An overview of the Crypto.com Exchange and its features, including getting CRO at 10% APR and how to borrow fiat money using Crypto as collateral.
Registration at Crypto.com
In this article, you will learn:
- What the Crypto.com exchange is
- The difference between centralized and decentralized exchanges
- How you can earn extra money with associated features on the Exchange (staking, distribution, and Supercharger)
- How good is the Exchange for trading, and what type of trading is available
- How you can get a cheap loan using your cryptocurrency as collateral
- Why You Can Trust Crypto.com With Your Money
- How you can register an account on the Exchange
What is Crypto.com Exchange?
Registration at Crypto.com
Exchanges are the place where currencies are exchanged, for example, from fiat currency to cryptocurrency (for example, US dollar to Bitcoin ) or from one cryptocurrency to another (for example, Bitcoin to Ethereum ).
The Crypto.com exchange is part of a family of products and services offered by Crypto.com. Their mission statement is to ‘accelerate the world’s transition to cryptocurrency‘ – the Exchange is a key component in enabling this. It fits within the ‘Trading’ tower of their 3 verticals:
Crypto.com was founded in 2016. Their Exchange entered public beta in November 2019 and had major infrastructure updates in June 2020. It is now a mature, stable, and user-friendly product. I have used it several times since March 2020 and have not had any problems.
Centralized vs Decentralized Exchanges
Crypto.com Exchange is a centralized exchange. This means that the client’s assets (fiat and cryptocurrencies) are in the hands of the company itself (just like traditional banks). All processes are carried out centrally in computer systems managed by Crypto.com.
Decentralized exchanges and financial apps (such as Crypto.org DeFi ) are available – these are open, secure, permissionless systems where there is no single entity in charge and your cryptocurrency can be stored in your personal wallet.
Registration at Crypto.com
Crypto.com Exchange Features
The Crypto.com exchange has multiple features available, including:
- Spot Trading – Coins/Tokens
- Margin Trading – Open a position that is greater than your account balance.
- Derivatives trading – trades the value of an asset without trading the underlying asset.
- Staking: to earn interest on the capital
- Distribute – Discounted Token Offerings
- Trading Arena – trading battles (competitions)
- Supercharger – A Simple Liquidity Mining Platform
- Loans – Get an instant loan backed by your Crypto
Commerce
The Crypto.com Exchange allows users to trade cryptocurrencies, with the following benefits:
- Deep liquidity, with access to the best execution prices
- Competitive rates, offered with high volume accounts trading for free (after CRO participation discount)
- Exciting events such as discounted token distributions (syndicate) and trading-driven competitions (trading arena) are provided
- Enterprise-grade infrastructure powering highly available, fully resilient, and horizontally scalable components
Available trading types
Registration at Crypto.com
spot trading
Crypto.com Exchange supports trading pairs for cryptocurrencies with leading market capitalization and volume, such as BTC, ETH, LTC, USDC, and more, as well as CRO token, the native currency of Crypto.org Chain.
Trading can be done through a web interface or through an API.
Fees on the Exchange are based on trading volume and CRO participation. The higher the volume and amount of CRO wagered, the lower the trading fees. Additionally, users enjoy discounts on trading fees if they pay fees in CRO. See the detailed list of rates and limits.
As you can see in the screenshot below, TradingView provides the planning and trading screen. I like TradingView and use them independently. It has all the charting tools you need to view history trends and make predictions.
Operating Margin
Margin trading on the Crypto.com Exchange allows you to borrow cryptocurrencies on the Crypto.com Exchange to trade in the spot market. Eligible users can use margin lending as leverage to open a greater position than their account balance.
Registration at Crypto.com
Derivatives trading
The first derivative product offered on the Crypto.com Exchange is perpetual. Perpetuals allow traders to buy or sell the value of their ‘assets,’ so the underlying asset itself is never traded, allowing them to manage risk better. Perpetuals do not expire or have a settlement date, and users can hold their positions for as long as they need.
FIRE
Application Programming Interface (API) is a set of rules describing how two applications interact.
An API allows you to connect with your Exchange for cryptocurrency trading, giving you access to real-time market data to make trades and manage your account.
See the Crypto.com API documentation for more information.
Supported currencies/pairs
The number of currencies supported for trading is impressive, particularly since the second half of 2020, as they are adding several new currencies (trading pairs) a week.
A full list of cryptocurrency markets and trading pairs are displayed on the Markets page.
stake
On the Crypto.com Exchange, you can earn interest on your principal from two types of participation services:
- The soft payout for idle balance
- CRO bet and win
smooth stakeout
The Crypto.com Exchange supports the soft staking of cryptocurrencies and stablecoins.
Soft staking is a feature that allows you to earn interest on your principal. It’s a must-opt-in feature (very easy to do). Some religions (including Muslim: Shaira law, Halal, Haram) do not allow people to earn interest, so you can leave this disabled while still using the other features of the Exchange.
Once enabled, Soft Staking starts automatically when you maintain at least the minimum requirement of a particular coin on the Exchange. You then earn interest (paid weekly) and can withdraw your currency (principal and interest) at any time.
