Review: Crypto.com cryptocurrency app and exchange

Overview of Crypto.com

Launched in 2016, Crypto.com has become one of the largest cryptocurrency exchanges in the world, with over 10 million active users. Starting as a crypto-only exchange, Crypto.com has evolved into a more comprehensive platform, offering crypto payments, borrowing and lending services, a non-custodial wallet, the Crypto.org blockchain with native CRO and an NFT marketplace. To be at the forefront of mainstream adoption, the platform has invested millions in marketing, including negotiating deals with globally recognised sporting organisations and celebrities. The exchange is headquartered in Hong Kong but is accessible all around the world.

• If this is your first exchange: Crypto.com has several payment options for acquiring your first cryptocurrency assets. While initially overwhelming, the sleek and friendly user interface is easy to navigate even for inexperienced cryptocurrency investors.
• If you're switching exchanges: Crypto.com may provide a great all-in-one alternative that allows you to put your cryptocurrency assets to work or convert them into real spending power. All of this comes at a highly affordable rate, but it may come at the cost of good customer service.

Verdict: Is Crypto.com any good?

Crypto.com is a good choice for both inexperienced and experienced cryptocurrency investors. It caters to those who are looking for a platform that supports a wide range of cryptocurrencies and features. The exchange or app may be overwhelming initially, but the user interface is easy to understand, and many features are available globally and at an affordable price. The fees for trading are competitive, though can be high when withdrawing to an external wallet from the exchange. There is a detailed knowledge base available on how features work, and there is Crypto.com university to teach information about various assets. The company has prioritised security, marketing and design, but there is evidence to suggest that the customer service experience is lacking.

Crypto.com ecosystem overview

The Crypto.com ecosystem is divided between the Crypto.com mobile app and the Crypto.com exchange (which has both web and app versions). The app offers access to all of the basic features required by new investors, while the exchange provides additional functionality for those looking to trade short-term price movements or put their cryptocurrency assets to work with staking or decentralised finance (DeFi) farming.

Crypto.com app

The Crypto.com app hosts all of the features to get a user started with cryptocurrencies. Users can purchase cryptocurrencies directly using either a bank transfer or credit card. Alternatively, users can store fiat currency within the app's fiat wallet that can then be used to make purchases at any time. In addition, for any user that acquires a Crypto.com Visa Card, all of the card details can be managed directly from within the app. Any cryptocurrencies held within the app can then be transferred to the exchange at no cost, and vice versa.

Crypto.com exchange

The Crypto.com exchange is where advanced trading is available. These trading features are for those looking to take full advantage of their cryptocurrency assets and short-term cryptocurrency market movements. Through the exchange, users are able to access both margin and derivative products, including futures and perpetual contracts. Alternatively, if users wish to put their digital assets to work, DeFi and staking products are available. These offer a range of interest-earning opportunities. Finally, if investors are nervous about leaving cryptocurrency assets in the custody of the app or exchange, Crypto.com offers a non-custodial wallet service that provides full private key control called DeFi Wallet.

Crypto.com NFT platform

The most recent addition to the Crypto.com exchange is the Crypto.com non-fungible token (NFT) marketplace. Built on the crypto.org blockchain, the marketplace is offered as a standalone application. It hosts a range of NFT categories including art, sports, games, music and even NFTs owned by celebrities.

Crypto.org Chain

Crypto.com as a company developed and launched a native blockchain protocol called the Crypto.org Chain. The Crypto.org Chain is an open-source blockchain that facilitates elements of the Crypto.com exchange ecosystem and is capable of hosting other payment, DeFi or NFT applications.

The blockchain was developed using the Cosmos Software Development Kit (SDK) and uses Tendermint Core's consensus engine. By utilising a proof-of-stake (PoS) consensus mechanism, the blockchain remains scalable and secure.

Cronos

Alongside the main Crypto.org blockchain, Crypto.com has also developed an Ethereum Virtual Machine (EVM) sidechain known as Cronos. The sidechain was built using Ethermint and offers smart contract functionality. It was developed so that decentralised applications could be transferred across from other blockchains into the Crypto.org blockchain ecosystem.

