Crypto.com App Review, Usage Tips and Referral Benefits
The Crypto.com Exchange is NOT the web based version of Crypto.com App. It is an entirely different platform that requires a separate sign up and has it’s own set of referral benefits.
Recommended read: Crypto.com App & Crypto.com Exchange. Should you sign up for both?
Table of Contents
Buy Bitcoin and 150+ cryptocurrencies with 20+ fiat currencies. Access, manage, and spend your funds anytime with the Crypto.com Visa Card
Founded in 2016.
Crypto.com has grown without ever taking an outside investment.
“We’ve obviously had a tremendous amount of interest, with some very generous offers, but cash hasn’t been a limiting factor given the amount of revenue the company produces” - source
- 50+ million customers [May 2022]
- 1+ million followers on Twitter [Oct 2021]
- 4000+ employees in offices across the Americas, Europe and Asia [May 2022]
- Crypto.com receives in-principle approval from the Monetary Authority of Singapore for Major Payment Institution License [22 Jun 2022]
- announced reduction of about 260 positions or 5% of corporate workforce [Jun 2022]
- Crypto.com brings Crypto.com Pay to all Shopify merchants [May 2022]
- Announcement of massive nerf-ing of Crypto Visa Card benefits [May 2022]
- caused major plunge in CRO price
- backlash prompted Crypto.com to reduce staking rewards for upper tiers rather than eliminating it completely.
- Cyber-security breach of 483 customer accounts [17 Jan 2022]
- users reported that Ethereum and other cryptocurrencies were wiped from their accounts.
- Singapore-based Crypto.com CEO Kris Marszalek confirms 483 accounts hacked, says affected customers reimbursed
- unauthorised withdrawals totalled 4,836.26 ETH, 443.93 BTC and approximately US$66,200 in other currencies. In cash terms, more than $33 million in funds was stolen.
- post-mortem: Security Report & Next Steps
- Crypto.com shared findings, announced enhancements to the security infrastructure and introduced the Worldwide Account Protection Program (WAPP).
Presence in Singapore
- Entity: Foris DAX Asia Pte. Ltd. (UEN: 201917495R)
- Location: 1 Raffles Quay #09-06 Singapore 048583
Mr Chin Tah Ang was announced as general manager of Crypto.com’s Singapore office in a press release on 18 August 2022. He most recently headed Digital Industry Singapore, a joint office between three Government agencies - the Economic Development Board (EDB), Enterprise Singapore and Infocomm Media Development Authority.
Monetary Authority of Singapore (MAS)
On 22 Jun 2022, Crypto.com announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License.
Once granted, this license will enable Crypto.com to offer a range of payment services within the Payment Services Act, including Digital Payment Token (DPT) services to customers in Singapore.
Might not be a complete list:
- Cyprus: received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) [Jul 2022]
- Dubai: provisional approval from Dubai Virtual Assets Regulatory Authority [Jun 2022]
- Greece: received registration from the Hellenic Capital Market Commission
- Italy: received registration and regulatory approval from the Organismo Agenti e Mediatori (OAM) in Italy as a provider of virtual currency and digital wallet services [Jul 2022]
- South Korea: secured Electronic Financial Transaction Act and Virtual Asset Service Provider registration
- by acquiring payment service provider ‘PnLink Co., Ltd.’ and virtual asset service provider ‘OK-BIT Co., Ltd.’.
- UK: registration approval as Cryptoasset Business from UK Financial Conduct Authority (FCA) [Aug 2022]
Crypto.com announced in February 2022 that it will be introducing several measures in 2022 to comply with the Monetary Authority of Singapore’s incorporation of the Financial Action Task Force Value Transfer Requirements (‘Travel Rule’) under the Payment Services Act (Notice PSN02). See FAQ.
In the first phase, Crypto.com users are required to provide additional information for the following transactions:
Outgoing digital token transfers
You must provide the name of the beneficiary party, whether the transfer is going to a private wallet or a cryptocurrency exchange, and other supplementary information.
Incoming digital token transfers
You should share additional details about your incoming transfers for the protection of your account, including the name of the originating party and whether the transfer is from a private wallet or a cryptocurrency exchange.
