Crypto.com Review: Why It's The Best in Singapore [2022]

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Crypto.com Review: Easily the Best Crypto Exchange in Singapore!

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Crypto.com review

Table of Contents

If you’re looking for a one-stop-shop when it comes to all things crypto, then Crypto.com is the app for you!

It’s easily one of the best crypto exchanges and with good reason.

In this article, we’ll give you a rundown of what Crypto.com is, what apps are available, and the different features that each one has.

We’ll also take a look at the fees associated with using the app, so you know exactly what to expect before signing up.

What is Crypto.com?

Crypto.com is a cryptocurrency exchange that allows you to buy, sell, and trade a variety of digital assets. They offer a wide range of coins, including Bitcoin, Ethereum, Litecoin, and more. Crypto.com also has its own native token, CRO.

I recently had the opportunity to try out Crypto.com in Singapore. Here is my review of the exchange.

Crypto.com is one of the most user-friendly exchanges I have used. The interface is clean and easy to navigate. I was able to find everything I needed without any difficulty.

One thing I really liked about Crypto.com is that they offer a mobile app. This is great for people who want to trade on the go. The app is just as user-friendly as the website and offers all of the same features.

Another great feature of Crypto.com is its referral program. When you refer a friend, you both earn US$25 in CRO tokens.

Referral programs like this are a great way to earn some extra income. I’m sure you’ve heard of other cryptocurrencies like Bitcoin, but you may be wondering what CRO is?

What is CRO?

CRO is the native cryptocurrency of the Crypto.com Chain, a high-performing blockchain that powers the Crypto.com Pay solution to make fast and convenient payments possible.

The CRO token is also used to power other features on the Crypto.com platform like interest earning on crypto deposits and cashback rewards when paying with a crypto debit card.

In this review, we’ll take a closer look at what CRO has to offer and whether it’s worth investing in this digital currency.

I like that CRO has a clear use case as both a payment solution and a reward/loyalty program token. I also think the team behind Crypto.com is strong and they have a good track record with executing their plans.

The main thing I don’t like about CRO is that it’s still fairly new and unproven (just like most crypto projects). The Crypto.com Chain hasn’t been live for very long and we don’t yet know how well it will perform when put to use by millions of people.

There’s also a lot of competition in the payments/loyalty space from both crypto and non-crypto projects.

CRO currently trades at around $0.50 USD and has a market capitalisation of just over $10 billion USD. I think CRO is a good investment at current prices because I believe in the long-term potential of the Crypto.com platform and ecosystem.

Should the adoption of cryptocurrencies become mainstream, I’m a believer that Crypto.com will be one of the few top players due to its comprehensive ecosystem.

However, there is always risk involved with investing in any cryptocurrency and you should never invest more than you’re willing to lose.

Different Crypto.com Apps

Currently, Crypto.com offers 3 different apps. Crypto.com App, Crypto.com Exchange, and Defi Wallet App. Each app has its own unique features and benefits. Let’s take a closer look at each one.

Crypto.com App

The Crypto.com app is a multicurrency wallet that allows you to store, spend, and track your cryptocurrencies. It’s available for iOS and Android, and it’s free to download.

It offers features such as staking (earn), a referral program, a cryptocurrency tracker, superchargers, missions, crypto pay, and Visa debit cards. It’s a great place to buy and sell cryptocurrencies without the need to know trading beyond ‘buy’ and ‘sell’.

I’ve been using the Crypto.com app for a few months now, and I’m really happy with it. The app is easy to use, and it’s great that I can track my cryptocurrency holdings in one place.

Moreover, the customer service has been excellent; I had a question with my account recently and they were very responsive in helping me resolve any problems I had.

This app is helpful for crypto beginners while the exchange app is designed for more active traders.

Crypto.com Exchange

The Crypto.com Exchange offers a wide range of features and benefits, including high security, low fees, and advanced trading tools.

With this app, you can do spot trades and margins as well as derivatives such as perpetuals and futures. They also have a helpful lending platform that allows crypto users to collateralise their cryptocurrencies for a loan.

This app is also available to residents of other countries including Singapore. So if you’re based in Singapore and looking for a reputable cryptocurrency exchange, be sure to give Crypto.com Exchange a try!

