One of the biggest cryptocurrency exchanges in the world, Crypto.com was founded in 2016, and it has more than 50 million clients and 4,000 staff members. The business also offers a cryptocurrency wallet, a selection of Visa cards, and an NFT market as an extra for cryptocurrency trading.
But one might consider the question: “Is crypto.com safe in Canada?” Let’s find out by diving deep into the topic to know everything about crypto.com…..
1. Describe CRO
The original token of Crypto.com is called Cronos, or CRO. CRO is a cryptocurrency that can be acquired and gained through the Crypto.com exchange, but it cannot be mined outside of its own blockchain.
For instance, you could stake CRO and use it to fund a Crypto.com Visa card, enabling you to spend and receive CRO rewards.
2. How to Register for a Crypto.com Account?
You can open an account with Crypto.com on a desktop machine, on your smartphone, or both. Go to Products and select Exchange Home under Advanced Trading to start your account on a laptop. This will lead you to the primary trading center for cryptocurrencies. Click the Sign-Up icon after entering all of your details, such as your full name, birthdate, and nation. The variety of features your can access will depend on where you are from because international laws differ.
Make sure to input your friend’s referral code if they recommended you to the platform so that you can both profit from the referral bonuses. The first CRO-staked sum by the referee serves as the basis for referral incentives. The cryptocurrency CRO belongs to Crypto.com. In addition, the person who recommended you gets to keep 50% of all your trading profits for a full year. If they refer someone else, they will receive the same benefit.
A one-time code for verification will be sent to your registered email address and then your phone number after you’ve submitted your information to confirm the safety of your account. Prior to you beginning to trade, Crypto.com must confirm your name. You must upload a photo of the form of documentation you intend to use, which may be a passport, license, or just an identity card.
Use a webcam or a mobile device to upload your identification document as the next stage. You must capture a live picture of your documentation. You are not permitted to use a photocopy, take a picture of your document on an electronic device, or share a previously taken image. It must be the original in order for it to function.
You must then snap a live selfie after you have photographed your document. These two actions can be completed on a laptop or a mobile device. Last but not least, you’ll need to snap a photo of yourself holding up your proof of identity as well as a piece of paper with a phrase that Crypto.com gives you. All that’s left to do after completion is watch for approval, which could take up to seven working days.
3. How to Conduct Business on Crypto.com?
Users can swap USDT, CRO, and BTC base pairs on the dedicated crypto-to-crypto exchange known as Crypto.com. This trading tool may seem a little intimidating to novice traders, but buying cryptocurrencies with the aforementioned currencies is all it is, to put it simply. Choose the pair you would like to exchange, then the quantity you want to purchase. The deal will take place within a short period of time. You must have cryptocurrency in your account to make a transaction on the Crypto.com exchange. You can add cryptocurrency to your Crypto.com App user as well as another exchange.
You may utilize your credit card, a cryptocurrency wallet, or a fiat wallet to buy coins through the Crypto.com App. All you have to do is choose “trade” and then “buy” to finish this procedure. You can select the cryptocurrency asset you want to buy from an assortment of all the ones that are currently accessible. You can see how much your selected token will cost in Canadian dollars as well as how much of it you will receive when you click on it. The price in Canadian dollars will instantly change if you select the cryptocurrency or alter the amount.
At the very top of your screen, you will see three buy options: credit card, cryptocurrency wallet, and fiat wallet. Here, you can pick the method of payment for your cryptocurrency. You must first connect a debit or credit card to the account if you choose a credit card. Also, be informed that buying cryptocurrency straight from a credit card will incur a transaction commission.
Your cryptocurrency purchases will almost instantly show up in your account after you make them. After that, you can decide whether to move them to your Crypto.com trading account or keep them within your Crypto.com App account.
4. Fees on Crypto.com
There is no trading fee on Crypto.com when purchasing and selling cryptocurrencies. They instead profit from the disparity. Be aware of the costs before you trade because, regrettably, Crypto.com spreads are frequently greater than those of numerous other crypto exchanges, such as NDAX or Newton.
5. Payouts & Deposits
e-Transfer is a complementary method for making deposits and withdrawals into your Crypto.com account. There is a working time range of 0 to 2 days. With a credit or debit card, instant transfers are possible, however, there is a 3.50% charge. The costs are broken down as follows:
5.1 Fiat Deposits in CAD
- Interac e-Transfer: Free (0–2 business days for processing; $20–10,000)
- 3.50% (Immediate Transfer – ($2 – $30,000) for credit/debit cards
- Fiat Withdrawals in CAD
- e-Transfer: Free (processing period of 0–2 days, $100–25,000)
Reminder: Wire transactions are not supported.
