Crypto.com Review 2023: Pros, Cons and How It Compares
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The bottom line:
Pros & Cons
Large selection of crypto assets.
Fees are low if you fund your account with cash transfers.
Fees for credit and debit purchases are relatively high.
Some services not offered in the U.S.
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Where Crypto.com shines
Selection: With more than 275 cryptocurrencies on its exchange, Crypto.com has a larger selection than any other service reviewed by NerdWallet.
Low fees with cash: There are no trading and transaction fees on Crypto.com if you make your purchase with money transferred in from your bank account via ACH, or automated clearinghouse, transaction.
Where Crypto.com falls short
High fees for credit or debit transactions: Fees for purchases made with a credit or debit card are quite high at 4%. Though these fees can be avoided with some legwork, this has historically been a convenient way to fund a Crypto.com account with cash.
Crypto.com allows instant ACH transactions, but not all banks are included. If your bank can't be connected to Crypto.com, you'll have to contact your institution directly to carry out ACH transfers or wire transactions, a complicated process that can take days.
Some services unavailable in the U.S.: Singapore-based Crypto.com offers most of its services to U.S. customers through its mobile application, so you may be out of luck if you prefer to trade from your desktop. Also, some aspects of its exchange — such as margin trading — are not offered to U.S. residents, and Crypto.com is not available at all in New York.
Crypto.com is best for:
Transactions with fiat, or traditional, currency.
DeFi, or decentralized finance, tokens.
Crypto.com at a glance
$1 or less for Bitcoin; other cryptocurrencies vary.
Trading and transaction fees
No trading fee, but transactions using credit/debit cards cost up to 4%.
Number of cryptocurrencies
More than 275.
Crypto-to-crypto trading pairs
Crypto.com doesn't offer an official list, but Bitcoin and other major assets have dozens.
Crypto.com's website is helpful, but sometimes fails to distinguish effectively between services offered by its U.S. and overseas services.
Storage and security
Crypto.com has a handful of features such as insurance for assets. It did suffer a breach in 2022.
Staking and rewards
Rewards can range up to 12.5% for high rollers, but earnings don't compound.
Crypto.com's main app is available on iOS and Android, with an average rating around 4 stars.
Crypto.com offers only chat-based help for most issues.
More details about Crypto.com's ratings
Minimum trade: 5 out of 5 stars
Minimum trades on Crypto.com vary based on the cryptocurrency being traded. For Bitcoin, the most valuable cryptocurrency, the platform adjusts the minimum regularly to keep it at the equivalent of $1 or below.
Trading and transaction fees: 4 out of 5 stars
The cost of using Crypto.com depends on how you choose to fund your account. The fee for credit card or debit transactions is up to 4%, which is on the high end of the transaction and trading fee structures on crypto exchanges reviewed by NerdWallet.
It is possible to avoid these fees by transferring money into your account via ACH, but only if your bank is among those that easily connect to Crypto.com.
You’ll also pay a fee if you want to withdraw crypto from the platform. This fee depends on the type of cryptocurrency in question. For Bitcoin, the fee is 0.0006 BTC.
Number of cryptocurrencies: 5 out of 5 stars
Crypto.com has more than 275 cryptocurrencies available to U.S. customers, the highest number we’ve seen in exchanges reviewed by NerdWallet. But unlike with some competing exchanges, you must buy cryptocurrency on Crypto.com using fiat currency such as U.S. dollars.
Crypto-to-crypto trading pairs: 5 out of 5 stars
Crypto.com does not make a list readily available describing the available crypto-to-crypto pairs on its service. However, a review of the app shows that there are several dozen pairs for top cryptocurrencies such as Bitcoin — as well as some less commonly traded ones. That puts Crypto.com comfortably among the top tier of exchanges in terms of trading pairs.
Nonetheless, it's not a bad idea to double check the app to make sure that Crypto.com offers the pairs you most need in your crypto trading.
Storage and security: 3.5 out of 5 stars
Crypto.com allows users to connect multiple digital wallets to its service, and it also offers its own options for holding cryptocurrency. Among them is the DeFi Wallet, a separate app that allows users to earn rewards on tokens used in decentralized finance applications supported by blockchain networks.
If you choose to hold assets on the exchange, Crypto.com outlines several steps it has taken to protect customers. It says it holds clients’ cryptocurrency in “cold storage,” which means it cannot be easily accessed from the internet, making it less vulnerable to hackers. Fiat currency deposited onto the exchange is held in regulated bank accounts, according to Crypto.com.
In the event of an incident or attack that compromises customers’ assets, the company says it has $100 million in insurance to cover losses. After a security breach in early 2022 hit hundreds of users, Crypto.com said it had fully reimbursed anyone who lost funds.
Staking and rewards: 4 out of 5 stars
Crypto.com offers staking on more than 35 cryptocurrencies through its main service, and rewards can range up to 12.5%. The program does have some unique limitations, however. For one, rewards do not compound. Instead, they're paid out whenever you unstake your crypto. In addition, top-tier rewards are reserved for people with high trading volumes who use Crypto.com's credit cards.
While cryptocurrencies do not have to be locked up to earn rewards, users who commit cryptocurrency for up to three months can increase their earnings.
Another way to earn crypto through Crypto.com is the the main app's "missions" program, which challenges customers to use aspects of the service in exchange for the chance to win rewards including the affiliated cryptocurrency Cronos. Missions often require users to spend money, purchasing a certain amount of crypto for instance.
The DeFi Wallet app has some additional options when it comes to decentralized finance, which is a broad term that describes efforts to move traditional financial services onto blockchain networks. Users can also earn rewards by using their cryptocurrencies as part of decentralized lending programs.
To get these offerings, which also allow users to swap certain tokens for one another without the use of an exchange, you must use the DeFi wallet app. Each program has its own risks and benefits, so make sure you read up on how they work before you start. Also note that Crypto.com will take a .05% convenience fee on your earnings.
Mobile app: 4 out of 5 stars
Crypto.com’s mobile applications are the primary way that customers in the U.S. can access its services, so if you want to use Crypto.com, you should make sure you like the way the app works on your phone.
The platform offers applications for iOS, which is a 4-star product, and Android, which is a 5-star product according to customer ratings.
The app can also connect to the separate DeFi Wallet app, the customer ratings for which average around 4 stars.
Customer support options: 2 out of 5 stars
Crypto.com primarily offers chat-based support.
Other features you should know about
Cronos and credit cards: Crypto.com has tried to build a financial ecosystem for users of its apps. The associated products include credit cards and the associated cryptocurrency Cronos, or CRO. Users who have staked a large amount of CRO become eligible for cards that carry benefits including better rewards on credit cards and higher staking payouts.
NFTs: Crypto.com also offers a marketplace for NFTs, or nonfungible tokens. NFTs enable ownership of digital files such as visual art, music and videos.
Is Crypto.com right for you?
Crypto.com offers a massive selection of digital assets and has fees that can be quite low. It's good for people comfortable with mobile trading, and those who are interested in add-on services such as credit cards.
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