Minimum Earn Limits — In order to take part in the Earn program, you will need to meet minimum deposit requirements. The approximate amount overall is equivalent to $250 USD across most coins. CRO’s requirements are higher at 5,000 CRO which is roughly $800. The minimums are separated into Fixed and Flexible Terms, but requirements are currently identical for all Terms.

— In order to take part in the Earn program, you will need to meet minimum deposit requirements. The approximate amount overall is equivalent to $250 USD across most coins. CRO’s requirements are higher at 5,000 CRO which is roughly $800. The minimums are separated into Fixed and Flexible Terms, but requirements are currently identical for all Terms. Maximum Earn Limits — The max limits on Earn limits. The maximum cumulative amount allowed per user in Earn is $500k USD for 10,000 CRO tier which other than early crypto/wealthy investors, most users need not be concerned with (but if you do, congrats!).

Min & Max Deposits for Earn Terms

Bank Transfer Limits — Crypto.com has arbitrary ACH limits for those looking to transfer larger amounts to their fiat account. A total $7,500 a day limit (up to 3 transfers totaling this amount) with a total $25,000 rolling 30-day limit. Any transfers over this amount will be returned to your account.

— Crypto.com has arbitrary ACH limits for those looking to transfer larger amounts to their fiat account. A total $7,500 a day limit (up to 3 transfers totaling this amount) with a total $25,000 rolling 30-day limit. Any transfers over this amount will be returned to your account. No Automatic Renewal of Earn Terms — Your Fixed Earn Terms will not renew automatically. At the end of the term, you will need to manually deposit your funds back into a fixed term. Hopefully, in the future, they will add the option to enable auto-renewals.

— Your Fixed Earn Terms will not renew automatically. At the end of the term, you will need to manually deposit your funds back into a fixed term. Hopefully, in the future, they will add the option to enable auto-renewals. Closing Flexible Earn Plan — Be warned, if you close your Flexible Earn Term before interest has accrued and is paid out to your Crypto Wallet, you will lose out on your interest for the entire period.

— Be warned, if you close your Flexible Earn Term before interest has accrued and is paid out to your Crypto Wallet, you will lose out on your interest for the entire period. KYC Required for Visa Card — Obviously, Crypto.com must abide by strict KYC/AML laws to offer their Visa cards and if you’re looking to stay off the radar, this is not a service you’ll be interested in.

— Obviously, Crypto.com must abide by strict KYC/AML laws to offer their Visa cards and if you’re looking to stay off the radar, this is not a service you’ll be interested in. Cancellation Fee — Keep in mind for users who may potentially cancel their cards in the near future, they charge $50 to close your account.

— Keep in mind for users who may potentially cancel their cards in the near future, they charge $50 to close your account. Abrupt Changes to Terms — Crypto.com has the ability to change their terms for any of their offerings at a moment's notice. And they have in fact done this in the past, announcing last-minute changes taking place in 1 or 2 days (like lowering their Earn interest rates). That being said, for Earn users, if you are locked into a 3 month or 1-month term, they will honor the rates until the term is up — so in that respect, they do encourage users to lock in interest rates while the getting is good.

— Crypto.com has the ability to change their terms for any of their offerings at a moment's notice. And they have in fact done this in the past, announcing last-minute changes taking place in 1 or 2 days (like lowering their Earn interest rates). That being said, for Earn users, if you are locked into a 3 month or 1-month term, they will honor the rates until the term is up — so in that respect, they do encourage users to lock in interest rates while the getting is good. Force Swap from MCO to CRO — A controversial issue that has further split fans of the platform, users were forced to swap their MCO for CRO after a sudden announcement the original utility token would no longer be supported. Although they’ve provided an additional 20% bonus for those who swap their coins in a timely fashion, there was little communication of the upcoming change and many were not prepared for the sudden shift. Overall a positive move from a branding perspective and company direction, on the whole, the lack of communication and abrupt execution was problematic.

— A controversial issue that has further split fans of the platform, users were forced to swap their MCO for CRO after a sudden announcement the original utility token would no longer be supported. Although they’ve provided an additional 20% bonus for those who swap their coins in a timely fashion, there was little communication of the upcoming change and many were not prepared for the sudden shift. Overall a positive move from a branding perspective and company direction, on the whole, the lack of communication and abrupt execution was problematic. Lack of Transparency — Crypto.com has a slight transparency issue; choosing not to release any figures or details related to their platform performance, growth, etc. It’s actually difficult to even see if they are profitable as they do not disclose numbers as a private company. They often site competition as being the reason they choose not to share this data — preferring to retain their insight gained through building their platform and their R&D efforts from the ground-up. A stark contrast to Celsius Network’s approach and unfortunate choice as they would most definitely attract more users if they ever reconsidered this policy.

