Crypto.com Review: An All-In-One Crypto Platform

If you're looking for an affordable, all-in-one cryptocurrency platform, Crypto.com might be right for you. The more Cronos (CRO) you're able to lock up, the more benefits you'll get from this exchange -- especially if you want a crypto debit card. Even without the CRO bonuses, it's a solid low-fee crypto exchange with over 250 cryptocurrencies available. Read our full Crypto.com review to find out if it's right for you.

This cryptocurrency exchange is a good fit for: Mobile-based investors who want to spend, trade, store, and save cryptocurrencies, especially Crypto.com's utility token, Cronos.

Top perks

The Crypto.com app has a wide mix of coins and products, including several features that U.S investors won't find elsewhere.

One-stop shop

It's easier to think of Crypto.com as a crypto bank than a cryptocurrency exchange or brokerage. Sure, you can buy and sell cryptocurrencies on the exchange. You can also swap them with other users through your DeFi wallet. But more than that, you can spend your crypto, get paid in crypto, put your cash into an interest-earning account, and -- in some countries -- get a crypto loan.

Read more: Crypto.com Card review

Low fees

As we'll see below, you can deposit money in the Crypto.com app from your bank account without paying any fees. Crypto.com does not charge a commission when you buy or sell crypto, but you may pay a spread, which is built into the rate you're offered.

Crypto.com charges a fee for credit/debit card crypto purchases via its app. If you pay using a credit card, your card issuer may also charge a cash advance fee if you use it to buy cryptocurrency.

Easy to convert your money

Like most of the best cryptocurrency exchanges, the Crypto.com app makes it easy to convert fiat currencies into crypto. It accepts many fiat currencies including USD, GBP, and EUR. And you won't have to pay hefty fees, though depending on your country of residence, you may find you're limited to certain fiat currencies once you register.

Cash back cards

Crypto.com offers five prepaid Visa Cards. They can be used anywhere that accepts Visa, but you'll have to top them up before you can spend money. I have had a Crypto.com Visa debit card and found it was easy to top up and earn rewards on my everyday spending.

As with its other products, the more CRO you lock up, the better the benefits. The top-of-the-range Obsidian card earns 5% cash back (more accurately, crypto back) and comes with a host of extra bonuses. However, you'll need to lock up around $400,000 worth of CRO to qualify.

If you don't have oodles of cash, for a $400 lock up, you'll get 1% back with the Ruby Steel card. There's no annual fee, and you'll get a set number of free ATM withdrawals and foreign transactions each month, depending on the card. The benefits used to be a lot better, but Crypto.com significantly reduced its rewards in 2022.

Earn interest

Crypto.com isn't just a place to buy Bitcoin and other cryptocurrencies. Account holders can also earn high rates of interest. Many crypto exchanges no longer offer interest earning products to U.S. residents. Some of Crypto.com's interest rates are better than the best high-yield savings accounts. However -- like the Visa card benefits -- you have to keep a lot of cash in CRO to qualify for the highest rates

Keeping your savings in crypto is risky. All cryptocurrencies are volatile, and unlike regular savings accounts, you won't get FDIC insurance. If your currency fails, it could wipe out all your savings.

Gift cards

Your Crypto.com Visa Card isn't the only way you can spend your crypto. You'll also earn cash back when you buy gift cards with several popular brands. Current U.S. gift card brands include Apple, Nike, Walmart, and more. The amount of cash back depends on how much CRO you have locked up and what type of company it is.

What could be improved

Crypto.com has a lot to offer, but there's still room for improvement.

Ease of use

The downside to being all things to all people is that the app can be overwhelming at first. In fairness, any app with so many products and services is likely to be difficult to navigate. There's a lot to process and a lot of lingo to get your head around, especially if you're starting out. That said, it does offer crypto education through its university function, which could be useful to new investors.

Not universally available

You can sign up to Crypto.com from every U.S. state except New York. However, a number of its cryptos and services are not available in the U.S. or are restricted in certain states. For example, U.S. investors cannot stake coins or access its browser-based services.

