Crypto.com is the best cryptocurrency app
Crypto.com was founded in 2016 and in just a few years has grown into a comprehensive and highly reputable international cryptocurrency hub. Its crypto ecosystem consists of the Crypto.com App, Crypto.com Exchange, Crypto.com DeFi exchange and wallet, Crypto.com Pay, Crypto Earn, Crypto Credit, and many other services.
Crypto.com cooperates with regulators around the world and aims to provide you with the most convenient way to buy, sell, exchange, and spend cryptocurrency. With the Crypto.com app, users can purchase over 100 major cryptocurrencies at real-world prices, earn high interest on their crypto, manage their Crypto.com Visa card, and easily make cryptocurrency payments, among many other features. The DeFi enterprise wallet is non-centralized, allowing users to have full control over their private keys.
Crypto.com Review: Key Features
Spend cryptocurrency with the popular Crypto.com Visa card and receive up to 8% cash back on your spending.
Crypto.com App – Buy over 100 cryptocurrencies at real-world prices and manage the Crypto.com Visa card, which allows users to pay for everyday purchases in cryptocurrency.
Crypto Earn – Deposit crypto and earn up to 8% (up to 14% for stablecoins), paid weekly to your crypto.com wallet.
Crypto Credit – Secure crypto loans with a loan-to-value ratio of up to 50%.
Crypto.com Exchange – Trade the best cryptocurrencies with high liquidity, the best execution prices, and the lowest sell and take fees in the industry. You can also refer a friend to the exchange and receive up to $2,000 in arbitrage bonuses and 50% commission on their trades for one year.
Crypto.com NFT – Users can access exclusive NFT collections from top artists, musicians, athletes, and brands by registering with Crypto.com NFT. The easy-to-use platform allows users to purchase NFTs using only their credit or debit card and sell collectibles on the marketplace, with auctions starting at $0.
The Syndicate – Crypto.com Exchange traders can access the Syndicate and purchase premium cryptocurrencies like BTC, DOT, and ZIL at a discount of up to 50%.
Supercharger, to get coins for holding
Supercharger – App and Crypto.com Exchange users can deposit CROs into the Supercharger pool and earn popular DeFi tokens as rewards. The reward is calculated daily during the charging period and is based on the liquidity provided by the user.
DeFi Swap – A fork of Uniswap V2, DeFi Swap allows users to swap and farm DeFi coins at the best possible price. They can also securely deposit and store their cryptocurrencies in Crypto.com’s DeFi wallet.
DeFi Earn – Users can earn the best returns by depositing their tokens into the protocol with the highest annual return at the time of deposit. Currently integrated with Aave Lending V2, Yearn Earn V2, Compound, Cosmos Staking, and native CRO Staking.
Crypto.com Prices – The Crypto.com Prices page provides users with an easy way to track the latest token prices, market movements, market cap rankings, and token information.
Depending on your location, some Crypto.com features may not be available to you. For example, lending services are not available to residents of Hong Kong, Singapore, Switzerland, Malta, and the United States.
Advantages and disadvantages
- Earn a $50 trading sign-up bonus
- Low commissions.
- Ability to buy and sell cryptocurrencies with currency, credit/debit cards, or cryptocurrency.
- Reliable and regulated platform.
- Some geographic restrictions apply.
- The Crypto.com app is centralized.
- Crypto.com Exchange is not available to US residents.
Background and history
Crypto.com was founded under the name Monaco Technologies GmbH in June 2016. The company was founded by current CEO Kris Marszalek and started with the motto “Spend anywhere, no fees.”
In the first half of 2017, Monaco launched its token, MCO, which was funded through an ICO. The ICO ran from May 18 to June 18, and Monaco raised approximately $26.7 million in cryptocurrency through the sale of 12,135,542 MCO tokens (out of a total of 31,587,682 tokens).
In July 2018, Monaco announced it would rebrand as Crypto.com and began shipping its Crypto.com Visa Card a few months later. At the same time, the company announced the launch of the Crypto.com Channel with its native token, CRO.
In late 2019, Crypto.com launched its own cryptocurrency exchange with the aim of gaining greater market share among crypto traders. The company also launched its Crypto.com Pay, Crypto Earn, and Crypto Credit services, among others, and Visa cards began shipping in the United States.
DeFi (Decentralized Finance) Launch
In 2020, the company launched its cashless DeFi Wallet and DeFi Swap services and began shipping Crypto.com Visa Cards to its European customers. The company has also decided to phase out the MCO token, replacing it with the CRO token, meaning Crypto.com Visa Card users will now need to stake CRO tokens to receive rewards.
Crypto.com’s management team currently consists of:
- Kris Marszalek, CEO
- Rafael Melo, CFO
- Gary Or, Co-Founder
- Bobby Bao, Director of Business Development
- Brent Diehl, Director of Business Development
- Weiyi Zhang, Head of Commerce
- Eric Anziani, COO
- Jason Lau, CISO
- Steven Kalifowitz, CMO
- Matthew Chan, CTO
- Antonio Alvarez, CCO
Crypto.com’s upcoming plans include strengthening the Crypto.com Visa Card presence, launching additional features on the Crypto.com exchange, and developing its DeFi offerings and NFT platform.
