This article is a user guide for the Crypto.com mobile app. It covers registering a new account, depositing, withdrawing, buying cryptocurrency, and applying for a debit card. We’ll also share our Crypto.com experiences and give you our rating of the service.
Note: This is only a user guide for the Crypto.com mobile app. If you want to learn more about the CRO token and the technology behind the Cronos blockchain, check out this beginner’s guide instead.
General information about Crypto.com
Crypto.com is one of the best-known brands in the crypto market. The company was launched back 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 its associated token. The basic level card has always been free, but users have been able to get more benefits (like cashback) by staking the Crypto.com token.
Both the Visa card and the token (MCO) were called initially Monaco. In 2018, a major re-branding of Crypto.com took place. The company also expanded to building its own blockchain. The smart contract platform is now known as Cronos (originally Crypto.com Chain).
The Crypto.com brand took off during the crypto boom of 2021. The company launched a huge advertising campaign starring Matt Damon and paid $700 million for the naming rights to the home stadium of NBA club La Lakers. Crypto.com is also the main sponsor of the 2022 FIFA World Cup.
Today, Crypto.com is not just a popular Visa card provider. Its mobile app is also used for cryptocurrency trading. The company is serving more than 50 million users globally.
Next, we will give you step-by-step instructions for using the Crypto.com mobile app. A browser-based version is not available at the time of writing this article.
Start using Crypto.com by installing the application. Click on the link below to go to the Crypto.com download page.
Choose either the App Store or Google Play icon, depending on the mobile device you are using. 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, Log In, and Invited?
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). You can also activate the referral code after registration by clicking App Settings -> Referral Code in the app. 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.
Enter a valid email address, accept the terms and conditions and click Continue. You will receive a confirmation link in your email, which you need to click on. If the email does not appear immediately, check your spam folder.
Note: The email must be opened on the mobile device on which you are using for registering.
You will then be forwarded back to the Crypto.com app to complete the registration. This is done by entering your phone number and confirming it via SMS.
Verification of identity
After your email and phone number are confirmed, 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. You will usually need either a valid passport or a driving license to verify your data. 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 for logging in and confirming transactions. Choose a passcode that you can remember with 100% certainty.
If you are going to apply for a Crypto.com Visa debit card, you will also need to confirm your address. This can be done, for example, with an electricity bill or similar document.
Crypto.com euro deposit and withdrawal
Next, let’s make a deposit into your Crypto.com account in euros. Please note that you can withdraw euros from your account only after you have made one deposit. The process is identical regardless of what fiat currency (EUR, USD, GBP, etc.) you are using.
Click the Transfer button on the main page of the app.
You will be presented with the options Deposit and Withdraw. Select Deposit from the two. Next, the app will ask you to select either Crypto or Fiat. Select Fiat.
You can now create a new euro account for your transfers. Once the account has been created, copy the account number and make a deposit from your online bank. As the account is personal, 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.
If you want to withdraw euros from your account, select Transfer again from the app’s main page (Home). Next, click on Withdraw, select Fiat, and follow the on-screen instructions.
How to deposit and withdraw crypto
The Crypto.com app is also a cryptocurrency wallet. The app supports hundreds of different cryptocurrencies. You can deposit crypto into your wallet and withdraw coins to an external wallet.
Crypto deposits are done as follows.
Click Transfer in the Home view of the app – 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 then click on the relevant line.
The next screen that appears is the deposit page. Here is an example of a Dogecoin.
Be very careful at this point to choose the right network! This is done from the line indicated by the arrow. For example, Dogecoin can be deposited also via the Cronos and BSC networks. 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 very small 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.
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.
How to buy and sell crypto
Crypto.com is nowadays a very popular app for cryptocurrency trading. Once you have deposited euros into your account, click on the Trade button on the home page. Select Buy from the Buy and Sell options.
A list of cryptocurrencies will appear on your screen.
Use the search function to find the cryptocurrency you want. Then click on the relevant line.
Next, you will be presented with 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. The fees are quite high for credit card purchases, so we do not recommend this option.
The Crypto Wallet option is ideal if you want to buy 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 Trade from the Home page and choose Sell. 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 to convert it to another cryptocurrency.
Crypto.com fees and limits
Let’s check Crypto.com fees, which means fees for transactions and purchases. You can find the up-to-date fees in the app settings. You can access the Settings page by clicking on the arrow icon in the top left corner of the Home screen.
From the Settings page, it is possible to change various account details and enable security-enhancing settings such as two-factor authentication. Scroll down the page to find the Fees & Limits section. On this page, you will find all the fees as well as the various limits.
