ZoneBitcoin EditorialI have known and used crypto.com for a year now but I must say that each time the application surprises me with the new features added.
Today, I am not afraid to be wrong in saying that it is one of the most complete crypto applications on the market.
Indeed, crypto.com is 5 things at once:
- A crypto and fiat wallet (you can have more than 50 different cryptocurrencies as well as euros or dollars).
- A crypto bank card provider that offers cashback on a very promising token.
- An application to pay directly with your smartphone.
- A cryptocurrency exchange platform.
- A fund investment service (crypto lending and borrowing).
There you go, it's all of that at once. And, this is why it can become an application of choice among cryptocurrency holders. For what? For the simple reason that we no longer need to switch from one app to another and that we can do everything on this app.
Finally, the objective of crypto.com is to promote the transition from traditional finance to cryptographic finance. In other words, the founding team does everything to facilitate the use of cryptocurrencies through its application.
It is also the purpose of this article to show you everything you can do with Crypto.com.
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1/ Obtain a Visa card
Honestly, most people who sign up on the app I crypto.co do it mainly to obtain a VISA card, from what I have read on the net. Bank cards in fact offer many advantages compared to other cryptographic bank cards that exist.
(For example, the Wirex card had gained popularity because it offered 1% cashback but the crypto.com card offers cashback up to 5% and in a very attractive token.)
The biggest advantage is that by using the card, one systematically receives MCO tokens in exchange. It’s a very interesting kind of cryptographic cash back. It's always better than spending without getting anything in return, right?
Then, the other important fact to know is that MCO tokens are of great value. The token has continued to grow since its launch and given the general enthusiasm for this card, it is almost certain that the tokens will continue to increase in value over time.
There are different types of cards. You will have to choose the one that suits you best according to your requirements and your general expenses. These range from a simple card to one with higher spending limits and equally great benefits.
But, know that there are many advantages for all types of cards:
- Card available in the United States (49 out of 50 states), Europe (£/€) and Singapore. The company says it will offer cards in Africa by the year 2020.
- There are zero annual or monthly fees.
- You can spend your money in currencies or cryptocurrencies.
- Lowest interbank exchange rates.
- The simplest card is free.
- Up to 5% back on purchases made with your card.
- Delivery of the card is free.
- You can order metal cards with personified colors.
- You have no minimum balance and you can withdraw at any time.
👉🏼 Additionally, you can also apply for the MCO Visa card directly on the app itself. Applying for the card of your choice only takes a few minutes.
These are the settings for maps in general. Now we will see the functionalities for each of the cards.
I hope this helps you make your choice. Be aware that there are 5 different cards with different fees and tiers.
MCO Midnight Visa Card (free)
The Midnight Blue Visa Card is available immediately, without the need for you to purchase MCOs. This free card allows you to earn 1% MCO token rewards on all spending you make. You will have an ATM withdrawal limit of $200 USD (free after it will be 2% fee) and an interbank exchange rate limit set at $2 for free. Then it increases to 000%.
MCO Ruby Steel Visa Card (50 MCO Stake)
As its name suggests, the Ruby Steel card is a red composite metal bank card. It is rather refined in its design. To order this card, you will need to have 50 MCO. Benefits include 2% MCO rewards on all card spending, monthly withdrawal limit of $400 USD, monthly interbank exchange rate limits of $4000 USD.
Jade Green or Royal Indigo MCO Visa Card (500 MCO)
Now, we're going to talk about the application's premium cards. They are intended for large wallets and people who want exceptional benefits.
These two metal cards offer 3% MCO rewards on all card spends and require a 500 MCO wager. These two cards have the same advantages and limitations; The only difference is the aesthetic design.
Benefits include lounge access LoungeKey™ Airport Lounge for the cardholder, a monthly fee-free withdrawal limit of $800, a monthly interbank exchange rate of $10 USD.
Ice White or Rose Gold MCO Visa Card (5000 MCO Stake)
You could say that this is where it is an ultimate card of I crypto.co. These cards are clearly expensive to obtain and are not for all budgets.
You need a stake of 5 MCO to apply for this card. Benefits include 000% MCO Rewards on all card spends, air LoungeKey™ Airport Lounge Access including guest, monthly fee-free ATM withdrawal limit of $4, monthly interbank exchange rate limit of $1000.
MCO Obsidian Black Visa Card (50 MCO participation)
For the truly grown-up, here is the most luxurious card. This is the Obsidian Black Visa card. You will need a whopping 50 MCO stake to apply for the card. The card offers 000% on MCO rewards on all card spending. Access to LoungeKey™ Airport Lounge Access plus one guest, a monthly fee-free withdrawal limit of $5 and an unlimited monthly interbank exchange rate.
Do you need MCO tokens to order a card?
No, as I said above, there is a card that is completely free. That said, to be able to get other cards that have other benefits, you will then need to own MCO tokens. It is also not with these tokens that you buy the card. No, you simply need to keep a certain amount in staking. You can order your card and after 6 months, get back the amount you have kept.
If it's not yet very clear, I'll explain it in detail below.
Comparison of MCO Visa cards and which card is best for you?
