Crypto.com Review for Canada 2023
Making Crypto Simple
As more and more cryptocurrency exchanges enter the market, finding one that meets all of your trading needs gets increasingly difficult. By the same token, finding a marketplace that would serve as an all-in-one trading hub would come close to our ideal solution.
While evaluating some of the industry’s most popular exchanges, one of the platforms that won us over was Crypto.com. This trading platform focuses on gathering a number of DeFi services under a single hub as opposed to the majority of exchanges, which prefer to specialize in one or a few crypto products.
Unlike them, Crypto.com offers a variety of financial instruments and low trading fees that could appeal to practically any crypto investor, from novice crypto-swappers to skilled margin traders or stakers. Let’s look at what else this crypto trading powerhouse has to offer.
About the Crypto.com Exchange
Crypto.com is a cryptocurrency platform with affordable fees and high processing speed. This Hong Kong-headquartered exchange with offices around the globe (including the US, Singapore, Malta, Australia, etc.) is built on one of the world’s fastest trading platforms in the industry.
Built on Crypto.org’s public, open-source and permissionless blockchain, Crypto.com is a fully decentralized network with high speed and low fees, created to promote widespread adoption of blockchain technology through DeFi initiatives, cryptocurrency exchange, and NFT trades.
To begin trading on Crypto.com, you must first create an account with the exchange. You need to give a valid email address and authenticate it via the confirmation link containing a one-time password (OTP) sent to the same email address. Next, enter the OTP into the web-based platform’s registration form and create a new, unique password. Finally, enter and verify your phone number.
These procedures will allow you to gain access to the exchange’s trading interface. However, to utilize the Crypto.com products, you’ll be prompted to verify your identity through the AML/KYC procedure.
Crypto.com is a trading network of DeFi services that aims to bring cryptocurrency closer to everyone by operating as a centralized gateway for all decentralized trading instruments. As a result, all traders can utilize the Crypto.com products regardless of their trading expertise.
There are basic crypto exchange widgets, easy crypto payments, and a possibility to earn interest on your coins through this platform, but also more sophisticated financial instruments such as OTC and margin trading.
If you want to earn up to 14.5% APY, you can stake your cryptocurrencies through Crypto.com for one or three months. Flexible staking terms are also an option on this platform and allow you to unlock your coins whenever you want to claim your passive income.
You may want to try staking CRO while contemplating the passive income option. Namely, locking at least 10,000 of your CRO tokens over six months could enable higher interest rates on all of your staked coins, a 10% APR (annual percentage rate), and a discount on your trading fees.
Additionally, you could make 10% p.a. by staking stablecoins like Tether (USDT) or USD Coin (USDC), which would produce some extra profits on your coins and secure your crypto balance from the market fluctuations.
With Crypto.com’s over-the-counter (OTC) trading service, institutional and VIP customers may place big block orders and obtain tailored quotations instantaneously. The OTC trading service is accessible 24/7, allowing the payments to be deposited and withdrawn as soon as a deal gets confirmed.
Crypto.com Coin (CRO)
The CRO coin powers the Crypto.com platform. The primary function of this ERC20 governance token is to support the payments made through this platform’s apps. Namely, this token enables you to earn up to 20% cashback or token incentives when you’re making crypto purchases.
Furthermore, holders of CRO tokens can also stake their tokens and thus take part in the Crypto.com blockchain’s development as validators. This position allows validators to obtain several perks, such as lower trading fees, higher staking and credit card rewards, etc. Also, if you want to borrow some funds from the Crypto.com exchange, you can use your CRO tokens as collateral.
In addition, all Crypto.com traders can turn the tiny and useless crypto amounts left as a transaction residue on their balances into CRO coins using the Crypto Dusting feature of this exchange.
Trades often generate crypto dust, i.e. transaction byproducts found in most blockchains with a monetary value lower than the minimum purchase/sell requirements. These crypto amounts are often insufficient to complete a trade, so they remain as a residue on your account balance. Users’ leftover coins can be converted to CRO by dusting them through this innovative feature on the Crypto.com Exchange.
When users click on the Crypto Dust through the Spot/Margin Trading page or the Wallet page on the dashboard, they will be directed to the Crypto Dust Conversion page, where they can convert their crypto residue into CRO coins. On this screen, you will see all of the coins that are up for dusting. You can only choose up to 20 tiny sums from your account for each conversion.
Crypto.com Visa Card
With the help of VISA, the Crypto.com innovation group of fintech experts has come up with the platform’s personalized brand of cashback debit cards. Users can specify the fiat currency they want to use for topping up the Crypto.com debit card.
Each of the five distinct card categories of Crypto.com Visa cards has its package of advantages for its clients, which ultimately depend on the amount of CRO you have in your balance:
- Tier 1 Midnight Blue Visa Card – comes with a 1% cashback reward and a $200 ATM withdrawal limit;
- Tier 2 Ruby Steel Visa Card – comes with a 2% cashback reward and a $400 ATM withdrawal limit;
- Tier 3 Jade Green and Royal Indigo Visa Cards – provide 3% cashback and enable an ATM maximum of $800;
- Tier 4 Icy White and Rose Gold Visa Cards – provides 4% cashback and enables an ATM maximum of $1000;
- Tier 5 Obsidian Black Visa Card Visa Card – comes with the perk of higher interest loan rates, 5% cashback, and a CRO APY of up to 8% for staking a minimum of $400,000 worth of CRO coins.
