The Crypto.com mobile application allows you to take wherever you want a suite of services with cryptocurrencies, ranging from buying and selling, to being able to generate interest with crypto assets, all from the same application.
In this review of the Crypto.com app we have broken down, in detail , all those services and features that make it so interesting . Also, you will be able to find necessary information such as: available countries, commissions of use, available cryptocurrencies and others.
What is Crypto.com and its mobile application
Crypto.com is a service portal oriented to the field of cryptocurrencies. In it you can find products such as: Mobile App, cryptoactive exchange, DeFi Swap for Ethereum token exchanges, non-custodial cryptocurrency wallet, Visa prepaid credit card, its own token (ERC-20) CRO, and the newest products, the possibility of creating and trading NFT (Non-fungible token).
Mobile phone with Crypto.com app open and cryptocurrency price on screen
For its part, the Crypto.com mobile app allows you to access exclusive services that have only been available on it. Among them are:
buy and sell cryptocurrencies with national currencies,
earn interest with Crypto Earn,
pay directly in cryptocurrencies with Crypto Pay and,
manage your Crypto.com Visa card balance.
The app also allows you to have two types of wallet. One for cryptocurrencies (custody) and the other for fiat money. In the first you can store more than 100 available cryptocurrencies and in the second more than 20 different national currencies.
This app is available for Android and iOS in the respective app stores.
Something important with the Crypto.com app is that you should not confuse it with the platform’s wallet . The latter allows you to store cryptocurrencies, but it does not give you access to the different services that you will find in the app.
Buy and sell cryptocurrencies with the Crypto.com app
The Crypto.com app allows you to buy and sell cryptocurrencies internally. In it you can trade more than 100 different cryptocurrencies. This service is exclusive to the application.
Phone with the crypto buying and selling app on the screen
To buy, 2 different payment methods are used: Credit / debit card or the balance of the fiat wallet within the Crypto.com app. This balance can be recharged through bank transfers. Once the purchase is successful, you can make withdrawals of the cryptocurrencies from the Crypto.com app to the wallet of your choice.
In the event that you decide to deposit by bank transfers, you should take into account that deposits take from 1 to 5 business days to be reflected in your account . Regarding commissions, Crypto.com does not establish any for deposits of this type.
Similarly, within the app you can also sell cryptocurrencies for fiat money. The interesting thing here is that you can sell both cryptocurrencies purchased in the app, as well as those that you deposit from an external wallet.
Once you execute the sale of the crypto asset, the corresponding amount will be reflected in the fiat portfolio. After that, you can make a withdrawal by bank transfer to your personal account. You should keep in mind that withdrawals are only made to bank accounts that are in the name of the owner of the Crypto.com account .
Earn interest with Earn from Crypto.com
The Crypto.com app has an interest deposit service called Earn . This allows you to deposit cryptocurrencies under 3 types of modalities: flexible, 1 month and 3 months. In the first of these you can withdraw your cryptocurrencies at any time you want , but it offers the lowest interest rate. For the other two, your coins are locked for the designated time.
Earn interest deposit service open on mobile phone.
The interest you generate with Earn is assigned weekly to your portfolio in the Crypto.com app. The interest payment is made in the same cryptocurrency in which you have deposited.
The Earn service only allows you to use 30 different cryptocurrencies. The interest rate varies by two factors: the selected cryptocurrency and the CRO staking , supporting the platform by blocking the token for long periods. Staking CRO allows you to obtain some benefits both in the Crypto.com app and in several of its products, including the Visa credit card.
These rates are usually around 3% per year in crypto assets such as EOS, BNB or LTC, going from 6.5% in BTC to 12% in USDC, DAI, USDT among others.
If you are interested in using this module, in CriptoNoticias we have made a tutorial that will guide you step by step and where you will find more details regarding its use.
Cryptocurrency Collateral Credits at Crypto.com
Another financial service that you will find in the Crypto.com app are cryptocurrency secured credits, which are credited directly to your account. Here it is possible to use up to 13 different crypto assets.
Crypto.com app loan service open on mobile phone.
Loans are delivered in stablecoins , specifically: TUSD, PAX, USDC or USDC. When paying, you must cancel in the same currency that you received.
