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The Ultimate Crypto.com Canada Review 2024
Luis Clark
- URL: https://crypto.com/
- Headquarter: Singapore
- Year Founded: 2016
- Platform App: Desktop/Mobile
- No. of Cryptos: 250+
- Fiats Available: 25+
- Withdraw Method: Bank Transfer/Crypto
- Payment Method: Interac E-transfer/Debit & Credit Cards/Crypto
Our Opinion
As cryptocurrency enthusiasts, our mission was to try all different exchanges in different countries. We tested the exchange feature to give a more exhaustive review and opinion. And we concluded that Crypto.com is a leading crypto exchange and has had a major impact on the Canadian crypto market. This platform supports around 250 cryptocurrencies. Therefore, it is a great option for crypto investors who wish to invest in unexplored altcoin territory before everyone else.
Crypto.com’s wide range of services makes it an appealing option for serious traders wishing to convert the bulk of their financial holdings to cryptocurrency. It’s no surprise that Crypto.com is one of Canada’s top crypto exchanges. It is ahead of the game in terms of services.
Anyone interested in buying and holding digital currencies such as Bitcoin and Ethereum could find Crypto.com to be a good fit. Fees are capped at 0.40% and reduced with increased trading volume or CRO currency holdings. Crypto.com presently supports 250 currencies and provides complex order types, as well as the ability to trade crypto futures. If you stake CRO on either the Crypto.com app or the Crypto.com exchange and leave it alone for more than six months, you can earn interest and unlock benefits.
Crypto.com is a comprehensive crypto trading platform unlike any other cryptocurrency exchange. You can almost call Crypto.com a crypto bank because you can buy and sell tokens on the exchange and buy non-fungible tokens (NFT) and use their prepaid Visa card to spend your money. You can also set up your account to accept crypto payments, save your money in an interest-bearing account, and take out crypto loans.
The Crypto.com app makes it super easy to purchase crypto, exchange, and spend crypto. Besides, users can make use of its other crypto services, such as the Crypto.com Exchange, Crypto.com Wallet and DeFi Swap, Crypto Staking, Pay, and Earn, which makes it an excellent one-stop-shop for all-things-crypto. Crypto.com Earn is a way for you to earn interest on your crypto assets while you hold them, including on stable coins.
An Overview of Crypto.com
Crypto.com was founded in 2016 in Hong Kong. It now has above 10 million users and more than 250 coins to offer. Crypto.com offers a range of cryptocurrency-related financial solutions in 90 countries. Crypto.com is one of Canada’s most popular crypto exchanges. It has been ranked as the 12th best crypto exchanges for Canadians.
With its extensive range of currency options, competitive costs, and additional services, Crypto.com emerges as an excellent choice for both novice and experienced crypto traders alike. However, the abundance of alternatives available on the platform might initially overwhelm beginners. Nevertheless, Crypto.com proves to be an ideal platform for traders who seek to harness the full potential of cryptocurrencies as a medium of exchange rather than solely as a store of wealth.
For this Crypto.com review, based on our observations, we have considered several factors for choosing a crypto platform. In the case of Crypto.com, let’s take a closer look at its trading experience, payment and deposit methods, fees, cryptocurrencies, security, and account management, among others, to get a better idea of what they have to offer.
Pros
- A long list of cryptocurrencies is supported: With spot trading, futures, and sophisticated order types, you can trade over 250 currencies.
- One-stop-shop: It's easier to think of Crypto.com as a crypto bank than a cryptocurrency exchange or brokerage.
- Fees that are transparent and competitive, with discounts available: Crypto.com has low trading costs as low as 0.40%, with discounts available.
- Support for a Bitcoin product ecosystem: Trading, staking, and swapping of cryptocurrencies are all supported on Crypto.com. It also includes its own cryptocurrency wallet and credit card and the possibility to invest in non-fungible tokens (NFTs).
- Crypto.com visa card.
Cons
- Higher fees if you do not hold and use CRO: Crypto.com members who hold a considerable amount of CRO currency can enjoy trading fee savings. Low-volume traders face higher trading fees, especially if they don't own Cronos, Crypto.com's native cryptocurrency (CRO).
- Customer service is poor: Customers have complained about slow and low-quality customer service responses.
- Trading fee discounts on Crypto.com can be difficult to understand: The trading fee discount tiers on Crypto.com can be confusing. Because cashback and other incentives are given in CRO, you may see variations in the value of your rewards and may need to cash them out in USD.
