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The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider.
Before you pay your DPT service provider any money or DPT, you should be aware of the following.
1. Whether your DPT service provider is licensed by MAS to provide DPT services or not, please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider business fails.
2. You should not transact in the DPT if you are not familiar with this DPT. Transacting in DPTs may not be suitable for you if you are not familiar with the technology that DPT services are provided.
3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
Crypto.com is a Hong Kong-based online cryptocurrency exchange founded in 2016 by CEO Kris Marszalek.
Crypto.com was co-founded by CEO Kris Marszalek in 2016. Marszalek was previously the CEO of Ensogo, COO at iBuy Group Limited, co-founder and CEO of BeeCrazy and Yiyi Group Limited.
Crypto.com works like a conventional online cryptocurrency exchange – it allows you to deposit your fiat currencies into a wallet, and matches crypto buyers to sellers.
The Crypto.com Visa card comes in a range of five card tiers which offer rewards, merchant benefits such as Netflix and Spotify, and free currency exchange transactions. This card is only available to Crypto.com users who have CRO token staked for at least 6 months.
Most users have praised Crypto.com for their user-friendly and smooth mobile app interface. However, the mobile app reportedly has a history of crashing and freezing. If you're fond of larger screens, Crypto.com does not support any web or desktop apps.
Crypto.com offers a staking programme – that means you buy and hold the native Crypto.com CRO token in your app's wallet for a period of 6 months. Crypto.com's staking interest rates are considered attractive, with 6% reward rate for CRO (staked amount below S$500), 6.5% for BTC (staked amount above S$5,000), up to 14.5% for Polkadot (above S$50,000).
Crypto.com offers its very own prepaid (debit) card in five different card tiers – the most basic of which is the Midnight Blue tier (S$0 CRO staked), and Ruby Steel (S$500 CRO staked). Benefits include receiving rewards (what you might know as cash back or rebates) in CRO.
Crypto.com charges relatively high trading fees at 3.5% for credit card transactions, 0.4% maker and taker fees (for 30-day trading volume below US$25,000), and higher withdrawal fees such as 0.0004 BTC, 0.008 ETH, 0.8 ADA, 10 DOGE, and more.
Many online users have shared their struggle with depositing fiat currencies into their Crypto.com wallets. In Singapore, you will need to use the third-party payment gateway, Xfers, or IBAN.
Reviews for Crypto.com's customer support is largely divided. Some users have shared online that Crypto.com took hours – and for other users, days – to respond to their raised support tickets. The response time that you get depends on your account tier.
|Fiat Currency||Supported on Crypto.com Wallet|
|Australian Dollar (AUD)||Yes|
|Canadian Dollar (CAD)||Yes|
|Pound Sterling (GBP)||Yes|
|United States Dollar (USD)||Yes|
|USD Coin (USDC)||Yes|
|Brazilian Real (BRL)||Yes|
|Singapore Dollar (SGD)||Yes|
|Crypto Coins (162 total)||Available on Crypto.com|
|USDC (USD Coin)||Yes|
|TAUD (True AUD)||No|
|TCAD (True CAD)||No|
|TGBP (True GBP)||No|
|TUSD (True USD)||No|
Crypto.com's mobile app allows you to access over 100 cryptocurrencies in SGD. If you have a Crypto.com Visa card, you will also be able to manage it from the mobile app. Other benefits of the app include price alerts notifications and banners, and 2FA (two factor authentication) for security purposes. The Crypto.com app is available on both Google Play and Apple App Store in Singapore.
One of Crypto.com's unique features is the prepaid Crypto.com Visa card which grants card holders rebates in CRO tokens. To be eligible for the card, you'll need to first buy CRO tokens, deposit them in your Crypto.com wallet, and hold them for at least 6 months. Once that's done, you will then be able to stake CRO tokens.
To stake with Crypto.com, you will first need to have a Crypto.com Visa card. Once you have that, launch your Crypto.com app, select "Card", your card, followed by "Stake CRO". When your staked and locked CRO amount qualifies for a metal Crypto.com Visa card, you can then apply for a metal card. Crypto.com will then review your application and mail the card to you.
You can fund your Crypto.com account via four ways – by depositing cryptocurrencies that you already hold, depositing Singapore Dollar (SGD) via Xfers, via IBAN, or by depositing USD into USDC from your multi-currency account to your Crypto.com wallet.
If you already hold cryptocurrencies on another exchange or crypto wallet, you can deposit them into your Crypto.com app. Do note that only 123 crypto coins and tokens are supported on Crypto.com (5 are not supported in Singapore). Launch your Crypto.com mobile app, click "Transfer", "Deposit", followed by "Crypto". There, you'll find your Crypto.com deposit address which you'll need to copy and paste into your other crypto wallet to start the transfer process.
You can deposit fiat Singapore Dollar (SGD) to your Crypto.com wallet via Xfers. To use Xfers, you will need to first create an Xfers account via their website, complete the KYC (Know Your Customer) verification process. Then, launch your Crypto.com app, click on the "Settings" icon on the top left hand corner, followed by "Xfers Account".
To use EUR IBAN, you will need to use international money transfer services such as DBS Remit, Wise, or InstaRem – where you can add your Crypto.com app wallet as a new recipient.
In August 2021, Crypto.com introduced a new way you can fund your account – by transferring USD from your bank accounts into USDC coins (at a 1:1 ratio). To set up this deposit option, launch your app, "Fiat Wallet", followed by "the USDC Bank Transfer". You'll then be prompted to submit a bank statement with your Singapore residential address for confirmation. Verification takes several days.
On your mobile phone, launch the Crypto.com website. You will then see two options to download the Crypto.com app – from Google Play store or from the Apple App Store.
Once you've downloaded the app, you'll be prompted step by step to create a Crypto.com account with your email address. You'll then be prompted to scan your NRIC or passport and your face with your mobile phone's cameras for the KYC (Know Your Customer) verification process. Verification will take a few days. You may be prompted to resubmit your documents of images.
After you receive your verification confirmation email, you will now be able to fund your Crypto.com account via Xfers, bank transfer, or start purchasing coins via credit card.
There are several ways you can contact the Crypto.com customer support team – email, app, Help Centre articles, or social media and forums.
If you need to speak to a customer service staff, you can initiate a Live Chat on your Crypto.com mobile app. Launch your app, and click on the speech bubble icon on the top right hand corner of the homepage. There, you'll be able to send the customer support team a message, and see the live status of any errors you may have ran into while using the app.
If you need help with navigating Crypto.com, there are many step-by-step articles and guides available on Crypto.com Help Center. Otherwise, you can contact Crypto.com via social media and forums such as Reddit r/Crypto_com and @cryptocomcs on Twitter.