All you need to know before starting to trade in Australia!
In this Crypto.com review, we are taking a closer look at one of the most popular digital exchange platforms, mostly known for its mobile app that has impressive features.
As a cryptocurrency trader, there are several factors that you should consider before creating an account with an exchange. This includes security features, fees, supported crypto, ease of use and customer support.
I will go over all these aspects to help you identify whether his platform will fulfil your needs.
Table of contents
- 1 All you need to know before starting to trade in Australia!
- 2 Ease of Use
- 3 Security
- 4 Fees
- 5 Supported Cryptocurrencies
- 6 Deposit & Withdrawals
- 7 Support
- 8 Editor’s Crypto.com Review
- 9 Account Registration & Login
- 10 Identity Verification
- 11 The User Interface
- 12 What Could Crypto.com Improve on?
- 13 User Interface Screenshots
- 14 What are the Top Features of Crypto.com?
- 15 1. Crypto.com Visa Card
- 16 2. Crypto.com Earn
- 17 3. Crypto.com Pay
- 18 4. Crypto.com Credit
- 19 5. Crypto.com Derivatives Exchange
- 20 What is CRO?
- 21 What are the Pros and Cons of Trading on Crypto.com?
- 22 Pros
- 23 Cons
- 24 Is Crypto.com Safe?
- 25 Who Should Use Crypto.com?
- 26 Best Crypto.com Alternatives
Editor’s Crypto.com Review
My name is Moritz, and I have been using Crypto.com for more than half a year. I have been a crypto trader for years now, and I recently decided to test out new platforms and write unbiased reviews about them.
I hope that these quick guides will help you find a platform that truly works for you and aligns with your investment goals. Remember, you will never find a perfect exchange site, so find one that ticks most of our boxes.
Here’s a simple review of Cryoto.com based on my interaction with them.
Account Registration & Login
To start using Crypto.com, you need to download their mobile app, which is accessible on both android and iOS devices. The sign-up process is easy, and you’ll need to provide a valid email address. This is where they send the account verification code, which you use to activate your profile. Account creation and maintenance is free.
Like most Australian exchanges, Crypto.com is regulated by AUSTRAC and has to comply with their strict KYC/AML regulations. This is why you have to verify your identity before you can start trading. To complete this process, you’ll have to upload your passport or government ID on the app.
There are 3 levels of verification on Crypto.com;
1. No verification: You only view the dashboard and exchange but can’t make any trades.
2. Basic verification: You can make crypto deposits and trade among different digital assets, but you have a $5,000 daily bitcoin withdrawal limit.
3. Advanced verification: It’s the same as basic verification, but your daily limit is increased to 100BTC per day.
The verification process takes at most 3 days, depending on how busy the network is.
The User Interface
While their website is a bit difficult to navigate, the Crypto.com app is clean, sleek, and intuitive. It allows you to speculate on trades and has advanced features and tools that you can use to analyze price action. Their charting interface is facilitated by TradingView, and almost all crypto traders are familiar with it.
The app isn’t cluttered, and it doesn’t have any noticeable glitches. I truly enjoyed trading on it.
What Could Crypto.com Improve on?
Crypto.com is a great platform to start with, especially if you’re new at crypto trading. They should, however, introduce new features and more digital assets to accommodate professional traders.
Anyone that enjoys trading with small altcoins may find the account basic, but all in all, it’s secure, easy to use, and supports most of the larger coins.
User Interface Screenshots
Here are some screenshots of what the user interface of Crypto.com looks like:
What are the Top Features of Crypto.com?
1. Crypto.com Visa Card
Crypto.com has visa cards that allow you to trade using your cryptocurrencies. Their benefits are dependent on the CRO staked, while cashback rewards are 8% on the black and 1% for the free card.
They also have premium cards that sometimes have 100% cashback from specific platforms like Netflix and even have free airport lounge access. Some of their cards are also made of metal which gives them a great premium look and feels.
One of the things that set these visa cards apart from the rest is that they allow you to convert digital currency into fiat currency and use it at various outlets. You can top up your Crypto.com credit card using bank transfers, crypto from your wallet, or credit/ debit cards.
Their Jade Green card is acceptable on all outlets that accept visa cards.
