Crypto.com Review 2022 | Bank

Crypto.com will be a perfect fit for cryptocurrency traders looking to trade one of the widest selections of cryptocurrencies in the industry. You will be able to trade more than the most popular cryptocurrencies, with more than 250 currencies available. It will all be available to you through a nifty mobile app that makes trading on the go easy. Like many other crypto platforms, customer service leaves something to be desired. With no customer service representatives available over the phone, you’ll have to rely on our FAQ page and online chat to get your questions answered.

Clients looking to trade more than just crypto will also be disappointed. If you are ok with a limited set of cryptocurrencies to trade, you might be better off with Robinhood or Webull, where you will also be able to trade stocks and ETFs.

best for

  • Wide range of cryptocurrencies
  • Staking
  • Crypto Traders Only

Crypto.com at a glance

Minimum balance: Nothing, but the minimum trade is 1 dollar
tradable securities: More than 250 cryptocurrencies
Trade cost:
  • Fees start at 0.4 percent
  • No deposit fees
  • Withdrawal fees vary depending on the cryptocurrency
Customer service: No phone service, only self-help and chat
Mobile Application: Crypto.com mobile app is available on the Apple App Store and Google Play Store

Pros: Where Crypto.com stands out

Choosing a cryptocurrency

Crypto.com really separates itself from other trading apps by offering more than 250 cryptocurrencies, among the best in the industry. Other cryptocurrency applications offer only the most popular currencies, such as Bitcoin, Ethereum, Solana, and others. But with Crypto.com, you will find those popular cryptocurrencies along with more obscure ones like Polygon and Helium, as well as others that you may not have heard of before.

It’s worth noting that not all cryptocurrencies are available in every state, so be sure to check if the coin you’re interested in is available at your location before you get started. Crypto.com is not available at all in New York State.

Financial applications that offer trading in other securities along with cryptocurrencies usually offer a few coins. Robinhood offers commission-free trading in seven cryptocurrencies, while Webull offers more than 20 and says it is working on adding more.

Coinbase is another option if you’re looking for a wide variety of cryptocurrencies, but with around 125 coins available, it doesn’t quite live up to Crypto.com’s offering. Know that if you are looking to trade non-crypto securities, you will need to open an account with a broker like Schwab or Fidelity.

No fees for bank transfers

Crypto.com will not charge you a fee for transferring money from your bank account to its platform, which makes it the ideal option for funding your account. Other financing options, such as using a credit card, come with a fee of approximately 3 percent.

An Automated Clearinghouse Transfer, or ACH, process typically takes three to five business days and comes with a minimum of $20 and a daily maximum of $100,000. You can also fund an account through a bank transfer, which is a little faster in 1-2 business days but requires at least $1,000 to be transferred per transaction. The maximum daily wire transfer limit is $1,000,000.

Staking

Crypto.com allows customers to keep cryptocurrency deposits with it and earn rewards in return. This practice, known as staking, is similar to an interest-paying savings bank account, but with significantly more risk. You will be able to earn rewards on more than 40 different cryptocurrencies at Crypto.com and the interest is paid weekly. As of January 2022, you can earn up to 14.5 percent annually by subscribing to Crypto.com. Accumulating with Bitcoin and Ethereum can earn up to 8.5 percent annually.

Remember that traditional bank accounts are protected by FDIC insurance, which allows you to recover up to $250,000 in the event of a bank failure. Crypto staking does not come with any similar insurance policy and you also face the market risk of losing your capital if the value of the cryptocurrency drops.

The negatives: Where Crypto.com could improve

Outlay

Crypto.com comes at the higher end of the trading fee range compared to other cryptocurrency exchanges. Most novice traders will pay 0.4 percent on transactions, but this number drops if you are an active trader. Most of the other exchanges charge 0.2-0.35 percent, while the US platform Binance only charges 0.1 percent.

Crypto.com uses a trader pricing model that, at high volumes, rewards those who provide liquidity (makers) and charges a little higher price to those who reduce it (traders). Below is a breakdown of how fees change as volumes increase.

Less than $25,000 0.40 percent 0.40 percent
$2,501 – $50,000 0.35 percent 0.35 percent
$50,001 – $100,000 0.15 percent 0.25 percent
$100,000 – $250,000 0.10 percent 0.16%
$250,001 – $1 Million 0.09% 0.15 percent
$1,000,001 – $20 million 0.08 percent 0.14 percent
$20,000,001 – $100 Million 0.07 percent 0.13 percent
100,000,001 – $200 million 0.06% 0.12 percent
$200 million and above 0.04 percent 0.10 percent

A 10 percent discount is available to customers who participate in the CRO, Crypto.com’s cryptocurrency, and pay the CRO trading fee. Other exchanges, including Kraken and Binance.US, do not charge manufacturers fees once a certain level of trading volume is reached, but Crypto.com does charge a small fee for even the largest volumes.

educational materials

If you are new to cryptocurrency and looking to learn more about it, you will need to go somewhere other than Crypto.com. While some questions are answered through the online help center, they mostly focus on how to perform various functions through the app, rather than educating traders about cryptocurrencies.

Cryptocurrency has attracted many new traders, many of whom do not understand how trading works or the many intricacies of cryptocurrency. Crypto.com is said to have spent hundreds of millions of dollars on advertising, including a TV spot with actor Matt Damon and a naming rights deal for the old Staples Center in Los Angeles. Sure, you could invest some money in more educational content to help the novice traders.

Customer service

Like many cryptocurrency trading apps, Crypto.com does not offer phone support as part of their customer service offer. You will have to rely only on the online help center and focus more on account financing questions and specific product features. There is an in-app chat option for questions, but some customers prefer talking to a real person on the phone.

minimum

Crypto.com offers traders looking for the largest selection of cryptocurrencies a solid option. You will be able to deposit money from a bank account to the mobile application without paying fees and you can earn solid returns through the platform’s staking program. Remember that cryptocurrencies are very volatile and are a poor substitute for cash.

Trading fees are high, especially for clients who do not plan to become active traders. Discounts are available if you plan to trade frequently. Crypto.com will also benefit from enhanced educational resources and a customer service option that includes speaking to an expert over the phone.

For crypto-focused exchanges with lower fees, traders might consider using Binance or Kraken. If you are only looking for the most popular coins, then general investment apps like Robinhood and Webull might be a better fit.

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