By using the Crypto.com Visa prepaid cards, users can also benefit from discounted services on Spotify or Netflix or earn cashback by making purchases with some of the world’s most popular brands and companies, like Barnes & Noble or Airbnb.
The Crypto.com Exchange App is a practical mobile application that allows users to access the Crypto.com Exchange services on their mobile devices. Namely, this app enables you to acquire over 100 cryptocurrencies at genuine market value and handle the Crypto.com Visa Card, which allows users to pay for everyday goods using cryptocurrency.
You can download and easily install this mobile app on Android and iOS smartphones. Apart from the standard user name and password protection provided by the app, you can further safeguard your data by using a biometric ID as a login authentication mechanism.
On the Crypto.com cryptocurrency platform, you can trade more than 250 digital assets using almost every financial instrument that is available on this exchange, including the most liquid coins like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), TRON (TRX), or Litecoin (LTC), for instance.
While the huge list of supported cryptocurrencies appears to provide traders with almost limitless trading options, keep in mind that only a few of them are eligible for staking.
Crypto.com users can acquire the coins of their choice directly through the trading site in a relatively straightforward and effortless way.
You can buy them or fund your Crypto.com account by paying with TransferWise or PayPal and using your cryptocurrency, instant ACH transactions, credit/debit card, or a SEPA bank transfer, among other methods. There’s also a diverse choice of fiat currencies available for you to choose from when purchasing your favourite cryptocurrency.
Trading Fees and Limits
Following the maker/taker fee structure, Crypto.com levies market makers a fee of 0.2% of the total trade value. On the other hand, liquidity takers will incur a 0.4% cost on each trade, which is similar to the fee scheme and trading costs imposed by other exchanges in the industry.
Furthermore, you can get a 20% – 100% rebate on the trading fees if you cover your expenses on the platform with the CRO coin or make a sizeable 30-day trading volume in the preceding month.
Depositing funds on your Crypto.com trading account is free of charge. Still, if you want to move your cryptos from the platform, you’ll incur withdrawal fees that depend on the blockchain condition of the respective cryptocurrency.
Is Crypto.com Safe to Use?
Crypto.com is a registered exchange with some top-tier regulatory bodies and institutions that hold several certificates for privacy risk management, cybersecurity of data, and payment card services.
The platform also incorporates multiple security features to protect all data and funds stored or traded through Crypto.com. As an illustration, the Crypto.com platform utilizes KYC user identity authentication, biometric and password protection of your account, multi-factor authentication protocol (MFA), whitelisting of addresses, cold storage of funds enabled by Ledger hardware wallets, and anti-phishing algorithms to safeguard users’ crypto assets and data against illegal access and fraud. Also, Crypto.com provides FDIC insurance for the deposits on its platform, amounting to up to $250,000 US dollars.
As part of its strict adherence to the AML protocols, this crypto platform scans all deposits for compliance. The exchange’s staff of fintech professionals monitors all transactions to assure the utmost protection of both your data and assets against fraud.
If you have a pressing problem with one of the trading procedures or registration on Crypto.com, the chatbot is likely to be the first thing you see and reach for in an attempt to receive expert assistance. This customer support service is available 24/7 to all traders.
In addition, you could use the email ticket service to submit your request and data, with a response time of no more than a few hours at the very latest.
If you want to do your research on your problem, the Help Page is a safe place to land on a vast number of pre-answered questions that might – at the very least – point you in the right direction.
The Bottom Line
Crypto.com, which has a reputation for being one of the most popular and trustworthy trading platforms in the business, won our trust as well.
After thoroughly evaluating all of the components and features of this global and user-friendly crypto exchange, we can safely conclude that the creators have prioritized their users by envisioning a secure and stable crypto environment sufficient for any new or seasoned trader.
The only shade over this bright tale of a successful crypto venture is cast by mediocre customer assistance. It leans more toward professionals, which could scare off beginners.
However, given the exchange’s security, low trading prices, and the overall offering of financial instruments, Crypto.com is an exchange that you should at least consider as an alternative, if not choose as your go-to crypto marketplace.
No matter how great an exchange’s recommendations are, it’s always good to check out a few other crypto exchanges before making the final decision.
We have prepared a comprehensive guide on the top crypto exchanges in Canada for this purpose, but we also propose checking some of the most popular global exchanges, such as Binance or Coinbase.
Frequently Asked Questions
As Crypto.com is a fully registered crypto trading platform, you must go through the KYC (Know-Your-Customer) user identification procedure to access the platform’s services. For this, you’ll need to provide several documents and some personal data confirming your identity, including your full legal name, birthdate, nationality, a valid photo ID, and a selfie photo.
Yes. The Crypto.com mobile app is a trusted software program for trading on the go. You can safely buy, borrow, sell, and swap numerous cryptocurrencies using the Crypto.com exchange app, as well as access deep liquidity at some of the lowest costs.
Yes. The developers of this platform have created a non-custodial Crypto.com DeFi wallet, which allows you to store your coins safely. You can use this wallet to access all of the DeFi services available on the platform while maintaining complete control over your crypto assets and private keys.
The wallet allows you to transfer cryptocurrency at your desired confirmation speed and network cost and earn a return on 35+ tokens using the CRO tokens and liquidity protocols such as Yearn Earn V2, Aave, Compound, and Cosmos for staking, with no lock-up period and excellent yields.