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With over 10 million users, Crypto.com is the world’s fastest-growing crypto app and exchange.
But is it legit and trustworthy? How much are the fees when using Crypto.com?
Since so many people are new to using Crypto.com, it’s understandable for there to be many questions.
In the following post, I dig in and answer some of these questions.
In This Post:
- Is Crypto.com Legit?
- Is Crypto.com Trustworthy?
- Is Crypto.com A Chinese Company?
- Can You Withdraw Money From Crypto.com?
- What Are The Fees For Crypto.com?
- Is Crypto.com Exchange Available In the USA?
- Who is Crypto.com Owned By?
- How do I Contact Crypto.com?
- Can You Buy Shiba on Crypto.com?
- Does Crypto.com Have a Wallet?
- Is Crypto.com Available in New York?
- Wrapping Up
Is Crypto.com Legit?
Crypto.com is a legit crypto exchange.
The Monetary Authority of Singapore regulates it, and it has the backing of one of the world’s wealthiest men, Richard Branson. The company has not been hacked, and it has many security measures to protect your account.
If you are willing to deposit a lot of money into Crypto.com for a longer period, you can earn up to 2% interest on your cash holdings. You can also earn up to 4% interest on crypto held in your wallet.
Crypto.com has an established business, a live app, and it’s been around for a few years.
You can trust Crypto.com to be safe and secure because it is insured against theft and damage of user funds, it has established relationships with banks and regulators, and it’s been around for a long time.
You can also trust Crypto.com to be legit because the people who started it are legit; they are successful business people who have worked their way up the corporate ladder in the banking industry over several decades, not just guys with an idea who want to get rich quick.
Crypto.com has a proven track record of delivering on its promises and providing customers with a secure platform for transacting cryptocurrency and fiat currency.
In addition, Crypto.com’s CEO, Kris Marszalek, is a well-known figure in the cryptocurrency world. He’s been interviewed by CNBC, Bloomberg, and Fortune about his company’s progress and has even appeared on the cover of Forbes Asia twice – once for his work as co-founder and CEO of mobile gaming company Gumi Asia in 2013 and again for his work as CEO of Crypto.com in 2018.
You Can Use Crypto.com to:
- Buy or sell 10 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
- Deposit fiat currency from a linked bank account in more than 135 countries.
- Make purchases with your linked credit card, debit card, or other linked payment method.
- Send money to friends and family using a linked bank account or credit/debit card for free, with no hidden fees.
Is Crypto.com Trustworthy?
Crypto.com is as trustworthy as any other cryptocurrency exchange.
It’s based in Hong Kong, which has a reputation for less government oversight and corruption than the U.S., but it is still subject to local laws and regulations. Crypto.com has been around since 2016, and it has a good track record of security and transparency, with limited downtime over the past few years.
Crypto.com is a new company, and it’s too early to tell how trustworthy it is. However, it has built a solid reputation for security, and its management team has decades of experience in the banking and technology industries.
It’s also worth noting that Crypto.com isn’t the only new crypto startup with a rock star team; Coinbase is also a very reputable crypto exchange and wallet provider founded by successful Silicon Valley entrepreneurs.
Crypto.com is a well-run crypto platform. It has been around for years and is one of the few avoided a major hack. Its parent company, Monaco, was hacked in 2017. But the majority of users’ funds were not affected because they were stored in cold wallets.
The company has also made missteps with its marketing efforts and communication strategy. For example, it initially claimed to partner with Visa when it was not. It changed course when Visa clarified that no partnership was in the works.
This is a minor issue because we don’t review companies based on their marketing claims or PR strategies. We look only at their products and services – how they work in practice – and let you decide how relevant those attributes are to you as a potential Crypto .com customer.
So far, we like what we see from Crypto .com’s product offerings and security measures, but do note that as an international company, it is subject to certain laws and regulations that may affect its service.
We understand that you may have concerns about the safety of your funds when doing business with a company based in Hong Kong. We recommend that you research the matter and proceed with caution before signing up for an account.
But we also believe that Crypto .com has been around long enough to have proven itself trustworthy, at least on a short-term basis.
The MCO Visa card is one of the best ways to spend Crypto online or offline, but it’s not the only way. For example, you can also use the Crypto .com Wallet app to transfer funds from your MCO account into USD or EUR for cash withdrawals at ATMs or point-of-sale purchases in stores (i.e., wherever Visa is accepted).
The Crypto .com platform is also home to a crypto exchange, supporting BTC and ETH (and soon, BNB) trading pairs. The exchange has an excellent reputation, so you can feel safe using it for your transactions.
In addition to all of this, Crypto .com is also launching an index fund that will track the top 10 cryptocurrencies by market cap. Kenetic Capital will manage the fund with years of experience in cryptocurrency trading and investing. This should help reduce the risk of investing in crypto-assets while still allowing you to profit from the market’s growth.
