Content
- History
- Crypto.com Team
- Crypto.com Products and Services
- Crypto.com App
- Selling Crypto
- How to Deposit on Crypto.com App
- How to Withdraw on Crypto.com App
- Pay Your Friends
- MCO Visa Card
- Crypto.com Exchange
- Crypto.com Earn
- Crypto.com Credit
- Crypto.com Pay
- Crypto.com Chain and DeFi
- Conclusion
A pioneer in crypto payments, Crypto.com offers multiple crypto-related services. The platform is in the business of making cryptocurrencies accessible to all. The platform achieves this through making it ever easier to buy, sell, hold, trade and even use cryptocurrencies in the daily life of an individual.
Though cryptocurrencies have been created to change how the financial system in the world works, the biggest hindrance that people face is, first, how to acquire it- and second, where to use it.
1. History
The domain crypto.com was registered in 1993 by Dr. Matt Blaze, a researcher of digital security systems, specialising in cryptography. The website was intended to be a landing page and a platform to promote encryption and cryptographic security systems. With the rise of cryptocurrencies, the appeal of the domain led to Monaco, a crypto Visa payment firm to acquire it from Dr. Blaze in 2018. The total sum offered was never disclosed but according experts estimated the valuation to be as high as $10 million USD.
Monaco had completed a successful Initial Coin Offering (ICO) a year before, raising $25 million USD worth of investments through its coin sale. Later on, Monaco underwent a corporate restructuring. This resulted in Crypto.com acquiring it and becoming its parent company. Today, Crypto.com has a number of products and services that it offers to individuals and corporations around the world.
Headquartered in Hong Kong and set up in 2016, Monaco was founded on the goal of helping people adopt cryptocurrencies. The company has come a long way since then. The platform even has its own blockchain now. The Crypto.com Chain, which leverages blockchain to offer non-custodial services. The chain’s economy is powered with its own native token, the CRO Token. The token currently ranks number 10 according to its market capitalisation ($3.18 billion USD) with a little more than 19.9 billion tokens in circulation. The CRO is listed on 22 different exchanges, including industry leaders such as Huobi Global, Bittrex, OKEx and Bithumb. The CRO powers not only the Crypto.com chain, but also plays a part in different services offered by the platform, such as a Visa-powered debit card.
Crypto.com boasts more than a million users now, providing people an alternative to traditional financial services in the shape of DeFi and mainstream services. The firm is the first of its kind in the world to hold security certifications such as CCSS Level 4, PCI:DSS 3.2.1 compliance at Level 1 and even an ISO 27001:2013 certificate.
2. Crypto.com Team
Crypto.com is led by a professional team as diverse as its services. There are seasoned financial experts, computer scientists and blockchain developers. Each person brings in a vast experience that has created a tight-knit group of people who are working together to fulfill the vision of Crypto.com to accelerate the world's transition to cryptocurrency.
Kris Marszalek
Kris is an experienced financial professional who has a knack for helping projects succeed. Kris' expertise is visible from his past. He had led a startup that started from scratch, to a networth that exceeded $100 million USD, twice. Kris obtained his initial education from Srem, an administrative district of Vojvodina in Serbia. He attended the local secondary school from 1995 to 1998. He would later on graduate from the University of Adam Mickiewicz in Poland. The university is a research institute, which holds its roots as far back as 1611.
Kris Marszalek’s Professional Experience
Always interested in technology, Kris has been more or less associated with electronic or online businesses:
- Starline Polska: Co-founder and Senior Vice President. Kris founded the consumer electronics design company in October 2004. The studio was a success and had offices in Hong Kong, Poland and China. After five years, Kris decided to move on in 2009, having grown the company from a staff of three to 400 and $81 million USD in revenue.
- YIYI Hong Kong Limited: Co-founder and CEO. Kris then headed to form a mobile app company in November 2009 that offered location-based services. The company worked alongside Munich based Aloqa. Kris exited the company in July 2010 when it was acquired by Motorola.
- BEECRAZY: Co-founder and CEO. After YIYI, Kris set his eyes on the eCommerce sphere and set up BEECRAZY in July 2010. The store went on to become one the leading online outlets in Hong Kong. In December 2013, Kris sold off the store to the international eCommerce firm iBuy Group Limited for $21 million USD and left the firm in March 2014.
