Crypto.com Exchange Review for Canadians

Updated: Oct 13, 2021 | Published: August 20, 2021   

By: Alex Dabek

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The Bottom Line: Crypto.com offers 100+ cryptocurrencies and lots of features for Canadians like staking, crypto credit cards, NFTs and more. The downside is there are high fees hidden in the spread. When I tested the platform, it had a total 1.52% purchase fee for buying Bitcoin.

After testing 15+ Canadian crypto exchanges, I can say Crypto.com is a good platform for its variety of features. However, if you want the best prices in Canada and best overall, I recommend Newton, NDAX and Binance.

Crypto.com App

Crypto.com Overview

Overall:

3.6

Cryptocurrencies

100+

Trading Fees:

Free on mobile app, Up to 0.4% maker, 0.4% taker on the Exchange

Deposit Options:

E-transfer - up to 2 business days (Free)

Crypto - instant (Free)

BTC Withdrawal Fee

0.0004 BTC

Pros & Cons

  • Variety of Coins - Trade 100+ cryptocurrencies which is more than any Canadian-based platform
  • Good Features - Wide variety of features. You'll find staking, crypto credit cards, NFTs, borrowing, multiple apps and much more
  • Suitable For Everyone  - Beginner and advanced investors will find what they're looking for
  • Security - Lots of user security features you can try and good company reputation since being founded in 2016
  • High Fees Hidden In The Spread - When randomly tested, Crypto.com had a 2.77% spread for buying Bitcoin which is very high
  • Slow Deposits and Withdrawals - E-transfer take up to 2 days to process and have low limits
  • Little Difficult to Navigate - Mobile app layout can be confusing, especially for beginners 
  • Not All Features Are Accessible - Must stake $1000's of CRO to get access to some features, lower fees, and various credit cards
  • Crypto Withdrawal Fees - Fees are fixed and relatively high for some coins which will be annoying for small transfers and traders

About Crypto.com

Founded in 2016, Crypto.com's mission to accelerate the world's transition to cryptocurrency. So far, they have over 10 million active users in 90+ countries as well as partnerships with the UFC, Visa, Formula 1 and other massive brands. Their headquarters are in Hong Kong and they have 1500+ employees according to LinkedIn. 

The company offers a wide range of features such as 100+ cryptocurrencies, staking, their own CRO token, an NFT marketplace, the Crypto.com Visa Card and more.

Is Crypto.com Regulated?

Yes, Crypto.com is regulated by FINTRAC and is a registered Money Service Business in Canada. Those are fancy words saying Crypto.com is legit. Their headquarters is in Hong Kong, but they are allowed to operate in Canadian provinces and territories.


App Screenshots

Crypto.com App Screenshots

Opening An Account

Setting up a Crypto.com account is easy and takes about 5 minutes. Be ready to provide personal info and documents because it's similar to registering for a bank account or stock brokerage. After this, verification can take up to 2-3 days. Although, when I registered, I was verified within hours.

Who Is Eligible?

  • Canadians and 100+ countries
  • People above the age of 18

Sign Up Requirements

  • Email address and password
  • Your phone number for verification
  • Legal name
  • ID verification (drivers license, passport)
  • Selfie

Deposits and Withdrawals

Crypto.com's CAD deposits and withdrawals are slow and have low maximum limits. Although they have e-transfer which is instant on most platforms, it takes Crypto.com up to 2 days to process these which is something to keep in mind.

CAD Deposits

Method

Fee

Time

Minimum

Interac E-transfer

$0

Up to 2 business days

$100 - $10,000

Credit/Debit Card

3.50% (sometimes fee is waived)

Instant

$100

CAD Withdrawals

Method

Fee

Time

Minimum

Interac E-transfer

$0

Up to 2 business days

$100 - $3,000

Crypto Withdrawals

Method

Fee

Minimum

BTC

0.0004 BTC

0.0005 BTC

ETH

0.008 ETH

0.016 ETH

XLM

0.1 XLM

200 XLM


Fees

Total BTC Purchase Fee

1.52% (Sep 10, 2021)

Trading Fees

0% (Mobile App)