We do not doubt that Crypto.com will continue to grow and improve over time as more people use its products, so we recommend that you keep an eye on their developments if you’re interested in joining them as a customer.
Is Crypto.com A Chinese Company?
Crypto.com is a Singaporean company, and its CEO is Polish.
The company was founded by a group of entrepreneurs and investors, including Kris Marszalek, the current CEO.
Crypto.com’s advisory board includes Bobby Lee, co-founder of BTC China and board member of the Bitcoin Foundation; Anthony Di Iorio, founder of Ethereum and Jaxx wallet; Roger Ver, an early investor in bitcoin startups; David Lee Kuo Chuen, founder of Litecoin; Michael Arrington, founder of TechCrunch and CrunchFund; Bo Shen, co-founder at Fenbushi Capital; Dr. Gavin Wood, founder at Ethereum and Parity Technologies; Charles Hoskinson, co-founder at Ethereum and IOHK; Jeremy Gardner, co-founder at Augur.
The company has raised $27 million in funding from various investors, including Binance Labs (which is owned by Binance), Black Hole Capital (a U.S.-based venture capital firm), and Michael Arrington’s CrunchFund.
It was acquired by a Hong Kong-based investment firm called the Meridian Enterprises Group in 2018. The company’s headquarters are in Singapore, but they have an office in Hong Kong.
Can You Withdraw Money From Crypto.com?
One issue with Crypto.com is that it does not yet support fiat withdrawals, which means you don’t have immediate access to your money if and when you need it.
To access the funds, you’ll first need to sell any cryptos and store the U.S dollars from those sales in your Crypto.com USD wallet so they can be converted into other currencies at a later date when such features are available on our platform.
What Are The Fees For Crypto.com?
Crypto.com rates are competitive and depend on the type of trade you make. For example, trades made by the makers will cost 0.04% to 0.40%, while takers will pay anywhere between 0.10% and 0.40%. Credit card purchases incur a 2.99% fee in addition to these rates.
Is Crypto.com Exchange Available In the USA?
Yes, Crypto.com Exchange is available in the United States. The exchange has a limited number of users, and it is still accepting new registrations from the U.S. market.
Crypto.com Exchange is available in the USA, but it is not available to everyone. It is only available to a select few at the moment. For example, you can join the waitlist if you are an accredited investor as defined by Regulation D under the U.S Securities Act of 1933.
U.S. institutional investors are invited to join the waitlist at crypto.com/exchange.
Crypto.com Exchange is a trading platform for cryptocurrencies and fiat currencies that enables users to buy, sell, and store cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Binance Coin (BNB), and Crypto.com Token (CCT).
The Crypto.com Exchange also offers OTC services for large block trades of cryptocurrencies on a 24/7 basis through its Hong Kong office. The exchange has a daily volume of $1 billion USD in transactions with over 5 million registered users worldwide.
Crypto.com is the first major exchange to offer trading services for multiple digital assets, including Bitcoin, Ether, Litecoin, Binance Coin, MCO, and Crypto.com’s own MCO.
Crypto.com Exchange has announced its launch in the U.S., with plans to continue global expansion in 2022.
Crypto.com Exchange Registration Process:
The registration process is straightforward and user-friendly. You need to go to the official website at https://crypto.com/exchange/ and fill up the registration form with your personal information such as name, email address, country of residence, etc.
After that, you will be asked for your mobile number, which will be used for your 2-factor authentication (2FA) purpose, and your email address. After entering your mobile number, you will receive a 6-digit code that needs to be entered to complete the 2FA process (make sure not to change this code).
After entering this 6-digit code, you have completed the 2FA process. All that’s left is to verify your account by clicking on the link sent to your email address. After completing the registration process, you can start trading on the exchange platform.
Crypto.com Exchange Trading Interface:
The trading interface of Crypto.com Exchange is very user-friendly and easy to navigate. You can use the left side menu to view the market you want to trade-in, and then on the right side of the trading interface, you will find a list of available trading pairs and their graphs.
The trading page also shows you real-time data such as the 24 hours price change, 24 hours volume, 24 hours high and low. You can also use an advanced charting tool to create your chart by selecting various technical indicators such as moving averages, MACD, etc.
Who is Crypto.com Owned By?
Foris DAX Asia is a subsidiary of a parent company called Foris, based in Malta that owns Crypto.com.
Crypto.com is a registered trademark of Crypto.com Ltd. Crypto.com has been granted an e-money license by the Malta Financial Services Authority (FSA).
Crypto.com has also received a restricted banking license from the Malta Financial Services Authority (FSA), allowing it to act as an issuing and acquiring bank and provide credit services and other related activities.
The foundation of this company’s business model is its relationship with Bank Frick in Liechtenstein, which enables the company to provide crypto-to-fiat transactions for European customers.