Crypto.com DeFi Wallet

The Crypto.com app and the exchange apps are both centralised exchanges. The DeFi (decentralised finance) app allows users to trade on decentralised exchanges without the need for KYC and centralised permission. This means you have complete control over your cryptocurrencies.

If you plan on using the DeFi wallet app, it’s important to know that if you forget your seed phrase, there is no way to recover your account or funds. This is why it’s critical to store your seed phrase in a safe place.

The benefits of the DeFi wallet over centralised wallets are many. The main one is that you own your private keys and therefore your crypto. There is no way for a centralised entity, like an exchange, to control or freeze your funds.

Fortunately, the DeFi wallet app is also available to Singapore residents. If you are looking for a user-friendly DeFi wallet, make sure to check it out!

Read More:

 

Crypto.com Features

Now that we’ve gone over the different apps, let’s take a detailed look at the features available.

Earn

With the Crypto.com App, you can earn up to 14.5% per year on your crypto. This is done through their Crypto Earn program which offers flexible interest rates depending on how long you are willing to lock up your crypto.

For example, if you stake 500 CRO for 30 days, you will earn 4%, but if you stake it for 90 days, you will earn closer to 6%.

They also offer ‘flexible’ options which mean you can withdraw your CRO at any time while the other options require you to lock your crypto for a set period.

You should expect to receive the lowest amount of interest at 2% in this example.

The great thing about the Crypto Earn program is that it is available to everyone in the world, regardless of whether you are a resident of Singapore or not. You can also stake many different cryptocurrencies including BTC, ETH, XRP, USDC, and more.

Each cryptocurrency has its own interest rate, for example, USDC can earn up to 14%, and the most you can earn on Litecoin is 5%

The only downside is that you need to have a minimum of 5000 CRO before you can start earning the highest tier interest rates.

But if you are looking for a way to earn some extra interest on your crypto holdings, then Crypto.com is definitely worth considering. You will also need to stake a few hundred dollars worth of cryptocurrencies as a minimum to get started.

Despite the minor downsides, the Earn feature is still one of the best and most popular feature on the Crypto.com app.

It is a great way to passively earn some extra income without having to do much work. And with interest rates as high as 14.5%, it is an easy way to earn some extra income from your crypto holdings.

Soft Staking

This feature is found in the Crypto.com Exchange. Soft Staking rewards Exchange users with a variety of tokens. With soft staking, you can expect to receive interest payments daily rather than weekly with the Earn program.

Much like the Earn program, you receive bonus rewards for having their native currency CRO staked. Soft staking allows for more flexibility when earning passive income which active traders may prefer.

Hard Staking

You can also hard stake your CRO. This means you can stake CRO for 180 days and can receive up to 10% in interest. The difference between hard staking and soft staking is flexibility.

With hard staking, your CRO is locked for 180 days. This might not be the best option if you need liquid crypto assets.

If you’d like to hard stake more CRO to earn more you can, however, it would reset the lock time back to 180 days.

Hard staking is a great way to earn passive income in the form of CRO and can be a helpful tool to use as a cryptocurrency user.

This is a feature on the Crypto.com Exchange and works similarly to Crypto.com Earn.

The difference between Crypto.com Earn and Crypto.com Exchange staking is that you can only stake CRO for a minimum of 180 days on the Exchange.

In return, your interest is 10% APR, you maximise your Crypto.com Pay rewards, get to participate in Crypto.com’s Syndicate, and earn rebates for your trades on the Exchange.

Crypto.com Earn lets you stake different cryptocurrencies including CRO for a maximum of 3 months at a time, and only pays out interest.

The Crypto.com DeFi Wallet also allows you to stake certain cryptocurrencies for a minimum of 28 days, and some of the rates are better than the Earn program.

Crypto.com Pay

This feature is found in the Crypto.com App. It’s a helpful way to transform cryptocurrency into utility by allowing users to pay for desired items from merchants.

If the shop has the Pay feature set up, they can accept CRO as payment. This allows crypto enthusiasts to buy goods and services without having to sell their CRO for fiat dollars.

Crypto.com has also partnered with over 300,000 brands across the world for the Pay feature and allows users to buy gift cards with cryptocurrencies.

