Is Crypto.com Safe? Should You Use Crypto.com in 2023?

Is Crypto.com safe? It’s natural to investigate whether a trading platform is safe or not before you begin investing. As the demand for cryptos grows, so will the number of new firms that enter the market. Finding the best crypto exchange platform may be challenging with so many possibilities. While having so many options is enticing, comparing such a large selection of exchanges and platforms can result in indecision.

Crypto.com may be the perfect choice for you if you’re seeking a low-cost, all-in-one cryptocurrency exchange platform. The more CRO (Crypto.com coin) you may stake, the more rewards you’ll receive from this platform.

Even without the CRO rewards, it’s a strong low-fee crypto exchange with more than 60 cryptocurrencies available in the United States. But is Crypto.com safe? How are you certain that your investment is protected? Read till the end of this post to know how safe Crypto.com is, and then you can decide whether to use the platform or not.

How Crypto.com Started

Matt Blaze was the owner of the Crypto.com domain when it was registered in 1993. He was a cryptographer at the time and performed an important role for AT&T. His primary responsibility was to employ cryptography to secure numerous computer systems.

Matt never imagined that cryptocurrency would play a monetary role in the future. He is currently a physicist at Georgetown University and a member of the Tor Project’s board of directors.

Monaco Coin purchased the domain registered by Matt Blaze in 2018. To brand Crypto.com, the company used a clever marketing approach. Their objective is to play a significant role in the cryptocurrency transition and acceptance.

Crypto.com takes advantage of the parent company’s infrastructure to try to fulfill the consumer’s desire to pay securely and easily with bitcoin. They accomplish this through collaboration with VISA. They do not provide a credit card but rather a debit card. To learn more about Crypto.com and our thoughts about the platform, check out this Crypto.com Review and discover if its products function as advertised.

How Crypto.com Works

Crypto.com, formerly known as Monaco Technologies, was founded with the goal of hastening the world’s transition to cryptocurrency. What began as just a cryptocurrency payment product has evolved into a popular cryptocurrency hub.

Crypto.com is available as a desktop and mobile app. After you’ve created an account and verified your identity, you can trade cryptocurrency in two ways: through its exchange or through its DeFi wallet.

The exchange is one of the industry’s top value gateway fiats to crypto markets. You will be charged a tiny maker/taker fee if you use the exchange to trade cryptocurrencies. The DeFi wallet, on the other hand, is a decentralized exchange that allows you to exchange bitcoins with other users.

With the DeFi wallet, you get complete control over your keys. You also have the option to pay an extra charge to accelerate any swap. You can receive interest and get access to more rewards. All you have to do is stake your CRO and leave it for over six months on either the Crypto.com exchange or the Crypto.com app. Crypto.com is successful in making cryptocurrency more accessible.

How Crypto.com Secure Users’ Accounts and Assets?

Crypto.com has set up solid measures for the safety of users’ accounts. For assets security, the majority of the coins on crypto.com are kept in cold storage (i.e., offline, where hackers cannot get to it).

Fiat currencies on the network are maintained in licensed banking institutions, where they are protected and insured in accordance with your local government’s legislation. To access your account, crypto.com employs multi-factor authentication. This includes phone or email verification, password protection, and biometrics.

Software is continuously peer-reviewed and updated to reflect the most recent security features. Email verification and required whitelisting of any external addresses protect all withdrawals. The withdrawal will not be processed if you did not whitelist the address.

Is Crypto.com Safe?

Crypto.com has obtained some of the industry’s top security declarations. The Cryptocurrency Certification Consortium, ISO/IEC 27001:2013, and PCI:DSS are among the certifications. The first paragraph on Crypto.com’s security page reads, “Security First. Always,” and the company’s motto is “Defence in Depth.”

This declaration of values, in conjunction with the certifications, goes a long way toward demonstrating their dedication to providing their clients with the best level of security attainable.Crypto.com assures their customers that all of their funds are kept in cold storage.

In the event of a loss of cash, Crypto.com has a cold wallet insurance fund. Their hot wallet is totally corporate funds and is committed to ensuring that transactions on their network of services run perfectly.

Furthermore, if you are a US citizen and you hold US dollars with Crypto.com, the FDIC will insure your funds if it’s up to $250,000. Crypto.com closely analyzes all incoming transactions to ensure that they are not dealing with money from illegal markets.

This is a good policy since it prevents them from getting in trouble for laundering money for criminals. This level of compliance and proactiveness in preventing money laundering and criminal financial activities is the type of responsible behavior that exchanges should emulate.

Daily, their mobile application and exchange include 2FA via biometrics or the Google Authenticator app. Finally, even if a hacker succeeds in bypassing all of Crypto.com’s security, they will be unable to deliver your payments unless the address they are sending to has been whitelisted by you.

What Makes Crypto.com so Popular? How is it Unique?

