Let’s start with Crypto.com’s main use case: exchanging currencies. Crypto.com lets you use its exchange on both the mobile app and the website. However, it is much more based on the app. In fact, if I tried to log in on the website, it would deny me due to “market regulations”. I’m assuming that has to do with the United State’s stricter regulation.
Crypto.com supports about 50 different cryptocurrencies. While it’s not the largest number of options when compared to some services like Binance, it’s still more than other exchanges like Gemini and Coinbase. I appreciate that it does support many altcoins outside of the Ethereum ecosystem.
In the first 30 days of signing up, Crypto.com lets you purchase crypto through a credit or debit card for no fees. After that, there’s a higher 3%ish fee for converting fiat to crypto.
For trading fees, their fee structure is a little complex.
Crypto.com Trading Fees
As you trade more, your fees go down. Though I’m guessing that most people reading this won’t be trading above $1 million or even $250 thousand, let alone $200 million. But even at level 1, Crypto.com’s trading fees are pretty fair and competitive.
Security and Insurance
Crypto.com offers some great security protections. They do support 2-factor-authentication (which you should always set up on websites with money). In addition, they claim to have a total of $360 million dollars in insurance. Theoretically, if they were to get hacked, they’d have the money to replace what was lost through the hack.
We don’t have any proof that would happen though. Binance has gotten hacked in the past and did pay everyone back. They’ve proven themselves. But also got hacked in the process. As far as I can tell, Crypto.com would be a safe place to have some funds sitting (though you may want to have them sit where they can earn interest).
Crypto.com also claims to store 100% of user’s crypto in cold storage, meaning it’s offline. This is really good and makes it immensely safer than storing crypto in hot wallets. For day-to-day withdraws, Crypto.com simply sends money out of their own hot wallets. If they were to get hacked, it would be Crypto.com that loses money, not us little guys. It is a huge plus to the Crypo.com exchange.
The last note about Crypto.com’s exchange is a small feature I really appreciate. Often, when converting cryptocurrencies, you’ll be left with a super small amount of crypto in a currency that is too small for an exchange to switch for you. Any small decimal that’s less than a specified amount on all exchanges, will be left sitting there. And while these small amounts usually are just a few cents, it’s annoying and it can add up if you have this small “dust” in different places.
Crypto.com is unique (as far as I know of) in that they offer a Crypto Dust feature. The app allows you to convert those small decimal points of cryptos into CRO (Crypto.com’s own coin). It’s not really a big deal, but I just like the feature so much that I thought I should mention it.