Crypto.com is a Singapore-based cryptocurrency exchange. Though it is better to think of it as a service that includes not only an exchange but also an app, wallet, and NFT marketplace. With more than 70 million customers across 90 countries, Crypto.com is considered to be one of the fastest-growing crypto apps.
Crypto.com believes that it is the basic right of every individual to control their money, data, and identity. It, therefore, wants to leverage the cryptocurrency ecosystem to make Web3 a reality. This will help it in creating a more fair and equitable world.
Crypto.com was launched in 2016 by Kris Marszalek, Bobby Bao, Gary Or and Rafael Melo. Based in Singapore, it was initially known as Monaco but rebranded itself as “Crypto.com” after acquiring the domain name Crypto.com.
Operated by Foris DAX, the company describes its mission as “accelerating the world’s transition to cryptocurrency.” Crypto.com is generally known for its aggressive marketing push. In 2021, it signed the actor Matt Damon as its brand ambassador.
The Los Angeles Staples Center was renamed as Crypto.com arena after a reportedly $700 million naming rights deal. It also entered into a multi-year partnership with LeBron James and the LeBron James Family Foundation to provide students with blockchain and Web3-related educational material.
In May 2022, Crypto.com reached the milestone of 50 million active users. The exchange also has its native token called Cronos(CRO). The token is said to have lost about $1 billion in value after the infamous cryptocurrency exchange FTX’s collapse in late 2022.
Features and Services
Crypto.com is different from other exchanges in the sense that it focuses on its mobile app for trading more than the desktop version. It wants to make trading cryptocurrency anytime anywhere from a cellphone a reality.
Users can easily buy, sell and exchange more than 250 cryptocurrencies on the app. An added advantage is that there are no fees for depositing cryptocurrency on the Crypto.com app or for exchanging crypto for crypto.
Crypto.com Visa Card
The Crypto.com Visa card is a prepaid card that can be topped up with bank transfers, debit/credit cards, or even cryptocurrency. There are 5 card tiers with different rewards, CRO stake requirements, and monthly CRO rewards caps wherever applicable.
This card can be used for payments in over 40 million Points of Sale(POS) worldwide and in various online retail stores.
Customers can use their Crypto.com app to pay for things and receive rewards in return. The company guarantees instant settlements and zero gas fees on using it for payments. Users have the option of paying with 30+ tokens. They can also use it to buy NFTs, send crypto to their friends, and shop for gift cards.
Users can earn an income on their crypto holdings by staking them on Crypto.com. There are more than 37 cryptocurrencies and stablecoins available for staking. On Crypto.com, the rewards vary based on factors like the token lock-up period and the amount of CRO already staked.
There is an earnings calculator on the front page of Crypto.com’s Earn program and customers can use it to find the interest rate and potential earnings.
On Crypto.com, users can borrow up to 50% of their crypto collateral. There are no deadlines or late fees and even a credit check is not required. Further, users can get a lower interest rate on their borrowings if they stake the platform’s native token Cronos or CRO.
Crypto.com DeFi Wallet
It is a non-custodial wallet where the keys remain in the control of the customer. A range of DeFi services including dApps and NFTs can be accessed on it. Around 1,000 tokens can be swapped between multiple chains. Users can also migrate their assets between different chains and Cronos with the wallet in-app bridging feature.
Crypto.com users can buy, sell and trade more than 250 cryptocurrencies on the exchange. On the Price page on the website, users can view the top movers, what others are searching and the prices of all the coins available on the platform.
Along with its native Cronos, Crypto.com features coins like Bitcoin, stablecoins like Tether, and meme-coins like Shiba Inu. Some of the popular cryptocurrencies available on Crypto.com are:
- USD Coin(USDC)
- Shiba Inu(SHIB)
Crypto.com uses the maker-taker model for charging fees. There are 5 levels according to the 30-day trading volume and different fees are charged for each level. Generally, high-volume trades attract a lower fee and vice versa. Additionally, traders can get discounts or rebates on the maker-taker fee according to the amount of CRO staked by them. There may also be an additional fee charged depending on the payment method.
