Today I take a look at the possibilities that crypto.com has to offer me. In the past I signed up with a referral from someone else there. And also nicely received the $ 50 welcome bonus. However, these are locked because I don't have the opportunity to stake at least 50 MCO at this moment.

And I also saw that it is not at all interesting to stake 50 MCO for a card, because the card that you get with 50 MCO does not have the benefits I would wish for. For that you should at least look at the card you get if you can stake 500 MCO. And then I start to wonder, is it worth saving for that? Finally, I am also working with the goal to earn at least 1000 euros with crypto to be able to go on vacation next year. And two goals at once ... that's too much.

Further investigation

Anyway, time to further investigate the possibilities of crypto.com, and to clarify for myself WHAT is possible, and HOW that is possible. What kind of business crypto.com is ... and how they differ from other crypto companies.

Not easy to keep my focus with a temperature that barely wants to drop below 30 degrees. Anyway, that's just what it is. For the time being I am not abroad with the dogs… but I am just at home. Add a cool refreshing glass of water… and start. Work will have to be done if you want to achieve a goal. Right?

So here we go.

Crypto.com what is it?

It is a website that literally has the ability to make your crypto work for you! It is therefore not surprising that more and more people register. At crypto.com you can buy cryptocurrency (with a discount), trade crypto, receive interest and more!

Registering at Crypto.com

You can register via the Crypto.com website (signup) and it takes less than a minute. You need to fill in things like your name and date of birth, address details are not required. Furthermore, the activation link sent to you must be pressed, immediately afterwards it is wise to also go through the verification procedure. And do this quickly, because immediately afterwards you will receive a whopping $ 50 dollars deposited in your account. Free money! Not surprising that this platform is growing rapidly.

If you happen to be reading this right now, and you YET don't have an account. Then use my [referral link] (https://platinum.crypto.com/r/ypaq33nsg9) to register your account. But what may not be entirely clear when registering… at least, it was not clear for me. The MCO tokens worth 50 USD that you receive are locked in your account. And to unlock them, you either have to wait a year. Or stake at least 50 MCO for six months, then your tokens are immediately unlocked.

At the time of writing, 50 MCO is approximately 284 USD.

Verify

After you have registered, you can get started right away. Your verification level is marked as "starter". The options you have as a "starter" are depositing and trading in cryptocurrencies. However, you are limited in paying out cryptocurrencies, up to a maximum of $ 5000 per day. If you want to be able to pay out up to 100 bitcoin per day, further verification is required. For that you have to download the app. What is recommended anyway, in the app you can take screenshots of your identity papers, and also take a selfie (according to the instructions from Crypto.com).

After completing the verification, I was presented with a pop-up stating that it can take up to 3 days for the verification to be approved. However, it took less than 15 minutes, which was quite fast.

The Exchange

One of the main features of Crypto.com is the exchange. You can use this via the website. Of course you must first log in to use this. In order to trade, it is important to have assets. You can add assets in several ways.

Deposit Fiat Money

First of all, it is possible to deposit an amount of dollars / euros via the Crypto.com app. But it really is not the most easy way to go. It is probably faster to make a deposit from another exchange or wallet. On the other hand, it is possible to link a credit card to your account. This is also only possible via the App, where you can link a credit card to your account via 'fiat wallet'.

Deposit From An Exchange / Wallet

Via the web version you can also choose to deposit crypto from another exchange or external wallet. First of all it is necessary to log in to the exchange, after which you navigate to "balances". There, click on "deposit" for the desired currency. You can then copy the deposit address or use the QR code.

To Trade

If you want to trade with Crypto.com, you must be at least a "starter" to be authorized to execute trades. After that you can execute a trade relatively easily. It goes like this:

• Via the web version you navigate to "exchange" and log in;
• Select "markets" and then click on the desired trading market (BTC, USDT, CRO);
• Then click on the desired pair. You may want to exchange BTC for ETH. In that case you choose ETH / BTC;

You can then place a limit order or market order. If an order is not immediately executed, it will remain between the "open orders". If the order has been executed in its entirety, you can view this under "balances".

Withdrawal

Finally, you can withdraw cryptocurrency. Via the exchanges tab, you can look up the coin you want to move via "balances". Behind the coin there will be a bar (Withdraw) to click on.

Now you get two options: move it to the Crypto.com App (no fees) or to an external wallet address. A prerequisite for moving cryptocurrencies is that you have enabled 2FA.

