Crypto.com Review: The Full-Service Crypto App

Crypto.com is a cryptocurrency exchange platform that's blown up in recent years, snagging naming rights to what used to be the Lakers' Staples Center and even an endorsement from Matt Damon. So does it live up to the hype?

Crypto.com is marketed as a full-service stop for everything crypto. With the Crypto.com app, you can buy, sell, and manage over 250 cryptocurrencies. 

In this Crypto.com review, we look at what Crypto.com is, how it works, how you can use it to make money, and the pros and cons of investing with Crypto.com.

Crypto.com was founded in 2016 and is headquartered in Singapore. Today, the company has grown to over 4,000 employees with 10 million users in 90 countries. Before it was Crypto.com, the company was known as Monaco. It was a cryptocurrency payment platform that rebranded in 2018 to become Crypto.com. In 2021, Crypto.com secured the naming rights to the Staples Center in Los Angeles renaming it the Crypto.com Arena and costing the company $700 million. 

Today, Crypto.com refers to itself as “the world’s fastest-growing crypto app,” and its vision is to get cryptocurrency in every wallet. You can think of Crypto.com as a one-stop-shop for everything crypto. Using the crypto.com app you can buy, sell, and manage over 250 crypto coins. 

How does Crypto.com work?

Crypto.com has a number of different product offerings. For those getting started and wanting to buy and sell crypto, you can check out the Crypto App. 

Crypto App. The Crypto App provides access to over 250 cryptocurrencies that can be purchased and sold at true cost using over 20 fiat (government-issued) currencies. Using the app you can access, manage, and spend your funds anytime with the Crytpo.com Visa card. 

Crypto Earn. Those interested in growing their investment can check out Crypto Earn where you can earn up to 14 p.a. (per annum) for Stablecoins. How much you earn depends on the type of token you choose and how long and how much you invest. You can also increase your earnings by participating in Cronos Staking. Cronos (CRO) is Crypto.com’s native token. Staking is a way of earning rewards when you hold certain cryptocurrencies (in this case when you hold Cronos). The more Cronos you hold in your Crypto.com App Wallet for a period of six months, the more you can earn.   

Crypto.com Visa. Crypto.com offers several prepaid Visa cards where you can earn up to 8% rewards back on card spending, depending on your card tier. There are five different tiers that are based on how much CRO you are holding in your Crypto.com App wallet. You can also earn card benefits including music and movie subscription rebates on certain streaming services. Your Visa Card can be managed in the Crypto.com app. You can top up your card using bank account transfers, other credit/debit cards, or cryptocurrency. To apply for a Crypto.com Visa card, you need to stake CRO for 18- days.  

Crypto.com NFT. Those interested in buying, selling, and showcasing NFTs can do so with the Crypto.com NFT marketplace. 

Crypto.com Exchange. This is a crypto trading platform that is not yet available in the U.S. 

Who can invest with Crypto.com

Crypto.com is currently available in every U.S. state except for New York and has over 10 million users in 90 countries around the world. To be eligible for a Crypto.com fiat wallet (which is used to purchase crypto and withdraw fiat to your bank account), you must have a Social Security Number (SSN), a U.S. residential address (P.O. boxes are not accepted), and a bank account that is located within the U.S.

Large selection

With the crypto.com app, users can buy Bitcoin and over 250 cryptocurrencies with over 20 fiat currencies. 

Security 

Crypto.com is the first cryptocurrency company in the world to have multiple ISO (ISO/IEC 27701:2019; ISO 22301:2019, ISO 27001:2013) and other accreditations that are a testament to the companies foundation of security, privacy, and compliance. 

Ability to earn interest 

When you invest with Crypto.com you have the opportunity to earn passive income. The more you invest and the longer you invest, the more interest you can earn.

Limited educational resources

Crypto.com may be overwhelming for new crypto traders. There’s a lot going on the website and the app but there’s not much in terms of educational resources and tutorials to help the newbies figure things out. 

No Crypto.com web-app

Crypto.com prefers mobile and believes there is no reason to provide a desktop version of the app if the app works “brilliantly” on your phone. Unfortunately, this doesn’t seem to be the case for many customers who struggle to use the app on their mobile devices. 

Poor customer service

Customers are not happy with Crypto.com’s customer service, or lack thereof. There is no customer service phone number and customers are not impressed with the chat-based customer service.