Customer service

Despite offering 24/7 support, Crypto.com currently only scores 1.6 out of 5 stars on Trustpilot. Many of the complaints are about a lack of customer service response. This could be frustrating if you're trying to set up an account or access your money.

Crypto.com is primarily a mobile app. It offers a mix of services, though a number of its products are unavailable or restricted for U.S. investors, including access to browser-based exchange.

U.S. residents can access the following services:

• Buy, sell, and store crypto: Deposit money and trade a wide range of cryptocurrencies on the app.
• Crypto earn products: U.S. investors can earn interest on over 20 different cryptos.
• Crypto derivatives: The platform offers two CFTC-regulated crypto derivatives products -- Strike options and UpDown options. These allow residents of some states to go long or short on specific cryptos.
• Crypto spending products: Pay with crypto through the app or use one of its visa debit cards and earn rewards along the way.
• DeFi wallet: This is another product altogether. It gives you full custody of your crypto and also acts as a decentralized exchange where you can swap coins and tokens with other users. You will need to pay gas fees for any transactions you make.

All investors get more benefits from Crypto.com if they tie up its native CRO token for a set amount of time. U.S. investors cannot earn interest by staking CRO or other cryptos. Instead they can lock up CRO to qualify for higher interest rates on its earning products and better features on its Visa debit card range.

Crypto.com has a range of Visa debit cards, some of which offer cash back for spending and other perks. While it does not charge an annual fee, you have to lock up fairly sizable amounts of CRO to qualify for cash back and other benefits. While there's an appeal to earning crypto on your everyday spending, be aware that the value of your CRO may fluctuate wildly while it is locked up. Plus, there are some notable differences between a Crypto.com prepaid debit card and a traditional credit card.

• A prepaid debit card won't help you to build your credit history.
• It doesn't offer the same level of fraud protection as you'll get with many credit cards.
• Crypto.com may change the rewards and perks, as it has done in the past.
• If you want to close your card and don't don't spend down your remaining balance, there's a $50 fee.

Here is the amount of CRO U.S. investors would need to lock up to qualify for different benefits:

To understand the fees on Crypto.com, go to the "About" section in "Settings" on the app. If you want to buy crypto using fiat money such as U.S. dollars, you can deposit it for free from your bank account but will pay a percentage to use a credit or debit card.

Crypto.com does not charge a commission to buy or sell crypto, but you will pay a variable spread that's baked into the rate you get offered to make the transaction. Check the rate before you buy. For example, when I converted Render (RNDR) into USDC, the exchange rate was lower than the one online. I paid a spread of about 4% for the transaction.

Crypto.com fee summary

Crypto.com offers over 250 cryptocurrencies worldwide. However, a number of these are not available in the U.S. at all, and others are not available throughout the country. That said, its selection of coins is as good, if not better than, most of its competitors. You can buy most of the top 20 cryptos on the Crypto.com app, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and many more.

The collapse of several high-profile crypto platforms in 2022 highlighted the limited investor protection in the cryptocurrency industry. Unlike money in a bank, cryptocurrencies are not protected by FDIC insurance. If you leave assets in a custodial wallet on an exchange which then fails, there are no guarantees you will get your money back.

Crypto.com's security checks a lot of boxes. However, it does not have New York's BitLicense, which is extremely difficult to get but is also a kind of gold standard trustability-wise. Here are some notable features:

• Funds kept in cold storage: Cold storage means your crypto is offline and harder to hack. Crypto.com also says security is built into every aspect of its business, and systems are stress-tested by leading security firms.
• User-level protections: Users have all the security features you'd expect, such as multi-factor authentication and anti-phishing measures. User security also includes password, biometric, email, phone, and authenticator verification.
• Proof of reserves: Crypto.com uses an independent auditor to verify that it has enough funds to cover all client balances.

Despite these features, Crypo.com suffered a $34 million hack in 2022, due to an issue with its two-factor authentication. It reimbursed all user losses and has since set up an Account Protection Programme in certain markets.

• You want a low-fee cryptocurrency exchange and want to move fiat currency into crypto easily.
• You are comfortable with an app-based crypto exchange and do not want to use a browser.
• You are willing and able to deposit large amounts in CRO.