This includes the likes of CRO, BTC, AAVE, DOGE, and ETH.

If you use this feature, you stand to receive up to 10% cashback depending on the purchase category.

Do note that the up to 10% is if you staked more than 10,000 CRO in the Crypto.com App, Crypto.com Exchange, or the Crypto.com Earn on a 3-month term.

Otherwise, cashback ranges between 1.25% to 5% on selected categories – which is not too bad.

This is a great way to use your cryptocurrency without having to cash out.

Missions

This feature is essentially a loyalty program that gives out rewards. Crypto.com Missions offer a variety of tasks that users can complete to earn rewards.

These missions are displayed in the Crypto.com App and can range from simple tasks such as watching a video or taking a quiz, to more complex tasks such as referring a friend or completing an offer.

The missions are a great way to learn more about cryptocurrency while also earning some rewards. For each mission, you complete you earn ‘Diamonds’.

These diamonds have no monetary value and cannot be exchanged for cryptocurrencies. They are strictly used for promotion only.

You can redeem these diamonds for a mystery box reward. I’d love to tell you exactly what you’ll get, but you’ll have to complete the mission yourself to find out what’s inside these boxes.

Here’s a hint: It’s CRO tokens.

Supercharger

The Crypto.com Supercharger feature can be found in both the Crypto.com Exchange and the Crypto.com App. There are two periods you should be aware of for this feature.

The Charging Period: This is the period when you deposit crypto into your account. The amount you are rewarded will be determined by the amount and time you spend in this charging period. This period lasts for either 10, 30, or 45 days. You will also need to have at least 100 CRO staked to participate.

The Reward Period: This is the period where you will receive your interest payments. The payments are made daily and are paid out in cryptocurrencies.

There is also a short acceptance period immediately after the charging period where you have to manually accept, or you won’t earn the rewards.

Simply put, you deposit CRO and receive whatever cryptocurrencies they are offering at the end of the charging period. It’s a great way to earn other cryptocurrencies if you only have CRO and don’t want to trade directly for other coins.

My experience with this is that the rewards you’ll get are usually very little as there is always a large pool of CRO.

For example, I staked around 1,500 – 1,900 CRO in various Supercharger events and only got the following:

Coin Rewards
Shiden Network (SDN) 0.01 SDN
dYdX (DYDX) 0.00 DYDX
Hedera Hashgraph (HBAR) 2.02 HBAR
Ethereum (ETH) 0.00037 ETH
Terra (LUNA) 0.02 LUNA

As you can see, the amount you earn for staking that long is pretty damn low.

If you have large amounts of CRO, you’re better off staking that in the Crypto.com Earn or Crypto.com DeFi Wallet for better rates.

However, as there are minimums required for both Earn and DeFi Wallet, it might be better to put your CRO into the Supercharger if you don’t meet the requirements.

Syndicate

The Syndicate is a crypto fundraising platform powered by CRO in the Exchange. This platform allows users to get in on early sales for new crypto projects.

Users would need to stake 5,000 CRO and the benefits are discounted coins up to 50% off.

Visa Card

The Visa cards are one of their most popular products and are available in the Crypto.com App.

There are several levels with more and more rewards depending on how much CRO you have staked.

Some rewards include percentage cashback on each purchase in CRO, free Spotify and Netflix, and more!

We talked about it in-depth in our review of Crypto.com’s Visa Card.

Crypto.com Fees

Now that you know what features are available, let’s take a look at the fees. We will look at the fees separated by the Crypto.com App and the Crypto.com Exchange.

App Fees

The App fees are fairly priced. This makes it a great place to start for cryptocurrency beginners.

Here are the fees associated with the Crypto.com App.

Debit/Credit card Fees

There is a debit fee of 0% and a credit fee of 1% when topping up your Visa card charged by Crypto.com.

However, I found OCBC Bank and UOB does not accept these payments.

Only DBS/POSB cards allowed me to top up my Crypto.com Visa Card.

Unknowingly, I’ve incurred 3.5% of bank fees for doing this after making top-ups of a few thousand dollars.

OUCH!

Now, I use Revolut to make top-ups to my Visa card at no cost.

You’d be happy to know that you can buy cryptocurrencies using your debit/credit cards too!