- iBuy Group Limited/Ensogo: COO/CEO. Kris was offered to stay on board the iBuy Group as the COO from April 2014. In August the same year, iBuy rebranded itself as Ensogo and a corporate restructuring saw Kris becoвьme the CEO. Kris stayed in the eCommerce giant ‘til June of 2016.
- Crypto.com: CEO. In the early months of its launch, Kris joined Crypto.com as its CEO and four years down the road, he still maintains that position. He oversees the strategic decisions of the company, making it one of the most successful mainstream alternative financial services firms in the world.
Rafael Melo
A decade and a half worth of experience in finances, including risk and compliance has made Rafael Melo a force to be reckoned with. The professional knows how to invest, enabling him to secure corporate and institutional investments from large corporations. Primarily an engineer, Rafael holds a BSc in Engineering from Federal University of Minas Gerais in 1998. He later went on to get his MBA in Finance from the University of North Carolina at Chapel Hill in 2006. During his MBA, Rafael was the recipient of the Jenan-Flagler Fellowship, a scholarship that based its criteria on grades, tests, merits and diversity.
Rafeal Melo’s Experience
Even with an engineer background, most of Raphael’s career has been in the finance sector.
- Embraer: One of Raphael’s longest-held jobs was in Embraer. He joined the Brazilian aerospace company in March of 1999 as a Graduate Trainee. His skills and intellect helped him rise in the ranks swiftly, eventually being appointed as the Division Controller of North American operations of the firm. Rafael left the company in June 2004 to do his MBA, returning in July of 2006 to rejoin as the Finance Manager. After five years, Rafael left Embraer in December 2010, as the Regional Finance Director of the Asia-Pacific branch.
- Mobile Payment Solutions: Business Finance Officer. Rafael joined Mobile Payment Solutions, a tech company that was incubated by MasterCard. The Business Finance Officer post was the equivalent of a CFO. Rafael stayed on board for three and a half years, parting ways in June of 2014.
- Ensogo: CFO. Rafael joined Ensogo in 2014 as its CFO. By the time Rafael had joined, Ensogo was one of the largest online retailers in East Asia, giving merchants access to more than 600 million consumers. Rafael left it two years later in June 2016.
- Crypto.com: Co-Founder and CFO. Rafael met Kris during his time as CFO of Ensogo and the two hit it off. In July of 2016, Rafeal joined Kris and co-founded Crypto.com. He is currently the CFO of Crypto.com, having worked there for the past four years.
3. Crypto.com Products and Services
Crypto.com describes itself as being on a mission to accelerate the world's transition to cryptocurrency. The platform holds true to this mission, offering multiple cryptocurrency-related services that are easy to access by the public. Initially the firm was called Monaco, a Visa card-based crypto service platform, but has since been restructured and renamed. Crypto.com today offers different cryptocurrency-related products, each designed to improve user’s lives through its Decentralized Finance (DeFi) and other crypto-related services that connect with legacy financial systems.
In the few years that Crypto.com has been active, it has managed to on board a vast number of users. With its unique products and services, it has become an internationally recognised platform for cryptocurrency enthusiasts. Each product and service has been carefully created to ensure that users face the minimum of difficulty to operate or engage.
Unlike other platforms that offer a single or a few services, Crypto.com is a complete ecosystem.
4. Crypto.com App
One of the first barriers people face when they’re interested in cryptocurrencies is how to get their hands on one. Crypto.com solves this problem through its mobile app. The app is available on both Android and Apple iOS.
Registered users on the app can buy and sell 70 different cryptocurrencies, including seven fiat. Services offered by the Crypto.com app are:
- Buy and Send: Crypto.com users can buy and send cryptos to one and other through the app without incurring any transaction fees. The app links user wallets through their usernames. This allows users to easily identify the right person they want to send the crypto and don’t need to remember or store long, complex wallet addresses. People can also send cryptocurrencies to other external wallets with a very nominal fixed fee.
- Crypto Tracking: Through the app, users can monitor the price movement of more than 200 different cryptos, with details such as prices, volume traded, market capitalisation, etc. Using different timelines in charts, such as eight hours, daily, weekly and even three or six months, crypto enthusiasts can understand the market. The tracking gives traders the ability to keep up-to-date with the price movements.
Buying and Selling Crypto on the App
As a platform that's focused towards ease of crypto access to people around the world, users can buy cryptocurrencies easily with the in-built fiat wallet and even with credit or debit cards. Furthermore, Crypto.com also allows users to deposit fiat through bank transfers. The barrier towards having their first crypto is instantly broken down.