Spot and Margin Trading Fees
For level 1 trades with 30-day trading volumes of less than $250,000, the maker/taker fee charged is 0.0750%/0.0750%. On Level 5 trades where the 30-day trading volume is greater than or equal to $10 million, the maker/taker fee comes down to 0.0000%/0.0500%.
Derivatives Trading Fees
Similar to Spot and Margin trading, there are levels for derivatives trading based on trading volumes according to which the maker-taker fees are charged. On Level 1 where the 30-day trading volume is less than $1 million, the maker/taker fee is 0.0170%/0.0340%.
For Level 5 trades, the 30-day trading volume is greater than or equal to $50 million, there is no maker fee charged and the taker fee is 0.0260%.
VIP Trading Fees
Crypto.com’s VIP Program entails many benefits including a lower fee on spot, margin, and derivatives trading. The VIP level fees are also determined according to volume-based trading.
In the case of spot and margin trading, VIP Level 1 trades have a 30-day trading volume greater than or equal to 0.10% of the exchange spot volume, there is no maker fee but the taker fee is 0.040%. VIP Level 5 has a 30-day trading volume equal to or greater than 2.00% of the exchange spot volume and while the maker fee is zero, the taker fee is 0.025%.
When it comes to derivatives, there is zero maker fee and the taker fee is 0.024% for VIP Level 1 where the 30-day trading volume is greater than or equal to 0.10% of the Exchange Derivatives volume. VIP Level 5 also has no maker fee and a negligible taker fee of 0.015% with a 30-day trading volume greater than or equal to 2.00% of Exchange Derivatives Volume.
Crypto.com believes that security and data privacy are the foundations that would help in building mainstream cryptocurrency adoption. Keeping that in mind, it has adopted a robust security architecture. For the safety of funds, it keeps 100% of the user funds in offline cold storage which is also insured.
With its strategic partnership with Ledger, Crypto.com has integrated the Ledger Vault with its platform. For added security, Multi-Signature Technologies and Hardware Security Modules(HSM) are also used. The users’ fiat currencies are held in regulated custodian bank accounts whose ownership is retained by the users. For US residents, their fiat currencies are kept in the Metropolitan Commercial Bank.
Crypto.com holds the assets of its customers on a 1:1 reserve basis. The exchange has also published its Proof-of-Reserves verification results which were conducted by an independent third party. Customers can easily check the results on the Exchange’s website.
Additionally, Crypto.com uses follows best industry security practices by enabling address whitelisting and multi-factor authentication. It also runs an external bug bounty program on the platform Hacker One for responsible disclosure of potential security issues in its system.
Crypto.com is SOC 2 and PCI-DSS v3.2.1 Level 1 compliant. Along with that, it is also ISO 22301:2019, ISO/IEC 27701:2019, and ISO/IEC 27001:2013 certified.
Has Crypto.com Ever Been Hacked?
In January 2022, hackers reportedly made off with $30-$35 million after the cryptocurrency exchange Crypto.com was hacked. More than 400 accounts were compromised and their funds were stolen.
Initially, the exchange tried to downplay the hack and stated that though it had noticed suspicious activity on some accounts and temporarily suspended withdrawals, no funds had been lost. This claim was disputed by the security firm PeckShield which revealed that Crypto.com had actually lost nearly $15 million due to the attack.
Finally, in a blog post, Crypto.com acknowledged that 4,836 ETH and 443 BTC had been stolen from the exchange. This comes around to be a loss of well over $30 million. It said that all affected customers had been compensated for their losses and its security architecture had been upgraded to prevent such hacks in the future.
Large Number of Cryptocurrencies Available
Crypto.com hosts over 250 different cryptocurrencies and stablecoins. Customers have a choice to choose from the most popular cryptocurrencies to new and upcoming tokens, all on one platform.
A Crypto Ecosystem
Crypto.com is not just an exchange. It has a full-fledged crypto ecosystem including a Visa Card, a DeFi Wallet, and an NFT marketplace. It can be used to make payments and earn passive income on crypto holdings and not just for trading.
