Crypto.com Review 2022 | The bank rate

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Crypto.com at a glanceMinimum balance: none, but minimum of 1 USD Tradable securities: more than 250 cryptocurrencies Cost per transaction: fees from 0.4% No deposit fees Withdrawal fees vary depending on crypto-currency Customer service: no telephone service, only self-help and chat Mobile application: The Crypto.com mobile application is available on the Apple App Store and the Google Play Store The advantages: There where Crypto.com stands outCryptocurrency selection

Crypto.com really sets itself apart from other trading apps by offering over 250 cryptocurrencies, some of the best in the industry. Other cryptocurrency apps only offer the most popular coins, such as Bitcoin, Ethereum, Solana, and others. But with Crypto.com, you will find these popular cryptocurrencies as well as more obscure ones like Polygon and Helium, as well as others that you may never have heard of.

It should be noted that not all cryptocurrencies are available in all states, so be sure to check if a coin you are interested in is available in your region before you begin. The Crypto.com app is not available in New York State at all.

Financial apps that offer to trade other securities with crypto usually only offer a handful of coins. Robinhood offers commission-free trading in seven cryptocurrencies, while Webull offers more than 20 and says it is working to add more.

Coinbase is another option if you are looking for a wide selection of cryptocurrencies, but with around 125 coins available, it falls short of what Crypto.com has to offer. Be aware that if you are looking to trade non-crypto securities, you will need to open an account with a broker such as Schwab or Fidelity.

No fees on bank transfers

Crypto.com won’t charge you a fee to transfer money from your bank account to its platform, making it the ideal choice for funding your account. Other financing options, such as using a credit card, cost almost 3%.

Transferring from an Automated Clearing House, or ACH, typically takes three to five business days and comes with a minimum amount of $20 and a daily limit of $100,000. You can also fund an account by wire transfer, which is a bit faster in one to two business days, but requires at least $ 1,000 to transfer per transaction. The daily maximum for a wire transfer is $ 1,000,000.

Staking

Crypto.com allows customers to hold cryptocurrency deposits and earn rewards in return. The practice, known as staking, is similar to a bank savings account that pays interest, but with significantly greater risk. You will be able to earn rewards on over 40 different cryptocurrencies at Crypto.com and interest is paid weekly. From January 2022, you could earn up to 14.5% per year by staking with Crypto.com. Staking with Bitcoin and Ethereum can earn up to 8.5% per year.

Remember that traditional bank accounts are protected by FDIC insurance, which allows you to recover up to $ 250,000 in the event of a bank failure. Crypto staking does not come with any similar insurance policy and you also run the risk of losing your capital if the value of the cryptocurrency decreases.

Cons: where Crypto.com could improve

Crypto.com is at the high end of trading fees compared to other cryptocurrency exchanges. Most newbie traders will pay 0.4% on trades, but this number goes down if you are an active trader. Most other exchanges charge 0.2-0.35% and Binance.US only costs 0.1%.

Crypto.com uses a maker-taker pricing model which at high volumes rewards those who provide liquidity (makers) and charge a slightly higher price for those who reduce it (takers). Here’s a breakdown of how fees change with increasing volumes.

Less than $25,000 0.40 percent to 0.40 percent $25,001 – 50,000 $0.35 percent 0.35 percent $50,001 – $100,000 0.15 percent to 0.25 percent $100.001 – $250,000 0.10 percent to 0.16 percent $250,001 – $1M 0.09 percent to 0.15 percent $1,000001 – $20M 0.08 percent to 0.14 percent $20000001 – $100M 0.07 percent 0.13 percent $100,000,001 to $200 million 0.06 percent 0.12 percent $200 million and over 0.04 percent 0.10 percent hundred

A 10% discount is available for clients who stake CRO, Crypto.com’s own cryptocurrency, and pay a CRO trading fee. Other exchanges, including Kraken and Binance.US, do not charge creator fees once a certain level of trading volume is reached, but Crypto.com charges a small fee even for the highest volumes.

Teaching materials

If you are new to cryptocurrency and want to learn more about it, you will have to go somewhere other than Crypto.com. Although some questions are answered through the online help center, they mainly focus on how to perform different functions through the app, rather than training traders on crypto.

Cryptocurrency has attracted many new traders, many of whom do not understand how trading works or the many intricacies of crypto. Crypto.com has reportedly spent hundreds of millions of dollars on advertising, including a TV spot with actor Matt Damon and a naming rights deal for the former Staples Center in Los Angeles. He could surely invest some money in more educational content to help newbie traders.

Customer service

Like many cryptocurrency trading apps, Crypto.com does not offer telephone support as part of its customer service offering. You will need to rely on a help center that is only online and focused more on account funding issues and certain product features. There is an in-app chat option for questions, but some customers prefer to talk to a real person over the phone.

At the end of the line

Crypto.com offers traders looking for the widest selection of cryptocurrencies a solid option. You will be able to deposit funds from a bank account on the mobile app without paying any fees and you will be able to earn solid returns through the platform’s staking program. Remember that cryptocurrencies are extremely volatile and are not a substitute for cash.

Trading fees are high, especially for clients who do not plan to be active traders. Discounts are available if you plan to trade frequently. Crypto.com would also benefit from improved educational resources and a customer service option that includes speaking to an expert over the phone.

For crypto-focused exchanges with lower fees, traders may consider Binance or Kraken. If you are only looking for the most popular coins, general investment apps like Robinhood and Webull might be a better fit.

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