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Crypto.com Review 2021 | Lending, Staking, Trading [Must Read]

#passiveincome #saving #bitcoin #investing

Crypto.com is a cryptocurrency platform founded in 2016 in Hong Kong. They have 10M+ active users and supports over 90 countries with a team of 900 members.

They offer a complete ecosystem with crypto lending, staking, trading, payments, visa card, DeFi wallets, DeFi swaps, native CRO tokens, and the Crypto.org open-source permissionless blockchain.

Crypto.com Review: Summary

  • Crypto.com offers a crypto ecosystem with a variety of products.
  • Earn up to 6.5% on your crypto by staking using Crypto Earn. The interest rate depends on the amount you are staking.
  • Crypto Credit offers instant loans with a loan-to-value (LTV) ratio of up to 50%
  • Crypto.com Pay is a payment application that allows you to do mobile top-ups, gift cards, make payments, integrate payment gateways in your website, and earn rewards.
  • Crypto.com Visa Card is a prepaid visa card for cryptocurrency payments.
  • DeFi wallet is non-custodial wallets that provide complete control over your funds and private keys.
  • Crypto.com App is a one-stop place to buy, sell, grow and manage your cryptocurrencies.
  • DeFi swap allows you to farm and swap DeFi tokens directly from your DeFi wallet
  • Crypto.org Chain is an open-source, public, permissionless blockchain with high speed and low fees.
  • CRO is the native token of crypto.com
  • Crypto.com Exchange provides a variety of features such as Margin, Spot, Derivatives Trading, Syndicate, and Supercharger.
  • The platform is entirely secure with a multi-tier secure architecture with controls at every layer.
  • They also offer extensive customer support, and the website has enough information on all the products.

CRO Coin

Crypto.com offers its native CRO token. It allows cross-asset intermediary currency settlement for the native crypto.com chain. The token is available on twenty-two exchanges globally. It is at 21 st rank at CoinMarketCap.The current volume of CRO is $215.47M, and its market cap is $3.58B

Benefits of using CRO

  1. You receive discounted fees, Priority token allocations, and higher earnings on crypto.com.
  2. Exclusive benefits of the MCO Visa Card and crypto mobile payment
  3. Better rates on Crypto Earn and Crypto Credit
  4. Decentralized financial offerings

Crypto.com Products

1. Crypto Earn

Crypto.com allows you to earn up to 6.5% on your crypto by staking. The interest is paid weekly in the coin you stake.

The following interest rates are if you are staking with a 5,000 or less CRO stake.

The following interest rates are if you are staking with a 50,000 or less CRO stake.

Crypto.com supports the following coins –

  • Bitcoin
  • Ethereum
  • Litecoin
  • XRP
  • Binance
  • ChainLink
  • Maker
  • PAX Gold
  • Stellar
  • Cosmos
  • Bitcoin Cash
  • Kyber Network
  • Elrond
  • ENJIN
  • Algorand
  • OMG
  • Celer
  • Vechain

Crypto.com supports the following stable coins –

  • PAXOS Standard
  • USD Coin
  • Tether
  • TrueUSD
  • TrueGBP
  • TrueCAD
  • TrueAUD

2. Crypto Credit

Crypto Credit is an instant loan feature that allows you to borrow up to 50% of your crypto collateral. You can decide your credit limit and payback schedule. The crypto assets are monetized without even selling them. There are no statement deadlines or late fees. Crypto.com does not perform any credit check.

The interest rate is 12% p.a, but if you stake 50,000 CRO or more, then the rate is 8% p.a.

3. Crypto.com Pay

Crypto.com Pay is a payment application that allows you to pay with more than fifteen DeFi tokens such as BTC, ETH, USDC, LTC, CRO, and more.

Features

  • Pay merchants
  • Mobile Topups — You have to enter a mobile number, and they will let you know if they support the mobile operator.
  • Gift Cards with 300+ Brands in 30+ Countries with 300,000+ shops. Some of them are Apple iTunes, Starbucks, eBay, Adidas, Airbnb Caribou Coffee, and more.
  • Send free crypto to friends
  • Shop at leading online retailers such as Ledger, BCVAULT, Travala.com, Coinzilla

Additionally, you will also receive pay rewards depending upon the category.

