Highlights
What Is Crypto.com?
Crypto.com is a Singapore-based cryptocurrency exchange where both beginner and advanced traders can buy and sell 250+ coins. In addition, they offer many other services, including Metal Visa cards, interest accounts, and their own native token called Cronos (CRO). It's important to keep in mind that while they offer zero trading fees, Crypto.com makes money on the spread.
They were established in 2016 and have expanded to 90+ countries worldwide. Today, Crypto.com has become one of the world's largest crypto exchanges and brands, with over 70 million users and 4,000 employees. They do lots of marketing and have big partnerships with companies like Visa, the UFC, Fifa World Cup, and Formula 1.
Things To Know
Pros & Cons
How Crypto.com Works
Crypto.com has 3 platforms that you should understand:
To open a Crypto.com account, Canadians must verify their identity and go through the KYC/AML process. Once your account is open, you can make deposits using Interac e-Transfer, debit/credit, or crypto and start trading 250+ digital currencies. When it comes to the DeFi wallet, KYC is not required.
Key Features & Benefits
Crypto.com has a huge ecosystem but here are the biggest reasons to consider this platform:
Crypto.com Walkthrough
1. Crypto.com App & Trading Interface
The Crypto.com App is meant for beginners but it can be confusing to navigate. When it comes to trading, it is commission-free and users can set market orders, recurring buys, or log in to the Crypto.com Exchange for professional trading.
2. Crypto.com Exchange
The Crypto.com Exchange is a professional trading platform which is separate from the Crypto.com App. It has a different app and website, but you can use the same login details in order to access a live order book, charting tools and other advanced trading features.
The Exchange has its own trading fees which start at 0.075%. It also offers margin, futures, and lending/borrowing however, those features are restricted in the Canadian market at this time. Here are the other features that make the Exchange useful:
3. Crypto.com Visa Cards
The Crypto.com Visa card is a prepaid card that lets you earn Cronos (CRO) as cash back when you spend Canadian Dollars. There are 5 different tiers going all the way up to 5% cash back rewards. Other perks include free Netflix, free Spotify, and more. While there is a free tier, 4 of the cards require you to stake between $500 to $500,000 worth of Cronos. To find the best crypto cards in Canada, you can visit our comparison tool. Right now, the Shakepay Visa is one of the best free choices.
4. Recurring Buys
For those looking to dollar-cost average (DCA), the Crypto.com App allows you to set up automatic purchases with your CAD balance. It's available for a handful of cryptocurrencies and the minimum purchase is $70 CAD.
Payment methods include fiat, crypto or credit card and you can customize the frequency (daily, weekly, bi-weekly, monthly) and day of the week. If you want to buy Bitcoin or crypto on autopilot, check out the best crypto exchanges to DCA in Canada.
5. Crypto.com Earn
Another big part of the app is Crypto.com Earn. where users can put their crypto to work and start earning interest. It's important to note this is not staking rewards. Crypto.com pays you rewards from income that they make from their various products and services. Here are some more details:
If you're looking for rewards, most large crypto exchange offers interest accounts. Binance, KuCoin, OKX, you name it. Canadian platforms are also starting to introduce staking or interest rewards as well. You can check out Wealthsimple, NDAX, and Newton or visit our list of best staking platforms here.
6. Learn & Earn
Another way to earn on Crypto.com is with their "University" which is a learn to earn program. Users can go through educational resources like blockchain quizzes and missions to earn rewards. You will be rewarded in Diamonds which can be exchanged for NFTs, merchandise, experiences, and even a CRO mystery box.
7. 24/7 Customer Support
Their portal claims that they respond within a few hours and are available 24/7. However, online reviews say Crypto.com's customer service is poor. You can visit their knowledge base for FAQs, articles and walkthroughs. There is also a live status page where you can view incidents in real-time.
8. Other Crypto.com Features
As you can see, there's a lot you can do on Crypto.com.
Security
Is Crypto.com Safe in Canada?
There are many things to consider when choosing a crypto exchange, and security is at the top of the list.
Looking at all the variables, Crypto.com is considered safe and legit. They are FINTRAC licensed, pending OSC registration, and hold crypto in cold storage. They also have a $750 million insurance policy and offer various security features like 2FA, address whitelisting, and more.
In addition, after the FTX collapse, Crypto.com's CEO published a proof-of-reserves and claims that all customer deposits are backed 1:1. All things considered, Crypto.com is as safe as any of the big players. This still does not replace a hardware wallet.
