Crypto.com Review

Summary: Crypto.com is a global cryptocurrency investing platform providing access to 200 digital assets. Established in 2017 by Rafael Melo and Bobby Bao, it offers a unique blend of services such as the Crypto.com Visa Card and its native cryptocurrency, CRO, which is utilized for transactional purposes within the ecosystem and gives additional rewards like discounts on trading fees and better staking rewards.

It is based in Singapore and is trusted by over 80 million registered users across 100 countries. It is recognized as an Electronic Money Institution (EMI) by the UK's Financial Conduct Authority (FCA) and is regulated in several other jurisdictions, including the U.S, Europe and Australia.

What is Crypto.com?

Crypto.com offers a comprehensive platform for trading various cryptocurrencies with over 200 pair options. Users can trade on the spot market, using margin, or through derivatives with up to 20x leverage. It is popular among retail investors and has a track record of engaging with various sports teams. The company has sponsored major sports events and teams, including the UFC and the FIFA World Cup.

The platform provides competitive fees and discounts for users who stake its native token, Cronos (CRO), rewarding loyal users. The functionality extends across both mobile and desktop platforms, with seamless integration with both Android and Apple devices. Aside from trading digital assets, Crypto.com provides various services, such as a staking feature, an NFT marketplace, a crypto debit card and more.

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Crypto.com Features

Crypto.com offers a variety of services, including a mobile app for trading and managing crypto assets, a Visa payment card that allows users to spend their cryptocurrencies in real life, an earning program where users can gain interest on their crypto holdings, and a lending program where users can secure loans using their cryptocurrencies as collateral. Below is a comprehensive summary of the key features available on Crypto.com:

1. Trading Options: Buy and sell over 200 cryptocurrencies with 20+ fiat currencies like USD, EUR, AUD, NZD and GBP. Users can trade on spot or derivatives markets with leverage options up to 20x available.
2. Crypto.com Visa Card: This metal card allows users to spend their cryptocurrency at over 60 million merchants worldwide, just like a regular debit or credit card. Users can also benefit from cashback rewards, airport lounge access, and other premium benefits depending on the card tier.
3. Staking Services: Ean yields on 21 cryptocurrencies with up to 12% APY. Private members can enjoy an extra 2% p.a. rewards distributed in the exchange’s native token, CRO.
4. NFT Marketplace: Invest in the most popular NFT projects directly through the Crypto.com interface. Start trading popular projects like Bored Apes, Pudgy Penguins and World of Women.
5. Crypto.com DeFi Wallet: A decentralized wallet where users can store, swap, and earn interest on their crypto assets in a non-custodial manner. It supports over 100 cryptocurrencies and lets users directly explore DeFi applications in the wallet interface.
6. Mobile & Desktop Compatibility: Crypto.com can be used on both mobile and desktop devices and is compatible with Apple and Android products.
7. Crypto.com Pay: This feature enables users and businesses to pay and get paid in cryptocurrency, fostering a wider adoption of digital currencies.
8. 24/7 Multilingual Customer Support: Speak to 24/7 customer support in several languages, including English, French, German, Spanish and Mandarin.
9. CRO Token: CRO is the native token for the Crypto.com exchange, and it can be staked to earn rewards, spent for transactions, or used for participation in the network's governance.

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Is Crypto.com Regulated?

As shown by its recent authorization as an Electronic Money Institution by the UK's Financial Conduct Authority (FCA), Crypto.com adheres to strict regulatory standards. This follows its previous registration as a cryptoasset business with the FCA in August 2022, solidifying its presence and trustworthy operations in the UK. 

Globally, Crypto.com has secured multiple licenses and registrations, indicating stringent adherence to local laws and regulations in multiple jurisdictions, including the United States, Singapore, France, Australia, and the UAE. These regulatory milestones not only exhibit its dedication to security, privacy, and consumer protection but also enhance its capability to offer a wide range of e-money and crypto asset products across different markets.

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Is Crypto Safe?

Yes, Crypto.com prioritizes the security of its users and has implemented cold storage wallets, two-factor authentication (2FA), and data encryption on its platform. It is one of the first exchanges to achieve ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013, and PCI:DSS 3.2.1 (Level 1) certifications. It adopts a comprehensive security model, including robust internal controls, routine audits, and compliance with global regulatory standards. Crypto.com also carries a $360 million direct insurance policy to provide an extra layer of assurance.