Yes, there is potential to make money on Crypto.com. The company claims that you can grow your portfolio by receiving rewards up to 14% p.a. on your crypto assets. On the Crypto.com site you can calculate your rewards based on which crypto token you choose, the amount you invest, the term length you choose (e.g. 1 month vs. 3 months), and your CRO stake (how much CRO you are holding in your Crypto.com App Wallet for a period of 6 months). The more you invest and the longer you invest, the more you can earn. 

While there is potential to make money on Crypto.com, there is also the potential to lose your money. Crypto investing can be volatile and there is risk involved. Be sure to do your homework before you invest and only invest what you can afford to lose. 

How do I make money with Crypto.com? 

You can earn passive interest income on Crypto.com by investing in various cryptocurrencies and loaning them to others. After purchasing crypto, you can use the Earn feature to earn interest on over 35 different tokens. You decide how long you want to lock your investment in. 

There are three choices. The flexible account allows you to withdraw your money at any time. There is also a one-month and three-month term option. During the term of your investment, you can not withdraw or trade your investment. The longer you leave your investment, the more interest you can earn. So you can choose if liquidity or earning a higher rate of interest is more important to you. 

How do I cash out with Crypto.com?

You can withdraw your USD from the Crypto.com app by selling crypto to your USD fiat wallet and transferring the funds from your wallet to your U.S. bank account. Crypto.com provides step-by-step instructions on how to complete this process here. 

Withdrawing funds from your U.S. bank account will typically take 3-5 business days and you will receive an email and push notification after your request has been reviewed. Currently, there are no fees associated with making a withdrawal. Note that there are withdrawal limits. 

• Min withdrawal limit per request: 100 USD
• Daily max withdrawal (24 hours rolling): 100,000 USD
• Daily max withdrawal requests: 5 per 24 hours 
• Monthly max withdrawal limit (30-day rolling): 500,000 USD
• Monthly max withdrawal requests: 30 times per month. 

You can also withdraw money using their Crypto.com Visa card. All crypto is converted to USD (or the respective market currency) and then loaded onto the Crypto.com Visa Card which can then be used to make a purchase or an ATM withdrawal. 

Crypto.com vs traditional investing

Crypto investing is all the rage. Today, it seems like everyone wants in. But, before you start investing, there are a few major differences between crypto investing and traditional investing that you should be aware of.  

First, traditional investing has a much longer history. Data shows us that over time, the stock market continues to rise. Crypto.com, and cryptocurrency in general, has a much shorter track record. 

Second, when you purchase a traditional stock you are essentially buying a small piece of a company. Your investment is backed by something tangible. When you invest in cryptocurrency, your investment is backed by nothing unless you invest in a stablecoin that is backed by some sort of asset (like a fiat currency). 

Third, while the stock market has its share of volatility, it’s no comparison to the rollercoaster ride that is cryptocurrency. While there may be a greater opportunity for major gains with crypto, there is an equal risk for extreme loss. 

Before you participate in crypto investing, make sure that you understand the risks involved and only invest the amount you can afford to lose. Investing your life savings into crypto is not a wise plan for the future. Adding crypto can help to diversify your overall portfolio however, cryptocurrencies are becoming more correlated with the U.S. stock market than they have been in the past.

People are saying a lot about Crypto.com and many of them are not happy. Some of the main complaints center around poor customer service, a buggy app, and people finding it difficult to close their accounts. Many users don’t like that there is no desktop trading interface, you have to use the mobile app and it can be difficult for some users.

On Trustpilot, Crypto.com scores 2.1 out of 5 stars (a “poor” rating). While this rating and the negative comments might seem really bad at first glance, when you check out similar crypto apps like Coinbase and Gemini, they have even lower Trustpilot ratings of 1.6 (Coinbase) and 1.5 (Gemini) with similar complaints about customer service and frozen accounts. Be sure you do your research so you are properly equipped to make your own judgment before investing your money.

While the app store rating is 4.3 stars out of 5, there are still a considerable number of negative reviews and mixed reviews. The Google Play store gives it a rating of 3.8 stars out of 5 stars. There are many complaints of the app freezing and several people say they’ve been locked out for various reasons. Specifically, people using the S22 Ultra say when they click into the app, their phones crash and go to the lock screen.   

On the flip side, those who give the Crypto.com app a higher rating say that the app is easy to use once you get the hang of it and they enjoy the ability to earn CRO rewards for staking.

For those looking for a full-service crypto app, Crypto.com might be the right fit for you. Those just starting their crypto journey and looking for an app that provides strong support and educational resources, might feel initially overwhelmed by Crypto.com as there aren't a lot of beginner resources on the site. Before you invest your money in Crypto.com make sure to do your own research so you understand all of the risks and potential rewards involved.