Crypto.com Security Review 2022 — Pros and Cons

Crypto.com is one of the best and safest services that give users access to a wide range of things they can do with crypto: sell, buy or spend crypto, make transfers, pay for services and goods, exchange cryptocurrency, make a bank transfer, get a cash loan, and execute crypto payments with advantageous trading fees. With a powerful platform and an easy-to-use app, crypto transfers can be made with a crypto credit or debit card from anywhere.

Is Crypto.com a Secure Exchange?

Crypto Com platform (official website – https://crypto.com/) has over 10 million users with access to a wide range of fiat currencies (20+ types), a high level of security, and a wide range of supported cryptocurrency exchanges (over 150), low trading fees, and guarantees deep liquidity for all order sizes. You can also use the mobile App and monitor it 24/7.

It is like a bank account, but for cryptocurrencies. It’s not just a place where you can easily purchase or exchange cryptocurrency. You can use a Visa card and make payments with a card, get cashback rewards, and build up your asset account, and you can start to earn with no credit check beforehand. In addition, the firm provides a decentralized exchange.

The online service of cryptocurrency companies is officially regulated in the supported countries, which means that all regulations are followed. There is also 24/7 live chat support with employees, and user accounts are verified instantly. The company is DeFi Wallet — a non-custodial wallet in which you are the sole custodian of your account and crypto assets. Crypto.com remains only an intermediary in transfer and withdrawal operations.

 Overview of Crypto.com features

  • Let’s take a look at the most popular and valuable features available to platform users.
  • Low trading fees (0.1%). The industry’s most inadequate application and acceptance fees.
  • Spend crypto with your Visa card and get up to 8% cashback.
  • The App. A portable trading platform. Buy, store and monitor 90+ types of cryptocurrencies on android and ios devices.
  • Crypto Earn — Contribute crypto and make money to 8% and for Stablecoins — 14%.
  • Crypto loan on the platform. Easy and fast crypto loans up to 50%.
  • Advanced exchange platform. Earn with the best prices and trading fees on crypto exchange platforms. Invite friends, get bonuses, and earn interest on his trading fees for the year.
  • NFT — Users have access to NFT content, purchase it, and collect it.
  • The Syndicate — access to The Syndicate, the best cryptocurrencies, at up to 50% off.
  • Supercharger — App users can contribute CROs to the Supercharger pool and receive popular DeFi tokens.
  • DeFi Swap — this is a fork of Uniswap V2. It allows users to swap and farm as well as store DeFi coins on the card.
  • Price page — track the latest prices, changes, assessments, etc.

Key security features of Crypto Com Exchange

Defense in Depth is a core principle of the service’s security operation. This method embeds security into all functions and processes — ledger Vault and HSM, institutional security: hardware security modules, multi-level keys. The online platform stores 100% of its user funds in an offline cold storage facility, and you retain ownership. Users’ funds in USD balances and custodian bank accounts are regulated. They are covered by FDIC insurance (over $500 million), and customers are guaranteed insurance coverage from the Federal Deposit Insurance Corporation.

Cold storage is a very secure method because the key is stored offline and outside the internet. MFA protects transactions. This protection feature requires a password, email, contact number, and authenticator verification. The company uses the bug bounty program and provides bonuses for disclosing flaws or bugs related to platform vulnerabilities. However, it is no longer recommended if at least one amount of money has been withdrawn from the cold storage wallet.

The fiat currency is also safe and secure and is held in highly regulated custodian banks around the world, allowing them to take advantage of local legislation.

The service is secure enough to trust your accounts and personal information. Uses all standards and security rules for crypto account transactions. Although the headquarters is located in Hong Kong, the priority goes to all company users, including their security and privacy. As for safety, according to cryptonews.com, it is one of the few services that have deep protection and reliable insurance.

Crypto.com Security – Pros and Cons

In terms of infrastructure protection, it uses AWS, which includes key features such as:

  • A network firewall and a web application firewall.
  • Data transmission encryption, auto traffic encryption.
  • Process continuity planning to prevent failures and attacks.
  • Additional security measures such as real-time threat detection, firewalls, analytics, error reporting, and multi-factor authentication.
  • The platform has a large team of professionals who work in tandem with different levels of risk control. These security measures work:
  • KYC, AML, ATF checks.
  • Suspicious transactions or fast, frequent transactions are checked before withdrawals.
  • Manual validation of large transactions, both fiat, and crypto, are required.
  • Controls access to cold storage and hot wallets.
  • Testing, penetration analytics through multiple attack vectors, and external auditing.

Users can secure their accounts with two-factor authentication and use a passphrase, fingerprint, Face ID, and confirmation via email and phone number (call or SMS). But DeFi also lets you store your personal keys.

Crypto.com is the world’s best premium crypto platform you can trust with your funds and make secure transactions. The service has numerous awards, certifications, and high ratings from leading web security experts and is one of the safest.

But like any large company, it has some disadvantages:

  • Obligatory verification sometimes takes a long time.
  • Some operations and functions can be unavailable due to territorial conditions.
  • Cold storage is valid until the first withdrawal of amounts from the wallet. Then, it is better not to use it.

It is necessary to confirm the operation by replying to an email or entering codes from SMS, which is not always convenient when you need quick access.