Very clearly, this will depend on your means. To begin with, I find that the simple and free card is sufficient. This is the one I ordered.
Also note that you will be able to order other cards over time, when your finances allow it.
You should also know that more expensive cards offer advantages and big reductions on partner sites. Examples include a subscription to Spotify and Netflix, discounts on Expedia and Airbnb.
How does the Crypto.com bank card work?
You should know that as with almost all crypto bank cards, when you pay with your card, your cryptocurrencies are exchanged into fiat currencies. The crypto to fiat exchange happens in the background with every purchase you make. This process involves loans, buy/sell orders, etc. Essentially, the app trades crypto coins on your behalf, allowing you to use fiat funds every time you swipe your card to make a purchase.
Ultimately, the transaction fees are paid by the merchant, as per the Visa merchant card.
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2/ What do MCO and CRO tokens correspond to?
MCO and CRO are Crypto.com's utility tokens and are accepted on most exchanges. For the oldest among you, you may know that the MCO token is the old MONACO…
In other words, you can buy/sell or exchange these cryptocurrencies for other cryptocurrencies or for Fiat currencies (dollars/euros/etc).
The fact that we can trade on popular platforms such as Binance, Bithumb, Upbit, OKEx and Huobi validate the fact that these are reliable cryptocurrencies.
MCO is an ERC-20 token based on the Ethereum blockchain, meaning it can be stored in any wallet capable of holding ERC-20 coins, such as MyEtherWallet, or hardware wallets like Trezor .
Unlike other cryptocurrencies, MCO cannot be mined and is instead issued in response to deposits in the Crypto.com app. Although MCO can be stored in compatible wallets of your choice, only MCO coins stored in the mobile wallet will count towards your MCO Visa card benefits. You must therefore keep your MCOs in your Crypto.com wallet.
While the MCO token is geared towards the operation of Crypto.com and its bank cards, the CRO token was developed more for the trading aspect of the platform.
3/ I crypto.co is above all a cryptocurrency wallet.
While the various Visa cards alone have a lot to offer, Crypto.com offers several additional services that make it a very convenient investment and wallet app.
The app serves as a multi-crypto wallet that supports half a dozen fiat currencies and cryptocurrencies (over 55+), including your Bitcoin, Etherum, Ripple, Litecoin, and Bitcoin Cash to name a few. And as with any normal exchange, you can buy, sell and store cryptocurrencies. You can therefore use I crypto.co like a classic exchange platform, directly on your smartphone.
You can also trade fiat currencies, track cryptos of your choice, and send payments to other wallets. By sending cryptos to people who also have a wallet I crypto.co, then there will be no fees.
4/ Earn from Crypto.com: Earn interest on your assets
This is finally the part that interests you the most, I imagine.
The Earn “program” allows you to earn up to 18% pa on your crypto assets and 12% on your stablecoins. It will depend on which cryptocurrency you choose and the duration as well.
👌🏼 Winnings will be credited to your wallet every seven days, and they will be paid in the same currency as your deposit. This means that if you have stored bitcoin, you will receive your profits in bitcoin.
Crypto.com's Earn tool works with the "Credit" product of the same platform. In other words, when you earn profits, it is because your funds will have been used to lend them. This is indeed the logic. While you lend and earn profits on the loan, another person will borrow and pay interest. While you lend crypto, others borrow. Crypto Earn's business model is fairly standard and similar to what you see elsewhere.
Finally, crypto.com's Earn program works according to 2 rules:
- The interest rate returned varies depending on the coin you choose.
- You earn the longer the longer you keep the cryptos
To earn, Crypto.com offers three staking terms for users:
- Flexible period: As the name suggests, this is the most flexible plan, offering a low-risk savings solution that allows you to dip your toe in the water, so to speak, and essentially test drive the service. You can stake and withdraw your coins at any time.
- One month period: You can increase your annual interest by choosing the one-month plan when staking your token. Every week you receive your profits and after a month you can withdraw everything.
- 3 month period: It's 3 month plan lets you earn the maximum interest. Although your token may be locked for this duration (just like with the XNUMX-month plan), you will earn the maximum rewards. This is not insignificant if you like passive income.
What is cryptocurrency staking?
I've talked a lot about staking on this blog, because as you already know, it's one of my favorite methods to earn crypto. If you don't know what it is and how to do stakning on I crypto.co, I will tell you here.
In fact, staking in general allows you to earn cryptos depending on the time you keep them in a wallet. In fact, you are rewarded in crypto for the simple fact of having held this or that crypto for a certain amount of time. This amounts to placing your money. This allows transactions to be validated on a blockchain and gives credibility to crypto. Basically and to summarize, this is what staking means.
And the good news is that you can stake (and therefore earn cryptocurrencies)
Crypto.com Staking Benefits Review
In fact, staking allows you to do several things on the application apart from simply generating cryptocurrencies for free. By staking, you have several opportunities.
For example, To apply for a premium MCO metal Visa card, you must keep/stake the MCO tokens in the application for a period of six months. As not everyone always agrees with blocking their cryptos for 6 months, the platform has decided to offer significant advantages to those who will stake the tokens of I crypto.co.
