For the past 15 months I have been using the Crypto.com [1] App to manage most of my Crypto related investments. The goal of this blog post is to bring more information to the reader about this platform and to provide a strategy for maximum profit with it.
What is Crypto.Com
Crypto.com is a cryptocurrency company started back in 2017, they focus on providing the best crypto payment system to their users. Their main crypto coins are CRO and MCO.
What makes crypto.com different from other companies? Well for starters they are one of the first crypto companies that got a ISO/IEC 27001:2013 Certification. This certification is considered the “Gold Standard” for information security. Besides this certification, they have a lively community on Telegram, active AMA sessions and good communication with the whole community.
Besides their payment system they also offer a variety of services like exchange with low fees, savings accounts (Crypto Earn), investing accounts (Crypto Credit) and a crypto wallet.
Their best features are their App and the Metal Crypto Card. The card is a VISA card. You can use this card to buy like a normal credit/debit card but with additional perks. There is no maintenance cost for your account.
The Crypto.com App is one of my favourite things, because it offers a smooth experience for experts and beginners, who want to dabble in the world of crypto.
Who is it for?
Minimum Requirement: You can buy 50 MCO, now it is around 186€.
If you are inexperienced with crypto this is a perfect entry point, the app offers an easy experience and is quite user friendly. Imagine using a good banking app and the currency is Crypto, this is how I feel with this app.
For “veteran” crypto users who are searching for an alternative to Coinbase or other crypto providers, this is also a good opportunity.
Turnoffs
As me, you might think that there is something hidden somewhere in the contract. But the only things that I found are:
- 50$ Account Closing Fee
- 50$ Tier Upgrade Fee (Which can be negotiated)
- Staking 50 MCO for 6 Months
- Slow In App Support
- Volatility of Crypto
But the 50$ Closing fee can be paid with the referral bonus, slow in app support is fixed with telegram support channels and volatility of crypto is a issue with all platforms.
The staking will be explained later.
Card Types
When joining the crypto.com community it is important to think about which card you want and how much can you afford to invest.
Each card has different benefits, but if I am to recommend one I would say the best value is the 500 MCO Stake card (Jade or Royal Indigo) and a good entry card is the 50 MCO (Ruby Red). You can see the benefits of each tier bellow. But keep in mind if you decide to switch, you have to pay 50€ for a new card. When you stake 500 MCO, you have a additional 6% return per year on those 500 MCO (simple terms: you get 30 MCO coins for staking 500 MCO), this is not true for staking 50 MCO.
You also get a cash-back when using the card, for every purchase you get from 1-5% back in MCO tokens.
Additionally if you buy at certain stores you get 10% cash-back for every card except the indigo blue
How can you get a card?
There are a few ways to get the card. One way is to go directly to the page and register, here you lose the referral bonus of 50$. But if you want to do it you can just go to [1] and do it. The second way is to create an account with a referral link.
Referral Benefits
Use my referral link https://platinum.crypto.com/r/jhc8nw9u5z to sign up for Crypto.com and you get $50 USD when you stake 50 MCO.
Just be sure you type in the CODE “jhc8nw9u5z” as the referral code, this way you get and extra 50$ when you stake 50 MCO coins. You are probably asking your self “What do you mean staking 50 MCO coins?”. Well in order to get 50$, you have to buy 50 MCO (approx. 186€) and activate the stake option. This means that you cannot do anything with those 50 MCO coins for the next 6 months. Here is where most people leave and do not go further with Crypto.Com.
But read more to learn about the benefits that crypto.com offers and learn the best way to use the app.
Topping Up – The Proper Way
You could top up your crpyto.com account with crypto and fiat (USD, GBP, EUR and more). I personally only used the crypto topup once and it was easy, you just scan a QR code with your address and the desired crypto is transferred to your crypto.com address. When I used there were no fees for crypto deposits into the crypto.com wallet.
If you are topping up with fiat, you can top up via a Credit Card or a Bank transfer. For credit card topups, you have to pay a 3.5% fee, but you topup your account instantly. With a bank account, the topup happens in 2-5 business days, but you do not pay a fee for it.
You do not pay credit card topup fees from 01.07.2020 to 01.10.2020 duo to a discount crypto.com is offering because of the whole corona situation.
Staking
I briefly mentioned staking, you can think of staking as opening a savings account. You place money in your savings account and you cannot access that lump sum until a certain period. There are a couple of ways you can stake in the crypto.com app.
The basic staking is related to staking MCO to get the metal crypto card.
Once your MCO wallet has enough MCO tokens for your selected MCO Visa card:
- Go to the Card page (bottom-right corner of the app)
- Select your desired MCO Visa card
- Tap the Stake MCO button and follow the on-screen instructions
Earn
A great feature is Crypto Earn, you can stake CRO tokens and gain weekly interests. In simple terms, you stake CRO tokens via the app and crypto.com pays you in CRO tokens for holding a certain amount of crypto.
There are 3 Crypto Earn modes: Flexible, 1-month and 3-months.
For example if you stake 10000 CRO with Flexible Earn mode you earn per year 14% back in CRO tokens. This means that by the end of the year your 10000 will be 11400. With the 1-month the interest rate is 16% and with the 3-month the interest rate is 18%.
I would suggest the Flexible mode, because you can withdraw your crypto currency at any time.
You can also stake other crypto currencies, but the interest rates differ for other currencies. This can be checked via the app.
Syndicate
Syndicates are special discounts events, where you can buy crypto currency 50% discounted. They happen every 2-3 weeks and they are a great way to earn some extra crypto currency, with no extra risk.
Getting Help From Customer Support
The best way to get help from crypto.com staff is to join a telegram group and ask there, besides the official staff, there are other individuals that can help you with your problems. But if a staff member sees your question, they can quickly escalate the problem.
Conclusion
If you are starting our with crypto or just want to get a fancy metal card, crypto.com is a great platform. As with everything, there is a risk related to trading and buying crypto’s, but if you are searching for something that is easy to use, crypto.com is the best way to go.
[1] – https://crypto.com/en/index.html#
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