Countries with support
Crypto.com is a fully regulated cryptocurrency company, meaning it complies with all necessary financial and risk prevention regulations. Therefore, you cannot use its services, either the app or the exchange, anonymously.
Crypto.com is currently available in most countries, including the United States, Europe, Canada, Australia, Russia, Latin American countries, and some Asian and African states.
When you register, you will be asked to verify your identity. You will need to provide the platform with your information:
- Full legal name
- Photo of a government-issued ID
- The selfie as proof of life
- To get a Crypto.com Visa card, you’ll also need to verify your address with a recent billing statement (less than three months old).
- It may take up to three business days to verify your account.
Crypto.com Fees
Crypto.com is at the lower end of the transaction fee scale for centralized exchanges. Although prices vary for different products, it’s one of the best fiat-to-crypto exchanges in the cryptocurrency industry.
Crypto.com App Pricing
In our experience, the app is by far the easiest way to buy, sell, send, receive, exchange, and pay in crypto through Crypto.com. The app allows for free deposits of cryptocurrency, free transfers to cryptocurrency exchanges, and supports free transfers to Crypto.com exchanges and DeFi Wallet.
However, it charges fees for withdrawing cryptocurrency to an external address, which vary depending on the cryptocurrency being withdrawn.
Crypto.com Exchange Fees
Crypto.com charges exchange fees for transactions and withdrawals. Transaction fees are based on 30-day trading volume, with further discounts granted as trading volume increases. You also have the option to stake CRO tokens and pay your trading fees with CRO. The more CRO tokens you stake, the greater the discount you’ll receive on trading. As a bonus, you earn a 10% annual profit on your CRO staking. Simply stake at least 5,000 CRO and complete KYC to receive a discount on the exchange fee.
Crypto.com Exchange charges standard fees for cryptocurrency withdrawals. Cryptocurrency deposits are fee-free.
With the Crypto.com app, you can also buy cryptocurrency directly with your credit or debit card. Users pay between 0% and 3.5% credit/debit card fees, depending on their jurisdiction.
Crypto.com DeFi Exchange Fees
Unlike an app or exchange, Crypto.com DeFi Swap allows you to connect your personal Ethereum wallet to easily and conveniently trade ERC-20 tokens. A 0.3% fee is typically paid to liquidity providers to support smart contract trading.
You can connect Defi Swap to your Crypto.com Defi Wallet account. When you transfer cryptocurrency on the Ethereum network, you must pay a gas fee. You can choose between medium, fast, and super-fast transaction confirmation speeds; medium and super-fast speeds represent low and very high transaction fees, respectively.
Crypto.com Design and Usability
Crypto.com is a beginner-friendly cryptocurrency ecosystem that makes it easy to acquire, exchange, and spend cryptocurrencies. Additionally, anyone can use its other cryptocurrency services, such as Exchange, DeFi Swap and DeFi Wallet, Stake, Earn, Pay, and Loan.
The Crypto.com app
The easiest way to access Crypto.com’s services is to download its mobile app. It allows you to buy and sell cryptocurrencies, exchange fiat currencies, manage your Crypto.com Visa card, access Crypto Earn and Crypto Credit, make cryptocurrency purchases, and much more.
You can also track your wallet, send coins to the Crypto.com exchange, withdraw crypto to external wallets, and manage deposits on the platform. Overall, the app is like a Swiss Army knife for cryptocurrencies: it serves as your financial hub for cryptocurrencies and coins.
The app is available on iOS and Android devices.
The app is available for iOS and Android devices and can be downloaded from the App Store or Google Play.
- Crypto.com Exchange
- Crypto.com Exchange is a cryptocurrency exchange aimed at more experienced traders.
- Crypto.com Exchange is available through its web platform and allows trading in Bitcoin (BTC), Tether USD (USDT), and Cryptocurrency (CRO) base pairs. It also offers derivatives and margin trading with leverage of up to 50x and 3x, respectively.
The exchange itself has a sleek design, but it’s geared toward traders and may not be easy for beginners to use. As of February 2021, limit orders, market orders, and advanced stop-limit/stop-loss orders are available.
Crypto.com Exchange
Crypto.com Exchange users can also access Crypto.com loans, purchase newly listed coins at discounted prices with Syndicates, participate in Trading Arena competitions, and earn high yields by depositing ROCs in Supercharger liquidity pools. Traders can also benefit from additional trading fee discounts by paying trading fees with official Crypto.com CRO tokens.
The exchange can be linked to your Crypto.com App account, making it easy to transfer coins back and forth if you need to make a deposit or withdrawal.