To move ahead, users must make sure that they have the app installed and are registered to proceed. Users can simply open the app and tap on the Buy button. They will be then presented with a list of supported cryptocurrencies that they can buy. Selecting the preferred crypto will give users the various methods by which they can acquire these:
Buying Using Cards
If credit or debit card is the preferred choice, users can click the Credit Card Option. A warning will pop up that'll inform the user that there’s a flat 3.5% fee for any purchases made through the cards. If users accept it, they can then proceed to enter the card details. These details include:
- Name of the card holder
- The card number
- Expiration of the card
- CVV (the digits at the back of the card)
- Amount and type of currency that'll be spent initially (Fixed at $0.10 USD for the first time)
Once the card has been verified via the above transaction, users will be presented with the option to enter how much crypto they wish to buy. On tapping the Buy button, the app will ask for a final confirmation in order to make the purchase. Once the confirmation is done, the app will charge the card entered and the cryptocurrency will be deposited in the user’s app wallet. The user will also receive an email regarding the transaction and its details for record.
Buying Through the Fiat Wallet
If users have fiat deposited in their wallets already, they can simply use it to purchase their cryptocurrency. In the same place where users can select the Credit Card option, there is a Fiat Wallet one. Selecting it will give the users a data field where they'll need to enter the amount of selected crypto they wish to acquire. The screen will also show how much the user will be charged for the purchase. After he or she taps the Confirm button, Crypto.com app will instantly deposit the cryptocurrency in the app wallet and deduct the fiat.
As in the case of purchase made through the card, an email will be generated and sent to the registered email address, containing the details of the transaction.
Selling Crypto
Selling cryptocurrencies through the Crypto.com app is a simple three-step process that's the easiest one we have seen so far. In the mobile app, users must select the Sell option. This will take them to the selling interface. Users can enter the amount of crypto they wish to sell and then the currency they would like to receive.
A click of the Confirm button is all that it takes.
How to Deposit on Crypto.com App
As an app for buying, selling and transferring cryptocurrencies, users will find the need to send and receive currencies to and from other crypto holders outside the Crypto.com ecosystem. This includes both cryptocurrencies and fiat.
Depositing Crypto
On the app’s main page, users must select the Transfer option, just under where the app balance is given. In the Deposit section, the app user should select Crypto. From there, users can select their preferred cryptocurrency. The app will then give the two options on how to deposit. One is the wallet address, and the other is the QR code for the wallet. Users can either show the QR code to the sender, or use the copy function next to the wallet address and then send it over.
The sender can use the QR code or the wallet address to transfer their own crypto from another wallet. All the sender needs to do is enter the wallet address (or scan the QR code) and enter the amount to be sent over. Depending on the network and the load, a miner fee will be charged to the sending party. Once sent, the funds will reach the Crypto.com app wallet. The speed of transaction, again, depends on the network.
it's advised to double check that the cryptocurrency being sent is the same one as selected in the app. Selecting the wrong cryptocurrency can lead to the cryptocurrency being lost.
Depositing Fiat
Crypto.com lets users deposit fiat through bank transfers. Currently, the app limits deposits to the Euro currency, through SEPA.
To begin deposits, users first need to set up a proper EUR SEPA-based account on Crypto.com. This is just like how one would go to a bank to open up an account. In the main menu of the app, users must select the Transfer option and then go to Deposits and finally Fiat.
First-time users will find the setup for an EUR account. This includes all relative requirements for SEPA-based accounts, such as name, identity documentation and other relative KYC and AML checks. Once the information has been submitted, the application processing will begin. When the application is approved, a SEPA bank account will be created and the user will be informed through email.
Once the SEPA account is set up, users can go back to the fiat deposit option in the app. Here, they'll see banking details, such as the IBAN, beneficiary name and others. To transfer, users will need to log in to their local accounts or visit their bank. They need to transfer their funds from their bank account to the SEPA bank account opened up through the Crypto.com app. Users must take care that the following information will be needed to be entered when transferring funds to their Crypto.com app:
- Name: The registered name from the sending bank account and the one opened through Crypto.com should match.
- IBAN: The International Bank Account Number
- BIC or SWIFT: Some banks may require this information too
How to Withdraw on Crypto.com App
The Crypto.com platform envisions a world where cryptocurrencies are used in daily lives and therefore, it knows that its users will frequently need to withdraw their assets, or send them to recipients outside the Crypto.com network. Thus, users can use the withdraw option in the app.