Crypto.com’s creators anticipate a future in which cryptocurrency is a normal investment class rather than a novelty. Whether you believe this will happen or not, Crypto.com can assist you in incorporating cryptocurrencies into your financial life.

When a platform is popular, it’s given that there will be competitors lurking around. If you’re interested in how Crypto.com compares with other similar platforms check out our other articles, Crypto.com vs Celsius Network, Crypto.com vs Coinbase,  and Crypto.com vs BlockFi. 

To that purpose, in addition to regular crypto buying and selling, the platform provides the following essential features:

Crypto.com Cashback Visa Card

Crypto.com offers its users a prepaid Visa card that works like a rewards debit card and can let you spend your crypto holdings more conveniently. While it is open to everybody, those who buy and hold the platform’s native cryptocurrency, CRO, stand to profit the most.

The Crypto.com Visa Card has five reward tiers dependent on the amount of CRO you own. Each often offers rebates for specific types of services, such as Netflix, Spotify, or Airbnb; some level of free ATM withdrawals; and anything from 1% to 8% “cashback.”

Although that last percentage is undeniably enticing, it is truly reserved for the most dedicated crypto enthusiast, requiring you to invest $400,000 in the CRO token. It’s worth noting that “cash back” in this case refers to CRO, which may be troublesome if you’re only using the card for rewards.

To access your cashback, you’ll most likely need to convert CRO into fiat currency. It also implies that the value of your incentives may alter unexpectedly due to CRO’s relatively erratic price swings.

Crypto.com Offers Banking and Cryptocurrency Exchange Services

Crypto.com is more akin to a crypto bank than a cryptocurrency exchange or brokerage. You may, indeed, buy and sell cryptocurrencies on the exchange. You can also exchange them with other DeFi wallet users.

Furthermore, you can spend your cryptocurrency with a prepaid Visa card. You can be paid in cryptocurrency, deposit your cash into an interest-bearing account, and—in some countries—obtain a cryptocurrency loan.

Crypto.com Has Low Fees

You can deposit money into your Crypto.com account using an electronic bank transfer or a wire transfer without paying any fees. You can also buy and sell cryptocurrencies at their genuine worth, making it one of the market’s best value exchanges.

After the first 30 days, Crypto.com charges you a fee for credit/debit card cryptocurrency purchases made using its app. If you pay with a credit card, your card issuer may levy a cash advance fee if you use it to purchase cryptocurrencies.

Crypto.com Interest Rates

Crypto.com charges 0.04% to 0.4% maker fees and 0.1% to 0.4% taker fees. They also charge 2.99% for credit card purchases. You can make money by lending your bitcoin to others, just like you can on other big cryptocurrency exchanges. Borrowers can then utilize these loans to validate transactions for proof-of-stake currencies or other uses.

You can earn up to 14% per year on your deposits of more than 30 cryptocurrencies with Crypto.com’s Earn program, based on the cryptocurrency you choose to loan out and the value of CRO you have in your account.

Rates may fluctuate, but you have the option of locking in your rate (and hence your coin) for a one-month or three-month duration. You can also choose not to commit to a term and withdraw your cryptocurrency whenever you want.

Remember that while these interest rates outperform all other high-yield savings account rates, they are riskier because they are not insured by the Federal Deposit Insurance Corporation (FDIC). Furthermore, you will receive simple interest, which means that your earnings will not compound over time.

Buy Gift Cards and Pre-paid Phones on Crypto.com

Crypto.com is your website. A Visa Card isn’t the only way to spend your cryptocurrency. You’ll also get money back when you buy gift cards from a variety of well-known companies.

Airbnb, Barnes & Noble, Macy’s, and many other brands are currently available in the United States. The amount of cashback is determined by how much CRO you have staked and the type of firm. Prepaid phones on certain networks can also be topped up.

Crypto.com Referral Program

After signing up for Crypto.com with a valid referral link, and staking CRO (Crypto.com Coin) for a Crypto.com Visa Card, you will receive a $25 bonus. You may also invite friends by using your referral link. When they are validated and meet the eligibility standards, you will both receive a $25 bonus. Also, there are no restrictions on how many persons you can refer.

If you are planning to sign-up with Crypto.com but you don’t have a Crypto.com referral code yet, you are free to use ours. Check out this Crypto.com Referral article to get our $25 Crypto.com referral code and follow the guidelines for signing up with a referral code.

Conclusion

Even with all their security measures, Crypto.com isn’t only just safe for crypto exchange. Crypto.com offers a restricted number of assets for trading. Aside from the market, you’ll have access to a vast ecosystem brimming with new ways to earn, save, and trade.

The platform’s prices and commissions remain very modest, and the trading interface is simple to use. These characteristics are essential for recruiting traders and marketing Crypto.com as a popular and user-friendly trading platform. With all of that, Crypto.com is a strong cryptocurrency exchange service with a lot to offer different sorts of cryptocurrency traders and investors.