Crypto.com is built on the foundation of security and compliance. It has a robust security system including address whitelisting, multi-factor authentication, and multi-signature technologies. It has been hacked only once and even then, it reimbursed all the affected users and upgraded its security infrastructure.
Compared to some of its rivals, Crypto.com’s fee structure is not very difficult to understand and everything is available on its website. Even the fee it charges is relatively lower compared to some other exchanges out there.
Rewards and Cashback
The Crypto.com Visa Card has an additional perk in the various rewards and rebates one can earn for making payments with the card both online and offline.
Poor Customer Support
Crypto.com’s customer support is not the best, to say the least. A number of reviews complain about the lousy customer service. You have to consider it a largely self-service platform if you are planning on using it.
It is a platform meant more for people who have a working knowledge of cryptocurrencies and crypto trading. Compared to exchanges like Coinbase which has a very simple interface, navigating Crypto.com can be a bit confusing at first.
Higher Fees for Non-CRO Holders
While Crypto.com’s fees are lower than a lot of other platforms, the various charges such as those for using debit or credit cards can easily add up. Eventually, unless you hold the CRO token, trading on Crypto.com can be a tad bit expensive.
Educational Resources not impressive
While Crypto.com does have educational articles and FAQs, they are not the most comprehensive resources. Other exchanges like Gemini, Kraken, and Binance have better and more extensive educational material to learn about cryptocurrencies and associated technologies.
Further, some exchanges even offer crypto or other rewards for completing educational modules which is something Crypto.com lacks.
Like most exchanges, Crypto.com has a help center with articles on various topics. There is also an option of initiating a chat for further assistance.
However, no phone number is listed on the website for the customers to discuss their issues with a human representative.
Crypto.com has a rating of “Poor” on Trustpilot with a score of 2 out of 5 and 6,301 reviews. Though honestly, low ratings for cryptocurrency exchanges are nothing new and it is, in fact, quite common.
Positive reviews praise Crypto.com for its professionalism and service. They also praise its Visa Card program which provides excellent rewards and cashback for making payments.
Customers praise Crypto.com for outstanding service and for issuing full refunds
Many reviewers like Crypto.com’s Visa card and the benefits it provides
Some customers note that though Crypto.com supports multiple payment options, in practice issuing a bank wire to the exchange is very difficult.
Users point out difficulties in making bank wires on the platform
A lot of customers have had issues with the slow customer service on Crypto.com. There is no system for immediate help and users have to submit a ticket or e-mail and then wait for customer support to respond. The wait time can be extremely long in certain cases.
Roadblocks in withdrawing funds seem to be a recurring issue on Crypto.com
Some users complain about the poor customer service and blast the mobile app for being slow and clunky
Crypto.com Frequently Asked Questions
Is Crypto.com a safe company?
Yes, Crypto.com is a safe company. It keeps all the users’ crypto in cold storage and is ISO 22301:2019, ISO/IEC 27701:2019, and ISO/IEC 27001:2013 certified. Crypto.com also ranks first on the security ranking site CER.live. Though it suffered a hack in January 2022, it reimbursed the users for losses and also set up new account protection features.
Why won’t Crypto.com let me withdraw?
Crypto.com requires address whitelisting every time crypto is to be sent to a new address. If the 24-hour withdrawal lock is enabled, crypto withdrawals are disabled for 24 hours for newly whitelisted addresses for added security.
Is Crypto.com in financial trouble?
The cryptocurrency exchange FTX’s collapse led to concerns about the solvency of other exchanges like Crypto.com. But the exchange’s CEO Kris Marszalek clarified that Crypto.com’s balance sheet is strong and its exposure to FTX was limited to $10 million.
It also later published an audited proof-of-reserves to show that the customer assets were held on a one-to-one basis. So, for now, Crypto.com is not in any known financial trouble.
Crypto.com is a good exchange if you are looking for a wide range of coins and want low trading fees. Its robust security infrastructure should be reassuring for traders who want a safe and secure trading experience.
It is an exchange suited more for the needs of advanced traders rather than beginners. There are other exchanges like Coinbase and even Gemini if you are looking for a simpler experience. Customer service is not Crypto.com’s strong suit so make sure you are comfortable with a largely self-service platform before using it.