Crypto.com Review 2022: Pros, Cons and How It Compares

Crypto.com could appeal to customers who are looking for a wide variety of cryptocurrencies, and who are comfortable carrying out transactions on a mobile device using traditional currency.
Andy RosenJan 3, 2022

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Our Take

4.5

NerdWallet rating 

The bottom line:

Crypto.com offers a massive selection of digital assets and has fees that can be quite low. Though it doesn’t support conventional crypto-to-crypto trading, advanced users may be interested in its DeFi offerings.

Crypto.com

Crypto.com

Fees

0%-2.99%

Varies by type of transaction; other fees may apply

Account minimum

$0

Promotion

None

no promotion available at this time

Pros & Cons

Pros

  • Large selection of crypto assets.

  • Fees are low if you fund your account with cash transfers.

Cons

  • Fees for credit and debit purchases are relatively high.

  • Some services not offered in the U.S.

  • No crypto-to-crypto trading.

Compare to Similar Brokers

Coinbase
SoFi Active Investing Crypto
Gemini
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Fees

0.5% - 4.5%

varies by type of transaction; other fees may apply

Fees

1.25%

per trade

Fees

0.5% - 3.99%

depending on payment method and platform

Account minimum

$2

Account minimum

$10

Account minimum

$0

Promotion

Earn $5

in bitcoin for getting started on Coinbase

Promotion

Get $10 in bitcoin

when you make your first trade of $10 or more

Promotion

$20 of BTC

for new users after trading $100 or more within 30 days

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Full Review

Where Crypto.com shines

Selection: With about 180 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 — it was 2.99% in late 2021. Though these fees can be avoided with some legwork, this has historically been the most convenient way to fund a Crypto.com account with cash.

In December 2021, Crypto.com said it had begun allowing instant ACH transactions. Previously, customers had to go through their banks to carry out ACH transfers or wire transactions, a complicated process that can take days.

No crypto-to-crypto trading: While the selection is large, Crypto.com’s U.S. offering lacks a key component that many of its competitors feature. No cryptocurrencies can be exchanged for one another on the platform, so if you want to, say, exchange your Bitcoin for Ethereum, you’ll need two transactions: one to sell the first cryptocurrency, and another to buy the second.

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:

  • Mobile-first users.

  • Transactions with fiat, or traditional, currency.

  • DeFi, or decentralized finance, tokens.

Crypto.com at a glance

Minimum trade

$1 for Bitcoin; other cryptocurrencies vary.

Trading and transaction fees

No trading fee, but transactions using credit/debit cards have 2.99% transaction fee.

Number of cryptocurrencies

180.

Crypto-to-crypto trading pairs

None.

Website transparency

On Crypto.com's website, you can easily find important information, including investment minimums, supported assets and how to close an account.

Can use your own digital wallet?

Yes.

Mobile app

Crypto.com's main app is available on iOS and Android, with an average rating of 4.3 stars.

Customer service

Crypto.com offers only chat-based help for most issues.

More details about Crypto.com's ratings

Minimum trade

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.

Trading and transaction fees

The cost of using Crypto.com depends on how you choose to fund your account. The fee for credit card or debit transactions is 2.99%, which is on the high end of the transaction and trading fee structures on crypto exchanges reviewed by NerdWallet.

But it is possible to avoid these fees by transferring money into your account via ACH.

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 0.0004 BTC.

Number of cryptocurrencies

Crypto.com has 180 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

Crypto.com’s app does not allow U.S. users to exchange crypto assets for one another; there must be fiat currency on one side of every sale. There are some options for swapping certain tokens as part of Crypto.com’s DeFi Wallet app for more advanced users.

Digital wallet options and security

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 $750 million in insurance to cover losses.

Mobile app

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

Crypto.com primarily offers chat-based support. For some issues, such as account cancellation, the company says it will respond to email inquiries.

Other features you should know about

DeFi and staking: Several exchanges now offer users the ability to participate in crypto staking, which is a process available on some cryptocurrencies allowing owners to earn rewards by using their holdings to help run an underlying blockchain network.

But Crypto.com has some additional advanced features, especially when it comes to DeFi, or 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.

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, and some have sold for high prices as they have become more popular over the past year.

Notable creators on the platform include Snoop Dogg and the Aston Martin Cognizant F1 Team, which has sold NFTs of some of its racing highlight videos.

Is Crypto.com right for you?

Crypto.com offers a massive selection of digital assets and has fees that can be quite low. Though it doesn’t support conventional crypto-to-crypto trading, advanced users may be interested in its DeFi offerings.

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