Crypto.com does not charge any fees for bank deposits in euros or cryptocurrency deposits. The fees charged for withdrawals depend on the cryptocurrency used. Withdrawals in euro (SEPA transfers) are free of charge.
In addition, each cryptocurrency has a minimum and maximum amount for withdrawals and buy & sell. The service also has various limits on bank transfers, such as how many transfers you can make per day or per month.
Exchanging cryptocurrencies for other cryptocurrencies is free. In practice, however, Crypto.com charges a small spread on the exchange rates. Buying with a credit or debit card includes a 3% fee.
The above information is valid at the time of writing (6/2022).
Crypto.com Visa debit card
Crypto.com is best known for its Visa debit cards. It is the most popular provider of “crypto cards” in the market with Binance. These debit cards are also managed with Crypto.com’s mobile app.
There are five different levels of cards. The basic card (Midnight Blue) is completely free. All you need to do is order the card via the app.
The other levels require staking of the CRO token as follows (as of 6/2022): €350, €3500, €35,000, or €350,000. The cards come with significant benefits depending on the level of the card: cashback up to 5%, Netflix, Spotify, Amazon Prime, and free withdrawals from ATMs.
You can find up-to-date benefits and terms on the Crypto.com website.
This is also where the earlier mentioned bonus comes in. When you use the invitation code dcii0ry91 during registration, you will receive $25 worth of CRO tokens if you order a card of Ruby Steel or higher.
Below is a video showing 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.
You can un-stake your CRO after 180 days if you wish, but you will also lose the Ruby Steel benefits.
Crypto.com Visa experiences
Crypto.com Visa works like any other debit card. The most affordable option is completely free, meaning there are no monthly or annual fees. Just remember to activate the card once you receive it. This can be done in the Crypto.com app, as are all other management of your account and card information.
Our team has a couple of years of experience with Crypto.com. Here are a few points for those interested in the card.
Crypto.com Visa works in all restaurants, shops, petrol stations, etc. that accept other Visa and Mastercard cards. It can be used for everyday purchases instead of your own bank’s debit card. We have also experience using Crypto.com cards in smaller countries. Crypto.com Visa also seems to work in places where Revolut is not accepted.
Note that the Crypto.com app does not directly convert cryptocurrencies to euros. If you have only cryptocurrencies in your wallet, they must first be sold into euros before a purchase can be made. Of course, you can use the card without any cryptocurrencies and make a euro deposit into the app from your bank account.
The Crypto.com card has a cashback bonus of 1% compared to a regular debit card, even at the Ruby Steel level. The cashback is paid in CRO tokens. If you believe these coins will appreciate in price, it makes shopping even more profitable.
Crypto.com Visa debit and taxation
Let’s look at some of the tax issues you should be aware of. Note, that we are covering this subject on a high level. Each country has its own tax rules which might have some exceptions. Be sure to check the rules in your jurisdiction before using the cards with crypto.
The use of cryptocurrencies as a means of payment is expensive in almost every country on the planet. This is because cryptocurrencies do not have the status of legal tender. There is just a handful of exceptions to this rule.
If Bitcoin (and other cryptos) are not legal tender, it means each sale is a taxable event. For example, if you sell bitcoins in your Crypto.com wallet for euros to have a balance on your debit card, you must keep a record of the transactions and pay taxes on any capital gains.
You can get rid of this problem by using your Crypto.com card only in euros. This is also perfectly possible, and many people do it.
If you have at least a Ruby Steel card, you should also take into account cashback. They are paid with Crypto.com’s own CRO token. This might be taxable income in your country.
Crypto.com experiences and review
Crypto.com has become one of the biggest crypto trading platforms. The company already serves more than 50 million customers. Crypto.com’s mobile app is also very popular in Nordic countries.
We have had positive Crypto.com experiences, both with the app and with debit cards, over several years. The mobile app is very clear, fast and easy to use. In case of problems, the customer service has also been quick to help.
The Crypto.com mobile app is well suited for beginners with hundreds of different cryptos listed. You can also download a separate DeFi Wallet app. This is a completely independent wallet app built by Crypto.com, giving you 100% control over your funds.
Many people use Crypto.com for Visa cards. They are easy to manage with the app. Remember to use the invitation code dcii0ry91 when signing up to claim $25 worth of CRO tokens for free!
The Crypto.com mobile app is completely free. There are no monthly or annual fees. The cheapest Visa debit card is also completely free, so you can explore the service completely risk-free. Click on the link below to go to the app download page.