- No educational resources: On its website, the exchange does not provide educational resources or a knowledge center, which is a little disappointing. If there were resources accessible to help consumers troubleshoot their problems, it would reduce the number of support tickets received.
Key Features of Crypto.com
- Start trading crypto in minutes with the easy-to-set-up account process.
- Available Mobile app for iOS and Android and on the web.
- 250+ of the most popular cryptocurrencies are supported.
- Crypto.com Visa Card.
- Wide range of transactions types available.
- Crypto.com Pay – Pay and get paid in crypto.
- Crypto Credit – Get an instant loan with no deadlines
- Extremely secure – institutional-grade crypto protection.
Cryptocurrencies Available on Crypto.com
For spot trading, Crypto.com offers over 250 digital currencies, with a selection of those supported for staking. Some of the popular currencies are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Crypto.com Coin (CRO)
- USD Coin (USDC)
- Kyber Network (KNC)
- Agorand (ALGO)
- Chainlink (LINK)
- Basic Attention Token (BAT)
- Uniswap (UNI)
- Yearn Finance (YFI)
- Binance Coin (BNB)
- Compound (COMP)
How Crypto.com works?
The Crypto.com Exchange and the Crypto.com App are both available on the Web and on mobile devices. To begin trading on the platform, simply create an account, verify your identity, and deposit funds into your crypto.com wallet.
At no additional cost, you can deposit funds via bank transfer or debit/credit card. Because the site adheres to KYC and AML regulations, you will not be able to join anonymously. You may purchase and sell crypto tokens in two ways once you’ve logged in:
- Crypto.com Exchange: This is a popular fiat-to-crypto exchange that accepts a wide range of fiat currencies and has low maker/taker costs. You will also have access to a variety of crypto-crypto pairs.
- Crypto.com’s DeFi Wallet: DeFi is a non-custodial wallet that provides you complete control over your private keys as well as access to the DeFi service suite. It lets you farm and trade DeFi tokens right from your wallet.
With just a few clicks, you can buy and trade hundreds of cryptocurrencies in Canada. Staking tools on Crypto.com allow you to earn interest on your crypto coins. You can earn interest by staking crypto tokens on both the Exchange and the DeFi wallet.
Crypto.com Fees
On trades with a monthly trading volume of less than $25000, new Crypto.com customers without any CRO staking will be charged 0.4%. Crypto.com also provides users with a number of options for lowering their trading fees. For instance, users can get anywhere between 10% to 100% in trading fee discounts if they stake their CRO tokens or pay maker and taker fees with CRO tokens. While trading fees are lower than those charged by competitors, they aren’t the cheapest.
Without CRO staking, higher-volume traders could qualify for fees as low as 0.04% as a maker or 0.1% as a taker. When you have at least 5000 CRO tokens in your wallet, you can get a discount on trading fees. Traders with up to $25000 in monthly volume pay 0.36% at that point. With a higher stake, rates fall. If you stake CRO tokens on either the Crypto.com app or the Crypto.com exchange and leave it alone for more than six months, you can earn interest and unlock benefits.
Fees for crypto purchases made with a debit or credit card range from 2.99% to 3.99%. You don’t have to pay any withdrawal fees when doing ACH and wire transfers, but you do have to pay withdrawal fees that depend on the cryptocurrency being withdrawn. Because there are no incremental per-trade fees, Crypto.com’s pricing is reasonable.
Crypto.com Deposit & Withdrawals Fees
For fiat withdrawals, Crypto.com does not charge any fees; however, it does charge for crypto withdrawals. However, each crypto currency has its own withdrawal cost; therefore, here are a few examples:
- Bitcoin: 0.0004 BTC
- Ethereum (ERC-20): 0.005 ETH
- Dogecoin: 6 DOGE
- Solana: 0.0005 SOL
The fees for withdrawing Bitcoin, Dogecoin, and Solana are all less than $2 as of this writing, whereas the fee for withdrawing Ethereum is over $20. As a result, changing your crypto to another coin before withdrawing is always a good idea, especially if you’re working with small quantities.
Crypto.com Currencies & Deposit Methods
Crypto.com accepts more than 20 fiat currencies; however, Canadians can deposit for free using Interac e-Transfer. You can also buy cryptocurrency with a credit or debit card, albeit this may or may not be permitted by Canadian banks.
How to Withdraw from Crypto.com to A Canadian Financial Institution
- From the Crypto.com app’s home screen. Go to Fiat Wallet -> Transfer > Withdraw > Withdraw from Fiat and select a fiat currency.
