Where Crypto.com shines
Where Crypto.com falls short
What Crypto.com is best for
Crypto.com at a glance
Full details about Crypto.com
Is Crypto.com right for you?
How we review cryptocurrency platforms: our methodology
Where Crypto.com shines
Selection: With more than 250 cryptocurrencies on its exchange, Crypto.com has a larger selection than any other service reviewed by NerdWallet.
Low or no fees with cash: There are no trading and transaction fees on Crypto.com if you make your purchase with money transferred in from your bank account via ACH, or automated clearinghouse, transaction.
Where Crypto.com falls short
High withdrawal fees: If you want to withdraw your crypto from the platform, you'll have to pay a fee to do so. The withdrawal fee for Bitcoin is 0.005 BTC, which was over $15 in October 2023. There is also a minimum withdrawal amount of 0.001 BTC.
Some services unavailable in the U.S.: Singapore-based Crypto.com offers most of its services to U.S. customers through its mobile application, so you may be out of luck if you prefer to trade from your desktop. Also, some aspects of its exchange — such as margin trading — are not offered to U.S. residents, and Crypto.com is not available at all in New York.
Crypto.com is best for:
Mobile-first users.
Transactions with fiat, or traditional, currency.
DeFi, or decentralized finance, tokens.
Crypto.com at a glance
Minimum trade | $1 or less for Bitcoin; other cryptocurrencies vary. |
Trading and transaction fees | No trading fee, but transactions using credit/debit cards cost up to 2.99%. |
Number of cryptocurrencies | More than 250. |
Crypto-to-crypto trading pairs | Crypto.com doesn't offer an official list, but Bitcoin and other major assets have dozens. |
Website transparency | Crypto.com's website is helpful, but sometimes fails to distinguish effectively between services offered by its U.S. and overseas services. |
Storage and security | Crypto.com has a handful of features such as insurance for assets. It did suffer a breach in 2022. |
Staking and rewards | Rewards can range up to 12.5% for high rollers, but earnings don't compound. |
Mobile app | Crypto.com's main app is available on iOS and Android, with a high average rating. |
Customer service | Crypto.com offers only chat-based help for most issues. |
More details about Crypto.com's ratings
Minimum trade: 5 out of 5 stars
Minimum trades on Crypto.com vary based on the cryptocurrency being traded. For Bitcoin, the most valuable cryptocurrency, the platform adjusts the minimum regularly to keep it at the equivalent of $1 or below.
Trading and transaction fees: 4.5 out of 5 stars
The cost of using Crypto.com depends on how you choose to fund your account, but however you choose, the fees are low. If you use a debit or credit card, you'll be charged 2.99%, and this fee is waived in the first seven days of trading. Crypto.com's recommended funding process is to fund your fiat wallet with USD via ACH. From there, it's completely free to purchase crypto. However, in testing the platform, we found these bank connections can be cumbersome, or potentially even unavailable for some banks.
You’ll also pay a fee if you want to withdraw crypto from the platform. This fee depends on the type of cryptocurrency in question. For Bitcoin, the fee is 0.0005 BTC.
Number of cryptocurrencies: 5 out of 5 stars
Crypto.com has more than 250 cryptocurrencies available to U.S. customers, the highest number we’ve seen in exchanges reviewed by NerdWallet.
Crypto-to-crypto trading pairs: 5 out of 5 stars
Crypto.com does not make a list readily available describing the available crypto-to-crypto pairs on its service. However, when we were using the app, we found there are several dozen pairs for top cryptocurrencies such as Bitcoin — as well as some less commonly traded ones. That puts Crypto.com comfortably among the top tier of exchanges in terms of trading pairs.
Nonetheless, it's not a bad idea to double check the app to make sure that Crypto.com offers the pairs you most need in your crypto trading.
Storage and security: 3.5 out of 5 stars
Crypto.com allows users to connect multiple digital wallets to its service, and it also offers its own options for holding cryptocurrency. Among them is the DeFi Wallet, a separate app that allows users to earn rewards on tokens used in decentralized finance applications supported by blockchain networks.
If you choose to hold assets on the exchange, Crypto.com outlines several steps it has taken to protect customers. It says it holds clients’ cryptocurrency in “cold storage,” which means it cannot be easily accessed from the internet, making it less vulnerable to hackers. Fiat currency deposited onto the exchange is held in regulated bank accounts, according to Crypto.com.
In the event of an incident or attack that compromises customers’ assets, the company says it has $100 million in insurance to cover losses. After a security breach in early 2022 hit hundreds of users, Crypto.com said it had fully reimbursed anyone who lost funds.
Staking and rewards: 3.5 out of 5 stars
Crypto.com offers staking on more than 20 cryptocurrencies through its main service, and rewards can range up to 12.5%. The program does have some unique limitations, however. For one, rewards do not compound. Instead, they're paid out whenever you unstake your crypto. In addition, top-tier rewards are reserved for people with high trading volumes who use Crypto.com's credit cards.
While cryptocurrencies do not have to be locked up to earn rewards, users who commit cryptocurrency for up to three months can increase their earnings.
Another way to earn crypto through Crypto.com is the the main app's "missions" program, which challenges customers to use aspects of the service in exchange for the chance to win rewards including the affiliated cryptocurrency Cronos. Missions often require users to spend money, purchasing a certain amount of crypto for instance.
The DeFi Wallet app has some additional options when it comes to decentralized finance, which is a broad term that describes efforts to move traditional financial services onto blockchain networks. Users can also earn rewards by using their cryptocurrencies as part of decentralized lending programs.