0.40% Maker / Taker (Crypto.com Exchange)

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawals

0.0004 BTC

Spread (Sep 10, 2021)

BTC Spread

2.77%

BTC Buy Price

$57,550

BTC Sell Price

$56,000

Ref. Price Difference

Buy: +1.52%

Sell: -1.23%

Reference Price (Google)

$56,688

Crypto.com advertises you can "buy crypto at true cost" but after testing their fees it was not the cheapest place to buy crypto in Canada. The total fee to buy Bitcoin was 1.52% on Sep 10, 2021. This means $100 would get you $98.48 of Bitcoin. To compare, Newton would get you $99.31 and NDAX gets you $99.50.

Keep in mind, these spreads change daily so shouldn't be taken exactly. Also, Crypto.com was tested in Sep 2021 when the other platforms were all tested Mar 2021.


List Of Features

Crypto.com has many features that suit beginners, advanced traders, e-commerce businesses, and more. Let's take a look at their offerings:

iOS, Android, Web App

Access Crypto.com on all of your devices and trade over 100+ cryptocurrencies. They also have multiple mobile apps which include the main Crypto.com app, the DeFi Wallet app and the Crypto.com Exchange built for advanced traders.

Crypto.com Exchange

Advanced traders can use the Crypto.com Exchange which has its own website and mobile app. Users get access to technical charting tools, advanced order types, and more.

Stake and Earn

Earn up to 14.5% interest for depositing your coins on Crypto Earn. They have 40+ coins available with three different lockup periods which are flexible, 1 month or 3 months. The interest rates start as low as 0.5% and go up to 14.5%. Your rewards are credited to your wallet every 7 days.

Crypto.com Visa Cards

Crypto.com offers many Visa cards with various rewards that let you earn 1%-8% cashback in CRO on your purchases. There are different card tiers including Midnight blue, Ruby steel, Jade blue or Royal Indigo, Frosted blue or Icy white, and Obsidian. You must have a specific amount of CRO staked to earn each card to access rewards and benefits.

Instant Loans

Get a loan without any credit checks by depositing your crypto as collateral. The APR currently ranges from 8%-12% and you can borrow up to 50% of your collateral on 20+ coins. They state you can pay it back anytime with no late fees or deadlines.

DeFi Wallet (Seperate App)

The DeFi wallet app is a fully decentralized wallet where users own their private keys. Users have access to 268+ DeFi tokens to swap, store, or send to friends. It is different from the Crypto.com app wallet, where the exchange holds your private keys. 

Learning Resources

Crypto.com has a research division filled with DeFi reports, Data, and analysis on many blockchain and crypto topics. You can also find Crypto.com University which provides free articles and education to get started with crypto.

Referral Program

Users who refer friends to Crypto.com can be rewarded up to $2000 in CRO and 50% of their trading fees. As long as the referee completes their verification process and stakes CRO, you both can be eligible for the reward.

Crypto.com Tax

Crypto.com/tax helps Canadians file their crypto taxes for free and you can also import transactions from other supported exchanges like Coinbase, Shakepay, Bitbuy and more.

Bug Bounty Program

Crypto.com uses whitehats to help keep its systems safe. Researchers who detect bugs and vulnerabilities in their systems can earn up to $10,000 -$20,000 in rewards.

Other Features

Crypto.com has many other products, some of which are totally separate apps. These include an NFT marketplace, DeFi Wallet app, DeFi Swap Protocol, and more.


Security

Crypto.com has many user security features and company protocols. Let's break them down:

Company Security Features

  • 100% of users crypto are held in cold storage in a partnership with Ledger Vault
  • $360m USD in cold storage insurance
  • FINTRAC regulated in Canada
  • Bug bounty program 
  • Completed independent security audits
  • Their software development is peer-reviewed according to their website

User Security Features

Crypto.com offers various security features you can toggle on and off in the app:

  • 2-Factor Authentication
  • Enable Face ID/Touch ID
  • Withdrawal whitelists
  • Add trusted devices
  • See account activity (login dates, IP addresses, browser, etc)
  • Passcode for opening app
  • Anti-phishing code (unique code in your emails to know it's genuine)
  • System status (live page to see if the website is operational)

Is Crypto.com Safe?

