- Crypto.com Overview – What is Crypto.com?
- Crypto.com Alternatives
- Crypto.com Pros & Cons
- How to Open a Crypto.com Account
- Is Your Cryptocurrency Safe with Crypto.com?
- FAQs
Crypto.com Overview – What is Crypto.com
Whether you’re new to crypto or a grizzled veteran riddled with blockchain-based scars, Crypto.com is a solid exchange choice.
Launched in Hong Kong back in 2016, Crypto.com serves 70+ million customers across 90 countries, offering them a host of services and features. Users have the ability to buy, sell, and trade 250 cryptocurrencies. But that’s only the tip of the iceberg. With Crypto.com, they also have access to cryptocurrency credit cards, a standalone crypto wallet, an NFT marketplace, staking options, and more.
In addition to all of those great features, Crypto.com users also have access to low fees, especially if they’re holding on to some of Crypto.com’s CRO tokens.
While there’s plenty to praise Crypto.com for, there are also a handful of drawbacks. Some of their services (such as margin trading) aren’t available to US citizens. And any credit or debit card purchases carry a hefty 4% fee which can quickly add up.
So, who should consider Crypto.com first? They’re robust mobile app makes it a great option for mobile-first users. Also, their support for DeFi tokens is second to none, so if that’s your thing then you’ll definitely want to take a second look at them.
Crypto.com Alternatives
Crypto.com is a solid choice for any DeFi investor. But that doesn’t mean it’s perfect. If you’re going to do your due diligence, you’ll make sure to check out all of your options before diving in at the deep end of the pool. And that means being aware of Crypto.com’s major competitors.
Here are three of the biggest ones to know:
Coinbase
To put it simply, Coinbase is the cryptocurrency trading platform to beat. It’s the largest US-based exchange and features support for over 170 of the world’s top cryptocurrencies. There’s no account minimum to get started and withdrawing your earnings is fast and painless. Plus, it enjoys a 5-star customer rating that simply can’t be beat.
All of those positives will cost you though. While Coinbase is known for reliability, security, and quality customer service, it’s also garnered a reputation for high fees. So, you’ve got to decide what’s more important to you – Coinbase’s reputation for quality service or the competition’s lower fee schedule.
Robinhood
Robinhood’s got a lot going for it.
It also has something of a… how do we put this delicately… a reputation. Since 2020, Robinhood has been the subject of serious complaints as well as lawsuits. There have been security breaches. And charges brought by the SEC. And occasional services outages. And enough fines paid by the company to fund a small country for a handful of years.
But that’s all (mostly) in the past.
Robinhood also offers a crazy number of features, including free stock, ETF, and cryptocurrency trades. Plus, there’s a 1% match on IRA contributions. And the account minimum is a whopping $0.
So, if you’re looking for an affordable, full-featured exchange that will let you dabble in stocks and crypto, you should definitely check out Robinhood.
Read our review of Robinhood exchange
Webull
Like Robinhood, Webull is a discount stockbroker that offers affordable stock, ETF, crypto, and options trading. Getting started is quick and easy. And there’s no minimum deposit. No inactivity fees. And no withdrawal fee. Plus, you’ll be able to buy, sell, and trade over 40 of the most popular cryptocurrencies on the market.
Unfortunately, Webull doesn’t have quite the same number of supported assets as some of its larger competitors. In addition, you can only use bank transfers for deposits and withdrawals, so debit and credit cards are out of the question. And Webull’s customer service efforts aren’t going to win any awards since there’s no available live chat and poor phone support.
Despite all that, Webull is a great option for budget-minded investors who are just starting to look into crypto or other kinds of basic investments.
Read also our review of Webull crypto exchange.
Crypto.com Pros & Cons
Crypto.com has a lot going for it. It offers support for a lot of popular assets. And it includes several unique features, like a VISA card with cashback rewards. But Crypto.com’s at times complicated UI and poor customer service mar what would otherwise be a slam dunk experience.
