Crypto.com review

The Crypto.com features a variety of staking options that allow customers to unlock features like cashback, rebates, and interest rewards.


crypto.com review

What Is Crypto.com?

crypto.com is an all-encompassing platform, allowing its users to buy, save, and spend cryptocurrencies like Bitcoin, Ethereum, and Binance Coin.

Users can also unlock extra features like cashback, rebates, and interest rewards, using various staking options.

Crypto.com Chain is the blockchain technology behind crypto.com crypto payments solution. Crypto.com makes use of its native CRO token, an evolution from its earlier MCO token in the company's history. MCO. MCO was the first token created by the company and was used as a staking mechanism to unlock tiered benefits and upgrade cards with higher features. But as of August 3, 3030, crypto.com announced a swap from MCO to CRO token, making it the only token used in all crypto.com products, including MCO visa cards, Exchange, Pay, etc. Interestingly, CRO also features well-known exchanges like Bithumb, Binance, Bittrex, and OKEx.


History of crypto.com

Matt Blaze registered the crypto.com domain as its owner in 1993. Matt Blaze as a cryptographer at the time and played a significant role in the advancement of AT & T, making use of his cryptography skills to ensure security for multiple computer systems. Never did he imagine that crypto would get the attention and monetary role it occupies today. Matt Blaze is currently a scientist with Georgetown University and a board member of the Tor Project.

By 2018, the domain registered by Matt Blaze was bought over by Monaco Coin and used quite a smart marketing campaign to brand the domain crypto.com to what it is today.

Crypto.com's mission crypto.com is quite simple: to significantly impact the global transition to and adoption of cryptocurrency. Crypto.com uses Monaco Coin infrastructure to provide secure channels for customers to transact with cryptocurrency in collaboration with VISA. They also provide a debit card but not a credit card.

2019 witnessed the company launching its exchange in a bid to acquire a more significant market share. In 2020, a separate wallet app was launched, with users given their private keys.

As of October 2020, crypto.com made a drastic move; they lowered the staking interest rates by 6% from 18%. They also multiplied, by 2.5x, the minimum staking requirements for debit cards provided by crypto.com

By November 2020, the Crypto.com app referral commission was halved, from $50 to $25. It was also about this time that crypto.com decided to phase out its MCO token for CRO. Until this point, crypto.com Coin (CRO) and MCO were used – two different tokens together. Users were given until November 2020 to effect the swap on their apps by using the wizard in the app. As early as September 2, 2020, early executed swaps were rewarded with up to a 20% bonus. The swap meant users had to borrow, lend and use CRO to qualify to order debit cards.

How does crypto work?

To use crypto, you must first download the app and create an account, following the prompts. Once that is done, an understanding of the functioning of the platform is necessary.

It is important to note that you can only use the CDC features on the platform upon deposit of credit, crypto, or fiat. Here are the stages of how the app works.

1. Deposit currency

To deposit cryptocurrency or fiat, click on the "Transfer" option on the app's homepage. This option also allows you to transfer and deposit crypto directly into your Crypto.com wallet. You should, however, be cautious when executing this task. As a rule of thumb, always double-check the wallet address and selected coin before effecting a transfer. It would be quite painful and an irrevocable loss to send your crypto to the wrong address.

It is also possible to deposit from your bank account, in Euro, dollar or pounds. The downside to this is, it can take up to 5 working days for the bank to effect the transfer.

2. Trading crypto via the app

Using the crypto apps makes buying crypto as simple as effecting a deposit into your account. To begin, click on "Buy," and three options will pop up related to buying crypto: using the available amount in your crypto wallet, completing the payment using a credit card/bank account, or using the amount in your fiat wallet. Using the credit card option incurs a 3.5% handling fee on every purchase. These fees go to the card issuer and not to crypto.com. Usually, bank transfers are free, but because of the time cost attached to the process, it may be an ideal option in the heat of the moment.

3. Crypto.com Crypto Debit Card

The final step is to decide on the desired method and cryptocurrency. When done, press the "Buy" button, and you're all done.

Selling cryptocurrency is just as simple as buying. Click the "Sell" button.

Earn money with crypto staking

Besides investing, you can also let crypto lend out your cryptocurrency, saving you the hard work of investing in yourself. It is possible to stake dozens of coins and get great returns, ranging from 2-10% returns on the investment. However, to qualify for the highest possible return, you stake a minimum of 10.000 CRO.

Crypto.com also makes it possible for your money to work for you, similar to other lending platforms, earning you a 2-10% average return per year on your capital. The amount of coins staked determines the degree of returns and how long the quantity was staked. Interest on staked crypto is credited every seven days directly to your wallet in the same currency as the initial deposit.

