos is essential to approach this new crypto world.

In our opinion, Crypto.com also needs to improve customer service by adding phone support and speeding up the live chat.

Overall, Crypto.com is a useful online crypto broker for beginner traders, and has room for improvement in customer support and educational opportunities for users.

*Investments in securities and other financial instruments always involve the risk of loss of capital. Past performance does not guarantee future returns.

Risk disclosure: Investing involves risk of loss

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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