What to know about Crypto.com

Crypto.com offers an expansive ecosystem for cryptocurrency investors. Most users will not need to look elsewhere with the variety of features on offer, and rates are extremely competitive. Due to the numerous payment and earning options provided, Crypto.com operates as a crypto bank rather than solely as a cryptocurrency exchange.

It is worth noting that the company has received quite a few negative reviews regarding customer support, though the 2 most common rankings are 1 out of 5 and 5 out of 5. Be sure to read the reviews rather than just looking at the rating for any exchange reviews to find out if the issues may affect you.

Finder ratings

Supported cryptocurrencies
Transferring money or assets
Fees and costs
Ease of use
Customer service
Features
Staking / earn rating?
Trustworthiness / security
Overall score

Supported cryptocurrencies

Crypto.com supports over 100 different cryptocurrency assets. Below, Finder has listed 20 cryptocurrencies that can be deposited into the Crypto.com app. There is support added for new coins and tokens constantly so check out the full list on the Crypto.com support page.

Transferring fiat and cryptocurrency

Transferring fiat and cryptocurrency into and within Crypto.com is straightforward. The exchange offers multiple deposit methods for over 20 different fiat currencies. Australian customers have access to BPAY, PayPal and bank transfer payment methods. Any money stored within the Crypto.com app fiat wallet can be used to pay for cryptocurrency purchases at true cost. Fiat deposits and withdrawals can take 1-5 business days.

It is also very easy to transfer funds between the app and exchange. While the Crypto.com exchange does not support fiat deposits, the transfer of cryptocurrencies from the app to the exchange can be completed in seconds. The transfer of cryptocurrencies to and from external wallet addresses can take 2-3 hours.

Fees and costs

For cryptocurrency purchases, Crypto.com offers true cost exchanges, making it one of the most competitive platforms in the market. When converting funds from the Crypto.com fiat wallet there are no additional charges. Charges are implemented if you decide to purchase cryptocurrencies instantly using a debit/credit card or bank transfer.

On the exchange, trading fees work based on a maker/taker system. Makers are traders that add new orders to the exchange's order book, creating new liquidity. Makers are rewarded with slightly lower fees. Takers fill already open orders (the ones made by makers), removing liquidity. Both maker and taker fees start at 0.4%.

Most fees within the Crypto.com ecosystem are influenced by CRO token holdings. If a user stakes a certain amount of CRO tokens, it can increase the interest offered by Crypto Earn, improve the benefits associated with the Crypto.com Visa Card and lower the fees associated with trading. There are no fees for transferring cryptocurrencies between the exchange and app, but there are withdrawal fees for withdrawing to an external wallet that vary.

Fiat withdraw and deposit fees

Crypto.com does not charge a fixed fee for fiat deposits and withdrawals. The details for all fiat currencies can be found within the Crypto.com help center.

Crypto withdrawal and deposit fees

Crypto.com does not charge any fees for depositing cryptocurrencies. Only associated network fees will be applied when withdrawing through the app. When withdrawing through the exchange the fees vary and can be quite high. Check the exchange's withdrawal fees tab.

What is it like to use Crypto.com?

Crypto.com has been designed so that it is intuitive for both inexperienced and advanced cryptocurrency users. It is clear the design team has taken time to ensure the user interface is clean, user friendly and easily navigated.

• Crypto.com app

  The homepage of the Crypto.com app lists all of the accessible features. It also highlights the day's top gainers. The interface of the mobile app is user friendly.

  
  Cryptocurrency charts on Crypto.com
  Each cryptocurrency is shown with an adjoining price chart that can be used to analyze price trends. Prices are updated in real time.

  
  Crypto.com Visa Card
  All details regarding the Crypto.com Visa Card can be managed from the Crypto.com app. Users can check balances and top up their card from the app.

  
  Crypto.com customer service
  Although direct customer service is sometimes lacking, Crypto.com does offer an extensive help centre that is complete with detailed guides on most of the processes users may have questions about.