Cards from Crypto.com Visa
6. Prepaid Visa from Crypto.com
Five preloaded Visa cards are available from Crypto.com. All of these credit cards offer CRO points for spending, and none of them have an annual cost. To qualify to receive a Crypto.com Visa card, you must have held CRO coins for more than 180 days. Depending on the certificate you want, there may be a CRO requirement.
You must risk the $4000 USD value of CRO to get the Royal Indigo as well as Jade Green cards, but $400,000 USD is needed to stake for the Obsidian card.
The Obsidian card offers savings on numerous subscription-based services like Amazon Prime, Expedia, Spotify, Netflix, Airbnb, and Loungekey along with a CRO earn rate of 5%.
7. Crypto.com Earn
Crypto.com Earn allows you to start making income on your coins if you’ve decided to invest in your cryptocurrency. It resembles the digital equivalent of a GIC. Although the number of qualifying coins can change, it typically ranges from 30 to 50. The token that you’re using, the size of you’re CRO stake, as well as the lock-in time, which can last up to 3 months, will all affect your earn rate.
You could make up to 3% in BTC as well as 4.5% with USDC at the moment of writing. Bonus rewards are given to private members.
Keep in mind that neither the government nor any regulatory body, like the CDIC as well as the Canadian Investor Protection Fund, has any obligation to guarantee or insure the assets you possess with Crypto.com.
8. NFT on Crypto.com
On a single platform, you can purchase and sell NFTs using Crypto.com’s NFT platform. You can choose from a wide range of curated NFTs available for purchase or explore other NFTs made as well as posted by people on their free marketplace.
9. Crypto.com DeFi
Crypto.com also provides a DeFi wallet, which enables you to keep, stake, and exchange cryptocurrencies using a unique set of private keys, as well as to the custodial wallet.
10. Is Crypto.com Safe in Canada?
Few cryptocurrency exchanges keep all of their cryptocurrency assets offline, despite the fact that many do retain some of them in cold storage. Due to a collaboration between Crypto.com and Ledger, assets are kept in the high-security Ledger Vault. Additionally, they have cold storage insurance worth USD 750 million, giving you peace of assurance that your assets are secured. You maintain ownership of your money, not Crypto.com, and the dollars and euros in your account are held in tightly controlled custodian bank accounts.
Crypto.com uses multi-factor verification to secure each transaction involving a user’s account. To conduct deals with your account, you’ll need a username and password, biometrics, email, phone, and authenticator verification. Additionally, you are able to withdraw to external locations that are whitelisted.
You can rest assured that Crypto.com is operating in accordance with the highest security standards because they frequently have reputable security consulting companies evaluate and simulate their safety and blockchain systems. Additionally, they have Financial Transactions and Reports Analysis Centre of Canada registration as a Money Service Business.
11. In Canada, is Crypto.com Legal?
The use of Crypto.com is permitted in many nations, including Canada. In actuality, the business is listed with Canada’s Financial Transactions as well as Reports Analysis Centre.
In August 2022, Crypto.com stated a consensus in the Ontario Securities Commission, saying adhering to on there web page: “Crypto.com, the global quickest developing digital currencies system, stated nowadays it possesses agreed upon a Pre-Registration Conducting in the province of Ontario Securities Commission within Canada.
The Canadian Securities Administration (CSA) effort led the OSC and all Canadian jurisdictions acknowledged this signing, making Crypto.com the initial global cryptocurrency platform presently operating in accordance with that regulatory undertaking in Canada. In accordance with the conditions of the contract, Crypto.com is dedicated to collaborating with the OSC to provide a range of goods and services that fully abide by Canadian laws.
Not that Crypto.com hasn’t faced its fair share of difficulties. They were the target in a $15 million Ethereum breach in January 2022, but they subsequently claimed no client funds were lost.
Additionally, they were affected by the FTX fiasco and the general decline in cryptocurrency in 2022, like many other crypto exchanges. Their token coin, CRO, lost $1 billion worth, forcing Crypto.com to fire a few thousand staff members.
