Crypto.com Review (2020): How Does It Compare?

Crypto.com
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
4.5

Summary

Crypto.coms’s MCO Visa Card is one of the best crypto debit cards around. It gives you up to 5% cashback, loads of other benefits, and is available in the UK, EU, US, and Singapore.

But Crypto.com is also one of the best places in the UK, EU, and US to buy Bitcoin (BTC) and an ever-growing number of other cryptocurrencies too. If you deposit funds with a bank transfer, you can buy at the real exchange rate without paying any fees.

Download the app and register now to check it out for yourself.

Crypto.com is a cryptocurrency platform that offers a lot. It allows you to store, transfer, and exchange between 68 cryptocurrencies (e.g. Bitcoin) and your local currency (e.g. GBP, EUR, & USD).

With Crypto.com’s MCO Visa Card, you can also spend your cryptocurrency anywhere that Visa is normally accepted around the world (and get up to 5% cashback).

Is this the best bitcoin debit card in the UK, the EU, and the US? Check out this Crypto.com review to find out more.

Advantages & Disadvantages

Advantages

  • Quick verification (< 5mins).
  • 24/7 customer support.
  • Available in the UK, Europe, the United States, and Singapore.
  • Buy and sell 68 cryptocurrencies, including Bitcoin (BTC), at the real exchange rate with no fees whatsoever. This makes it the #1 place to buy Bitcoin (BTC) in the UK.
  • FREE to open a Crypto.com account
  • MCO Visa Card has no monthly maintenance fee.
  • Up to 5% cashback whenever you use your MCO Visa Card. You can also get other benefits (like 100% cashback on Spotify, Netflix, and Amazon Prime).
  • Contactless Visa Debit cards (issued and delivered for FREE).
  • Get up to 10% cashback when you purchase gift cards for popular brands with your cryptocurrency balance (30+ countries supported).

Disadvantages

  • 3.4-star Trustpilot rating (250+ reviews).
  • Don’t seem to have offices in the EU or US.
  • You need to stake a lot of CRO to unlock the highest cashback amounts.
  • Crypto Earn offers lower interest rates if you don’t lock-up your cryptocurrency deposit for 3 months.

What Is Crypto.com?

Crypto.com was founded in June 2016 by Kris Marszalek (CEO), Rafael Melo (CFO), Gary Or (CTO), and Bobby Bao (Head of Corporate Development). In June 2017, they raised $26.7 million from their Monaco (MCO) initial coin offering. They’re headquartered in Hong Kong and currently have a team of about 350 people.

Crypto.com was previously known as Monaco (MCO) – but rebranded in July 2018 after the (expensive) acquisition of the Crypto.com domain.

They recently announced that they have 3 million users around the world, after hitting 2 million just a couple of months before.

Crypto.com Products

Crypto.com is best known for its MCO Visa Card, but they have a range of product offerings:

  • MCO Visa Card: Convert your cryptocurrency and spend it anywhere that Visa is accepted.
  • Crypto.com App: Buy and sell an ever-growing number of cryptocurrencies at the real exchange rate with no fees whatsoever. You can use the app to receive, store, and send cryptocurrency too.
  • Crypto Pay: Buy gift cards for many popular brands and top-up your phone with cryptocurrencies. In the future, this will also allow merchants to accept Bitcoin (BTC) and other popular cryptocurrencies.
  • Crypto Earn: Earn up to 18% interest on your cryptocurrency deposits.
  • Crypto Credit: Deposit cryptocurrency and get credit to spend on your MCO Visa Card.
  • Crypto.com Exchange: Trade popular cryptocurrencies on your desktop with low trading fees (up to 0.16%).

The Roadmap

Crypto.com is looking to:

  • Launch Crypto.com Pay merchant features.
  • Allow residents in more Asia-Pacific countries to get the MCO Visa Card.
  • Ship the MCO Visa Card in Canada.
  • Release the Crypto.com Chain Mainnet.

Follow them on your preferred social media channel to keep up to date!

MCO Visa Card

The MCO Visa Card allows you to spend your cryptocurrency in-store and online. It’s accepted anywhere that Visa is normally accepted – which is more than 54 million outlets and ATMs around the world.

Crypto.com have a range of different MCO Visa Cards. To unlock the highest cashback and get access to other benefits, you’ll need to stake CRO in the Crypto.com app. The more MCO that you lock-up, the better tier of card you’ll be able to order.

The MCO Visa Cards that offer the highest cashback is unrealistic for most people. At the time of writing, you’d have to lock-up about £122,000 worth of Crypto.com Coin (CRO) in the Crypto.com app to get the Obsidian Black version.

However, the versions that require a lower CRO stake still provide you with competitive cashback on all your spending. If you’re happy to stake 1000 CRO (about £122), then you’ll be able to get the Ruby Steel version – which provides 2% cashback and a 100% rebate on Spotify.

