With a variety of cryptocurrency exchanges to choose from, people need the one that offers a one-stop shop for their needs. Let’s look at Crypto.com and its CRO, its trading features, the services it offers, how it compares to other exchanges, its safety, and reasons to choose it over other platforms.
Crypto.com is a global cryptocurrency market exchange with over 10 million+ users and support in over 90 countries. Founded in 2016 to accelerate the transition towards cryptocurrency, the Crypto platform has a wide range of services provided at low fees with great security that sets it apart from competitors. Crypto has its cryptocurrency, known as the CRO token. This Crypto exchange enables customers to buy, trade, and sell in-store, obtain credit, pay bills with cryptocurrencies, and use their products on mobile devices with many benefits. You can buy crypto with your debit or credit card for up to a 20% discount in Fiat currency via their mobile app. In addition, you can buy gift cards for over 300 brands in 30 countries and 300,000 stores.
Types of Trading & Order Types
The platform offers a variety of trading types to its customers. These include:
- Margin Trading – Allows users to borrow funds from other users for the trading of assets on the spot market. It also allows select users to leverage the margin loan for opening positions larger than their account balance.
- Spot Trading – Allows users to trade on cryptocurrency tokens with others on the platform.
- Derivatives Trading – Crypto.com also offers Derivatives trading, allowing users to buy assets (known as perpetual) using contracts and earn returns by bidding on the asset’s future position. So users can trade on the value of assets instead of trading the asset itself. These do not expire so users can hold them for as long as they like.
Crypto also offers different types of orders to the users for trading. These are:
- Limit Order – Users can put a limit on the value of a transaction for both selling and buying.
- Market Order – Compares all values and executes transactions when the best price is available.
- Stop-loss Order – Improved version of the market order where users can specify when a market order is placed on the order book.
- Stop-limit Order – A limit order with added criteria to specify when an order will be placed on the order book.
- Take Profit Order – Allows users to close a position for profit automatically at favorable pricing.
- Post Only Order – These are orders placed only when they are allowed into the order book.
- GTC Order – A Good Till Cancel order remains in the order book until it is canceled or filled.
- FOK Order – Fill or Kill orders are only executed when it is filled under specific prices.
- IOC Order – Immediate or Cancel orders allow execution of available orders in the order book if they meet the user-specified price.
The details of all order types can be found on Crypto.com’s Advanced order types page.
Other than the types of trading services, Crypto also offers a Trading Arena, Syndicate, and Supercharger.
- Syndicate: Crypto offers the fundraising platform, Syndicate where users can provide listings of their projects to raise funds. Users who have staked CRO receive discounts and priority at these listing events.
- Trading Arena: The trading arena provides a platform to the users where they can have trading battles and races to win exclusive rewards. Rewards include money, Tesla cars, CRO tokens, etc.
- Supercharger: The Supercharger is a platform offered by Crypto for liquidity mining. Users can deposit/withdraw CRO (minimum of 100) for a share of the trading pool. After the first 30 days of pooling, you receive rewards every day for the next 30 days according to your percentage of shares in pooling. The platform allows users to farm cryptocurrency.
Is Verification Required – Verification Levels & Fees
You can create an account easily on Crypto.com with a working email and a phone number. The requirements are similar for both the website and the application and can be found here. To upgrade your account for additional features, you need to complete your KYC (Know-Your-Customer). This can be done by entering your name, providing an ID of your country, and uploading a selfie. The details can be found on Crypto’s account verification page. Crypto.com offers a competitive fee structure that attracts many users. The fee charged is low for beginners and low volume traders as well. It varies from 0.04%-0.4% for Spot/Margin Trading and 0.005%-0.070% for Derivatives Trading. The withdrawal fee is also very low. The details about all fee structures of Crypto are shown here.
Crypto.com Security Features
The platform has no hidden charges and implements some of the best security protocols in the industry.
- Monitored Transactions – For better security, Crypto has a dedicated team that monitors all deposits and transactions.
- Cold Storage – 100% of the client cryptocurrencies are safe in cold storage with Ledger Vault.
- FDIC Insured – The custodian bank accounts are regulated and also insured by the FDIC (Federal Deposit Insurance Corporation) for up to USD 250,000 in the US.
- MFA – Multi-Factor Authentication for mobile application users that includes password protection, mobile number, email, and biometrics.
- Withdrawal Protection – All withdrawals are protected because whitelisting is compulsory.
For more security details, certifications, and assessments, you can visit the Crypto Security page.
Is your money safe with Crypto.com?
Yes, your money is safe with Crypto.com. Crypto.com stores 100% of the user’s cryptocurrencies in cold storage. Over 10 million users are using Crypto.com globally and they can use its services with trust, without the risk of fraud. Crypto also offers its customers 24*7 live support. Crypto is also certified by-
- ISO/IEC 27701:2019
- CCSS Level 3
- ISO/IEC 27001:2013
- PCIDSS v3.2.1 Level 1 compliance
There is always some risk as crypto exchanges are not regulated. Crypto hacks also pose a threat so it is advisable to store your tokens in a wallet.
Crypto.com Pros and Cons
Following are the pros and cons of the crypto.com exchange platform –
- Low fee structure
- Market-leading security protocols
- Great reward systems and mobile application
- Customer Service response could be better
- Rewards are only in CRO
- Limited Services in some countries
- Verification may take long
Crypto.com has numerous features that it offers its customers. Moreover, the mobile app is beginner-friendly and offers a number of special features such as buy, sell, trade, earn, save, repay your loans, and use cryptocurrencies. Buying ETH (ETH), Bitcoin (BTC), and stable coins such as Litecoin (LTC) by bank transfer, direct debit, or credit card. Crypto offers to buy and sell over 100 cryptocurrencies with no real cost, risk, or hidden fees. The trading interface may be overwhelming for beginners but the low fee structure, security, rewards, ways to earn, NFT (Non-Fungible Tokens), and sub-platforms that it offers make it a great place for people looking to invest in cryptocurrency.