When it comes to cryptocurrency these days, the options for storing, trading, purchasing, and investing are endless. If you want, you can settle for several different apps that do maybe one or two of these things at a mediocre level. Instead, how amazing would it be to have one app that does all of those things flawlessly?
Crypto.com is the cryptocurrency application that you have always dreamed of. Implementing features including a wallet, payment cards, credit services, and investment opportunities, Crypto.com has really taken their major goal to heart.
"To foster the world's transition to cryptocurrency as a main stream means of facilitating transactions."
Wallet
Crypto.com gives you access to seven cryptocurrencies and seven fiat options.
| BTC | ETH | XRP | LTC | BNB | BAT | MCO |
|---|---|---|---|---|---|---|
| CRO | OMG | TUSD | ENJ | PAX | KNC | USDM |
The application makes it very easy for you to deposit funds into your fiat account using bank transfer, debit card, credit card, or cryptocurrency. You also have the option to buy cryptocurrency with either your fiat wallet or a credit card. Interbank exchanges happen in real time at a five to eight percent reduction in cost vs "high street banks". Exchanges between cryptocurrencies require no additional fees.
Sending crypto and fiat currencies is also hassle-free with zero fees being assessed when you transfer to other Crypto.com wallet users. Withdrawals of your crypto to external addresses will be assessed a small fixed fee.
Card Services
As I mentioned before, they also have card services allowing you to spend your holdings wherever VISA is accepted. Unlike traditional card issuers that need to comply with local regulations and settlements to VISA, Crypto.com is a program manager. This means they have the freedom to manage all facets of the card program including marketing, distribution, KYC/AML, customer support, and other operational aspects.
The card program is set up in a tiered fashion with each level offering more benefits based on the amount of MCO(Crypto.com token) you have staked.
Additionally, you can gain other perks based on the tier you are in, like free Spotify and Netflix subscriptions(when you pay with your MCO card).
Investments
Crypto.com allows you to setup an investment account with just a $20 USD minimum. After that the process is fully automated, switching back and forth between stable coins and crypto coins as the market fluctuates. All you need to do is sit back, relax, and let them handle the rest. Fees are only taken directly from profits at a rate of 18%. If you wisely invest in some MCO and stake it, those fees drop down to 9%.
Credit Services
You can use the BTC or MCO that you hold in your wallet as security to access a line of credit to be paid off at a later date. If you end up not being able to pay, Crypto.com will use your collateral BTC or MCO to complete the payment. The example they give on their website shows that securing with MCO gives you a 60% line of credit and BTC gives you a 40% line of credit(based on the amount secured).
Crypto Payments
Finally, if you own a small business or you like the idea of making/accepting direct crypto payments, Crypto.com has that covered too.
Getting Started
One of the things that really impressed me with Crypto.com was the speed with which I was able to get my account setup. I have created a lot of accounts for services like this in the past year and living in the US, I am very familiar with all of the hurdles they make you jump through for KYC. Crypto.com was virtually pain free with all of the tools needed for the KYC check built right into the app.
Once you have the app installed by either visiting the Google Play Store or the Apple iTunes Store, it is a simple matter of clicking "Sign Up".
After taking you through a series of promotional screens informing you about the advantages of owning the MCO card, you should see a screen asking you to enter your email address.
Then it will ask you to confirm a phone number.
Next, they walk you through the KYC process:
As I mentioned before, everything you need for KYC is built right into the app. On the first screen you enter your full name. Then you just need to capture the front of your ID in the frame that shows up on the screen. Be ready after that because then they have you scan the barcode on the back of your ID. I wasn't ready for this and only got a partial scan which caused it to be declined initially. After that, they have you frame your face in the screen and your phone automatically takes a selfie.
You then receive this message about needing to wait two to three days for them to very your information. Quite honestly for me though, it only took about two to three minutes. If you only count my second attempt, I was probably setup and approved within five minutes.
After that they have you pick your preferred currency and then you are good-to-go.
The Team
When it comes to cryptocurrency wallets and applications for investing/trading, we have a lot of options. Knowing the app you are using has a strong team behind it with specific and realistic values/goals can mean the difference between having a great experience and wishing you had never installed it.
I feel that Crypto.com has one of those teams in place including the highly experience advisory board, the "seasoned" CEO, and specifically the more recent addition of Kasim Zorlu as "Head of Growth". Zorlu's 11+ years in online gaming companies proves he has the necessary skills, and knows what a good company needs to do to acquire new, and retain existing users.
Their whitepaper includes specific dates for each of their roadmap goals.
Final Thoughts
Like other exchanges, Crypto.com holds the private keys to your wallet and they can see your transactions. They will only release them to authorities if specifically subpoenaed. They also have a referral program that you can use to get your friends started on Crypto.com. Referral rewards include a ten to twenty-five percent commission on referred friend's purchases and sign up bonuses.
In a well saturated landscape of wallet/trading/purchasing apps, Crypto.com stands out as an exceptional example of what those other apps strive to be. Use the links I shared above to get started using Crypto.com as your prime crypto to fiat gateway.
Resources
Crypto.com Blog
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Disclaimer
This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.
All screenshots were taken by me and used with permission.