The beneficiary/originating party information will be assigned to the respective digital wallet address. You will not be required to furnish the beneficiary/originating party’s information for subsequent transfers to or from the assigned digital wallet address.
- Crypto.com Singapore Community 🇸🇬 :
Cronos (CRO) Coin
Staking CRO on the App will give you the following benefits:
- Reserve one of the premium metal Crypto.com Visa cards
- Receive Crypto Wallet Benefits i.e. Purchase Rebates, Extra Card Cashback
- Enjoy better APR in Crypto Credit and Crypto Earn
CRO Stake Rewards:
- Receive CRO at 10% p.a. for Jade Green or Royal Indigo,
- 12% p.a. for Frosted Rose Gold, Icy White and Obsidian tiers while the amount is staked.
Crypto Earn is similar to savings account, which allows users to stake their crypto and earn interest. It also allows users flexibility in the way they would like to save. Interest is paid weekly.
There are 3 different holding terms to choose from:
The Crypto Earn service is not available for citizens and residents of Hong Kong SAR, Switzerland, or Malta.
Available in Crypto.com App since March 2022, but only in selected countries. As of 13 April 2022, Singapore is not in the list of countries where this feature is available.
Crypto.com Pay is a mobile payment service that lets users pay in and/or receive cryptocurrency anywhere, anytime for free.
When using various functions under the Crypto.com Pay feature in the Crypto.com mobile app, users are entitled to receive cashback in CRO. These CRO cashbacks are branded as Pay Rewards.
With supported merchants, Crypto.com Pay allows you to spend your crypto online and even earn up to 10% cashback in CRO.
How to Check-out with Crypto.com Pay?
- Select ‘Crypto.com’ as the payment method when you reach the shop’s checkout page.
- Accept the Terms and Conditions and click the ‘Crypto.com Pay’ button to proceed. Next, you’ll be shown a pop-up window with a QR code.
- Open the Crypto.com App, tap the menu button in the centre, then select Pay.
- Tap ‘Scan’ and scan the QR code; then select the cryptocurrency you’d like to pay with. You get Pay Rewards if you choose CRO.
- Click ‘Continue to Review,’ double-check the payment and click ‘Confirm.’ You’re done!
Some merchants that offer 10% cashback in CRO include:
- Ledger: Protects your crypto assets with the highest security standards
- Unstoppable Domains: Purchase an easy-to-remember crypto address and create an uncensorable website
Pay Gift Card
Within the Crypto.com App itself, you can purchase gifts cards to use at popular merchants and earn cashback in CRO.
Pay Mobile Airtime
Mobile Airtime is a feature that enables Crypto.com App users to top up a prepaid phone number anywhere with Pay in the following cryptocurrencies:
- CRO, BTC, ETH, XRP & LTC.
M1, Singtel, and Starhub prepaid services are supported.
Earn up to 5% cashback in CRO with each purchase of the Mobile Airtime. Terms and Conditions apply.
Pay Your Friends
Pay Your Friends allows users to pay back their friends in crypto and earn rewards by doing so. Users can pay their friends in any cryptocurrency for free.
Users can earn up to 10% cashback per transaction with requirement by paying their friends in CRO tokens.
Utilise Crypto.com Price to find market cap rankings, price charts, upcoming NFT collections, and other information that can help you make informed decisions about your crypto holdings. You can sign in with your Crypto.com App account.
Another useful feature is Showroom where users can check out the day’s most relevant tokens and coins.
Crypto.com Visa Card
The Crypto.com Visa Card allows users to:
- Transact without annual fees at 50+ millions VISA merchant locations worldwide;
- Enjoy instant top-up and payment completion without waiting time;
- Spend overseas at interbank exchange rates without markups;
- Benefit from amazing perks associated with the card.
The Visa Card could be managed via the Crypto.com App. In the app, users could complete card application, view card details, track card spending records, receive eligible card rewards, etc.
When users make a purchase with their Crypto.con Visa Card, the cashback they earn will always be allocated to them in the form of CRO Tokens and credited instantly.
Relevant blog: Crypto.com Visa Card Usage Experience
Due to the restrictions imposed by Singapore’s Payment Services Act, there are some limits on the Crypto.com Visa Card for Singapore users:
- The maximum balance you can hold in your Crypto.com Visa Card wallet is S$5,000.