Crypto.com adheres to the gold standard and has certifications such as ISO/IEC 27001: ISO/IEC 27701, PCI: DSS 3.2.1, Compliance Level 1 and CCSS, Privacy Risk Management, Bureau Veritas Information Security Management, a standard for meeting strict requirements in the payment card industry, Cryptocurrency Security Standard — a series of rigorous security requirements for cryptocurrency storage, receipt and transactions, National Institute of Standards and Technology – privacy framework and Cybersecurity Framework.

Visa card benefits with Crypto.com

The platform allows using cards for cryptocurrency trading. Opting for a Visa card is best for crypto investors and provides valuable benefits and rewards for the service. Since its inception, Crypto.com Visa has gained popularity among cryptocurrency rewards programs and is available in 40 countries.

How does the card work?

To start using it in full, you need to top up your card with either cryptocurrency or fiat currencies by paying with a debit or credit card.

Card levels and rewards

Depending on the card tier, users receive rewards for transactions and purchases while staking. Therefore, when applying for an opening, firstly select the type of crypto debit card and check that you have the required amount in your account corresponding to the level of the chosen visa debit card.

Card levels:

  1. Blue. CRC fraction — $0; reward — 1%.
  2. Ruby. CRO fraction — $400; reward – 2%.
  3. Indigo and Green. CRO share — $4000; reward — 3%.
  4. Rose gold and white. CRO share — $40,000; reward — 5%.
  5. Obsidian. CRO share — $400,000; reward – 8%.

Crypto.com App

The Crypto.com app and website constitute a platform based in Switzerland. The mobile application is fast, affordable, and portable and takes advantage of many functions.

App users can utilize trading service, and the following essential functions will be available to them:

  • Trade crypto: peddle and buy crypto.
  • Make cryptocurrency exchange.
  • As a personal account to manage their cards, make payments with cards.
  • For bank transfers.
  • Track all their transactions and have access to your purchase and transfer history.

New users note that the App is suitable for newcomers, and it’s easy to get used to. The App also allows you to withdraw crypto to external wallets and manage deposits. Unfortunately, the App does not have access to margin trading yet, but the developers are working on it.

Crypto.com vs Coinbase

Let’s compare the two global crypto platforms to understand the benefits of Crypto.com.

Bills and features

Crypto.com provides low trading charges and discounts, large user bonuses, cashback, easy access to cryptocurrencies, Visa cards, bill payments, commissions, etc.

In terms of currencies, the platform has many more unique offerings, you are sure to find the most sought-after ones.

Using

Both platforms are easy to learn, and even beginners will need little time to get used to the menus, features, etc. But Crypto.com may seem a bit more complicated because of more features than Coinbase. Crypto.com also has a mobile app, it is very straightforward for users of cryptocurrency transactions in portable mode.

On the other hand, some complain that it is sometimes difficult to buy/sell digital assets during volatility.

Security basics

Both are unhackable and use cold storage, which proves their reliability in terms of safeguard, although Crypto.com. It has 100% asset security and Coinbase — 98%. Crypto.com is the first crypto platform to receive: ISO/IEC 27701:2019, ISO22301:2019, ISO27001:2013, and PCI: DSS 3.2.

Identity verification Crypto.com

Another significant aspect of the platform’s security is identity verification. Crypto.com, like other global exchanges, requires users to verify their identity for security purposes and thus excludes third-party theft. The warranty complies with all AML/CFT rules and regulations: full name, proof of identity, or passport, and private keys must be submitted using an application. The verification process typically takes less than three working days. For more information on the Know Your Customer process, read this guide on the website.

A short Conclusion of Crypto.com

Since its creation in 2016, Crypto.com has started to gain popularity among crypto platforms quite quickly. The online platform works with regulators worldwide and aims to provide a handy way to buy and sell crypto and fiat currency.

The online service allows users to own more than 100 best cryptocurrencies at true cost, earn high interest, track crypto assets and manage credit or debit cards or bank transfers. Although it was initially a simple platform, its business is now defined by its services; it cannot be unequivocally said that this service is only for buying, exchanging, and selling crypto.

Frequently Asked Questions

Can I trust Crypto com?

Crypto.com can be trusted. The platform accounts for over 50 million satisfied users and many positive feedbacks. It is legal, regulated by all laws and meets international standards, and has multi-functional crypto services. So you can be safe using an advanced trading platform. And don’t forget that the platform has won many hearts and has been around for more than five years. In the first year, there were more than 15 million users. There are more than 50 million, and the number continues to grow.

In which countries is Crypto.com available?

The exchange is available for use in over 90 countries. Depending on local laws and regulations, the list of countries will expand. For example, the most important users are tracked in Europe, America, Canada, England, Russia, Norway, Turkey, New Zealand, India, North Africa, etc.

Is Crypto.com good enough?

This online platform has the best third-party managed crypto wallet. It has low trading commissions, an excellent support service, which quickly processes requests and gives clear and understandable answers, as well as a system of attractive bonuses for large and active clients. According to 2022 crypto traders’ reviews, the exchange does an excellent job and provides users with the highest level of trading services and functions.

Crypto.com or Coinbase?

Crypto.com can be one of the best. There are many affordable and clear features, including the use of Visa cards, cryptocurrency trading on the exchange, robust security, great bonuses for purchases and sales, cashback and easy availability of cryptocurrencies.

What is the withdrawal limit on Crypto com?

At the beginning of using the wallet, the maximum amount you can withdraw is no more than $5,000 per day. If you become an advanced user over time, the limit will increase to 100 bitcoins per day.