Cryptocurrency is the new currency of the future and its popularity is increasing day by day. With the interest in the technology, multiple crypto exchanges are also in function for the audience in which some honourable mentions are:
Before diving any further, let’s discuss what are cryptocurrencies and crypto exchange?
What is a Cryptocurrency:
A cryptocurrency is a decentralised medium of trade that operates on the internet. In contrast to the United States dollar or the Euro, there is no central body in charge of managing and maintaining the value of a cryptocurrency. Instead, these duties are widely divided among the users of a cryptocurrency over the internet, which allows for more efficiency.
You may use cryptocurrencies to purchase everyday products and services, but most individuals use them to invest in other assets just as they would do with traditional assets. However, while cryptocurrency is a fresh and fascinating asset class, investing in it may be dangerous so you must conduct extensive study to properly grasp how each system operates.
What is a Crypto Exchange?
Cryptocurrency exchanges are digital marketplaces that allow users to trade cryptocurrencies for other valuables, such as digital and fiat cash. To put it another way, cryptocurrency exchanges function as a middleman between buyers and sellers, earning money through charges and transaction fees.
Exchanges for cryptocurrencies such as bitcoin are widespread, and $100 may be swapped for a bitcoin of equal worth, and vice versa. In a similar vein, a bitcoin worth $100 can be exchanged for an equivalent amount of Ethereum. The same approach may be used to a variety of other assets, depending on what is available on the market through the exchange.
Centralized cryptocurrency exchanges serve as a middleman for buyers and sellers of cryptocurrencies. Centralized exchanges are more reliable than decentralised exchanges since they are operated and regulated by a single organisation. Censored cryptocurrency exchanges handle around 99 percent of all cryptocurrency transactions. \
Users of decentralised cryptocurrency exchanges (DEXs) can conduct peer-to-peer transactions without the involvement of a third party or an intermediary, hence reducing transaction costs. Some users choose decentralised exchanges over centralised exchanges because of some of the disadvantages connected with controlled exchanges.
Decentralized exchanges, do not allow for the swapping of fiat currency for cryptocurrencies to occur.
Today we’re going to talk about one of the best crypto exchanges Crypto.com.
Crypto.com is a breakout story in the cryptocurrency industry. It’s not just that they have the most popular domain name in the market; they also have the products and services to back up a good reputation that comes with having such a prominent domain name.
Crypto.com arose as a result of the MCO project, which was launched through an initial coin offering (ICO) in 2017. They started with the goal of creating a bitcoin credit card to help spread the word about cryptocurrency, and now they’ve expanded their value offering to include the Crypto.com cryptocurrency exchange. As part of their goal, they launched what is likely the most successful cryptocurrency credit card in history.
They also have an excellent feature set on their mobile application, which is on par with most competitive offers available in the cryptocurrency sector. Furthermore, the corporation has spent an unprecedented amount of money on high-profile marketing campaigns, including those for Formula One racing, the NBA, the NHL, European football, and others.
Why Crypto.com is the best exchange?
Although other exchanges work on a lot of factors but Crypto.com works on specific features which give them the edge from the market. Some of the key features are:
Visa card: There are many card tiers that give up to 8% CRO rewards on purchases, based on the amount of CRO that has been staked.
Crypto Pay: You may purchase gift cards with cryptocurrency, or you can pick crypto pay at the checkout at specific merchants to pay with cryptocurrency.
Crypto Earnings: Users can earn up to 12 percent on cryptocurrency deposits; nevertheless, holding money on cryptocurrency exchanges or platforms is not suggested.
Crypto Credit: Users who aren’t residents in the United States can borrow up to 50% of their cryptocurrency collateral through a Crypto loan.
Crypto.com is a highly secure platform that incorporates industry-standard security features that are necessary for operating in the United States of America. There is two-factor (2F) authentication available on the exchange, as well as protection against loss or theft. They also make use of a bug bounty platform to identify potential flaws. In its statement, Crypto.com claims to store all of its currencies in air-gapped cold storage.