Coins

Crypto.com has two coins of its own. The MCO and the CRO. The CRO is just outside the top 10 on Coinmarket cap. Not surprising when you consider the benefits that come with this. This way you get a discount on trading, up to 100%, and it is also possible to earn interest.

CRO Staking

As a user you can get a discount on the fees you pay during transactions. Depending on the amount of CRO you have, you can get between 20 and 100% discount. In addition, you can earn 20% per year (paid daily) when you stak at least 6 months CRO. And in addition to that all, you will receive an extra discount when you stake at least 10,000 CRO. If you meet this minimum requirement, you can also participate in the so-called Syndicate.

The Syndicate

This is for sure one of the most compelling triggers for signing up with Crypto.com. The Syndicate is a fundraising platform, where interesting crypt projects can place their coins or tokens. Only holders of CRO, with at least 10,000 tokens in their possession, can register for a discount promotion. You can buy coins or tokens at a discount once every two weeks. Per project it is indicated how much discount you can get, as well as the maximum number of coins / tokens that are offered for sale. During the subscription period, you can subscribe to a project by contributing CRO. The more CRO you bet, the more tokens / coins you can purchase (with a discount). Within 24 hours after the subscription period ends, you must accept the final allocation amount - or not. If you accept the allocation to tokens / coins, an amount of CRO will be deducted, and you get of course the amount of tokens / coins. If you decline the offer - or if you are late - you will be refunded all CRO tokens.

Trading Arena

If you want to win an extra amount of CRO tokens, you can participate in various tournaments. Per tournament it is indicated how much you can win and what you have to do to qualify yourself. To that end, you usually have to trade an x ​​amount of tokens on a daily basis. And of course you have a better chance when you have CRO tokens in your possession.

Visa Card

Crypto.com also has its own VISA card, which you can request for free. However, for most of these cards you do need to stake a minimum amount of MCO for the duration of 6 months. You can request different cards, each with its own benefits. These can be benefits such as: cashback (in the form of MCO), free Spotify or Netflix, receiving extra interest. In addition, each card has its own monthly withdrawal limit. In addition, and last but not least, by staking at least 50 MCO and applying for a VISA card, you can qualify yourself for the aforementioned welcome bonus.

To check out the different cards just follow the link to their website.

Earn Interest

In addition to staking CRO, it is also possible to receive interest on other cryptocurrencies. Via "CRYPTO EARN" you can view how much interest you can receive per token. This depends on the amount of MCO you stake and the contract you enter into.

You can choose flexible, 1 month and 3 months. The longer your crypto is held, the more you will receive in annual interest. And of course it also has to do with the coin itself.

When you want to get out at any time, you choose flexible. With this form of retention, you may earn the least, on the other hand you can always access your cryptocurrency. Perhaps because you want to sell during a huge dip or because the price has risen sharply.

Crypto Credit

Crypto.com also makes it possible to borrow money. For that you have to deposit crypto (MCO, CRO, BTC, ETH, XRP, LTC) before you get a loan. The collateral is always twice as much as the loan you receive. You get the loan in PAX / TUSDT / USDC / USDT. You pay a maximum of 12% interest on the loan, but if you stake at least MCO, you get a 4% discount and you therefore only pay 8% interest. Furthermore, there are no additional costs and you can pay off the loan whenever you want.

Conclusion

Crypto.com has created something where you can use just about every conceivable possibility of cryptocurrency. From trading cryptocurrencies to applying for a crypto loan. It is all possible on a convenient and user-friendly platform.

Yet it is not all hallelujah. For example, they should align the web version and App completely in terms of functionalities, but also in terms of user-friendliness.

Sometimes it is unclear where to find what. What is also confusing is that sometimes you have to use MCO to get benefits and at another time CRO. Why not just a universal currency, there are probably commercial reasons behind this, but it is sometimes a bit inconvenient for the user.

Then the costs: Crypto.com can compete with other parties. They are cheaper than my favorite Dutch exchange Bitvavo, but a lot more expensive than Binance.

You can get up to 100% discount on your trading fees. however, you have to trade quite a bit for this and that is of course not for everyone. So it is advisable to keep enough CRO to keep costs down.

Always Pros and Cons

As always, each thing has its pros and cons. At the moment, however, I am mainly interested in the CRO coin itself, given that it seems to be on the rise and the high interest rate that is paid every day. I see opportunities here with staking ...

Which makes it a serious option for me to invest in this. Also because when I get to the point where I have staked enough CRO, I can also earn interest on other coins that I would keep there. All this adds up to make it a serious opportunity for me to consider.

See ya'll next time!

Posted Using LeoFinance