Is Crypto.com Safe? Key Facts You Need to Know
Crypto.com has become a well-liked and well-known global cryptocurrency platform in just a few years, and the platform doesn’t show any signs of stopping anytime soon. Essentially, Crypto.com is a crypto ecosystem that is made up of the Crypto.com mobile application, the Crypto.com Market Exchange, Crypto.com Pay, Crypto Earn and Credit, and many other features, tools, and services. Crypto.com is regulated and compliant with regulatory authorities all over the world, and the goal of the platform is to bring traders the most efficient and convenient way to buy, sell, trade, and spend a wide range of different cryptocurrencies at true cost and the highest interest.
Clearly, the platform is interesting and quite attractive. But is it actually safe to trade cryptocurrency on Crypto.com?
Are you wondering, “Is Crypto.com Safe?” If so, we’ll be breaking down exactly what the safety and security protocols are like on this platform. Keep reading to find out what we discovered!
Is crypto.com safe? Yes, 100% of cryptocurrency assets are securely stored and backed 1:1. convenient time for them.
Is Crypto.com Legit and Safe?
Crypto.com is definitely legitimate and safe. The platform practices what is known as a “Defense in Depth” online culture. That means that the security protocols and processes used by the platform are implemented into each and every aspect of the business. Because of this, the platform has had extremely minimal issues with hacking and other digital crimes.
The platform keeps all of its user funds in cold storage, completely offline. Ledger Vault is the custody solution the platform uses, which is institution-grade and uses hardware security modules and multi-signature keys to keep things as safe as possible. The platform’s cold storage solution is covered by an insurance policy of about $500 million, which does include direct and indirect claims for custodians, physical damage to cold storage units, and potential theft.
Hot wallets on the site are still protected by HSM technology and multi-signature keys. The amound of funding in these hot wallets only contains a small fraction of the company’s total holdings, making them sufficient enough for everyday withdrawals without putting the entirety of the userbase’s wealth at risks.
For fiat currencies, customer deposits are protected in regulated custodian accounts around the world that benefit from local protections and regulations. U.S. residents can enjoy protection by the FDIC for their money, for example.
Infrastructure is another concern of potential traders. However, Crypto.com has that covered as well. The platform uses Amazon Web Services, which provides a network firewall, web app firewall, controlled TLS encryption across all services, logging, monitoring, automatic threat identification, analytics that are in real-time, and a wide range of security measures ideal for the biggest banks in the world.
To put it simply, Crypto.com is a highly secure and well-protected platform.
Is Crypto.com Regulated?
Crypto.com is a completely regulated cryptocurrency platform and it is compliant with all required financial and risk-prevention regulations. Because of this, users are unable to use the platform’s services anonymously. There is a fairly rigorous identification process required to use Crypto.com.
Is Crypto.com Working With My Country Residents?
Crypto.com is available in many countries. However, if cryptocurrency trading is not legal in your country, you will likely not be able to use the Crypto.com app. A few supported countries include the U.S., U.K., Germany, Portugal, Finland, France, Spain, Switzerland, Netherlands, Italy, and more.
Crypto.com Security Rules
With Crypto.com, data privacy assessments are built into the core framework of the company. All deposits conducted on the platform are screened for compliance and they also have a team in place to monitor each and every transaction. Just as well, all of user cryptocurrencies are stored offline in cold storage via their partnership with Ledger Vault. Crypto.com uses a wide range of hardware security modules and multi-signature tech. The platform utilizes a wide range of security protocols, including 2-factor authentification, special security protocols, protected cold storage, and much more.
Crypto.com Background
Originally launched as Monaco Technologies GmbH in 2016, Crypto.com started out with the motto “Spend anywhere, without fees.” The rebrand several years later came with it a wide range of new features, including the Crypto.com Visa Card. The platform has also launched its own native CRO token. It has over 10 million users from around the globe and is currently located in Hong Kong, though the company has headquarters and officers around the world. To put it simply, Crypto.com is a massive crypto powerhouse with a user base that has only continued to grow.
Since it has been founded, Crypto.com has established itself as a reliable partner. While there have been some issues with hacks and bans, it’s generally a safe place to trade crypto.
Crypto.com Pros and Cons
👍 Crypto.com Pros
• There is a very wide range of cryptocurrencies and tokens available on the platform, and the total list of assets is growing quickly.
• All common options for making deposits and withdrawals are included, including bank cards, ewallets, etc.
• Traders can enjoy varying degrees of leverage. For margin traders, leverage is 1:3. For derivatives, the number is 1:50.
• Traders can enjoy the chance to earn even more money by becoming part of the regular ongoing events in the Trading Arena.
• Users can pay trading commissions with their own coins on the CRO platform with partial refunds.
• Crypto.com offers a multicurrency wallet and a unique Visa card direct from crypto.com, which comes complete with 8% cashback.
👎 Crypto.com Cons
• Unfortunately, there is no fiat trading available, which might be a downside for some traders.
• The platform’s support service doesn’t include a call center, which is a bit frustrating if there is a serious technical issue on the platform.
• While the platform has an excellent FAQ section and tons of articles, there are no training programs or in-depth tutorials available on the site.
Is Crypto.com Good For Beginners?
Crypto.com is one of the best choices for beginner cryptocurrency traders. The only real downside for cryptocurrency traders that are on the newbie side would be the lack of training and educational materials. There is an in-depth FAQ section complete with articles, but the platform does lack a little bit when it comes to actual guides. However, beginners can receive pretty decent welcome bonuses as well. The platform and app are very user-friendly, too.
Summary
To summarize, Crypto.com is definitely safe and secure. With top-notch security measures in place to protect your sensitive data and financials, as well as regulatory compliance with a number of reputable institutions, we’d have to say that Crypto.com is one of the safest places out there to trade cryptocurrency.
FAQs
Can we trust Crypto.com?
Crypto.com is a legitimate cryptocurrency exchange and platform that is regulated in multiple jurisdictions, including the United States and Europe
Is Crypto.com better than Coinbase?
The answer to this question depends on the specific needs and preferences of the user. Both Crypto.com and Coinbase are reputable cryptocurrency exchanges that offer a range of services, such as buying and selling cryptocurrencies, trading, and staking.
What are the available markets on Crypto.com?
The Crypto.com application is currently available in over one hundred different markets. The platform’s team reviews markets and their relation to cryptocurrency regulations, instances of fraud, special sanctions and more. As the platform continues to evolve and grow, we can expect even more markets to be added to the platform.
Is Crypto.com available in all states in the U.S.?
Crypto.com’s app is available in forty-nine different states in the United States, as well as Puerto Rico, the Virgin Islands, and American Samoa.
What transfer types are available of Crypto.com?
Crypto.com offers bank transfers, credit card, debit card, and crypto transfers on its platform for traders.
Are there trading fees for Crypto.com?
Crypto.com’s trading fees vary. Deposits are completely free, and crypto to crypto exchanges are also free. Transfers to the platform’s Exchange and DeFi wallet are also free. However, there are withdrawal fees for external addresses, which depend on the type of crypto that is being withdrawn.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!