Here’s how we see things shaking out overall:
| Pros | Cons |
|
|
Crypto.com at a Glance
| Minimum Trade |
|
| Trading & Transaction Fees | No trading fee, though credit and debit card transactions may carry up to a 4% fee |
| Supported Cryptocurrencies | 275+, including popular options like Bitcoin, Ethereum, and Cardano |
| Crypto-to-Crypto Trading Pairs | Crypto.com offers no official list, but Bitcoin and other major assets have dozens |
| Website Transparency | Crypto.com is generally transparent, though it sometimes fails to clearly distinguish between services available in the US and those only available elsewhere |
| Storage & Security | Features advanced security measures, though ther was a breech in 2022 |
| Staking & Rewards | Rewards range up to 12.5% for high rollers but don’t compound |
| Mobile App | Available on Android and iOS |
| Customer Service | There is a site-based help center and online chat feature. Getting someone on the phone isn’t always easy. |
How Do I Open a Crypto.com Account?
Getting started with Crypto.com is quick and painless.
It’s so easy that you can go from crypto investing virgin to experienced blockchain stud in ten minutes flat. Here’s how:
- Download the Crypto.com app from the Apple Store or Google Play Store.
- Open the app and register for an account by entering your e-mail address and a password of your choice.
- Verify your identity by entering your name, uploading a picture of your government-issued ID, and a selfie.
- Link a payment method, such as a bank account or debit card.
- If you choose to link a bank account, you’ll also need to fill in your Know Your Customer (KYC) details to be fully verified. As a verified customer, you’ll be able to make deposits and withdrawals up to Crypto.com’s daily and monthly limits.
- Start investing.
That’s it. There are no other hoops to jump through. No wait times. And no frustrations.
Is Your Cryptocurrency Safe with Crypto.com?
When it comes to security, Crypto.com offers users a variety of options and features. You’ll be able to connect multiple digital wallets to the platform, enabling you to hold onto your assets in whatever way makes you feel comfortable. You can even take advantage of the DeFi Wallet app to earn tokens used by DeFi apps.
If you’d rather leave your crypto assets on Crypto.com, you’ll enjoy the security measures they’ve put in place. According to Crypto.com, all assets are held in cold storage, making it much more difficult for hackers to access or manipulate. In addition, fiat currency deposits are stored in traditional, regulated bank accounts. So any fiat money you use enjoys the same security it would at your local credit union or bank.
If all that wasn’t enough to make you feel comfortable with your assets in Crypto.com’s hands, their insurance may push you over the edge. They’ve got $100 million in insurance to cover any losses if a breach did occur and their customers’ assets were compromised. And that’s not just a theoretical. In early 2022, Crypto.com faced just such a situation – and they fully reimbursed every customer who lost anything.
If that doesn’t make you feel safe investing in Crypto.com, I don’t know what will.
FAQs about Crypto.com
Is Crypto.com legal?
Yes. Crypto.com is not only legal in the US, it’s a fully regulated exchange. This means that it complies with all financial and risk-prevention regulations. Plus, it’s got a host of security certifications and has gone through the proverbial wringer, proving itself to some of the industry’s top security auditors.
How do I withdraw money from Crypto.com?
Withdrawing money from Crypto.com is so easy, your grandmother who struggles to like a Facebook post could do it.
First, you’ll want to sell your crypto so you have fiat currency to withdraw. Once you’ve sold, the proceeds of the sale will go into your Crypto.com fiat wallet. Once it’s there, you simply need to log into your account, go to your wallet, and choose to withdraw the amount you want via ACH or wire transfer.
Keep in mind that ACH transfers require a minimum of $20 while wire transfers have a minimum of $1,000. Crypto.com won’t charge you any fees for withdrawing money, but your bank may. You’ll need to check with them to be sure.
How do I sell on Crypto.com?
Ready to sell your crypto after a big run? Doing so won’t take more than a few minutes.
First, open your Crypto.com app. Then, go to your accounts and choose ‘Fiat Wallet.’ You should see an option to ‘Sell Crypto.’ Choose that and select the cryptocurrency you’d like to convert to fiat money. Select the ‘Cash’ option. Then, enter the amount you’d like to convert to greenbacks. You’ll see a confirmation window pop up. Click the button and wait for your funds to arrive.
It’s that simple.
How do I contact Crypto.com by phone?
You can’t. Crypto.com doesn’t currently have a toll-free support number. This is one of the biggest complaints with the platform.
Fortunately, there is a help page available for general issues. And you can e-mail their support team or even talk with them via live chat. But don’t hold your breath for a phone number. It’s almost certainly not happening.