  
  How to buy cryptocurrency on Crypto.com
  Cryptocurrencies can be purchased using a credit card, cryptocurrency or fiat. While crypto wallet and fiat wallet purchases are completed at true cost, credit card purchases are charged extra fees.

  

  Does Crypto.com have good customer support?

  Crypto.com offers several methods for customer support. These include a 24/7 live web chat, an email ticketing system, a customer service number, a detailed help centre and social media platforms. Although several methods are available, there are many negative reviews regarding these services. Poor reviews state it being hard to get fast customer support and that answers are unhelpful. Be sure to read reviews to get an idea of other consumers' issues and make an informed decision.

  	Support offered	Wait times
  Contact us form	Yes – for general, regulatory and law enforcement inquiries	24 hours
  Live chat	Yes	15-30 mins
  Customer service number	Yes	Variable
  Help centre	Yes	N/A
  Social media	Yes	Variable

  List of services on Crypto.com

  Earning on Crypto.com

  Crypto.com offers users the ability to put cryptocurrency assets to work through staking, lending and DeFi yield farming products.

  The Crypto Earn module also offers up to 10% APY on stablecoins and 14.5% on currencies such as Polygon and Polkadot. Rates vary depending on the amount of native CRO tokens held, stake term and amount locked up.

  Alternatively, users can access DeFi staking, swapping and yield farming protocols though the DeFi Wallet offered by Crypto.com. There is also the ability to stake CRO for an APY of 6%.

  Crypto.com Visa debit/credit card

  Crypto.com offers users the ability to convert cryptocurrencies directly into spending power with the Crypto.com Visa Card. The Crypto.com Visa Card offering has five different tiers, each providing users a host of card benefits. The card can be used wherever Visa is accepted globally and offers up to 8% cashback on all purchases for its highest tier, with 1% for its lowest.

  Benefits vary depending on the amount of native CRO tokens staked in the Crypto.com platform, and include full reimbursements for certain subscription services paid for with the card.

  CRO stake required (AUD)	$500,000	$50,000	$5,000	$500	None
  Card tier	Obsidian	Icy White & Frosted Rose Gold	Royal Indigo & Jade Green	Ruby Steel	Midnight Blue
  CRO rewards on spending	8%	5%	3%	2%	1%
  LoungeKey airport lounge access	Yes, +1 guest	Yes, +1 guest	Yes	No	No
  No-fee monthly ATM withdrawal limit (2% thereafter, AUD)	$1,000	$1,000	$800	$400	$200
  Interbank exchange rate monthly limit (0.5% thereafter, USD)	N/A	N/A	N/A	N/A	N/A

  Borrowing on Crypto.com

  Crypto.com offers users 3 ways to borrow funds from the platform.

  The first is called Crypto Credit. This gives users access to instant loans with no deadlines and no credit checks. Users can withdraw up to 50% of their crypto collateral that is deposited on the Crypto.com platform. All loans are overcollateralised in case repayments cannot be made. Interest rates can be as high as 12% p.a.

  The platform also offers users the ability to borrow funds when trading with margin or via the derivatives exchange. Margin trading can be accessed with up to 10x leverage. Derivatives, which include futures and perpetuals, can be traded with up to 50x leverage.

  Crypto.com promotions

  Crypto.com also hosts 2 promotional platforms called The Syndicate and SuperCharger.

  The Syndicate is a project fundraising platform that allows investors to get into cryptocurrency projects early. Blockchain or application developers can list cryptocurrency tokens that are related to an upcoming project after they have been vetted by the Crypto.com team. Cryptocurrencies are often listed with a 50% discount to encourage interest.

  Meanwhile, SuperCharger is a liquidity pool specifically designed for the native CRO token. Users can deposit CRO tokens in the pool for a limited period (the charging period) and earn popular crypto coins and tokens as a payout during the reward period.

  Trust rating

  Crypto.com receives a 5-star trust rating. The rating is given based on multiple factors. The company's zero hack history and the requirement for users to use secondary authentication when logging in are notable. There have been multiple security audits performed by both internal and external audit teams. Crypto.com offers a large insurance fund to cover any potential losses due to security breaches, and its US bank is FDIC insured.

