Crypto.com Review: Is it Safe? (January 2022)
Crypto.com Review
In this Crypto.com Review, we will be looking into all of Crypto.com's features and assess whether or not the Crypto.com Exchange is worth it.
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Crypto.com Review: Background
Founded in 2016 under the name Monaco, Crypto.com has grown into a fully-fledged and well-known international cryptocurrency hub with a complete crypto ecosystem. Crypto.com works with regulatory institutions all over the world and aims to bring its clients the most convenient way to buy, sell, trade, and spend cryptocurrencies. The Crypto.com App allows users to buy and sell bitcoin and over 80 other top cryptocurrencies with top 24 fiat currencies, make payments, and offer low trading fees. Its non-custodial Crypto.com DeFi Wallet grants you control of your private keys.
Crypto.com Review: Fees
Maker & Taker Fees
The maker-taker fee model is commonly used throughout cryptocurrency exchanges.
“Maker” and “Taker” fees are charged when the trade is executed and matched, and not when the trade order is created.
Maker Fee - A trade order will incur a maker fee if the trade is not matched immediately with a buyer/seller's order on the order book. These trades will be added to the order book, adding liquidity. An example of this is limit orders that do not get fulfilled immediately.
Taker Fee - A trade order will incur a taker fee if the trade is matched immediately with an order on the order book. An example of this is market orders that are usually completely fulfilled.
Past 30-Day Trading Volume - Your fee level is based on your past 30-Day trading volume, which is calculated from the total volume of crypto you've traded over the past 30 days in USD equivalent, calculated daily.
The trading volume between 00:00:00 UTC and 23:59:59 UTC will be included in the calculations. Therefore the cutoff time for any trades to be calculated for the next day is 23:59:59 UTC.
The past 30-day trading volume will then be calculated at 00:50:00 UTC on the next day and will be updated within an hour.
Fee Schedule
At 00:50:00 UTC every day, your trading volume over the past 30-day period in USD, current CRO staking balance, and fees paid in CRO are evaluated. Crypto.com will update your Tier level and corresponding maker/taker fees within 1 hour in most cases.
CRO rebate on trading fees, as well as interest earned from staking CRO, will be paid within 1 hour.
Fee Payment & Discounts
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You can use CRO to pay for your trading fees. Trading fees are automatically deducted from the CRO balance in your Exchange wallet if there is sufficient CRO and the option enabled.
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Discounts in the form of rebates are available on trading fees.
How are fees charged on partially filled orders?
Trading fees are charged on every transaction until your order is completely fulfilled.
What are the fees for trading CRO itself?
When it comes to trading CRO, the fees will be determined by your trading tier; in order to receive a rebate, you must stake a minimum of 5,000 CRO.
Case Example 1
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You want to purchase 50,000 CRO on the CRO/USDT market by placing a limit order
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Your 30-day trading volume is currently at $1,500,000 (Tier 3)
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Your order is not executed immediately and the order ends up on the order book (maker fees apply)
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The order eventually gets fulfilled in full when the last traded price reaches 0.16
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You will be receiving CRO so fees will be in CRO
The order is placed to purchase 50,000 CRO with 8,000 USDT. Since your order is executed with maker fees (Tier 3’s maker fee is 0.08%), the fee can be calculated as 50000 * 0.08% = 40. As a result of the successful trade, you will receive 49960 CRO (49,960 = 50,000 - 40).
Deposit Fees
There are no fees to deposit crypto to the Crypto.com Exchange.
Withdrawal Fees
A withdrawal from the Crypto.com Exchange is an on-chain transaction of transferring crypto to an external cryptocurrency address (usually a wallet or another exchange). As with all blockchain transactions, they come with a fee.
Note: Transferring crypto to your Crypto.com Wallet App's address will also incur a fee if completed on-chain. To avoid a fee, please use the Withdraw to App function.
Crypto.com Review: Trading
To trade cryptocurrency on the Crypto.com Exchange, you must first be at Starter level or higher.
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Visit the Crypto.com Exchange and select the Log In button (upper right-hand corner).
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After you have logged in to your account, you will be able to make trades on the Exchange.
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Navigate to the Markets page on the top left of the navigation bar.
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Select the market you want to trade in. Navigate to the pair you want to trade in (e.g. CRO/USDT), and select Trade.