Crypto.com is a large and trusted platform and it's as safe as any other popular crypto exchange. They were founded in 2016 and have never lost users funds and they offer lots of security features for users. However, exchanges can still be hacked and your funds are not CDIC insured. The safest way to store your crypto is when you own your own private keys, ideally with a hardware wallet.

Has Crypto.com Ever Been Hacked?

No, Crypto.com was founded in 2016 and has never been hacked. They keep users' crypto assets in cold storage with custodial partner Ledger Vault and the cold storage assets are insured for $360 million.


Support

Crypto.com Support

If you need to contact the support team you can easily open a conversation and send a message within the app. They offer 24/7 support and it says they "typically reply in a few hours." Additionally, there is a large help centre with hundreds of articles and a website status page.


Crypto.com vs. The Competition

Compare Crypto.com with other popular Canadian crypto exchanges below. You can see all of the data here.

Name

Coins

*Total BTC Purchase Fee

Best CAD Deposit Fee

Trading Fee

BTC Withdrawal Fee

2

1.43%

Free

0%

Free

7

1.41%

Free

0.50%

0.0005 BTC

9

2.60%

Free

0.20%

0.00025 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10

0.72%

Free

0.1% / 0.2%

0.0005 BTC

16

0.50%

Free

0.20%

0.000399 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

20+

1.48%

Free

0%

0.00025 BTC

25+

0.66%

Free

0%

0.0005 BTC

40+

0.69%

Free

0%

Network fees minus $5

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

75+

4.55%

3.99%

0.50%

Network fees

100+

1.52%

Free

0%

0.0004 BTC

350+

2.24%

2.00%

0.10%

0.0005 BTC

*Total BTC Purchase Fee was calculated on Mar 01, 2021 and changes daily. It adds all fees to make a purchase (CAD deposit fees, trading fees, etc) plus the % difference to Google's price of Bitcoin which was the reference price.

This table is up to date as of Aug 13, 2021


Best Crypto.com Alternatives

Newton is my #1 pick for Canadians. It lacks advanced features but has the most coins on a Canadian based platform (25+) and some of the lowest overall fees in Canada. Low fees include free $CAD deposits and withdrawals, cheap crypto withdrawals, zero trading fees, and tight spreads.

Binance offers 350+ altcoins and also has many advanced features like margin, interest accounts, liquidity pools, and much more. It's also the biggest crypto exchange in the world by trading volume. The downside is you can't connect a CAD bank account so you need a domestic exchange as well. The other downside is Binance is unavailable in Ontario, so Kraken is a similar alternative.


In Summary

Crypto.com offers 100+ cryptocurrencies, lots of features and free deposits and withdrawals. However, they have high spreads so it's not the best place in Canada if you're looking for low fees.

Who Should Use Crypto.com?

  • If you want to trade 100+ cryptocurrencies
  • If you want to get a crypto cashback credit card
  • If you want advanced features like staking, technical charts, etc

Who Should Not Use Crypto.com?

  • If you want instant deposits and withdrawals
  • If you want the cheapest overall places to buy crypto 
  • If you'll be depositing/withdrawing more than $10,000 at a time
  • Beginners should use something easier like Newton or Shakepay instead
Crypto.com
  • Trade 100+ cryptocurrencies
  • Access staking, credit cards, and more
  • Get $25 free when you stake for a Ruby Steel card

FAQ

Is Crypto.com CDIC Insured?

On Crypto.com, your funds are not CDIC insured like a traditional bank account. They do have a separate $300m insurance policy on their cold storage. To stay secure, the safest way to hold your crypto is on a hardware wallet.

Can I Store My Crypto on Crypto.com?

Yes, you can store crypto in your Crypto.com account however it's not recommended to hold large amounts on any exchange. This is because exchanges have been hacked in the past. The safest way to store your crypto is on a hardware wallet. You can also download the Crypto.com DeFi wallet which is a separate app that lets you hold your private keys.

What Countries Is Crypto.com Available In?

Crypto.com is available in over 90 countries and has 10+ million users around the globe.

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