- The maximum amount you can spend from your Crypto.com Visa Card is S$30,000 annually, based on the calendar year.
- You will not be able to make any local ATM withdrawals. This implies that upon loading money into the card, you cannot withdraw it locally and the only option is to spend it.
These restrictions only apply to the Crypto.com Visa Card, and not the Crypto.com Pay mobile wallet which allows you to make purchases with cryptocurrencies.
This new Crypto.com App feature allows you to earn prizes simply by logging in and trading crypto! Complete ‘Missions’ like buying or selling USD 20 of crypto in a single transaction to earn Diamonds. Get 25 Diamonds and you can buy a Mystery Box which contains a surprise CRO prize!
The Supercharger is a simple, secure, and flexible liquidity mining platform, where users deposit CRO to mine the hottest DeFi tokens.
There is a minimum deposit of 100 CRO to take part in the Supercharger. The Supercharger for both Crypto.com App and Exchange goes to the same liquidity pool.
How does Supercharger work?
Simply look for the Supercharger banner in the Crypto.com App or navigate to the Supercharger page on the Crypto.com Exchange. Find the latest event, click Charge Now, and choose the cryptocurrency and amount you’d like to stake.
‘Charging’ or staking periods last for 10, 30, or 45 days, where you can withdraw your stake at any time. When the Charging Period ends, accept your rewards—they’re based on your total share of the staking pool and will be deposited in your Crypto.com App or Exchange account.
Here’s the complete guide to Crypto.com Supercharger
Crypto.com App is not accessible via web browsers. Only the following mobile platform apps are supported:
- The ‘Crypto.com App’ meant for this platform has a blue logo.
- The ‘Crypto.com Exchange App’ meant for the Crypto.com Exchange platform has a black logo.
✔️ Unique Selling Proposition (USP)
100% of user cryptocurrencies are held offline in cold storage
Crypto.com has a strategic partnership with Ledger, integrating its institutional-grade custody solution, Ledger Vault. They also leverage hardware security modules (HSM) and multi-signature technologies.
All funds held in hot wallets are corporate funds. They are primarily used to ensure smooth day-to-day withdrawal requests from customers.
FAST network support for SGD Fiat Wallets
From 19 Apr 2022, Crypto.com App users in Singapore can now enjoy zero-fee deposits and withdrawals using FAST (Fast and Secure Transactions). With a simple setup process, FAST gives users a quick and secure way to fund their account for crypto purchases.
In addition, users can enjoy a higher deposit and withdrawal limit of SGD 200,000 per transaction. Crypto.com does not charge any fees. However, fees may be applied by users’ bank and/or their intermediary banks, and any such fees shall be borne by users entirely.
What is FAST?
FAST (Fast and Secure Transactions) is a real-time interbank funds transfer service that enables customers of the participating banks to transfer Singapore Dollar funds from one bank to another in Singapore securely and almost instantly. "
First Cryptocurrency Platform to Achieve SOC 2 Compliance
Achievement demonstrates company’s ongoing dedication to security and data privacy
Crypto.com announced on 22 Nov 2021 that it has successfully completed the Service Organization Control (SOC) 2 Audit, conducted by globally recognized audit and consulting firm Deloitte, which affirms that Crypto.com’s information security practices, policies, procedures, and operations meet the SOC 2 standards for security, availability, confidentiality and privacy.
First FinTech Company To Achieve Singapore’s Data Protection Trust Mark
Crypto.com is the first FinTech company to achieve the coveted Data Protection Trust Mark (DPTM) awarded by Singapore’s Infocomm Media Development Authority (IMDA).
IMDA, a statutory board under the Ministry of Communications and Information, has awarded less than 70 DPTM’s to organizations in Singapore of any kind.
Crypto.com’s Singapore-based customers can be assured that Crypto.com has put in place responsible data protection practices for their personal data, aligned with Singapore’s Personal Data Protection Act (PDPA), incorporating elements of international benchmarks and best practices.
Insurance against losses
Crypto.com has secured a total of USD 750M in cold storage insurance against physical damage or destruction, and third-party theft.