I like how the cryptocurrency that is in pending orders is included in soft staking.
Check out their soft staking FAQ for full details, including available tokens and interest rates.
Registration at Crypto.com
Hard Staking – CRO 180 days
On the Exchange, CRO can be staked at 10% per annum for 180 days. Note:
- Interest is paid daily
- You can add more CRO to the bet, but when you do, the 180 day counter is reset.
- You can only have one 180 day CRO share running at a time, and you cannot have 2 or more running in parallel.
This is the highest rate you can get using centralized services. You can earn 11.7% (as of July 31, 2021) using Crypto.org DeFi.
Earn in the app
This is on the Crypto.com app, not the Exchange, but it makes sense to mention it here.
Earn must be implemented manually. The longer your deposit is, the higher the interest rate you will get, which can be 1 day, 1 month, or 3 months. Interest is paid weekly. You can hold as many Earn’ deposits’ as you like, so you could, for example, start a new BTC deposit every month, thus having 3 ongoing 3-month deposits at the same time. This will allow you to increase the interest you earn on a regular basis.
Registration at Crypto.com
Gambling with Crypto.com Prepaid Visa Debit Cards
Crypto.com’s Jade Green/Royal Indigo Visa Debit Cards and higher tiers provide interest, which is paid weekly:
- Jade Green / Royal Indigo = 10% per annum
- White Icy / Frosted Rose Gold / Obsidian = 12% pa, plus an additional 2% pa interest on hard bets
- Obsidian = 12% per annum, plus an additional 2% per annum interest on hard bets
My Crypto.com Participation Strategy
I stake my CRO on Crypto.org DeFi with my Ledger Nano X hardware wallet as this combination offers the highest reward and security.
Within the app, I deposit other cryptocurrencies (such as ADA ) at Crypto.com Earn.
The Union
Syndicate is a discount token offering platform on the Crypto.com Exchange.
Help projects raise awareness and drive user education. The listing project can provide an allocation of its own token for distribution to Crypto.com Exchange users at up to a 50% discount. All proceeds from the sale are returned to the projects. CRO holders receive priority allocation of tokens for these events.
Syndicate is a feature where Crypto.com sells cryptocurrencies, often at 50% of their current value.
Full information about The Syndicate’s process is outlined in their FAQ.
To participate in these events, you must:
- Participate at least 5,000 CROs in the Crypto.com Exchange account
- Trade the minimum volume required at your CRO participation level on the Crypto.com Exchange in the last 30 days
- Use CRO to subscribe with a 50% discount during the subscription period
- Not be a citizen and resident of the United States, China, or Hong Kong.
Because The Syndicate events are always highly subscribed, it’s only worth participating if you can wager a decent amount of CRO.
One thing I like about syndicates is that you can opt into one, then when it is active, you will be given personalized information on how much of the target cryptocurrency you can buy (as this varies depending on the number of subscribers to each syndicate). . ). You can then choose to continue or withdraw, and there are no penalties if you withdraw. This means you can opt into Syndicates, review the offer to determine if it will be worth it, and then continue or withdraw as you prefer.
Trading Arena
The Trading Arena page details’ trading battles’. These are competitions in which prizes (money, Tesla Model 3, etc.) are awarded to people based on defined conditions, such as the trader who trades the most with a particular cryptocurrency during a defined period or the first 1000 traders who operate on the Exchange through the API.
Supercharger
The Supercharger is a simple, flexible, and secure liquidity mining platform that allows users to deposit tokens (with the option to withdraw them at any time) to mine the most popular DeFi tokens on the Crypto.com Exchange.
How does the Supercharger work?
Multiple deposits per user are allowed. Minimum 100 CRO per deposit
Once the loading period for the event ends, receive rewards (distributed evenly over 30 days) based on your liquidity score.
A. CHARGING PERIOD
- Duration: 45 days
- Minimum deposit: 100 CRO per deposit
- Deposit and withdrawal limits: unlimited
- Deposit From: Crypto.com Exchange Spot Wallet
B. REWARD PERIOD
- Duration: 45 days (after charging period ends)
- Total Reward Amount: Prorated based on the user’s share of the total liquidity pool
- Reward Distribution Frequency: Daily
- Daily reward amount: total reward divided by 45
- Distributed to: Crypto.com Exchange spot wallet
Are ÜberCharge events worth it?
You can view the estimated APY for past and future Supercharger events.
Whether they are right for you is a personal choice based on:
- Do you want to be offered the coin?
- Do you think the APY is worth it (you can usually get higher CRO APY in DeFi )
- What do you think the value of the coin on offer will be at the end of the Supercharger event (90 days after it starts)
Examples of past supercharger events
Check the Supercharger page for an updated list.
CRO Staking Benefits
This table (complete details on the Crypto.com FAQ page ) shows the benefits and rewards you will receive when you wager certain amounts of CRO.
bets to take
Additional discounts are available in the form of CRO rebates on Exchange trading fees. The Stake-to-Take program offers negative trading fees for Retail CRO participants at the VIP 1 trading level.
