When people think of getting into cryptocurrency trading, they usually go for centralized exchanges. This is so because centralized exchanges resemble traditional stock exchanges in the way they are structured and the manner in which they function. Similarly, you need to have an account to trade on a centralized cryptocurrency exchange.
One such exchange is Crypto.com. It is a Singapore-based service operated by Foris DAX that includes an app, wallet, NFT marketplace, staking opportunities and crypto lending.
What is Crypto.com?
Crypto.com is a Singapore-based cryptocurrency exchange founded in 2016 by Kris Marszalek, Bobby Bao, Gary Or and Rafael Melo. Originally known as Monaco, it rebranded as “Crypto.com” after acquiring the domain name Crypto.com.
The exchange’s mission is to make trading cryptocurrency anywhere anytime from a cellphone a reality. Therefore, it focuses more on developing and promoting its mobile app rather than the desktop version. It also has a native token called Cronos(CRO).
Crypto.com is one of the fastest-growing cryptocurrency exchanges with over 70 million customers in 90 countries.
What is KYC?
Know Your Customer(KYC) standards are verification standards that help financial institutions establish the customer’s identity. In other words, KYC assists in confirming that a customer is who they claim to be. This is helpful for financial institutions as KYC verification helps them protect themselves from fraud, money laundering and terror funding.
Why Create an Account on Crypto.com
Now, the question that comes up is- why Crypto.com? What does it have that you should go through the effort of registering and then verifying your identity on the platform? Well, it turns out that Crypto.com has a lot to offer. Let’s have a look at some of its products and services.
Low Fees
Crypto.com charges low and competitive fees based on the maker-taker model. The fee structure is easy to understand and all the information is available on the website. Users can further get discounts on the fee paid by them by using the exchange’s native CRO coin for transactions.
Security
Crypto.com is a regulated and relatively secure exchange. It stores 100% of the user assets in cold storage and has a robust security system including multi-signature technologies, address whitelisting and multi-factor authentication. It has also integrated the Ledger Vault with its platform and holds customer assets on a 1:1 reserve basis.
Crypto.com has been hacked only once since its inception. Post the incident, it compensated all the affected customers for their losses and also updated its security architecture to prevent such attacks in the future.
Prepaid Visa Card
Crypto.com offers a Visa card that can be topped up with bank transfers, cryptocurrency or debit or credit cards. You can use this card to make payments at online retail stores and Points of Sale(POS). By using this card for offline and online payments, you can earn CRO rewards and purchase rebates which are reimbursed to the USD equivalent.
Pay with Crypto.com
You can use your Crypto.com app to pay for things and receive rewards in return. Not only do you get a choice of 30+ tokens to pay with but the company also guarantees instant settlements and zero gas fees. Shop for gift cards, buy NFTs or send crypto to your friends, all with Crypto.com.
Earning Opportunities
Earn income on your crypto holdings by staking them on Crypto.com. You can choose between more than 37 cryptocurrencies and stablecoins to staking. Crypto.com Earn’s front page displays an earnings calculator and you can calculate the interest rate and your potential earnings with it.
Crypto.com DeFi Wallet
Use Crypto.com’s DeFi Wallet to access a range of dApps and NFTs. A non-custodial wallet where the customers retain control of the keys, you can swap over 1,000 tokens between multiple chains here.
How to Create a Crypto.com Account
It is compulsory to create an account on Crypto.com to trade on the platform. You can register either with the app or on the website. You may also have to complete some registration steps on the exchange even if you are already a Crypto.com user.
Registering on Crypto.com Exchange
Step 1: Go to https://crypto.com/exchange website and click on Sign Up in the top right-hand corner.
Step 2: Fill in information such as your First Name, Last Name, Date of Birth and Nationality. You also have to provide your Email Address and set a Password for your account. You can also enter our Referral Code if you have been referred to Crypto.com by a friend.
Step 3: Go through the Privacy Notice and Terms and Conditions and check off the tick box if you agree with them. Similarly, click on the tick box to give your consent for data usage.
Step 4: After you click on Create Account, you will receive a confirmation email containing a One-Time Password(OTP). Enter the OTP on the website and then click on Verify.
