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HomeFinanceCrypto.com review: Who is it made for?

Crypto.com review: Who is it made for?



Even Hollywood megastar Matt Damon wants you to join Crypto.com.

In case you missed it, Crypto.com’s ad starring our favorite martian/assassin/Harvard genius got a ton of attention – and not all of it was good. (“Cringe-worthy” was a popular review tagline.)

But cheesy marketing tactics aside, how well does Crypto.com deliver on its promise of being “the best place to buy, sell, and pay with crypto”? And should you register for an account with Crypto.com?

Let’s dig in.

About Crypto.com

Crypto.com is a cryptocurrency exchange platform that allows you to buy, sell, and trade more than 250 different cryptocurrencies.

Founded in 2016, Crypto.com already has 10 million users in 90 countries. The massive variety of crypto is one factor that makes the platform stand out, as well as its low trading fees when compared to the competition.

Crypto.com features

Crypto.com boasts several robust features that help this investment platform stand out from the competition.

Mobile app

Crypto.com is primarily a mobile app, available for iOS and Android devices.

With the Crypto.com app, you can quickly view your portfolio and all the assets available to you at a glance. From there, you can trade, make payments, and even sign up for the Crypto.com credit card.

Read more: Best crypto credit cards

Keep in mind that Crypto.com is very much dedicated to being a mobile-first experience, so if you’re more of a desktop trading fan, this may not be the best platform for you.

Digital wallet options

Crypto.com offers a standalone crypto wallet to keep your assets safe, secure, and accessible for when you need them.

In the unlikely event of a loss, the company has insurance to cover millions in assets.

The Crypto.com app can connect to the DeFi wallet app, one of the most popular digital wallet choices that allow you to earn rewards and tokens, so you can keep all your crypto assets safe in one place.

NFT marketplace

Another aspect of Crypto.com that helps this platform stand out from the rest is that they host their own NFT marketplace.

NFTs are digital files such as visual art, video, or audio, which can be bought, traded, and sold. NFTs have exploded in popularity lately and at sky-high prices ($600,000 Nyan Cat, anyone?). If you’ve been tempted with purchasing NFTs, you can take a whirl through the Crypto.com NFT market.

Read more: The complete guide to buying your first NFT

Crypto.com benefits

There are several benefits to choosing Crypto.com over other crypto investment platforms.

Wide selection of crypto assets

One of the biggest selling points for Crypto.com is its substantial selection of crypto offerings available. Currently, they have over 250 different cryptocurrencies on the exchange, which is significantly more than other comparable platforms. A subset of these currencies is also supported for staking.

Some popular cryptocurrencies available on the app include:

  • Bitcoin (BTC).
  • Ethereum (ETH).
  • Cardano (ADA).
  • Dogecoin (DOGE).
  • Tether (USDT).

You can see the complete list and current value of all of Crypto.com’s assets on its website.

Crypto.com also offers its own currency, a CRO coin or CRO token. If you own a significant stake in CRO tokens, Crypto.com may reward you with perks, such as lowering your trading fees.

Although the platform is easily digestible for new and beginner crypto investors, it’s worth noting that the large selection of cryptocurrencies available can be hard to dissect for those who have not invested in crypto before.

Reasonably low fees

One of the top benefits of Crypto.com is its low trading fee, lower than those of many of its competitors — allowing you to maximize your earnings.

The trading fee is 0.4% for new users on a total monthly trading volume of less than $25,000. As with most investment platforms, higher volume trades offer lower fees that can dip to as low as 0.04%. As mentioned, if you hold a significant amount of its coin, you get an additional discount on trading fees.

Crypto.com also doesn’t have any additional per-trade fees, which are common among trading platforms, making the Crypto.com platform an even more attractive option. It does, however, have transaction fees, such as a 2.99% fee for debit and credit transactions, which is on the higher side, but you can avoid this if you transfer money into your account via ACH (Automated Clearing House).

For a platform that offers such a large selection of crypto options, these fees are pretty reasonable and can save you money on your investments in the long run.

Ease of use

With the mobile app, Crypto.com is easy to use on the go. From it, you can:

  • Manage your connected bank accounts.
  • Make crypto trades.
  • Review transfers.
  • Track and manage your Crypto.com credit card balance.

Crypto.com pros and cons

As with most crypto investment platforms, Crypto.com has its pros and cons, and it’s essential to understand the benefits and drawbacks to decide whether this app is right for you.

Pros

  • Over 250 popular cryptocurrencies are available to give you a wide array of options for buying, selling, and trading crypto.
  • A mobile app that gives you an at-a-glance view of your account and available assets, making it easy to manage and track your crypto while also letting you perform transactions in little time.
  • Low fees for trading and no per-trade fee to maximize your investments.

Cons

  • No crypto-to-crypto trading for U.S users. This is one of the main drawbacks of Crypto.com, as it doesn’t allow users to exchange crypto assets for one another. A fiat currency must always be involved in the transaction to some extent. However, more advanced users can find some options for coin trading if you connect Crypto.com to your DeFi wallet.
  • Not the best customer service. One of Crypto.com’s most commonly vocalized drawbacks of Crypto.com is its poor customer service. Currently, Crypto.com only offers chat-based customer support and there have been several customer complaints about slowness and poor quality.

How to get started with Crypto.com

To get started with Crypto.com, the first step is to download the app. From there, follow the instructions to create an account, which you’ll need to verify using your name, a picture of your photo ID, and a photo of yourself.

Once you’ve created an account, all that’s left to do is link your bank account to your new Crypto.com account. The entire process is quick and easy, and you can be up and running in less than 10 minutes.

There’s also a Crypto.com Visa card available. You can top off this card with crypto and earn up to 8% back with this visa.

Summary

Crypto.com is a cryptocurrency exchange and investment platform worth considering. For crypto traders who are looking for an extensive list of currencies to grow their portfolio without outrageous trading fees, Crypto.com is a strong option.

The mobile app is also a big selling point and offers additional flexibility for trading — making it easy to see and manage all of your assets from one spot.

Though crypto.com has an abundance of currencies to choose from and is a somewhat tricky platform for the inexperienced, it’s aimed at beginner and expert crypto investors alike.

All in all, it’s a good option if you want to buy, sell, or trade cryptocurrencies. And with Jason Bourne’s stamp of approval to boot, it may be worth your time if you’re in the market for cryptocurrency.

Featured image: Ira Lichi/Shutterstock.com

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