While the Proof of Reserves audit preparation is underway, we are sharing our cold wallet addresses for some of the top assets on our platform.
This represents only a portion of our reserves: about 53,024 BTC, 391,564 ETH, and combined with other assets for a total of ~US$ 3.0b— Kris | Crypto.com (@kris) November 11, 2022
List of Security Measures
Here is a list of everything we dug up on Crypto.com's company security protocols:
User Security Features
Here is a list of security features that you can toggle in your account:
Crypto.com Fees
Crypto.com advertises "crypto at true cost" but in reality you should watch out for hidden fees in the spread. During our test, the all-in BTC purchase fee was 1.68% (9th overall). The total BTC selling fee was 1.41% (7th overall) and the BTC spread was 3.11% (16th overall). I tested 18 platforms.
So, while Crypto.com is commission-free, you are paying more than a lot of platforms because of the high spreads. Some of the cheapest platforms to buy Bitcoin in Canada included NDAX (0.49% all-in fee) and VirgoCX (0.66%).
Crypto.com Fees | Amount |
|---|---|
*Total BTC Purchase Fee | 1.68% (9th place) |
*Total BTC Selling Fee | 1.41% (7th place) |
Trading Fee | Free |
Recurring Buys | Free for e-transfers, 3.50% for credit card |
CAD Deposits | Free up to 3.50% |
CAD Withdrawals | Free |
BTC Withdrawal Fee | 0.0006 BTC |
We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.
- Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
- Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference
You can compare all platforms from the price test on this page.
How to Deposit & Withdraw
Crypto.com offers free Interac e-Transfers but does not have bank transfers if you want to move higher limits. It also supports credit/debit card purchases with fees ranging between 0% or 3.50%. In my experience, the first deposit took a while to process but all other deposits showed up in under one hour.
Withdrawals are processed slower than other platforms. It will take 0-2 days to withdraw money via e-transfer withdrawal. If you want to deposit a different fiat currency, Canadians can also set up a free EUR fiat wallet.
CAD Deposits
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | Free | 0-2 Days | Min $20 - Max $10,000 |
Credit / Debit Card | 3.50% | Instant | Min $2 - Max $30,000 weekly |
CAD Withdrawals
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | Free | 0-2 Days | Min $100 - Max $25,000 |
Crypto Withdrawal Fees
Type | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | 0.0004 BTC | 0.0012 BTC |
Ethereum | 0.005 ETH | 0.01 ETH |
USDC | 25 USDC | 50 USDC |
XLM | 0.1 XLM | 200 XLM |
Crypto.com Review According to Reddit
I headed to Reddit, Trust Pilot, and other online review sites to see what real users have to say. After reading dozens of reviews, people believe it's a secure platform and it's very easy to buy/sell crypto with fiat currency. When looking at the concerns, there are hundreds of complaints about misleading prices and high fees hidden in the spread.
Overall, the mobile app reviews are impressive. It has a 4.5 star rating on the App Store with 148,000 reviews. Google Play is even better with 4.5 star rating across 465,000 reviews. Here are some of the useful reviews I gathered:
Final Review: Is Crypto.com Worth It?
Crypto.com is a safe and regulated crypto exchange with over 250+ cryptocurrencies and a variety of features. However, it has high fees within the spread. You can save a bit by using the Exchange instead of the App, but it's an expensive platform overall.
From my tests, the all-in fee to buy Bitcoin was 1.68% (9th place) and the spread was 3.11% (16th place). In addition, there are hundreds of online reviews commenting about the high spreads and misleading prices. If you want the best rates for Bitcoin, my tests showed NDAX was the best. For the best rates on altcoins, see my list of cheapest altcoin exchanges in Canada.
Recorded March 25, 2022 (Read blog post for most updated info)
Here are the key points to consider for Crypto.com:
Get $25 free when you stake for a Ruby card
Crypto.com Alternatives
Crypto.com has a good reputation, a variety of cryptocurrencies and lots of features. However, it also has really high fees. I reviewed dozens of Canadian exchanges and these are my top picks right now:
NDAX had the lowest fee to buy Bitcoin with Canadian dollars (18 platforms tested). It's my top choice in Canada.
Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity.
One of the largest non-KYC exchanges. You can withdraw 30 BTC/day with just an email address.
