Crypto.com: An App that Pays Interest on your Crypto (Upto 14% Per Year)
What is crypto.com? Crypto.com is an all in one app for crypto traders and long term investors to buy, sell, spend and earn interest on the staked tokens. It aims to make cryptocurrency a part of daily life. This platform behaves as a crypto bank, offering various products and services other than being a general crypto exchange which we will be discussing later on in the article.
Crypto.com also offers its own native tokens called the CRO coins. The more number of CRO coins a user stakes, the more interest you earn on your assets.
What we are going to learn?
Web based or App: App as well as web based
Started in: 2016
Founders: Bobby Bao, Kris Marszalek, Gary Or, and Rafael Melo
Who should Use Crypto app?
You may want to become a CRYPTO.COM user if:
- If you hold a lot of CRO tokens and can bet on the future of CRO tokens, it is better to stake the tokens, and get additional benefits.
- If you want to have a card that lets you spend your crypto and gets you rewards in the form of cashbacks.
- If you are not an active trader and just want to earn interest on the tokens you held.
- If you want a SINGLE platform that lets you buy, sell crypto with your FIAT currencies, and also pays you interests on the staked tokens.
Key features of Crypto.com
The user can deposit money into their crypto.com account through an electronic transfer or a wire transfer with zero payment of fees. If you are using a credit card, after 30 days, the platform might charge a fee for the usage of credit card or debit card for purchasing the crypto. A cash advance fee is levied by the card issuer if the user specifically uses a credit card to complete their transactions. I would suggest putting FIAT via electronic bank transfer or wire.
Everything crypto: Offers the best of both Centralised and Decentralised world.
Besides buying or selling crypto, the app provides a wide array of other services.
Crypto.com app gives you an option you hold an exclusive Crypto.com Visa Card. Based on the number of CRO staked, the cashback percentage is decided. Crypto app also offers decentralised way of swapping, farming and boosting the yield.
Besides centralised Crypto.com app, it also offers a defi solution that lets you earn, stake, lend tokens.
The users around the globe can swap their crypto by using the DeFi platform, except for restricted counties, the list of which is already mention on their website.
Crypto.com users can also spend their crypto by using a prepaid visa card.In some countries, a crypto loan is available as well.
Crypto.com accepts over 20 fiat currencies including USD, Euro and GBP. The users do not have to pay any hefty price for the conversion. But after creating the account, the users might be limited to certain fiat currencies depending on the residential country.
Cards for cash back
The company provides five prepaid visa cards, these cards must be topped-up before the usage. The most elite of the range is the Obsidian card with an opportunity to earn 8% crypto-back, but this requires 400000 USD worth of CRO to be staked.
For users who prefer something more economical, they have the options of the Midnight Blue card, the Ruby Steel card, and more with varying rates of cashback or crypto-back.
There is no annual fee set for the usage of these cards, but each type comes with its set of free ATM and foreign transactions.
Earn interest on your crypto
Besides, serving as a crypto marketplace, users can use the platform to earn high rates of interest as mentioned earlier, when compared to interests provided with a savings account in the bank.
The maximum interest users can earn is 14%, similar to the visa cards. A certain limit of CRO coins need to be staked to qualify for this benefit.
The interest rate also depends on the duration of the investment, the saved fiat currency and the amount of CRO coins staked.
CRO staking: What is it and How does it work?
What is CRO staking?
For the users to experience the maximum potential of Crypto.com, they have to stake a part of their CRO coins to enjoy certain benefits, for example, the cash backs and visa cards. Additional benefits can be unlocked by using the app which can be downloaded through the Google PlayStore and iOS store.
When you stake your CRO tokens, they get locked for a specific time period. Those coins are no more in circulation. This is known as CRO staking. For CRO token investors, when other CRO token investors stake their tokens, it takes those tokens out of the circulation and the total circulating tokens is reduced. As a result, the value of CRO tokens increase.
How does CRO staking work?
