The Crypto.com platform offers a number of pros and cons which should both be heavily weighed. Starting with pros, you will find high levels of security all throughout the platform, helping to secure all users and their currencies. Besides this, the site is very low on fees with some transactions carrying no fees at all! On the other hand, you should be aware of a particular con that stands out. That con is that multiple apps are used for different purposes, which can be daunting for new users.
Crypto.com is an upcoming cryptocurrency exchange app that is primarily designed for mobile/smart device use.
The security features of Crypto.com have been praised amongst current users. As with other cryptocurrency exchange platforms, there are features such as multi-factor authentication and anti-phishing and hacking measures.
Signing up to Crypto.com is a simple process, where you must enter your personal details as they appear on all formal identification documents (this makes the verification process a quicker and simpler process) and include a mobile (cell) number and an email address where verification codes can be sent.
Crypto.com are upfront regarding the security measures that they take to make sure that current users and new users’ data is kept safely.
They state that 100% of user cryptocurrencies are held offline in what is referred to as cold storage. To simplify what this means, cold storage is an offline wallet that is used for storing cryptocurrency. This is designed to protect the currency and/or wallet from any unauthorised access, cyber hackers or any other vulnerabilities that could occur. Crypto.com work with a company called Ledger and integrate their system, Ledger Vault. Crypto.com also use hardware security modules (HSM) and multi signature technologies, which are to be expected of cryptocurrency exchange platforms. Crypto.com have stated that they have secured a total of $750m in this cold storage and have, thus far, not encountered any hacking attacks from cyber criminals.
There are funds that are held in hot wallets, which is a tool that allows a cryptocurrency user to send and receive crypto tokens. As with the cold storage, Crypto.com uses HSM and multi-signature technologies, which are designed to keep the funds secure. Adaptations are made to this system to ensure that day-to-day withdrawal requests are made without any difficulties.
Crypto.com have emphasised that the software that they use is peer-reviewed, meaning that those who work within cyber security and cryptocurrency exchange platforms review the software on a regular basis. Transactions are completed and protected by the use of multi-factor authentication. These include the use of a password, biometrics, email address(es), mobile (cell) phones, and additional authenticator verification. On top of that, whitelisting external addresses through email verification is a mandatory process – this ensures that any withdrawals made are made to the correct addresses and people.
Crypto.com have stated that their platform has passed multiple assessments and gained several certifications. They obtained the ISO/IEC 27701:2019 and the ISO/IEC 27001:2013, as well as the CCSS (Cryptocurrency Security Standard) Level 3 and PCIDSS (Payment Card Industry Data Security Standard) Level 1 and have also been independently assessed at Tier 4 for both NIST Cybersecurity and Privacy Frameworks. By integrating these high levels of security, Crypto.com have been able to demonstrate and reinforce their position at the higher levels at the cryptocurrency exchange markets.
As with other cryptocurrency exchange platforms, there are a variety of fees that you need to be aware of.
The deposit and withdrawal fees of Crypto.com are generally very reasonable and are considered to be very affordable. The ACH (automated clearing house) transfer process does not carry a fee, although the minimum transfer that can be made using this method is $20. Wire transfers also do not carry a fee, but the minimum amount that can be transferred is $5000. Other activities, such as when you purchase cryptocurrency with money that you have deposited, exchanging one cryptocurrency for another, depositing cryptocurrency, and sending cryptocurrency to other Crypto.com users, can all be made free of charge. Cryptocurrency withdrawal fees do exist, however, but the amount that you are charged depends on the currency that you are working with. To withdraw Bitcoin, it costs 0.0004 BTC to withdraw, which is still considered a reasonable fee.
The maker and taker fees are designed to provide liquidity providers with reimbursements for participating in the market exchange. The fees, which are considered to be very affordable and reasonable, are based upon 30-day trading volumes. Below, you can see a table comparing the fees for each level of trading volume (obtained from Crypto.com):
| 30 DAY TRADING VOLUME (USD) | MAKER | TAKER |
| $0 - $250,000 | 0.10% | 0.16% |
| $250,001 - $1,000,000 | 0.09% | 0.15% |
| $1,000,001 - $20,000,000 | 0.08% | 0.14% |
| $20,000,001 - $100,000,000 | 0.07% | 0.13% |
| $100,000,001 - $200,000,000 | 0.06% | 0.12% |
| $200,000,001 and above | 0.04% | 0.10% |
As you can see, the fees for both aspects of the market process are very affordable, even for smaller stakes.
