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Investments in cryptocurrencies are becoming more and more popular. And for good reason, many cryptocurrency exchange platforms have emerged in recent years to make these virtual currencies accessible to everyone. This is the case with Crypto.com, a platform founded in 2016 where you can buy, trade and sell cryptocurrencies.
Crypto.com is among the best known cryptocurrency apps in 2021. It currently has more than 10 million users worldwide and offers several features including leveraged trading, betting and the Crypto.com Visa card. Like Binance, the platform also offers its own cryptocurrency, the Crypto.com Coin (CRO), which offers many benefits to own.
Before you jump in, we encourage you to read this Crypto.com review. For those who don't have the time to read Crypto.com's full description, here are the strengths and weaknesses we identified from our test.
Top 2 alternatives to Crypto.com in 2021:
Its strengths:
- Over 150 cryptocurrencies available
- Crypto.com Visa card with up to 8% cashback
- Application translated into French
His weaknesses:
- Obligation to send verification documents at the time of registration
- Few features of the application
Introducing the Crypto.com platform
Crypto.com was created in 2016 with the aim of giving everyone the ability to control their money and data. To this end, Crypto.com allows people to buy, sell and trade over 150 cryptocurrencies. With a presence in 90 countries and over 10 million users worldwide, Crypto.com is now a must.
In fact, its mobile application, available on the Google Play Store and App Store, has grown very quickly, in part thanks to its ease of use. In addition to the app, there is the Crypto.com Exchange platform on mobile and desktop. The latter focuses solely on cryptocurrency trading and caters to a more experienced audience.
Crypto.com provides several tools to diversify your investments. The platform has even created its own digital currency (CRO or Crypto.com Coin) and a Visa card in its name to allow users to pay for daily purchases quickly and easily from their cryptocurrency wallet.
Is the Crypto.com platform legal?
We continue this Crypto.com review with regulation. This is something to consider before depositing any funds. Fortunately, with Crypto.com you will not encounter any problems in this area.
It is a trusted and regulated company registered in Malta, Europe, and regulated by the Malta Financial Services Authority. It is important to note that it is not on the blacklist of the MFA, the French financial markets authority.
Additionally, US residents benefit from FDIC insurance of up to $ 250.000.
Is Crypto.com Safe?
Before entrusting your money to an online platform, it is essential to inquire about its security. Crypto.com is committed to protecting the personal data and funds of its users. To this end, the platform has put in place several measures.
First, all data is kept in offline server (the so-called “cold storage”) which prevents theft and protects against physical damage.
Multi-factor authentication (2FA) to log into your account also helps prevent the risk of impersonation. It is a must for this type of application.
Furthermore, Crypto.com guarantees that the funds are protected by cryptographic keys. All deposits and withdrawal requests are meticulously analyzed and monitored by a dedicated team. This way, any suspicious transactions will be detected.
Finally, the exchange has hired specialized security review firms to run tests and audits on its blockchain systems. So you can fully trust Crypto.com.
Crypto.com platform test
As mentioned earlier in this Crypto.com review, the platform offers its own mobile application suitable for beginners and another (Crypto.com Exchange) designed for more experienced traders. Therefore we will detail these two services.
The Crypto.com application: registration and start
We will talk about the application first. To register, you just need to download the application or go to the Crypto.com website. The steps to open an account are similar whether you are on your smartphone or computer.
On the registration page, you will be asked for some standard information: name, surname, date of birth, nationality, e-mail address and password. You will then have to validate your account by verifying your email address and then by SMS using a code. This means that you will also have to enter your phone number.
On Crypto.com, there are two levels of verification: Starter and Advanced. Both allow you to deposit, trade and withdraw cryptocurrencies. The amount of the withdrawal varies. It is set at $ 5.000 (around € 4.300) per day for Starters and 100 BTC per day for advanced users.
Please note that the Starter level is no longer available for new registered users as of December 1st 2020. You will need to provide further information. From the outset, you will be required to complete your profile as part of the Know Your Customer (KYC) process. Verification of identity involves adding:
- your full name
- an identity document (passport, identity card or driving license)
- a selfie of you holding a sheet of paper that says "Crypto.com" and the current date
This can be confusing, as accessing the interface is usually possible before starting the verification process. During our test of the ZenGo application, for example, we were able to get a complete overview of the application and its features as soon as we created our account. This allows us to familiarize ourselves with the application and ensure its usability before moving on. Unfortunately, this is not possible with Crypto.com.
Crypto.com © App Store
Once your status has been verified (in an average of 24 hours), you can finally log into the Crypto.com application and start trading cryptocurrencies. The menu is divided into 4 sections:
- HomeHere you can get an overview of the cryptocurrency price, your balance, Crypto Pay access and settings
- Accountswhich shows your total balance, the daily change in your balance (gains and losses) and the history of your transactions
- Monitoring ofYou can follow prices more closely (with the ability to add currencies to your favorites and activate a price alert) and buy cryptocurrencies
- SheetThis card refers to the Crypto.com Visa card which you can order, activate and top up here
Before you begin, you will need to deposit funds by clicking the "Transfer" button on the home screen and then going to "Deposit". You can deposit cryptocurrencies by transferring them to your Crypto.com wallet if you already own them or fiat currencies (euros) by making a bank transfer. Alternatively, you can buy crypto directly with a credit card, but the fees are quite high.
Crypto.com also offers the Crypto Pay option which allows you to make instant cryptocurrency payments to businesses or your friends and family. Since the transfer is very fast, this feature is very convenient.