After six months has passed, the tokens can be withdrawn as usual, but withdrawals or changes may rob the user of the additional benefits. During the period of when the tokens were staked, it earns the users a range of 6%-8% as interest on the tokens. Most commonly staked thresholds are a multiples of 50, more the number of tokens staked, the better the benefits.
Which Coins and FIAT currencies does Crypto.com app support?
Fiat currencies : USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR and more.
Cryptocurrencies: Crypto.com supports approximately 119 cryptocurrencies. BTC, ETH, USDT, XRP, ATOM, XTZ, XLM, LINK, CRO, BCH are a few examples. The number of tokens will keep on increasing.
Mode of payment: Credit card, Cryptocurrency, PayPal, TransferWise and SEPA.
Countries: Crypto.com is a regulated platform and is available across several countries such as the United States of America, Europe, Canada, Australia, Russia, Latin American countries, a few Asian and African states.
The platform may be subject to certain restrictions depending the country of residence. After the registration is complete, the identification of the user must be verified through a valid ID or a government recognized proof of residence.
It might take up to 3 working days for the account to be verified.
Detailed Analysis of Crypto.com Features:
The three main components of crypto.com are:
Crypto.com is a user friendly app with a good user interface and design, simple to navigate, an all-in-one portable platform which can be installed on smart phones.
This app is the only way to unlock all the features and benefits of holding CRO tokens.
With the help of this app, the users can move or buy & sell cryptocurrencies, fiat currencies can be exchanged, the metal VISA card can be used and you can also pay with crypto for purchases and more.
It is available on Android as well as iOS phones.
It is a crypto exchange which is aimed at more experienced users, traders or investors. It is accessible via the website .
The exchange allows trade on 110+ liquid markets with Bitcoin, Tether, CRO base pairs, it supports 150 crypto pairs in total.
The users have to register for the exchange separately or they can access it using the app which unlocks special benefits.
Exchange users also get access to crypto.com lending services & crypto.com Supercharger staking pools, take part in Arena trading competitions organized by crypto.com. This benefits them with rich yields for a few specific assets.
By using the platform’s native CRO tokens, the user is also eligible for additional trading fee discounts. Availing the exchange on the app makes transactions swifter and convenient.
Crypto.com wallet is a completely separate app and entity from the main crypto.com app. It is actually a defi non-custodial wallet.
The wallet allows storage and personal control over the user’s assets but all services of crypto.com cannot be accessed through the wallet app.
Connecting the wallet to the main crypto.com account will serve a better purpose for the user.
Crypto.com DeFi Swap
The DeFi swap is a new DeFi exchange platform and can be accessed through the website and the main app. It comes along with a separate DeFi swap wallet app and dashboard. It allows the users to trade tokens in a non-custodial decentralised way, i.e, the swap between traders are kept private.
Crypto.com VISA Cards
All the crypto.com users have access to the visa cards provided by the company. They have 5 different types of metal,prepaid cards are stretched over a range of perks. The first card which is Midnight Blue is free but the other four cards namely Ruby Steel, Royal Indigo or Jade Green, Icy White or Frosted Rose Gold and Obsidian(the most elite visa card out of the 5). The CRO rewards on spending crypto through the cards ranges from 1% to 8% in the order of Midnight Blue to Obsidian. The number of CRO tokens for each type differs, higher the stake, better the benefits. We have already mentioned about Crypto.com Visa metal cards above.
This service is subject to the geographical location of the user. This loans are provided against collaterals, in terms of stablecoins – USDT,PAX, USDC and TUSD, on up to 50% loan-to-value ratio (LTV) of the amount deposited by the user.
The interest rates on the loans are heavy , 8%-12% p.a. BTC, ETH, XRP, CRO, LTC, EOS or XLM can be used as forms of collateral for the loan.
The loans are not applicable to citizens and residents of Hong Kong, Singapore, Switzerland, Malta or the United States.
