Crypto.com 2021 review – Forbes Advisor

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The founders of Crypto.com envision a future where cryptocurrency is a standard investment class rather than a curiosity. Whether you think this will happen or not, Crypto.com can help you integrate cryptocurrencies into your financial life. To this end, beyond the standard buying and selling of crypto, the platform offers the following useful features:

Visa Cashback card

Crypto.com offers a Prepaid Visa card that works like a rewards debit card and can make it easier for you to spend your crypto holdings. While it is accessible to everyone, those who buy and hold the platform’s native cryptocurrency, CRO, earn the most.

The Visa Crypto.com * card is available with five reward levels depending on the number of CROs you hold. Each generally offers discounts for certain types of services, such as Spotify, Netflix or Airbnb; a certain amount of free ATM withdrawals; and 1% to 8% cash back. While this latter percentage is undoubtedly attractive, it is really only accessible to crypto enthusiasts, requiring you to lock in $ 400,000 in the CRO token.

Note that cash back in this case means CRO, which could be inconvenient if you are using the card only for rewards. You will likely need to convert the CRO into fiat currency to access your cash back. It also means that the value of your rewards may change unexpectedly, as the CRO may experience somewhat volatile price movements.

High interest rates

Like other major crypto exchanges, you can earn interest by choosing to lend your cryptocurrency to others. Borrowers can then use these loans to verify transactions for proof of stake currencies or for other purposes.

Through the Crypto.coms Earn program, you can receive up to 14% per year on your deposits of over 30 cryptocurrencies, depending on the cryptocurrency you choose to lend and the amount of CRO you hold on your account.

The prices can change, but you have the option to lock your price (and therefore your crypto too) for a period of one month or three months. You can also choose not to commit to a term and withdraw your crypto at any time.

Keep in mind that while these interest rates outweigh any high yield savings account rates, they are riskier because they are not insured by the Federal Deposit Insurance Corporation (FDIC). Plus, you get simple interest, which means your income won’t compound over time.

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