Crypto.com review 2023
Crypto.com review reveals it as a prominent cryptocurrency exchange renowned for its diverse services. From trading and investing to staking, wallets, and an NFT marketplace, Crypto.com is a comprehensive platform catering to the evolving crypto community needs.
But is it reliable and easy to use compared to other cryptocurrency exchange platforms? What are its pros and cons?
In this article, we’re going to analyze what is Crypto.com and much more.
Table of content
Table of content
Crypto.com review: Pros & Cons
Now, we will analyze the advantages and disadvantages of Crypto.com, a prominent crypto exchange known for low Crypto.com trading fees, high staking interest rates, and reliability, among other features.
✅ Lower Trading Fees: At Crypto.com, trading fees begin at 0.40%. However, individuals who trade in large volumes can be eligible for zero trading fees.
✅ Higher Staking Interest Rates: Holding a significant stake in CRO (Crypto.com's coin, Cronos) offers higher staking interest rates.
✅ Credit Card Rewards: CRO holders can enjoy increased credit card rewards.
✅ Reliability: Crypto.com is a legitimate exchange that seems to comply with regulations and is unlikely to suffer a collapse like FTX.
✅ Crypto Earn: One notable feature of Crypto.com is Crypto Earn, which allows you to deposit your crypto assets and earn interest on them.
❌ Limited Debit Card Usage: Crypto.com offers a debit card that can be loaded with crypto for physical payments. However, finding sellers that accept this card may be challenging, limiting its usefulness.
❌ Mixed Reviews: The Crypto.com platform gained significant attention outside the crypto space in 2022 with a Super Bowl ad featuring Matt Damon. Currently, more videos are mocking the ad than promoting the service.
❌ Hacks & Layoffs: In 2022, Crypto.com suffered a $34 million hack and credibility issues due to inconsistent theft reports, coupled with two layoff rounds resulting in many departures.
Review of Crypto.com Features
Security is a priority for Crypto.com. The platform provides hardware wallet support for its wallet, ensuring that users' funds are stored securely.
While offering many advantages, it does have some downsides to consider.
Crypto.com customer support has been reported as lacking. It can be frustrating for users who require assistance.
The good thing is that Crypto.com supports several fiat currencies, including AUD, CAD, EUR, GBP, USD, and BRL. It allows users from different countries to purchase crypto using their local currency easily.
Who Can Use Crypto.com?
Crypto.com is an ideal choice for seasoned crypto enthusiasts. It provides access to over 250 cryptocurrencies and various order options, allowing users to effortlessly engage in spot and derivatives trading, analysis, and storing and staking crypto assets within the Crypto.com ecosystem.
The mobile application is straightforward to top up, and staking the platform's token, CRO can significantly reduce trading fees.
With multi-factor authentication and the provision of up to $250,000 for eligible users in case of asset loss, the wallet stands as a highly secure option for storing your digital currency.
However, it's worth noting that the fees can accumulate quickly without staking CRO. The app's interface might also prove challenging for those relatively new to the crypto space, and customer service at Crypto.com has been a frequent point of contention among its user base.
In light of these factors, the Crypto.com wallet emerges as a prime choice for crypto connoisseurs in search of a user-friendly mobile app that includes the option of a physical card.
Crypto.com Mobile App Features
In addition, the Crypto.com app offers features such as managing bank accounts, reviewing transfers, making crypto trades, and tracking the balance of a platform’s credit card.
Crypto.com app review pros and cons:
✅ Intuitive Trading Experience: The mobile app is user-friendly for trading stock. It provides an intuitive and straightforward experience.
✅ Portfolio & Asset Management: It allows you to view your portfolio and popular assets easily. The app has all the tools for trading currencies and earning through staking.
✅ Bitcoin Tracking Page: It’s a notable feature of the app. It provides a brief overview and links to more detailed information about each currency
❌ Limitations and Issues: Crypto.com only offers mobile apps for Android and iPhone, without any web or desktop options. This may not be suitable for individuals who prefer not to rely solely on their smartphones. The experience with Crypto.com can disappoint smartphone users due to frequent glitches and issues.
❌ Account Signup Process: During the account signup process, users have to manually enter their information letter by letter since the app is mobile-only. Unspecified errors may require users to re-enter their information multiple times, causing frustration.
❌ Time-Consuming: Crypto.com's KYC process involves using the phone's camera for ID verification, but it can be time-consuming. Uploading proof of address requires a paper utility bill, causing inconvenience in the digital age. Customer support may offer limited assistance.
Trading Fees and Discounts
Now we’re going to explore the trading fees and discounts available to both new and high-volume traders, including specific benefits for users staking the platform's native token, CRO:
Trading Fees for New Users
The Crypto.com trading platform has 0.075% trading fee for trades with a total monthly volume of less than $250,000. It also charges slightly less compared to some competitors.
Reduced Fees for Higher-Volume Traders
Makers pay zero fees, and takers pay 0.05% without CRO staking. Crypto.com offers discounted trading fees for users with at least 1,000 CRO in their wallet
⭐ Is Crypto.com a safe exchange?
Crypto.com's wallet is renowned for its robust security measures, which include multi-factor authentication (MFA) to safeguard transactions. MFA is a protective system that necessitates multiple forms of identification to access your assets.
