If you’re looking to buy or sell crypto, there are many cryptocurrency platforms to choose from. Crypto.com, based in Hong Kong, is one such cryptocurrency exchange that has been gaining in popularity over the past few years.
In addition to supporting many currencies, Crypto.com offers its own native coin and allows users to earn interest on their crypto holdings.
Continue reading our full Crypto.com review to see what makes them attractive as a cryptocurrency platform.
Quick Summary
- Earn interest by staking coins
- Get a Visa card that allows you to spend your crypto
- Store your coins in a secure cryptocurrency wallet
|
Crypto.com Details |
|
|---|---|
|
Product Name |
Crypto.com |
|
Supported Currencies |
United States: 50+ Worldwide: 90+ |
|
Interest Rate On Crypto |
Up to 6.5% per year |
|
Interest Rate On Stable Coins |
Up to 12% per year |
|
Maker Fees |
0.036% to 0.10% |
|
Taker Fees |
0.090% to 0.16% |
|
Promotions |
None |
Who Is Crypto.com?
Crypto.com (legal name: MCO Malta DAX Limited) is a cryptocurrency investing and staking platform. It was founded in June 2016. Crypto.com’s founders are Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. It is based in Sai Wan, Hong Kong Island, Hong Kong. It has raised $26.7 million.
What Do They Offer?
Crypto.com allows people to buy/sell, trade, and earn interest on their cryptocurrencies. Crypto.com is only offered as an app. There is no desktop access. Below are some of the notable features of the platform:
- Buy and sell crypto
- Send funds to other crypto.com users
- Included crypto wallet
- Staking platform — earn interest
- Visa card
Crypto.com supports over 90 cryptocurrency pairs in total. However, less than 60 of those currencies are available in the U.S. And only 22 are available in every state.
CRO Coin
Crypto.com offers its own native cryptocurrency called the CRO. It enables customers to pay for goods and services using the Crypto.com Wallet App. It can also be traded.
Crypto.com users can choose to receive payments in CRO as well as stable coins or fiat. They can also swap CRO or stake it (detailed below) to boost their interest yield by 20x.
Staking Coins To Earn Interest
Staking means that you lock your coins up for a period of time and, in exchange, earn interest on them. The rates that you’ll earn varies with the length of time your coins are staked. Interest is paid in the coin that you stake rather than in USD or other fiat money.
The app feature that allows you to earn interest is called Crypto Earn. Note that Earn is not available to Hong Kong SAR, Switzerland, or Malta residents.
You’ll receive a weekly payout on your simple interest earnings. The app will show how much your staked coin was worth at the time of payout.
Because your staked coin is locked up based on the term you’ve selected, it doesn’t really matter what the coin’s price does (i.e., whether it goes up or down) because you can’t sell it. This can be good and bad. But it does help you avoid panic-selling at the bottom.
Terms are one and three months. There is also a flexible term option. Longer terms pay more and the flexible option pays the least. You’ll get higher rates if you stake 50,000 or more CRO. Staking 500,000 or more CRO will earn an additional 2%.
Use Your Crypto In The Real World
One of the most unique features of Crypto.com is that it allows you to use your crypto in the real world. Often crypto owners are restricted to exchanging coins with other investors.
But with Crypto.com, you can use your crypto to buy physical goods and services.This is possible because Crypto.com allows users to load their crypto onto one of the platform’s various Visa cards.
At least that’s what it looks like on the surface. Since most merchants still don’t accept crypto as payment, Crypto.com will still need to convert it to USD before it hits your card. Basically, they’re just automating the process for you.
Card Rewards
Crypto.com offers several different card tiers. Each tier has a different CRO reward amount and is based on the amount of CRO staked on the card. CRO rewards are issued when you spend using the card.
You can also receive credit on popular subscriptions such as Spotify, Netflix, and Amazon Prime. The highest reward rate occurs when you stake 5 million CRO, which provides an 8% reward.
Are There Any Fees?
Yes, Crypto.com has a complex maker/taker fee structure for trading crypto. Depending on your 30-day trading volume, the maker fee can range from 0.036% to 0.10% and the taker fee can range from 0.090% to 0.16%.
Also, it should be noted that the minimum and maximum withdrawal fee is different for each type of cryptocurrency. It’s best to read about the fee structure in detail on their website.
|
Header
|
|
 |
 |
|---|---|---|---|
|
Rating |
|||
|
Interest Rate |
Up to 12% |
Up to 8.60% |
Up to 18.55% |
|
Desktop Access |
|||
|
Rewards Card |
|
||
|
FDIC Insured |
|||
|
Cell
|
How Do I Open An Account?
You can visit Crypto.com where you’ll find links to download the mobile app for iOS and Android. You’ll need to be at least 18 years of age to sign up.
Is My Money Safe?
Crypto.com does take measures to protect your funds and crypto. However, it is not FDIC or SIPC insured. Additionally, Crypto.com is not a U.S.-based company. It’s based in Hong Kong, where regulations are very different. Also, you won’t find a phone number or mailing address to contact anyone.
Is It Worth It?
If you’re comfortable with using a non-U.S. cryptocurrency platform and find Crypto.com’s rates attractive, it can be worth it. But those who would rather stick with a U.S. company will want to look elsewhere.
You’ll also want to avoid Crypto.com if you’d like desktop platform access or want a customer service number to call if issues arise. And, finally, some crypto traders may want to look for a company that offers a more straightforward fee schedule.
If you’re primarily looking to buy and sell cryptocurrency, here are all of our favorite platforms. But if you’re hoping to lend out your crypto to earn interest, you’ll want to check out our list of the top cryptocurrency savings accounts.
Crypto.com Features
|
Services |
Cryptocurrency exchange, lending and saving, digital wallet, debit cards, and more |
|
Currencies Supported In Every U.S. State |
|
|
Fees |
|
|
Total Supported Countries |
90+ |
|
Interest Rate On Crypto |
Up to 6.5% per year |
|
Interest Rate On Stable Coins |
Up to 12% per year |
|
Payment Methods |
|
|
Deposit Fees |
None |
|
Withdrawal Fees |
Varies by cryptocurrency type |
|
Security |
100% cold storage $360 million of cryptocurrency insurance |
|
Customer Service Options |
Help center only |
|
Mobile App Availability |
iOS and Android |
|
Promotions |
None |
The post Crypto.com Review: Trade, Earn Interest, And Pay With Crypto appeared first on The College Investor.
