Reviews
23
Nov
crypto.com review

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Crypto.com review

Crypto.com is one of the best-known brands in the crypto industry. Our team has had Crypto.com experiences since 2018. Crypto.com registration begins by downloading the Crypto.com mobile app first. To use the Crypto.com app, you must go through the KYC process, i.e., personal data verification.

Depositing euros into a Crypto.com account with a SEPA transfer is easy. Crypto.com offers more than 200 different cryptocurrencies for purchase. Crypto.com does not charge fees for purchases made in euros. It’s also possible to deposit cryptos into your Crypto.com account.

The Crypto.com app activates and manages the Visa debit card. The cashback received with the Visa card could be taxable income. Crypto.com can be recommended to all investors with a debit card and a wide selection of cryptos.

General information about Crypto.com

Crypto.com is one of the best-known brands in the crypto market. The company was launched in 2016 under the name Monaco Card. Kris Marszalek has been the CEO and figurehead of the company since the beginning.

Crypto.com’s main product has long been the Visa debit card and associated token (CRO). The basic level card has always been free, but users can get more benefits (like cashback) by staking the Crypto.com token.

The Visa card and the token (MCO) were initially called Monaco. In 2018, Crypto.com underwent a major rebranding. The company has also expanded to build its blockchain. The smart contract platform is now known as Cronos.

To learn more about Cronos and its native token, CRO, read our in-depth Cronos beginner’s guide. This article is about the Crypto.com app and the Visa card.

The Crypto.com brand took off during the crypto boom of 2021. The company launched a massive advertising campaign starring Matt Damon and paid $700 million for the naming rights to the home stadium of the NBA club La Lakers. Crypto.com was also the main sponsor of the 2022 FIFA World Cup.

Crypto.com has become a popular app for buying, selling, and storing cryptocurrencies. The app is also used to manage the popular Visa card.

Is Crypto.com a scam?

Crypto.com is not a scam. It is a company founded in 2016 that serves 100 million customers globally.

It is important to understand that cybercriminals exploit the brands of well-known cryptocurrency exchanges. You may receive an email or WhatsApp message from a person who is a representative of Crypto.com and offering you investment services. Crypto.com does not contact people this way. In that case, it is always a scam, behind which is a global cybercriminal ring – not Crypto.com.

What is Crypto.com DeFi Wallet?

Crypto.com DeFi Wallet is a completely separate wallet application. This article is not about DeFi Wallet but is a guide to using Crypto.com.

The advantage of DeFi Wallet for the user is that the private keys are always in your possession, and Crypto.com (or any other party) cannot access your funds. Many Crypto.com users also install a DeFi Wallet and transfer coins there after purchasing from the Crypto.com app.

If you are interested in DeFi Wallet, a separate guide is available at this link: Crypto.com DeFi Wallet User Guide.

Crypto.com experiences

Our team has had Crypto.com experiences since 2018. This section describes our Crypto.com experiences using the card and the mobile app.

The Crypto.com mobile app is straightforward to use. For a good reason, it has gained popularity, particularly among novice investors. The main functions are logically placed, and buying cryptos is easy. Cryptocurrency transfers to and from the app are also processed quickly.

The mobile app lacks advanced trading tools, such as a cryptocurrency exchange. Crypto.com has created the Crypto.com Exchange, a separate exchange built for active traders. The Crypto.com app best suits the average investor who doesn’t use futures, leverage, or advanced trading tools.

The Crypto.com card works like any other debit card. The cheapest option is free, meaning there are no monthly or annual fees. Remember to activate the card first after receiving it.

crypto.com visa experiences

Crypto.com’s Visa works in all restaurants, shops, gas stations, etc., that accept Visa and Mastercard cards. It can be used just fine to make daily purchases instead of your bank’s debit card.

Our team members have experience using Visa in many countries and small shops. Crypto.com Visa seems to be working even in places where Revolut is not accepted, for example.

Please note that Crypto.com’s app does not directly convert cryptos into euros. If you only have cryptocurrencies in your wallet, they must be sold in euros before the debit card can be used. Of course, you can use the card without cryptocurrencies and make euro deposits into the app from your bank account.

Crypto.com’s Visa is a functional card in every way. The only negative thing is that Crypto.com weakened the card’s terms in 2022 and removed the cashback from the free card.

Crypto.com registration

Crypto.com registration begins by downloading the Crypto.com mobile app first. A browser-based version is not available. Start the registration process by clicking the link below.

Download the Crypto.com app

Depending on your mobile device, choose either the App Store or Google Play icon. Download the app only through Crypto.com to ensure you get the genuine and original app.

Once you have downloaded Crypto.com to your mobile device, open the app. You will have the following options on your screen: “Sign Up,” “Login,” and “Invited?”.

crypto.com sign up

We recommend entering the following invitation code: dcii0ry91

With the invitation code, both AboutBitcoin and you will receive $25 worth of CRO tokens if you apply for a Ruby Steel card (or higher). After registration, You can activate the referral code by clicking App Settings -> Referral Code. This has to be done within five days after registration.

