Crypto.com Review UK – Fees, Features, Markets, and Safety
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
If you’re based in the UK and looking to find a top-rated exchange to trade digital currencies – you might be considering Crypto.com.
Put simply, not only does Crypto.com enable you to buy and sell 250+ digital currencies, but it also offers crypto savings accounts, loans, an NFT marketplace, and more.
In this Crypto.com review UK – we cover everything you need to know about the exchange so that you can determine whether the platform is right for your crypto investment goals.
Founded in 2016, Crypto.com is a cryptocurrency exchange that allows you to buy, sell, and trade 250+ digital currencies. This includes large-cap projects like Bitcoin and Ethereum, as well as a full suite of ERC-20 tokens and DeFi coins.
Like all cryptocurrency exchanges, Crypto.com charges commissions on each buy and sell order that you place. This will cost you up to 0.40% per slide – albeit, lower commissions are available when you trade larger amounts.
Moreover, Crypto.com is also behind its very own digital currency – Cronos (CRO). By holding CRO tokens, the exchange offers a range of benefits – such as lower trading commissions.
Although Crypto.com is a top-rated exchange, it is important to note that the platform offers a wide range of other crypto-centric products and services. For example, Crypto.com offers some of the best crypto savings accounts in this space – with APYs of up to 14.5% available.
You can also access crypto loans with a maximum LTV of 50% and even apply for a prepaid debit card that is issued by Visa. The latter allows you to spend your crypto tokens in the real world – online, in-store, and at ATMs.
To kickstart this in-depth Crypto.com review UK, we’ll start by exploring what coins the exchange supports. As noted above, this consists of no less than 250+ digital currencies of all shapes, sizes, and market capitalizations.
Although listing each and every supported coin is beyond the remit of this review, you’ll find some examples below to give you an idea of what is on offer.
For a full list of supported coins, check out the Crypto.com website.
In addition to exploring what individual coins the exchange supports, our Crypto.com review UK also looked at the types of markets on offer.
If you’re simply looking to buy cryptocurrency in the UK – Crypto.com is a great option. This is because the platform enables you to pay for your purchase with a debit or credit card. Moreover, bank transfers are supported too.
In order to buy digital cryptocurrencies in this manner, you will need to download and install the Crypto.com app – which is compatible with both iOS and Android.
Crypto.com also offers a fully-fledged exchange – which enables you to trade a wide variety of pairs.
Each and every supported cryptocurrency can be traded against Tether (USDT). For all intents and purposes, this means that you can trade the future value of your chosen cryptocurrency against the US dollar, albeit, the market itself is represented by Tether.
Additionally, the Crypto.com exchange also allows you to trade crypto cross-cross. This means that you can speculate on the future value of one digital currency against another.
For instance, you might decide to trade Bitcoin against Dogecoin (DOGE/BTC) or Filecoin (FIL/BTC).
Although it is notable that Crypto.com offers margin trading facilities, it is important to note that as a UK retail client – you won’t have access to these products.
This is a result of FCA regulations. Professional clients from the UK, however, can trade a variety of digital currencies with leverage.
Fees at Crypto.com can take some time to understand.
For instance, trading fees will not only depend on how much you are trading and whether you are a market maker or taker – but the number of CRO tokens that you hold – if at all.
You also need to consider non-trading fees – such as when making a deposit.
With this in mind, in this section of our Crypto.com review UK – we will unravel each and every fee that you need to consider before opening an account with the exchange.
Payment fees at Crypto.com will depend on the deposit method that you opt for.
If you decide to buy cryptocurrency with a debit or credit card, this is charged at 2.99%. For instance, if your payment amounts to £2,000 – you will pay a deposit fee of £59.80.
In comparison, Coinbase charges 3.99%. Fees at Binance are often even higher for UK clients, as the exchange is required to go through a third-party processor.
On the other hand, if you are happy to wait several days for your payment to arrive, you can transfer funds via the UK Faster Payments network for free.
You can also deposit funds via digital currencies, which attracts no fee from Crypto.com.
First and foremost, Crypto.com utilizes a market maker/taker commission model on its exchange platform.
For those unaware:
It is likely that as a casual trader, you are a market taker. As such, the most you will pay to buy and sell digital currencies on Crypto.com is 0.40% per slide.
This means that for every £100 that you trade, you will pay a commission of just 40p. You do, however, even as a market taker, have access to lower commissions when you trade higher volumes.
Even at the upper rate of 0.40% per slide, this is considerably cheaper than Coinbase – which charges 1.49%.
With that said, you can also reduce your trading commissions by staking CRO tokens. As noted earlier, this is the native digital token of the Crypto.com ecosystem.
The discounts that you have access to will depend on how many CRO tokens you stake – so be sure to check this out on the Crypto.com website.
The Crypto.com exchange comes packed with a variety of trading tools that are likely to appeal to seasoned investors.
With that said, if you’re a complete beginner – you can elect to use the Crypto.com app to buy digital currencies – which offers a clean, simple, and user-friendly interface.
Nonetheless, some of the main aspects of the Crypto.com exchange are as follows:
Now that we have covered the platform’s exchange services, our Crypto.com review UK will now explore one of the provider’s most impressive features – Crypto Earn.
In a nutshell, Crypto Earn at Crypto.com enables you to put your digital tokens to work – meaning that you can earn interest on your idle holdings.
In many ways, this feature functions like a savings account – insofar that you will be paid a rate of interest for as long as your tokens are locked away. This is a choice between a 1-month or 3-month lock-up period.
With that said, Crypto.com also offers flexible accounts – meaning that you can elect to withdraw your cryptocurrencies at any given time.
