I have been using crypto.com for about 3 weeks now. As I mentioned here, I bought my first bitcoin in early 2014. I have been on and off following cryptocurrency prices since then. Over the years, I have collected 2 BTCs, 44 ETHs, and a few other coins like Tezos, etc.
Other than tezos, all my coins were just sitting in coinbase wallet for years doing nothing. I heard about staking and began researching. Staking is a way to earn passive income by holding the coins in the wallet.
Back in the days when most of the coins were at proof- of-work stage, new blocks needed to be mined and you needed mining hardware to solve difficult math problems. Nowadays with a lot of coins in proof-of-stake phase and I believe crypto staking will be a big thing soon.
I found crypto.com while searching for a place to stake my cryptocurrencies. They got wallet service to buy and hold crypto, provide weekly staking rewards for passive income, and have a visa card that rewards you back with CRO. To me, this is the first real-life cryptocurrency application that was useful to me in day-to-day life.
I am linking one of the videos of Kris Marszalek, who is the founder and CEO of Crypto.com. Here he talks about his company and its goal, which gave me more faith in their services.
App
Downloading the app and signing up process was pretty simple and smooth. If you are interested, you can click on my referral link(https://platinum.crypto.com/r/va3psxag9z) and we both get $50 worth of CRO, which is their cryptocurrency.
After going through the signing up process, the first thing I did with the app was to buy 10000 CROs and stake towards the visa debit card they offer. Currently, they are waiving the 3.5% credit card fee when you buy crypto with a credit/debit card. Alternatively, you can fund the wallet from your bank account, which is free.
Here, I actually made a newbie mistake. I purchased 10000 CRO and deposit them into Crypto Earn without staking towards the card first. Without card staking, the p.a for 3-month is 16%. Good thing was that I could quickly open a support chat in the app. Within a few hours, a support agent responded that I need to stake 10000 CRO towards the card first to get that 18% annual interest rate. So I purchase another 10000 CRO and set it to stake for the card. This automatically bumped my 1st 3-month term in Crypto Earn to 18%.
Below is the current staking rate they offer.
They provide staking for most of the major coins such as BTC, ETH, XRP, LINK, LTC, etc but they give you the best rate if you buy their crypto, CRO, and stake them. According to coinmarketcap, they are the #9 biggest coin and have been performing better than bitcoin past a few years. I do believe crypto.com has been getting more traction as they provide a “one-stop-shop” for all things crypto.
I am very impressed with their app as well. It probably is the best crypto app I have used so far. It is pretty simple to use. I did not have any issues getting what I need. I quickly got hooked and decide to move some of my coins from coinbase to crypto.com for more staking. I moved my BTC and ETH so I can get 6.5% P.A and 5.5% P.A respectively. I purchase another 10000 CRO to stake for a 3-month term as well.
Cards
Crytpo.com has the best crypto cards I can find on the web. Depending on how much you stake towards the card, they reward you back with 1%-5% rewards back in CRO. These are very competitive rates and I like the fact that they pay you back with cryptocurrencies. Except for the free card, they also reimburse you for some subscription services such as Spotify, Netflix, amazon prime, etc.
Below is the current card benefits as of 8/30/2020.
It took me 13 days to receive the card since I started staking towards the card. It had nice packaging and the card is made of metal. Activating the card was straight-forward too. You just gotta use the app and click on “Activate My Card” button under card tab and put in the CVV value and set up a pin. They also have help resources on their website.
The card needs to be funded before you can use it. It is a debit card after all. It can be funded from Crypto wallet or Fiat Wallet. I did not want to use any of my crypto to top up the card so I transferred the money from my bank account to fiat wallet first then top up the card with the fiat wallet. It is very nice to see that rewards get paid back almost instantly. There is no threshold amount you need to collect before they can be paid back. The reward CRO goes back into the Crypto wallet.
I made a payment of $34.26 USD in a gas station as a test.
And I got paid back with +5.8916 CRO on the same day.
Earn
Like I mentioned earlier, Crypto staking is the main reason I downloaded this app. Crypto.com offers the best staking rates I know.
They support most of the top 20 coins and also support stable coins such as USD Coin and Tether. The interest rate for stablecoins is12% if you hold them for 3-month. I don’t think any savings account nowadays gives you that much returns. I am currently staking BTC, ETH, and CRO. I am planning to buy and stake mostly CRO since they give me the best rate. Furthermore, the CRO itself has been performing better than bitcoin for the past few years. Coinbase shows that CRO is up 380% for 1 year period.
Below is the table for current staking rates. The rewards are paid every 7 days. A complete list of coins and the staking rates can be found here.
| Cryptocurrency | Symbol | P.A. (for 3 mo. holding) |
|---|---|---|
| Crypto.com Coin | CRO | 18% |
| Bitcoin | BTC | 6.5% |
| Ethereum | ETH | 5.5% |
| Ripple | XRP | 5.5% |
| ChainLink | LINK | 3% |
| Bitcoin Cash | BCH | 5.5% |
| Litecoin | LTC | 5.5% |
| Binance Coin | BNB | 3% |
| Cardano | ADA | 4.5% |
| EOS | EOS | 4.5% |
| Tezos | XTZ | 6% |
| Stellar | XLM | 4% |
| Cosmos | ATOM | 6% |
| Maker | MKR | 3% |
| Compound | COMP | 3% |
Wallet
Crypto.com has a wallet service where you can buy, sell, and transfer cryptocurrencies. Any rewards from staking or card purchases are stored in the wallet. They really provide complete packages so I don’t have to go elsewhere.
Below are my current balance and allocations in pie chart.
Prices
This is where you can track prices of different cryptocurrencies in a page. It is okay. Nothing too fancy here.
Exchange
Crypto.com also has a trading platform for advanced users. Unfortunately, this web-based platform is not yet available in the US. Here, you can do more advanced charting and check buy/sell activities in realtime. They also have events called “The Syndicate” where they offer a limited amount of coins in discounted prices. The syndicate seems like a great opportunity to make some quick profit but this service is only available for exchange users. Hopefully, this tool is approved in the US as well.
Conclusion
Overall, I am very impressed with Crypto.com. This will be my goto place for cryptocurrency as I have moved most of my crypto assets from coinbase to here now. As cryptocurrencies are getting more traction, crypto.com has the potential to go much bigger in the future.
Everyone should be very cautious about investing in cryptocurrencies, but I do believe the technology and the cryptocurrencies are here to stay. There are too many contributors working on various crypto projects. I believe we will only see more and more support for the industry. My rule of thumb is to stay around 10% of my investment portfolio in crypto since they are still considered very risky. But more risk can bring more rewards. Cryptocurrency might give be the best assets to invest now.
Referral links
- Crypto.com Referral – Sign up for $50 worth of CRO coin
- Coinbase Referral – Get $10 worth of free Bitcoin
- Coinbase Earn – Get $10 worth of EOS in 10 minutes
- Coinbase Earn – Get $10 worth of XLM in 10 minutes
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