- Tap on the CAD balance, then “Withdraw CAD,” “Withdraw Now,” and finally “Withdraw.”
- Enter the amount of your withdrawal, the email address to which you’re sending the funds, and the Security Question and Answer.
- Confirm your decision to withdraw.
Crypto.com will undertake an internal evaluation after you’ve completed those steps and notify you when the withdrawal request is processed. Withdrawals typically take two business days to process, & while Crypto.com does not impose fees for withdrawals, your bank may (albeit rare).
The Crypto.com prepaid Visa card
Crypto.com recently launched prepaid Visa cards for Canadians, with different benefits depending on how much CRO you invest. Crypto.com coin (CRO) is the platform’s own cryptocurrency. There are five different types of cards to choose from, and none of them charges a monthly or annual cost. The basic card, Midnight Blue, requires no CRO staking, while the top card, Obsidian, requires a $500,000 CRO stake.
Each card has a limit, and you won’t be charged any administrative fees on overseas withdrawals if you stick to it. You may fund your prepaid Crypto.com Visa card with Canadian dollars via bank transfer, much like most other Canadian prepaid credit cards. That is, you can deposit money into your Crypto.com account via an electronic bank transfer or wire transfer without paying any fees. You can also fund it with bitcoins. When you use your Visa card to make a purchase, the card will convert your cryptocurrency into the local currency for you.
How to transfer money to your Crypto.com account?
You won’t be able to deposit/ withdraw money on the Crypto.com exchange because it doesn’t accept currency deposits or withdrawals. You can only trade cryptocurrencies that have been transferred from another exchange into your Crypto.com account. This could be a little deterrent if you’re comparing bitcoin exchanges to see which is best for you. One way around this is to use the Crypto.com app to fill your account with fiat, then buy one of the base cryptocurrencies such as USDT, CRO, or BTC and send it to your Crypto.com exchange account.
You can use e-Transfer to finance your Crypto.com app account with Canadian Dollars. Click on Transfer and then Deposit to make a deposit into your Crypto.com app account. Then decide between crypto and fiat currency. When you choose Fiat, you’ll be prompted to create a new currency. Choose CAD and fill in the needed information, such as your social security number and residence.
To ensure secure transactions, Crypto.com provides a designated payment email address for transfers, along with a unique identifying number that must be included in the deposit message field. Failure to include the identifying number poses a risk of potential loss of funds. It is crucial to verify that the name on your bank account matches the legal name registered on your Crypto.com account to guarantee smooth processing.
You must also deposit a minimum of $100 CAD and a maximum of $10,000 CAD per day. The funds may take up to two business days to arrive in your account after you transfer; however, this is rarely the case. In less than thirty minutes, the funds will be in your account.
All of this is to say that you do not need to fill your account before buying cryptocurrency. You can pay for it using a credit card or a debit card. However, if you take that route, you’ll have to pay a transaction fee.
Crypto.com Security
While many cryptocurrency platforms hold a portion of cryptocurrency assets offline in cold storage, there are few that store it all offline. Crypto.com is one of Canada’s safest crypto exchanges, and they’ve put a lot of money into ensuring the safety of your digital assets.
Their security measures are excellent and include many advanced features. Crypto.com has partnered with Ledger to store assets in the Ledger Vault, which is designed for institutional use.
They also have cold storage insurance worth 750 million dollars, so you can rest easy knowing your possessions are safe. Crypto.com employs highly regulated custodian bank accounts for the fiat currencies in your account, and you, not Crypto.com, retain ownership of your cash.
Crypto.com safeguards each transaction with multi factor authentication. To make transactions with your account, you’ll need your password, email, biometrics, phone number, and authenticator verification. Furthermore, you can only withdraw to external addresses that have been whitelisted.
If you do want to trust Crypto.com with your funds, it is a highly secure and regulated crypto platform with numerous security certifications and assessments by top security auditors.
Crypto.com Referral Program
You can earn additional CRO tokens by participating in the crypto.com referral program.
When you refer a friend to Crypto.com and they create an account ($25 per friend), you can earn up to $2000 and a 50% commission on their trading fees for a year. The person you suggest must deposit enough Crypto.com Coin (CRO) for a Crypto.com prepaid card in order to qualify for the bonus.
Opening a Crypto.com Account
- Crypto.com allows you to create an account on the desktop, the app, or both. To get started with your desktop account, go to Products and then Advanced Trading, then Exchange Home. This will lead you to the major cryptocurrency trading hub. Click Sign Up and fill out all of your information, including your name, birthday, and country of origin. Because rules differ by country, the features you can access will depend on where you are from.