The users cannot opt for multiple loans and the loans must be repaid in the same currency they were taken in.
Crypto.com Stake and Earn
Crypto.com’s special features include earning interest on the cryptocurrency investment made by users. They can earn up to 8% on holdings like Bitcoin and up to 12% on stablecoins like USDT.
Now I think we have discussed enough about the features of Crypto.com app, website and CRO tokens. Let us now look at the security features.
How secure is crypto.com?
Crypto.com has embedded the “Defense in Depth” in all aspects of their working and operating.
In terms of security for their services, their partnership with Ledger provides a Ledger Vault, institutional-grade custody security which utilizes technological mechanisms like hardware security modules (HSM) and multi-signature keys.
For their security of fiat currency, the users fiat currencies are held in secured, custodian bank accounts which are backed by insurances in case of any mishaps.
Crypto.com’s infrastructure is secured by Amazon Web Services (AWS) which integrates industry-grade security measures.
Crypto.com is operated under regulations all around the world with KYC regulations in the registration process and commonly used security measures used as well. The users can choose to protect their accounts with two-factor authentication system and a combination of pass-code, passphrase, password, face/fingerprint recognition, email & phone verification.
It is still very important to understand cryptocurrency is new and even with the best of the security measures, things can still go wrong. There are 100s of way to lose your crypto, which we will discuss later.
Crypto.com: Are there any disadvantages?
- Geographical restrictions are applicable to users.
- The crypto.com app is centralized.
- The users are required to hold CRO and stake the tokens to experience the platform to its fullest. These coins are not universally available.
- Poor customer service, some customers do not hear back from the company and end up losing their assets or the response takes a long time.
- Lack of educational sources for extreme beginners, these users might have to use additional sources to get through the platform.
- Navigation through the platform, especially the app, might be difficult to navigate for beginners as they provide a number of services causing confusion.
What is the Syndicate promotion by crypto.com?
Crypto.com holds an event periodically called “The Syndicate“, a special promotion where the platform exchanges exchanges other cryptocurrencies for CRO tokens at 50% of its current market price.
How quickly can the users withdraw their funds?
With fiat currency deposits and transfer, it may take up to a week for the transaction to be processed whereas cryptocurrency transfers will either be instant or it might take a few minutes.
Are there any alternatives to a platform like crypto.com?
There are other alternatives to crypto.com app, for which we will be posting a detailed article. Binance also lets you earn interest on some of the tokens, and is a great alternative and more well-established platform. It also provides educational resources and is considered much more beginner-friendly. Gemini is another alternative.
Is crypto.com a worthy platform?
It has faced its ups and downs, in terms of security, it has already been discussed above but Crypto.com, the company has taken measures to increase the trust of their customers as well as potential users. Theses include low fees, drastically improved security, incentive programs, special benefits and more. This has resulted in a spike in the number of users which crossed 10 million in February 2021, it is in the process of repairing its reputation but downfalls in the future remain unpredictable.
Crypto.com NFT: What is in it for the NFT artists?
Crypto.com also has added a new feature, i.e. NFT. Through its platform, it lets you buy, sell and collect exclusive NFTs. If you are an NFT artist, and would like to sell your art, sign up today.
Crypto.com: Best App to Earn Interest in your Crypto
Crypto.com serves as a great fit for users who have prior experience with cryptocurrency, desire a low-fee platform, and want to easily move fiat currency to crypto. Even though they have improved their user design and diversified their services into different apps, it may not be the most beginner-friendly platform to exist. It is one of the best apps that lets you earn upto 14 percent on your crypto.
iOS Users: Sign up on Crypto.com
Android Users: Signup on Crypto.com
Crypto.com Review: An App that Pays Interest on your Crypto (Upto 14% Per Year)
Crypto.com is one of the leading apps that pays you best interest on the coins you hold.
Disclosure: The article contains affiliate links. If you sign up and start using Crypto.com, it may pay us a referral fee.