Next, click on the Sign Up button. You will be asked to confirm your email address.

confirm e-mail

Enter a valid email address, accept the terms and conditions, and click Continue. You will receive a confirmation link in your email, which you must click. If the email does not appear immediately, check your spam folder.

Note: The email must be opened on the mobile device you use for the registration.

You will then be returned to the Crypto.com app to complete the registration. This is done by entering your phone number and confirming it via SMS.

Identity verification on the Crypto.com app

To use the Crypto.com app, you must go through the KYC process, i.e., personal data verification. This is a standard process in all crypto exchanges that enable bank transfers.

After confirming your email and phone number, the app will ask you to enter your personal information. Enter all information accurately to avoid problems during the verification phase.

Identity verification (KYC) is a standard process in all cryptocurrency exchanges. To verify your data, you usually need a valid passport or driving license. After this, the Crypto.com app will also ask you to take a selfie. The KYC process should normally take around five minutes.

Finally, the app will ask you to create a six-digit passcode. This will be used to log in and confirm transactions. Choose a passcode that you can remember 100%.

If you apply for the Crypto.com Visa debit card, you must also confirm your address. This can be done, for example, with an electricity bill or similar document.

Crypto.com euro deposit

Depositing euros into a Crypto.com account with a SEPA transfer is easy. Please note that you can withdraw euros from your account only after you have made one deposit.

Click the Deposit button on the app’s main page.

crypto.com mobile menu

Next, the app will ask you to choose either Crypto or Fiat. Choose Fiat from these options, and the Crypto.com money transfer will be successful.

You can now create a new euro account for your transfers. Once the account has been created, copy the account number and deposit from your online bank. The account is personal, so you don’t need a separate reference number when depositing. If your bank requires a reference or a message, you can write in the message field “Crypto.com deposit.”

Deposits arrive as SEPA transfers and usually appear within a couple of hours. However, the first deposit takes a little longer.

How to buy and sell crypto

Crypto.com offers more than 200 different cryptocurrencies for purchase. In addition to the most well-known cryptocurrencies, Crypto.com also offers a wide selection of rarer coins.

Crypto.com’s selection includes the following popular cryptos:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • BNB (BNB)
  • Tether (USDT)
  • USD Coin (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Polygon (MATIC)
  • Cronos (CRO)

Once you have deposited euros into your account, click the Buy button on the front page of the mobile app. A list of cryptocurrencies opens on your screen.

crypto.com selection

Use the search function to find the cryptocurrency you want. Then click on the relevant line. Next, you will be given three options to complete your purchase: Credit Card, Crypto Wallet, or Fiat Wallet.

If you want to buy cryptos directly with a credit card, select the first option and add your new card details. However, credit card purchases have high fees, so we do not recommend this option.

The Crypto Wallet option is ideal for buying cryptocurrency with another crypto. For example, if you want to exchange bitcoins in your account for Ethereum. If it’s a less common currency, you may not be able to find an exchange pair. In that case, sell your coins for euros first.

With the Fiat Wallet option, you can buy cryptocurrencies with the euros in your account.

If you want to sell crypto, click Sell from the Home page. Select the cryptocurrency you want to sell from the list. On the Sell page, you can choose the destination, i.e., whether you want to sell the currency for euros or convert it to another cryptocurrency.

Crypto.com fees

Crypto.com does not charge fees for purchases made in euros. However, purchases are still not free of charge because Crypto.com takes a spread from the used exchange rates. The customer’s purchase price may be slightly higher than the market price.

In any case, Crypto.com’s fees are very competitive compared to many popular marketplaces. Like euro purchases, purchases made with cryptos are cost-free and include a spread.

The table below shows the fees charged by Crypto.com for the most common actions.

ActionFees
Account registration No fees
Using the account No fees
Bank deposit No fees
Bank withdrawal No fees
Crypto deposit No fees
Crypto purchase by card 2,99 %
Crypto purchase by fiat No fees (spread)
Crypto purchase by crypto No fees (spread)

We don’t recommend using a debit or credit card for purchases. Card purchases are costly in all exchanges. SEPA transfers are fast these days, so you should prefer a bank deposit. No fees are charged for bank transfers.

The up-to-date fees are in the application settings. You can access the Settings page by clicking on the gear icon with an arrow in the upper left corner of the Home view.

From the Settings page, you can change various account details and enable security-enhancing settings such as two-factor authentication. Scroll down to the Fees & Limits section, which contains all the fees and any limits.

The fees charged for cryptocurrency withdrawals depend on the cryptocurrency used and network congestion. Each cryptocurrency has a minimum and maximum amount for withdrawals, purchases & sales.

How to deposit and withdraw crypto

It’s also possible to deposit cryptos into your Crypto.com account. The Crypto.com app works perfectly as a cryptocurrency wallet. You can deposit cryptos in your wallet and withdraw them to an external wallet. If you want to learn more about different wallets, check out our crypto wallet guide.