They also have a payment gateway that you can integrate with the website. The API documentation makes the integration easier. You can sign up for the same here. Currently, it has been integrated with WooCommerce, OpenCart, and more. The merchants can manage their transactions through the dashboard.

4. Crypto.com Metal Visa Card

The Crypto.com Card is a prepaid visa card. They can be topped up using cryptocurrency, bank transfers, and credit/debit cards.

To apply for this card, you need to stake CRO tokens for 180 days. The amount of these tokens depends on the card tier you wish to use. The cards are divided into five tiers. It is necessary to complete KYC verification. The exchange rates depend on the card tier you use.

All card rewards are paid in CRO and are deposited directly in your crypto wallet. They are reflected in your wallet as soon as the transaction gets completed. The card benefits include Netflix, Spotify, Prime, Airbnb, Expedia, and other subscriptions. You can check more about them here.

The purchase rebates are reimbursed in USD. The rebate cap is reset on the first day of each month.

5. Crypto.com App

Crypto.com App is the one-stop place to buy, sell, grow and manage your cryptocurrencies. It acts as a custodian and is easy-to-use.

  • The application supports more than 100 cryptocurrencies and 20 fiat currencies.
  • You can deposit crypto and send crypto to the app users instantly free of cost.
  • There is a small fixed fee for the withdrawal of funds.
  • The cryptocurrencies can be tracked by setting up price alerts and price movement alerts.

6. DeFi Wallet

Crypto.com offers non-custodial DeFi wallets giving you complete control over your private keys and cryptocurrencies. You can connect the DeFi wallet with the Crypto.com app to manage your funds on the go.

Features

  • It allows easy management of 100+ coins.
  • You can easily import a twelve/eighteen/twenty-four-word recovery phrase.
  • Earn interest on more than ten tokens with such as Compound, Yearn, and Cosmos, etc.
  • There is no lock-up term and stable returns.
  • You can check the gas prices and fees for supply liquidity and swaps in the dashboard.
  • The tokens are protected using multi-layer security features.

7. DeFi Swap

It allows you to farm and swap DeFi tokens directly from your DeFi wallet. Liquidity providers can enjoy swap fee sharing and bonus yield for selected pools.

Additionally, you can stake CRO to boost your yield up to 20x.

Crypto.org Chain

Crypto.org chain is an open-source, public, permissionless, secure, and fault-tolerant blockchain. The decentralized network has high speed and low fees.

The network supports payment, DeFi, and NFT’s. You can learn more about it on its white paper.

The network is getting launched on 24th March 2021. You can register early via the Token Migration Web Tool to receive native CRO when Mainnet is launched.

The developer community is available in Discord. You can also check the Crypto.org chain explorer here, which has information about transactions, block height, active validators, and much more.

Crypto.com Exchange

Crypto.com offers an easy-to-use trading terminal with a 2.7m TPS matching engine with fifty-microsecond core latency. They offer a variety of features –

  • Orders — Limit, Market, Advanced (Stop-Limit and Stop-Loss)
  • Margin trading with 3x leverage
  • Spot Trading
  • Derivatives Trading
  • The Syndicate — It allows you to buy newly listed coins with discounts.
  • Supercharger — They are staking pools that offer significant returns for certain assets.

Crypto.com Fees

The trading fees is divided into five tiers depends upon trading volume. If you stake CRO or pay your fees in CRO, you will get more discounts. Additionally, you will also receive 10% p.a on your CRO stake.

The discounts are given in the form of CRO rebates. The calculations and payouts are completed within an hour.

Additionally, VIP clients are offered exclusive incentives. You have to mail your application to vip@crypto.com, and if you meet the desired trading volume, you will be a VIP client.

