Editor’s Verdict
Singapore-headquartered Crypto.com is a leading cryptocurrency exchange. It offers cutting-edge cryptocurrency tools and services, including margin and derivatives trading, wallet and payment services, low trading costs, an NFT marketplace, and deep liquidity. I reviewed this cryptocurrency exchange to determine if the world’s fastest-growing crypto app lives up to its hype. Should you buy cryptocurrency through Crypto.com?
Overview
Cutting-edge cryptocurrency tools and services from a low-cost, trustworthy exchange
Headquarters | Singapore |
|---|---|
Regulators | ASIC, MFSA |
Tier 1 Regulator(s)? | |
Owned by Public Company? | |
Year Established | 2016 |
Execution Type(s) | Market Maker |
Minimum Deposit | $0 |
Trading Platform(s) | Proprietary platform, Web-based |
Average Trading Cost Bitcoin | 0.04% to 0.40% |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
I like the broad-based and quality approach Crypto.com maintains to the entire cryptocurrency spectrum. It also offers crypto staking and crypto credits, while a multi-tier Visa debit card is available for traders staking its native CRO token. Crypto.com developed its native blockchain, maintains payment services, and a DeFi and NFT ecosystem.
Crypto.com Regulation & Security
Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. Crypto.com presents clients with two regulated entities, where applicable, and maintains an overall secure trading environment.
Is Crypto.com Legit and Safe?
Crypto.com leads the industry in security, as it keeps 100% of client cryptocurrencies in cold storage via a partnership with Ledger. It also deploys hardware security modules (HSM) and multi-signature technologies. Crypto.com additionally has a $750 million insurance policy securing its cold storage against physical damage, destruction, and theft.
All cryptocurrencies in hot storage are corporate funds, leaving 0% exposure to client funds while ensuring frictionless day-to-day activities like deposits, withdrawals, and transactions.
Country of the Regulator | Name of the Regulator | Regulatory License Number |
|---|---|---|
Malta | Malta Financial Services Authority | Class 3 Virtual Financial Assets Service Provider |
Australia | Australian Securities and Investments Commission | 467462 |
Non-EEA and Australian cryptocurrency traders will deal with duly registered companies, and Crypto.com lists distinct operations in Singapore, Turkey, Brazil, and the US. Foris DAX Asia, operating from Singapore, manages all global operations, while Foris DAX MT (Malta) handles the EEA.
While Crypto.com reported its first and only hack in January 2022, resulting in the theft of approximately $15M in Ether, no customer funds were stolen, and Crypto.com remains the most secure cryptocurrency exchange across the industry.
Additional security features at Crypto.com include:
- The principle of least privilege on access rights to funds in cold and hot storage
- A secure software development lifecycle
- Multi-factor authentication
- The Hacker One Bug Bounty program
Fees
I rank trading costs among the most defining aspects when evaluating an exchange, as they directly impact profitability. Crypto.com features a nine-tier commission structure, decreasing costs with rising volume, the cheapest I have reviewed.
Most retail traders fall under Level 1 with 30-day trading volumes up to $25,000, where the fees for makers and takers are 0.40%. For example, a $1,000 cryptocurrency transaction costs $4.00. Given access to deep liquidity, Crypto.com offers traders the lowest available costs. The exchange shows the BTC/USD spreads as merely $0.01, confirming its superior pricing environment.
Here is a screenshot of the Crypto.com nine-tier fee structure
Crypto.com levies a withdrawal fee on cryptocurrencies, dependent on the asset. Given the overall low-cost pricing environment, costs remain cheaper versus competing exchanges.
Average Trading Cost Bitcoin | 0.04% to 0.40% |
|---|
One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
Crypto.com charges a daily interest rate of 0.052%, levied hourly at 0.00216667%. Should a trader borrow funds for less than one hour, the hourly fee applies, always rounded up. Therefore, if the time a trader borrows funds for one hour and one second, a two-hour financing fee applies.
Below are financing cost examples for borrowing 500 and 2,500 USDC for six hours and seven days.
