Crypto.com

I would like to share with you my experience with crypto.com

What is crypto.com?

Crypto.com is a cryptocurrency and payment platform. You can buy and sell 7 fiat and 53 cryptocurrencies, and much more.

Crypto.com App

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How to buy/sell cryptocurrency on the app?

You have different options. You can purchase by credit/debit card. You can purchase by bank transfer

You can withdraw any fiat money or cryptocurrencies directly from the app.

In addition to deposits and withdrawals, Crypto.com also offers users the ability to transfer cryptocurrency to friends via its “Pay Your Friends” feature. This feature allows you to transfer cryptocurrency to your contacts instantly and without commissions.

MCO Token

The Crypto.com MCO token are used to let the crypto.com work.

You must block MCO tokens (50, 500, 5000 or 50,000) to reserve or change your MCO Visa Premium (Metallica) MCO Visa Card

Cashback on VISA card up to 5% is deposited inside your Crypto Wallet in the form of an MCO token.

Refunds from Netflix, Spotify, Expedia and AirBnb purchases are deposited into your Crypto Wallet in MCO token form.

You receive a 50% discount on Crypto Invest commissions if you have a minimum of 50 MCO.

Receive annual interest up to 18% (from 6%) through Crypto Earn if you have blocked a minimum of 500 MCO.

MCO Visa Card

It’s a VISA prepaid debit card.

What attracted me to get this? The cashback you get on any purchase and the possibility to have cashback on the Netflix and Spotify subscription.

As described in the official guide, if Crypto.com’s app was a galaxy, the MCO Visa Card would be the sun.

MCO tokens owned to book a card will be locked inside the Crypto.com app for a duration of 6 months, after which you will be free to do what you want with them.

MCO Visa Card Limits and Fees

All the cards Limits (e.g. free ATM withdrawal, interbank exchange rate, top up or ATM withdrawal) and Fees can be found in the Settings, in the Fees & Limits section. There are differences between the fees and limits depending on your card’s tier (lowest limits for Midnight Blue and highest for the Obsidian Black), so be sure you’re checking the correct card tier.

As per February 2020 there are the card tiers

The first image is if you do not stock any MCO tokens

But if you are staking MCO tokens the benefit are better. Here you are

Informations are taken from https://crypto.com/en/cards

How MCO VISA cashback works

When you make a purchase with your MCO Visa Card, the cashback you earn will always be distributed in the form of MCO tokens. They will be deposited inside your Wallet MCO.

How to charge the crypt.com VISA card

On the app, you’ll get your IBAN. You can transfer money with a simple bank transfer, alternatively, you have the address to deposit the crypto currencies.

Crypto.com Earn

it’s possibile to Earn crypto currency staking them in the app. You can earn up to 8% yearly on crypto and up to 18% yearly on stable coins

Staking means to block them for a fixed limited period of time, like 1 or 3 months.

The interest rates are paid weekly directly in the app. You get a prompt notification on your smartphone when the crypto interests are paid.

Notice: When you block a crypto and they give you a % interest that always refers to the type of currency you block!!! So if you block 100 BTC and they give you 8% it means that after one year they give you 8 BTC. If BTC goes to $100,000 or $1 in the meantime that’s another matter…..

Here the interest rate updated at February 2020

 

 or in this more beautiful infographic

Crypto.com Invest

This is a financial aspect of the app.
You can invest using a unique trading algorithm developed by Crypto.com. It’s not clear how this algorithm works. If I do not understand completely something I do not invest in it. Therefore I am not using this function.

Since March 1st 2020, the “Invest” section is no longer accessible to everyone, but only to those who have 5,000 (or more) MCOs staked.

Crypto.com Credit

if you deposit cryptocurrencies you can get a credit in fiat money (example USD or EUR).
I am not using this function and I do not like it. But it’s one of the way in which crypto.com earn money and can give you cashback and interests rate

Crypto.com Pay

You can let others pay you in cryptocurrencies and you get fiat money with low fee.

I am not using this function I have not studied it deeply. Sorry.

Crypto.com Gift Cards

This is a function I have started to use. It’s “hidden” under the crypto.com pay section in the app.

You can buy gift cards in different sectors like Airlines, Hotels, Fashion, Food & Beverage, General Retail and get a cashback

You should use CRO as the payment method to get the cashback.

Cashback can reach 10% maximum.

Cashback is increased if you hold an active deposit term of 10,000 CRO or more in Crypto Earn (with tenure of 3 months)   or have staked 10,000 CRO or more in crypto.com Exchange

 

User guide

 

You can find an official user guide in many languages at https://help.crypto.com/en/collections/260596-crypto-com-app#user-guide

Get 50 USD bonus

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To unlock the $50 you have to stake (lock for 3 months) at least 50 MCO (about 250 EUR or 300 USD at february 2020 exchange rate) … To do the staking you do not need to order the card but have the minimum of coin required.
Buying MCO is very easy within the application. You can easily convert fiat money into the required MCO