However, when buying crypto using a debit/credit card, there can be up to a 4% fee charged by Crypto.com, excluding bank fees.

Spread

The spread on the Crypto.com App is pretty high, which means that you’re paying more to purchase your cryptos.

They don’t mention anywhere regarding the spread you’ll incur, but in my personal experience and from many others on Reddit, it’s quite significant.

This is because the purchases you make on the App is a market order instead of a limit order.

If you’re looking for convenience and don’t mind too much about how much you’re paying for, this shouldn’t matter to you.

However, if you’re looking to maximise your dollars or like more control over your trades, then sign up with the Exchange as you can place market and limit orders there!

Exchanging fiat for crypto

Xfers, now StraitsX lets Singaporeans buy XSGD – a Singapore stablecoin using their bank accounts. Singaporeans can then transfer this stablecoin onto crypto exchanges to purchase cryptos.

XSGD is regulated and compliant. They are backed by fiat reserves and are transparent and secure. This stablecoin is helpful for onboarding traditional fiat users into cryptocurrency without having to experience the market volatility.

You can trade other cryptocurrencies for this stablecoin and have confidence knowing that it can be exchanged back to SGD at any time.

Read More:

 

Bank deposits

There are no deposit fees for bank transfers. Your bank account may have fees but the Crypto.com app does not charge a fee for bank deposits.

However, this is only for USD deposits, which will then be converted to USDC for you.

If you’re looking for SGD, you’ll have to use StraitsX instead.

Cryptocurrency transfers to other Crypto.com App users

There is no fee when it comes to cryptocurrency transfers to other Crypto.com App users.

Cryptocurrency transfers to external wallet addresses

The fee to transfer crypto from the app to an external wallet varies.

I can’t seem to find a list of fees you’ll incur, but I’m sure there is as I once tried transferring USDC to my KuCoin wallet and I incurred fees there – just not too sure whether it’s from Crypto.com, KuCoin, or just gas fees.

You can contact their support team for a full list of all the cryptocurrencies they offer with their external wallet transfer fees.

Crypto.com Exchange Fees

Similar to most cryptocurrency exchanges, Crypto.com charges a fee for each trade that you make. The fees are relatively low when compared to other exchanges, and they are even lower if you use their native token, CRO.

Withdrawal Fees

Deposits are free but each cryptocurrency has its own withdrawal fees. This is because each blockchain has its own costs to move cryptocurrency around.

For example, BTC has a withdrawal fee of 0.0005 BTC while Cronos (CRO) has a fee of 0.001. ERC-20 tokens typically cost more to withdraw due to the nature of the Ethereum blockchain.

Each cryptocurrency also has a minimum amount you can withdraw. It’s best to check their full price sheet to help understand if it is worth it to withdraw the cryptocurrency.

The fees are not percentage based so it can be helpful to wait until you have an amount that’s worth withdrawing rather than withdrawing small amounts on a frequent basis.

Basically, the fees are charged per withdrawal, this means you will pay more for frequent withdrawals than rare larger withdrawals.

What I like to do is to transfer my crypto into the Gemini Exchange as they offer free withdrawals.

From there, I don’t incur any withdrawal fees.

Click here for Gemini’s latest referral deals.

Maker & taker fees based on volume

The Crypto.com Exchange charges fees based on trading volume. They have up to 9 levels. The more volume traded, the cheaper the fees are.

Spot and Margin: Fees start at 0.4% (level 1) and can be as cheap as 0.04% (level 9) for the maker’s fee. The taker’s fee starts at 0.4% (level 1) and ends at 0.1% (level 9).

Derivatives: Fees start at 0.05% (level 1) and can be as cheap as 0% (level 9) for the maker’s fee. The taker’s fee starts at 0.07% (level 1) and ends at 0.015% (level 9).

You can also receive additional discounts for staking CRO as mentioned above.

Discounts

For the discounts on the exchange app, there are also 9 levels based on the amount of CRO staked. The different tiers of discounts are separated by these amounts:

  • 0 CRO Staked = 0% OFF
  • 5000 CRO Staked = 10% OFF
  • 10000 CRO Staked = 20% OFF
  • 50,000 CRO Staked = 40% OFF
  • 100,000 CRO Staked = 60% OFF
  • 500,000 CRO Staked = 70% OFF
  • 1,000,000 CRO Staked = 80% OFF
  • 5,000,000 CRO Staked = 90% OFF
  • 50,000,000 CRO Staked = 100% OFF

 

As you can see, the more CRO you stake, the higher the discount on trading fees.

