Crypto.com review: what you need to know about the most… particular Exchange
Today we are talking about Crypto.com, a very particular Exchange that has a history behind it that is anything but common and has made bold choices since its inception. Just to name a few, it was among the first platforms to make available to users a debit card belonging to an official payment circuit. Then recently, it integrated an NFT exchange space, beating out many platforms on paper that are more highly rated. In this review, we will address all aspects concerning Crypto.com.
We will provide a general overview, discuss the asset and service offerings, describe the commission structure and costs, and offer useful information on withdrawals, deposits, and even support service. Last, we will draw a comprehensive picture of the pros and cons of Crypto.com, pulling the strings and providing as objective a judgment as possible.
An overview of Crypto.com
Crypto.com has a distinctive history. In fact, it can be said to have lived two lives. The first covers a narrow time span, ranging from 2016 (the year of its founding) to 2018 when it was known as “Monk” a name suggestive but perhaps not very inherent to the relevant industry. In 2018, here comes a makeover, involving form but also substance. The platform takes the name Crypto.com, which it still retains today, and starts to really get serious. For example, it allows accounts to be associated with a debit card, emulating a service typical of bank accounts.
At the same time, the platform grows, while still preferring the “app” form, which it retains to this day. Crypto.com is not among the most popular exchanges in the world, as that honor goes to Binance and Coinbase, and to some extent BitPanda, but it has managed to carve out a loyal community, which is expanding more and more, sometimes taking market share away from more illustrious competitors. Many will remember Crypto.com for some unedifying happenings, and that has to do with security guarantees. We will discuss these in more detail in the next paragraphs, but suffice it to say that the ledger has changed, and for a long time too.
Methods and processing times for withdrawals
The first aspect to consider concerns withdrawal. After all, it is precisely on this point that many exchanges fall down (and actually so many other investment platforms). As long as money is deposited, everything goes smoothly. When one intends to liquidate some sums, here are the first wizards. The issue assumes even greater importance for those who would like to carry out “ambitious” activities, which involve a certain amount of risk, and therefore prefer to use surplus capital, obtained through trading rather than through work and savings.
Think, for example, of those who want to “finance” an online gambling activity or those who want to frequent Internet casinos. So, what can be said about Crypto.com’s withdrawal methods and timing? Well, the approach is quite practical. The quickest method is to sell cryptocurrencies in exchange for FIAT currencies and then move the money from the account to an external wallet or bank account. The process is less labor-intensive than one might imagine, although quite lengthy.
Withdrawal is subject to an internal check that can take up to 5 business days, while the principal transfer is made within 2 business days. The only real flaw is that euro withdrawals are not allowed. The good news is that Crypto.com does not charge fees on withdrawals. At most, you will have to pay a fee to your bank.
As the name suggests, Crypto.com’s mainstay is cryptocurrencies. The offerings are plentiful, but not as plentiful as one would expect from an Exchange however experienced and long-standing. More than a hundred cryptocurrencies are available, it is true, but some competitors are close to two hundred. In any case, they are more than enough to meet the needs of traders and investors of all stripes.
From the more “ordinary” ones, working on classic Bitcoin, Ethereum, Ripple, Litecoin, Cardano, Binance Coin, Bitcoin Cash; to the more sui generis ones, working with exotic currencies. In between are some mid-cap cryptocurrency offerings that can effectively target their own niche (Dogecoin, Chainlink, Stellar, Avalanche
Crypto.com is also amazing with the amount and variety of side services. We will discuss two in particular: the ability to associate cards and staking. Let’s start with the cards. Well, there are so many of them. Some of them are accessible only if you fulfill certain conditions. This is the case with Obsidian, which can be activated after six months of staking and an added value of $400,000 in SCRO, which is Crypto.com’s proprietary cryptocurrency.
This card allows for 10 percent discounts on some e-commerce and online outlets, such as Expedia and Airbnb. Very interesting is the group formed by Rose Gold and Icy White. These cards are accessible only if you have $40,000 in SCRO and allow you to access Amazon Prime, as well as take advantage of some benefits and promotions not specifically related to stores. A third group of cards is Royal Indigo and Jade Green, for which you only need $3500 in SCRO.
With these cards you can get free access to Netflix, Spotify and Airport Lounge. Finally, the Midnight Blue. In this case, there is no question of a benefit. It is a very normal VISA card; its purpose is precisely to guarantee the use of cryptocurrency as such, that is, to purchase goods and services. However, it allows for 1% cashback, so it ranks among the best debit cards available to cryptocurrency holders. As for staking, the service is quite ordinary but effective. Many cryptocurrencies can be staked, even the less important ones. Above all, it is possible to staking SCRO, Crypto.com’s proprietary cryptocurrency. The “staker” is paid some benefits, which often result in a discount in commissions.