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Navigate to the bottom right corner to find the Limit, Market, and Advanced order area. Select the type of order you want to trade with and fill in the necessary fields.
Note
A. The default price in the Limit order is the last price it was traded at.
B. If the market price of CRO/USDT is 0.1605 but you want to buy at 1.595, you can place a limit order. If it is not fulfilled immediately, you can see it in the open orders.
C. The percentages shown underneath refer to the proportion of one currency you have to purchase the other currency.
Gate.io Review: Margin Trading
Margin trading on the Crypto.com Exchange allows you to borrow Virtual Assets on the Crypto.com Exchange to trade on the Spot market. Eligible users can use the margin loan as leverage (borrowed Virtual Assets) to open a position that is larger than the balance of your Account. On the Crypto.com Exchange, traders are required to transfer Virtual Assets as Collateral first into their Margin Wallet.
When borrowing Virtual Assets, you can borrow:
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in the same type of Virtual Assets as your Collateral (for example, your Collateral may be BTC and you may borrow BTC); and
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in a different type of Virtual Asset than your Collateral (for example, your Collateral is BTC and you borrow USDT).
Leverage is a very powerful tool because it can amplify your gains, but it is also dangerous because it can amplify your losses to the point where your Virtual Assets can be permanently lost and you could still have a liability to Crypto.com.
Crypto.com Review: Lending
Crypto.com Lending allows you to borrow against your crypto assets (known as ‘Virtual Assets’) without selling them. You can deposit them as Collateral and take out crypto loans to fulfill your financial needs, use for Margin Trading on the Crypto.com Exchange, or hedge on other exchange platforms.
Crypto.com Lending is offered on the Crypto.com Exchange, while Crypto Credit is available in the Crypto.com App.
It also provides more flexible metrics, catering to the needs of institutional users. Lending users can take up to three active loans at one time, subject to loan terms.
Crypto.com Review: Supercharger
The Supercharger is a simple, flexible, and secure liquidity mining platform that allows users to deposit tokens (with the option to withdraw at any time) in order to mine the most popular DeFi tokens on the Crypto.com Exchange and Crypto.com App.
Who can participate in a Supercharger event?
Crypto.com App users except for residents and citizens of Hong Kong SAR, Mainland China, and the USA.
AND/OR
Any verified Crypto.com Exchange user (Level: Starter or Advanced) is eligible to participate in the Supercharger events.
How do I participate?
Crypto.com App
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Open the Crypto.com App
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Look for the Supercharger banner on the home screen or the Super App menu.
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Click into the latest Supercharger Event by clicking on “Learn More”
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Select “Charge Now”
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Select a supported cryptocurrency from your Crypto Wallet and enter the amount you like to deposit into the pool.
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Once the charging period for the event is over, accept the reward amount allocated to you.
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Wait for rewards to be distributed on the Crypto.com Exchange***.
Crypto.com Exchange
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Login to the Crypto.com Exchange
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Navigate to the Supercharger page
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Click into the Supercharger event
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Deposit* to the pool by clicking “Deposit to Supercharger”
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Accept Reward amount allocated to you
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Wait for rewards to be distributed**
*Multiple deposits are allowed per user. Deposits must be from the user’s Crypto.com Exchange spot trading account or Crypto.com App's crypto wallet. Minimum 100 CRO per deposit
**Once the Charging Period for the event is over, accept the Reward terms, and receive rewards (evenly distributed over 30 or 45 days) based on your liquidity score. The rewards will be automatically deposited into your spot trading account on Crypto.com Exchange.
*** Crypto.com App Supercharger participants must sign up to Crypto.com Exchange to access their rewards.
How does it work?
When a Supercharger event is in the “Charging Period”, users can deposit and withdraw tokens from the liquidity pool as often as they wish.
The Reward Period begins after accepting the Reward terms during the Acceptance Period. Users' rewards are based on the liquidity score they accumulated during the Charging Period. Rewards are distributed evenly on a daily basis during the Reward Period.
Users can withdraw their liquidity from the Supercharger pool at any time after the distribution. If the CRO is not withdrawn within the given timeframe it will be automatically placed for the next event.
A. CHARGING PERIOD
Duration: 30 or 45 days
Deposit Minimum: 100 CRO per deposit
Deposit & Withdrawal limits: Unlimited
Deposit from: Crypto.com Exchange spot wallet, Crypto.com App crypto wallet
Acceptance Period*: Immediately after the Charging period ends, Crypto.com will determine your liquidity score and reward tokens according to the terms set out above. Once this is confirmed, you have the option to accept it anytime before the Reward period ends.
