Crypto.com was established in 2016 under the name Monaco Technologies. Chris Marshalek, the founder of the project, put together a team to create a product that allows you to spend cryptocurrency anywhere. In 2017, the company acquired its own MCO token. With its help, 26 million dollars were collected from private and institutional investors.
In 2018, a rebranding took place, and the Monaco Technologies project turned into a Crypto.com platform. Not only the logo and name have changed, but also the functionality. It is now a massive platform offering almost all popular cryptocurrency market services. The company has about 900 employees, and the number of clients has exceeded 10 million.
Basic information about Crypto.com
Crypto.com is a collection of several products offered under one brand. The cryptocurrency exchange remains the flagship. It is a centralized platform with a daily volume of USD 150 million. It supports 50 currencies and 120 trading pairs. The main flow of cryptocurrency trading transactions falls on BTC / USDT (28.3%). The second most popular pair is ADA / BTC (8.5%). ETH / BTC ranks third (6.8%). Pairs with the internal CRO token collectively rank third in terms of volume, behind only Bitcoin and Ethereum.
The exchange is available in the web version, as well as on Android and iOS mobile devices. In addition to classic spot trading, traders can conduct margin trading with leverage. The amount of available leverage depends on the client’s deposit, the number, and the frequency of his transactions. There is also a derivatives market on crypto.com. Crypto.com offers staking within the platform, as well as pharming of DeFi projects. The interest rates inside the wallet are slightly higher than the market average. The company’s website states that investors can receive up to 14% per annum in stablecoins. For comparison, the Nexo project, which is similar in meaning, gives 12% in such coins as USDCoin, DAI, and Tether.
To work with ERC20 tokens, a DeFi section is provided. Users can store tokens, exchange them in the Swap section, send them to the exchange for sale, and invest in farming. Loans secured by crypto assets are provided. The collateral rate is 50%. It means that by placing a deposit of $ 10,000, a client can borrow $ 5,000. 2000 on the account, respectively, makes it possible to borrow a thousand dollars. In parallel, the company is developing its business line. She has services for accepting payments in cryptocurrency available to entrepreneurs. But these products are still in development or test versions and have not yet entered the wide market.
Verification on the Crypto.com platform
Identification is a mandatory procedure for the crypto.com website. Without it, the client will not gain access to the site and will not be able to make a deposit. Given the variety of functions, verification affects access to a set of internal products. As mentioned above, the user will not be able to receive a Visa card if he has opened an account as a citizen and resident of Russia. At the same time, residents of the United States, Canada, and some Asian countries cannot take advantage of crypto lending due to regulatory rules.
Verification begins when you create an account. Here you will need to indicate your first and last name, date of birth, and citizenship. Below, your email address, password, and confirmation are required. The system will also require you to verify your mobile phone number. After confirming the email, a form specifying the number will appear. A message with a code will be sent to it. Please note that if you enter the mobile number of an unsupported country, the system will not allow registering it and will generate an error. After registration, the client can go to the verification section through the profile settings.
Identity verification consists of three steps:
- Filling out the questionnaire. It is necessary to indicate the passport data using the Latin alphabet. The correct transliteration can be seen in your passport, driver’s license, or bank card;
- Loading scans. You need to select the type of document (passport, ID card, or driver’s license) and send the scan. It is recommended to use a foreign passport or other documents in the Latin alphabet;
- Selfie with a document in hand and paper with an inscription. At the last stage, a photograph is required from the client. It should show the user’s face, the paper labeled “Crypto.com” and the document uploaded in the previous step.
After sending the files, the application will go for consideration. It will take from an hour to a day. The verification status can be checked in the profile settings on the crypto.com website. Until December 1, 2020, document verification was optional, but it affected the deposit and withdrawal limits. The information about the name and citizenship entered during registration was enough to make a deposit of up to 5,000 USD and withdraw the same amount. Now there is no such division – all users must load paper to use the platform even with minimal volumes.
Crypto exchange commissions
Crypto.com platform fees are flexible and depend on the type of transaction and the volume of the client. Cryptocurrency exchange transfers are commission-free. Transfers between the system wallet and the trade balance are free. There are six levels of commissions. The main criterion for the rate is the volume of the client’s transactions over the past 30 days:
- Trading volume from $ 0 to 250 thousand: maker commission – 0.10%, taker – 0.16%;
- 250,001 – $ 1 million: 0.09% maker, 0.15% taker;
- 1,000,001 – $ 20 million: 0.08% – 0.14%;
- 20,000,001 – 100 million: 0.07% – 0.13;.
- 100 million – 200 million: 0.06% – 0.12%;
- 200 million and above: 0.04% maker, 0.10% taker.
There is a compulsory liquidation commission on the contracts market. So the perpetual BTC / USD will be covered with a 0.50% fee. Each registered user can open the Fees section and see what fees are applied to their trades.
Conclusion
Crypto.com is one of the first big startups to combine all the cryptocurrency market opportunities in one shell. The company has received a solid investment and has attracted over 10 million users. Every day, traders conduct transactions worth $ 150 million here, which speaks of great trust in the exchange.
The CoinMarketCap portal gives the exchange a score of 6.2. CoinGecko gives the company 10 credibility points, noting that there are no high-profile negative incidents such as fraud, theft, or hacker breaches associated with Crypto.com. Cybersecurity by the Certified version – maximum three stars. Therefore, it is safe to say that Crypto.com is a trusted crypto exchange.
