Crypto.com Review: NFTs and Lots of Coins, but High Minimum Bank Deposit and Withdrawal Requirement

A photo to accompany a review of Crypto.com Illustration by Next Advisor
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Crypto.com has been around since 2016, but most people are probably more familiar with it thanks to its marketing efforts over the past year. 

Matt Damon starred in a Crypto.com commercial during the Super Bowl in February, and in December the exchange took over the naming rights for the former Staples Center, home of the Los Angeles Lakers and Clippers. These high-profile moves represent a push by Crypto.com to raise awareness among a growing number of cryptocurrency investors. The exchange offers wallet service options, access to nonfungible tokens, and a Visa rewards debit card.

Crypto.com boasts more than 10 million users in 90 countries, and is headquartered in Singapore. The exchange has its own token, Cronos (CRO), which for some investors can provide a way to lower fees on crypto trades.

Crypto.com can provide a relatively easy way to manage crypto assets for beginning to intermediate crypto investors. 

Before You Start

No matter where you buy it, cryptocurrency is a highly volatile, speculative investment. Only invest in crypto what you’re prepared to lose, and make sure you have other financial priorities in place first: save money in an emergency fund, contribute to retirement savings, and pay off any high-interest debt balances.

Pros and Cons of Crypto.com

Pros

  • Offers more than 250 coins

  • Earn up to 14.5% on staking crypto

  • Up to 8% back on spending with Visa debit card

  • Competitive fees and discounts

Cons

  • Accessing trading fee discounts can be confusing

  • Must use CRO to get discounts and get the most out of earning and staking

  • Minimum deposit or withdrawal for bank transfer is 500 USDC

Crypto.com At a Glance

  • 250+ currencies available
  • Fees of up to 0.40%, based on a tiered, maker-taker model
  • Staking to earn up to 14.5% on crypto
  • Prepaid Visa debit card that allows you to use crypto or fiat currency to fund
  • Yield farming
  • NFT investing
  • Offers a crypto ecosystem based on the blockchain
  • Set up a wallet where you control your private keys

Cryptocurrencies Available on Crypto.com

Crypto.com offers access to more than 250 cryptocurrency tokens. With Crypto.com, you can access some of the top coins available, including:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Tether (USDT)
  • Binance coin (BNB)
  • Solana (SOL)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Cardano (ADA)

In addition to offering you the chance to buy, sell, and exchange hundreds of cryptocurrencies, Crypto.com has its own token, CRO. Staking CRO brings you a discount on trading fees, as well as the chance to earn rewards if you use Crypto.com’s Visa debit card. Staking is when you buy and hold coins to support the blockchain.

Crypto.com Fees

Like many other cryptocurrency exchanges, Crypto.com uses a tiered maker-taker model: 

  • Maker: When someone places an order that isn’t fulfilled immediately, such as a limit order, they are considered a maker. The order remains “on the books” until it can be matched with someone else, resulting in liquidity for the exchange.
  • Taker: This is essentially a market order that is matched immediately with an order on the books. In general, taker fees are usually higher than maker fees at each tier.

The higher your 30-day trading volume, the lower your fees. Paying fees using CRO can provide a discount, as well as allow you to earn interest in the form of CRO paid daily. 

Withdrawal Fees

You won’t see deposit fees from Crypto.com, but you will get charged if you withdraw to an external wallet. The fees you incur depend on the coin as well as the network you use. Additionally, your minimum withdrawal amount also depends on the coin. For example, if you withdraw BTC, you can choose from two networks, BEP20 or BTC. However, with BEP20, you have to withdraw at least 0.0002 BTC and you will pay a fee of 0.0001. On the other hand, if you use the BTC network to withdraw, your minimum is 0.001 and your fee is 0.0005. 

When withdrawing your tokens, make sure to pay attention to the network being used and consider how the fee might impact what you receive.

Bank Transfer

When you do a bank transfer to buy U.S. Dollar Coin (USDC), you aren’t charged a fee, but Crypto.com cautions that you could get a fee from your bank. The minimum deposit or withdrawal for bank transfer is 500 USDC, and the fee to withdraw from your USDC wallet is 25 USDC. So if you’re looking to transfer less, you may fare better on exchanges such as Gemini, Coinbase, or eToro, which have lesser requirements. 

Crypto.com Security

Crypto.com prides itself on its security measures, including best practices for cryptocurrency exchanges. Whitelisting external addresses is mandatory, and transactions require multifactor authentication. Your cryptocurrencies are held offline in cold storage, with partner Ledger Vault. U.S. dollar balances are held by Metropolitan Commercial Bank, a member of the Federal Insurance Deposit Corporation (a government agency that aims to maintain stability and public confidence in the U.S. financial system), and are insured for up to $250,000.