Some of the perks include –

  1. Early access to product launches
  2. VIP Account Manager and API Tech engineer
  3. OTC Block Trades
  4. Exclusive research reports
  5. 50% commission on net trading fees from your referrals

The withdrawal fee and limit depending upon the cryptocurrency you are using. You can check the entire list here.

Crypto.Com Review: Security

Crypto.com provides a multi-tier security architecture with controls at every layer. They use cold storage to store cryptocurrencies. A small percentage of the funds are store in hot wallets for day-to-day activities integrated with ledger hardware security modules and multi-signature technologies. They have partnered with Ledger to integrate their institutional-grade custody solution, hardware security modules, Ledger vault, and multi-signature technologies.

The assets are secured under a $100 M direct insurance policy by Arch Underwriting at Lloyd’s Syndicate 2012. After adding this, Crypto.comhas comprehensive insurance of $360M, including direct and indirect coverages.

They store fiat currencies in custodian bank accounts. If you are a US Resident, then your USD balances are covered by FDIC insurance up to US$250,000.

Amazon Web Services (AWS) is used for firewall, automatic encryption of traffic, controlled encryption in transit, business continuity, and more.

The smart contracts have been certified by external auditors Quantstampand Certik.

The accounts are protected using use two-factor authentication, biometric identification, email, and phone verification. You can prevent unnecessary withdrawals from external addresses by whitelisting through email verification.

Crypto.com complies with the highest security and compliance standard in the industry with the Cryptocurrency Security Standard (CCSS), ISO 27001:2013, ISO/IEC 27701:2019, and PCI: DSS 3.2.1 (Level 1), which made them the first crypto company to own all of these certificates at the same time. Moreover, they have a specialized and dedicated team to perform internal reviews and ensure compliance and regulatory requirements.

The deposit checks are screened for KYC/AML/ ATF compliance. All the withdrawal requests are screened for suspicious transactions. If your transactions is above the threshold, then it will require manual approval by the operations team. Additionally, they also use a third-party AI and analytics tool to screen the transactions.

Crypto.com Review: Customer Support

You can reach out to them at contact@crypto.com. You can also connect with them on Twitter.

They run a Youtube channel that has demo and tutorial videos. You can also be a part of their Telegram community which is available in several languages.

Crypto.com Review: Conclusion

Crypto.com is a user-friendly crypto ecosystem that offers a suite of products. Detailed information about all of its products is mentioned on its website. The system is transparent and secure. They have attractive incentives to promote the use of CRO Tokens. The trading fees are low and divided into various levels depending on the trading volume and CRO stake. It is a one-stop-shop for anything you need in the crypto space.

Crypto.com Review: Frequently Asked Questions

Is Crypto.com legitimate?

Yes, Crypto.com is a legitimate and completely secure platform offering a broad range of crypto products. The platform complies with the highest security and compliance standard in the industry. The assets have comprehensive insurance of $360M, including direct and indirect coverages.

What is Crypto.com Coin?

Crypto.com provides its native CRO token which is at 21 st rank at CoinMarketCap with a current volume of $215.47M. It offers exclusive benefits, discounted fees, and higher earnings on Crypto.com

What is the Crypto.org chain?

Crypto.org chain is an open-source, public, permissionless blockchain. The decentralized network has high speed and low fees. It is secure and fault-tolerant.

Is crypto.com safe?

They use cold wallets, two-factor authentication, whitelisting of external addresses, biometric identification, AWS for firewall and traffic encryption, and many more practices to completely secure the platform.

What is a Crypto.com wallet?

Crypto.com offers non-custodial DeFi wallets giving you complete control over your private keys and cryptocurrencies. You can connect the DeFi wallet with the Crypto.com app to manage your funds on the go.

Does Crypto.com have a visa card?

Yes, Crypto.com offers prepaid visa cards that can be topped up using cryptocurrency, bank transfers, and credit/debit cards. The cards are divided into five tiers depending upon the CRO tokens you are willing to stake.

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Originally published at https://blog.coincodecap.com on March 8, 2021.

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