Trading on the Crypto.com exchange requires for users to be at Starter level or higher (which requires for your identification to be verified – this can take up to two working days to complete.) Once this has been done, log in to your Crypto.com account and navigate to the markets page. You do have to select the pair of currencies that you want to trade in, so you do require a bit of knowledge of what you’re trading in before you opt. This can be off-putting for cryptocurrency exchange novices, as you need to make sure that you’ve selected the correct order area (between Limit, Market and Advanced) and select the amount that you want to trade. Essentially, using the Crypto.com market exchange requires a bit of research and understanding for what you’re getting involved with.
Crypto.com has introduced a Visa card, which come in five different tiers – Midnight Blue, Ruby Steel, Royal Indigo/Jade Green, Frosted Rose Gold/Icy White and Obsidian. The benefits that come with the Cryto.com Visa card can be substantial, particularly if you decide to opt for the Obsidian card (which is the highest tier of card). Your obligation, when choosing the card, is how much CRO you are staking (CRO being the Crypto.com currency). The stake needs to be held in your Crypto.com wallet for a period of six months.
The Midnight Blue card does not require a stake but does offer a 1% reward on any CRO purchased. You can also withdraw up to $200 per month from an ANTM with this card. With that being said, there are no additional benefits to the Midnight Blue; the additional benefits come and increase with each tier of card.
Ruby Steel requires a $400 CRO stake, but you receive a 2% on your CRO and a reimbursement of the equivalent of the standard month’s subscription to Spotify. You can also withdraw up to $400 a month from an ATM.
There is a significant increase in stake requirements when upgrading to the Royal Indigo/Jade Green option. A $4,000 stake in CRO is required, but you do receive a 3% reward, the reimbursement of the equivalent of a standard month’s subscription to Spotify and the same with a standard monthly subscription to Netflix. You are also granted access to an airport lounge through Lounge Key and can withdraw up to $800 a month from an ATM.
The stakes (and the benefits) continue to increase with the Frosted Rose Gold/Icy White card. The CRO stake is $40,000, but you receive a CRO reward of 5%, the subscription rewards included in the Royal Indigo/Jade Green tier alongside a 100% reimbursement of the standard Amazon Prime monthly membership, a 10% Expedia discount (up to $50) and additional guest on your Lounge Key airport lounge access benefit. You also receive the benefits of Crypto.com Private (which grants research reports, OTC block trades of CRO, inheritance service, industry events access and priority customer service), a bonus reward and an exclusive Crypto.com merchandise welcome pack and the ability to withdraw up to $1,000 a month from an ATM.
The Obsidian is the highest tier of card available in the range. A $400,000 CRO stake is reward, but you receive an 8% reward. You also receive all the card benefits that of the Frosted Rose Gold/Icy White tier, alongside a private jet partnership and the ability to withdraw up to $1,000 a month from an ATM.
Crypto.com have their own cryptocurrency (CRO) which can be exchanged and used for rewards. There are also a substantial number of other cryptocurrencies available (though not all of them are available in the US), including the most well-known cryptocurrencies such as Bitcoin, Litecoin and Ethereum. Crypto.com also offers trading exchanges in lesser-known currencies such as Polkadot and Ox and, as it continues to expand, more cryptocurrencies are inevitably going to be added.
Crypto.com is an expanding cryptocurrency exchange broker and platform and, as such, does have some improvements to make. The trading market screens are intimidating for those who are new to the industry, as well as having to use different apps for different purposes. Where Crypto.com shines, however, is in the reward system and the security that they offer their users. The introduction of a credit card that allows users to stake in their own cryptocurrency and to give rewards such as cashback and the partnership deals with Spotify, Netflix and Amazon Prime is an indication of how Crypto.com is progressing and why it is fast becoming a key figure in the cryptocurrency exchange market.
