If you want to start trading these assets but aren’t sure where to start, the exchange’s NFT offering might increase its appeal.
With all of its benefits and features, Crypto.com might be a particularly compelling choice for individuals prepared to bet all on the platform. Low trading fees and increased rewards on the Crypto.com Visa card are two benefits of having large holdings of CRO, Crypto.com’s own cryptocurrency.
The trading interface on Crypto.com can be too much for someone who is unfamiliar with cryptocurrencies. You may go for a more user-friendly, albeit significantly more expensive, platform like Gemini or Coinbase, which is our top recommendation for newbies. For those prepared to endure those platforms’ own more challenging interfaces, both Coinbase Pro and Gemini Active Trader do offer lower trading fees.
No matter which exchange you use, keep in mind that cryptocurrencies are a very volatile asset and that you could lose a sizable portion of your investment, especially in the near term. Don’t invest more money in Crypto.com (or any other cryptocurrency exchange) than you can afford to lose.
The founders envision a future where cryptocurrency is a standard investment class rather than a curiosity. Whether you believe this will come to pass or not, Crypto.com can help you weave cryptocurrencies into your financial life. To that end, beyond the standard buying and selling of crypto, the platform offers the following useful features:
Crypto.com offers a prepaid Visa card that functions like a rewards debit card and can more easily allow you to spend your crypto holdings. Though it’s available to everyone, those who purchase and hold onto the platform’s native cryptocurrency, CRO, stand to earn the most.
The Crypto.com Visa Card is available with five reward tiers based on how much CRO you hold. Each generally provides rebates for certain types of services, like Spotify, Netflix or even Airbnb, some amount of free ATM withdrawals, and anywhere from 1% to 8% ‘cash back’.
While that last percentage is no doubt appealing, it’s truly only attainable for the diehard crypto enthusiast, requiring you to lock up £300,000 in the CRO token.
Note that ‘cash back’ in this case means CRO, which could be inconvenient if you’re using the card solely for rewards. You’ll likely need to convert CRO into fiat currency to access your cash back. It also means the value of your rewards may change unexpectedly as CRO can experience somewhat volatile price swings.
Like other major crypto exchanges, you can earn interest by choosing to loan your cryptocurrency to others. Borrowers may then use these loans to verify transactions for proof-of-stake currencies or for other purposes.
Through Crypto.com’s Earn programme, you can receive up to 14.5% per year on your deposits of more than 30 cryptocurrencies, depending on the cryptocurrency you select to loan out and the amount of CRO you hold in your account.
Rates may change, but you do have the option of locking in your rate (and therefore your crypto as well) for either a one-month or three-month term. You can also opt not to commit to a term and withdraw your crypto at any time.
Keep in mind that while these interest rates do trump most savings account rates out there, they’re riskier as they aren’t insured by the Financial Services Compensation Scheme. Also, you receive simple interest, meaning your earnings won’t compound over time.
Crypto.com recently added a new functionality to its platform, allowing users to buy, sell, and showcase NFTs (non-fungible tokens). NFTs are unique digital assets, often taking the form of artwork or video content.
If you’re interested in investing in NFTs as well as cryptocurrencies, you might find the convenience of using the same platform to buy and sell both appealing.
Crypto.com does not charge fees for purchasing an NFT, but if you choose to resell you’ll pay a fee of 1.99%. Creators also pay a 1.99% fee for selling on the platform.
Like many other crypto exchange platforms, Crypto.com uses a maker-taker fee structure. This means you pay a different fee depending on whether your order creates liquidity because there is no matching order (you are a maker), or your order reduces liquidity because it matches with an order already on the books (you are a taker).
In general, you can expect to pay a higher fee as a taker, although Crypto.com reduces fees based on your trading volume and whether or not you are staking CRO tokens. The more you trade over a 30-day period and the more CRO tokens you stake, the higher your discount.
The basic level of fees are as follows:
| You Trading Volume | Taker Fee | Maker Fee |
|---|---|---|
| £0 – £19,142 | 0.4% | 0.4% |
| £19,143 – £38,287 | 0.35% | 0.35% |
| £38,288 – £76,574 | 0.25% | 0.15% |
| £76,575 – £191,434 | 0.16% | 0.10% |
With CRO staking, you can reduce your fees even more by receiving a rebate of a percentage of your fee in CRO. For instance, if you qualify for a 10% discount on a maker and taker fee by staking 5,000 CRO, you can expect to effectively pay 0.36% rather than the listed 0.4%.
| Staking | Discount |
|---|---|
| Staking ≥ 5,000 CRO | 10% |
| Staking ≥ 10,000 CRO | 20% |
| Staking ≥ 50,000 CRO | 40% |
| Staking ≥ 100,000 CRO | 60% |
| Staking ≥ 500,000 CRO | 70% |
| Staking ≥ 1,000,000 CRO | 80% |
| Staking ≥ 5,000,000 CRO | 90% |
| Staking ≥ 50,000,000 CRO | 100% |
Crypto.com supports over 90 Cryptocurrencies, including
Crypto.com uses various security measures, including multi-factor authentication (MFA) and whitelisting, to help keep customer accounts safe. Of course, it’s also important to use a strong password and personal online security practices to help protect your account. Cryptocurrency transactions can’t be reversed, so it’s unlikely you’ll recover any lost crypto if your account is breached.
In addition to its security measures, Crypto.com uses robust compliance monitoring and stores customer deposits offline in cold storage to help prevent hacks and losses. It also works with local banks in the U.S. to provide $250,000 in FDIC insurance on U.S. dollar balances.
Crypto.com customer support is available via a help page, email, and live chat. There is no phone support for Crypto.com customers. While customer service is available by email and chat, several users report slow responses and a lack of help resolving account problems.
Crypto.com earns mediocre customer reviews overall and is rated just 2.2 out of 5 stars on Trustpilot. Most negative reviews focus on poor customer service experiences, locked accounts, and trouble with withdrawals. Others mention hacked accounts and lost funds, which is concerning.
Poor customer service is fairly common among cryptocurrency exchanges, and Crypto.com isn’t any different. It’s generally a good idea to consider Crypto.com to be a self-service website, as customer support isn’t necessarily helpful. It’s likely best for those who are somewhat comfortable with online financial products and won’t need much assistance.
Crypto.com and Coinbase are both popular exchanges in the United States. Compared to Coinbase, Crypto.com offers a more extensive list of tradable assets and lower trading fees. However, its platform isn’t as easy to navigate as Coinbase, and the trading experience isn’t as beginner-friendly. But depending on your needs, Crypto.com could be a better choice.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…
Ethereum’s ICO was priced at around $0.30 per token, and today, it’s valued in the…
If you’ve been regretting missing out on Cardano, Qubetics ($TICS) might just be the ticket…
The Shiba Inu price is on track to reach a new ATH of $2, while…
So, you’re on the lookout for the next big thing in crypto? Aren’t we all?…
Miami, Florida, 13th November 2024, Chainwire
This website uses cookies.