Step 5: Now, enter your First name, Last name, Date of birth, and nationality, and then click continue
Step 6: Next Add your phone number with your country code
Step 7: Enter the One time password you received on your phone
Step 8: If you’re already a Crypto.com app user, click on Continue as Crypto.com App user after going to the exchange and accessing Sign Up.
Step 9: Enter the email linked to your Crypto.com app and click on Submit. An email containing the confirmation link will be sent to you.
Step 10: Click on Connect to Exchange in the email and you will be redirected to create a password. Once you’re done with that, click on Submit.
Registering on Crypto.com App
Step 1: Download the Crypto.com app from the Play Store or the iOS App Store. Tap on Create New Account.
Step 2: Enter your email address and again tap on Create New Account. Go to your email to check the confirmation link sent to you.
Step 3: After you tap on the link, you’ll be prompted to select your preferred browser. After that, allow the browser to open the Crypto.com app.
Step 4: You will be shown the benefits of Crypto.com when you open the app. Skip them and proceed to phone verification. Type your phone number and then tap on Send Verification Code.
Step 5: Enter the 6-digit verification code sent to your mobile number. To verify your identity, fill in your full legal name and select the type of document and issuing country. Next, take a selfie where your face is clearly visible.
Step 6: You are good to go once your documents have been submitted and verified. Note that this process for verification may be different for different countries.
How to Complete Identity Verification on Crypto.com
You need to verify your identity in order to access all the features of Crypto.com. It is a simple process where you need to upload your documents and submit a selfie for verification.
Step 1: You will be automatically sent to the identity verification after you register your email and phone number.
Step 2: Enter your first and last name as shown on your ID. The spellings should be exactly the same as they are on your ID. After that, click on Continue.
Step 3: Now, you have to select the ID document you want to upload. Generally, it is best to use your passport but a driving license or your national ID would also suffice if you don’t have a passport. You would also need to enter your country
Step 4: Next, scan the front and back of your selected identity document. Make sure to align the edges of the frame with the corners of your ID. The picture should not be blurry and the corners of the ID should not be bent.
Step 5: For face verification, align your face with the frame first. Then, follow the green dot with your eyes without moving your face.
Step 6: The verification process is generally instantly done but it may take 2-3 days after which you will be notified about the same.
Step 7: If the automatic verification failed, you can manually complete your KYC verification. Click on Capture Manually and you will be asked to select your identity document type and the issuing country.
Step 8: Click pictures of the front and back of your ID document. Ensure that the corners of the ID align with the frames on the screen. Similarly, take a clear selfie of your face.
Step 9: In manual verification, you have to upload additional photos of yourself holding the ID document with the side of your photo on it and a piece of paper with Crypto.com and the date written on it and then upload the file.
Step 10: Finally, click on Complete Verification. The review process is generally done in an hour but it may also take 2-3 days after which you will be notified about it.
Crypto.com FAQs
Is there a Deposit Fee on Crypto.com?
No, Crypto.com does not charge any fee for deposits. However, it does charge withdrawal fees and has set minimum withdrawal amounts for different cryptocurrencies.
Can I Link My Bank Account to Crypto.com?
Yes, you can connect your bank account to Crypto.com. US users have the option of using Instant Deposit via ACH to immediately buy crypto by linking their bank account to Crypto.com.
Is It Safe to Have Crypto on Crypto.com?
It is generally safe to keep your crypto on Crypto.com. The exchange keeps all the user funds in insured offline cold storage. It holds customers’ assets on a 1:1 reserve basis and also published its Proof-of-Reserves results to corroborate the same. Crypto.com was hacked once in 2022 but it compensated the affected customers and also upgraded its security infrastructure in response.
Conclusion
Crypto.com is one of the fastest-growing cryptocurrency apps. It offers its customers a whole cryptocurrency ecosystem with not just an exchange but also an app, a DeFi wallet, a prepaid Visa card and an NFT marketplace. It is necessary to sign up for an account to experience all the services offered by Crypto.com.
Registering on Crypto.com is an easy task and you will be done in minutes if you follow the steps mentioned above.