Crypto.com Review: Should Canadians Use It?

As someone who has tested over 50 crypto exchanges in Canada, I find Crypto.com to be a popular choice, but it has significant flaws. While it offers features like staking, crypto Visa cards, NFTs, and a one-stop shop for buying cryptocurrency, it doesn’t fully meet expectations. In this review, I’ll explain the issues I’ve noticed and why it might not be the best option for Canadians.

Crypto.com recently became the first global exchange to sign a pre-registration undertaking with the Ontario Securities Commission (OSC). This step establishes it as the first global crypto exchange to fully comply with OSC regulations in Canada. As a result, residents in Ontario and other provinces can access Crypto.com’s complete range of products, knowing the platform adheres to Canadian regulatory standards.

Crypto.com Features

Crypto.com has several standout features. It offers two trading platforms: the app and the Pro desktop exchange. I think the app is great for beginners, as it allows credit/debit payments and bank transfers for basic crypto needs. For advanced charting and trading tools, the desktop exchange might suit you better.

You can stake various cryptocurrencies on Crypto.com and lend stablecoins. Unfortunately, they removed USDT for Canadians in 2023 due to regulations. Still, you can earn up to 14% APR on stablecoins and varying rewards for staking other coins.

When you stake CRO, Crypto.com’s coin, you can unlock one of their Visa crypto cards. I use these cards for 2%-8% cashback on purchases (paid in CRO) and love the perks like Spotify and Netflix rebates, airport lounge access, and more. Personally, I don’t believe CRO has huge potential but as anything with crypto, it could skyrocket in value one day.

The NFT marketplace is another feature worth noting. Crypto.com recently launched it with NFTs from artists like Snoop Dogg and brands like Aston Martin. It operates on the crypto.org chain, offering low fees and fast transactions, making it a strong competitor to Binance Smart Chain.

Other features include futures and margin trading, a VIP program for traders with high volumes, and collateral-backed loans in various cryptocurrencies.

If you’re new to crypto, the University section is a great resource. It offers lessons on trading, wallets, and more. Plus, with Crypto.com Pay, you can shop at select online stores and earn cashback.

Crypto.com Registration & Verification Process for Canadians

Since crypto.com is not based in Canada the sign-up process is relatively simple.

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• A selfie

The process is less invasive than other exchanges we have reviewed since crypto.com is not based in Canada. They simply need to comply with the jurisdiction they are registered in. 

Crypto.com does not ask you employment questions and verification can take anywhere from a few minutes to a few days depending on if their compliance team needs to check your documents.

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 deposits are free, withdrawal fees vary. Crypto.com applies trading fees based on your monthly trading volume. For up to $25,000 USD per month, the maker/taker fees are 0.4%, which I find reasonable. While these aren’t the lowest fees among Canadian crypto exchanges, staking CRO (Crypto.com coin) can reduce them. Personally, I’ve been doing this for the past year to save on fees. If you’re not interested in CRO and find the fees high, Bitbuy might be a better option to consider.

Crypto.com Spreads

A spread in trading is the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to accept (ask price). This difference is where the exchange earns its profit.

Exchanges that charge buy and sell fees usually offer lower spreads compared to those promoting zero trading fees. Since Crypto.com charges a 0.4% trading fee, its spreads tend to be smaller than what you’d find on some other platforms.

How Much Does it Really Cost To Trade With Crypto.com?

We deposited $100 to Crypto.com using Interac. Since deposits are free, the entire $100 was credited to our account. After purchasing Bitcoin, we received 0.0031699 BTC, valued at $99.77. This means we incurred a $0.23 loss, or 0.23% in fees—slightly lower than the 0.4% fee we initially expected.

Crypto.com Liquidity

CoinMarketCap gives liquidity scores for exchanges with 0 being the most illiquid and 1000 being the most liquid. crypto.com has a score of 689/1000 for its Bitcoin market and 648/1000 for Ethereum, which shows that crypto.com has deep liquidity for these markets. 

Further, crypto.com has a daily trading volume of more than $700 million. The higher the trading volume, the higher the liquidity and usually, the tighter the spreads.