2. Crypto.com Earn
This is a feature on the lending side of the Crypto.com app that allows you to loan out your digital assets and earn interest. Their interest rates are pretty impressive, and bitcoin earns 6.5%PA; Ethereum has a rate of 5.5% PA while most stable coins earn up to 12%PA.
Depositing into your Earn account takes a short time, and all interests are paid out weekly and deposited into your wallet. The best part is that you’re paid in the same digital currency that you loan out. This allows you to earn more if the coin’s value increases during the lending term.
3. Crypto.com Pay
This feature is a gateway solution for people who sell products online. It allows you to make easy payments on checkout and imposes little to no fees on the final transaction. This feature is also useful to customers as it gives them a higher cashback rate than that of the Cryoto.com Visa card.
4. Crypto.com Credit
This is a borrowing service that allows you to borrow crypto-backed loans. You can use up to 50% of your locked-in digital assets as collateral at an 8%APR. This allows you to get funds quickly without triggering a taxable event.
5. Crypto.com Derivatives Exchange
Crypto.com now has a derivatives exchange that allows it to compete with popular exchanges such as Binance. This feature allows you to trade BTC/USD while using USDC as collateral. It also enables you to take advantage of small price movements by trading using up to 50x leverage to dominate larger positions.
What is CRO?
This is Crypto.com native currency that allows users to make transactions using their app. It’s also traded on the platform, and users can opt to make or receive payments using the coin.
CRO is a relatively new coin which is why there are few exchange sites that offer CRO trading pairs.
What are the Pros and Cons of Trading on Crypto.com?
- It’s beginner-friendly: Initially, this platform was aimed at engaging novice investors, and so far, it has done a stellar job. It has a simple interface that allows users to make trades without being overwhelmed.
- Highly Secure: Crypto.com has implemented various security measures to ensure that your funds are safe. It has also never been hacked before.
- They have a visa program with amazing cashback rewards.
- You can earn interest on crypto by lending out your digital assets.
- You can easily convert your cryptocurrency into fiat currency.
- It has a limited selection of digital assets.
- You have to hold significant amounts of their native cryptocurrency, CRO.
Is Crypto.com Safe?
Crypto.com takes a security-first approach on all accounts and has strict security measures to protect your account. This includes:
- 2FA for all App access.
- All their assets are stored in cold storage to prevent hacks.
- They are complaints with AUSTRAC regulations to limit fraudulent activities on the platform.
- All withdrawal addresses have to be whitelisted using email verification.
- All transactions are constantly monitored for suspicious activities.
This site is also the first company globally to have:
- PCI-DSS v3.2.1 Level 1 compliance
- CCSS Level 3
- ISO/IEC 27701:2019
- ISO/IEC 27001:2013
Crypto.com has also attained tier 4 of NIST cybersecurity and privacy frameworks, which is the highest level.
Who Should Use Crypto.com?
This platform is best for you if:
- You’re new at crypto trading and are looking for a platform to get started.
- You’re willing to buy and deposit substantial amounts of CRO.
- You’re looking for an easy way to convert fiat currency into cryptocurrency and vice-versa,
- You’re looking for a platform where you can earn passive income.
Best Crypto.com Alternatives
As you’ve learned in our Crypto.com review, it has been in operations since 2016 and is a great platform for anyone who’s new to crypto trading. Its app has an interface that is easy to use and has a variety of great features, including charts powered by TradingView.
Crypto.com also has amazing features that allow you to borrow crypto-backed loans, earn interest and make crypto to crypto trades. Their Visas are sleek and widely accepted, making it easy for you to complete transactions conveniently.
Their only downside is that their fees are a bit on the high side, and their customer service is slow. They do, however, offer 24/7 support on the app.
If you’re still looking for other platforms, we recommend that you check out the following alternatives:
- Number of crypto assets: 260+
- Trading fees: 0.6%
- Acceptable deposit methods: credit card. PayID, POLI, Bank transfer, Debit card, Cryptocurrency.
- Allows AUD deposits and withdrawals: Yes
- Number of crypto assets: 260+
- Trading fees: 0-0.1%
- Acceptable deposit methods: credit card, debit card, PayID, POLI, third-party payment services, cash deposit, OSKO
- Allows AUD deposits and withdrawals: Yes