Crypto.com is a crypto platform focused on providing an easy, fast, and profitable crypto trading experience for users. With a dedicated app, visa card, exchange, wallet, and other features, the service claims to make cryptocurrency easy to access by all people. The company boasts of more than 10 million users who trade cryptocurrencies and promises portfolio growth of nearly 14% interest on the crypto assets.
The vendor does not provide a location address or phone contact. For customer support, email addresses for general, regulatory, and law enforcement inquiries are provided on the official site.
The official site is well-designed with all the services of the company being displayed on the homepage. Some of the main features this crypto platform offers include:
- Buying and selling cryptocurrencies using more than 20 fiat currencies via bank transfers, debit, and credit cards
- A visa card that provides 8% cashback for any spending you do with the card. It carries no annual fees and supports both crypto and fiat currencies.
- Earn interest on Crypto deposits with an interest of 8.5% per annum for cryptos and up to 14% for stable coins
- A crypto exchange that promises fast and secure features
- Decentralized Financing (DeFi) that includes Wallet facility, stable return potential, and ability to swap DeFi coins and make profits.
The Price section of the site gives information on the current token rates, the market cap ranking, and other related info. Some of the services are restricted in certain countries. For instance, the lending service is not permitted in the US, Switzerland, Singapore, and a few other countries.
The idea behind Crypto.com
This crypto platform was set up with the mission to make cryptocurrency reach the masses in the fastest and most secure way as per the info provided by the vendor. The various services offered under the platform are focused on empowering users and making the process of crypto trading easier and profitable.
The core team
Kris Marszalek is the CEO of this company and Rafael Melo is the CFO. Other members of the team include Gary Or, the co-founder, Bobby Bao, Eric Anziani, Jason Lau, and Matthew Chan. The About Us section provides images of all the team members and advisory board. But other than the name and images there is no info on the experience or expertise of the team members. The minimal information makes us suspect the reliability of the company.
Safety of Crypto.com and the network
As per the info on the security section of the website, the vendor claims that it focuses on the data privacy and security of users in different ways including holding of user cryptocurrencies in cold storage offline, use of Multi-signature, HSM, and key-generation measures of fund security, and multifactor authentication. The vendor provides various certifications and assessments that prove its security measures like ISO/IEC 27701:2019, NIST cybersecurity, and more.
When compared to the charges levied by centralized exchanges, this platform offers lower charges. But the price varies based on the service you are using. No charges apply when you deposit, transfer, or use the crypto exchanges via the app. But when you withdraw cryptocurrency to an external address the company charges a specific percentage that depends on the cryptocurrency you withdraw.
For using the exchange, you need to pay separate withdrawal and trading fees. For trading, the trading volume for 30 days is taken into account and a higher volume will get you more discounts. Withdrawal fees range from 0.003 up to 200. In the case of DeFi users, 0.3% of fees have to be paid to liquidity providers. Depending on the speed of the transaction, the fees charged will differ.
We found 2,806 reviews for this company on the Trustpilot site with an overall rating of 2.3/5. Most of the reviews are negative. Here are a few of the user testimonials:
From the feedback, we can see that the company is a complete scam. While one user complains of big losses, another user complains of being unable to access funds.
Is Crypto.com a legit investment service?
Our verdictOur verdict
- A diverse range of services offered
- Fees are not expensive
- Is restricted in certain countries
- Negative user reviews
- No proven track record