In the crypto.com system, you play a mini bank's role in the sense that your staked coins are being borrowed by someone else. As you stake coins, you can determine the risk level, ranging from low to high. The existing options you could choose from are as follows:

FLEX

This is by far the most flexible risk option, with the least possible risk. This is so that you can be encouraged to try out and explore the service. You can stake your coins, earn money, and withdraw any amount you desire without any penalty. That's what makes it so flexible. However, the low risks mean lower interest rates for this option.

1 MONTH

The 1-month option generates more interest than the flexible option. It temporarily locks your CRO coins for one month, thus, reducing the risks associated with the bank and consequently elevating your yearly interest. That's the power of compound interest.

3 MONTHS

The three months option yields the maximum interest possible on crypto.com. In this option, CRO coins are temporarily locked for three months, giving a lot less risk to the bank and, consequently, the maximum reward.



wp8bh24xah

Crypto.com Desktop exchange

As of 2020, crypto.com also has a desktop exchange platform separate from the app, and to use it, you need to sign up for another account, separate from that on the app. However, you will not need to re-verify your account so long as you have an already-verified account on the app; you can easily sync your data via the app. The desktop exchange gives you access to a whole lot of advantages, some of which are:

· Greater CRO annual interest (10% instead of 6%)

· Reduced minimum CRO threshold to receive a 10% interest (5,000 CRO).

· You are rewarded for more CRO you stake. The more CRO you stake, the more discount on trading fees you get

· Staking bonus of 50 USD with a minimum of 5,000 CRO



How to stake CRO on Crypto.com?

There are two possible ways to stake crypto on crypto.com; using the app or the different exchange platform.

Staking crypto using the app (with up to 6% interest):

· Launch the app

· Input your pin code

· Make sure that you have the required minimum amount of crypto in your wallet to proceed with the desired staking operation

· Click the Crypto.com logo, found at the bottom center of the screen

· Select the "Earn" option

· Click on the plus (+) sign

· Select the cryptocurrency that you want to stake

· Choose the duration for which you intend to stake. The longer the duration, the greater the risk but, the greater the return on the stake.

· Carefully appraise yourself of the terms and conditions and determine whether or not you're ok with them

· Choose how much to stake and confirm

Interest on stacked coins is paid in intervals of seven days. Upon investment of up to 10.000 CRO or more, you qualify for greater interest. 10.000 CRO values at about $1650; huge, right?

Staking crypto via the exchange (with up to 10% interest)

When using the crypto exchange, you can receive an extra 4% interest and minimum deposit at a lower cost of 5.000 CRO. Here's how to do it.

· Create an account with the Crypto.com exchange and register it

· Link the exchange to your app account, or perform the KYC if you do not have an app account

· Deposit fiat or crypto to purchase CRO, or transfer CRO from the app to the crypto.com exchange

· Go to Stake & Earn.

· Click the option "Stake CRO" to get the benefits.

· Choose the desired tier from the list or enter a custom amount.

· Select "Review."

· Confirm your selection.

Staking using the crypto.com exchange awards you 10% annual interest, as well as a discount on trading fees.

Is crypto.com legit, safe?

When it comes to the security protocols put in place by crypto.com, we could safely conclude that the platform is safe. Even the existing partnership between crypto.com and VISA and Ledger provides some assurance of the dedication of crypto.com to provide safety standards for trading with cryptocurrency. Even YouTube presents testimonials of just how safe and legit crypto.com is.

Countless videos on YouTube show people actively using their CRO VISA cards and testifying that crypto.com does what it says it'll do.

Even the transparency of the company evinces its safety. The entire team behind crypto.com is made public, with first name and last names on their website for you to do a background check when in doubt. The team may not be so big, but the development of crypto.com compares to other well-known platforms like Binance and is daily adapting to the ever-expanding demands of the market.

When it comes to security, crypto.com makes sure to provide regular updates. They also make use of cold and hot wallets (offline and online, respectively). All user cryptocurrencies are stored offline in cold storage, meaning you can't access your wallet without an active internet connection. And on top of that, crypto.com protects against direct data loss or theft with over $100 million financial buffer in insurance, for the eventuality crypto.com is hacked. But this does not cover security loopholes caused by the user, like weak passwords. Fiat currency is also kept secure in regulated bank accounts.

Is crypto.com better than Coinbase?

Crypro.com and Coinbase come eerily close with some striking similarities, and which is better depends on the intended volume of trading. Crypto.com is aimed at meeting "everyday" needs. In contrast, Coinbase is more tailored towards very high-volume traders.