Borrowing 500 and 2,500 USDC for six hours will cost the following:
Amount Borrowed | Hourly Interest 0.00216667% | Total Interest Costs |
|---|---|---|
500 USDC | 1.0833 USDC | 6.5000 USDC |
2,500 USDC | 5.4168 USDC | 32.5005 USDC |
Borrowing 500 and 2,500 USDC for seven days will cost the following:
Amount Borrowed | Daily Interest 0.052% | Total Interest Costs |
|---|---|---|
500 USDC | 26.0000 USDC | 182.0000 USDC |
2,500 USDC | 130.000 USDC | 910.0000 USDC |
Crypto.com Trading Hours
Asset Class | From | To |
|---|---|---|
Cryptocurrencies | Monday 00:00 | Sunday 24:00 |
Range of Assets
Crypto.com, as the name suggests, is a cryptocurrency exchange and only offers cryptocurrency pairs. It lists 250+ on its website, and I counted 297, which remains a bit limited considering the availability of 10,000+ assets in the cryptocurrency sector.
Asset List Overview
Cryptocurrencies | |
|---|---|
Commodities | |
Crude Oil | |
Gold | |
Metals | |
Equity Indices | |
Stocks (non-CFDs) | |
ETFs | |
Futures | |
Synthetics |
Crypto.com Leverage
Crypto.com offers maximum leverage of 1:100, but not all jurisdictions qualify for it. For example, Crypto.com has a waiting list for US traders, where it plans to offer 1:10 margin accounts and 1:50 derivatives trading. Offering 1:100 cryptocurrency leverage creates a highly competitive trading environment and presents demanding traders with an essential tool to create a competitive edge.
I like the multi-tier margin structure, where Crypto.com decreases total maximum leverage as the trading size increases. It helps traders and Crypto.com implement essential risk management.
Crypto.com Trading Hours (GMT)
Asset Class | From | To |
|---|---|---|
Cryptocurrencies | Monday 00:00 | Sunday 24:00 |
Forex | Not applicable | Not applicable |
Commodities | Not applicable | Not applicable |
European CFDs | Not applicable | Not applicable |
US CFDs | Not applicable | Not applicable |
Opening an Account
Opening a Crypto.com account is a swift and hassle-free process, usually taking less than 20 seconds to complete. Users must submit their name, date of birth, nationality, desired e-mail, and password.
Crypto.com complies with KYC/AML requirements and requires all users to pass verification. New users must submit their legal name, a picture of a government-issued ID, preferably a passport, and a selfie with the ID.
Minimum Deposit
There is no minimum deposit at Crypto.com, but a minimum transaction volume applies, dependent on the asset. Therefore, traders must have sufficient funds to cover applicable minimums.
Payment Methods
Crypto.com accepts bank wires, credit/debit cards, and cryptocurrencies.
Accepted Countries
Crypto.com caters to residents of most countries, including the UK, but services like Crypto Lending are not available everywhere and remain restricted in 57 countries. The CRO Rewards Program faces similar restrictions due to local regulators. Crypto.com accepts users from countries where cryptocurrencies are legal, and it complies with local rules and regulations.
Deposits and Withdrawals
The secure Crypto.com app handles all financial transactions in fiat and cryptocurrency.
Deposits at Crypto.com remain free of deposit fees, but internal withdrawal fees apply, dependent on the cryptocurrency. Withdrawals from the Crypto.com Exchange to the Crypto.com app remain free of charge. Crypto.com supports fiat wallets in the AUD, the CAD, the EUR, the GBP, the USD, the USDC, and the BRL. Crypto.com processes withdrawal requests within two to three hours, notably faster than most competitors.
Transaction times and costs depend on the cryptocurrency or fiat payment processor. Each transaction in the Crypto.com app remains secure and requires a one-time SMS OTP and Google Authenticator code. I want to note that only verified accounts may use the Crypto.com app. Regrettably, users who wish to withdraw fiat currency must use a bank wire and the USDC, which is expensive and requires several days. The Crypto.com Exchange does not support fiat withdrawals.
Account Types
Crypto.com offers one account type for all users. No minimum deposit requirements exist unless traders use a USDC bank wire. I like the straightforward account structure with volume-based benefits. Not all Crypto.com products and services are available to all users, dependent on geographic location and local regulatory restrictions. Institutional accounts are also available.