In addition to its own Crypto Wallet, Crypto.com offers various third-party wallets, including Coinomi and Trust Wallet. According to the website: “All your funds are secured and safeguarded by multi-signature cold storage, a hot wallet for immediate access to your funds, and a proprietary algorithm to distribute funds across our cold storage devices. The result is that your cryptocurrencies are always secure.”
How do I Contact Crypto.com?
The company’s website, Crypto.com, is very informative and easy to navigate.
You can also reach the company via email or by phone. You can also follow it on Twitter @cryptocom and LinkedIn. Crypto.com has a blog highlighting recent product developments and exciting industry developments and news.
The company has a Facebook page with more than 100,000 followers. The Crypto.com Telegram group is a lively place for the latest crypto news and discussion; it has more than 5,000 members. You can also keep an eye on its Reddit page. You can join the Crypto.com Telegram group and follow Crypto.com on Twitter to get the latest updates. Crypto.com is not a member of the Blockchain Alliance.
What are Crypto.com’s Referral Program Terms?
The Crypto.com referral program has a straightforward structure:
You earn $10 in CRO when you sign up and complete your KYC, and your friend earns $10 in CRO if they complete their KYC after you refer them.
The referral program is limited to 10 referrals per person. However, if you are an existing customer, there are no limits on the number of referrals you can make. You will receive your referral credits within 24 hours of your friend completing their KYC.
The referral program is available to all customers, including those from countries where Crypto.com doesn’t yet offer services. The company reserves the right to end or modify its referral program for any reason, with or without notice. There is no cap on the number of referral credits you can earn. Crypto.com’s Referral Program Terms are subject to change at any time.
What Does Crypto.com Have to Say About Its Referral Program?
“With our new referral program, we’re hoping to spread the word about Crypto.com and how we’ll change the way people buy, sell, and hold their cryptocurrencies,” said Kris Marszalek, co-founder, and CEO of Crypto.com.
“We want our users to enjoy playing with their cryptocurrency as much as they use fiat currency for everyday purchases.” “By referring your friends, family, and colleagues to sign up for Crypto.com Wallet, you’ll earn $10 in CRO tokens for each person that completes the KYC process,” he added.
Can You Buy Shiba on Crypto.com?
Yes, you can buy Shibas on Crypto.com, and you can even use fiat currency to do it.
The Crypto.com app is available on iOS and Android devices, but you have to register for an account before you can use it.
This is a longer process than you would like, but once your account is set up, the app will walk you through the steps of adding funds from a bank account or credit card and buying CRO or other cryptocurrencies from the Crypto.com marketplace.
Crypto.com also has an online wallet and a Chrome browser extension that works with Shiba Inu GIFs to keep your crypto secure and help grow your portfolio. You can buy Shiba Inus in Crypto World.
You can deposit fiat currency into your Crypto.com wallet. This is a great way to start if you want to buy Shiba but don’t have any cryptocurrency. You can buy Bitcoin, Ethereum, or Litecoin from Coinbase or another exchange and transfer it to your Crypto.com wallet. You can use the Crypto.com card, which converts crypto to fiat at the point of sale in millions of locations worldwide.
If you want to get some Shibas without investing in cryptocurrency, Crypto.com offers several ways to earn coins:
- Complete surveys, which payout in CRO tokens or other cryptocurrencies (links at the top of the Crypto.com homepage to take you to the survey sites).
- Earn CRO by playing CryptoKitties or CryptoCelebrities, two games built into the Crypto.com app.
- You can also earn CRO by trying out some of the services offered by Crypto companies and being one of the first people to use them (such as a new crypto exchange or a market prediction platform).
The Chrome extension is called “Crypto Keeper,” It allows you to manage your cryptocurrency with Shiba Inus. The extension lets you set up a profile with cute little dog pictures, then choose how many coins you want to protect, how often you want your coins moved around, and how much risk you want to take on for bigger rewards.
Then, when your coins are in danger of being hacked or lost due to an error in transaction or storage, “Crypto Keeper” will move them around safely for you.
The Crypto.com Card
Crypto.com has a Visa-branded debit card that allows you to spend cryptocurrencies anywhere Visa is accepted (in millions of locations worldwide). The card has no monthly fees, but there are fees for ATM withdrawals and other transactions.
The crypto on the Crypto.com platform is converted into fiat at the point of sale, so you don’t have to worry about fluctuations in price while making a purchase or having the transaction rejected because you don’t have enough crypto. Crypto.com also allows you to buy crypto with your debit card using a credit card or bank account and deposit it into your wallet.
You can only use the Crypto.com card if you are an accredited investor (you must meet one of the following requirements:
- Have a net worth of at least $1 million, excluding your primary residence.
- Have an annual income of at least $200,000 individually or $300,000 together with your spouse for the last two years (or expect to earn that much in the current year).
