Interested on Crypto.com? Here is our overview
The impact that cryptocurrencies and specially Bitcoin are having in the world is overwhelming. Cypto.com aims at lifting the barriers that currently many entities as banks are putting to increase the trade in cryptocurrencies, and it certainly is achieving its purpose.
It is new banking, a transformation, and we are reaching a swift transition from this traditional way of banking. Traditional financial institutions normally implement big taxes on transactions performed by users, and to implementing rules that come close to usury. Currently, countries like China are beginning to stop paying in cash and use card payments to avoid costs and send money from one person to another without any expense. Banks are not well assimilating these changes, and consequently, other types of banks are emerging to take advantage of cryptocurrencies.
At Crypto.com, you can trade without worrying much about the cost: whereas banking fees are expensive in comparison. One of the coolest features is that you will be allowed to purchase cryptocurrencies with your debit or credit card in several nations. You can trade cryptocurrencies within the app without charging a commission, they charge when you withdraw cash from the app, and they are minimal commissions. You are allowed to address money to your contacts without any cost. Their currency is the MCO
First, you need to set up your name and contact information, including your phone number and email address.
It complies with KYC, AML, and PSD2 regulations by using biometric identification such as fingerprint and facial recognition. To provide proof of address and identity, you must present a passport, ID card, driving license, etc. Once these requirements are done, the app asks you for a cross-reference of your face along with its ID. The app reports a waiting time of 1 to 3 days, but it usually takes only a few hours.
Setting up fiat payments takes some time, and with limitations of some currencies, these include the US dollar, the British pound, the Euro, and the Singapore dollar.
The Crypto.com wallet
The Crypto.com team, the payment system, is partnered with more than 120 major brands and more than 60,000 different products.
You can buy seven fiat currencies and 53 cryptocurrencies. One of the differences with the Celsius investment wallet is that you don't have to invest in the platform.
The Crypto.com wallet is a product far from the rest of its competitors, allowing to store large amounts of about 60 digital assets.
Crypto.com Card Types
They are cards associated with Visa and have a very variable range of debit cards. At the same time, they are backed with the fiat currency of your choice, providing different benefits depending on the model chosen.
Midnight Blue Card
This is the most basic MCO debit card. It has a 1% payout on any purchase made with it.
You have an ATM withdrawal limit of $200 or £200. The monthly limit on interbank fees is $2,000.
Ruby Steel Tarjeta
With this card, the net benefits of Crypto.com come into play. It has 2% back on all purchases and doubles the ATM limits. The ATM limit is $400 or £400.
Another perk is that you get a full refund if you subscribe to Spotify ($9.99/month). The cards are made of metal.
To unlock the benefits of another bank card, you must invest 50 MCO, which is currently equivalent to £138.
Jade Green and Royal Indigo Card
These cards, also referred to as precious metal cards, include that cardholders are allowed access to various ranges of airport lounges around the world. In addition, both cards provide a 3 % cashback percentage on purchases, 100 % on Spotify, and Netflix up to a purchase value of $11.99.
They have an ATM limit of $800 and a monthly interbank fee limit of (0.5% and upwards) - $10,000. To unlock the benefits associated with both cards, you must wager 500 MCO or the equivalent of £1,380 for a minimum time of 3 months.
Icy White and Rose Gold Cards
The benefits of these two cards are simply astonishing: first of all, they offer a 4% of cashback for each purchase performed. The user will even have a complete discount on Spotify and Netflix, not to mention that discounts will be available as well at Expedia.
These cards have a $1,000 ATM limit and a monthly interbank fee limit (0.5% thereafter) - $15,000.
Users must have more than 5,000 MCO in the network for more than three months to get these benefits. The equivalent is 13,800 pounds that would be stored to generate interest.
Obsidian Black Card
Defectively the most user-friendly card in this list, and its users have extensive benefits. The Obsidian Black card gets all the benefits of Icy White and Rose Gold, but with the bonus of 10% cashback on all payments made on Airbnb and an additional 5% cashback on any purchase.
The cost of having access to it is depositing 50,000 MCO, equivalent to roughly 5,000 dollars.
Earnings with Crypto.com
There are a few disadvantages with the earnings at Crypto.com, and these are that you require certain quantity of MCOs acquired with various interest rates.
The money you can receive will depend on how long you want to keep it and the amount of MCO you bet to have. Specifically for Bitcoin, there are three options:
It provides a small amount of profit over time compared to other methods.
2% annual profit and $20 on a $1000 share.
You have to choose to store the bitcoin for a month; the coin is held in escrow and automatically unlocked at the end of the month.
4 % annual profit and $40 on a $1,000 interest
3 months term
Assets must be held for a minimum of 3 months, but cannot be taken out of the wallet in this time.
6% annual profit and $60 on a $1,000 share.
There is no limit to the number of bitcoins or cryptocurrencies you can invest. If you choose to bet 500 MCO, the interest rates are much better.
Credits on Crypto.com
We have already discussed that cryptocurrencies can be invested for dividends, but in the same way, you can borrow fiat money against them. There are amounts as it is logical that will depend on Crypto Credit.
You only need $100 in digital assets, whereas you can have a top amount of $1 million to access the credits. Something very good to consider is that the timelapse is one year
One of the newly added features is to include price alerts on cryptocurrencies.
To buy a particular cryptocurrency, select it in the same wallet menu, but what amount you want, choose a credit card, or even choose its associated fiat wallet.
According to the team, this allows users to find out the prices of more than 200 virtual currencies.
It can also build a crypto wallet, as it has automatic quantitative trading strategies, being set up in minutes, from the highest crypto reaching the worst in the market.
It currently operates in South Korea, Singapore, the United States, some Asian countries, and Europe, and then it will continue with Central and South America.