Although the main Crypto.com exchange supports 250+ coins, its Crypto Earn feature is available on 40+ digital currencies.
This covers a wide range of cryptocurrencies and stablecoins.
Interest rates at Crypto.com are displayed in terms of the annual percentage yield (APY). As such, this reflects the amount of interest that you would earn over the course of an entire year.
For example, if the APY is 100% and you lock your tokens away for three months, you would essentially earn 25%.
The specific amount of interest that you can earn will depend on the crypto asset in question – in addition to the lock-up term and whether or not you stake CRO tokens.
To give you an idea of the interest rates available at Crypto.com, let’s look at a couple of examples.
If you’re looking to earn interest on the world’s largest cryptocurrency – Bitcoin, the highest APY on offer is 6%.
This would, however, require you to lock your BTC tokens away for three months. Moreover, you would need to stake no less than 40,000 CRO tokens during this period.
If you were to remove the CRO staking requirement, a 3-month lockup period on Bitcoin would yield 3%. Reducing this term to 1-month would yield 1.5%.
If you have no interest in staking CRO tokens, then perhaps the best digital currency to earn interest on is Polygon.
This is because, for a 3-month term, you would earn an APY of 10%. Flexible accounts are competitive too – with Crypto.com paying 6% annually.
If you’re looking to generate income on your crypto assets – but you don’t feel comfortable with high levels of volatility, you might want to consider a stablecoin like Tether.
This is because Crypto.com offers a yield of 6% on a 3-month term with no CRO staking requirement.
If you were to stake 40,000 CRO tokens, this yield is increased to 10%. These APYs remain constant for other stablecoins like USD Coin and even TrueGBP.
Take note, irrespective of which digital currency you decide to earn interest on, rewards are paid on a weekly basis.
Another product that we came across when compiling our Crypto.com review UK is the platform’s loan facility.
Put simply, Crypto.com allows you to take out a loan in return for putting crypto assets up as collateral.
First and foremost, Crypto.com allows you to fund your security deposit with a range of digital currencies. Moreover, you can receive your loan in True USD, USD Coin, Tether, or Pax Dollars. The maximum loan-to-value (LTV) ratio on offer is 50%.
This means that by depositing £1,000 worth of crypto, you can receive a loan worth upto £500. In terms of interest, a £500 loan in crypto would cost in the region of £5.00 per month at an annualized rate of 12%.
However, when staking at least £30,000 worth of CRO tokens, your annualized rate is reduced to 8%.
Moreover, Crypto.com enables you to repay the loan funds whenever you wish. And, as you are putting up collateral, no credit checks are required and thus – the loan will be approved near-instantly.
Crypto.com also offers a prepaid debit card that is issued by Visa.
This means that you can spend your cryptocurrency tokens in the real world. Not only at ATMs, but online and in-store.
The Crypto.com Visa card also offers cashback rewards that are paid in CRO. The amount you receive will, once again, depend on how many CRO tokens you decide to stake.
For instance, if you don’t stake any CRO tokens, you will get 1% cashback. The highest cashback rate on offer stands at 8%, albeit, this requires at least £300,000 worth of CRO tokens to be staked.
The amount of free monthly ATM withdrawals on offer will also be dictated by how many CRO tokens you stake.
Another top-rated feature on the Crypto.com platform is its NFT marketplace. This allows you to buy NFTs at the click of a button without paying any commissions.
Equally, if you are in possession of an NFT that you wish to sell, you can list it on Crypto.com with ease.
Some of the top brands and creators on the Crypto.com NFT Marketplace include Snoop Dogg, BossLogic, Travis Ragsdale, and Aston Martin F1.
As noted earlier, Crypto.com also offers a popular mobile app that is free to download and compatible with both iOS and Android devices.
The Crypto.com app is where you can buy digital currencies with a debit/credit card or UK bank transfer.
The app gives you access to most features as found on the main Crypto.com website – such as interest accounts, loans, and the ability to track real-time prices.
We also like that the Crypto.com app enables you to withdraw digital currencies to an external wallet.
If you’re looking for a safe place to store your digital tokens – you might want to consider the Crypto.com wallet. This is a non-custodial wallet, which means that you are the only person to have access to your private keys.
And therefore, should you misplace your private keys and subsequently forget your backup passphrase – Crypto.com won’t be able to help.
The Crypto.com wallet supports 100+ digital currencies and you can choose your preferred confirmation speed and network fee when transferring funds externally.
We also like that the Crypto.com wallet enables you to earn interest on 35+ DeFi tokens – such as Compound, Cosmos, and Yearn Earn V2. Another feature offered by the Crypto.com wallet is the ability to swap DeFi tokens at the click of a button.
As such, there is no requirement to leave the wallet interface itself. Take note, the Crypto.com wallet comes in the shape of a mobile app for iOS and Android.
However, this is separate from the previously discussed Crypto.com app – which is more suited for buying and selling tokens.
In this section of our Crypto.com review UK – we cover some of the security features offered by the exchange.
All in all, Crypto.com has a great reputation in this industry for fair trading and institutional-grade security.
In summary, we found that Crypto.com is home to one of the biggest ecosystems in the digital asset industry.
Not only does this include conventional exchange services, but also the ability to earn interest on idle tokens and even take out a crypto loan. Other notable features include a crypto wallet, mobile app, NFT marketplace, and a prepaid debit card issued by Visa.
Our Crypto.com review UK also found that the platform supports fee-free GBP deposits via Faster Payments and the ability to trade crypto at a maximum commission of just 0.40% per slide.