The interesting thing about these loans is that there are no monthly payment obligations. You can deposit the borrowed amount whenever you want , as well as make payments of small amounts, this in the 12 months after the credit is approved.
The annual interest rate on the loan varies between 8% and 12%.
The guarantee or collateral must cover a loan-to-value (LTV) ratio of at least 50% of the total to be requested. That is, if you want to obtain a loan for 50 USD, you must deposit 100 USD in the selected cryptocurrency.
Given the volatile nature of cryptocurrency prices, the scenario may occur that the currency suffers a sharp decline in its market value, reducing the LTV ratio. In such a case, if the ratio exceeds 85%, the collateral would be liquidated and the loan would be repaid. If there is a balance of the final settlement value of the guarantee, it will be returned to your portfolio.
Pay with crypto at Crypto.com affiliated merchants
The Crypto.com app integrates a payment system that allows the sending of cryptocurrencies between Crypto.com accounts without commissions or waiting times. Also, you can pay at partner stores and buy gift cards from different online stores.
Payment service in stores of the Crypto.com app on mobile phone and credit card
Pay also integrates the possibility of affiliating the Crypto.com Visa card, allowing you to recharge it with your cryptocurrency balance and use it for online payments. Regarding the gift cards that you can buy, there are more than 300 different brands distributed in more than 30 countries around the world.
The interesting thing about Pay from Crypto.com is its cash back system . Every time you use the money from your wallet or Visa card, a percentage of the money spent in CRO will be reimbursed to your account. These CROs can be used either to exchange them for other cryptocurrencies, remove them from the app or spend them on subsequent purchases.
Track your favorite cryptocurrencies
A useful option, which is offered a little more comprehensively by other applications, is to be able to keep track of your favorite cryptocurrencies. This functionality is more dedicated to the field of trading, since the Crypto.com platform has its own exchange, which is used externally to the app , making it valuable as its companion.
Follow-up service to list of cryptocurrencies selected by user on mobile phone.
The system is quite basic, you can establish which cryptocurrencies to monitor, within which you can see: Current market price, percentage change in price, capital of your portfolio within the app invested in the cryptocurrency, among others.
What you need to use the Crypto.com app
The Crypto.com app is available worldwide, with the exception of Ecuador, Cuba and Venezuela in Latin America and Switzerland in Europe. Within the United States, it is not possible to use the app if you are in New York.
Another important point is identity verification. This aspect is mandatory even to initialize the app. Failure to pass the KYC will be impossible to use. Likewise, since the Crypto.com app is not available for download in some countries, citizens of these countries will not be able to comply with this process.
For verification you will need to have a photo of an identity document and, later, you will have to do a facial verification with the camera of your device to proceed.
Crypto.com commissions and fees
The first thing to note about this is that the Crypto.com app is a totally free service. There is no type of payment if you want to download and register in the app. To deposit cryptocurrencies, no commission is charged, much less for keeping them stored in the app. Of course, regarding the latter, remember not to use the Crypto.com app as a cryptocurrency wallet since you do not own the private keys.
Regarding the commissions for the purchase of cryptocurrencies with an external debit card, a commission of 2.99% is applied. For the surcharge and withdrawal of the fiat portfolio by bank transfer, the commission established by the bank is set, either through SEPA, SWIFT, ACH.
For withdrawals of cryptocurrencies to external wallets, the commission is that of the network of the crypto asset to be withdrawn. In the case of transfers between Crypto.com apps there is no type of commission .
Final comments on Crypto.com
Having options that bring cryptocurrencies closer to the common citizen is always a plus. Crypto.com is the application that makes it easy for you to use cryptocurrencies, not only as an exchangeable asset with which to trade, but also making use of them in the real world.
This is because the app allows you to pay in stores using cryptocurrencies, or even request financial services such as credit cards, time deposits or credits. All this from the application that you install on your phone .
As for the general use of the app, it is quite simple, without much to say. A sober interface, quite polished, which provides very complete functionalities. However, what is worth noting is that the interface is entirely in English. For now, it is not possible to configure the app in Spanish.
In short, this app becomes one of the best options for your day to day thanks to all the different options it implements. From the ease of buying and selling cryptocurrencies in your local currency to the possibility of having financial services, the Crypto.com app leaves a pleasant sensation, making it a highly recommended option to use.