CRYPTO.COM REVIEW – PROS, CONS, AND SERVICES EXPLAINED

WHAT IS CRYPTO.COM?

The Cayman Islands-registered Crypto.com bitcoin exchange began conducting business in 2018 and is authorized. Extended KYC-type verification is necessary to use the exchange’s full capabilities. The patented encryption technique offers user data protection.

There is mobile trading in addition to the traditional trading terminal. Many indicators, graphic components, depth charts, and an order book are on the terminal. There are also take profit and stop loss functions. The exchange does not restrict trading tactics; scalping can take up to 30 minutes.

You can profit from investing in the Supercharger program and a referral program that pays up to 50% of the commissions of invited users, in addition to trading cryptocurrency with leverage. A unique benefit is the site’s high frequency of activity, which includes regular contests with cash rewards that are sponsored and held in the Trading Arena section.

Crypto.com

PROS AND CONS OF CRYPTO.COM

I will now take you through some of the benefits and demerits of Crypto.com. This information should help you decide whether to go with the broker or not.

PROS

Here are some of the benefits of Crypto.com

• Crypto.com has a sizable selection of cryptocurrencies and tokens, with a continually expanding list of assets and all popular methods for funding deposits and withdrawals (bank cards and accounts, e-wallets, etc.).
• The cryptocurrency exchange offers traders leverage: For derivatives, it is 1:50; for margin trading, it is 1:3.
• Crypto.com has the function of cryptocurrency lending, which involves depositing one coin to secure a loan with another.
• On Crypto.com, you have the chance to increase income by taking part in regular Trading Arena activities.
• Crypto.com partially reimburses trade commissions paid using your own CRO platform coin.
• The cryptocurrency exchange provides a multicurrency wallet and a Visa Crypto.com plastic card with 8% cashback.

CONS

Here are some of the disadvantages of Crypto.com.

• Expensive charges for credit or debit transactions: The fees associated with purchases made using a credit or debit card are notably high, amounting to 4%. While it’s possible to circumvent these fees with some effort, historically, this method has been a convenient way to deposit cash into a Crypto.com account.
• Crypto.com does facilitate instant ACH transactions; however, not all banks are compatible. If your bank isn’t compatible with Crypto.com, you’ll need to directly engage with your bank to initiate ACH transfers or wire transactions. This process can be complex and time-consuming, potentially taking several days to complete.
• Certain services are not accessible in the United States: Crypto.com, headquartered in Singapore, extends most of its services to U.S. customers through its mobile application. Consequently, you may encounter limitations if you prefer trading from your desktop. Moreover, specific features of its exchange, like margin trading, are unavailable to U.S. residents, and Crypto.com is entirely inaccessible in New York.

HOW TO OPEN A CRYPTO.COM ACCOUNT

Now that you know the benefits and demerits of this broker, let’s look at how you can open an account with the easy steps below.

1. First, visit Crypto.com’s website through your browser. Click on the ‘Sign Up’ button in the top right corner.

Sign-up Button

2. You must then enter your details, including your email address and password. Click the sign-up button when you are done.

Sign-up Details

3. A verification code will be sent to your email. This is part of the 2-factor authentication process.

Email Verification

4. The company will then require that you input your phone number, after which they will send a verification code as an SMS.

Phone Verification

5. To finalize the process, you must provide additional verification documents, such as your Identification Card.

HOW MUCH CAN YOU EARN WITH CRYPTO.COM?

You can earn up to 4.5% per year on your cryptocurrency and benefit from the largest selection of supported tokens and coins, including 40+ cryptocurrencies and stablecoins.

You can also earn by competing. Taking part in competitions earns you diamonds you can exchange for mystery boxes to receive goodies for up to US$1,000.

SERVICES OFFERED BY CRYPTO.COM

Crypto.com offers numerous services that revolve around cryptocurrency trading. Let us look at these services.

CRYPTOCURRENCY TRADING

On Crypto.com, you can trade numerous cryptocurrencies. The broker provides you with a platform where you can buy and sell these digital currencies. The broker also allows you to spot trade.

You can purchase cryptocurrencies at the current market price to sell them in the future, ideally at a higher price, to secure a profitable transaction. This precisely defines the concept of spot trading.

This service provides access to various cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and many altcoins.