- Retail users can earn up to 0.10% on taker fees when trading on the Exchange. Additional trading discounts in the form of rebates increase with the amount of CRO wagered, and fees must be paid in CRO to be eligible.
- The minimum participation requirement has been reduced by 50% to 5,000 CRO for individual and institutional clients to be eligible for additional trading discounts (from 10% to 100%)
Case example 1 (retail):
- Your trading level is VIP 1, and you have staked 15,000 CRO
- The manufacturer’s fee paid in CRO for the previous day is 300 CRO
- Policyholder fees paid in CRO for the previous day are 350 CRO
As a result, you will get 410,035 CRO in rebates distributed to your CRO wallet the next day (410,035 = (300 * 20%) + (350 * 100.01%)).
Case example 2 (retail):
- Your trading level is VIP 3, and you have staked 5,000 CRO
- Maker fees paid in CRO for the previous day is 100 CRO
- Policyholder fees paid in CRO for the previous day are 500 CRO
As a result, you will not be eligible for negative taker fees due to the trading level. However, you will receive 510 in CRO rebates distributed to your CRO wallet the next day (510 = (100 * 10%) + (500 * 100%))
Loan
The Crypto.com lending service allows you to take out a loan using your staked cryptocurrency as collateral.
This is a nice feature if you want to keep your Crypto invested and free up some currency.
You may want to do this if:
- You have a belief that the cryptocurrencies you have invested should increase in value
- For tax reasons, you do not want to exchange one currency for another
The loan feature has these benefits:
- low-cost loans
- Get a loan instantly.
- No credit check
- Pay off your loan in part or in full at any time within 12 months
Institutional users
If you are an institutional user and need more flexible loan terms, you can order Lending Pro at Crypto.com Lending. Once your application has been approved, you can enjoy a higher loan limit and apply for loans with personalized terms when available.
Easy to use
Currency transfer between Crypto.com Exchange and the app is instant and free. Transferring money (fiat or cryptocurrency) to/from the Exchange is also a straightforward and secure process.
The chart and trade screen is based on TradingView, which provides basic functionality and will be familiar to many people, as many exchanges use the TradingView platform.
Security / Trust
Crypto.com’s security page provides information on its security practices, including:
- How your funds are stored and secured
- infrastructure security
- internal controls
- Application security
- User authentication
- withdrawal protection
- Certifications and Assessments (1)
- Penetration testing and bug bounty (2)
- Crypto.com has obtained multiple industry-standard certifications and evaluations. This includes being audited by third parties to verify compliance with risk management, identity management, etc.
- Crypto.com uses the HackerOne website to provide rewards to people who identify and report bugs on its publicly available and live test services. It’s good to see them do this as it shows they are willing to let the public help identify potential problems and reward them for it.
final thoughts
The Crypto.com exchange platform essentially provides 3 sets of features:
- The ability to trade crypto/fiat/tokens using different methods.
- Loan – get an instant loan backed by your Crypto
- Bet capital for interest
As the trading platform is based on TradingView, the user interface and basic functionality are clear, easy to use, and will be familiar to many people. The prices, spread, and volume offered is good.
The 10% per annum 180-day CRO bet is suitable for people looking for a reasonable fixed interest rate over a long period of time.
Crypto.com’s certification, assessments, and hacker involvement demonstrate that they take security seriously, demonstrating that it is a company that wants to earn the trust of its users and third parties to provide additional functionality. Other companies (such as Binance ) have really run into trouble with regulatory politics and have had to withdraw services from Europe because of this.
How to buy Crypto.com (CRO) Token?
The CRO token is sold in other Exchanges such as Gate, but we will do the tutorial with Crypto.com.
The first step to buy CRO Token: Register on Crypto.com and add funds to the Exchange
The first thing will be to register at Crypto.com. Then we have to verify our account. We recommend passing the KYC to be able to work fully with this Exchange.
Registration at Crypto.com
Once we are registered, we have 2 options to load funds, and they are the following:
- Add funds from a bank account
- Add funds by transferring USDT or another cryptocurrency from another Exchange.
We will explain from the bank account. So we have to go to “Control Panel” and hit “Bank Transfer.”
Now we will give “Add account,” and it will ask us to put our country and the bank that we are going to put.
We follow the steps, and it will give us 2 options to add the bank:
- Add the bank with TINK: This means that we will do it automatically by entering our bank passwords through that application.
- Add manually: We will need to verify the bank account manually.
With either of the two forms, we would have it added.
So the next thing will be to buy USDC, and for this, we will give you to buy USDC in our «Control Panel,» and we will select the corresponding amount that will be charged to us from our bank account.
Second step to buy CRO Token: Exchange USDC x CRO
Now we have to go to “SPOT,” and we will search for “CRO” in the search engine and select the CRO/USDC PAIR.
Once we hit that pair, the next screen to the right of the graph will appear, in which we will put the amount of USDC that we are going to exchange for the CRO token.
And ready we already have bought our CRO Token.