⭐ Is Crypto.com safer than Binance?
Crypto.com employs multi-factor authentication and anti-phishing protocols to secure user accounts. The platform takes a step further by ensuring that all of its users' cryptocurrencies are stored in offline cold storage, surpassing the security measures offered by Binance.
⭐ Is Binance or Crypto.com better?
On Trustpilot, Binance.US has received a “bad” rating from almost 90% of its reviewers, compared to 64% for review Crypto.com. While Crypto.com's customer service may have room for improvement, it is generally considered more accessible for beginners than Binance.US.
⭐ Is Coinbase or Crypto.com better?
Crypto.com boasts a wealth of features, providing access to over 250 cryptocurrencies, some of which aren't available on Coinbase. However, due to its extensive range of options, it may pose a challenge for newcomers and is more suitable for those with prior experience in crypto trading.
⭐ Is Crypto.com good to use?
Crypto.com exchange stands out as a preferred platform for crypto traders seeking lower fees and a wide range of supported cryptocurrencies.
⭐ Are Crypto.com fees high?
Crypto.com utilizes the straightforward maker-taker fee structure, with maker fees varying between 0.0% to 0.75% and taker fees from 0.05% to 0.075%. Note that credit card usage incurs extra charges. On the other hand, Coinbase's maker fees range from 0.00% to 0.40%, while its taker fees span from 0.05% to 0.60%.
⭐ Is Crypto.com a good investment?
Crypto.com is a good investment if you are looking for a diversified portfolio and want to gain exposure to the demand for digital currency. However, it is important to remember that cryptocurrency is a volatile asset and that there is no guarantee of returns.
Crypto.com Security Measures
Security is a top priority when managing digital assets, and various measures are implemented to safeguard customer accounts and funds.
Now, we will explore the different security measures employed, including multi-factor authentication, the irreversibility of cryptocurrency transactions, compliance monitoring, and the availability of FDIC insurance for U.S. dollar balances.
These protective measures work collectively to create a secure trading environment for users:
- Protection of Customer Accounts: The platform uses multi-factor authentication (MFA) and whitelisting. It also encourages users to practice good online security habits and use strong passwords
- Irreversible Cryptocurrency Transactions: It’s important to note that cryptocurrency transactions cannot be reversed. Lost crypto in a breached account is unlikely to be recovered
- Monitoring & Cold Storage: Crypto.com has robust compliance monitoring to prevent hacks and losses. Customer funds are kept in cold storage, meaning they are held offline.
- FDIC Insurance: Collaboration with local banks in the U.S. provides FDIC insurance of up to $250,000.
Setting up an account is the first step to start trading cryptocurrencies.
We'll walk you through the easy process of creating a Crypto.com account, from downloading the app to linking a payment method:
- Download the Crypto.com app and enter your email and password.
- Account verification requires a photo ID, selfie, and other KYC details.
- Link a payment method, for example, a bank account.
- The verification process typically takes less than ten minutes.
Crypto.com Reviews and Customer Support
Regarding customer service, Crypto.com falls short, much like many other cryptocurrency exchanges (for example, like Kraken Exchange).
Users should approach the platform as a self-service website, as customer support is not helpful. It is best suited for individuals who are comfortable navigating online financial products and do not require much assistance.
Customer Support Channels:
- Help page
- Live chat
- Mixed customer reviews with a 2.0 out of 5 stars rating on Trustpilot.
- Negative reviews mention poor customer service, locked accounts, and withdrawal problems.
Differences Between Crypto.com and Coinbase
Compared to Coinbase, another popular crypto exchange, Crypto.com offers a wider range of tradable assets and lower trading fees.
However, its platform is not as user-friendly as Coinbase and may not be suitable for beginners. Depending on individual needs, Crypto.com could be a better choice.
To summarize the differences between Crypto.com and Coinbase:
Different Trading & Investing Goals:
Both platforms can be beneficial for different trading and investing goals. It may be worth considering opening accounts with both.
Crypto.com is a good option for cryptocurrency traders seeking low fees and a wide selection of supported currencies.
It is most suitable for individuals who are confident in managing a financial account through a mobile app and have intermediate knowledge and experience in cryptocurrency.
Like other cryptocurrency exchanges, customer service is not a strong point for Crypto.com, so users should expect a primarily self-service experience.
If this is acceptable, Crypto.com could be a suitable choice.
If you want to know more about Coinbase, read our Coinbase review.
Crypto.com Exchange Review: Conclusion
Crypto.com is a prominent cryptocurrency exchange that caters to beginner and advanced users. Its wide range of supported currencies, competitive fees, and additional features provide a comprehensive platform for trading, investing, and utilizing cryptocurrencies.
However, beginners may find the abundance of features overwhelming. Crypto.com is an excellent choice for active traders and individuals looking to use cryptocurrencies beyond just investments.
In conclusion, Crypto.com has its strengths and weaknesses. While it may not offer the best user experience and has faced security breaches and other challenges, it does provide a transparent fee structure and a range of products.
This Crypto.com review shows that it is crucial to carefully evaluate the risks and exercise caution when engaging in crypto trading.