The exchange was the victim of a $35 million hack in January, involving unauthorized withdrawals of Ether and Bitcoin and affecting 483 users. The company said in a statement that it immediately stopped all withdrawals and no users lost funds. It then implemented security features such as user notification when a new address is added as a payee, and the Worldwide Account Protection Program, which restores up to $250,000 for users in select markets for both digital and fiat currencies. We reached out to Crypto.com for comment and will update this review if the company responds.

Additional Details

Crypto.com offers a variety of products designed to let you explore cryptocurrencies and blockchain. 

NFT Investing

Crypto.com gives you the option to buy and sell NFTs. You can follow collections and creators, as well as sign up to receive drops and find out when collectibles are available. NFTs have attracted the attention of celebrities and mainstream investors, but they are even more speculative than regular cryptocurrency investments. Experts advise you only spend as much on them as you’re willing to lose, and you don’t prioritize them over more important things such as paying down debt or setting up an emergency fund.

Debit Card

Crypto.com offers a prepaid Visa debit card that allows you to earn crypto rewards when you spend. In order to qualify for the card, you need to stake CRO tokens for at least 180 days. You can use crypto or fiat currency to top up your card, but all rewards are paid in CRO, directly to your Crypto.com wallet. Fees, rewards, and other benefits vary by card tier.

Crypto.com Pay

You can use the Crypto.com network to pay merchants that offer Crypto.com Pay at checkout. This allows you to settle transactions without gas fees. You can also send cryptocurrencies to friends and buy gift cards, and you can get up to 10% back in CRO funded by the network. Still, we suggest you think twice before paying in crypto as its price swings may have you paying more than intended.

If you’re a merchant with your own business, you can also set up your ability to accept crypto payments through Crypto.com Pay.

Earn

Like many cryptocurrency exchanges, Crypto.com lets you earn rewards by staking coins. You can get up to 14.5%, with rewards paid weekly. However, the amount you actually earn depends on how much you stake, as well as the coin you stake and how long you leave the coin staked with Crypto.com.

Yield Farming

If you’re willing to lock up your tokens for longer, you can receive rewards by yield farming. This is done by contributing to liquidity pools that others use to fund transactions. Crypto.com offers access to a variety of projects that require liquidity, and you can be rewarded with a share of fees or with tokens when you’re willing to provide that liquidity.

Wallet

You can choose from a centralized wallet and a decentralized wallet. The Crypto.com app features a centralized custodial wallet for your coins, while the Crypto.com wallet is decentralized.

With Crypto.com’s noncustodial DeFi wallet, you can choose your network, decide on a transaction speed, and see what your fees are. With the custodial wallet, you don’t have to worry about losing your private keys, and you won’t pay fees for transactions within Crypto.com. 

Who Is Crypto.com Best For?

Crypto.com works well if you’re a beginner to intermediate investor looking to buy, sell, and trade cryptocurrencies. You can also invest in NFTs using Crypto.com and participate in staking and yield farming. The fees are competitive, as are the yields.

How to Open an Account with Crypto.com

In order to open an account, you need to download the app for iOS or Android. Then you can connect your bank account to fund your purchases. You can also set up your wallet using the app. The wallet is noncustodial, so you control your keys.

Crypto.com Compared to Others

Crypto.comCoinbaseGemini
Coins250+ cryptocurrencies150+ cryptocurrencies70+ cryptocurrencies
FeesUp to 0.40%, with discounts when you use CRO0.50% spread; Trading fee between 1.49% and 3.99% (or $0.99 to $2.99 flat fee)0.50% convenience fee; $0.99 to $2.99 transaction fee; 1.49% transaction fee for trades over $200
Wallet StorageOn the exchange, in the Crypto.com Wallet, or transfer to your own walletOn the exchange, in the Coinbase Wallet or transfer to your own walletOn the exchange, in the Gemini Wallet, or transfer to your own wallet
Minimum TradeEqual to the smallest amount of each coin that can be traded(about 0.0003 BTC)$2Equal to the smallest amount of each coin that can be traded(about 0.00001 BTC)

Frequently Asked Questions

Can I trust Crypto.com?

Anytime you invest in cryptocurrency, you run the risk of loss. However, Crypto.com follows a variety of security protocols and is generally considered a legitimate exchange. Your U.S. dollar funds are FDIC-insured, and the company recently rolled out the Worldwide Account Protection Program, which restores up to $250,000 for users in select markets for both digital and fiat currencies.

Is money safe on Crypto.com?

While your money isn’t protected from market drops or the volatility involved with cryptocurrencies, the company does make an effort to protect customer funds. Crypto.com regularly undergoes security audits and the company carries insurance designed to protect customer funds.

Does Crypto.com have customer service?

Crypto.com does have a support page where you can access organized articles on a variety of topics. You can also send a message using live chat.