Hey guys, welcome back to Zilliqa Zebra. If you are using Crypto.com and is confused by Crypto.com’s mobile app and exchange, this guide is for you. In this video, you will learn the differences between the app and the online exchange, and decide which one is suitable for your needs.
❤️ If you are planning to sign up the Crypto.com App, do use my referral code “cfmsnc28d3” which I’ve left in the description to sign up an account. In this way, we both get $25 USD when you stake for a Ruby card or above.
❤️ Similarly, if you are planning to sign up with the Exchange, you can use the same referral code or click on this link: ➡️➡️ https://crypto.com/exch/cfmsnc28d3 to sign up.
What is Crypto.com?
Crypto.com is an online platform that supports investors to invest in cryptocurrencies. The digital asset exchange organisation offers several cryptocurrency products and services, meaning an investor can buy, sell, trade, spend, store, earn, loan cash and even pay bills with cryptocurrencies using Crypto.com. The platform is slowly growing in popularity around the world.
What is Crypto.com App?
First of all let’s take a look at Crypto.com Mobile App. The app is only available on mobile. To buy cryptocurrencies on the App, you can do it via three methods: credit card, Crypto callet or Fiat wallet. If you are planning to buy cryptocurrencies via credit card or Fiat wallet, you can decide which currency you would like to use.
Using a Fiat Wallet in Crypto.com App
For Fiat wallet, you can choose from a variety of major fiat currencies. Do note that if you are based in Singapore, you can choose to buy up to 8 currencies via Xfers. Founded in 2015, Xfers aims to accelerate financial access within Southeast Asia by enabling businesses to accept payments and send money.
What is Crypto.com Exchange?
Now, let’s take a look at Crypto.com Exchange. Do note that this is a crypto-based exchange. Basically, you can only use the exchange to trade cryptocurrencies, and you cannot trade fiat currencies via the exchange.
Characteristics of Crypto.com Exchange
The Crypto.com Exchange has various trading pairs, but the main ones would be its native token, CRO, as well as BTC and USDT. Because you cannot deposit or top up fiat currencies into the exchange, you will need to transfer your cryptocurrencies from another platform. One possible method is to use the App to deposit your fiat currency and then transfer it to the exchange. An advantage of this is that there are no withdrawal fees imposed for this transfer or withdrawal.
Note that App and Exchange are not in sync
You may be curious to find out if the App and Exchange are in sync. The answer is no. Both the App and the Exchange are different platforms. As a result, you need to create a separate account for each of them.
What are the trading fees for Crypto.com App?
Now, let’s see the fees imposed by the App and Exchange. The Crypto.com App does not charge you any fees when you buy cryptocurrencies from a fiat currency, or when you exchange one cryptocurrency for another one. Nevertheless, there is a possibility that you might lose a small amount due to the spread or pip when trading on the App. Hence, if you are doing a small transaction, it is totally fine to do it on the App, but if you are doing a large trade, it is wise to compare between the App and Exchange in order to see whether the Exchange provides you with a better rate.
What are the trading fees for Crypto.com Exchange?
If you decide to trade on the Crypto.com Exchange, you will be charged up to about 0.16% of the trade. This is relatively more expensive to what Binance is charging (at about 0.1%), but as the fees for each exchange changes from time to time, it is always prudent to compare them before making a large trade.
What are the withdrawal fees for both App and Exchange?
For both the App and the Exchange, the withdrawal fees are the same. At the current moment, you will be charged about 0.0004 BTC for Bitcoin withdrawals, or 0.01 ETH for Ethereum withdrawals.
What are the staking rewards for both App and Exchange?
Next, let’s look at staking rewards. Crypto.com actively promotes the use of their CRO token and also rewards you for staking on both their platforms. They have somewhat been successful in tying the staking with their Crypto.com metallic credit cards.
What is the Crypto.com Rewards Visa Prepaid Card?
Crypto.com’s Rewards Visa Prepaid Card, previously known as the MCO Rewards Visa, is an interesting niche card that is specifically targeted at cryptocurrency holders looking for a way to easily access their crypto assets and turn them into a spendable currency. The product is a prepaid debit card that allows users to load their crypto funds to their card, which is then converted to the user’s preferred fiat currency.
The Crypto.com Rewards Visa card runs on the Visa processing network and therefore is accepted by all retailers that take Visa as payment, which, as the world’s largest processing network, means that the card is accepted at millions of locations worldwide.
It offers benefits such as unlimited lounge access, up to 8% cashback and free ATM withdrawals, amongst other benefits. If you are interested to find out more about the Crypto.com Rewards Visa card, do check out my other video which will cover this in more detail. But what you need to know now is that you can choose to buy CRO tokens and then stake them for 6 months to enjoy the benefits provided by the credit card.
What is the Crypto Earn (App only)?
Beyond the CRO staking, there is also the Crypto Earn feature, which can only be found on the Crypto.com App. You can choose to activate Crypto Earn for a variety of cryptocurrencies by locking them up for a certain period of time to enjoy interest. While the interest that you get is less than other competitors such as BlockFi, Celsius, or Hodlnaut and Haru for Singaporeans, it does provide some form of return within the App.
What is the Soft Staking (Exchange only)?
On the other hand, for the Exchange, while it does not have the Crypto Earn feature, you can choose the Soft Staking option to soft stake your cryptocurrencies. While the rewards that you can get is way lower than the market standard, it gives you the flexibility of getting some daily rewards for your cryptocurrencies, even when you place them on a pending order to trade them.
What is the Supercharger (both App and Exchange)?
Another interesting feature found on both the App and Exchange is the Supercharger. Supercharger is a simple, secure, and flexible liquidity mining platform, where users deposit CRO on the Crypto.com Exchange to mine the hottest DeFi tokens today. Supercharger is available for Crypto.com App users except for residents and citizens of Hong Kong SAR, Mainland China, and the USA.
When a Supercharger event is in the “Charging Period”, users can deposit and withdraw tokens from the liquidity pool as often as they wish. The Reward Period begins after accepting the Reward terms during the Acceptance Period. Users' rewards are based on the liquidity score they accumulated during the Charging Period. Rewards are distributed evenly on a daily basis during the Reward Period.
Users can withdraw their liquidity from the Supercharger pool at any time after the distribution. If the CRO is not withdrawn within the given timeframe it will be automatically placed for the next event.
Crypto.com App and Exchange - which should you use?
So which platform should you use if you are a Crypto.com user? The App will be really useful for you if you want a simple interface to trade and manage your cryptocurrencies, as well as to earn rewards from your Crypto.com credit card. It has a very clean user interface which is easy to navigate, and you can buy any cryptocurrencies from as low as just USD $1.
On the other hand, if you are a seasoned trader who is familiar with trading platforms from Binance, Huobi, Gemini and others, the Exchange might be a good option. This is more ideal if you are planning frequent large trades. The Exchange provides additional functionalities such as setting limit orders, or buying or selling based on market. Also, the lower trading fees of 0.16% should be better than the app. But of course, always check out other trading platforms to see which one is the best for you.
Get USD $25 via Referral link: https://crypto.com/exch/cfmsnc28d3
If you are planning to sign up the Crypto.com App, do use my referral code “cfmsnc28d3” which I’ve left in the description to sign up an account. In this way, we both get $25 USD when you stake for a Ruby card or above. Similarly, if you are planning to sign up with the Exchange, you can use the same referral code or click on this link: https://crypto.com/exch/cfmsnc28d3 to sign up.
That's all I have for this episode of Zilliqa Zebra. Don’t forget to subscribe to my channel for your regular dose of Zilliqa and cryptocurrency news. And check out my other videos which might be of interest to you.