Comparison of fee structure

Regarding fees, crypto.com charges depending on the volume of trading on the exchange, starting at 0.2%. There is also a transaction fee based on the type of transaction you're doing and a fee when you use a debit or credit card. There are no deposit or withdrawal fees, but some transfer fees may depend on the services you're using. Crypto.com also gives a discount on trading fees when you stake CRO, giving them access to lock a certain amount of CRO for a defined period.

Coinbase, on the other hand, presents a slightly more complicated fee structure. There is a transaction fee – a fixed amount when trading below $200 or a percentage of the transaction, whichever is higher is considered by Coinbase. There is also a market price on Coins you purchase and an added half percent on that price. Coinbase is a brokerage service, reason why it has much higher fees.

Comparison of Ease of Use

How easy a platform is quite an essential feature in any crypto exchange.

Coinbase is built with a clean and straightforward interface to aid trading. However, it has a pro option for more seasoned traders, with more complex features and fewer fees to compensate for it. The Novice layout comes with higher fees to match it.

Crypro.com packs many features and services, making buying and selling cryptocurrency simple.


Other factors to compare

When it comes to customer services, Coinbase lags as it often fails to respond to customer concerns and negative reviews.

Coinbase also has not existing limits on the number of transactions that can be initiated. It, however, is limited in the number of available currencies it can handle – 15 currencies. Crypto supersedes this with over 60 available currencies.

Is crypto.com free?

Creating a crypto.com account is entirely free. And when you apply for and receive an MCO visa card, there is no associated maintenance fee. Issue and delivery of MCO visa cards are also free.

Crypto.com fees

Generally speaking, your reward in crypto.com depends on the number of coins you stake.

When it comes to fees, crypto.com charges daily fees on all profits. The Invest option is currently free, but its status may change with time. There are, however, no entry or exit charges when trading with Crypto Invest.

There is also a 9% fee on all profits when you stake 10.000 CRO or more. The fee increases to 18% for any stakes less than 10.000 CRO.

There also exist specific fees associated with debit cards. These fees, however, do not go to crypto.com but the issue of the cards.

A success fee is also deducted from your profits, which does not include your initial deposit. For example, in the event you earn $5 on a $100 investment on the same day of staking, you will be deducted $0.90 as a success fee (18% of the profit)

Crypto.com deducts a 9% initial fee for users greater than or equal to 10.000 CRO locked in staking. These fees are claimed by crypto.com every 24 hours at 00:00 UTC or in the event where you withdraw all or a part of your money.

wp8bh24xah

Crypto.com earn review

Crypto.com earn allows you to stake CRO and reap interest thereupon. The more you stake, the greater the interest you earn. The current crypto.com earn options are presented below:

The downside to this is, the interest rates are lower when you didn't stake for three months—the three months option yields maximum benefit.

Crypto.com app review

The crypto.com app can be used to purchase with a debit or credit card directly. However, this can be a little more costly than making a fiat deposit and then using that to buy crypto within the crypto.com app. The transaction fees when using the app are listed in the table below.

Crypto.com wallet review

Crypto.com has a DeFi Wallet. This can be downloaded separately as a different app that gives you total control over your crypto private keys. It also gives you complete legal and beneficial titles to crypto stored here.

The downside here is, you can't access all Crypto.com services through this wallet, but you can link this wallet to the main crypto.com account. This will ease the transfer of funds between the two.

Crypto.com visa debit card review

Crypto.com offers debit card services in collaboration with VISA, delivered free, depending on the number of coins staked over six months. The debit cards have some advantages depending on the number of coins staked.

Source: https://cryptotips.eu/en/review/crypto-com/

Rewards are credited in CRO, not native currencies like dollar or Euro.

How long does delivery of a debit card?

Averagely, it can take about 24 hours to issue a debit card upon application and as much as two months for it to be delivered to you. This review will be updated to reflect any updates to these time frames.

Cypto.com credit card review

Crypto.com doesn't offer credit cards, just debit VISA cards. However, you can effect transactions with external credit cards, and standard card charges would apply to those transactions.

Crypto.com exchange review

The native Crypto.com Coin (CRO) token powers the Crypto.com exchange, meaning CRO holders will enjoy privileges from Crypto.com. The Crypto.com exchange platform can be accessed via desktop and mobile.

Pros:

· New user incentives and bonuses

· Numerous available deposit and withdrawal methods

· Additional benefits when staking CRO

· User-friendly mobile app and trading platform

Cons

· The exchange is relatively new and is yet to be tried and tested to stand true

· Not Available to USA Residents

· Higher than average trading fees

· Limited assets to trade

wp8bh24xah