And if you don’t want to stake anything? You can order the Midnight Blue version and get 1% cashback on all your spending (which is still good).

I got the Ruby MCO Visa Card, which I think is the most balanced and affordable version.

After 6 months, you can withdraw the MCO that you staked. It’s not lost forever. But if you do stop staking it, you’ll get a lower cashback rate and lose access to some of your card benefits.

Download and signup to Crypto.com using this link (or code: “cn9mkf4dzu”) and you’ll get a FREE $50 worth of CRO. This bonus is initially locked. To unlock it, you’ll need to stake 1000 CRO in the ‘Card’ section of the Crypto.com app.

Who Can Get the MCO Visa Card?

The MCO Visa Card is currently being shipped in:

  • United Kingdom
  • Europe
  • United States
  • Singapore

To be notified when they’re shipping in your country, download the Crypto.com app and get registered. Then just go to the ‘Card’ section and register your interest.

Fees

Excluding the staking requirements, it’s FREE to get your MCO Visa Card issued and delivered. It’s also FREE to load money onto your MCO Visa Card.

There are no domestic transaction fees. You’ll also get the interbank exchange rate if buy something using your MCO Visa Card in another currency. There’s a monthly limit on this, but it’s only a 0.5% if you go over it (which is competitive).

There’s no monthly management fee, but you will be charged £5.00, €5.00, or $4.95 if you don’t use your card at least once over a 12-month period.

Limits

These are the main Crypto.com Card limits that I picked out:

LimitGBP CardEUR CardUSD Card
Maximum Card Balance£22,000€25,000$25,000
Topup Limit (Daily)£22,000€25,000$10,000
Topup Limit (Weekly)£22,000€25,000$25,000
Topup Limit (Yearly)£220,000€250,000-
ATM Withdrawal Limit (Daily)£1,800€2,000$500 *
ATM Withdrawal Limit (Weekly)£9,000€10,000$5000 *
ATM Withdrawal Limit (Yearly)£66,000€75,000-
ATM Withdrawal Frequency (Daily)333
ATM Withdrawal Frequency (Monthly)303030
ATM Withdrawal Frequency (Yearly)360360-

Note: Entries marked with an asterisk shows limits for the Midnight Blue Crypto.com Card but have higher limits for other card types.

The FREE ATM withdrawal limit (monthly) is tied to what type of card you have. There’s a fee of 2% after your free limit. These are the limits for each card type:

Card TypeGBP CardEUR CardUSD Card
Midnight Blue£180€200$200
Ruby Steel£360€400$400
Royal Indigo£720€800$800
Jade Green£720€800$800
Icy White£720€800$1,000
Rose Gold£720€800$1,000
Obsidian Black£900€1,000$1,000

Crypto.com App

With the Crypto.com app, you can buy, sell, store, and transfer 68 cryptocurrencies on Crypto.com. This includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and many other popular cryptocurrencies.

You can buy these cryptocurrencies with a local currency like GBP, EUR, or USD. However, you can also exchange between all these cryptocurrencies too. In either case, Crypto.com have been made it simple, easy, and quick to do.

Crypto.com allows you to buy Bitcoin (BTC) and other cryptocurrencies at the real exchange rate without paying any fees. This makes Crypto.com the cheapest place to buy Bitcoin (BTC) in the UK, but also a great choice if you’re a resident in the EU or US.

To avoid all fees, you would normally need to deposit your local currency into Crypto.com with a bank transfer. However, the debit and credit card fee has been waived until the end of September 2020.

It just takes a few taps to buy Bitcoin (BTC) with GBP.

You can also use the Crypto.com app to track the performance of hundreds of cryptocurrencies. This allows you to look at previous price movements (in BTC or fiat currency) and also setup alerts.

How does it work?

Behind the scenes, Crypto.com executes orders by using their ‘Vortex Trading Engine’ to pool liquidity from major cryptocurrency exchanges. It then routes these orders to ensure that you’re offered the best possible price when you buy or sell a cryptocurrency on Crypto.com.

Supported Cryptocurrencies

Crypto.com supports an ever-growing number of cryptocurrencies (currently 68).

Toggle the section below for the full list of supported cryptocurrencies.

