Crypto.com Review 2024

Crypto.com info

Coincub Score

Crypto.com Security

Crypto.com’s comprehensive approach to security seems to be working, since they are one of the few exchanges that have yet to be hacked.

The exchange has implemented standard security measures such as multi-factor authentication (MFA) and withdrawal protection in addition to higher-level precautions. They also provide educational resources for users looking to improve their own approach to security.

Crypto.com is compliant with major security guidelines. The exchange was the first cryptocurrency company to attain the “gold standard” ISO/IED 27701:2019 Certification. Crypto.com also follows NIST cybersecurity and privacy frameworks, and is audited regularly by a security firm. For further info on cybersecurity standards, check out Crypto.com’s security overview.

To pre-empt security breaches, Crypto.com runs a bug bounty with Hacker One. In case the worst happens, the exchange is insured for $360 million against damage or loss.

According to an AWS overview, all network traffic is automatically encrypted, which ensures protection from distributed denial of service (DDoS) attacks and other common exploits.

In short, Crypto.com has ticked an impressive number of boxes. When it comes to secure exchanges, Crypto.com is one of the safer choices.

Crypto Licences and Regulation

Crypto.com has obtained several significant licenses across the globe, showcasing its commitment to regulatory compliance and security. Here are some key licenses and the services they allow:

1. Singapore: Major Payment Institution (MPI) license for Digital Payment Token (DPT) services and e-money issuance from the Monetary Authority of Singapore (MAS).
   • Digital payment services, e-money issuance, account issuance, cross-border and domestic money transfer services.​
2. United Kingdom – Electronic Money Institution (EMI) and crypto asset business approval from the Financial Conduct Authority (FCA).
   • Localized e-money products, crypto asset services.
3. Dubai: Provisional approval of the Virtual Asset License from the Dubai Virtual Assets Regulatory Authority (VARA).
   • Crypto-related services including trading and asset management.
4. France: Digital Asset Service Provider (DASP) registration by the Autorité des marchés financiers (AMF).
   • Legal operation within France, providing various crypto-related services.
5. Spain: Virtual Asset Service Provider (VASP) registration from the Bank of Spain.
   • Compliance and regulatory operations, crypto service offerings in Spain.

Opening an Account and Trading

I’ll say this upfront: it can be a major pain to open a Crypto.com account. You’ll need to invest plenty of time in it. The automated identity document scanner alone took three years off of the reviewer’s life. If you want to get your hands on the fancy metal Visa card and horde of other benefits, you’ll (maybe) have to suffer for it.

1. To open an exchange account, you can start with the easy bit: go to crypto.com/exchange and click the Sign Up button in the upper right hand corner.

2. If you’re using the app, you’ll need to download it from the Google Play or the App Store. Once you’ve downloaded it, you’ll need to confirm your email address and phone number.

3. Here comes the fun part: ID verification. If you get frustrated easily, make sure you have a pillow to scream in and some flexible wind-down time scheduled after. You need to select the issuing country for your ID, and choose the ID type.

4. Next, follow the instructions to photograph and verify your ID using the AI. Good luck.

5. Finally, take a photo of yourself holding a piece of paper with “Crypto.com” and the date handwritten on it.

6. After you’ve submitted the photo, click Complete Submission. Verification can take up to three days, so give yourself plenty of time to get this done. ID documents are frequently rejected for various reasons. If you can’t complete the verification process, try getting in touch with customer support (again, good luck.)

Ok, you made it! You’re in! Now what?

You’ll need to find your account, that’s what. Crypto.com accounts can be funded with crypto or with fiat.

Users can buy crypto directly in the Crypto.com app with fiat using credit/debit card and bank or wire transfers, depending on their location. Make sure to double check that you can buy your intended cryptocurrency; users in the US, Hong Kong, and Singapore may face location-based restrictions.

Crypto.com Supported Currencies

Crypto.com currently offers fiat wallets in AUD, CAD, EUR, GBP, USD, and BRL. Fiat wallets are available in the Crypto.com app for users to deposit and withdraw funds.

Users can use fiat wallets in the app for the following:

• Purchasing crypto
• Recurring buy
• Crypto.com Visa Card top-up
• Selling crypto for fiat
• Withdrawing fiat to a bank account.