Crypto.com opinion (2022): Our test of the Crypto platform with multiple services

Rakooncryptomonnaies community May 24 2021 at 14:5726

On the home page, the hooks are sellers: "The best place to buy, sell and pay with crypto" or "the only place to buy cryptos at the right price".Superlatives that will not fail to interest investors in search of the best cryptocurrency platform ... But is the promise held?

The same home page presents the different features of Crypto.com:

At first glance, Molière's language has no place on the site yet but the terms in English are almost simple and understandable.Fortunately, because you will not find a trace of French on this home page!It is otherwise once connected, since the French language is present on the different pages of the site.We do not explain why we go back, on certain pages, to English.A little annoying, but we do with it.

From registration to the crypto deposit

Curiously, it is difficult to find a "registration" button on the home page.It is however good there, this little "sign up" in the middle but very discreet.You can also register by passing through the "Exchange" tab which offers a "register" button a little more visible at the top right.

Registration is fast and easy: identity, date of birth, e-mail, complex password with compulsory 2FA identification (especially for sensitive operations), confirmation by SMS, godfather (if you do not have them under handYou have 30 days to enter one).In less than 5 minutes, we are operational.

Once the registration has been carried out, the account is in the process of identity verification: the KYC process, "Know Your Customer", is an obligation imposed by many regulators - on the Crypto.com side, you will be asked toTransmit a valid identity document as well as a selfie.Without verification, you can deposit funds but you will not be able to remove them.In other words, to avoid any inconvenience it is (very) strongly recommended to complete this KYC process before depositing anything on the platform.

Next step: the deposit of money.The site is quite intuitive and the deposit function is clearly visible.The platform therefore offers the list of available cryptos, and for each the classic actions: deposit, withdrawal, trade.But surprise: we can only deposit cryptos!Impossible to deposit FIAT currency of euros or dollars.For "The Best Place to Buy Crypto", it seems a little surprising.So note that if you don't already have cryptos in your possession, you will have to go through another platform that will transform your euros into cryptos, before transferring them to Crypto.com.The journey is not easy - not to say frankly long -, not really ideal for beginners.

A little word on the mobile application, which does not work exactly the same way as the site since it forces the user to complete the identification process before even communicating a deposit address.The KYC on mobile process is intuitive and fairly well done: a mask on the screen allows you to position the passport well and not have to start the process several times.The announced duration of the file processing is several hours, but ours is treated in a handful of minutes thanks to algorithms that automate verification.

The mobile application is relatively basic and offers 4 menus: "Home", "account", "track" and "card".The "Accounts" menu has four sub-accounts: "Crypto", "Exchange", "Earn" and "Fiat Wallet".Big difference compared to the website, the app therefore allows the deposit of Fiat currencies, like euros, as well as the conversion of these to cryptos.The costs displayed are 3.5% for a purchase of cryptos by bank card - a fairly high amount, since it is in the high range of what can be observed elsewhere (between 1.8% and 4%depending on the platforms).Fiat deposits by separate transfer are free.

We choose to deposit via the USDT web platform, a stable currency ("stablecoin") which constantly has the value of an American dollar, and LTC (Litecoins).The balance appears on our Exchange Wallet: we are ready to test the platform.

For all useful purposes, remember that if you create your account from a computer, it is strongly recommended not to send cryptos to public addresses of deposits communicated if you have not fully finalized your KYC process.Indeed, if for any reason your verification process does not succeed, it will be difficult for you to reverse and recover your cryptos.

Minute Definitions: Fiat (fiduciary currency), public address

Fiat: On cryptocurrency exchange platforms, the term Fiat is used to represent all the currencies of central banks.

Public address: this is a series of alphanumeric characters (eg 0x3017dc16ujgt562cc82debc8d18074bb03ae06b) which has the function of reference to the user portfolio for a given cryptocurrency vis-à-vis other users.It is at this address that cryptos must be sent during a transaction.

From the filing of cryptos to trading

Crypto.com is a platform used to make cash transactions ("spot" in English) all that is most basic.As you can see, there is no possibility of "shopping" (selling in their open) an asset to hope to generate performance in the lower markets.The interface is simple and clear, which allows easy access to beginners.The passage of order is intuitive with a purchase block and a sale block.

