Oleg Galeev

1 month ago

Crypto.com Review: Should Canadians Use It?

 

Crypto.com is fast becoming one of the best platforms for Canadians to buy cryptocurrency. Crypto.com has many features and offers a one-stop shop for buying, staking, crypto Visa cards, and NFTs. Is crypto.com legit for Canadians? Find out in our crypto.com review.

  • 8.5/10

  • Pros & Cons

    • 150+ coins available (including many altcoins, like SHIB, Dogecoin, Cardano)
    • Suitable for beginners and pro traders
    • Interac e-Transfer available
    • Fast and free CAD deposits
    • Crypto Visa cards
    • 400 + coins
    • Crypto Staking
    • NFT marketplace
    • 20+ fiat currencies supported
    • Simple and easy interface
    • Lack of educational information
  • Fees

    Free deposits
    Variable Withdrawal fees
    Send crypto to other crypto.com users for free
    0.4% maker/taker fees (up to $25k USD monthly trading volume)

  • Coins

    400+ including BTC, ETH, XRP, DOGE

Crypto.com Features

Crypto.com has many stand out features. First, it has two trading platforms – the app and the Pro desktop exchange. The app is suitable for all your crypto needs and is best for beginners offering credit/debit payments and bank transfers. If you’re looking for more advanced charting and trading tools, then the desktop exchange might be more suitable.

Crypto.com offers crypto staking for many different coins, plus lending for stablecoins. You can receive up to 14% APR lending stablecoins and varying amounts for staking other cryptocurrencies.

Stake crypto.com coin (CRO) and you can receive one of the Visa crypto cards. Simply top up your card with Canadian dollars and receive between 2%-8% in cashback on all purchases (paid in CRO). You can also get Spotify and Netflix rebates, airport lounge access and other benefits. I personally believe in CRO and I think it will explode one day.

Crypto.com recently launched its NFT marketplace. Featuring NFTs from popular artists including Snoop Dogg and companies such as Aston Martin, the NFT marketplace runs on the crypto.org chain. The chain offers low fees and fast transactions, much like the Binance Smart Chain – one of crypto.com’s fiercest competitors.

Crypto.com Registration & Verification Process for Canadians

Signing up to use crypto.com is easy and no different from other crypto exchanges. You will need to provide your name, email, phone number and they can ask for a government-issued ID for verification later. You can sign up here.

Crypto.com Fees For Canadians

  • Free deposits
  • Variable Withdrawal fees
  • Send crypto to other crypto.com users for free
  • 0.4% maker/taker fees (up to $25k USD monthly trading volume)

Although there are free deposits, withdrawals have variable rates. Crypto.com charges trading fees based on your monthly trading volume. For volume upto $25,000 USD per month, the maker/taker fees are 0.4%, which is reasonable. While still not the cheapest fees of Canadian crypto exchanges, if you stake crypto.com coin (CRO) you can benefit from lower fees. This is what I have been doing for the past year. If you don’t need CRO and you consider fees to be high, in this case, take a look at Coinsmart.

Crypto.com Currencies & Deposit Methods

Crypto.com supports 20+ fiat currencies but Canadian users can deposit Canadian dollars for free using Interac e-Transfer. You can also buy crypto with a credit or debit card but Canadian banks may or may not allow the transaction.

Crypto.com Security and Safety

Is Crypto.com safe for Canadians to use? Crypto.com offers some of the best security of any crypto exchange. An impressive 100% of customers’ funds are held in cold storage in a Ledger Vault. Only the company’s funds are held in hot wallets.

Additionally, Crypto.com offers multi-factor authentication including Face-ID and Touch-ID, and email confirmations. Crypto.com makes it mandatory for all users to whitelist every withdrawal address via email, which is a good security feature. A lot of exchanges make whitelisting optional.

Crypto.com Mobile and Desktop App

Crypto.com’s mobile app has everything you need. You can buy and sell crypto easily, add funds to your fiat or crypto wallets, stake or lend your crypto, apply for a crypto.com card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play. The crypto.com desktop exchange offers advanced charting and order types, but it can be a little confusing for beginners.

 

Design and Usability

The Crypto.com app is intuitive and easy to navigate. You can switch between light and dark mode and easily view your portfolio, wallets, and staking and lending rewards. The app has many features but none of it is particularly confusing.

After a couple of uses the app can become quite addictive, especially if you have a large portfolio. There is a lot to keep track of if you also have a crypto Visa card and staking rewards. Crypto.com has made a great app that makes it easy to trade crypto.

Crypto.com Customer Support

While Crypto.com has many great features, their customer service is somewhat slow and lacking. The exchange does not offer educational resources or a knowledge centre on its website, which is a little disappointing. It could ease the amount of support tickets received if there were resources available for people to troubleshoot their issues. Nevertheless, the support was always able to handle my issue within 24 hours. 

Conclusion

Is Crypto.com legit? Yes, crypto.com is fast becoming one of the world’s most popular crypto exchanges. Not only does the exchange have many features such as staking, NFTs and crypto Visa cards, but they have created a robust app that makes it easy to use all of the features. Free deposits via Interac e-Transfer are available and the trading fees are reasonable. Their coin (CRO) is promising and they provide really good staking options. 

Crypto.com is one of the most secure crypto exchanges around putting 100% of customer funds in cold storage. There are also 150+ coins available so you are not limited with choice. Crypto.com needs to work on their customer support and educational resources, but otherwise, it’s a great choice for Canadians looking to buy crypto. You can sign up here.

If proper customer support is a MUST-have for you along with low fees we would highly recommend Coinsmart.

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Author

Oleg is a crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun. 

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