Crypto.com review 2022

This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states were it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.

Bankrate follows a strict editorial policy , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Bankrate follows a strict editorial policy , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

The investment information provided in this table is for informational and general educational purposes only and should not be construed as investment or financial advice. Bankrate does not offer advisory or brokerage services, nor does it provide individualized recommendations or personalized investment advice. Investment decisions should be based on an evaluation of your own personal financial situation, needs, risk tolerance and investment objectives. Investing involves risk including the potential loss of principal.

Our investing reporters and editors focus on the points consumers care about most — how to get started, the best brokers, types of investment accounts, how to choose investments and more — so you can feel confident when investing your money.

Bankrate follows a strict editorial policy , so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts , who ensure everything we publish is objective, accurate and trustworthy.

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here’s an explanation for how we make money .

Crypto.com is going to be a good fit for cryptocurrency traders who are looking to trade one of the widest selections of cryptocurrencies in the industry. You’ll be able to trade well beyond the most popular cryptocurrencies, with more than 250 available. It will all be available to you through a slick mobile app that makes trading on the go easy. Like many other crypto platforms, customer service leaves something to be desired. With no customer service representatives available over the phone, you’ll have to rely on the FAQ page and online chat to get your questions answered.

Customers looking to trade more than just crypto will also be disappointed. If you’re ok with a more limited selection of cryptocurrencies to trade, you might be better off with Robinhood or Webull, where you’ll also be able to trade stocks and ETFs.

Best for

Wide selection of cryptocurrencies

Staking

Crypto-only traders

Crypto.com at a glance

Category Crypto.com Minimum balance: None, but $1 trade minimum Securities tradable: More than 250 cryptocurrencies Cost per trade: Fees starting at 0.4 percent

No deposit fee

Withdrawal fees vary by cryptocurrency Customer service: No phone service, only self-help and chat Mobile app: The Crypto.com mobile app is available on the Apple App Store and Google Play Store

Pros: Where Crypto.com stands out

Cryptocurrency selection

Crypto.com really separates itself from other trading apps by offering more than 250 cryptocurrencies, among the best in the industry. Other cryptocurrency apps offer only the most popular coins, such as Bitcoin, Ethereum, Solana and others. But with Crypto.com, you’ll find those popular cryptocurrencies along with more obscure ones like Polygon and Helium, as well as others you may have never heard of.

It’s worth noting that not all cryptocurrencies are available in every state, so be sure to check if a coin you’re interested in is available in your location before getting started. The Crypto.com app is not available at all in New York state.

Financial apps that offer trading in other securities along with crypto typically only offer a handful of coins. Robinhood offers commission-free trading in seven cryptocurrencies, while Webull offers more than 20 and says it is working to add more.

Coinbase is another option if you’re looking for a wide selection of cryptocurrencies, but with about 125 coins available it falls short of Crypto.com’s offering. Be aware that if you’re looking to trade non-crypto securities, you’ll need to open an account with a broker such as Schwab or Fidelity.

No fees on bank transfers

Crypto.com won’t charge you a fee to transfer money from your bank account to its platform, which makes it the ideal choice for funding your account. Other funding options, like using a credit card, come with fees of nearly 3 percent.

An automated clearing house, or ACH, transfer typically takes three to five business days and comes with a minimum amount of $20 and a daily limit of $100,000. You can also fund an account through a wire transfer, which is a bit faster at one to two business days but requires at least $1,000 to be transferred per transaction. The daily maximum for a wire transfer is $1,000,000.

Staking

Crypto.com allows customers to hold deposits of cryptocurrency with it and earn rewards in return. The practice, known as staking, is similar to a bank savings account that pays interest, but with significantly greater risks. You’ll be able to earn rewards on more than 40 different cryptocurrencies at Crypto.com and interest is paid weekly. As of January 2022, you could earn up to 14.5 percent a year by staking with Crypto.com. Staking with Bitcoin and Ethereum can earn up to 8.5 percent a year.

Remember that traditional bank accounts are protected by FDIC insurance, which allows you to recover up to $250,000 in the event of a bank’s failure. Crypto staking does not come with any similar insurance policy and you also face the market risk of losing your principal if the cryptocurrency declines in value.

Cons: Where Crypto.com could improve

Fees

Crypto.com comes in at the high end of the range for trading fees compared to other cryptocurrency exchanges. Most traders starting out will pay 0.4 percent on transactions, but that number does decline if you’re an active trader. Most other exchanges charge 0.2 – 0.35 percent and Binance.US comes in at just 0.1 percent.

Crypto.com uses a maker-taker pricing model that, at high volumes, rewards those that provide liquidity (makers) and charges a slightly higher price to those that reduce it (takers). Here’s a breakdown of how the fees change with increasing volumes.

30-day volume Maker Taker Less than $25,000 0.40 percent 0.40 percent $25,001 – $50,000 0.35 percent 0.35 percent $50,001 – $100,000 0.15 percent 0.25 percent $100,001 – $250,000 0.10 percent 0.16 percent $250,001 – $1 million 0.09 percent 0.15 percent $1,000,001 – $20 million 0.08 percent 0.14 percent $20,000,001 – $100 million 0.07 percent 0.13 percent $100,000,001 – $200 million 0.06 percent 0.12 percent $200 million and up 0.04 percent 0.10 percent

A discount of 10 percent is available for customers who stake CRO, Crypto.com’s own cryptocurrency, and pay trading fees in CRO. Other exchanges, including Kraken and Binance.US, don’t charge fees to makers once a certain level of trading volume is reached, but Crypto.com charges a small fee at even the highest volumes.

Educational material

If you’re new to cryptocurrency and are looking to learn more about it, you’ll need to go somewhere other than Crypto.com. While some questions are answered through the online help center, they’re mostly focused on how to perform different functions through the app, rather than educating traders about crypto.

Cryptocurrency has attracted many new traders, many of whom don’t understand how trading works or the many intricacies of crypto. Crypto.com has reportedly spent hundreds of millions of dollars on advertising, including a tv spot with actor Matt Damon and a naming rights deal for the old Staples Center in Los Angeles. Surely, it could invest some money into more educational content to help novice traders.

Customer service

Like many cryptocurrency trading apps, Crypto.com does not offer phone support as part of its customer service offering. You’ll have to rely on a help center that’s only available online and focuses more on account funding questions and certain product features. There is a chat option within the app for questions, but some customers prefer talking to an actual person on the phone.

Bottom line

Crypto.com gives traders looking for the widest selection of cryptocurrencies a solid option. You’ll be able to deposit funds from a bank account to the mobile app without paying a fee and you can earn solid returns through the platform’s staking program. Remember that cryptocurrencies are extremely volatile and are a poor substitute for cash.

Trading fees are high, especially for customers who don’t plan on being active traders. Discounts are available if you plan to trade frequently. Crypto.com would also benefit from improved educational resources and a customer service option that includes talking to an expert on the phone.

For crypto-focused exchanges with lower fees, traders might consider Binance or Kraken. If you’re looking for just the most popular coins, general investing apps like Robinhood and Webull might be a better fit.

How we make money

Bankrate is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate does not include all companies or all available products.