Withdrawing Crypto
In its spirit of making sending or withdrawing crypto easy, the Crypto.com app allows users to do it the following easy steps:
- In the main interface of the app, select the Transfer
- Select Withdraw and then tap on External Wallet
- From the list of wallets, simply select the wallet where the withdrawal or transfer is needed. If the wallet is not listed, it needs to be whitelisted first.
- Enter the amount of funds to transfer and press Send
To whitelist, click the Add Wallet Address and enter it in the given field. Users can also name the wallets so they’re easy to identify when transfers are needed to be done again. An email will be generated requiring the user to confirm that it's indeed him or her who has entered the new wallet address. Confirming this through the email link will whitelist the wallet address and withdrawals would now be possible.
Withdrawing Fiat
Like crypto withdrawals, the Crypto.com app also allows its users to withdraw fiat from the app. To send fiat, users need to go to the fiat wallet through Transfer, Withdraw and then Fiat. Tapping the EUR balance will give further options and the Withdraw EUR option should be selected. Enter the amount to be withdrawn from the account and then where it should be sent. Confirming the data will begin a review process that Crypto.com will check and then afterwards inform the user when the review is complete and the funds are sent.
For security purposes, the app will only allow the transfer of fiat if there has been at least one deposit to the wallet from the user. This does not include fiat received through selling and trading of crypto. A bank-to-bank deposit is required.
Pay Your Friends
One of the best features of the Crypto.com Wallet is that it allows users to send crypto to one another on the network without incurring any transaction fees. To send crypto to another user, all one needs to do is to have that user saved as a contact on their mobile. This means that there is no need to save or remember long, complicated wallet addresses.
To send crypto, simply press the Pay button on the main screen and then the Send option. For people who are sending crypto to another user for the first time, the app will ask permission to access their mobile contact book. The app will scan the phonebook for all contacts and match it against its own database. If the user is registered on the Crypto.com app, his or her name will be available for the sender to select.
The sender simply needs to select the other user from the list, choose the cryptocurrency to send, enter the amount to transfer and then click Confirm. The cryptocurrency will be immediately sent to the receiver, at no cost at all.
5. MCO Visa Card
Monaco, the original name for Crypto.com, was a blockchain platform that allowed users to spend their cryptocurrencies using Visa-based debit cards. Crypto.com keeps that concept alive, and the MCO Visa debit cards remain available for its users. The MCO debit cards give users the ease and freedom of spending as they would any other card, but harnessing the power of cryptocurrencies.
Since the MCO cards are backed by Visa, they can be used all over the world on hundreds of thousands of places and online that display the Visa or the Visa-Plus logo. Users can even use the card to withdraw fiat through Visa-connected ATMs.
Applying for MCO Visa Card
Users can apply for their MCO cards through the Crypto.com app. Currently, there are five different cards, each offering additional benefits than the last. The basic card has no conditions, but to apply for the other cards, users must stake a specific amount of the Crypto.com’s internal token, CRO, for at least six months after applying for the card:
- Midnight Blue: No staking required
- Ruby Steel: 1,000 CRO
- Royal Indigo or Jade Green: 10,000 CRO
- Icy White or Rose Gold: 100,000 CRO
- Obsidian Black: 1,000,000 CRO
CRO tokens can be obtained from either Crypto.com or a number of exchanges that support it. If the tokens are purchased or traded in from another exchange, they need to be shifted to the Crypto.com app first. After the tokens are in the app wallet, users need to head over to the Card page and then select their desired card. Users will find the stake option at the bottom right of the page. On clicking this, the card application will be submitted.
When the card is ready to be shipped, the applicant will be notified and the tokens will be staked, or locked in for a period of six months.
Benefits of Staking
For many projects, staking tokens is a means of ensuring that users will not go into a dumping scheme, where they acquire tokens and sell immediately at a profit. For Crypto.com, staking is more than just ensuring that the market is stabilised. The platform offers different benefits to people who apply for the MCO cards and stake their tokens:
- Purchase rebates
- Extra cashback on spendings
- Improved APR on Crypto Earn and Crypto Credit
- CRO stake rewards of 16% per annum for cards up to Royal Indigo or Jade Green and 18% on Icy White and above
Although the tokens are locked in for six months under staking and can’t be withdrawn unless the time is over, users do have the option to add in more tokens to the stake and upgrade their services. This can be achieved by going to the Card section in the app and using the Upgrade option. Before upgrading, users have to make sure that the balance CRO tokens for the upgrade are deposited in the app wallet.
