If you are looking to shop for or sell crypto, there are many cryptocurrency platforms to settle on 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 ascertain what makes them attractive as a cryptocurrency platform.
Who Is Crypto.com?
Crypto.com (legal name: MCO Malta DAX Limited) may be a cryptocurrency investing and staking platform. it had been founded in June 2016. Crypto.com’s founders are Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. it’s based in Sai Wan, Hong Kong Island, Hong Kong. it’s 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 merely offered as an app. there’s no desktop access. Below are a number 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
Crypto.com supports over 90 cryptocurrency pairs in total. However, but 60 of these currencies are available within the U.S. And only 22 are available in every state.
Crypto.com offers its own native cryptocurrency called the CRO. It enables customers to buy goods and services using the Crypto.com Wallet App. It also can be traded.
Crypto.com users can prefer to receive payments in CRO also as stable coins or fiat. they will also swap CRO or stake it (detailed below) to spice up their interest yield by 20x.
Staking Coins To Earn Interest
Staking means you lock your coins up for a period of your time and, in exchange, earn interest on them. The rates that you’ll earn varies with the length of your time your coins are staked. Interest is paid within the coin that you simply stake instead of in USD or other paper money .
The app feature that permits you to earn interest is named Crypto Earn. Note that Earn isn’t available to Hong Kong SAR, Switzerland, or Malta residents.
You’ll receive a weekly payout on your interest earnings. The app will show what proportion your staked coin was worth at the time of payout.
Because your staked coin is locked up supported 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 will be good and bad. But it does assist you avoid panic-selling at rock bottom .
Terms are one and three months. there’s also a versatile term option. Longer terms pay more and therefore the flexible option pays the smallest amount . You’ll get higher rates if you stake 50,000 or more CRO. Staking 500,000 or more CRO will earn a further 2%.
Use Your Crypto within the world
One of the foremost unique features of Crypto.com is that it allows you to use your crypto within the world . Often crypto owners are restricted to exchanging coins with other investors.
But with Crypto.com, you’ll use your crypto to shop for physical goods and services.This is possible because Crypto.com allows users to load their crypto onto one among the platform’s various Visa cards.
At least that is what it’s like on the surface. Since most merchants still don’t accept crypto as payment, Crypto.com will still got to convert it to USD before it hits your card. Basically, they’re just automating the method for you.
Crypto.com offers several different card tiers. Each tier features a different CRO reward amount and is predicated on the quantity of CRO staked on the cardboard . CRO rewards are issued once you spend using the cardboard .
You can also receive credit on popular subscriptions like Spotify, Netflix, and Amazon Prime. the very best reward rate occurs once you stake 5 million CRO, which provides an 8% reward.
Are There Any Fees?
Yes, Crypto.com features a complex maker/taker fee structure for trading crypto. counting on your 30-day trading volume, the maker fee can range from 0.036% to 0.10% and therefore the taker fee can range from 0.090% to 0.16%.
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 will need to be a minimum of 18 years aged to check in .
Is My Money Safe?
Crypto.com does take measures to guard your funds and crypto. However, it’s not FDIC or SIPC insured. Additionally, Crypto.com isn’t a U.S.-based company. It’s based in Hong Kong , where regulations are very different. Also, you won’t find a telephone number or address to contact anyone.
Is It Worth It?
If you’re comfortable with employing a non-U.S. cryptocurrency platform and find Crypto.com’s rates attractive, it are often worthwhile . But those that would rather persist with a U.S. company will want to seem elsewhere.
You’ll also want to avoid Crypto.com if you want desktop platform access or need a customer service number to call if issues arise. And, finally, some crypto traders might want to seem for a corporation that gives a more straightforward fee schedule.
If you’re primarily looking to shop for and sell cryptocurrency, here are all of our favourite platforms. But if you’re hoping to lend out your crypto to earn interest, you’ll be wanting to see out our list of the highest cryptocurrency savings accounts.