Crypto.com – CRO

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Crypto.com – CRO

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Chances are that if you’ve heard of cryptocurrencies, you’ve most likely visited the crypto.com page at some point. Their mission is challenging but clear: to accelerate the world’s transition to cryptocurrency. With crypto.com you can buy, sell and pay for crypto worldwide.

What is Crypto.com – CRO?

The crypto.com team has managed to build a series of products that are now used by two million people around the world. It is important to note that several products are not currently available in the United States (regulatory). This product range includes: an exchange, a mobile app, (Visa) cards, staking, borrow and their wallets.

The Exchange

The crypto.com exchange offers attractive trading fees for new users. New users pay 0% trading fees for the first 90 days, this requires passing the ‘advanced user’ KYC verification. After this, the trading costs will be based on your trading volume.

The user interface/UX of the exchange is simple and clear. It is easy to use and it seems that they are targeting ‘new’ cryptocurrency enthusiasts. It seems that the platform does not yet offer advanced trading options (e.g. Stop-loss, trailing orders, …). Volume is low, but is growing, as is liquidity.

Interface Crypto.com exchange

 

This review of Crypto.com – CRO was created for informational purposes. This article is not intended for promotion.

General info about Crypto.com – CRO

Crypto.com Visa cards

This is where it gets interesting. Personally, I used to wait for and pre-register for the Monaco Card. Unfortunately, this card never arrived and after this the company rebranded to Crypto.com.

However, the new MCO cards are extremely interesting for those who travel a lot and/or spend a lot of money monthly. MCO cards come in different levels and offer different benefits. It starts with a free card that offers a 1% cashback, to a card that requires you to stake 50,000 MCO (minimum 6 months, worth $228,000 as of today) that offers a 5% cashback on all purchases and many more benefits.

Cashbacks are deposited into your account in MCO and a full list of all benefits can be found in the image below.

Personally, I am most interested in the Jade Green card, which requires users to lock in 500 MCO for a 6-month period. This card offers worldwide access to various lounges at different airports, 3% cashback and a full refund on both your Netflix and Spotify subscriptions. 500 MCO is currently worth about $2,250.

Important to note is that while your MCO is locked, crypto.com offers you a 6% interest rate. This means that if the MCO price were to remain stable or rise, you would make a profit while also enjoying these benefits.

Staking – Earning

In my experience, a large number of users use crypto.com for their earn a.k.a. staking program.

It is important to mention that users who have deployed MCO will receive a higher interest rate on deploying other cryptocurrencies than someone who has not deployed MCO.

Crypto.com currently offers interest rates for the above currencies.

Exact interest rates can be found in the mobile app. However, these vary based on your MCO stake, chosen lockup period and cryptocurrency.

Lending

If you’re interested in borrowing money, I’d recommend checking out my recent post on NEXO. I’d recommend you look at the differences between the two platforms, compare trading costs, and decide which platform is more suitable for you based on that information.

Wallet

Last but not least, crypto.com recently introduced their cryptocurrency wallet.

Their slogan is simple: Your Keys, Your Crypto.

Your private keys are encrypted locally on your device and can only be accessed by you. The wallet offers facial recognition and two-factor authenticator options to further enhance your security

Crypto.com is thus a user-owned wallet where you are the custodian. This means you get full access and control over your crypto private keys.

You have full legal and beneficial titles for your crypto when they are stored in the Crypto.com wallet, as opposed to a centralized custodian in the Crypto.com app.

You do not need a Crypto.com account to store, send and receive crypto in the Crypto.com wallet”. While money in the crypto.com app is not fully managed by you, meaning you do not have access to the private keys in your account and crypto.com performs activities on your behalf.

For more information about the wallet, click here.

What do we think about Crypto.com – CRO?

Frankly, I think it’s a shame that crypto.com chose to use two currencies in their ecosystem. CRO & MCO. It seems like it would have made much more sense to stick with one currency here, used throughout their ecosystem.

Nonetheless, it is hard to get around this project. They seem more professional and on the right track than Monaco, where I remember many deadlines being missed and communication not being great.

I think this is a strong project that will be around for the long haul, so I recommend that you do your own research and base your own opinion on this project if you are considering buying CRO or MCO.

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Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.