Once the upgrading is requested, the balance tokens will be locked along with the already staked ones. Upgrading also means that the six month lock-in period will reset and start again.
When the six-month period is over, the CRO tokens will remain staked, but now the user can unlock them and transfer these to his or her Crypto.com wallet. Unlocking will also remove the above-mentioned staking benefits. Leaving the tokens staked is a wiser choice since the tokens can be unstaked at any time and the benefits will continue when staked.
Activating MCO Visa Card
Once the MCO Visa card has been received, users will need to activate it before being able to use it. After receiving the card, users must update their Crypto.com app from the options. This specific updated version will have options for activating the cards.
On the main page of the app, users will see the Card option on the right side. Tapping it will bring up the card details, such as how much CRO is staked for it, the name on the card user and other data. On the bottom, users will find the option to Activate My Card.
The app will then ask for the CVV code. This is a three-digit code at the back of the card. Once it's entered and the app verifies that it's the correct code, the user will be presented with the option to set the PIN code. Countries like the US and UK will have a four-digit preset code. This code will be usable only once to activate the card through a Visa ATM. Upon activation the user will be asked to change it immediately.
Topping Up the MCO Visa Card
The MCO Visa card works independently of the Crypto.com app and wallets. This means that users can load fiat into these cards separately through the Crypto.com app. The cards are only capable of using fiat, and can be topped up in two ways:
- Cryptocurrencies: In the card page, users can select the Top Up option and then choose their desired cryptocurrency through the Crypto Wallet. The card holder then can either enter the amount of cryptocurrency that should be topped up or the equivalent fiat that should be used. Even if cryptocurrency is selected, it'll be converted into fiat and then transferred to the card. Currently, users can only select BTC, LTC, ETH, XRP, PAX, TUSD, EOS and XLM to top up their MCO Visa cards.
- Fiat: From the Top Up option, users can select Fiat Wallet and enter the amount of fiat they want to load in the card.
Other Benefits
The MCO Visa debit cards are not just useful in having the ability to spend money easily anywhere in the world. Apart from the staking rewards, the cards come with a lot of other benefits bundled into them:
| Benefit | Obsidian | Icy White / Rose Gold | Royal Indigo / Jade Green | Ruby Steel | Midnight Blue |
|---|---|---|---|---|---|
| CRO Rewards on ALL card spending | 5% | 4% | 3% | 2% | 1% |
| Spotify Cashback | 100% | 100% | 100% | 100% | - |
| Netflix Cashback | 100% | 100% | 100% | - | - |
| Amazon Prime Cashback | 100% | 100% | - | - | - |
| Expedia Cashback | 10% | 10% | - | - | - |
| Exclusive Merchandise Welcome Pack | Yes | Yes | - | - | - |
| Earn Bonus Interest | Yes | Yes | - | - | - |
| Crypto.com Private | Yes | Yes | - | - | - |
| AirBNB Cashback | 10% | - | - | - | - |
| Private Jet Partnership | Yes | - | - | - | - |
| Lounge Key Access | One person plus one guest | One person plus one guest | One person | - | - |
| No Fee ATM Monthly Withdrawal Limit (2% thereafter) | $1,000 USD | $1,000 USD | $800 USD | $400 USD | $200 USD |
| Interbank Exchange Rates Monthly Limit (0.5% thereafter) | Unlimited | $20,000 USD | $10,000 USD | $4,000 USD | $2,000 USD |
6. Crypto.com Exchange
A full-fledged cryptocurrency trading platform, the Crypto.com Exchange allows users to easily buy and sell different cryptocurrencies. The exchange offers simple trading capabilities at the moment. Designed for ordinary people, it doesn’t have any of the complex trading orders but just Market and Limit ones.
At the same time, the Crypto.com Exchange offers its users the chance to take part in the global trading environment and generate profits for themselves. The exchange has a good selection of trading pairs and has the most popular tokens and coins listed.
How to Register on the Crypto.com Exchange
People can register on the exchange using two different signup methods. The first method is for existing users of the Crypto.com platform, specifically its app. It’s not necessary for someone to be a user of the app to sign up on the exchange, allowing people to independently register and start trading.
Crypto.com App Users
On the Crypto.com Exchange page, users can click on the Sign Up button on the top right of the page. The signup page will then ask the user if he or she is an app user. Select the Continue as Crypto.com App User option. The user will then be asked to enter their registered email address.