Crypto.com Demo Account
Crypto.com does not offer a demo account. While I do not consider this a major drawback, given the proprietary trading platform, it would be nice for beginners to familiarize themselves with its functionality to avoid errors with funded accounts.
Trading Platforms
Crypto.com maintains a web-based trading platform with a user-friendly interface. It provides manual traders with sufficient technical analysis tools, mirroring well-established trading platforms. The tick-by-tick order book is a nice feature, but Crypto.com neither supports algorithmic nor social trading, creating a notable gap to market-leading trading platforms like MT4 or cTrader and placing traders at a disadvantage.
Overview of Trading Platforms
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
DOM? | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
One-Click Trading | |
OCO Orders | |
Interest on Margin |
Unique Features
I like the range of unique features at Crypto.com, which cater to most of the cryptocurrency ecosystem. They include an NFT marketplace, crypto staking services that pay up to 14.5% annually, a crypto credit service, a crypto payment service, a native next generation blockchain, a dedicated DeFi ecosystem, and a multi-tier visa debit card with up to 8.0% cashback. Given the Crypto.com product and services portfolio, it created a one-stop solution for all cryptocurrency requirements, complementing its industry-leading security features.
Research & Education
Crypto.com offers high-quality market commentary and researchbut not actionable trading signals. I like the in-depth Monthly Chartbook report for its comprehensive review of the cryptocurrency market. Both research sections remain well-structured and updated frequently, and I can highly recommend them to anyone interested in cryptocurrencies.
The Crypto.com University offers beginner traders the highest quality introduction to cryptocurrencies that I have reviewed. The content is in-depth and well-presented, categorized into three levels, and sorted by various topics. I urge first-time traders to carefully study and understand the covered material, as it remains an industry-leading and valuable product.
Bonuses and Promotions
Crypto.com regularly hosts trading competitions, usually volume-based, with attractive prize pools. It also maintains a VIP program for high-volume traders with fee discounts. The referral program pays up to $2,000 per referred plus 50% of generated trading fees. Terms and conditions apply, and I recommend traders read and understand them before participating.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | Unspecified |
Website Languages |             |
Is Crypto.com a good exchange?
I like the trading environment at Crypto.com as it offers low trading costs, except for financing fees on leveraged positions, superior security, and deep liquidity. While the user-friendly trading platform only supports manual trading, Crypto.com offers an API allowing advanced trading solutions to connect to the cutting-edge Crypto.com infrastructure. Beginner traders get an industry-leading educational section. I also appreciate the unique features available at Crypto.com, making it a one-stop solution for all cryptocurrency-related requirements and a leader in this sector. Crypto.com is unregulated in the US, where the current financial regulatory framework is not suitable for or inclusive of the cryptocurrency sector. Crypto.com is a Singaporean cryptocurrency exchange catering to an international client base. It serves US-based traders with a limited product and services portfolio but plans to increase its offering. Crypto.com offers its app to residents of all countries where cryptocurrency trading is legal, but not all services are available to every trader. Access remains restricted based on geographic location and compliant with local financial regulations. Crypto.com offers its proprietary wallet service but allows users to transact with third-party wallets of their choice. Crypto.com is the most secure cryptocurrency exchange industry-wise, making it a safe one for UK traders. It does not have an FCA license, as the regulator presently neither requires cryptocurrency exchanges to obtain one nor does it issue them. The FCA states it only regulates cryptocurrency assets for money laundering purposes. Crypto.com operates with an ASIC license in Australia, placing its safety on par with other financial institutions, including banks and brokers. Australia is a rare country where the financial regulator offers licenses to cryptocurrency businesses, making it a leading crypto jurisdiction. The Crypto.com app supports USDC withdrawals, but the Crypto.com Exchange only allows cryptocurrency withdrawals and does not offer fiat currency withdrawals. Crypto.com is the most secure cryptocurrency exchange and very trustworthy. Unlike competitors, it keeps 100% of client funds in cold storage with a $750M insurance policy, while all hot wallet funds are corporate ones.FAQs
Is Crypto.com regulated in the US?
Is Crypto.com only for US citizens?
What countries can use Crypto.com?
Is Crypto.com a wallet?
Is Crypto.com safe in the UK?
Is Crypto.com safe in Australia?
Can you withdraw money from Crypto.com?
Is Crypto.com trustworthy?
