Crypto.com Exchange is an app that allows you to buy and sell cryptocurrencies in a safe and convenient way. In our review, we will find out in detail what it is, how it works, and what are the costs of this platform, which is among the most popular on the market.
What Is Crypto.com?
Crypto.com is both an app and an exchange: they are two distinct entities, and in order to operate at their best we recommend having both. The company that founded the platform was established in 2016, originally under the name of “Monaco”. The rebranding to Crypto.com happened two years later, in 2018. It was among the first to bring blockchain technology and the traditional finance sector together.
When it was launched on the cryptocurrency market, the future Crypto.com had some elements that few at the time could boast about. These include the availability of VISA cards to use cryptocurrencies as a trading currency, cashback, a mobile app, and a feature-packed crypto trading platform. It also made several deposit benefits available to its users.
However, at first, Crypto.com did not stand out particularly for its reliability. In fact, its promises regarding VISA card shipping times were often broken. Over the years, however, it has grown from this point of view and today acts as one of the top preferred exchanges among crypto traders worldwide.
Crypto.com: How Does This Exchange Work
Now let’s see how this platform works and how it differs from the others. First of all, let’s take a look at the wallet made available to users. Thanks to Crypto.com Wallet, any user can install the app on their smartphone and access their digital wallets to check the status of their cryptocurrencies, at any time. Furthermore, the inbuilt wallet allows for the possibility to deposit and send crypto to and from other digital wallets.
Within the Crypto.com wallet, users can easily manage Bitcoin, Ethereum, CRO, LTC, XRP, XLM, and the other ERC-20 tokens present in the wallet. The level of security is high, thanks to the private keys encrypted locally on the device, protected by biometric authentication and 2-factor authentication.
A novelty compared to other exchanges, is the cashback in CRO, the native token of the exchange. The cashback can be obtained by buying or exchanging through Crypto.com. It is a real refund percentage in CRO, which is returned based on the amount spent or the amount of crypto exchanged. CRO cashbacks are marked as Pay Rewards.
How to Register and How to Pay For Your Crypto
Creating an account on Crypto.com is not a particularly complex operation as it only takes a few simple steps to do. First, log in to the official website, then enter your email under the “Email Address” field, press Submit, download and install the app on your smartphone and verify your account. The procedure is finished – you have created your account on the platform and you can start trading.
The supported payment methods are the main ones: credit cards, wire transfers, and PayPal. Crypto.com also makes another payment method available to its users, namely the Metal Visa card created by the same platform.
To get it, just request it on the official website through a specific ad hoc procedure to be carried out and have purchased at least 1000 tokens in CRO and stake them for 6 months (based on how many you have staked, you will receive a different card).
The prepaid card offers convenient interbank exchange rates, and thanks to cashback, you can save on your purchases. It does not require any monthly fee, no annual fee, and no shipping costs. The discounts available with this card also include subscriptions to Spotify, Netflix, and Amazon Prime, but also on purchases made on portals such as Expedia and Airbnb.
What Cryptocurrencies Does the Exchange Support?
As far as supported cryptocurrencies are concerned, Crypto.com ensures broad coverage from this point of view. Alongside the top 10 cryptos, including Bitcoin, Ethereum, and Cardano, Crypto.com offers more than 200 digital assets for trading.
Costs and Fees at the Exchange
Along with Binance’s, Crypto.com’s fees are the most competitive and affordable on the market. There are no costs on deposits or withdrawals (on the latter you only have to pay the transaction commission on the blockchain). The cost, as is normal for an exchange, is that of exchanges between cryptocurrencies. That is when trading.
And how much are these commissions? Crypto.com, for each trade between cryptocurrencies, withholds a commission based on the spread of the chosen crypto pair. And this percentage varies depending on the crypto pair. For the best trading experience, you can check the current rates and fees on the platform before initiating transactions.
Is Crypto.com a Reliable Platform?
Yes, Crypto.com has become a trusted exchange. It wasn’t at the beginning, but over the years it has worked hard to offer its users a service that is as reliable as possible. Surely there is some support work to be done, which many users still complain about now. The overall users’ reviews indicate a positive experience with the platform, however, research should always be conducted beforehand of any actions.
Is Crypto.com Safe?
Crypto.com offers several security features. First, it guarantees all those important security features, such as two-factor authentication, withdrawal protection, and secure encryption. It also offers excellent cold storage as 100% of users’ cryptocurrencies are kept offline in cold storage. And that means you can count on an even higher level of protection from hacker attacks.
Then, the partnership with Ledger, a real leader in terms of security solutions applied to cryptocurrencies and blockchain, should be mentioned. Thanks to this collaboration, all Crypto.com users will be able to take advantage of multi-signature technologies, Ledger Vault, and hardware security modules.
Additionally, Crypto.com has insurance coverage to prevent direct loss or theft. And it uses AWS (Amazon Web Services) to provide state-of-the-art infrastructure security. In particular, AWS guarantees automatic encryption of incoming and outgoing traffic, a web and network app firewall, controlled encryption in transit with TLS (Transport Layer Security) on all services, business continuity in the event of an attack and security of the app.
Conclusion
Crypto.com is a reliable and safe platform, perfect for exchanging cryptocurrencies and for depositing them in wallets. It has a considerable amount of cryptocurrencies for trading and offers high security to its users. While this is one of the top exchanges worldwide, based on trading volume and registered users, you should conduct your personal research before deciding to register and use it.
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