Full list of supported cryptocurrencies

These are all of the cryptocurrencies that you are currently able to buy, sell, store, and transfer using the Crypto.com app:

  • 0x (ZRX)
  • Algorand (ALGO)
  • Ardor (ARDR)
  • Ark (ARK)
  • Basic Attention Token (BAT)
  • Band Protocol (BAND)
  • Binance Coin (BNB)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Celer Network (CELR)
  • Compound (COMP)
  • ChainLink (LINK)
  • Chromia (CHR)
  • Chiliz (CHZ)
  • Contentos (COS)
  • Cosmos (ATOM)
  • Crypto.com Coin (CRO)
  • Dai (DAI)
  • Dash (DASH)
  • Decentraland (MANA)
  • ELF (ELF)
  • EOS (EOS)
  • Elrond (ERD)
  • Enjin Coin (ENJ)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Fetch.AI (FET)
  • Gas (GAS)
  • Golem (GNT)
  • Harmony (ONE)
  • Holo (HOT)
  • Icon (ICX)
  • Komodo (KMD)
  • KyberNetwork (KNC)
  • Lisk (LSK)
  • Litecoin (LTC)
  • MCO (MCO)
  • Maker (MKR)
  • Matic Network (MATIC)
  • NEO (NEO)
  • Nano (NANO)
  • OmiseGO (OMG)
  • Ontology (ONT)
  • Ontology Gas (ONG)
  • Origin Protocol (OGN)
  • PAX Gold (PAXG)
  • Paxos Standard (PAX)
  • Qtum (QTUM)
  • Ravencoin (RVN)
  • Ripple (XRP)
  • Stellar (XLM)
  • Stratis (STRAT)
  • THETA (THETA)
  • Tether (USDT)
  • Tezos (XTZ)
  • TomoChain (TOMO)
  • TrueAUD (TAUD)
  • TrueCAD (TCAD)
  • TrueGBP (TGBP)
  • TrueUSD (TUSD)
  • USD Coin (USDC)
  • USDM (USDM)
  • VeChain (VET)
  • Waltonchain (WTC)
  • Waves (WAVES)
  • XSGD (XSGD)
  • Zilliqa (ZIL)

Supported Traditional (Fiat) Currencies

When I setup my Crypto.com account, I could choose between these payment currencies:

  • United States Dollar (USD)
  • British Pound (GBP)
  • Euro (EUR)
  • Singapore Dollar (SGD)
  • Canadian Dollar (CAD)
  • Australian Dollar (AUD)
  • New Zealand Dollar (NZD)
  • Hong Kong Dollar (HKD)
  • New Taiwan Dollar (TWD)
  • Norwegian Krone (NOK)
  • Swedish Krona (SEK)
  • Danish Krone (DKK)
  • Swiss Franc (CHF)
  • Polish Zloty (PLN)

However, I found that I was only able to deposit GBP and EUR into my Crypto.com account after I had verified my identity.

Payment Methods

In the UK, Crypto.com supports the following payment methods:

  • Debit card
  • Credit card
  • UK bank transfer

US residents can deposit USD with a bank transfer via ACH network and EU residents can deposit EUR with a SEPA bank transfer.

FYI: Cryptocurrency purchases made with a credit card will probably be considered a cash advance. This means you’ll likely pay additional fees and a higher interest rate.

UK bank transfers are executed via the Faster Payments Service (FPS), which means they’ll be processed quickly (typically within an hour). You can also withdraw GBP from Crypto.com with a UK bank transfer (via FPS).

Debit or credit card purchases are instant, but you can’t use them to buy as much cryptocurrency as a UK bank transfer. If you don’t have any CRO staked, then you can only use a debit or credit card to buy about £6000 of cryptocurrency per week.

Crypto Pay

When you get the Crypto.com app, you can also access ‘Crypto Pay’. This enables you to buy gift cards with selected cryptocurrencies for lots of popular brands in more than 30 countries. This includes the UK, EU, and the US.

You’ll get up to 10% cashback (paid in CRO) when you buy these gift cards with CRO. In the UK, this includes popular supermarkets like Tesco, Asda, and Sainsbury’s. This is an awesome little benefit that slowly adds up.

You can also top-up a PAYG mobile phone with cryptocurrency – and get cashback on that too!

Crypto Earn

Crypto Earn lets you put your money to work.

With this, you can earn up to 18% interest per year depending on what cryptocurrency you’re investing, how long you’re locking it up for, and how many CRO tokens you have staked.

In reality, I found that I was quoted lower interest rates inside the Crypto.com app because I didn’t have enough CRO staked. This meant I was only offered 4.5% interest for depositing Bitcoin (BTC) and locking it up for 3 months.

Comparison of the Crypto Earn interest, with and without staking.

In comparison, BlockFi is offering 6% interest on Bitcoin (BTC) balances – with flexible access to your coins as required. Here are the interest rates that BlockFi is currently offering:

CurrencyAmountInterest
BTC0 - 56%
BTC> 53.2%
ETH> 04.5%
LTC> 05.0%
USDC> 08.6%
GUSD> 08.6%
PAX> 08.6%

Crypto Credit

With Crypto Credit, you can get instant loans by using your cryptocurrency holdings as collateral.

