Founded in 2016 in Hong Kong, Crypto.com has rapidly ascended to become one of the leading cryptocurrency exchanges globally. It offers a versatile platform where users can buy, sell, and trade a vast array of digital assets, including cryptocurrencies and non-fungible tokens (NFTs). The exchange caters to over 10 million customers in around 200 countries. It also has an app , which combines the functionalities of an exchange and a secure wallet for storing digital assets. It acts as an accessible entry point for newcomers to the cryptocurrency world. In contrast, the Crypto.com exchange caters to more seasoned traders by supporting more complex trading actions. Both the app and the exchange are available on mobile and desktop platforms, providing flexibility for users to trade as they prefer.
The platform is known for its stringent security measures, such as multi-factor authentication (MFA) and whitelisting, ensuring a safe trading environment for its users. To engage in trading on the Crypto.com Exchange, users need to sign up and complete the ‘know-your-customer’ (KYC) procedures. Following approval, they can deposit crypto either via bank transfer or from another platform, such as the Crypto.com App, without incurring any transfer fees.
Unique offerings
Crypto.com’s Visa debit card stands out by allowing users to spend their cryptocurrencies anywhere Visa is accepted. Additionally, the platform’s Earn feature allows users to gain interest on their deposited cryptocurrencies. It also has a Credit feature that offers the possibility to take out a loan using cryptocurrencies as collateral.
Fees and rewards
The platform operates on a maker-taker fee model, adjusting fees based on trading volume and CRO token staking. Cronos (CRO), serves as the cornerstone of the platform, offering users a variety of benefits. Staking CRO can significantly reduce trading fees, earn higher rewards on the Crypto.com Visa card, and provide enhanced interest rates within the Crypto Earn program. CRO also facilitates transactions and payments within the Crypto.com ecosystem, making it a versatile and valuable asset for users.
Security measures
Crypto.com’s commitment to security is evident through its high rating on CER.live. The platform ensures the safety of user assets by storing cryptocurrencies offline and securing online corporate funds. For US-based users, dollar balances are protected in FDIC-insured bank accounts, and all transactions are safeguarded by comprehensive MFA.
Integration with DeFi and Web3
Crypto.com embraces the decentralised finance (DeFi) and Web3 ecosystems by offering seamless access to DeFi services directly from its app. Users can connect to various DeFi platforms and protocols, engage in yield farming, and participate in the burgeoning NFT market, all within a unified interface.
Sustainability initiatives
The platform is committed to reducing the environmental impact of its operations and the broader crypto industry. It has launched various initiatives to offset carbon emissions and invest in renewable energy projects, demonstrating its commitment to sustainability.
Trading tools
Crypto.com offers a suite of trading tools designed to cater to the varied needs of its users, from beginners to advanced traders. These tools are integral to executing strategies effectively on the platform. Here’s a closer look at each of these tools and how they function within the Crypto.com ecosystem.
Spot trading
Spot trading is the most fundamental form of trading on the Crypto.com exchange. It involves the direct purchase or sale of cryptocurrencies at current market prices. This type of trading is ideal for those looking to convert one currency to another quickly or to take advantage of price movements in the short term. Spot traders often make decisions based on technical analysis or market trends, aiming to buy low and sell high. On Crypto.com, users have access to a wide range of cryptocurrencies for spot trading, allowing for diverse portfolio management and investment strategies.
Margin trading
Margin trading on Crypto.com allows traders to borrow funds to increase their trading position beyond what would be possible with their current balance alone. This leverage can amplify both potential profits and losses, making it a powerful tool for experienced traders. Crypto.com provides the leverage needed for margin trading, with the borrowed funds secured against the trader’s existing assets. This type of trading is more complex and carries higher risk, so it’s recommended for traders who have a good understanding of the market dynamics and risk management practices.
Limit and market orders
Limit and market orders are two fundamental order types that traders use to manage their trades on Crypto.com.
- Limit Orders: A limit order is an order to buy or sell a cryptocurrency at a specific price or better. By setting a limit order, traders can specify the maximum price they are willing to pay for a buy order or the minimum price for a sell order. This control ensures that traders can execute trades at their preferred prices, making limit orders useful for entering or exiting positions without needing to constantly monitor the market. Once the market price reaches the limit price set by the trader, the order is automatically executed.
- Market Orders: Market orders are designed for immediate execution at the current best available market price. Traders use market orders when they prioritise speed over price control, ensuring that the order is executed as quickly as possible. This order type is ideal for situations where getting into or out of a position promptly is more important than achieving a specific price. However, in highly volatile markets, market orders can result in slippage, where the execution price differs from the expected market price due to rapid price movements.
Advanced order types
Beyond the basic limit and market orders, Crypto.com also supports advanced order types that offer traders more nuanced control over their trading strategies. These may include stop-loss orders, which help limit potential losses by setting a sell order at a predetermined price, and take-profit orders, which automatically close a position once a certain profit level is reached. These advanced features enable traders to manage risk and secure profits with greater precision.