Following orders are offered:

Minute Definition: Stop Limit and Stop Loss

Stop limit or stop loss orders allow you to take earnings or losses automatically if the market reaches a specific level of the price that we will have defined and implemented in these orders: no need to remain connected to the markets permanently to monitor our positions.For example, if you bought a bitcoin at $ 11,500 and want to limit your loss to $ 500, you can place a "Stop Loss" order to $ 11,000.If the market reaches this price, your order will be closed automatically.

Crypto.com does not offer levers, unlike a large number of platforms.We can consider this lack as a good thing for beginners, because in fact many are those who empty their portfolio with important levers, by bait of "easy gain".Conversely, this absence could well put off the more experienced traders.

The choice of trading pairs is not very wide but allows you to exchange the main crypto (BTC, ETH, XRP, etc.) as well as some recently listed currencies, especially those linked to decentralized finance (tokens deffi like UNI, YFI…).The choice of pairs can be made in USDT (30 pairs), BTC (17 pairs) or Cro (28 pairs).

Trading costs (Maker 0.10% / Taker 0.16%) are in the average costs charged by other platforms and are decreasing depending on the volume ... from $ 250,000 in monthly volume, in other wordsthat small traders will not be affected.Crypto.com also encourages to use his own token, the CRO, by offering discounts (Maker 100% / Taker 10%) if you pay transaction costs thanks to this currency.

Minute Definition: Maker / Taker

Commonly used on the platforms, the terms maker and taker represent the report of your order with the order book at an instant T. By launching a Maker order, you place an order in the notebook and are awaiting thislast.In a way, you feed the liquidity of the order book, hence the lower costs encouraging this practice.On the other hand, by launching a Taker order, you consume the liquidity of the notebook by performing the order at the best price available on the market, hence the higher costs to discourage this practice.

Interestingly for long -term investors, the site offers to enter the market by fractions in order to smooth the risk over time.Thus, Crypto.com offers the possibility of buying an asset in small packages at regular time intervals (weekly, bimonthly or monthly), which makes it possible to smooth the risk in time without worrying about the entrance timing.The programmed investment can be made by card, sampling on the Fiat Wallet or on the Cryto Wallet if it contains USDT or USDM.

Also note the occurrence of a big problem on the platform in September, which made any operation impossible for several days.Some assets have seen their listing becomes erratic, such as Ethereum which rose to $ 90,000.This bug caused the closure of all services for several days, and communication far too limited from the Crypto.com teams was not up to what users could wait.

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To summarize, the crypto.com trading platform is simple, intuitive with the functions sufficient to initiate a trader, manage the risk and close the trade through limit orders, to the market or stop.Many pairs are available in trading but remain less numerous than on other specialized platforms.We creak a little teeth in the face of high costs, and the very important bug spotted at the end of September 2020 encourages caution.

That's for the platform!But crypto.com is not just that.

The native tokens of crypto.com

The CRO is not only a classic cryptocurrency: it also makes it possible to obtain advantages on the exchange of Crypto.com.The platform had initially launched two tokens (tokens representing a cryptocurrency), MCO and CRO, with a view to internal use.MCO has not been exchangeable on the platform since November 2, 2020, and if you have it after this date you will have to go through customer service to convert them to CRO.The latter is intended to constitute the currency used to benefit from services of Crypto.com, in particular for the payment of passing costs.

But it is especially in the "Staking" that the token takes on its full meaning, since the Staking de Cro offers many advantages: remuneration of the deposit, reduction of trading costs up to 100%, improvement of rewards for useFrom the PAY service, unlocking a visa card level ... Note that the "stakes" CRO reports more when they are blocked for at least 180 days without the user being able to touch it during this period ... even if the token losesin value in the interval.

Minute Definition: Make "Staking" (or "Staker")

Stoking is the action of depositing cryptocurrencies against remuneration.This is similar to the deposit on a booklet, with variable remuneration depending on crypto and placement duration constraints.

Crypto.com therefore forces to encourage its users to stike its token, since it is essential and must be sufficiently and permanently owned to fully benefit from the services of the platform.In fact, since it is widely used, the CRO has enormously gained in value during the first months of 2020, before deteriorating in October due, among other things, at the end of the first period of stuking (180days).For information, CRO blocked 180 days report a remuneration of 6% annual, those blocked 30 days deliver remuneration of 4% annual and those below report 2% annual.

