Best Cryptocurrency Exchange

Is Crypto.com Better Than Coinbase? • Review • Benzinga

Is Crypto.com Better Than Coinbase? • Review • Benzinga
Written by publisher team

Crypto.com quickly became a household name in the cryptocurrency industry after buying the naming rights to Staple’s Center. It is a full-service cryptocurrency platform where users can buy or sell cryptocurrencies, store their digital assets securely, and make daily purchases with their crypto assets using Crypto.com credit cards. The company prioritizes high security, low fees, and many opportunities to earn benefits and rewards. Learn more about what users can expect from the company in our Crypto.com review below:

Crypto.com offers all the popular crypto services you need from buying coins on the exchange to spending them on your daily purchases. Here are their main service offerings:

Crypto.com recently partnered with Visa to offer a range of crypto Visa cards to its users. There are 5 card levels, each with its own unique set of rewards and perks.

At the lowest level, Midnight Blue card holders get 1% back (paid in CRO). In the highest tier, Obsidian cardholders earn 8%.

Higher tier cards also offer full payment of the monthly subscription fee for services like Netflix, Spotify, Amazon Prime, and more when you pay for these services with your crypto card. To unlock higher level debit cards, you will need to share the original crypto.com token, CRO, for 6 months.

The Ruby Card is our favorite of most users, as it only requires $400 in CRO to unlock. The Ruby Card gives users 2% cashback (in CRO) and a full discount on Spotify subscriptions. With a stake of $4,000, you can unlock the Royal Indigo and Jade Green tier that comes with access to the airport lounge for frequent flyers.

To get the highest card, the obsidian card, you will need to share a CRO of $400,000 on crypto.com. This card gives users a whopping 8% cashback in addition to access to airport lounges and a partnership with a private jet. Although it is expensive, users who bet CRO earlier this year have generated more than 100% returns on their CRO. So, at the end of the day, many users are taking advantage of these higher tier cards.

Crypto.com Exchange Review

On the Crypto.com exchange, users can trade more than 150 cryptocurrency pairs. You can buy cryptocurrencies with your debit or credit card with more than 20 fiat currencies in their mobile application.

For users who have completed advanced verification requirements, the exchange also provides a lever. Leverage allows users to borrow money in order to amplify the volatility of a trade or investment. Leverage users run the risk of liquidation, when your leverage plays against you and drains your position to 0 quickly. For this reason, only experienced traders should use leverage. You will also have to pay interest on the borrowed money, which makes holding leveraged positions very expensive. Leverage is not currently available for US clients

Traders who meet the eligibility requirements can apply for the VIP program to receive additional incentives and perks. There are 3 levels, based on the monthly trading volume as a percentage of the total trading volume on the exchange. VIP privileges include:

  • Reduced manufacturer and taker fees
  • Early access to new products and features
  • Free Crypto.com Visa Card
  • 50% commission on trading fees collected from your referrals
  • Exclusive Research Reports
  • Your VIP account manager and API technical engineer
  • Complementary OTC deals

Crypto.com Taxes

One of the most unique services you will find is the free tax service crypto.com. It is fully integrated with all the popular exchanges and wallets, completely free of cost, and has a very user friendly interface that makes it easy to know your crypto taxes. (Full support for US, Canada and more jurisdictions to come).

One of the best features of Crypto.com is its low fees compared to other trading platforms. These fees become even lower if you take advantage of the unique CRO incentives that offset the fees and encourage you to become an active cryptocurrency trader on the exchange.

The fees you will pay depend on the type of trading you do and the services you use. Here is a summary of some of the fees you may encounter:

Crypto.com fees

  • 2.99% to 3.99% Debit or credit card processing fees on their mobile app, depending on your region. This fee is charged every time you purchase cryptocurrency with a credit or debit card. However, Crypto.com is now offering new users 30 days of trading with no fees.
  • 0.10% to 0.16% Trader fee per order, depending on your trading volume in the last 30 days. This is the fee for orders that are executed on the spot. It can be reduced to zero if you deposit a CRO, please refer to their fee schedule.
  • 0.04% to 0.10% Maker fees, depending on your trading volume in the last 30 days. This is a fee for buy or sell orders that are not immediately fulfilled (eg because you placed a specific order).
  • Wallet withdrawal fee, depending on the currency you want to withdraw.
  • 0.015% to 0.04% Derivatives taking fees.
  • 0% to 0.025% Maker fees on derivatives.
  • Visa withdrawal fee, depending on the denomination of the card you have.
  • Network fees for transactions made with DeFi Wallet. These fees are paid to blockchain miners, not crypto.com.

