Crypto.com Review: Bitcoin Exchange Platform
Crypto.com is a centralized exchange to buy, sell, and trade bitcoin. It operates worldwide and offers a mobile app, a payment card, and DeFi products.
Crypto.com is a bitcoin trading exchange founded in 2016 and operating worldwide. It has a mobile app and a web-based exchange platform and includes such features as Metal Visa Cards, DCA (dollar-cost averaging) Bot for recurring bitcoin buys, bitcoin loans and more.
How Crypto.com Works
To get started, initiate a request to open an account on Crypto.com Exchange platform. This process is carried out in the following steps: enter your email and create a password; the verification letter will be sent to your email with a code. After pasting it, fill in the fields with your first name, last name, date of birth, nationality, and phone number. The code will be sent to it, too. Insert it and continue to provide your ID verification information using a valid government-issued photo ID such as a passport, driver’s licence or identity card, then take a selfie. After completing KYC verification, the full range of services is offered by Crypto.com.
To trade bitcoin, first deposit it with no fees from your external wallet to a unique Bitcoin deposit address generated by the system or top-up your account with a fiat currency. Enter the amount of bitcoin you want to buy or sell for a market order. For a limit order, enter the price at which you want to buy/sell bitcoin and the amount of bitcoin you wish to trade.
You can withdraw your funds from the exchange when you want to take them out. This involves sending bitcoin to an external wallet or withdrawing fiat funds to a bank account.
The exchange has a Peer-to-Peer (P2P) Lending platform, allowing users to loan their crypto assets to creditworthy borrowers on their terms. Lenders can earn interest with flexible term lengths (7D, 14D, and 28D) and set market lending rates. An auto-lend function enables repaid loans to be automatically returned to the funding market at the original rate and tenure.
- Crypto.com App: It is a mobile application accessible on Play Store (Android)/App Store (iOS) that enables users to buy, sell, and manage bitcoin. It offers a crypto wallet and the ability to earn interest on holdings.
- Metal Visa Cards: The Metal Visa Cards are a range of physical prepaid cards that allow you to spend your assets at traditional points of sale where Visa is accepted. The cards do not have annual fees, can be topped up with fiat or bitcoin and have various benefits.
- Crypto.com DeFi: The DeFi (Decentralised Finance) section includes DeFi mobile wallet (a non-custodial wallet where you control your private keys), a desktop wallet, and a browser extension. It also offers DeFi Earn, which allows users to grow their crypto assets using decentralised finance (DeFi) protocols, thereby earning passive income.
- Crypto.com Pay: This solution ensures payments with crypto assets using the Crypto.com App.
- Pay for Business: It is a payment gateway that allows merchants to accept bitcoin payments from over 50 million users (Crypto.com customers).
- Margin Trading: With this feature, users borrow funds to increase their trading position, amplifying potential profits or losses.
- Derivatives Trading: Traders speculate on the future price movements of bitcoin without owning the actual assets.
- Bots: DCA Bot helps automatically trade a fixed amount at regular intervals; Grid Bot provides the possibility to execute a grid trading strategy to buy low and sell high; TWAP Bot facilities to minimise slippage on large-volume orders and to ensure their completion by splitting them up.
Crypto.com Currencies and Payment Method
Nowadays, the exchange supports AUD, CAD, EUR, GBP, USD, BRL, and TRY fiat wallets. Fiat wallets can be used for bitcoin purchases, recurring buys, Crypto.com Visa Card top-up, selling crypto to fiat, and withdrawing fiat to your bank account. Supported payments are: AUD bank transfers via NPP Network for Australia; BRL Bank Transfer via TED/DOC/PIX – Brazil; CAD bank transfers – Canada; EUR Bank Transfers via SEPA Network – Europian Union; StraitsX, SGD Bank Transfer via FAST Network – Singapore; GBP Fiat Wallet Deposits via Faster Payment Service – United Kingdom; USD Bank Transfers via ACH Network, Instant Deposit with USD via ACH Pull Network, USD Deposit via Wire Transfer, Early Direct Deposit – United States; bank transfers – Turkey.
Crypto.com Fees and Limits
Depositing bitcoin is free of charge, while the withdrawal fee is 0.0005 BTC. The minimum withdrawal amount is 0.001 BTC. Withdrawal fiat limits are: minimum – 80 EUR per withdrawal, maximum daily – 100,000 EUR, maximum monthly – 500,000 EUR.
The trading fees are tiered based on the user’s 30-day spot trading volume (in USD). The fees are divided into maker and taker fees. For example, for users with less than 250,000 USD trading volume, the maker and taker fees are both 0.0750%. For users with a trading volume of 10,000,000 USD or more, the maker fee is zero, and the taker fee is 0.0500%.
Crypto.com Alternatives for Buying Bitcoin With SEPA
If you are in Europe, you can buy bitcoin with SEPA via other exchanges.
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