Crypto.com Currencies & Deposit Methods

I’ve found Crypto.com makes it easy for Canadians to deposit Canadian dollars into their fiat wallets through Interac e-Transfer or bank wire, both completely free of charge. You can also use a credit or debit card to purchase cryptocurrency directly, which adds convenience.

Being available worldwide, Crypto.com supports a variety of fiat currencies, including CAD, USD, and EUR. This broad support makes it one of the most accessible platforms I’ve come across for users in Canada and beyond.

How Long Do Deposits Take?

We deposited $100 to Crypto.com using Interac e-Transfer, and the funds showed up in our account after just 20 minutes. In my experience, this is a fairly quick and hassle-free process for funding your account in Canada.

How Long Does it Take to Withdraw Coins?

Crypto withdrawal times depend on the network you’re using and how busy it is at the moment. In my experience, Bitcoin withdrawals typically take up to 10 minutes to arrive in your wallet, which is pretty standard for most platforms.

Crypto.com Security and Safety

Is Crypto.com safe for Canadians? In my opinion, Crypto.com stands out with some of the best security features among crypto exchanges. All customer funds are stored in cold storage through Ledger Vault, while only the company’s own funds are kept in hot wallets.

It also offers multi-factor authentication, including Face ID, Touch ID, phone, and email confirmations. Withdrawals require 2FA and email confirmation, and you’ll need to wait at least 24 hours to withdraw to a new address for added security.

Crypto.com regularly consults with top cybersecurity firms and even has a bug bounty program, rewarding people for spotting vulnerabilities. These measures make it one of the most secure platforms I’ve used.

Crypto.com Mobile and Desktop App

I find Crypto.com’s mobile app to be incredibly convenient—it has everything you need in one place. You can easily buy and sell crypto, fund your fiat or crypto wallets, stake or lend your coins, apply for a Crypto.com card, track your favorite coins, and even withdraw to external wallets. It’s a user-friendly platform that works well for beginners.

The app has earned 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. For more advanced users, the desktop exchange offers tools like advanced charting and order types, though it might feel a bit overwhelming for those just starting out.

 

Design and Usability

I’ve found the Crypto.com app to be intuitive and easy to use. Switching between light and dark modes is seamless, and you can quickly check your portfolio, wallets, and staking or lending rewards. While the app is packed with features, nothing feels overly complicated.

After a few uses, the app can become quite addictive—especially if you’re managing a large portfolio. Tracking everything, including a crypto Visa card and staking rewards, keeps things engaging. Crypto.com has done an excellent job creating an app that simplifies trading and managing crypto.

The desktop exchange, on the other hand, offers advanced tools like chart indicators, trading pairs, and asset history. While powerful, it can feel overwhelming for beginners. On the right-hand side, you’ll find options to place market or limit orders or trade with margin, making it a robust tool for more experienced users.

To make a deposit, locate your fiat wallet and then select “transfer” then “deposit”. Then select your currency.

Crypto.com Customer Support

While Crypto.com offers many great features, their customer service could use some improvement. Responses can be a bit slow, and it’s disappointing that the exchange doesn’t provide educational resources or a knowledge center on its website. I think having these resources would help users troubleshoot issues on their own and reduce support ticket volumes. That said, every time I’ve needed help, the support team resolved my issue within 24 hours, which I appreciate.

What do other customers say about Crypto.com?

Many customers seem disappointed with Crypto.com, reflected in its low 2.1-star rating on Trustpilot, where 64% of the reviews are negative.

Common complaints include difficulties withdrawing funds, unhelpful customer support, and frustration with the app’s usability. Many users also mention frequent bugs and glitches, which can make the experience less than ideal.

Does crypto.com Offer Staking or Other Services?

Crypto.com offers crypto staking for many different coins, plus lending for stablecoins. You can receive up to 12% APR for staking cryptocurrencies depending on the lock-up period and how much CRO you stake. 

