In this Crypto.com Exchange review for 2023, we take a deep dive into their popular cryptocurrency exchange. We analyze the variety of features the exchange has to offer. Plus, we take a look at their security, regulations, fees, support, pros and cons.
Crypto.com Exchange is part of a range of products and services offered by the one-stop shop for crypto, Crypto.com. Launched in 2019, the exchange enables users to trade crypto to crypto, with low fees and deep liquidity. The exchange is powered by CRO, Crypto.com’s native token, meaning that CRO holders can enjoy privileges by staking the token or by using them to pay for the likes of trading fees.
So, let’s dive into this Crypto.com Exchange Review, to help you work out whether Crypto.com is the right exchange for you.
Crypto.com Exchange Review
What is the Crypto.com Exchange?
When you first go to Crypto.com, it can be a little overwhelming to navigate through their site, especially for someone new to crypto. Crypto.com has so many features, by just going to the Crypto.com Exchange you have options such as; Markets, The Syndicate, Stake and Earn, Trading Area, and Supercharger. So where should you start?
On the “Markets” tab, you’ll find information on all the trading pairs and markets available for trading. There are essentially 3 markets on Crypto.com which are Bitcoin (BTC), USD Tether (USDT) and the Crypto.com Coin (CRO). However, if you are looking for FIAT to crypto trading unfortunately this is not available. The Crypto.com exchange is crypto to crypto. Meaning that you’ll need to have crypto to get started and you cant actually deposit via bank transfer and buy bitcoin with GBP for example.
However, there is a way around this, as you can deposit and buy crypto on the Crypto.com app using a bank transfer, debit or credit card and easily move that crypto over to the exchange. If you wanted to jump straight into trading you can do so from this section of the site by selecting your trading pair.
“Lending” allows Crypto.com exchange users to take out instant loans and borrow stable coins, using their crypto as collateral.
The “Syndicate” is Crypto.com’s fundraising platform and an area for users to get their hands on some discounted crypto. New digital assets are listed on the Syndicate and you can get up to 50% off featured assets.
“Stake & Earn” enables users to soft stake as a way to earn rewards simply by holding a balance in your Crypto.com exchange wallet. Or you can lock up your funds and stake for rebates, up to 10% APR, & Syndicate access.
The “Trading Arena” is simply a central area for access to their trading battles, competitions or offers.
Then finally there’s the “Supercharger”, enabling you to deposit CRO and earn rewards in some of the hottest cryptocurrency projects such as the likes of UNI, DOT and BTC, which are all based on your liquidity score. If you want to know more information about Supercharger you can click here to check out this post for the latest event.
Crypto.com Exchange is well laid out and simple to use once you get your head around things. The trading screen is set out with graphs and charts showing buy and sell trades on the left, over varying periods of time. Then you have your order book with bids and asks in red and green and the trade history showing recently filled orders.
There are 4 order types that you can use on the exchange. These are “Market”, “Limit”, “Stop-Limit” and “Stop-Loss“. The type of order that you choose to trade with will affect your trading fees (see below).
Is Crypto.com Safe?
In terms of security, Crypto.com’s exchange splits this between cold storage and hot wallets. With 100% of user cryptocurrencies being stored offline in cold storage, all funds held in hot wallets are used to ensure day-to-day withdrawal requests. They also have a strategic partnership with Ledger, a global leader in security and infrastructure solutions for cryptocurrencies and blockchain applications.
Crypto.com has secured a US $100M direct insurance policy led by Arch Underwriting at Lloyd’s Syndicate 2012. Bringing Crypto.com’s total cryptocurrency insurance to $360M, including direct and indirect coverage via custodians.
Trading & Fees
The fees that you pay on the Crypto.com exchange are based on a maker/taker model. I’m not personally a day trader, I personally hold my crypto for the long term and therefore my trading volume is less than 250,000 which puts me into the VIP 1 tier.
Therefore, if I were to place an order at the current market value (and is therefore completed immediately), I am deemed as a taker of the market as I am taking the current market price and my trading fee is 0.16%.
However, if I were to become a maker of the market and define a new price that is not immediately matched by an order on the order book. I will pay less, at 0.10%. In terms of order types, a “Taker” is a “Market” order and a “Maker” is a “Limit” order.
You can also get discounted fees by staking their CRO token with varying percentage discounts depending on your staking amount.
Exchange Withdrawal fees
The fee that you pay to withdraw from the Crypto.com exchange will depend on the crypto you are withdrawing. Plus there is some minimum withdrawal amounts too. As an example, the minimum withdrawal amount of Bitcoin is BTC 0.0004 with a fee of 0.003 BTC. For a full list of withdrawal fees click here.
Trading on the Crypto com exchange is crypto to crypto. Meaning that you’ll need to have crypto to get started and you cant actually deposit via bank transfer and buy bitcoin with GBP for example. However, there is a way around this. As you can deposit and buy crypto on the Crypto.com app using a bank transfer, debit or credit card and easily move that crypto over to the exchange.
There are essentially 3 markets on Crypto.com which are Bitcoin, USDT and CRO (Crypto.com’s own token). Within each market are a good range of trading pairs, although if you want a wider range of crypto and altcoins you may be better off using the likes of Binance.
The exchange includes trading pairs with the following tokens;
Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), EOS (EOS), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar (XLM), and Tether (USDT), Algorand (ALGO), COSMOS (ATOM), Crypto.com Coin (CRO), Enjin Coin (ENJ), ICON (ICX), Kyber Network (KNC), CHAINLINK (LINK), Tezos (XTZ), USD Coin (USDC), and VeChain (VET).
A full list of crypto markets and trading pairs is shown on the Markets page.
Crypto.com has a pretty extensive FAQ with user manuals to get you started and a live chat inbuilt for those needing further support. Although they state that the customer support team usually replies within a few hours, this is dependent upon traffic and in my experience, this has been a lot longer. In fact, one query I had when ordering my Crypto.com card still remains unanswered and the card has since arrived.
Crypto.com Exchange Referral Program
Similar to other crypto trading platforms Crypto.com has a referral program to entice new traders. However, it’s a little more complicated compared to the like of Gemini ($10 BTC sign-up bonus) or Binance Exchange (10% off trading fees).
By signing up to Crypto.com using this referral link, you will receive $50 of CRO as a sign-up bonus, as long as you also stake at least 5,000 CRO. Users who stake below 5000 CRO will receive $10 of CRO as a sign-up bonus.
Crypto.com is not a decentralized exchange like UniSwap for example, to follow regulation you will need to undergo KYC verification to the advanced level. Once all the steps are complete your account will be instantly credited with CRO.
If you want to earn rewards in some of the most popular cryptocurrency projects such as UNI, DOT and BTC you can deposit your CRO into the Crypto.com Supercharger. To find out more, and how to use Supercharger check our guide.