  Past hacks

  Crypto.com was hack-free up until January 2022, where the exchange admitted they lost approximately $35m USD in a targeted attack. 483 users were affected by the exploit, however Crypto.com re-paid customers' lost funds in their entirety.

  Security audits

  Crypto.com takes security seriously. Alongside implementing standard security features such as 2-factor authentication (2FA) and the cold storage of all digital assets, the exchange has also listed a bug bounty program on HackerOne. This provides rewards to those who spot gaps in the security of the platform.

  The company has also completed thorough audits of modules within the Crypto.com ecosystem. For example, the DeFi Swap module is a fork of the Uniswap decentralized exchange, which was originally audited by dApp.org. However, before launch, DeFi Swap was also audited by Crypto.com's internal security team. The exchange also makes sure that all protocols listed within the DeFi Swap feature have been fully audited and clear certain guidelines.

  Crypto.com complies with Australian laws that require cryptocurrency exchanges to be registered with regulation body AUSTRAC.

  Insurance

  Crypto.com has amassed a $750 million insurance fund to cover any losses sustained through damage or theft. This includes the recent addition of a $100 million direct insurance policy provided by Arch Underwriting at Lloyd's Syndicate 2012 for its cold storage assets.

  Signing up on Crypto.com

  Head over to the official Crypto.com website and download the Crypto.com app through either the Google Play (Android) or App Store (iOS).

• Step 2

  Sign up through the app using an email address. During the registration process, you will need to provide your full legal name, photo of a government-issued ID and a selfie. These can all be uploaded within the app. Verification should be completed within 3 business days. The easiest piece of ID to use is a passport.

• Step 3

  Once registered, it is a good idea to enable 2FA, which will help to prevent unauthorized access to your account. Enabling this requires you to enter a time-sensitive 6-digit code generated from a third-party app, such as Google Authenticator. Head over to the security tab to enable this feature.

Crypto.com comparison table

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Name	Product	Deposit methods	Fiat Currencies	Cryptocurrencies
Digital Surge Cryptocurrency Exchange 4.7★★★★★(124) Finder Award		Bank transfer, Cryptocurrency, POLi, Osko, PayID	AUD	303 cryptocurrencies	Finder Exclusive: Receive $10 BTC on sign-up and verification. An Australia-based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.	Go to site View details	Compare	loading Fetching your data...
CoinSpot Cryptocurrency Exchange 4.3★★★★★(297)		Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID	AUD	368 cryptocurrencies	CoinSpot lets you buy, sell and swap 100s of cryptos from its simple-to-use desktop or app trading accounts.	Go to site View details	Compare	loading Fetching your data...
Swyftx Cryptocurrency Exchange 4.2★★★★★(184)		Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID	AUD, NZD	313 cryptocurrencies	Finder Exclusive: Receive $20 BTC on sign-up and verification. Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.	Go to site View details	Compare	loading Fetching your data...

Disclaimer: Star ratings are only displayed for products with 10 or more reviews.

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Frequently asked questions

• Which countries are supported by Crypto.com?
  

  Crypto.com is available worldwide, although certain parts of the platform may be restricted in certain locations.

• What's the verification process for Crypto.com?

  The verification process involves providing some personal details, such as your name and address, and taking a photo of yourself holding valid identification such as a driver's license or passport. The prompts you receive when creating an account walk you through the verification process.

• Is there a desktop version of Crypto.com?

  The main Crypto.com app is only available for mobile phones. There is no desktop or tablet version. However, the Crypto.com exchange can be used on mobile or desktop.

• What customer support does Crypto.com offer?

  You can find guides and FAQs in the support section of the platform. You can also use the live chat service or find help in the Crypto.com Telegram groups or other social media.

• What happens if I forget or lose my password or lose my phone?

  If you forget your password, get a new phone or otherwise lose access to your Crypto.com account, you can contact customer service to regain access. You will be required to verify your identity before you get access back.

  If your funds are held in the non-custodial Crypto.com wallet, you are responsible for your own private keys. If you lose your private keys there, you can use the recovery seed to access your funds again. If you lose your recovery seed and your private keys, you have likely permanently lost your funds.