One of the great things about the exchange is that there are a lot of user incentives designed to encourage you to trade more. The fee schedule, for example, is graded based on the frequency of trading. The more you trade, the less you pay. Here are some of the other incentives crypto.com offers:

  • 2% Deposit Bonus On any crypto deposits (paid in the form of CRO, Crypto.com’s own currency).
  • 20% to 100% off on trading fees and margin rates when you share or pay those fees with a CRO.
  • reach to 10% annual interest, paid daily, when you bet CRO for 180 days.
  • Daily interest earned in exchange for holding cryptocurrencies in your exchange account. They refer to this as an “easy process.” The difference between this and regular storage is that there is no lock. You just maintain a balance in your account and earn daily interest for doing so.
  • 50% off coins during guild events when you meet certain participation conditions.

Crypto.com takes the security of user accounts very seriously. In terms of assets, most cryptocurrencies on crypto.com are stored in a cold storage (i.e. offline, where hackers do not have access to it). The fiat currencies on the platform are held in regulated banking institutions where they will be secured and protected in accordance with your local government regulations.

On the software side, crypto.com uses multi-factor authorization to access your account. This includes password protection, email or phone verification, and biometrics. Software is regularly reviewed and updated to include the latest security features.

Crypto.com also protects withdrawals by checking email and a mandatory whitelist of any external addresses. If you do not whitelist the address, the checkout will not be processed.

Crypto.com offers 24/7 support via in-app chat and email. It is clear that Crypto.com customer service could be improved. Complaints are largely related to slow response times and a lack of support in handling cases. The service improves as you reach higher levels and one of the benefits of the VIP program is a dedicated account manager so high frequency traders may not experience the same frustrations as less frequent users.

Crypto.com offers one of the best encryption apps on the market. It is a fully functional and easy to use mobile app where you can do just about anything you can do on your web based desktop system. For those who prefer to do everything via their phone or tablet, you can manage your wallet, place trade orders, monitor your Visa card transactions and more without logging in on the desktop.

As an all-in-one crypto store with incredibly low fees, Crypto.com is hard to beat. With a single app, you can buy or sell over 100 currencies, manage your crypto wallet, spend crypto with a Visa crypto.com card or mobile payment platform, and earn benefits and rewards daily. While customer service could be better, those who value convenience and affordability will appreciate being able to manage all of their digital assets in one secure platform.

You will be hard pressed to find a competitor that offers the range of services offered by crypto.com. It would be nearly impossible to find one that offers them at such low fee rates. This company works hard to incorporate crypto into your daily spending. Here is what sets Crypto.com apart from its competitors:

  • Low fees. Enjoy some of the lowest fees possible, even at the base price for low volume traders. The more you trade, the more you’ll see some of these fees disappear completely.
  • Comprehensive mobile app. Check visa card balance and transaction history, buy and sell cryptocurrencies on the exchange, apply for loans, manage your crypto wallet, deposit cryptocurrencies – all in one app. This makes it easy to keep track of all your digital assets.
  • Generous rewards and incentives. In addition to low fees, crypto.com offers many ways to earn benefits, discounts, and rewards on almost anything you do – even if all you do is keep coins in your wallet!
  • The strongest protection. With strict compliance checking, 100% cold storage, continuous software security updates, multi-factor authentication, and cloud protection, this is one of the safest places to store your crypto.

However, some required features are missing from crypto.com. The main reason why the user does not want to use crypto.com is the fear of centralization. As a central entity, there is the inevitable possibility of human deficiency. From a security bug to a rogue employee, many crypto enthusiasts prefer to use decentralized, blockchain-based alternatives where trust should only be placed in open source code.

Crypto.com’s wide range of services suit almost any user. Investors will enjoy low-fee cryptocurrency trading on the Crypto.com exchange (along with margin accounts and derivatives trading features). Meanwhile, those who do not wish to trade can still earn interest in their crypto.com wallet, just for holding digital assets on the platform.

Frequently Asked Questions

Is Crypto.com Trustworthy?

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Is Crypto.com Trustworthy?

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Rachel Green

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While it had a mixed reputation in its early years, the Hong Kong-based company has taken major strides to increase confidence in its services. CBMs include greatly improved safety measures, tons of incentive programs, and lower fees. As a result, the number of users has increased significantly, Over 10 million users in February 2021. With users increasingly trusting the platform, it’s clear that the site has done a good job of repairing its reputation.

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Can you withdraw money from Crypto.com?

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Can you withdraw money from Crypto.com?

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Rachel Green

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Yes, there are several ways to withdraw money from Crypto.com:

  • Withdraw the cryptocurrency to your crypto.com app or to an external wallet.
  • Users who create a fiat wallet can sell cryptocurrencies for that wallet to withdraw cash with the chosen fiat currency.
  • Withdraw cash from almost any ATM using the Visa crypto.com card.

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Benzinga has developed a specific methodology for classifying cryptocurrency exchange instruments. We prioritize platforms based on offers, pricing, promotions, customer service, mobile applications, user experience, benefits and security. For a comprehensive analysis of our methodology, please visit our cryptocurrency methodology page.

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