If you want to buy or sell crypto, there are many cryptocurrency platforms to choose from. Based in Hong Kong, Crypto.com is one such cryptocurrency platform that has gained popularity in recent years.
In addition to supporting many currencies, Crypto.com offers its own native currency and allows users to earn interest on their crypto holdings.
Continue reading our full Crypto.com review to see what makes them attractive as a cryptocurrency platform.
Earn interest by depositing coinsGet a Visa card that allows you to spend your cryptoKeep your coins in a secure cryptocurrency wallet
United States: 50+
Who is Crypto.com?
Crypto.com (legal name: MCO Malta DAX Limited) is a cryptocurrency investing and trading platform. It was founded in June 2016. The founders of Crypto.com are Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo. It is located in Sai Wan, Hong Kong Island, Hong Kong. It has raised $26.7 million.
What do they offer?
Crypto.com allows people to buy, sell, trade and earn interest on their cryptocurrencies. Users in the United States can sign up for the Crypto.com app, Crypto.com Visa Card, and DeFi Wallet. But you must live outside the US to use the web-based Crypto.com Exchange.
Below are some of the notable features of the Cypto.com app:
Buy and sell cryptoSend money to other crypto.com usersInclude crypto walletStaking platform — earn interestVisa card
Crypto.com supports over 150 cryptocurrency pairs in total. However, a few dozen of those currencies are not available in the United States.
Crypto.com offers its own native cryptocurrency called Cronos (CRO). It allows customers to pay for goods and services using the Crypto.com DeFi Wallet app. It can also be traded.
Crypto.com users can choose to receive payments in CRO as well as stable coins or fiat. They can also trade or wager CRO (detailed below) to increase their interest yield by 20x.
Use your cryptocurrency in the real world
One of the most unique features of Crypto.com is that you can use your cryptocurrency in the real world. Often crypto owners are limited to exchanging coins with other investors.
But with Crypto.com, you can use your crypto to buy physical goods and services. This is possible because Crypto.com allows users to load their crypto onto one of the platform’s various Visa cards.
At least that’s how it looks on the surface. Since most merchants still don’t accept crypto as payment, Crypto.com still needs to convert it to USD before it lands on your card. Basically, they just automate the process for you.
Crypto.com offers different card tiers. Each level has a different CRO reward amount and is based on the number of CRO wagered on the card. CRO rewards are issued when you use the card.
You can also receive credit on popular subscriptions such as Spotify, Netflix and Amazon Prime. The highest reward percentage occurs when you wager 5 million CRO, yielding an 8% reward.
Using Coins to Earn Interest
Staking means that you lock up your coins for a certain period of time and receive interest in return. The rates you will earn will vary with the length of time your coins are wagered. Interest is paid in the currency you wager rather than USD or other fiat money.
The app feature that allows you to earn interest is called Crypto Earn. You will receive a weekly payout on your simple interest income. The app shows how much your wagered coin was worth at the time of payout.
Since your coin wagered is locked based on the term you have selected, it doesn’t really matter what the coin’s price does (ie whether it goes up or down) because you can’t sell it. This can be good and bad. But it does help you avoid panic selling on the downside.
The terms are one and three months. There is also a flexible term option. Longer terms pay more and the flexible option pays the least. You will get higher rates if you wager 50,000 or more CRO. If you wager 500,000 or more CROs, you will get an extra 2%.
Are there any costs?
Yes, Crypto.com has a complex maker/taker fee structure for trading crypto. Depending on your 30 day trading volume, the maker fee can range from 0.036% to 0.40% and the taker fee can range from 0.090% to 0.40%.
It should also be noted that the minimum and maximum withdrawal fees are different for each type of cryptocurrency. It is best to read about the cost structure in detail on their website†
How does Crypto.com compare?
When it comes to earning interest on crypto assets, BlockFi and Celsius Network are two of Crypto.com’s biggest competitors.
Celsius Network is the only one of the three that never charges withdrawal fees, which is an advantage. But his reward card has not yet gone live, while Crypto.com and BlockFi cards are now available.
Here’s a closer look at how these three platforms compare:
How do I open an account?
You can go to Crypto.com where you will find links to download the mobile app for iOS and Android. You must be at least 18 years old to sign up.
Is my money safe?
Crypto.com does take measures to protect your money and cryptocurrencies. However, it is not FDIC or SIPC insured. Moreover, Crypto.com is not a US based company. It is based in Hong Kong where the regulations are very different. Also, you will not find a phone number or postal address to contact anyone.
How do I contact Crypto.com?
Like other cryptocurrency platforms, Crypto.com offers little personal customer service. You won’t be able to find a customer service phone number on the site or even a contact form.
The good news is that the site’s Help Center is quite extensive. It also has a chat box that you can use to search for Help Center articles. Below the search field it says “The team can help if needed.” But it’s unclear how one would escalate their problem to get in touch with them.
crypto.com’s review on Trustpilot is “poor” with 2.2/5 of more than 4,500 reviews. That’s honestly not that unusual for a crypto exchange. Still, it’s worth noting that if you run into a problem that requires human intervention, it will likely take you a while to resolve or even get a response.
Is it worth it?
If you are comfortable using a non-US cryptocurrency platform and find Crypto.com’s fees attractive, it may be worth your while. But those who prefer to stick with a US company will want to look elsewhere.
US users may also be disappointed not to be able to access the Crypto.com Exchange, which is geared more towards the needs of advanced traders. Finally, some crypto traders may want to look for a company that offers a simpler fee schedule.
If you mainly want to buy and sell cryptocurrency, you will find all our favorite platforms here. But if you’re hoping to lend your crypto to earn interest, check out our list of the best cryptocurrency savings accounts.
Frequently Asked Questions About Crypto.com
Let’s answer some of the most common questions people ask about Crypto.com:
Can you margin trade on Crypto.com?
Crypto.com technically supports margin trading. But as this is an Exchange feature, it is not yet available in the US
What is Crypto.com Pay?
Crypto.com Pay is a mobile payment solution that uses QR codes and allows users to pay any merchant with crypto. The platform currently supports 30+ tokens.
Is the Crypto.com wallet non-custodial?
Yes, Wallet users retain full control over their private keys.
Do Crypto.com Visa Cards Have Annual Fees?
No, and ATM withdrawals are free up to a certain amount per month, depending on the specific card you own.
Cryptocurrency exchange, borrow and save, digital wallet, debit cards and more
150+ (fewer are available in the United States)
Makers Fees: 0.036% to 0.40%Takers Fees: 0.090% to 0.40%
Midnight Blue: 1%
Ruby Steel: 2%
Royal Indigo or Jade Green: 3%
Frosted Rose Gold or Ice White: 5%
Debit/Credit CardPayPalCrypto.com Pay
Varies by type of cryptocurrency
100% cold storage
$750 Million in Cryptocurrency Insurance