*If you fail to accept your reward distribution before distribution begins, you will lose that portion of the reward scheduled to be distributed.
*App users can accept their allocation in the Crypto.com App
B. REWARD PERIOD
Duration: 30 or 45 days (after Charging Period ends)
Total Reward amount: Pro-rata based on user's share of the total liquidity pool
Reward distribution frequency: Daily
Reward amount daily: Total reward divided by 30 or 45
Distributed to: Crypto.com Exchange spot wallet*
*Crypto.com App Supercharger users will need to open a Crypto.com Exchange account to receive their reward allocation.
Calculating your Liquidity Score & Reward
(Liquidity Score Calculation)
Step 1: Take an hourly snapshot of liquidity provided per user
Throughout the Charging Period, one snapshot of the liquidity pool would be taken every hour and the liquidity provided by each user would be logged.
Step 2: Calculate the total liquidity provided per user
In every snapshot taken, Crypto.com will capture the liquidity provided by each user.
At the end of the Charging Period, the team will add up the liquidity provided by each user every hour during this 30 or 45 day period.
Step 3: Calculate liquidity share per user
All user's contributions will be summed up as total liquidity from all users. Liquidity share per user equals the total liquidity provided per user divided by total liquidity from all users. Your liquidity score is calculated by the (sum of all your hourly balance snapshots) divide by the (sum of all the hourly pool size snapshots).
The event's total liquidity pool amount will be provided on the final allocation page.
The pool size information on the supercharger event page only shows the current total pool size.
Reward Calculation
Step 4: Calculate reward token per user
Each user will receive the reward token pro-rata to their share of total liquidity. Reward token distributed to each user equals the quantity of reward token in one pool times liquidity share per user.
Total reward token supply is based on the event's total reward (USD) divided by spot price (USD), determined at the end of the Charging Period.
Acceptance Period
Step 5: Accepting your reward
Immediately after the Charging period ends, the team will determine your liquidity score and token rewards according to the terms set out above. Once this is confirmed, you have the option to accept it anytime before the Acceptance and Reward period ends.
To accept your reward, login to your Crypto.com App account and visit the Supercharger event detail page.
Your reward is scheduled to be distributed evenly over the Reward period to the Crypto.com Exchange.
If you accept before the first day of reward distribution, you will receive the full rewards for the remaining days of the reward period.
If you fail to accept your reward distribution before distribution begins, you will lose that portion of the reward scheduled to be distributed.
Reward Distribution
Step 6: Calculate reward token distributed daily per user
Reward token calculated in step 4 will be accrued linearly in the Reward Period.
After the user has successfully accepted the reward terms, the reward token calculated in step 4 and accepted in step 5 will be distributed.
Distribution will be evenly split into 30 or 45 days, and the user is entitled to all 30 or 45 days if the user accepts the terms before the Reward distribution period begins.
Daily reward is credited at 00:00 of the next day
If you accept before the first day of reward distribution, you will receive the full rewards for the remaining days of the reward period.
If you fail to accept your reward distribution before distribution begins, you will lose that portion of the reward scheduled to be distributed.
Is there a limit on how much you can contribute?
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The minimum deposit is 100 CRO.
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There is no maximum limit on how much you can contribute to the event, you can deposit as many times as you would like during the Charging Period.
How to withdraw from a Supercharger event?
You can withdraw your contribution (partially or fully) at any time from the Supercharger pool.
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Login to Crypto.com App or Crypto.com Exchange
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Navigate to the Supercharger event from your accounts tab (Crypto.com App) or dashboard (Crypto.com Exchange)
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Click on “withdraw your contribution”
Crypto.com Review: Syndicate
The Syndicate is a fundraising platform for the most promising crypto projects to list their coins or tokens on the Crypto.com Exchange. Crypto.com Coin (CRO) holders, those who have staked CRO in the Exchange, will receive priority token allocation for these events at a discount.
Who is eligible to participate in The Syndicate listing events / special events?
To participate in a Crypto.com Exchange Syndicate listing event / token sale, you need to:
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Successfully sign up as a Crypto.com Exchange user.
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Stake at least 5,000 CRO in the Crypto.com Exchange account.