I remind you that your 6 month staking only lasts 6 months. After this period ends, you can recover your capital and withdraw it if you want.
Here is a complete overview of the benefits of staking:
Although we haven't discussed individual features yet, let's move on to the main rewards:
- For card purchases, you'll earn more MCO rewards
- For Crypto Invest: 50% Off Profit Fees
- For Crypto Earn: Better Annual Interest Rates
- Additionally, you will receive annual MCO interest on your stake, credited to your wallet every seven days: With 500 MCO stacked, you will receive 6% annual interest. With 5000 or 50 MCO, 000% annual interest.
5/ Crypto Invest: quant trading
As with most serious crypto investing apps these days, Crypto.com offers investors an opportunity to take advantage of automated quant trading (commonly known as automated trading ) to make money with their Bitcoin and other currencies.
As a machine-driven trading strategy, you only need to complete the first few parameters. Then, it is the bot that alone runs automatically in the cloud without human intervention.
But what is quant trading?
Quantitative or quantitative trading is coded software that uses complex mathematical models to determine when to buy or sell crypto assets (execute orders) by analyzing historical developments and reacting to synchronous market signals.
As the whole subject is extremely complex, I suggest that you find out about trading in general before getting started.
Although trading with Crypto Invest does not incur any entry or exit fees, they will charge you a daily fee on any profits made (update: at the moment it is free to use Invest, but this may change in the future).
To avoid any confusion, they don’t touch your initial deposit which will remain intact throughout the period, but they will deduct a “success fee” from your winnings. For example, if you started with a $100 deposit without MCO blocking and made $5 on the same day, they take a cut of $0,90, or 18%.
Fees on winnings are collected once per day at 00:00 UTC, or when you withdraw some or all of your funds.
➡ Some will say that daily fees kill any long-term investment goal, but knowing that 90% of crypto traders lose money by selling manually, it is not unfair to pay for a product that works better than 90% of humans.
4/ How to buy and sell on the Crypto.com application
Now, a fair warning to those who want to deposit or withdraw money from the crypto.com app. Check your wallet address carefully.
Buying crypto is as easy as depositing funds into your account. Just click the “buy” button to get started:
You now have three options for purchasing crypto on the app.
- You can buy cryptos with your cryptocurrencies deposited in your wallet.
- You can purchase with a credit or debit card. (Using your credit or debit card incurs a 3,5% processing fee per purchase which goes to the card processor, not to I crypto.co).
- You can use your Fiats amounts to buy cryptocurrencies.
Personally, I avoid instant credit card purchases and deposit all fiat via traditional bank transfer (which takes about a business day with N26). But this option is obviously not ideal for those looking to buy and sell crypto instantly.
Choose the method you prefer and select the cryptocurrency of your choice.
Click purchase. As a note, make sure you have sufficient funds to complete the transaction.
What are the advantages and disadvantages of Crypto.com?
The main characteristics that distinguish this company from its competitors are two main things:
You can get crypto bank cards (MCO Visa cards) with a built-in cashback system.
You have different features to earn cryptocurrencies (Earn and Invest).
I'll explain in detail what it's about in this article, no worries if it's still unclear to you.
Key Benefits 👍
- You can get a card for free
- You get 5% Cashback in MCO tokens when using the MCO Visa card
- You have two ways to invest and earn cryptocurrencies.
4. The MCO Visa Card is accepted virtually anywhere Visa card payments are accepted
- The “Earn” function earns up to 18% per year on your deposit. Which makes it one of the companies with the best return on investment.
- For EU citizens: free deposits and withdrawals in euros with SEPA.
- A user-friendly and intuitive application. You quickly become familiar with the app.
- The customer service team is incredibly fast and patient.
The inconvenients 😭
- There is no “computer” version of the app. It's only available on your smartphone.
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The company was founded in 2016. Which makes it a young company at the moment.
Crypto.com Final Conclusion
Crypto.com's mission is to make cryptocurrency more accessible to our daily lives. It’s truly a marriage between traditional and cutting edge, allowing even complete novices to get started in investing and using crypto with its MCO Visa card and numerous staking benefits.
While there are a lot of good things to say about this app, the company still has a way to go. Various laws and regulations in several locations around the world do not make this service a viable option for everyone.
Yet Crypto.com's partnership with Visa enables everyday purchases with crypto funds, bringing the world of digital assets and fiat currencies ever closer.
On a personal note, I'm going to request the Midnight card when writing this review. This is the level I feel most comfortable with at the moment in terms of risk versus reward.
Good deal: If you want to immediately win the equivalent of $50, then register on the app by entering this code: s8nfdgbz7h. That said, you will nevertheless need to invest 50 MCO to benefit from it…)
By clicking here, you arrive on this page and you will then have to enter the code s8nfdgbz7h.
There you go, I hope that this article has been sufficiently complete and that it will help you to better understand this application.
You can explore the subject about the Wirecard scandal and its impact on crypto.com. Since then, everything has returned to normal and crypto.com card orders are operational.
Disclaimer: This is not financial advice. Not all articles posted are investment advice.