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Fees Schedule

‍At Crypto.com, the fee structure is crafted to benefit users with high trading volumes and those who participate in the CRO lockup program. Here’s a breakdown to help you navigate their fee system effectively:

• Spot Trading Fees: Crypto.com employs a tiered fee structure for spot and derivatives trading that depends on your 30-day trading volume in USD and the amount of CRO locked. For monthly trading volume less than $250,000, both maker and taker fees are 0.075%. Users with more than $10,000,000 can get maker fees of 0%, and taker fees are 0.050%.
• Derivatives Trading Fees: For users trading less than $1 million a month, the maker fees are 0.017%, and taker fees are 0.034%. For those who trade more than $50 million a month, the maker fees are zero, and taker fees drop to 0.026%.
• Deposit Fees: All fiat currency and cryptocurrency deposits are completely free.
• Withdrawal Fees: SWIFT transfers impose a $45 fee for withdrawals. SEPA transfers vary depending on the amount. Other withdrawal methods are free.
• Margin Interest Rates: Interest rates vary based on the amount of CRO locked and the type of coin. For example, USD with no CRO locked attracts a daily interest rate equating to an annual rate of 21.80%.
• Additional Fees and Considerations: A forced liquidation in trading accounts incurs a 0.5% fee. Erroneous transaction returns are subject to administrative fees, varying between €25 for SEPA and $40 for SWIFT.

Crypto.com’s fees are structured to favor active and invested users, providing incentives through lower fees for higher trading volumes and CRO staking. The comprehensive fee system supports different types of traders from casual investors to institutions, reaffirming Crypto.com’s commitment to creating a versatile trading environment.

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Staking Options

Crypto.com offers numerous staking options that allow users to earn rewards for participating in the network security of certain cryptocurrencies. The staking program allows users to earn competitive interest rates on various cryptocurrencies. The interest rates depend on the type of token and the length of the locked period. Below is a detailed list of the supported staking options on the exchange and the maximum payout amount:

• Bitcoin (BTC) - Up to 5% p.a.
• Ethereum (ETH) - Up to 5.5% p.a.
• Tether (USDT) - Up to 6.5%
• USD Coin (USDC) - Up to 5%
• Dai (DAI) - Up to 6.5%
• Pax Dollar (USDP) - Up to 3%
• Algorand (ALGO) - Up to 3%
• Avalanche (AVAX) - Up to 6%
• Binance Coin (BNB) - Up to 1.5%
• Cardano (ADA) - Up to 4.5%
• Cosmos (ATOM) - Up to 12%
• MultiversX (formerly Elrond - EGLD) - Up to 6%
• Fantom (FTM) - Up to 1.5%
• Harmony (ONE) - Up to 4.5%
• NEAR Protocol (NEAR) - Up to 4.5%
• Polkadot (DOT) - Up to 12%
• Polygon (MATIC) - Up to 5%
• Solana (SOL) - Up to 7%
• VeChain (VET) - Up to 2%
• Zilliqa (ZIL) - Up to 4.5%
• Injective (INJ) - Up to 10%
• Celestia (TIA) - Up to 12%
• Aptos (APT)- Up to 6%
• Kusama (KSM) - Up to 8%
• Kava (KAVA) - Up to 7%
• Sei (SEI) - Up to 5%
• Sui (SUI) - Up to 4.5%
• Tezos (XTZ) - Up to 6%
• Mina (MINA) - Up to 9%
• Chainflip (FLIP) - Up to 14%
• Osmosis (OSMO) - Up to 10%
• Dymension (DYM) - Up to 11%

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What is the Crypto.com Card?

The Crypto.com Card allows users to convert their cryptocurrency holdings into local currency, which can be spent at any location worldwide that accepts Visa. This seamless integration of cryptocurrency into daily transactions is a significant advancement in adopting digital currencies. What sets it apart is the rewards system. Users can earn up to 8% back in CRO on their spending, depending on their card tier. This innovative rewards program encourages the usage of cryptocurrencies in everyday transactions.

The card tiers offer varying degrees of benefits. The Midnight Blue card is the entry-level card with no staking requirements, offering 1% back in CRO rewards. On the higher end, the Obsidian card, which requires a substantial amount of CRO staking, offers up to 8% back in rewards, along with benefits like airport lounge access, Netflix, Spotify, Amazon Prime reimbursements, and more.

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Bottom Line

To sum up  Crypto.com is a significant player in the global cryptocurrency market, offering a comprehensive suite of crypto products and services. This platform is built around a robust ecosystem enabling buying, selling, and trading over 200 cryptocurrencies and thousands of NFTs. Its user-friendly interface, compatibility with mobile and desktop devices, and 24/7 multilingual customer support make it an ideal trading platform for investors in any country.