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Trade the minimum volume required at your CRO staked level on the Crypto.com Exchange in the past 30 days.*
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Use CRO to subscribe at a 50% discount during the subscription period.
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Not be a citizen and resident of the United States, China, or Hong Kong.
*NOTE:
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Trading volume is calculated daily and can take up to 1 hour to calculate at most. To avoid any delays, the team advises you to satisfy the trading requirement well in advance of the subscription timelines.
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The past 30-day trading volume is calculated every day at 00:50:00 UTC; thus, the volume calculated on the day of a Syndicate event will be used to determine your eligibility.
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If your trading volume does not meet the requirement for the event start time, you can still continue to trade throughout the day. The trading volume will calculate again the next day at 00:50:00 UTC, and if you meet the volume requirement you can still subscribe before the event ends.
What happens during a listing event / token sales?
Details will be published for each event that occurs, including:
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Token information
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Amount of tokens for sale
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Discount level
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Start/end time of the listing event (“Subscription Period”)
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Pricing and discount levels
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Maximum CRO contribution
In order to participate, log in to your Crypto.com Exchange account and navigate to The Syndicate page.
What is the process for participating in new listing events / token sales?
1. Details about the listed token will be published shortly before the Subscription Period starts, including the fixed discounted price of the project token on sale and the total supply of the project token that is available for subscription.
In order for you to participate, you must stake at least 5,000 CRO and trade the minimum volume required at your CRO staked level on the Crypto.com Exchange in the past 30 days. Trading volume is calculated daily at 00:50:00 UTC. You can find the relevant information on your Dashboard when you log in.
2. During the Subscription Period, you can subscribe to the project token by contributing CRO up to your maximum allocation. Your maximum allocation in CRO will vary depending on how much CRO you have staked and how much you have traded on the Crypto.com Exchange. The more CRO you stake, the more project tokens you can subscribe for.
3. Once the Subscription Period ends, the team will calculate your final allocation and any un-unused CRO.
4. Within 24 hours of the Subscription Period ending, you can either accept or reject the final allocation amount.
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If you ACCEPT, the team will deduct whatever CRO amount based on the discounted project token:CRO price and refund any un-used CRO to your Exchange balance immediately.
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If you REJECT, the team will refund the entire amount of CRO that you contributed to your Exchange balance immediately.
5. If you have successfully accepted, within 1 week after the end of the Subscription Period, you will receive your final allocation and any un-used CRO to your respective balance on your Crypto.com Exchange account.
Important: If you do not accept/reject your final allocation within 1 week after the end of the Subscription Period, your final allocation will be forfeited and the entire CRO amount that you contributed will be refunded to your Exchange balance.
Can I stake more CRO during the subscription period in order to subscribe more tokens?
If you have maxed out your CRO contribution for a listing event, you can increase your maximum allocation by staking more CRO until you reach the next CRO staking level.
Can I change my subscription amount during the subscription period?
You can contribute more CRO to subscribe for the token in the listing event by clicking the "Subscribe" button on The Syndicate page. However, once you have contributed CRO to subscribe for the token you cannot reduce the amount of CRO contributed towards the subscription.
Crypto.com Review: Pros & Cons
Crypto.com: Pros
- Extremely user-friendly interface
- Excellent branding for potential growth
- Regulated and trustworthy
- High-speed exchange with competitive fees
- Crypto-backed card
Crypto.com: Cons
- The exchange is unavailable for US residents
- It has had some unexpected changes
- Communication needs improvement
- Customer support is slow
Crypto.com Review: Verdict
After our Crypto.com Review, we came to the conclusion that this is one of the most promising companies in the crypto world.
The sole fact that it has acquired the Crypto.com domain name is and always will be a major advantage over all its competition and a great asset when it comes to growth through marketing and branding,
Think about it, whenever someone searches for crypto-related queries, they will invariably come across Crypto.com.
It is also the most user-friendly platform out there, this makes it a perfect starting point for beginners, the interface is appealing and easy to use.
On the downside, Crypto.com's customer support is rather slow at times, withdrawal fees are high, and, the exchange is unavailable for US residents, and it often faces downtime.
Another great advantage is the fact that it offers a crypto-backed card with lots of perks.
If you would like to sign up for the Crypto.com Exchange and get a Crypto.com Visa Card, you can get a $75 bonus when doing so, in order to get your bonus, simply follow the link below!
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