The loan-to-value (LTV) ratio is 50%, which means that you’ll get £500 credit if you deposit £1000 worth of these cryptocurrencies:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • EOS (EOS)
  • Stellar (XLM)
  • Crypto.com Coin (CRO)

You’ll be charged 12% APR if you’re staking less than 1000 CRO on Crypto.com. This drops to 8% APR if you have a stake of 10000 CRO or more.

For comparison, BlockFi offers cryptocurrency-backed loans with about the same APR at 50% LTV. However, you can get lower APR rates with BlockFi if you select a lower LTV rate (which isn’t possible with Crypto Credit).

Why would you use Crypto Credit?

Using something like Crypto Credit allows you to get instant access to cash, without needing to sell your cryptocurrency. This means that you won’t miss out on any positive price movements.

But compared to the loans you can get from a traditional bank, 12% APR seems quite high. Why might someone take this deal?

They might simply just need the cash for something.

Alternatively, they might be bullish on the cryptocurrency they’re using as collateral. For example, if someone believed that Bitcoin (BTC) was going to rise in price more than 12% over the course of the year, then they’d come out ahead if they used this loan as leverage to buy more Bitcoin (BTC).

Crypto.com Exchange

The beta version of the Crypto.com Exchange was launched in November 2019. If you’re already a Crypto.com app user, then you can sign up in just a few clicks.

This allows you to trade popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). You can see the full list of supported cryptocurrencies here.

You won’t be charged high fees either. Even if you don’t stake anything and do a small amount of trading, you’ll only pay 0.10% in trading fees if you’re a market maker or 0.16% if you’re a market taker.

You can find more information about Crypto.com Exchange’s trading fees here.

There are currently some great incentives for signing up:

  • 2% deposit bonus on all cryptocurrency deposits for 30 days.
  • 0% trading fees for 90 days.
  • 20% APR if you stake at least 10,000 CRO for 6 months.

The Syndicate

If you lock-up 5000 CRO on the Crypto.com Exchange, you’ll also get access to ‘The Syndicate’. This allows you to buy cryptocurrencies which are about to be added to the exchange at a discount.

In some cases, you’ll be able to buy cryptocurrencies at a 50% discount. That’s insane.

Understandably, this seems quite popular. Because of this, you’ll now also need to have a trading volume of at least $5000 over the last 30 days on the Crypto.com Exchange to participate.

Soft Staking

With Crypto.com Exchange, you’ll also get a small amount of interest (up to 5%) on cryptocurrency balances in your exchange wallet.

There’s no lock-up period required to get this. Just enable the option in your settings and you’ll get rewarded interest on a daily basis. As long as you meet the minimum amounts, you’ll then get this bonus.

Find out more here.

Alternatives

There’s not an alternative that’s offering everything that Crypto.com is under one roof.

However, one alternative that’s worth mentioning is Wirex.

Here’s why:

  • It fully supports 37 countries, which includes the UK, Europe, and Singapore.
  • Receive, store, and send cryptocurrencies popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
  • Buy and sell supported cryptocurrencies quickly and easily at competitive rates (1% fee).
  • Your crypto-friendly currency account is connected to the Wirex Card, which rewards you with up to 1.5% cashback and can be used anywhere that Visa is accepted.

Check out my Wirex review to learn more.

And if you’re looking to earn interest on cryptocurrency deposits, then BlockFi is worth checking out.

In short, you can earn up to 8.6% interest on your deposits. You can see their current interest rates for different cryptocurrencies here.

Summary: Impressive Crypto Platform

Crypto.com just keeps getting more awesome.

It’s building a platform which provides you with access to more than just another crypto debit card. It’s becoming a one-stop-shop for all things cryptocurrency.

Here’s what I particularly liked about it:

  • You can buy Bitcoin (BTC) and other cryptocurrencies at the real exchange rate with 0% fees if you deposit funds using a bank transfer.
  • The MCO Visa Card provides competitive cashback. If you stake about £120 in CRO, you can get 2% cashback on all spending and 100% cashback on Spotify.
  • Get up to 10% cashback on gift cards for popular brands. This includes supermarkets, coffee shops, and fast food delivery in the UK.

Want to give it a shot?

Signup (and get verified) in less than 10 minutes.

Any Questions?

Thanks for reading this Crypto.com review!

Have a question about Crypto.com or the MCO Visa Card that I haven’t covered?

Just comment below and let me know!

2 thoughts on “Crypto.com Review (2020): How Does It Compare?”

    • Thanks for commenting, Dirk!

      Thanks for letting me know about them – I’ll put it on my to-do list to check out, as it’s piqued my curiosity!

      If you’re not interested in staking any SXP (Swipe’s token), then it looks comparable on the surface to what’s being offered by Crypto.com. To unlock higher cashback amounts though, it looks like you’ll need to stake more money than you would on Crypto.com to unlock the same cashback. But on the flip side, Swipe looks like it offers cashback on Netflix and Amazon Prime without needing to stake as much!

      Reply

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