Crypto.com Review June 2022

Cryptoassets are a highly volatile unregulated investment product.

Tradable Cryptos on Crypto.com

Investors can buy Bitcoin on Crypto.com and 250+ other cryptocurrencies. But the platform is expanding, and management’s intentions are to add several marketplaces to the exchange.

Cryptocurrencies

Traders can use Crypto.com to buy, sell, store, send and track those 250 cryptocurrencies – many can also be traded with leverage on perpetual futures pairs. Besides the major coins, such as BTC, ETH and ADA Crypto.com offers an impressive range of altcoins such as Algorand, Polkadot and Uniswap.

The Crypto.com exchange is constantly adding new coins, so if investors don’t see the one they want there’s a chance it could be added in the near future.

Trading on Crypto.com means that investors also have access to meme coins like Dogecoin, Shiba Inu and also DeFi coins like Fantom. Investors who feel that day-trading cryptos is risky due to the volatility can opt for a safer option to earn interest on cryptocurrencies by staking them.

Crypto.com enables investors to stake coins, requiring them to lock in coins on the exchange to earn interest. The platform has provided 40 cryptocurrencies and stablecoins that investors can stake. Each coin provides a predetermined annual interest. As an example, staking Bitcoin for a year will earn investors 6% interest. Investors who stake stablecoins can earn up to 10% per annum. Some of the best staking coins provide up to 14.5%. Choosing to stake the platform’s native token, CRO, will yield only 4% interest annually.

This platform offers various lock-in periods, 1 month or 3 months. Investors can opt for the flexi period, enabling them to choose the period to keep their coins locked. Crypto.com offers one of the best crypto staking platforms.

Investors can use 20 fiat currencies to trade the cryptos offered on the Crypto.com platform.

Cryptoassets are a highly volatile unregulated investment product.

Non-fungible Token (NFTs)

NFTs are a growing phenomenon, and their market valuation was estimated to be $47 billion in 2021. Some analysts predict that it could be worth $147 billion by 2026. First introduced in 2012 as an issuance for Bitcoin because Ethereum hadn’t yet been created, NFTs are a financial security consisting of digital data stored on the blockchain.

It’s regarded as a distribution ledger, and NFT ownership is recorded on the blockchain. Owners can sell, transfer and trade NFTs. Crypto.com wanted to get in on the action, so it offered an NFT marketplace. Investors can buy, sell and showcase NFTs.

Crypto.com offers a top collection of NFTs, featuring Ugonzo Art, DaRealGenius and some of the more affordable ones such as Loaded Lions and Snailmates. The Crypto.com NFT platform is constantly adding new types of non-fungible tokens.

Cryptoassets are a highly volatile unregulated investment product.

GameFi

GameFi is a combination of video games and blockchain technology. These blockchain games offer economic incentives such as in-game rewards for completing tasks and progressing in the game. They’re known as play-to-earn games and users can receive the platform’s native token.

Investors have access to popular platforms such as The Sandbox, Axie Infinity and Legends Reborn on Crypto.com. See our full list of gaming crypto coins.

Cryptoassets are a highly volatile unregulated investment product.

Yield Farming

Although still in its beta stage on Crypto.com, yield farming is a way for investors to earn a passive income by contributing to liquidity pools. Investors receive rewards such as coins for locking up their cryptocurrencies. It differs from staking coins.

Yield farming provides liquidity to DeFi protocol to receive a yield, but staking coins involves locking coins on an exchange to make the network more resilient and validate transactions. Staking is more suitable for beginners because it is less risky. Yield farming provides short-term returns, whereas investors stake coins usually to earn interest long-term.

Cryptoassets are a highly volatile unregulated investment product.

Crypto.com Fees & Commissions

Our Crypto.com review team also noticed that the platform has a competitive fee structure. The platform splits its trading fees between takers and makers rather than using a spread system.

Crypto.com Trading Fees

Crypto.com’s various crypto fees and NFT trading fees are listed below.

Cryptocurrency Fees

Crypto.com fees are tier-based. The higher the trading volume, the lower the fees. Investors on level 1 have a trading volume between $0 and $25,000 monthly. On that level, takers and makers are charged 0.4%. At the time we published this article, Crypto.com offered a 10% discount on fees. But discounts are given in CRO rebates. So level 1 traders are charged 0.36%.

Once traders exceed the $25,000 monthly volume, they qualify for level 2 rates, which are usually 0.35%  but 0.315% with the current special. Let’s demonstrate with an example by using Bitcoin trading on level 1 with 0.4% fees. Traders wishing to invest in Bitcoin with $1,000 would receive $996 worth of Bitcoin. The reason is that the fees for a $1000 trade are $4.

VIP traders are entitled to discounted fees. To qualify for VIP fees, traders would need to exceed 1% of the exchange’s volume. If that were to happen, VIP traders are charged 0.04% as takers and 0.02% as makers. Even the VIP trading is tiered. VIP 2 and VIP 3 levels are available, with the second level requiring traders to exceed 2% of the exchange’s volume to be charged 0.03% as a taker and 0.010% as a maker.

NFT Fees

NFTs traders will be glad to know that the platform has reduced secondary seller fees from 5% to 1.99%. NFT creators can mint NFTs and list them for sale on the marketplace and be charged 1.99% primary seller fees, reduced from 15%.

The reduced fees for NFT traders and creators are valid until 30 September 2022.

Crypto.com Non-Trading Fees

We’ve included Crypto.com’s non-trading fees.

Deposits

The good news for investors is that Crypto.com doesn’t charge a fee for USDC deposits via SWIFT and FEDWIRE. But investors should note that it’s possible their banks may charge fees for deposits to Crypto.com.

Investors will be charged 10 USDC for erroneous USD deposits.

Withdrawal

Crypto.com charges withdrawal fees, whether investors decide to take out cryptocurrencies or fiat currency. The Crypto.com withdrawal fee varies per coin. The platform also stipulates a minimum amount of crypto that investors need to withdraw.

Investors wishing to withdraw via bank transfer will incur a non-refundable 25 USDC fee. Also, the platform charges an administration fee of  50 USDC for erroneous USD deposits.

Inactivity

The platform also penalizes traders who are inactive. If a trader is inactive for 12 months, Crypto.com will charge $5 monthly.

Is Crypto.com User-Friendly?

Trading on Crypto.com is convenient for beginners and pro traders. That’s the reason that this platform has managed to attract more than 50 million users. It caters to traders of all skill levels, enabling beginners to place trades easily.

Opening a trade is as simple as going to the exchange, searching for the cryptocurrency to trade and clicking on ‘Trade’.

Pro traders will find the platform appealing because Crypto.com has designed it to feature advanced tools. Traders can incorporate indicators and combine strategies to ensure they have optimized their technical analysis. It’s important for traders to feel secure about their decisions before opening a trade, and Crypto.com provides the tools to achieve that.

Whether traders opt for the Crypto.com app or the desktop version, they’ll find that the platform navigates them to the next step. It’s frustrating having to click numerous buttons to get to what traders need, and this platform has eliminated that. The desktop version features only a few icons, enabling traders to find what it is they’re looking for and to navigate to it.

Even the homepage contains most of the main features, so traders won’t struggle to find what they’re looking for. As for the mobile version, Crypto.com has incorporated the main features found on the desktop version and featured them on the app. Traders who are on the go will find the app to be straightforward and convenient for placing trades.

One of the appealing things about this platform is the colors and the design used. Some trading platforms opt for a white background,…