Let us add that the platform also offers storage of around thirty other cryptocurrencies, whose remuneration can vary-again-depending on the number of CRO Stacked.You can claim maximum annual remuneration of a minimum period of 3 months with stablecoins, and up to 4.5% annual on other cryptos.

Be careful, however, to have a few elements in mind before you embark on crypto sting in general.If the rates announced are much higher than those of the traditional booklet A, the volatility of crypto prices is very important and blocking your funds for a fixed period will prevent you from withdrawing them if the courses plunge.You can find yourself in a situation where your remuneration from Staking are too low to compensate for losses from the drop in the price of token: this is called market risk.

Visa Crypto.com cards

These are the crypto.com gondola heads, the flagship products around which runs a large part of the communication: a range of visa cards that allow, such as conventional bank cards, to make payments in any business acceptingVisa cards, make withdrawals from automatic distributors or even make online purchases.Please note, the name "payment card in cryptos" is abusive: there is first a conversion of cryptos into US dollars before payment is effective at the merchant.Note that these cards are not compatible Apple Play or Google Pay in France, and that this is debit cards and not credit - which makes everything discovered impossible.

The range is made up of 5 levels of unlockable cards under various conditions and each offering distinct advantages: Midnight Blue, Ruby Steel, Jade Green or Royal Indigo, Icy White or Rose Gold, and Obsidian.

The cards are issued and shipped free of charge and their use does not cause little or no cost afterwards.Crypto.com retrocede at least 1% of purchase amounts in the form of cashback, and conversion costs are at most 0.5% (they can even be zero for purchases of a certain amount with the cardMidnight Blue or if you have a number of CROs).A system that turns out to be more competitive than other platforms offering the same service.Withdrawals are also free to a certain variable monthly limit depending on the card used, and charged 2% of withdrawal beyond this limit.

Although often attractive, these advantages can be reviewed at any time by crypto.com, unilaterally and without notice.Also remember that most of these advantages are conditioned on the detention of CRO: without this, only a cashback of 1 to 2% remains offered.In general, these cards are a very distinctive sign of Crypto.com in the face of other platforms and are rather appreciated by their users.Indeed, they are interesting for people who wish to use their cryptos portfolio to make purchases of everyday life.But they assume, to benefit from all their advantages, to practice stations - and as we have indicated above, this practice has financial risks.

Other services

Crypto.com could not miss the DEFI train (decentralized finance, or decentralized finance). The Supercharger service has been launched with this "farming" of Crypto Defi: this space, only accessible on the Desktop version (not on the mobile app), is a new service accessible to CRO holders. To put it simply, you "sow" CROs and "harvest" tokens Defi. The system operates in 2 stages: a first 30 -day phase ("Charging Period") is dedicated to the CRO depot, then a second phase ("Reward Period") attributes tokens Defi according to the number of CROs held on average on the loading period. This award period started on October 31 and will end on November 30. Here again, this is a service rather intended for experienced users who are used to trading with strategies based on high volatility; For beginners, the land can be slippery.

Another important marketing medium of Crypto.com: the “The Syndicate” program, which gives the right to participation in private sales operations at tokens at a reduced cost on which Crypto.com communicates a lot.Several conditions are required to access the program, such as the detention of CRO (still it) or a minimum trading volume.Access to "small players" is therefore quite limited.

The support

Crypto.com has a fairly well supplied FAQ in English, and most of the subjects (unfortunately not all) are also treated in French.You can also contact the support service directly.For our part, we received an answer a few hours after sending our questions.We observe an extension of this period on weekends.

Crypto.com

If you are looking for a gateway to the world of cryptocurrencies, crypto.com could be your man.Trading features are minimalist but easy to understand for beginners.The platform offers a large number of additional services, including the “trademark” of Crypto.com: the MCO Visa Card debit card.

Most

The lessers

Diversity of assets6

Trading tools

Prices4

Risk management tools4

Support8

Diversity of assets 6

Trading 6 tools

Prices 4

Risk management tools 4

Support 8

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