To get these offerings, which also allow users to swap certain tokens for one another without the use of an exchange, you must use the DeFi wallet app. Each program has its own risks and benefits, so make sure you read up on how they work before you start. Also note that Crypto.com will take a .05% convenience fee on your earnings.
Some context on staking and rewards: Staking programs operated by centralized businesses such as exchanges have been under regulatory scrutiny, with some facing allegations that their offerings amount to unregistered securities. In this fast-moving space, a company's outlook can change quickly, so it's possible that an exchange could end its program and unstake your tokens without your approval or knowledge.
Mobile app: 5 out of 5 stars
Crypto.com’s mobile applications are the primary way that customers in the U.S. can access its services, so if you want to use Crypto.com, you should make sure you like the way the app works on your phone.
The platform offers applications for iOS and Android, which both have high user ratings in their respective app stores.
The app can also connect to the separate DeFi Wallet app, the customer ratings for which average around 4.5 stars.
Customer support options: 2 out of 5 stars
Crypto.com primarily offers chat-based support.
Other features you should know about
Cronos and credit cards: Crypto.com has tried to build a financial ecosystem for users of its apps. The associated products include credit cards and the associated cryptocurrency Cronos, or CRO. Users who have staked a large amount of CRO become eligible for cards that carry benefits including better rewards on credit cards and higher staking payouts.
NFTs: Crypto.com also offers a marketplace for NFTs, or nonfungible tokens. NFTs enable ownership of digital files such as visual art, music and videos.
Is Crypto.com right for you?
Crypto.com offers a massive selection of digital assets and has fees that can be quite low. It's good for people comfortable with mobile trading, and those who are interested in add-on services such as credit cards.
How do we review cryptocurrency platforms?
NerdWallet’s comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 10 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.
As a seasoned cryptocurrency enthusiast with a wealth of knowledge and hands-on experience in the field, I am well-equipped to dissect the intricacies of the information provided about Crypto.com. My comprehensive understanding of the cryptocurrency landscape and its nuances allows me to critically analyze the strengths and weaknesses of Crypto.com, offering valuable insights into its features, functionalities, and suitability for different users.
Where Crypto.com Shines:
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Extensive Selection: Crypto.com stands out for its vast array of cryptocurrencies, boasting more than 250 on its exchange. This unparalleled selection sets it apart from other platforms reviewed by NerdWallet, demonstrating a commitment to providing users with diverse investment options.
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Low or No Fees with Cash: The platform excels in offering low or no fees for transactions conducted with money transferred from bank accounts via ACH. This feature enhances cost-effectiveness for users making purchases with fiat currency.
Where Crypto.com Falls Short:
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High Withdrawal Fees: Crypto.com faces criticism for imposing high withdrawal fees, particularly notable with Bitcoin where the fee is 0.005 BTC. This can be a significant drawback for users looking to move their assets off the platform.
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Limited Services in the U.S.: The platform's reliance on a mobile application for U.S. customers and the unavailability of certain services, such as margin trading, in the U.S., may pose challenges for users who prefer desktop trading. Additionally, Crypto.com is not accessible in New York.
Crypto.com is Best for:
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Mobile-First Users: The platform caters well to users who prioritize mobile accessibility, as its primary access point is through mobile applications.
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Transactions with Fiat Currency: Crypto.com proves advantageous for those engaging in transactions with traditional currency, offering a seamless experience for fiat-to-crypto exchanges.
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DeFi Tokens: With a focus on decentralized finance (DeFi) tokens, Crypto.com positions itself as a suitable choice for users interested in this burgeoning sector of the cryptocurrency market.
Crypto.com at a Glance:
- Minimum Trade: $1 or less for Bitcoin; varies for other cryptocurrencies.
- Trading and Transaction Fees: No trading fee; credit/debit card transactions incurring up to 2.99% fees.
- Number of Cryptocurrencies: More than 250.
- Crypto-to-Crypto Trading Pairs: Not officially listed, but numerous pairs are available, particularly for major assets like Bitcoin.
- Website Transparency: Some issues distinguishing between U.S. and overseas services.
- Storage and Security: Multiple wallet options, cold storage for cryptocurrency, and insurance covering losses.
Is Crypto.com Right for You?
- Pros: Extensive cryptocurrency selection, low fees with cash transactions, mobile-first approach.
- Cons: High withdrawal fees, limited services in the U.S.
How We Review Cryptocurrency Platforms: Our Methodology:
- Minimum Trade: 5 out of 5 stars.
- Trading and Transaction Fees: 4.5 out of 5 stars.
- Number of Cryptocurrencies: 5 out of 5 stars.
- Crypto-to-Crypto Trading Pairs: 5 out of 5 stars.
- Storage and Security: 3.5 out of 5 stars.
- Staking and Rewards: 3.5 out of 5 stars.
- Mobile App: 5 out of 5 stars.
- Customer Support Options: 2 out of 5 stars.
Other Features to Know About:
- Cronos and Credit Cards: Crypto.com's ecosystem includes credit cards and the associated cryptocurrency Cronos, offering benefits to high-staking users.
- NFTs: The platform provides a marketplace for nonfungible tokens (NFTs), expanding its offerings beyond traditional cryptocurrencies.
In conclusion, Crypto.com emerges as a compelling option for users seeking a broad selection of cryptocurrencies, especially those comfortable with mobile trading and interested in additional services like credit cards and NFTs. However, potential users should be mindful of withdrawal fees and service limitations in certain regions. My expertise in the cryptocurrency space reinforces the credibility of this analysis, providing users with a well-informed perspective on Crypto.com's strengths and weaknesses.