A confirmation email will be generated and the trader will need to open the email and click the Connect to Exchange button. The trader will then be redirected to the signup process of the exchange, this time requiring the user to enter a desired password for the exchange account. Submitting the password completes the registration process and the user can proceed to trading.
Other Traders
People who are not already using the Crypto.com app can also sign up on the exchange. They can head to the Sign Up page and follow the instructions given, entering basic data such as name, country of residence, etc. Once the data is entered and submitted, users will need to go to their email inbox and find the email sent by the exchange. The email will contain a One Time Password (OTP) that they’ll need to enter on the sign up page.
When the user is verified as genuine through the OTP, they’ll need to create a password. After that, they’ll be requested to enter their mobile number. Another OTP will be sent as an SMS, which will also be needed to be entered.
Once done, users will be registered on the exchange and can proceed to trading.
Account Verification and Upgrade
Although users will be able to trade on the exchange after they've registered, they’ll be limited as to the services that they can use. To unlock all the features of the exchange, the traders will need to go through a verification process, similar to KYC and AML checks other exchanges do.
After traders have logged in, they can head over to the Profile option on the top right of the screen. Under the Account option, users will see Upgrade selection. Clicking it will start the upgrading process:
- Personal Info: Traders will need to enter their legal first and last name. This should match with their ID document.
- ID Verification: Users will need to enter their country of residence, the type of ID they've and then upload it.
- Selfie: The trader will need to upload a selfie picture, holding a white piece of paper and the words Crypto.com written on it.
Depositing on the Crypto.com Exchange
Traders on the Crypto.com exchange can deposit in a few different ways. The exchange platform has been created with the vision of making cryptocurrencies accessible to all and therefore, users within and outside the ecosystem can deposit cryptocurrencies:
- Crypto.com App Users: Trader must open their Crypto.com app and go to Withdrawal through the Transfer option. Here, they can select the Crypto.com Exchange option. The user will be asked to select the type of cryptocurrency and the amount that needs to be sent. Since the app and the exchange are connected, the app will automatically send the cryptos to the exchange wallet of the user, instantly.
- Other Users: Logging in the exchange, users will need to select the Balance option on the top right of the screen. In the balance page, users will then proceed to their desired cryptocurrency and click on the corresponding Deposit button. The traders then can then either copy the wallet address mentioned and use it to transfer funds over or scan the QR code if their external wallet has that option. Depending on the cryptocurrency, the deposits will be available to trade after a certain number of confirmations are received on the network.
WIthdrawing on Crypto.com Exchange
Just like the deposit option on the Crypto.com Exchange, traders have the option to either withdraw to their Crypto.com app wallet or to any other external wallet:
- Crypto.com App Withdrawal: In the Balance page of the exchange, users will need to select the Withdraw option next to their choice of cryptocurrency. Here, traders must select the second option of Crypto.com App. Users then enter the amount of cryptocurrency they wish to withdraw and are asked one last time by the exchange to review their withdrawal details. When Confirm Withdrawal is clicked, the crypto assets are transferred over to the users’ app wallet.
- External Wallet Withdrawal: Traders who don’t have a Crypto.com wallet or who simply wish to withdraw to another wallet can take advantage of this option. Again, they need to head to the Balance page and select the Withdraw option. But this time, they simply select their External Wallet Address to proceed. Here, the user will find whitelisted wallet addresses, under his or her defined labels, making them easier to identify. Selecting the right wallet and entering the amount to be withdrawn, users can then review their request and once they confirm it, the transfer will begin.
Once the correct 2FA code is entered, users can save the address and the next time they want to send cryptocurrency, they can simply select the right label.
Crypto.com Exchange Interface
The Crypto.com Exchange is a proper trading platform that has been built for a normal person in mind. Where other exchanges boast of giving the most advanced trading options, this exchange offers basic ones that are all an average person needs. Complex and advanced exchange features only serve to overwhelm a person.
The trading interface uses a dark theme by default which is not too much strain on the eyes and is actually pleasing to look at.
Asset Details
Very basic details of the selected cryptocurrency in the trading interface is given here. This includes the last price, percentage change in the last 24 hours and the volume traded. Next to the volume figure is a drop-down menu for selecting the trading pair. The Crypto.com Exchange lists a substantial number of tokens and coins for trading and users three different base currencies, Crypto.com’s own internal token CRO, BTC and USDT. Selecting a trading pair will make the whole interface display the data of that trading.