— Crypto.com has a slight transparency issue; choosing not to release any figures or details related to their platform performance, growth, etc. It’s actually difficult to even see if they are profitable as they do not disclose numbers as a private company. They often site competition as being the reason they choose not to share this data — preferring to retain their insight gained through building their platform and their R&D efforts from the ground-up. A stark contrast to Celsius Network’s approach and unfortunate choice as they would most definitely attract more users if they ever reconsidered this policy. Trade Spread — There have been concerns about their spread on trades being too high. Some users have mentioned making smaller purchases in an attempt to avoid costs incurred from Crypto.com’s disproportionate spread on larger trades. I would simply suggest staying vigilante and double-checking other exchanges buy/sell rates when making purchases through their app to make sure you’re getting a fair price.

— There have been concerns about their spread on trades being too high. Some users have mentioned making smaller purchases in an attempt to avoid costs incurred from Crypto.com’s disproportionate spread on larger trades. I would simply suggest staying vigilante and double-checking other exchanges buy/sell rates when making purchases through their app to make sure you’re getting a fair price. No Auto Top-Up Feature — You will always have to manually load your Debit Card with funds before real-world transactions. They do not allow users to auto-convert funds/coins held in their wallets for Debit purchases. Kris, the CEO, mentions this feature is restricted due to their partnership with Visa. He goes on to say it is also preferable to not have auto-top up since cryptocurrencies are volatile and this allows users to have control over when and at what price you convert your crypto into fiat for purchases.

— You will always have to manually load your Debit Card with funds before real-world transactions. They do not allow users to auto-convert funds/coins held in their wallets for Debit purchases. Kris, the CEO, mentions this feature is restricted due to their partnership with Visa. He goes on to say it is also preferable to not have auto-top up since cryptocurrencies are volatile and this allows users to have control over when and at what price you convert your crypto into fiat for purchases. Limited Card Top-Up Currencies — In the US, Currencies accepted for Debit Card Top-Up are limited to USD, BTC, LTC, ETH, XRP, PAX, TUSD & EOS. You cannot use their native CRO tokens to top up the Debit Card in the US which is unfortunate.

— In the US, Currencies accepted for Debit Card Top-Up are limited to USD, BTC, LTC, ETH, XRP, PAX, TUSD & EOS. You cannot use their native CRO tokens to top up the Debit Card in the US which is unfortunate. Listing Unintegrated Coins — Crypto.com has listed countless coins on their platform, allowing users to buy and sell them with ease. However, if you thought you could withdraw all these coins to an external wallet you may be in for a rude awakening. Crypto.com has yet to offer deposit and withdraw capabilities for the following coins: QTUM, ONT, XSGD, ONG, USDM, RVN, KMD, ALGO*, NEO, ETC, LRC, WAVES, XLM, ONE, DASH, ADA, ARK, ARDR, ZIL*, XTZ, STRAT, NANO, LSK, GAS*, COS*, THETA*, TOMO*, & CHZ*. *Unavailable to US users

— Crypto.com has listed countless coins on their platform, allowing users to buy and sell them with ease. However, if you thought you could withdraw all these coins to an external wallet you may be in for a rude awakening. Crypto.com has yet to offer deposit and withdraw capabilities for the following coins: QTUM, ONT, XSGD, ONG, USDM, RVN, KMD, ALGO*, NEO, ETC, LRC, WAVES, XLM, ONE, DASH, ADA, ARK, ARDR, ZIL*, XTZ, STRAT, NANO, LSK, GAS*, COS*, THETA*, TOMO*, & CHZ*. *Unavailable to US users Complicated Referral Program — Crypto.com’s referral program has gone through several iterations. But the current program, dubbed BG50, is often promoted as a quick $50 promo. However, the bonus is $50 in CRO tokens (NOT $50 Cash) and additionally you will need to stake 1,000 CRO (worth around $160) for a MCO Visa Card to release your bonus. CROs will be released immediately upon ordering the card, however, you will need to keep your 1,000 CRO locked for 6 months before you have the ability to withdraw/sell them. More details HERE. A simplified program offering bonuses for a one time transaction or deposit would be easier to swallow. The current promo can feel misleading if it’s not properly explained and it’s a lot to ask those who are not familiar with the platform to commit $$$ for an extended stake term.

— Crypto.com’s referral program has gone through several iterations. But the current program, dubbed BG50, is often promoted as a quick $50 promo. However, the bonus is $50 in CRO tokens (NOT $50 Cash) and additionally you will need to stake 1,000 CRO (worth around $160) for a MCO Visa Card to release your bonus. CROs will be released immediately upon ordering the card, however, you will need to keep your 1,000 CRO locked for 6 months before you have the ability to withdraw/sell them. More details HERE. A simplified program offering bonuses for a one time transaction or deposit would be easier to swallow. The current promo can feel misleading if it’s not properly explained and it’s a lot to ask those who are not familiar with the platform to commit $$$ for an extended stake term. Unclear Card Availability — Although they’ve quickly expanded countries where they ship their cards, including US, EU, Australia and APAC, many have previously ordered cards in countries where it’s unavailable — only to be notified of this after staking their CRO (or MCO) and ordering their visa card — now unable to retrieve their CRO (or MCO) tokens for 6 months. If you’re considering ordering a card, make sure you get clarification from support that the card is available in your market.