- crypto.com defi
- Crypto.com DeFi Swap
- DeFi Swap is a relatively new DeFi exchange that can be easily linked to the Crypto.com DeFi Wallet. It allows you to privately swap the hottest DeFi tokens ; meaning you can exchange coins privately without compromising your private keys.
- DeFi Swap can be accessed via the web and mobile app.
Crypto.com Visa Card
Crypto.com app users can reserve a Visa card to spend their cryptocurrency holdings. The Midnight Blue card is free; however, other card tiers require you to stake a certain number of CRO tokens, which entitles you to a metal card with additional benefits.
At the most basic level, you get a 1% discount on spending, as well as on ATM withdrawals and currency exchange transactions up to $200 per month. Higher levels of the card have higher withdrawal and exchange limits, as well as rewards like discounts on Netflix, Spotify, Amazon Prime, Expedia, and Airbnb.
It’s important to note that the Crypto.com Visa card cannot be loaded with cryptocurrencies, as they must first be converted to fiat currency and then used in dollars, euros, or any other currency of your choice.
Security measures
Crypto.com practices a defense-in-depth culture, meaning security processes are integrated into every aspect of the company. As a result, the platform is one of the few cryptocurrency platforms that has yet to be hacked.
Regarding the service, Crypto.com keeps 100% of its users’ funds in offline vaults. The security solution is a partnership with Ledger and utilizes its Ledger Vault institutional storage solution, which relies on technologies such as hardware security modules (HSMs) and multi-signature keys.
In addition, the warehouse has $500 million in insurance coverage, which includes direct and indirect custody, physical damage, and third-party theft coverage.
When it comes to securing its hot wallets, Crypto.com also uses HSMs and multi-signature keys. The funds stored in its hot wallets are corporate funds and represent only a fraction of the company’s total assets; this is sufficient for daily customer withdrawal requests.
FIAT currencies
Regarding fiat currencies, customer deposits are held in highly regulated bank accounts with custodians around the world, benefiting from local regulations. For example, US dollar balances for US customers are protected by FDIC insurance, which covers up to $250,000 of their money. In all cases, Crypto.com allows you to retain ownership of your fiat funds, meaning they can never be reclaimed by you or your creditors.
Regarding infrastructure security, Crypto.com uses Amazon Web Services (AWS), which has the following security features:
- Network firewall and web application firewall.
- Controlled encryption in transit by integrating Transport Layer Security (TLS) into all services.
- Automatic encryption of all traffic.
- Planning for business continuity and attack prevention.
- Logging, monitoring, automatic threat detection, and real-time analysis.And other sector security measures.
- Internal security controls
- These infrastructure security measures work in conjunction with several internal risk controls at Crypto.com:
A dedicated in-house team reviews all deposits for compliance with KYC, AML, and ATF (Alcohol, Tobacco, and Firearms) regulations.
Withdrawal
All withdrawals are subject to an app check to identify suspicious transaction amounts and speed.
Manual approval of large cash and cryptocurrency transactions.
- Industry-leading AI analytics tools.
- Strict access control measures for hot and cold wallets.
- Penetration testing across multiple attack vectors and external audits.
- Hacker One Bug Bounty program for responsible vulnerability disclosure.
- For users, Crypto.com allows you to secure your accounts with two-factor authentication (2FA) using a combination of password, key, biometric verification (fingerprint and facial ID), email, and phone number. Additionally, your DeFi wallet allows you to keep your keys private, meaning you can store your own money instead of relying on the platform’s security.
Crypto.com Security Regulations and Certifications
If you want to trust your money to Crypto.com, you should know that it’s a highly secure and regulated cryptocurrency platform with numerous security certifications and ratings from top auditors. The company has received the following certifications:
- ISO/IEC 27001:2013, ISO/IEC 27701:2019, PCI:
- DSS 3.2.1, Level 1 Compliance and CCSS.
- ISO/IEC 27701:2019 Privacy Risk Management Certification by SGS.
- ISO/IEC 27001:2013 certification for information security management by Bureau Veritas.
- PDC: DSS Level 1 (highest level) to meet the strict requirements of the payment card industry.
- CCSS (Cryptocurrency Security Standard) – a set of strict security requirements for the storage, acceptance, and transaction of cryptocurrencies.
- Customizable (Level 4) – National Institute of Standards and Technology (NIST) Privacy Framework.
- Adaptive (Level 4) – National Institute of Standards and Technology (NIST) Cybersecurity Framework.
- As you can see, Crypto.com follows the gold standard of security measures and takes the security of users’ data and money very seriously. Therefore, it is one of the safest cryptocurrency platforms on the market.
Conclusion
Crypto.com is a beginner-friendly cryptocurrency trading platform that makes it super easy to buy, trade, and spend cryptocurrency. Plus, anyone can use its other cryptocurrency services like Crypto.com Exchange, DeFi Swap and Wallet, Crypto Earn, and Pay, making it a great one-stop shop for all things cryptocurrency.