A great security feature of the platform is the inclusion of a digital wallet with multi-factor authentication and address whitelisting. Whitelisting, on the other hand, is required for the Crypto.com wallet. The Crypto.com wallet delivers private keys that are encrypted on the user’s device before being sent to Crypto.com.
Crypto.com maintains a straightforward business plan based on the maker-taker paradigm, with maker fees ranging from 0.04 percent to 0.40 percent and taker fees ranging from 0.10 percent to 0.40 percent, respectively. Using Crypto.com as an example, a low-volume trader who wishes to acquire $500 worth of Bitcoin via an Automated Clearing House Network (ACH) transfer will pay a maker-taker charge of 0.40 percent, which is equivalent to 0.40 percent of the purchase price.
Crypto.com provides substantial discounts to investors who place bets on CRO. Larger the amount of money you would stake, you may get more and higher discounts on the maker-taker costs, all the way up to a 100 percent reduction on the maker-taker fees.
Maker-taker fees on Crypto.com are calculated based on your 30-day trading volume and are as follows:
$0 till $25,000, 0.40% maker, 0.40% taker
$25,001 till $50,000, 0.35% maker, 0.35% taker
$50,001 till $100,000, 0.15% maker, 0.25% taker
$100,001 till $250,000, 0.10% maker, 0.16% taker
$250,001 till $1,000,000, 0.09% maker, 0.15% taker
$1,000,001 till $20,000,000, 0.08% maker, 0.14% taker
When you first visit Crypto.com, the website may appear to be overwhelming because it offers a wide range of items. Beginners who are new to trading may find it more comfortable to use Coinbase until they become familiar with the language and types of transactions that are available.
Although investors in New York are barred from using Crypto.com, citizens in Hawaii are permitted to do so. Furthermore, it is accessible to inhabitants of more than 100 countries, including the United States, Australia, Singapore, Canada, and the United Kingdom. Connecticut does not have access to DAI services. PAXG is not accessible in the states of Connecticut or Texas. There are a total of 27 coins that are not accessible to citizens of the United States.
Room for Improvement:
There is a lot to love about Crypto.com, yet there is definitely space for development.
You may easily become overwhelmed by the quantity of content on your website if you are attempting to be everything on the internet. Even if you’re just starting out in the field, there’s a lot to take in and a lot of lingo to master before you can move forward. Even once the website is relaunched in 2021, there will be a tremendous deal of work to be completed. Any website that offers a huge number of products and services is likely to be difficult to navigate through and navigate through.
This service is not accessible everywhere.
Except for New York, you may register with Crypto.com from any state in the United States. However, not all of its currencies are available for purchase in every location. Crypto.com offers over 150 different coins as well as over 20 different fiat currencies. A handful of these cryptos are not accessible in the United States, while several are only available in specific states within the country.
Crypto.com loan are only available in certain countries, such as the United States. In some jurisdictions, crypto-assets can be used as collateral to get a loan against another asset.
Customer service is really important.
Despite the fact that Crypto.com provides 24/7 service via the in-app/website chat or email, the company presently has a Trustpilot rating of 2.1 out of 5 stars. The majority of the complaints are regarding a lack of response from customer support. If you’re attempting to open a bank account or access your money, this might be quite unpleasant.
Resources for educational purposes
Crypto.com is not a good platform for first-time investors, according to our research. Basic information about specific currencies is provided, but that is about all it has to offer in terms of functionality. There is no bitcoin information centre, and there is very little in the way of cryptocurrency research done. Investors in Crypto.com will have to seek out alternative sources of information.
To conclude this article, we can easily state that Crypto.com is one of the best exchanges in the market with millions of active daily users. Even though it has some of its cons but the pros list is much higher than that with lower gas fees being the prominent one. You can also see multiple reviews of Crypto.com from trusted websites on the internet.