- If a friend introduced you to the platform, make sure you provide their referral code so you can both benefit from the referral program. The referee’s first CRO staked amount determines the referral bonus. Crypto.com’s own cryptocurrency is known as CRO. Furthermore, the person who referred you would receive 50% of your trading fees for the next 12 months, and you will receive the same if you refer someone else.
- After you’ve provided your information, you’ll receive a one-time verification code through email and then via text message to confirm and secure your account. Crypto.com will need to verify your identity before you can begin trading. You must upload a photo of your preferred form of identification, which might be a passport, driver’s license, or identity card.
- Following that, you can upload your identity document using either a webcam or a mobile device. You must photograph your documents in real-time. You cannot use a photocopy or take a photo of the document on an electronic device, nor can you upload a previously captured image. It must be the original; else, it will not work.
- You’ll need to take a live selfie after you’ve taken a photo of your document. Both of these processes can be completed on a desktop or mobile device. Finally, you’ll need to take a photo of yourself with your verification certificate and a piece of paper with a phrase provided by Crypto.com. After that, all you have to do is wait for approval, which could take up to seven days.
- To set up your account on the Crypto.com app, follow the same steps as before. The app and the exchange are on separate platforms that are not in sync. As a result, you’ll need to create each account separately. The Crypto.com App claims that verifying your account can take up to three days; however, it normally takes significantly less time. After your account has been authenticated, you must create a 6-digit passcode to gain access to your account and then select your fiat currency. After that, you’ll be directed to your site, where you can fill your account and begin trading.
Trading Experience on Crypto.com
Crypto.com has two trading platforms – the mobile app and the Pro desktop exchange. Crypto.com’s mobile app, which is available for Android and iOS smartphones, serves as its key center. You will find the experience simple and intuitive if you are used to stock trading via mobile applications.
The Crypto.com app allows you to examine your portfolio as well as a list of trending assets in real-time. The Crypto.com mobile app includes everything you’ll need to trade currencies, earn money by staking your cryptocurrency, send and receive cryptocurrency payments, and apply for a Crypto.com credit card.
Its charting features are basic and don’t provide a lot of information. Each currency’s page, on the other hand, contains a quick explanation and links to more thorough information so you can learn how the blockchain and currency work before you buy.
Crypto.com supports multiple fiat currencies, including the Canadian dollar (CAD), Australian dollar (AUD), pound sterling (GBP), euro (EUR), Brazilian Real (BRL), and U.S. dollar (USD). This flexibility enables customers in different countries to buy crypto with their local money.
How to make a trade on Crypto.com?
Users can trade USDT, CRO, and BTC base pairings on the Crypto.com exchange, which is a specialized crypto-to-crypto exchange. It also offers margin trading and derivatives with up to 3x and 50x leverage, respectively. If you’re a beginner trader, this trading platform may seem daunting, but it’s merely a way to buy cryptocurrencies using the currencies available. Choose the currency pair you want to trade and the amount you wish to buy. The transaction will be completed in a matter of minutes. You’ll need cryptocurrency in your account to complete a trade on the Crypto.com exchange, which you could transfer from the Crypto.com App account or another exchange.
Crypto.com App
With the Crypto.com app, you can use your credit card, crypto wallet, or fiat wallet to buy cryptocurrency. It’s a simple process; all you have to do is click ‘trade’ and then ‘purchase’. You’ll see a list of all the crypto assets that are accessible and can choose the one you want to buy. When you select a token, you’ll see the price in Canadian Dollars as well as the amount of cryptocurrency you’ll receive. The price in CAD will instantly update when you click on the coin and modify the amount.
The Crypto.com app is simple to use and navigate. You can quickly monitor your portfolio, wallets, and staking and lending rewards by switching between bright and dark mode. Crypto.com app contains a lot of functions, yet none of them are particularly difficult to understand. After a few usage, the Crypto.com app becomes rather addicting, especially if you are happy to answer any questions you may have about the Crypto Earn and Crypto.com Visa cards. Crypto.com 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.
At the top of your screen, you’ll find three buy options: credit card, crypto wallet, and fiat wallet. You can choose what method you want to use to buy your cryptocurrency here. If you choose a credit card, you must first link your account to a credit or debit card. Also, keep in mind that buying cryptocurrencies with a credit card will include a transaction fee.
