General

Crypto.com Review: Pros, Cons, and More


Top perks

The Crypto.com app has a wide mix of coins and products, including several features that U.S investors won’t find elsewhere.

One-stop shop

It’s easier to think of Crypto.com as a crypto bank than a cryptocurrency exchange or brokerage. Sure, you can buy and sell cryptocurrencies on the exchange. You can also swap them with other users through your DeFi wallet. But more than that, you can spend your crypto, get paid in crypto, put your cash into an interest-earning account, and — in some countries — get a crypto loan.

Read more: Crypto.com Card review

Low fees

As we’ll see below, you can deposit money in the Crypto.com app from your bank account without paying any fees. Crypto.com does not charge a commission when you buy or sell crypto, but you may pay a spread, which is built into the rate you’re offered.

Crypto.com charges a fee for credit/debit card crypto purchases via its app. If you pay using a credit card, your card issuer may also charge a cash advance fee if you use it to buy cryptocurrency.

Easy to convert your money

Like most of the best cryptocurrency exchanges, the Crypto.com app makes it easy to convert fiat currencies into crypto. It accepts many fiat currencies including USD, GBP, and EUR. And you won’t have to pay hefty fees, though depending on your country of residence, you may find you’re limited to certain fiat currencies once you register.

Cash back cards

Crypto.com offers five prepaid Visa Cards. They can be used anywhere that accepts Visa, but you’ll have to top them up before you can spend money. I have had a Crypto.com Visa debit card and found it was easy to top up and earn rewards on my everyday spending.

As with its other products, the more CRO you lock up, the better the benefits. The top-of-the-range Obsidian card earns 5% cash back (more accurately, crypto back) and comes with a host of extra bonuses. However, you’ll need to lock up around $400,000 worth of CRO to qualify.

If you don’t have oodles of cash, for a $400 lock up, you’ll get 1% back with the Ruby Steel card. There’s no annual fee, and you’ll get a set number of free ATM withdrawals and foreign transactions each month, depending on the card. The benefits used to be a lot better, but Crypto.com significantly reduced its rewards in 2022.

Earn interest

Crypto.com isn’t just a place to buy Bitcoin and other cryptocurrencies. Account holders can also earn high rates of interest. Many crypto exchanges no longer offer interest earning products to U.S. residents. Some of Crypto.com’s interest rates are better than the best high-yield savings accounts. However — like the Visa card benefits — you have to keep a lot of cash in CRO to qualify for the highest rates

Keeping your savings in crypto is risky. All cryptocurrencies are volatile, and unlike regular savings accounts, you won’t get FDIC insurance. If your currency fails, it could wipe out all your savings.

Gift cards

Your Crypto.com Visa Card isn’t the only way you can spend your crypto. You’ll also earn cash back when you buy gift cards with several popular brands. Current U.S. gift card brands include Apple, Nike, Walmart, and more. The amount of cash back depends on how much CRO you have locked up and what type of company it is.



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