- Be an executive officer or general partner in a venture capital firm that has raised over $100 million in investments.
You can use this site to check if you qualify: https://www.crypto.com/verify-eligibility/
Does Crypto.com Have a Wallet?
Yes. Crypto.com has a mobile wallet and offers a debit card that you can load with CRO and use anywhere Visa is accepted.
You can also trade on the Crypto.com exchange, which is available on its mobile app and through web browsers on desktop computers.
Crypto.com has a mobile wallet app for both Android and iOS. It’s also available as a desktop app and is available on the web. Crypto.com’s wallet supports Bitcoin, Ether, and CRO only.
The Crypto.com Wallet is a hierarchical deterministic wallet (HD). This means that you can generate multiple wallets from one seed, all linked to the same private keys. This is the best option for securely storing cryptocurrencies for most users because it minimizes the risk of losing your funds due to the loss or theft of a single device or secret key code.
Crypto.com’s wallet can send and receive crypto payments, pay bills, top up your debit card with crypto, track your crypto investment portfolio, manage multiple addresses for different purposes, etc.
Crypto.com’s wallet also provides “instant exchange” functionality that allows you to convert fiat currency into cryptocurrency and vice versa instantly with no extra fees. This feature is not available on the mobile app but only on the web version of the wallet.
Crypto.com’s Wallet Also Supports A Variety Of Advanced Features, Such As:
- Instant Exchange: Crypto.com’s instant exchange service allows you to convert fiat money into crypto and vice versa instantly with no extra fees. You can do this using your debit card or bank account, depending on which payment method you choose to fund your wallet with when setting it up.
- Cold Storage: Crypto.com’s cold storage feature lets you store your crypto funds securely offline in a paper wallet or a hardware wallet, such as Trezor or Ledger Nano S.
- Vault Lock-in: Vault Lock-in is a valuable security feature that will help keep your funds safe if your device is lost or stolen by locking in all transactions before wiping out all data from the stolen device.
- Masternode Support: Masternode support allows you to earn passive income by hosting masternodes on your device without needing to purchase and maintain expensive hardware.
- Merchant Payments: Crypto.com’s merchant payments service allows you to accept cryptocurrency payments in your store without worrying about the underlying technology.
The Crypto.com app is available on both iOS and Android devices, while the web version of the wallet can be accessed via https://wallet.crypto.com.
The MCO Token
MCO is an ERC-20 token that powers Crypto.com’s payment system and other advanced features on their platform, such as Masternodes, Instant Exchange, etc. You’ll need MCO tokens to use these advanced features on the platform. The amount of MCO tokens you will need depends on which advanced feature you want to use:
- Masternode: 10 000 MCO for each master node that you want to host (minimum of 100 000 MCO)
- Instant Exchange: 50 000 MCO for each currency pair (minimum of 500 000 MCO)
- Payments: 1000 MCO per month or part thereof
MCO tokens are traded on Binance, KuCoin, OKEx, and HitBTC.
Is Crypto.com Available in New York?
No. Crypto.com is not available in New York. The New York State Department of Financial Services (NYDFS) has the exclusive authority to issue licenses for virtual currency businesses in the state.
“We cannot accept customers from the following states: New York, Washington DC, Georgia, Hawaii, Idaho, Iowa, Louisiana, Maryland, Minnesota, and Mississippi,” the site says. “If you are a resident of one of these states or a resident of a different state where we are currently not available for business reasons and would like to open an account, don’t hesitate to get in touch with us.”
The NYDFS has issued a series of regulatory frameworks for virtual currency businesses, including BitLicenses, which are required for companies dealing with Bitcoin and other cryptocurrencies to operate in New York.
According to the regulator’s spokesman Richard Loconte, Crypto.com is not licensed by the NYDFS. He said in an email that there are two types of licenses: one for dealing with virtual currencies and another for digital currency exchanges.
Crypto.com is not licensed by the NYDFS as either a virtual or digital currency business, adding: “We are aware of their announcement but have no comment.”
But it’s not just New York struggling to attract crypto businesses. Other states have also struggled to get any traction with Crypto companies, despite offering them tax breaks and other incentives.
Crypto.com has applied for a BitLicense, according to a previous interview with its CEO, and is awaiting approval from the New York State Department of Financial Services (NYSDFS). However, this process can take months or even years.
Crypto.com is a comprehensive crypto platform that offers value for retail investors. We like the platform’s goal of combining cryptos with traditional banking, and its low fees and insurance protection are attractive.
You should also be aware that Crypto.com is not a crypto exchange. It’s more like an online bank that enables you to move fiat money into crypto (and back) quickly and easily and buy cryptocurrencies with your credit card or bank account but not trades them.
Crypto.com will appeal to experienced crypto investors who want to do more of their banking on the platform and those who are just getting started in crypto and don’t want to deal with many technical details or security issues.