Costs and commissions
How does Crypto.com perform economically? Well, it performs excellently. The commission structure, although a bit complicated, takes the side of investors and offers very low percentages. Basically, we talk about 0.4 percent on trade volume, but there are many ways to lower this commission. For example, by practicing staking. It is relatively easy to “go down” to 0.1%.
For “hard” staking, that is, for those who have 50 million SCRO blocks, commissions are even free. It should also be mentioned that withdrawal fees are absent. In short, you can withdraw without difficulty and without paying. As already mentioned, unfortunately, it is not possible to withdraw in euros. Finally, in no small detail: Crypto.com does not impose any minimum initial deposit.
How to open an account
Those who are approaching the world of cryptocurrencies for the first time fear that they will not be up to the task not only in terms of trading but also in terms of using the platforms. Well, it has to be said that from this point of view Crypto.com leaves something to be desired, or at the very least does not hold a candle to the most popular exchanges.
The interface could be a bit clearer and offer a smoother learning curve. In any case, signing up for Crypto.com is easy (at least that!). Just follow the wizard to install the app and verify the account. Unfortunately, Crypto.com does not provide a demo account. Signing up is not exactly a leap in the dark, but it is obvious how the lack of this tool is felt.
Safety of Crypto.com
Crypto.com has been the victim of misconceptions about its security guarantees for some years. Regardless of the validity of the fears that circulated some time ago, currently Crypto.com is a reliable platform. Not least because it puts in place certain measures to ensure the necessary security.
Two-Factor Authentication 2FA. An evergreen to breach the most basic hacking attempts and account theft.Cold storage. Funds are stored in offline spaces. In this way, they are technically unhackable by hackers.Partnership with Ledger. This is new in recent years. Ledger is a reference in terms of guarantees for investors. Among other things, it provides multi-signature technologies, hardware security modules, and more.Insurance coverage. Yes, Crypto.com does provide insurance coverage. Specifically, it is aimed at “covering” negative eventualities such as theft and loss. Incidentally, Crypto.com’s insurance system relies on AWS (Amazon Web Service), so it has a more than adequate infrastructure. Not least because it offers automatic encryption and a high-quality firewall.
- Two-Factor Authentication 2FA. An evergreen to breach the most basic hacking attempts and account theft.
- Cold storage. Funds are stored in offline spaces. In this way, they are technically unhackable by hackers.
- Partnership with Ledger. This is new in recent years. Ledger is a reference in terms of guarantees for investors. Among other things, it provides multi-signature technologies, hardware security modules, and more.
- Insurance coverage. Yes, Crypto.com does provide insurance coverage. Specifically, it is aimed at “covering” negative eventualities such as theft and loss. Incidentally, Crypto.com’s insurance system relies on AWS (Amazon Web Service), so it has more than adequate infrastructure. Not least because it offers automatic encryption and a high-quality firewall.
Crypto.com’s Customer Service
What about the support service? Well, in this respect, at least at first glance, there may be some shortcomings. The methods for contacting support are stripped to the bone. Basically, they boil down to a phone number and an email. Nothing special, then. On the good side, the staff tends to respond early, where “early” means one business day anyway. Such a meager support service might cause some discouragement in the less experienced, in those who are approaching the crypto world for the first time. Especially, when one considers that other platforms take a much more comprehensive approach to support, even pairing the investor with an account manager.
Our final considerations
So, what can be said about Crypto.com? Certainly, that it is an Exchange to be considered. Should it be recommended without ifs and buts? Answering that is impossible; in fact, it is the question that is wrong. In the end, it is the individual who has to decide for himself. He cannot delegate to anyone else such an important choice as the platform through which to invest. In any case, Crypto.com, like all exchanges for that matter, has merits and demerits.
Pros and cons
Advantages of crypto.com are:
- No minimum deposit. You can log in without depositing anything.
- Well-structured staking service, and involving various cryptocurrencies.
- Low commissions, often very low, sometimes even zero.
- A good offer of cryptocurrencies (there are more than 200 of them).
- Huge card offerings, and far superior to those of other exchanges.
- Good security guarantees.
Disadvantages of crypto.com are:
- Lack of demo account, an important lack, especially for the less experienced.
- Site interface looking complex and offering too much of a steep learning curve.
- Unexceptional cryptocurrency offering.