Trading Chart
The industry-wide standard default candlestick chart is employed in this section. The green and red colours of the candles are standard too. The chart type can be changed to show data in bars, hollow candles, Heikin Ashi, line, area and baseline type. The timeline presented by the candlestick by default is 30 minutes, but it can be set anywhere from one minute and up to a month. Using this graph, a trader can make judgements on where the crypto price is going against a base pair and can place orders.
Order Book
On the right of the trading graph, users will find the order book. Both buy orders and sell orders which are open, but not executed completely, are mentioned over here. Using this, a trader can see what the buying and selling trends are in relation to the price graph.
Completed Orders
Moving on to the extreme right of the screen, users will find the list of completed orders on the exchange. Any order that's completely filled isn’t available in the order book, but the trend of completed orders itself holds a treasure trove of knowledge when it comes to the asset trends. This look into the past, combined with the Order Book and the Trading Graph, can help the trader in making sound decisions.
Trader’s Orders
Below the Trading Graph, users will find two tabs that hold information pertaining to their trades. The first tab is for Open Orders. These are orders that the trader has placed, but are not completed. Basic information on the orders is available, such as time when the order was placed, direction of the order, trading pair, price in base currency, volume of the order, average price and the status.
The second tab, Order History, tells the user of all the past orders he or she has placed, including cancelled ones. The same data on the orders is displayed as for the Open Orders tab, allowing users to look into their own past as they would into the exchange’s completed orders.
Orders
Traders of the Crypto.com Exchange can place their buy and sell orders from this section of the trading interface. Users are presented with a clean and neat set, allowing them to easily select the different variables from their orders and execute them. The buy orders are placed on the left side of the section, while the sell orders are on the right. For making trading as simple as it can be, Crypto.com only offers two types of orders. Let’s take a look.
Buying and Selling with Market Order
Market orders are the simplest kinds of orders. The trader agrees to buy or sell at the going market price of an asset. Here, the traders can only enter the amount of assets they wish to buy or sell. As soon as the order is placed, the Crypto.com Exchange’s trading engine matches against another seller (in case of buying) or a buyer (in case of selling) and executes the trade.
Buying and Selling with Limit Order
Limit orders allow traders to define not only the quantity of a crypto asset they wish to buy or sell, but also at what price. This gives them a better control over trading. A user can set a buy order at a lower price than the market, hoping to buy it cheaply. Conversely, a sell trade can be set at a higher price so that when it's sold, a trader makes profit.
For each limit order, a trade will only occur if the trading engine finds a corresponding trade.
7. Crypto.com Earn
Crypto.com users can take part in the staking process by the platform, marketed as Earn. Earn can allow users to stake different cryptocurrencies and stable coins. Depending on the token one stakes, users can earn up to 8% per annum of simple compounded interest for cryptocurrencies and 12% per annum for stable coins.
For users who stake up to 1,000 CRO, the following interest rate is offered:
| Staking Time | Supported Coins | Supported Stable Coins | CRO |
|---|---|---|---|
| 3-month | 6% | 10% | 16% |
| 1-month | 4% | 8% | 14% |
| Flexible | 2% | 6% | 12% |
| Staking Time | Supported Coins | Supported Stable Coins | CRO |
|---|---|---|---|
| 3-month | 8% | 12% | 18% |
| 1-month | 6% | 10% | 16% |
| Flexible | 4% | 8% | 14% |
Earning through staking of these coins can be done through the Crypto.com app. Users simply need to go to their app and enter the main menu and then select Earn. Users first need to select their choice of staking time and then choose which cryptocurrency they would like to stake for. Once Crypto.com confirms that staking has begun, it will start to accrue interest immediately.
Currently, the Crypto.com Earn is not available for citizens of Hong Kong, Switzerland and Malta. Crypto.com does say that it’s working on getting licensing for offering the services in these areas.
8. Crypto.com Credit
At times, people need to get money but are not sure if they should sell off their assets. The same situation is faced frequently by crypto holders. Selling off their assets to get money, only to find that when they want to buy the cryptocurrency back, its value has increased. This means they end up getting a lower value on these digital assets than they had previously.
Crypto.com’s Credit is a financial product that has been created to help people who are in need of money, but would rather not have to sell off their cryptocurrencies. Users can simply deposit their cryptocurrencies as collateral and are credited with a stable coin in return. The loan is flexible, instant and allows the users to spend it any way they like.
Loans this way can be taken for up to a year, so people can enjoy the benefit of using the loan and worry less about returning it.