Click Deposit in the app’s Home view—just like you did for the euro deposit. Next, select Crypto. You will see a list of all cryptocurrencies supported by the app. Use the search function to find the right cryptocurrency and click on the relevant line.

The next screen that appears is the deposit page. Here is an example of a Dogecoin.

dogecoin deposit

Be very careful when choosing the right network at this point! This is done from the line indicated by the arrow. For example, Dogecoin can be deposited via the Cronos and BSC networks. However, if you send coins to the wrong network address, they may be lost forever.

If in doubt, ask Crypto.com Support for help or make a minimal test deposit first.

To withdraw cryptocurrencies, select Transfer and Withdraw, then External Wallet. You will then be presented with a Withdrawal Whitelist screen showing all the addresses that have been created.

crypto.com withdraw crypto

In the top right corner, click the + button indicated by the arrow and select Wallet Address. Search the list for the cryptocurrency you want to use. Again, be very careful to add the correct wallet address to the correct network!

You can also withdraw funds to the Crypto.com Exchange or Crypto.com DeFi wallet.

Crypto.com Visa debit card

The Crypto.com app is used to activate and manage the Visa debit card. For many users, the Visa card is the main reason for opening a Crypto.com account. It’s no surprise because Crypto.com is best known for its Visa cards. 

There are five different cards available. The basic card (Midnight Blue) is completely free, and you can order it easily via the app. You can see all Crypto.com cards and the most important features in the table below.

CardRequired stakingCashbackMax cashbackSpotifyNetflix
Midnight Blue 0 € No cashback No cashback Not included Not included
Ruby Steel 350 € in CRO 1 % $25 / month 6 months Not included
Royal Indigo & Jade Green 3500 $ in CRO 2 % $50 / month 6 months 6 months
Frosted Rose Gold & Icy White 35000 $ in CRO 3 % Unlimited Included Included
Obsidian 350000 $ in CRO 4 % Unlimited Included Included

The cards also have other benefits, such as airport lounges. You can find up-to-date benefits and terms on the Crypto.com website.

The previously mentioned bonus also applies here. If you use the invitation code dcii0ry91 during registration, you will receive $25 in CRO tokens if you order at least a Ruby Steel-level card. Staking the CRO token for 350 euros is required.

The video below shows how to sign up for a Ruby Steel card.

Make sure you have at least €350 worth of CRO tokens in your wallet before starting this process. Next, click on Cards in the Home view (bottom right corner). Select the Ruby Steel card and follow the on-screen instructions. You will finally be asked to stake the CRO tokens. They will be locked for 180 days.

If you wish, you can un-stake your CRO after 180 days and lose the Ruby Steel benefits.

Crypto.com and taxes

The cashback received with the Visa card could be taxable income. You should also remember that using cryptocurrencies as a means of payment is expensive. This is because cryptocurrencies do not have the status of an official means of payment. The same applies to almost all other countries in the world.

Whenever you sell cryptos from your Crypto.com wallet to euros, you create a taxable transaction and top up the card balance. All these transactions must be recorded, and you must calculate capital gains from them. 

We recommend using crypto tax software to keep track of transactions. Divly is a good option because it also supports Crypto.com transaction reports.

divly

You can download a CSV file containing transactions from the Crypto.com app and import it to Divly. You’ll find information about transactions and transfers by clicking Accounts in the main menu and then the clock image in the upper right corner. This page shows all transactions. Finally, click the arrow image in the upper right corner to create an export file.

Remember that cashback is paid with the CRO token if you have at least a Ruby Steel level card. This cashback is taxable income.

Summary of the Crypto.com review

Crypto.com can be recommended to all investors with a debit card and a wide selection of cryptos.  It is a versatile app that is also easy to use.

Crypto.com also stands out in terms of customer service. We have received assistance many times in a couple of minutes via chat or a private message on the Twitter account. User support is fast, considering Crypto.com serves more than 100 million customers.

Many people choose the Crypto.com app for its Visa cards. Visa cards are also easily managed via the application. Don’t forget to use the invitation code dcii0ry91 when registering to get $25 worth of CRO tokens for free if you order at least a Ruby Steel level card!

The Crypto.com mobile app is completely free. There are no monthly or annual fees. Even the cheapest Visa debit card is completely free. So you can familiarize yourself with the service without any financial risk. Click on the link below to get to the application’s download page.

Go to Crypto.com

Twitter users should follow the official @cryptocom account and the @cryptocomcs account, which provides user support. Crypto.com is also active on other social platforms, including Discord. You can find links to the service’s social accounts at crypto.com.

AboutBitcoin Team

Hey! We're the AboutBitcoin squad, a team of crypto lovers who've been all about cryptocurrency since 2017. Every week, we drop the latest news and cool insights from the crypto world. Come hang with us as we dive into the crazy, ever-changing scene of cryptocurrencies – it's gonna be an awesome adventure!