Crypto.com is a platform that helps people to connect with the worth of Cryptocurrency. Crypto.com is an ecosystem that allows its users to buy, sell, transfer or spend their Cryptocurrency.
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| Image – commodity.com |
What is Crypto.com ?
About – Ctypto.com was founded in 2016 and they launched their crypto exchange in 2019. Their headquarter is situated in Hong Kong. Crypto.com is the world’s fastest growing crypto exchange and they have nearly 10M+ active users and we are one of them. And today, in this article we will talk about the pros and cons of using Crypto.com –
Pros of using Crypto.com-
– Variety of Coins – Until now Crypto.com has nearly 180+ crypto coin listed. So we can easily trade any token we want.
– Usability – Crypto.com is a very easy to use application and a new investor can easily navigate their interface. Crypto.com’s mobile application is the primary way to access its service and it is available on both Android and iOS. Moreover, you can easily find important information on Crypto.com’s website like investments, Supported Assets and more.
– Transaction Fee – In terms of transaction fee Crypto.com charges 0% on Fiat Wallet [ Pre-loaded Wallet through Bank Account] purchases.
However, they charge nearly 2.99% on each transaction through credit/debit cards. So before making a large purchase it is good to use the fiat wallet to save transaction fees.
– Security – According to the white paper of Crypto.com, they have taken several steps to protect customers. First they hold their client’s crypto in “cold wallet”[ Can not be accessed easily by the internet] making it vulnerable to hackers. Secondly, they hold the fiat currency [ pre-loaded money by customers] onto the regulated bank accounts. Crypto.com also claims that it has $750 million in insurance to cover losses.
– Defi and Staking – Crypto.com not only the platform to buy and sell Cryptocurrency. Because, you can also use Crypto.com to earn interest on your Crypto assets. To be more specific, they offer a Crypt Earn option, allow customers to deposit their assets and earn rewards. Each crypto asset has a different interest rate.
Moreover, Crypto.com also introduced its Visa card service that helps users to earn cashback rewards on their spendings. However, this option requires a CRO [ Crypto.com’ coin ] and each different Visa card has different rewards and requirements.
– NFTs – Crypto.com also offer a NFT Marketplace on their exchange. That allow users to buy and sell their Non- Fungible token ————————-
– Customer Support – This platform offers 24/7 customer support options. And users can contact their support team by chat and their response time is between 4 hours.
Cons of Crypto.com –
– Crypto to Crypto trading – This platform does not include Crypto to Crypto trading. This means you can’t exchange any crypto for another. For example – To buy ethereum for Bitcoin you have to sell Bitcoin first and make another transaction for Etherum.
– Limitations for U.S. – If you are a resident of the U.S., then you might be out of luk for all Crypto.com features. Because, they only offer mobile applications and never serve their desktop version in the U.S. Moreover, some other exchanges features such as Margin Trading are not allowed to U.S. residents. Interestingly, this whole platform is not available in New York.
– 3 Month Lock-up Period – Crypto.com includes a staking option to earn rewards. But to earn a high interest rate you have to stake your assets for long time periods. Means you can’t transfer or sell the staked asset.
How to open account with Crypto.com [ Get $25 USD ]
- First download their mobile application.
- Click on the sign up button.
- Follow instructions and provide necessary information.
