Crypto.com 2022 Review | Banking

Share this

Crypto.com will be a good choice for cryptocurrency traders looking to trade one of the broadest selections of cryptocurrencies in the industry. You will be able to trade far beyond the most popular cryptocurrencies, with more than 250 available. It will all be available to you through a 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 the FAQ page and online chat to get your questions answered.

Clients who want to trade more than just cryptocurrency will also be disappointed. If you are okay with a more limited selection of cryptocurrencies to trade, you may be better off with Robinhood or Webull, where you will also be able to trade stocks and ETFs.

Ideal for

  • Large selection of cryptocurrencies
  • Stakeout
  • Cryptocurrency-only traders

Crypto.com at a glance

Minimum balance: None, but $ 1 trading minimum
Negotiable securities: More than 250 cryptocurrencies
Cost per operation:
  • Commissions from 0.4 percent
  • No filing fees
  • Withdrawal fees vary by cryptocurrency
Customer service: No phone service, just 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 cryptocurrencies

Crypto.com truly separates itself from other trading apps by offering more than 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 will find those popular cryptocurrencies alongside darker ones like Polygon and Helium, as well as others you may never have heard of.

It is worth noting that not all cryptocurrencies are available in every state, so be sure to check if a coin you are interested in is available in your location before starting. The Crypto.com app is not available in New York state at all.

Financial apps that offer trading of other stocks alongside cryptocurrencies typically 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 on adding more.

Coinbase is another option if you are looking for a large selection of cryptocurrencies, but with around 125 coins available, it falls short of Crypto.com’s offering. Keep in mind that if you are looking to trade non-crypto stocks, you will need to open an account with a broker such as Schwab or Fidelity.

No commission on wire transfers

Crypto.com will not charge you a fee for transferring money from your bank account to its platform, which makes it an ideal choice to fund your account. Other financing options, such as using a credit card, have commissions of nearly 3%.

An automated clearing house transfer, 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 a wire transfer, which is a little faster in a business day or two but requires a transfer of at least $ 1,000 per transaction. The daily maximum for a wire transfer is $ 1,000,000.

Stakeout

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 paying interest, but with significantly greater risks. You will be able to earn rewards on more than 40 different cryptocurrencies at Crypto.com and interest is paid weekly. As of January 2022, you could earn up to 14.5 percent annually 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. Cryptocurrency staking does not come with any similar insurance policy, and you also face the market risk of losing your capital if the cryptocurrency drops in value.

Cons: where Crypto.com could improve

Commissions

Crypto.com ranks on the higher end of the range for trading fees when compared to other cryptocurrency exchanges. Most starting traders will pay 0.4% on trades, but that number goes down if you are an active trader. Most other exchanges charge 0.2 – 0.35 percent, and Binance.US only comes in at 0.1 percent.

Crypto.com uses a maker-taker pricing model which, at high volumes, rewards those who provide liquidity (maker) and charges a slightly higher price to those who reduce it (taker). 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 – $ 200 million 0.06 percent 0.12 percent
$ 200 million and up 0.04 percent 0.10 percent

A 10 percent discount is available for clients who bet on CRO, Crypto.com’s cryptocurrency, and pay trading fees in CRO. 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 even at higher volumes.

Teaching materials

If you are new to cryptocurrency and are looking to find out more, you will need to go somewhere other than Crypto.com. While some questions are answered via the Online Help Center, they mainly focus on how to perform different functions through the app, rather than educating traders about cryptocurrencies.

Cryptocurrency has attracted many new traders, many of whom don’t understand how trading works or the many intricacies of cryptocurrencies. Crypto.com has reportedly spent hundreds of millions of dollars on advertising, including a TV commercial with actor Matt Damon and a naming rights deal for the old Staples Center in Los Angeles. Sure, he could invest some money in more educational content to help novice traders.

Customer service

Like many cryptocurrency trading apps, Crypto.com does not offer telephone support as part of its customer service offering. You’ll have to rely on a help center that’s only available online and focused more on account funding questions and some product features. There is a chat option within the app for questions, but some customers prefer to talk to a real person on the phone.

Bottom 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 to the mobile app without paying a fee and can earn solid earnings through the platform’s staking program. Remember that cryptocurrencies are extremely volatile and are a terrible substitute for cash.

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

For cryptocurrency-focused exchanges with lower fees, traders might consider Binance or Kraken. If you’re only looking for the most popular coins, general investment apps like Robinhood and Webull might be more suitable.

How we make money

Bankrate is an independent ad-supported publisher and comparison service. Bankrate is compensated in exchange for prominent placement of sponsored products and services or clicking on links posted on this website. This compensation may affect how, where and in what order the products are displayed. Bankrate does not include all companies or all available products.

Share this

Leave a Comment