Crypto Trading

Recently, Crypto.com dramatically lowered its trading fees, placing it among the lowest in the sector. Trading costs for someone who transacts $10,000 or more each month used to start at 0.40 percent, but they are now merely 0.075 percent, beating out other low-cost exchanges like Binance.US and Kraken.

With high volume, the maker-taker pricing mechanism used by Crypto.com rewards those who increase liquidity (makers) while penalizing those who decrease it (takers) with a slightly higher price. Here is a breakdown of how the fees alter as the volume rises.

CRYPTOCURRENCY STAKING

Staking offers a way to earn rewards from your cryptocurrency holdings. It is also referred to as staking yields.

Yield, a concept in traditional finance, may differ significantly in how it’s earned within cryptocurrencies. In traditional finance, one form of yield involves placing money in a bank savings account to accrue interest.

Traditional financial assets that yield returns could include bonds providing regular coupon payments or stocks distributing dividends. To draw a parallel, the income individuals receive from renting out properties could also be seen as a type of yield.

Now, consider the scenario of depositing funds in a bank savings account. The bank can generate yield in the form of interest by essentially taking the deposited money and lending it to other parties.

In contrast, with crypto staking, the cryptocurrency is temporarily locked up to actively contribute to the operation of the blockchain and enhance its security.

To comprehend how staking operates, it’s crucial to first delve into the Proof of Stake (PoS) blockchain concept.

Consensus Mechanisms: At its core, a blockchain serves as a digital ledger used for recording transactions. For these transactions to be validated and agreed upon (achieve consensus), they must undergo a verification process involving numerous computers, often called validators in PoS blockchains. Here, consensus mechanisms (consensus protocols or consensus algorithms) are pivotal.

Various types of consensus mechanisms exist, with one of the primary ones being Proof of Stake (PoS).

Refer to this introductory guide for a more comprehensive understanding of diverse blockchain consensus mechanisms.

Proof of Stake (PoS): Within PoS blockchains, you verify your transactions. You have to stake a specific amount of the blockchain’s native token to participate in the verification process. In exchange for your devotion, validators are typically granted rewards based on the blockchain’s native currency. However, if they engage in criminal activities or fail to authenticate transactions (e.g., by going offline), a portion of their legally backed assets may be lost.

Also, validators must have specific hardware and software configurations actively participating in the validation process.

Crypto Staking

MOBILE APPLICATION

It’s simple to access your portfolio on the Crypto.com app. The app has also facilitated the popular assets that you can exchange. This app possesses all the abilities you need to purchase and sell cryptocurrency. Besides having all the pertinent features, you can also receive rewards via staking your cryptocurrency. You can also take part in the Crypto.com credit card.

The app’s ability to chart is straightforward. Every cryptocurrency has a page dedicated to it. Every page has a link that leads to additional information. This provides a more detailed and concise description. Crypto.com attempts to educate you about the blockchain, which has been considered to be complex. This facilitates your ability to make informed decisions about cryptocurrencies.

Mobile App

FIAT AND CRYPTOCURRENCIES OFFERED BY CRYPTO.COM

Crypto.com facilitates spot trading for over 250 cryptocurrencies, with a portion available for staking. While it’s impractical to enumerate all supported currencies here, you can confidently anticipate the ability to engage in buying and selling activities for the majority of the most widely traded cryptocurrencies.

Some of the prominent assets accessible on the platform include

• Cardano (ADA)
• Bitcoin (BTC)
• Dogecoin (DOGE)
• Ethereum (ETH),
• Polkadot (DOT).

Additionally, Crypto.com introduces its native coin, CRO. Holding a substantial quantity of CRO brings several advantages, including reduced trading fees, augmented staking interest rates, and heightened rewards on the company’s credit card.

Crypto.com also provides support for various fiat currencies. These currencies include the Australian dollar (AUD), Canadian dollar (CAD), euro (EUR), pound sterling (GBP), U.S. dollar (USD), and Brazilian real (BRL). This adaptability allows users from multiple countries to acquire cryptocurrencies using their local currency easily.

Cryptocurrencies

CUSTOMER SUPPORT

Crypto.com offers customer support through multiple channels, including a support page, email, and live chat. Phone support is not available for Crypto.com users. While assistance is accessible via email and chat, some users have expressed concerns about delayed response times and difficulties finding solutions to account-related issues.

Customer Support

CONCLUSION

Crypto.com is the best place for you. The numerous benefits and features I have highlighted above show that this broker is a good place for you to start your crypto trading career.