To apply for a loan, users need to first make sure that they have enough crypto funds in their Crypto.com app. As a standard, Crypto.com offers a loan that's half the value of the crypto collateral. For example, if a person deposits $10,000 USD worth of EOS, he will only get $5,000 USD in the shape of a stable coin. The user can simply go to the Crypto.com app and then apply for this type of credit through the main menu.
Users can make a collateral deposit through BTC, CRO, XRP, ETH, EOS, and XLM. When the user selects the cryptocurrency he or she wants to deposit, the app will ask what type of stable coin should be credited to them. Supported stable coins include TUSD, PAX, USDC, and USDT.
Crypto.com charges an annual interest of 12% per annum, calculated daily. Users who are already staking CRO can enjoy a lower rate of 8% if the staked amount is above 10,000 CRO.
Loan-To-Value Ratio
Crypto.com uses a Loan-To-Value (LTV) ratio to calculate the health of the collateral. This is a simple formula where the sum of the unpaid principal amount and the interest accrued is divided by the market value of the collateral. As long as the ratio is at 50%, users are safe. If users are slow or fail to pay back the interest or the principle over time, the ratio can increase.
A ratio above 80% is classified as critical by the platform. In case a user’s LTV ratio hits this, the platform will generate an email to notify that the user should deposit more collateral or repay a part of the credit. In case the user does not do so and the ratio crosses the 85% mark, the platform will make a margin call and liquidate the collateral.
9. Crypto.com Pay
Crypto.com understands that the adoption of cryptocurrencies by the masses can only go so far as the crypto holders and spenders. This is one side of the equation. If there is a person who would like to spend cryptos, there should be someone on the other end who is willing to accept them.
Crypto.com offers a merchant-dedicated service, Pay. The service is oriented towards creating an atmosphere where merchants are willing to accept crypto payments. This allows sellers to start accepting different cryptocurrencies and tap into the decentralised economy. Crypto.com’s Pay offers:
- Low to No Fee: Merchants pay no fee for cryptocurrency settlements if the buyer is on the Crypto.com platform. On others, merchants are still charged a low fee, saving up to 80% when compared to legacy payment processing systems.
- No Volatility: For merchants who are apprehensive on the volatility of the cryptocurrency they'll receive, Crypto.com Pay gives them the option of accepting crypto, but receiving it in fiat in their account.
- Intuitive and Easy: The Pay interface is designed to be user friendly, with minimum of complexity. Pay merchants can set it up in a few minutes and integrate with their services.
- Integration: Pay already comes with integration into the most popular commerce system, such as WooCommerce, Ecwid, OpenCart and Loveit.
- Custom Coding: For merchants who find that there is no pre-integration in their system, they can get it up and running by getting the coding and modifying to fit their working environment.
10. Crypto.com Chain and DeFi
Even with all the great services that Crypto.com offers, the services are still centralised. The whole ecosystem is under the control of the platform. Crypto.com realises that there are crypto users who might not be comfortable with that.
To counter this, Crypto.com has created not only its own dedicated blockchain, the Crypto.com Chain, but is also offering Decentralised Finance (DeFi) services too. The blockchain is public and offers users total control of their assets on the chain. DeFi services offered by Crypto.com are:
- DeFi Swap: Crypto.com allows users of the chain to instantly swap their tokens and coins without the need of an intermediary. Totally trustless and free of a middleman, users can trust the Swap.
- DeFi Wallet: A completely decentralised wallet. It's secure and allows a user to store multiple cryptocurrencies, such as BTC, LTC, XRP, XLM, ETH, CRO and ERC20-compatible tokens.
- Crypto.com App Connection: People who are interested in Crypto.com’s services but still are not comfortable with handing over the control of their crypto assets to the central systems of Cypto.com can always connect their DeFi wallet with the app, gaining all of the benefits of the app and the platform and yet retaining the peace of mind that their assets are in their complete control.
Conclusion
Crypto.com has a very clear vision on what it is and what it wants to offer to the world. Each service and product has been created to offer speed and ease for using cryptocurrencies. The platform is on the right path to fuel the adoption of cryptos for the masses.
A range of crypto-related services, from a complete digital wallet to a proper exchange and even its own DeFi services, Crypto.com is not just a platform, but a complete ecosystem.
Users are advised to do their own research before committing their crypto assets to a third-party custodian service. Cryptocurrencies themselves are highly volatile and an investment in them can lead to total loss of value.