Worldwide Account Protection Program (WAPP)
Introduced in the aftermath of the hacking incident in January 2022 and rolling out from February 2022 in select markets, WAPP offers additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange. The protection program was rolled out in Singapore in early March 2022.
Note that the protection program does not cover the Crypto.com Pay and the Crypto.com Visa Card.
It is designed to protect user funds in cases where a third party gains unauthorized access to their account and withdraws funds without the user’s permission. WAPP restores funds up to USD$250,000 for qualified users; terms & conditions apply.
To qualify for the WAPP program, users must:
- Enable Multi-Factor Authentication (MFA) on all transaction types where MFA is currently available,
- Set up an anti-phishing code at least 21 days prior to the reported unauthorized transaction,
- Not be using jailbroken devices,
- File a police report and provide a copy of it to Crypto.com; and
- Complete a questionnaire to support a forensic investigation.
New User Incentive - First 30 days fee waiver
New App users from eligible markets (Singapore included) will be able to purchase crypto with their credit/debit card without any fees for 30 days.
Announced on 27 January 2022: For Crypto.com App users in Singapore, credit and debit card crypto purchases will be processed locally and card issuers will no longer charge international transaction fees.
Sign up conveniently with SingPass MyInfo
Singapore residents can now enjoy a faster and simpler sign-up process for the Crypto.com App via Myinfo with Singpass. They can retrieve data from Myinfo by logging in with their Singpass, use it to complete the verification process with a few taps, and the account review process is fast-tracked. It is fast, easy, and secure.
What is SingPass MyInfo?
MyInfo is a digital data initiative developed by the Government Technology Agency of Singapore (GovTech), to facilitate online transactions, and SingPass serves as a gateway to funnel user information stored with MyInfo.
Usage Notes and Tips
Crypto.com Visa Card related
Avoiding top-up fees
A user feedback in the Crypto.com Facebook community page that he was charged 2.8% when he used a debit card to top up the Crypto.com Visa Card. He contacted DBS and was informed that DCC fees were being charged, as the transaction was being processed overseas because the Crypto.com Visa Card is issued in France.
Suggested ways to avoid this charge was to use multi-currency debit cards issued by:
Card reissue fees for upgrading Crypto.com Visa Card
Many new users prefer to start off with the FREE “Midnight Blue” tier Crypto.com Visa Card. Do note that for Singapore users, there is a card reissue fee of S$50 should you decide to stake CRO and upgrade to a metal card.
Refer to this Crypto.com article for steps to upgrade your Crypto.com Visa Card.
CRO cashback exclusions
Paying overseas merchants using the Crypto.com Visa Card is disabled for Singapore users
Singapore based users cannot use the Crypto.com Visa Card to pay overseas merchants. Therefore, to redeem certain benefits (e.g. Spotify and LoungeKey™ Lounge Access), these users need to provide screenshots of bills and accounts to a customer service officer for manual processing.
Using LoungeKey™ Airport Lounge Access
If you have an eligible card, you can enjoy lounge access at airports. LoungeKey™ Airport Lounge Access opens the door to more than 1,100 lounges located at over 500 airports.
What happens if CRO price falls after staking, and staked value goes below card tier requirements?
- A user stakes $500 worth of CRO and applies for the Ruby Steel card
- Subsequently, the price of CRO drops and the stake value falls below $500
The user will still enjoy the benefits of the tier, and there is no need to top up CRO to bring staked value to $500 again.
What is the name printed on the card?
Your full name will be printed on the card. This is important especially for cards with lounge access where they have to verify your identity.
Accept allocation rewards or they will be forfeited
After each Supercharger event is completed and the rewards allocation are calculated, users must accept the allocation to receive the rewards or they will get forfeited.
- Log in to your Crypto.com App account.
- Go to Accounts > Supercharger.
- Review the information and accept your final reward allocation.
- Once accepted, your final allocation will be distributed over the Reward Period, not all at one go.
Use Crypto.com Pay to buy gift cards at merchants to get more value for your money
Gift cards from many big brands and online shopping platforms are available in Crypto.com Pay. I created a video to show how to navigate the Crypto.com App to reach the feature to purchase gift cards, as well as showcase some of the merchants.