Crypto.com review

Summary

Crypto.com is a platform allowing users to easily buy, save and spend cryptocurrencies such as Bitcoin. The platform has many features from staking, cashback, rebates and big interest rewards. It works by using its native crypto called CRO, the basic idea is that the more CRO you stake, the greater the benefits you acquire as a user. With a user-friendly app, it allows anyone to easily start in the crypto world. For this review I will be mainly talking about the benefits in staking as well as the Visa cards that they offer.

Pros

• The cards offer great benefits such as free Spotify and Netflix
• App is very easy to navigate
• Interest rates are very high, especially compared to banks

Cons

• Customer support may take hours or days to respond
• Most of the features require you to stake CRO
• Can be confusing exchanging between crypto and fiat currency

Types of Visa Cards

Other benefits missing from the table include:

• 10K CRO tier has a 16% interest paid weekly into your account in CRO
• You gain an extra 2% in their Crypto Earn section with over 10K CRO staked

Also the monthly rebates for services are as follows:

• Spotify: Up to $9.99 equiv montly subscription fees
• Netflix: Up to $12.99 equiv standard monthly subscription - HD, 2 screens
• Amazon Prime: Up to $12.99
• Expedia: Up to $50
• Airbnb: Up to $100

These rebates are paid in the native crypto CRO and these benefits are not due to a result of a partnership between Crypto.com and those companies so Crypto.com may modify this offer at any time.

If you want to try out the card with no risk, you can get the Midnight Blue card which is free to sign up to, for the higher tier metal cards, you will need to stake the following amounts:

• Ruby Steel = Stake 1K CRO ≅ £130
• Royal Indigo/Jade Green = Stake 10K CRO ≅ £1,300
• Icy White/Frosted Tose Gold = Stake 100K CRO ≅ £13,000
• Obsidian Black = Stake 1M CRO ≅ £130,000

As you can see the benefits are appealing, however to acquire these benefits you will need to stake the corresponding amounts for a period of 6 months where after your funds are unlocked and you can take money out but to maintain the benefits, you will need to continue staking the corresponding amounts. You can also upgrade your card tier at anytime for £50 and the Visa card is valid for 4 years.

Calculating value of Benefits

Lets assume you spend £5000, I will be calculating how much the benefits you gain are for Midnight Blue, Ruby steel and the Royal Indigo/Jade Green cards.

Midnight Blue card - No risk

With 1% cashback, you will save £50 annually.

Red Steel card - Great to start off

With 2% cashback + 12 months of Spotify(Max rebate about £7.50) + $50 bonus from referral = (0.02X5000)+(12X7.5)+38 = £228 first year, £190 after.

Royal Indigo/Jade Green card - Great if you watch netflix

With 3% cashback + 12 months of Spotify(Max rebate about £7.50) + 12 months of Netflix(Rebate for standard £8.99) + 1 year of interest + $50 bonus from referral = (0.03X5000)+(12X7.5)+(12X8.99)+(1300X0.16)+38 = £593.88 first year, £555.88 after.

As you can see, you can save alot with these cards with the Red steel card giving back about £228 after staking £130 gaining back nearly £100 in the first year alone and the Royal Indigo/Jade Green card being the more long term option. Remember staking is only needed once and with no recurring fees, you will start to profit from this in the long term. I also did not include the price that the LoungeKey would be per visit which also adds to the gains you get back!

Crypto Earn

I'll go through crypto earn quickly. The earn service is basically like lending (savings account) with a higher interest rate with up to 18% interest if you save in CRO and for 3 months. The interest rates above are reduced by 2% if you only staked 1000 CRO or less for the cards. This interest is paid into your account weekly in the form of crypto and by *reinvesting* the CRO earned by this and your card benefits, you start to gain alot from this in the long term in the form of Compound interest. However as always, it can be risky putting your money in crypto rather than a real-world currency.

Wallet types

With 3 types of wallets, it can be daunting to start off in Crypto.com, here is a small outline on what each one does:

• Crypto Wallet: the place to store your crypto to buy/sell or stake.
• Fiat Wallet: To deposit and withdraw fiat(real-world money) to buy crypto.
• Card Wallet: Allows you to spend fiat with the card or withdraw form ATMs

Final Verdict

Crypto.com offers many benefits which allow you to earn in the long term. Even though the platform mostly revolves around its native cryptocurrency CRO, this cryptocurrency is increasing in value which means that the value that you stake in will increase and along with the benefits are very appealing to use especially with other services such as the exchange that I did not go over as I do not use it. Crypto.com has alot to offer as you get into the world of crypto and start to become more confident. If you do get into Crypto.com, do research further into the platform as this review is just a small outline into the services they offer. Afterall, who doesn't want a metal card?