If you’re in search of a diverse range of cryptocurrencies and minimal fees, Crypto.com is a top contender for your next crypto exchange. Offering over 250 coins, you’ll have access to both popular and lesser-known cryptocurrencies. The exchange boasts some of the lowest fees in the industry, starting at just 0.075 percent, with volume-based discounts for high-volume traders.
For long-term investors, Crypto.com offers staking rewards on more than 20 cryptocurrencies, allowing you to earn passive income while holding your investments. However, the exchange falls short in terms of customer support and educational resources, which may detract from its overall appeal.
If you’re interested in trading traditional securities alongside cryptocurrencies, platforms like Robinhood and Webull (via Webull Pay) also provide access to major crypto assets. Alternatively, Coinbase is a solid choice for those seeking a wide selection of cryptocurrencies.
Highlights
- Low trading fees
- Extensive cryptocurrency selection
- Staking options for over 20 coins
Crypto.com at a glance
| Category | Crypto.com |
|---|---|
| Minimum balance: | None, but $1 trade minimum and $20 minimum bank transfer |
| Securities tradable: | More than 250 cryptocurrencies |
| Cost per trade: |
|
| Customer service: | No phone service, only self-help, email and chat |
| Mobile app: | The Crypto.com mobile app is available on the Apple App Store and Google Play Store |
Pros: Where Crypto.com excels
Cryptocurrency selection
Crypto.com stands out by offering a wide range of over 250 cryptocurrencies, surpassing many other trading apps in the industry. In addition to popular coins like Bitcoin and Ethereum, Crypto.com also features lesser-known options such as Helium, providing a diverse selection for traders. It’s important to note that not all coins are available in every state, so ensure your desired coin is accessible in your location before trading. The Crypto.com app is not accessible in New York state.
For a similar extensive selection of cryptocurrencies, Coinbase offers over 2420 coins. However, if you’re interested in trading non-crypto securities, you’ll need to open an account with a traditional broker like Schwab or Fidelity.
Trading fees
Crypto.com has significantly reduced its trading fees, making it a cost-effective choice for traders. With fees starting at 0.075 percent, Crypto.com outperforms other exchanges like Binance.US and Kraken. The platform utilizes a maker-taker pricing model, rewarding liquidity providers and charging slightly higher fees to liquidity takers. The fee structure adjusts based on trading volume, offering discounts to high-volume traders.
Additionally, Crypto.com provides fee discounts for users who stake CRO, the platform’s native cryptocurrency, and pay trading fees in CRO. It’s important to note that these fee structures and discounts may change over time.
No fees on bank transfers
Crypto.com does not charge fees for bank transfers, making it a convenient option for funding your account. While other funding methods like credit card deposits incur fees of around 3 percent, bank transfers are fee-free. ACH transfers typically take three to five business days with a minimum of $20 per transfer and a daily limit of $1,000,000. Wire transfers, on the other hand, require a minimum transfer amount of $1,000 and typically process within one to two business days, with a daily maximum of $1,000,000.
Staking
By staking cryptocurrency with Crypto.com, users can earn rewards on their deposits. Staking allows you to earn passive income on over 20 cryptocurrencies, with rewards paid out weekly. As of August 2024, staking with Crypto.com could yield up to 19 percent annually. Staking popular assets like Bitcoin and Ethereum can earn returns of 5 to 5.5 percent per year. It’s important to understand that staking carries market risks, and unlike traditional bank accounts, there is no FDIC insurance protection for staked assets.
Cons: Areas for improvement
Educational material
Crypto.com lacks comprehensive educational resources for novice traders looking to learn more about cryptocurrency. While the online help center addresses some queries, the focus is primarily on app functionalities rather than educating users on crypto trading intricacies. Given the influx of new traders in the cryptocurrency space, investing in educational content could benefit Crypto.com and help traders navigate the risks associated with crypto trading.
Customer service
Similar to many other cryptocurrency exchanges, Crypto.com does not offer phone support as part of its customer service options. Users must rely on the online help center for assistance, which may not cover all queries thoroughly. A more robust customer service system could enhance the overall user experience on the platform.
When using the Crypto.com app, customers have the option to reach out for assistance through email or chat. However, some prefer the personal touch of speaking with a representative over the phone.
Trading platform
Although Crypto.com offers a wide range of cryptocurrencies, their trading platform is quite basic. This may not meet the needs of advanced or professional traders, leading them to explore other options. While you can access market data and basic charts, the platform falls short compared to exchanges like Gemini and its ActiveTrader platform.