Crypto.com Review 2022 | The bank rate
Crypto.com is going to be a good choice for cryptocurrency traders looking to trade one of the widest selections of cryptocurrencies in the industry. You will be able to trade well beyond the most popular cryptocurrencies, with over 250 available. Everything will be at your disposal through a nifty mobile app that makes it easy to trade on the go. Like many other crypto platforms, the customer service leaves something to be desired. With no customer service representatives available by phone, you’ll have to rely on the FAQ page and online chat to get your questions answered.
Customers looking to trade more than just crypto will also be disappointed. If you’re ok with a more limited selection of cryptocurrencies to trade, you might be better off with Robinhood or Webull, where you can also trade stocks and ETFs.
- Wide choice of cryptocurrencies
- Crypto-only traders
Crypto.com at a Glance
|The minimum balance:||None, but $1 trade minimum|
|Negotiable securities:||More than 250 cryptocurrencies|
|Cost per transaction:||
|Customer service:||No phone service, only self-help and chat|
|Mobile app:||The Crypto.com mobile app is available on the Apple App Store and Google Play Store|
Pros: Where Crypto.com Stands Out
Selection of cryptocurrency
Crypto.com really stands out from other trading apps by offering over 250 cryptocurrencies, some of the best in the industry. Other cryptocurrency apps only offer the most popular coins, such as Bitcoin, Ethereum, Solana, and others. But with Crypto.com, you’ll find these popular cryptocurrencies as well as more obscure ones like Polygon and Helium, as well as others you may never have heard of.
It should be noted that not all cryptocurrencies are available in all states, so be sure to check if a coin you are interested in is available in your region before you begin. The Crypto.com app is not available at all in New York State.
Financial apps that offer to trade other securities with crypto usually only offer a handful of coins. Robinhood offers commission-free trading in seven cryptocurrencies, while Webull offers more than 20 and says it is working to add more.
Coinbase is another option if you’re looking for a wide selection of cryptocurrencies, but with around 125 coins available, it falls short of Crypto.com’s offering. Be aware that if you are looking to trade non-crypto securities, you will need to open an account with a broker such as Schwab or Fidelity.
No fees on bank transfers
Crypto.com won’t charge you a fee to transfer money from your bank account to its platform, making it the ideal choice for funding your account. Other financing options, such as using a credit card, incur fees of almost 3%.
An Automated Clearing House, or ACH, typically takes three to five business days and comes with a minimum amount of $20 and a daily limit of $100,000. You can also fund an account via wire transfer, which is a bit quicker at one or two business days but requires at least $1,000 to transfer per transaction. The daily maximum for a wire transfer is $1,000,000.
Crypto.com allows customers to hold cryptocurrency deposits with it and earn rewards in return. The practice, known as staking, is similar to a bank savings account that pays interest, but with significantly greater risk. You will be able to earn rewards on over 40 different cryptocurrencies on Crypto.com and interest is paid weekly. In January 2022, you could earn up to 14.5% per year by staking with Crypto.com. Staking with Bitcoin and Ethereum can earn up to 8.5% per year.
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 a similar insurance policy and you also run the risk of losing your capital if the value of the cryptocurrency declines.
Cons: Where Crypto.com Could Improve
Crypto.com is on the high end of trading fees compared to other cryptocurrency exchanges. Most newbie traders will pay 0.4% on trades, but this number decreases if you are an active trader. Most other exchanges charge 0.2-0.35% and Binance.US only costs 0.1%.
Crypto.com uses a maker-taker pricing model which, at high volumes, rewards those who provide liquidity (makers) and charges a slightly higher price to those who reduce it (takers). Here is a breakdown of how fees change as volumes increase.
|Less than $25,000||0.40 percent||0.40 percent|
|$25,001 – $50,000||0.35 percent||0.35 percent|
|$50,001 – $100,000||0.15 percent||0.25 percent|
|$100,001 – $250,000||0.10 percent||0.16 percent|
|$250,001 – $1 million||0.09 percent||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 to $200 million||0.06 percent||0.12 percent|
|$200 million or more||0.04 percent||0.10 percent|
A 10% discount is available for clients who stake CRO, Crypto.com’s own cryptocurrency, and pay a CRO trading fee. Other exchanges, including Kraken and Binance.US, do not charge creator fees once a certain level of trading volume is reached, but Crypto.com charges a small fee even for the highest volumes.
If you are new to cryptocurrency and want to learn more about it, you will have 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 training traders in crypto.
Cryptocurrency has attracted many new traders, many of whom do not understand how trading works or the many intricacies of crypto. Crypto.com reportedly spent hundreds of millions on advertising, including a TV spot with actor Matt Damon and a naming rights deal for the former Staples Center in Los Angeles. He could surely invest some money in more educational content to help newbie traders.
Like many cryptocurrency trading apps, Crypto.com does not offer phone support as part of its customer service offering. You will have to rely on a help center which is only available online and focuses more on account funding issues and certain product features. There is an in-app chat option for questions, but some customers prefer to talk to a real person on the phone.
At the end of the line
Crypto.com offers traders looking for the widest selection of cryptocurrencies a solid option. You will be able to deposit funds from a bank account on the mobile app without paying any fees and you will be able to earn solid returns through the platform’s staking program. Remember that cryptocurrencies are extremely volatile and are no substitute for cash.
Trading fees are high, especially for clients who do not plan to be active traders. Discounts are available if you plan to trade frequently. Crypto.com would also benefit from enhanced educational resources and a customer service option that includes talking to an expert over the phone.
For crypto-focused exchanges with lower fees, traders can consider Binance or Kraken. If you’re only looking for the most popular coins, general investing apps like Robinhood and Webull might be a better fit.
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