Currencies Available

Crypto.com allows users to trade with multiple fiat and cryptocurrencies.

Fiat Currencies available:

  • AUD
  • CAD
  • EUR
  • GBP
  • USD
  • USDC
  • BRL

 

Singapore residents can use StraitsX as a fiat wallet with Crypto.com.

With StraitsX, you can store XSGD (SGD) and make crypto purchases.

Cryptocurrencies available:

  • BTC
  • ETH
  • BCH
  • LTC
  • XRP
  • CRO
  • USDC
  • BNB
  • FLOW
  • DOT
  • UNI
  • ADA
  • OCEAN
  • And More!

 

Crypto.com lets users buy, sell, and trade more than 250 different cryptocurrencies. Make sure to download the app and start tracking your favourite cryptocurrencies.

They often list new ones on a frequent basis so feel free to check for updates.

Is Crypto.com Safe?

As with any investment, there are risks involved in buying cryptocurrencies. However, Crypto.com has taken steps to mitigate these risks by implementing several security measures.

In addition, Crypto.com employs a team of security experts to monitor the platform and identify any potential threats.

Overall, I believe that Crypto.com is a safe and secure platform for buying and selling cryptocurrencies. However, as with any investment, it’s best you do your own research before making any decisions.

Regulation: The first FinTech business to obtain the Singapore Data Protection Trust Mark (DPTM), an enterprise-wide certification, was Crypto.com.

Customers in Singapore can rest easy knowing that Crypto.com has implemented responsible data protection measures in line with Singapore’s Personal Data Protection Act (PDPA).

Security Measures: 0% of users’ crypto assets are kept in the hot wallet. They are all kept in cold storage ledger vaults. This means that your crypto is not accessible by hackers.

In addition, Crypto.com employs a team of security experts who monitor the platform 24 hours a day, 7 days a week to identify any potential threats.

They also employ hardware security modules (HSM) and multi-signature technologies. Crypto.com users should also know that they have $750 million in cold storage insurance.

Verification: Crypto.com offers 2FA and SMS verification for all accounts. This verification feature helps to protect your account from unauthorised access.

Recent hackings: $35 million with Bitcoin and Ethereum was hacked from users’ wallets. These withdrawals came from 483 users’ accounts. A suspension of accounts was immediately put into place to protect other users.

Crypto.com addressed the issue by paying back all affected users resulting in no funds lost from users.

Although it shows that Crypto.com is not invincible when it comes to hacks, they did the right things for their customers by reimbursing all those who were affected.

Cons of Crypto.com

Overall, the platform is amazing!

However, the one thing that can be annoying is the long wait time to receive the metal cards.

After staking the required CRO, many reported having to wait 6 months before receiving the debit card.

This can be a long wait time and it would be helpful if they reduced this to a shorter time.

Despite these reports, I got my Crypto.com Visa card within 2 weeks!

Many of my friends got it quickly as well – most within 1-4 weeks. Maybe it’ll depend on the country you’re in, but it’s fairly fast if you’re in Singapore.

Conclusion

In short, Crypto.com is a safe and secure platform for buying and selling cryptocurrencies. However, as with any investment, we recommend that you do your own research before making any decisions.

I would rate CRO as a buy with a long-term investment horizon. I believe the Crypto.com team has a strong vision for the future, and they are well on their way to execution.

With the Crypto.com Visa Card, Crypto.com App, Crypto.com Exchange, Crypto.com DeFi Wallet, and many developments by the team, I believe it’s the best crypto exchange in Singapore now and in the future.

While there are always risks involved with investing in crypto, I think CRO has the potential to be a very successful project.

It’s like investing in Binance Coin (BNB) in its early stage, except much better.

If you’re interested in signing up for Crypto.com, check out the latest Crypto.com referral promotions and use our referral links.

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Singapore Financial Planners and its affiliated parties is not meant to be construed as financial advice. Singapore Financial Planners shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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