Upon purchasing bitcoins, you will witness their immediate presence in your account. At this point, you have the flexibility to choose between retaining them in your Crypto.com App account or transferring them to your Crypto.com exchange account, based on your preferences and trading needs.
Crypto.com Customer Support
Customer service at Crypto.com is offered by email, live chat, and a helpful website. Crypto.com customers do not have access to telephonic assistance. While customer service is available via email and chat, several users have reported slow responses and a lack of help with account concerns.
Customer Satisfaction
Overall, consumer ratings for Crypto.com are mixed, with a Trustpilot rating of 2.2 out of 5 stars. The majority of bad reviews focus on poor customer support, frozen accounts, and withdrawal issues. Lost funds and hacked accounts have been mentioned by others, which is worrisome.
Cryptocurrency exchanges are infamous for having poor customer support, and Crypto.com is no exception. Because customer assistance isn’t always useful, thinking of Crypto.com as a self-service website is a good concept. It is definitely best for people who are already familiar with online financial products and do not need much assistance.
Account Management
In the mobile app, users may simply view their Crypto.com accounts & assets. You may also use the app to manage your bank accounts, conduct crypto trades, review transfers, and check the balance on your Crypto.com credit card.
Crypto.com University
Crypto.com have created an entire section, dedicated to the learning process of newbies and more advance crypto enthusiasts, called the Crypto.com University.
Final Thoughts
When it comes to crypto exchanges, Crypto.com is a fantastic choice. Crypto.com entered the Canadian crypto market with the promise of offering a wider range of coins with reasonable trading fees. Crypto.com is one of the leading crypto exchanges in Canada, with over 100 supported coins, high-level security features, and lightning-fast price updates. The author may own one or more of the crypto assets mentioned in this article.
Crypto.com is a beginner-friendly crypto ecosystem that makes it super easy to acquire, exchange, and spend crypto. Besides, anyone can make use of its other crypto services like the Exchange, DeFi Swap, and DeFi Wallet, staking, Earn, Pay, and Lending. Crypto.com App
As per our expertise, Crypto.com, on the other hand, is not a beginner-friendly crypto exchange, and its debit and credit card purchasing fees are exorbitant: Purchase fees of 3% to 4 percentage points can add up to hundreds, if not thousands, of money lost, particularly on big purchases.
Our extensive analysis of the Canadian Crypto Platforms doesn’t stop here. You can also read about its competitor Questrade Crypto and our best crypto platforms Canada guide to find an alternative to Crypto.com.
FAQ
Most frequent questions and answers
It’s important to note that investing in cryptocurrencies, regardless of which crypto exchange platform you use, is extremely risky. Crypto.com, on the other hand, is a fairly secure platform to use.
In reality, Crypto.com is one of the safest cryptocurrency exchanges in Canada, and they’ve put a lot of effort into ensuring the safety of your digital assets. Crypto.com is a legit company that offers different types of crypto services to its users.
Yes. Crypto.com is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB), which implies it is subject to the regulations of this entity.
Yes, Crypto.com is available in Canada, and customers can trade more than 100 cryptocurrencies for a low fee.
Yes, You can quickly purchase crypto and sell crypto, deposit funds into your fiat or crypto wallets, stake or lend your cryptocurrency, apply for a crypto.com card, keep track of your favorite currencies, withdraw to external wallets, and more. The app is a user-friendly and beginner-friendly all-in-one trading platform.
Yes, all cryptocurrency exchanges in Canada are required by law to file reports with the Canada Revenue Agency. To comply with FINTRAC regulations and procedures, they must also adhere to stringent KYC criteria.
You may quickly withdraw cash from your bank account after selling crypto & depositing the proceeds in the fiat wallet. Select your “Fiat Wallet” from the Crypto.com App’s “Accounts” menu. To complete the withdrawal to your bank account, go to Transfer > Withdraw > Fiat and follow the onscreen instructions.
Withdrawals can take up to two business days to execute and have a daily maximum of $25,000 CAD.
Coinbase and Crypto.com are both good crypto exchanges that offer a variety of services to suit different customers.
Coinbase, compared to Crypto.com, is rated as a better crypto trading platform in Canada. While Coinbase has higher fees, it has a plethora of information and an exceptionally user-friendly trading platform, which may appeal to first-time crypto investors.
Yes. Crypto.com is a fantastic option for cryptocurrency traders searching for a platform with minimal costs and a large number of currencies supported.
We always try to provide the most accurate information available, and make sure our team follow through.
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