Crypto.com has become a well-known name in the world of cryptocurrencies over the last few years. Their app has some great features, but it can be hard to navigate for newbies and their how-to videos are virtually non-existent. But their app is easily accessible from the moment you download it onto your smartphone. They have a wide selection of crypto types to choose from such as Altcoins, various tokens and of course Bitcoin.
This Crypto.com review will list our thoughts and experiences while using their app. We have been using the Crypto.com app for the last 6-months to swap and make new purchases. It’s one of the easier crypto exchanges to deposit and make purchases but transfers out of Crypto.com can be problematic.
Who Are Crypto.com?
Created way back in 2018, Crypto was one of the first all-around cryptocurrency exchanges. Offering a
They offer their users many benefits such as staking their LP token (CRO) which has various other benefits. One great feature, if your storing tokens and coins on Crypto.com is their prepaid-debit card. So technically giving you a way to make real-world payments with the cryptocurrency your hodling.
- Pre-paid crypto debit card
- Staking their LP token (CRO)
- Swap various cryptocurrencies
- Make purchases with fiat funds
- Deposit from Paypal, debit cards and CC
- Huge variety to choose from
Crypto.com Customer Help/Services
If for some reason you have a problem with your account, or a transaction keeps failing then their customer support is virtually non-existent. I spent five days waiting for a reply because I never received an Altcoin and was wondering what the hold up was.
After five days before I received a reply, my altcoins miraculously appeared. On that day I received a reply stating all was fixed and that it takes time. I was using the Ethereum Blockchain to transfer in some Ethereum for swaps. I have never heard of a five-day transfer, but I did check the transfer and it completed within 10-minutes and had many confirmations.
Is Help At Hand?
Crypto.com does provide some help, guides and a few how-to videos, but if you are a beginner then Coinbase or Binance would be better suited. They help you far better when compared to Crypto and their interface is more
Crypto.com Loyalty Point Token CRO
Their LP token CRO is an ERC20 token built on the back of the Ethereum blockchain. CRO has a 30,263,013,692 max supply, which is on the very high side and does not perform exceptionally well. It peaked at $0,25 back in March and has continued its descent, but it will pick up over the next year so be sure to accumulate their LP tokens.
- Loyalty Points Token CRO
- Stake CRO for rewards @10%
- 10% reduction for transaction fees
- ERC20 Token @30,263,013,692
- Running on the Ethereum Blockchain
The More LP tokens you have/stake the fewer fees you will pay. They use their Lp token as a loyalty type program where the more you have the better rates and % received back on staking.
When you stake their CRO token for 180 days you receive a percentage back daily. but you must stake upwards of 5000 CRO tokens to be eligible for this staking offer. Another benefit to CRO is you can pay fees using their LP token, this will reduce the fees when swapping various tokens and altcoins.
Crypto.com Withdrawel Fees
When it comes to withdrawing your altcoins and tokens from crypto.com do not expect to pay with CRO. This is only for transfers, so expect to pay the rate in the crypto you are withdrawing. They also claim it takes around 2/3 hours for your
- Long withdrawal times
- Cannot use CRO for external transfers
- Withdrawal amounts vary from crypto to crypto
Top Tip: Doublecheck the withdrawal fees on the crypto you are looking to purchase through Crypto.com. Then shop around especially if you are buying a big bag to hold long term. One thing about Crypto.com is their fees are cheap. But do not expect the crypto to turn up
straightaway like other exchanges.
Is Crypto.com Safe For Holding?
No, you should never use a crypto exchange when hodling, it is just too risky. Use an external wallet or a hot wallet for smaller amounts you might want to trade if the opportunity arises. But the first rule of crypto trading is never HOD
- Never store crypto in an exchange
- Too many people have access
Opening Your Crypto.com Account
If you download the app or use the website, you have to pass KYC. This process is super easy and requires your face to be scanned and identification submitted. This is standard practice in the world of crypto exchange. Once you have passed this you are ready to add a payment method and start making purchases. The process took about an hour for me to signup, submitting my KYC and adding a payment method.
- Download their app
- Signup fill in all details
- Submit your KYC details
- Add a payment method
- Make a purchase
Alternatives to Crypto.com
There are many alternatives to Crypto.com but expect to pay higher fees. Low fees are what Crypto.com has going for it, apart from low fees it is a waiting game for your cryptocurrencies to arrive in your private crypto wallet. Alternatives to Crypto.com are:
- Low fees on transfers and purchases
- Good earning potential when staking CRO
- Easy to set up and start trading
- Visa card for real-world payments
- Good interest rates
- 100+ cryptocurrencies to choose from
- Withdrawals are NOT instant
- Bad user support, no phone support
- Slow online support
- High fees for a low amount of crypto
- All interest paid in CRO
Other Customer Reviews
There are many real and non-real reviews on the web concerning Crypto.com. The main concern is the app is non-responsive at times, especially when prices are tanking. Which is when everyone wants to damage control or make some good purchases. This might be trading volumes overloading the app, or something more sinister.
Withdrawals are also a big concern with many reviewers claiming they did not receive their cryptocurrency and ended up losing the lot. Some of these reviews of Crypto.com seem to be faked or mass-generated. It goes to show that many users are not happy with the service surrounding Crypto.com.
Conclucion – Crypto.com Review
Our Crypto.com review is OK, but they seem like a second rate crypto exchange to me. If you cannot withdraw your crypto instantly then why bother at all, Coinbase and even Binance are solid when it comes to withdrawals. They are instant once you pass 2FA and I have never had a problem with either when withdrawing to my wallet. As for their support, it’s useless.
If you are going to use Crypto.com then we would advise our readers to only buy small amounts. You do not want to buy a big bag of Ethereum for swaps elsewhere or swap altcoins for different tokens and to miss the opportunity because Crypto.com want to hold on for days before they release the funds I purchased.
Have You Used Crypto.com? We want to hear your reviews, experiences both good and bad. This will help other readers decide on using the Crypto app. For now, I will be recommending Coinbase or Binance for a much safer and stress-free crypto trading journey.