There is also something called a supercharger, which anyone can participate in. Simply stake at least 100 CRO into a supercharger and you will receive rewards in the crypto offered. The APR is usually 15-20%, so higher than regular staking. Superchargers last for 10-45 days, so they are not a long-term growth strategy, but they do allow you to boost your holdings for a short period. 

There are also crypto Visa cards available for Canadians. While these cards used to offer high rewards, they have recently been reduced. 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 up to 5% in cashback on all purchases (paid in CRO). You can also get airport lounge access and some other benefits.

Does crypto.com Restrict or Freeze Accounts?

Crypto.com can freeze or restrict accounts at their will. Sometimes crypto.com will not approve an account but give little information as to why. Often it is because users who sign up don’t provide all necessary documents for compliance purposes. 

If there is any suspicious activity on your account, such as unusual trade volume, they may freeze your account until you contact them. In some cases where you are linked to criminal activity, the RCMP or other authorities may request your account be frozen, which crypto.com will do. 

It is easy to link a crypto wallet address on the blockchain with someone’s identity on a crypto exchange. All transactions are public and you must provide identification when signing up to exchanges, so if any wallet is linked with criminal activity, the wallet can easily be traced to an identity on an exchange. 

Latest Updates on Crypto.com For Canadians

Crypto.com now offers over 350 cryptocurrencies, making it one of the most extensive platforms for crypto trading. For Visa card users, it’s important to ensure that cashback rates and available card types are in line with the latest offerings from Crypto.com. Additionally, newer DeFi services and staking options, with updated APY rates, should be emphasized to reflect current opportunities. Lastly, it’s worth highlighting that Crypto.com now holds security certifications such as SOC2 and ISO standards, which enhance the platform’s trustworthiness for Canadian users.

Crypto.com Alternatives

There are several Canadian crypto exchanges to choose from and we recommend Bitbuy as a good alternative to crypto.com. 

Bitbuy is a regulated Canadian crypto exchange with a high reputation and excellent security. Fees are based on your trading volume and vary between 0 to 1.5%. 

	crypto.com	Bitbuy	NDAX
Trading fees	0.4% with discounts for CRO stakers & VIP members	0 to 1.5%	0.2%
Cryptocurrencies	350+	40+	36+
Additional features	OTC Desk, NFT marketplace, Visa cards, staking & lending, crypto loans, futures & margin trading, educational resources	OTC Desk	Staking, OTC Desk
Customer Support	Good	Good	Poor
Security	Excellent	Excellent	Good

 Does crypto.com Have an OTC Desk?

Yes, crypto.com offers Over-The-Counter trading for large trades. You’ll get a custom quote and fast settlement on your order. The minimum trade is $50,000.

Common Crypto Exchange Scams Related to Crypto.com

When using a crypto exchange, it’s easy to feel that your assets are safe. Unfortunately, that’s not always the case. Crypto.com has been hacked before with funds in hot wallets stolen. However, crypto.com swiftly patched the vulnerability and refunded every single customer. This event shows that even the most trusted exchanges are not immune to hacks. Always move large amounts of crypto off exchanges to private wallets.

Popular crypto scams include copycat websites, fake social media accounts, and phishing emails. These emails, social media accounts and websites look identical to the real thing and the scammers will try to get sensitive information from you such as your passwords or private keys. 

Always check the email address and website URL of the exchange and make sure you are interacting with the official one. Never connect a decentralized wallet to a website unless you know for sure it’s the real one.

Conclusion

Is Crypto.com legit? Absolutely. Crypto.com is quickly becoming one of the most popular crypto exchanges worldwide. It offers a wide range of features, including staking, NFTs, and crypto Visa cards, all accessible through a well-designed app. Free deposits via Interac e-Transfer make funding your account easy, and trading fees are competitive. Their native coin (CRO) has strong potential, and the staking options are impressive.

When it comes to security, Crypto.com is among the best, with 100% of customer funds stored in cold storage. With over 150 coins available, you’ll find plenty of variety. While they need to improve customer support and educational resources, Crypto.com is still an excellent option for Canadians looking to buy and trade crypto. You can sign up here.