MCO/CRO Swap Issue

Some of you may have heard but MCO, their original ICO/utility token used for their debit card staking and cashback, was suddenly and unceremoniously discontinued by CDC management on August 3rd, 2020 after the app went down for maintenance.

They have correctly, in my opinion, decided to merge MCO and CRO into one streamlined utility token…CRO. Users must swap their MCO by the Nov 2nd deadline otherwise they’ll be left with a coin with no utility— worthless.

They announced the swap rate at 1 MCO=27.6439 CRO.

The formula used for this fixed swap rate is as follows:

1 MCO = (30-day VWAP of MCO / 30-day VWAP of CRO) x 1 CRO

(30 days between 4 Jul 2020 to 2 Aug 2020, both dates inclusive).

MCO holders who swap their balance before Sept 2 will receive an additional 20% in CRO — effectively turning the rate to 1 MCO=33.1726 CRO (essentially valuing MCO at $5.60).

At first glance, this seems generous enough.

Where things went wrong was with their decision to execute this process without consulting the community and force swapping users from a small market coin with 31,587,682 MCO total supply to 100,000,000,000 with CRO (CDC owning 80%). For users who were counting on the tokenomics of the limited supply of MCO have now effectively been forced into a highly diluted coin. Needless to say, it has upset many long-time MCO holders and ICO investors who already felt marginalized since CRO’s inception.

Things could’ve been handled better, but how? I’m not completely certain. What I do know is, they could’ve made longtime MCO holders whole since they were the individuals that made this entire project possible in the first place and thereby avoiding much of the backlash.

So does this swap heavily favor CDC’s interests? Certainly. CDC is a business after all and they must turn a profit to survive.

Sometimes I think we, as users, have a tendency of taking things for granted and forget we have taken full advantage of CDC’s vast array of perks to turn a profit ourselves — whether it’s their generous debit card cashbacks or industry-leading Earn rates — at the end of the day, someone has to pay for all these features we enjoy. If this is how it happens, I don’t believe it’s the worst outcome.

That being said, CDC really needs to work on communicating better in the future to help keep the peace within their community.

Final Thoughts

There are many moving parts to Crypto.com’s platform and its expansive services that go beyond the scope of this review. The idea of creating an entire financial ecosystem in a single platform is a fantastic, ambitious concept and they have largely succeeded — they are effectively bridging the gap between crypto and traditional finance — allowing users to spend their crypto on everyday transactions.

If mass adoption is to ever take place for crypto, I believe this is how it happens — at least for centralized options.

One thing is clear, Crypto.com has persevered in the face of immense doubt, facing an onslaught of criticism that wrote them off as a failure while they struggled to manufacture and deliver on their promise of a functioning crypto Visa Debit Card. And though, their rollout was hit with delays, they managed to ship functional Cards to Singapore and the US market (among others)— an achievement many doubted would even see the light of day.

As they make good on their promise to release cards in EU for Q1 of 2020 followed by expansions into Canada and Japan, they’ve scooped up an added side of ambition by launching their crypto exchange. Though the idea of an expansive ecosystem is definitely thrilling, I’m personally concerned about them biting off more than they can chew. A more focused approach building reliable, solid services would be my preferred approach. But considering the progress they’ve made so far, it may not be in the exact timeline they promise and take course corrections that raise eyebrows, I have little doubt they will deliver in the end.

For those curious to hear more about Crypto.com, I highly suggest checking out the recap of CEO Kris Marszalek’s AMA where he answers various questions from the community. There are multiple threads including the most recent from 8/2020, 7/2020, and 5/2020. I found it informative reading up on what they’ve accomplished, where they are headed — Kris has mentioned Crypto.com will be fully profitable in 2020 and they are looking to provide additional Defi solutions by December of 2020 which will be a big step in the right direction for the industry!

At the end of the day, you’ll have to decide whether Crypto.com is the right fit for you! Though you’d be hard-pressed to find any platforms as feature-rich as Crypto.com — do your own due diligence and make sure you stay informed!

If you found this article helpful, please consider using code ed9rh7q2a6 at sign up to earn $50 in CRO!*

Happy earnings!

*Crypto.com Referral Program — In order for both of us to receive $50 in CRO, you will need to buy and stake 1,000 or more CRO (approx. $200) for a 6 month period effectively ordering an MCO Visa Debit Card. The $50 CRO will be released immediately upon successful CRO staking.