It is fair to say that the application is well designed and no frills, which makes it easy enough for beginners to find their way. That said, some advanced users will find the application lacking in functionality. It is for these users that Crypto.com Exchange was created.
Crypto.com exchange
In the remainder of this Crypto.com review, we will now introduce the Crypto.com Exchange trading application (which is also accessible from a web browser).
As you can see from the screenshot below, the interface is more complete and complex than the Crypto.com application.
Crypto.com exchange
Crypto.com Exchange allows you to trade:
- on the margin borrowing virtual assets
- of perpetual contracts using leverage up to x100 (depending on positions and open orders)
As the amount of trades increases, leverage decreases, which makes sense. If you are trading $ 1 million, keep in mind that with 100x leverage, that's a $ 100 million position. So the loss can be quick and brutal.
Note that the application's wallet is different from that of Exchange. Fortunately, transfers from one to the other are fast and free.
Crypto.com
Another flagship feature of Exchange is staking. This practice involves depositing cryptocurrencies in exchange for a reward, usually in the form of daily interest. The amount varies depending on some conditions such as the digital currency or the duration of the investment.
At the time of writing this Crypto.com review, the episode is not available to users residing in Switzerland, Malta and Hong Kong.
The platform also offers the possibility to bet CRO (Crypto.com Coin). To encourage users to do so, the brand doesn't skimp on the means. Indeed, users will benefit from numerous benefits such as 10% interest, trading fee discounts, referral bonus, etc.
Hidden funds can be released at any time. However, the release period is 28 days for the CRO.
Fees applied by Crypto.com
Crypto.com has a ton of benefits, but that's not all good news, especially when it comes to commissions.
Unsurprisingly, the storage fees are free. Likewise, exchanging one cryptocurrency for another from the Crypto.com application will cost you nothing.
On the other hand, withdrawal fees to another wallet are charged and depend on the cryptocurrency. To withdraw Bitcoin (BTC), for example, Crypto.com charges 0,0004 BTC, or around € 21. For Ethereum (ETH), the fee ranges from € 26 to € 1,60 depending on the blockchain network. If you are thinking of purchasing Polkadot (DOT), the fee is 3,50 euros. These are just the most popular cryptocurrencies and we can already see that overall, these fees are quite high.
As for the purchase of cryptocurrencies with a credit card, know that new users benefit from 30 days without commissions. For those who don't have one, this is a good way to get one without paying additional (often very expensive) fees. Once the 30 days have elapsed, the fee will drop to 3,5%.
On Exchange, a trading fee will be charged. To reduce these fees, CROs can be exchanged. You will therefore benefit from attractive discounts. Furthermore, the higher the trading volumes, the more attractive the discounts.
CRO, the Crypto.com token
As we just mentioned in our Crypto.com review, the platform has developed its own cryptocurrency, the Crypto.com Coin (CRO). For your information, 1 CRO is worth € 0,56 at the time of writing.
Owning this currency unlocks many benefits on the platform. In addition to encouraging CRO buying, it also builds customer loyalty.
For example, obtaining CROs allows you to pay transaction fees, access reduced trading fees or additional cashbacks with your Visa card.
Our opinion on the Crypto.com payment card
In 2018, the company developed its Crypto.com Visa card to make it easier for users to make payments around the world. Initially available in Singapore, it was then exported to other territories including the United States, Europe, the United Kingdom and Canada.
Like a traditional debit card, this card can be used to pay for everyday purchases in any establishment that accepts Visa. It is a good way to use your cryptocurrencies. However, there are certain conditions for the award of this card. It is imperative to keep CRO tokens for a minimum of 180 days.
Crypto.com
Regardless of the card status, there are no shipping fees or monthly costs. The entry-level card allows you to withdraw 200 euros per month for free at ATMs.
Cardholders will be rewarded with ROCs and other benefits like Spotify, Netflix and Amazon Prime membership refunds or discounts on Expedia, Airbnb and access to airport lounges.
CRO (cashback) rewards are also very attractive because they are applied to every payment. Cashback is paid directly to your Crypto wallet within the application.
Our impressions of Crypto.com customer service
If you need help, you can contact customer support. Crypto.com has live chat accessible on their website at the bottom right of the screen. Once the chat bubble is open, you will have the choice between several languages: English, French (nice surprise), Spanish, Italian, Portuguese, Turkish, Polish and Russian.
Once you have sent your message, you will still have to wait a few hours for a reply. The consultants are not all as competent as we would like, but nothing to worry about.
If you can't wait, feel free to search the Crypto.com Help Center for traces. The articles are written in French and are quite complete.
Review of our opinion on Crypto.com
Crypto.com is a reputable exchange that has been on the market since 2016. Following our testing conducted in 2021, we believe the Crypto.com mobile application is a good introduction to cryptocurrency trading. It gives the possibility to trade, buy and sell over 150 cryptocurrencies simply from your smartphone or tablet. Users will also be able to pay instantly using the Crypto.com Pay feature or the Crypto.com Visa card.
However, if you have read the entire Crypto.com review, you will know that, in our opinion, it lacks features. Connoisseurs may feel limited in their activities. For the latter, Crypto.com Exchange (which allows leveraged trading in particular) would be more suitable. However, this is not practical. We would have appreciated if all these elements had been combined in a single application, as in the case of ZenGo or the eToro platform for example.
On the other hand, our opinion of Crypto.com would certainly have been more favorable if the customer service had been more responsive and the credit card payment fees less expensive.
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