Is Crypto.com a Good Exchange? Here’s a Comprehensive Review

Exchange Reviews / 30.07.2020

Crypto.com Exchange

Founded in 2016, Crypto.com is one of the pioneering payments and cryptocurrency platforms with the mission to accelerate the world’s transition to cryptocurrency. With its well-developed ecosystem, there are now 3 million users using this platform worldwide. Crypto.com is constantly adding new features and offers to its products, including the Exchange, App, Wallet and MCO Visa Cards.

Here are some benefits you can get through Crypto.com products.

Crypto.com launched its exchange in 2019 and is currently the first crypto platform having multiple industrial highest standards on security including ISO/IEC 27001:2013, ISO/IEC 27701:2019, PCI:DSS 3.2.1, Level 1 compliance and CCSS. Assets on the Crypto.com platform are also protected with Ledger Vault enforcement and insurance coverage up to 360M.

The Crypto.com exchange can be accessed through desktop and mobile. Users can trade 49 market pairs including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), XTZ, LINK, EOS, XLM, CRO, USDC, USDT and other popular tokens. The number of tokens listed on the Crypto.com exchange will continue to grow.

The Rampant Rise of Crypto.com

Crypto.com” – not only is this the hottest domain name in the industry, but the company also has the products and services to back it up. There comes an attached weight of carrying such a powerful domain, and the company seems to hold it just right. Out of the boom that came in 2017, Crypto.com was born. They launched a crowd sale ICO in 2017, accumulating about $26 million after the final round.

The idea initially started with offering a credit/debit card to customers for easily spending crypto. The ecosystem was only possible with the launch of a crypto credit/debit card to fuel crypto mass adoption. Since then the team has expanded its value, offering to include the Crypto.com exchange, VISA debit cards, Crypto.com App, and Crypto.com Wallet.

The Everyday Business of Crypto.com

Crypto.com represents a one-stop-shop for consumers to buy, save, and spend cryptocurrencies. The ecosystem features a variety of staking options that allow customers to unlock features like cashback, rebates, and interest rewards. Strongly geared towards everyday individuals, the company provides many ways for customers to take full advantage of their digital asset holdings. Let us look at some of the major services that Crypto.com offers.

MCO VISA Debit, Credit and Prepaid Cards

cryptocom prepaid crypto cards

Their first venture into the crypto world, MCO Visa prepaid cards are the flagship products offered by Crypto.com. They are designed to combine the features of credit and debit cards with those of cryptocurrencies. MCO Visa prepaid cards provided by Crypto.com should help the customers buy and spend cryptocurrencies more easily. Beside this, the MCO card has no annual fees and international purchases can be made with more favorable interbank fees. Since then, the company has also included the option of Debit and Credit Visa cards, provided a share of their native token MCO is staked in the Wallet app. The cards are tier based. The more MCO you stake, the higher the tier and the more services you enjoy.

Exchange

Recently, Crypto.com has added the Exchange, which lets consumers trade on a stable exchange platform. It is currently the first crypto platform having multiple industrial highest standards on security including ISO/IEC 27001:2013, ISO/IEC 27701:2019, PCI:DSS 3.2.1, Level 1 compliance and CCSS. Assets on the Crypto.com platform are also protected with Ledger Vault enforcement and insurance coverage up to 360M.

The advent of the Exchange further adds to Crypto.com’s robust proposition as a full range site for crypto-related finances.

crypto.com exchange - is it a scam

The Crypto.com exchange can be accessed through desktop and mobile. Users can trade 49 market pairs including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), XTZ, LINK, EOS, XLM, CRO, USDC, USDT and other popular tokens. The number of tokens listed on the Crypto.com exchange will continue to grow.

Native Token

Unlike most exchange-native tokens, Crypto.com offers their native token– CRO. When you use the Crypto.com mobile app, the more you stake in CRO, the higher your savings, rebates, and cash back incentives.

CRO is the standardized medium used for exchange and it’s similar to any other native blockchain. You can stake it to earn when performing different governance actions using the ecosystem’s network.

CRO Staking

Users that stake in a minimum of 5,000 CRO for at least 6 months can earn 20% per annum (paid daily).

Daily Interest = Principal amount (in staked cryptocurrency) x (APR/365)

For example, if you staked 10,000 CRO for 180 days you would receive 5.47945205 CRO every day as interest. By staking 10,000 CRO in Crypto.com Exchange, users will be able to participate in another feature called Syndicate. The Syndicate is Crypto.com’s fundraising platform that offers the opportunity for crypto projects to list their tokens on the Crypto.com Exchange. It enables CRO holders to receive priority token allocation for trading events.

Crypto.com App

The Crypto.com app is one of the biggest platforms for storing and earning cryptocurrencies. The mobile app is stacked with an impressive feature set with some of the most competitive offerings in the crypto space. Crypto.com offers a wallet that allows the users to buy and sell cryptocurrencies, send, and receive them, and track their prices.

The Crypto.com app is also supposed to be used as the management tool for the MCO visa card. The options also include withdrawal, freezing and unfreezing of the card, with the added support for the conversion of cryptocurrencies into their fiat equivalents. Users can also earn interest on their crypto by up to 8% APR (12% for stablecoins) through one of their products called Crypto Earn, by staking crypto on the app with 3 terms option(flexible, 1 month and 3 months). Through their app, users can pay crypto to other Crypto.com users for free and enjoy rewards at the same time.

Cryto.com Wallet

Crypto.com Wallet is another new digital wallet launched by Crypto.com in May 2020 as their first touch on the DeFi (Decentralized Finance) arena. There are four value props for the Crypto.com Wallet, it is secure, decentralized, convenient and flexible.

You can learn about the details through their website or its app store listing which is available for both Android or iOS devices.

In a nutshell, Crypto.com Wallet allows users to have full control and real ownership of their cryptocurrency by getting their private keys. The private keys are stored locally in your device, which is further encrypted locally and protected by a passcode, biometrics, and 2-factor authentication.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.