12. Pros and Cons of Crypto.com
Although there are many positive aspects to Crypto.com as a cryptocurrency exchange, it also has some disadvantages for Canadian buyers. I’ve compiled the inventory of benefits and drawbacks that follows.
- Over 250 cryptocurrencies are supported.
- No costs for deposits or withdrawals
- Zero selling costs.
- Possesses a long list of goods, including a cryptocurrency exchange, wallet, and prepaid Visa card lineup. Its own token (CRO) operates on its closed-end blockchain.
- With Crypto.com, you can benefit from your crypto investments.
- High prices
- Poor client service
13. Alternatives to Crypto.com
There are plenty of cryptocurrency platforms available to Canadians. You might want to look into the following Canadian-friendly coin exchanges before joining Crypto.com:
Toronto-based Bitbuy is a cryptocurrency broker. In reality, one of the reasons it’s our top-rated Canadian exchange there at MapleMoney is that it has a great two-tier trading platform made for both novices and seasoned traders. Express Trade is great for beginning dealers, and the Pro Trade platform’s extra features are great for experienced traders.
Bitbuy uses 2FA security, has an account with FINTRAC, and provides email and phone assistance. You can make trades using a smartphone or desktop app, and assets are kept in 95% cold storage.
Another well-known Canadian platform is Coinsmart. They provide an easy-to-use trading platform along with their own customer support guarantee, just like Bitbuy. Your fiat money will appear in your Coinsmart account the same day when you transfer it.
The trading platform is user-friendly for beginners and has enough utility for more experienced traders, too, with real-time charts and stop-and-stop loss orders. Details are available in our Coinsmart evaluation.
13.3 WealthSimple Crypto
The biggest robo-advisor in Canada, Wealthsimple, also has a cryptocurrency network called Wealthsimple Crypto. They used to only take Bitcoin and Ethereum for trading, yet they now take more than 50 tokens.
Fiat money deposits and withdrawals are free, similar to Crypto.com, but the cost of 1.5% to 2% of each transaction is high. Canadian dollars, instead of US dollars, may be used to finance your account.
Originally a provider of Bitcoin ATMs, Netcoins has since grown to become an altcoin exchange. More than 30 currencies, such as bitcoin, ether, DOGE, XLM, and others, are accepted by Netcoins.
For beginners, the platform functions well. Although you can move Canadian dollars freely back and forth, their trading cost of.50% is high compared to that of the competition. I like that limit orders can be used to purchase cryptocurrency over as little as $10. Live chat, phone, and electronic support are readily accessible during business hours, and customer service is good.
Crypto.com is without question one of the top cryptocurrency exchanges. What I admire regarding it is the sheer amount of activities that you can accomplish in a single platform. You can explore their market for NFTs to buy and sell, pledge the coins to boost your earnings, and buy and sell cryptocurrency there.
If there’s a drawback, it’s that a typical crypto trader seeking simple trading features may find Crypto.com to be too overwhelming. You’re better off going to one of the many Canadian cryptocurrency exchanges, such as Bitbuy or Coinsmart if you don’t need all the bells and whistles. As the saying goes, sometimes you eat too much of a nice thing.
Check this out to know why Bitcoins ATMs are so special.
Queries and Answers
The following is a list of some of the most frequently asked queries about Crypto.com:-
1. Which cryptocurrency software is accepted in Canada?
Regulation and security. The top Canadian cryptocurrency applications provide a controlled and secure trading atmosphere. For example, Bitbuy and Wealthsimple both have permission to provide cryptocurrency trading services in Canada. Then there is Coinbase, which is authorized by law to provide services to Canadian citizens despite being controlled in the US.
2. Is it safe?
Whitelisting and multi-factor authentication (MFA) are just two of the security measures that Crypto.com uses to safeguard user identities. Naturally, creating secure passwords for your accounts and adhering to your personal online security protocols will help keep them safe.
3. Can Canadians make withdrawals from Crypto.com?
By exchanging their cryptocurrency for Canadian dollars in their CAD locker and then moving those dollars to their bank account, users of Crypto.com are able to withdraw cash from the app.(s). Please be aware that Crypto.com does not impose a fee for CAD withdrawals, but your bank may.
4. Is cryptocurrency trading taxed in Canada?
Cryptocurrency is taxed to be property in Canada and is either regarded as capital gains or business revenue. Cryptocurrency sales, mining profits, and other proceeds connected to cryptocurrencies are liable to capital gains or business income taxes in Canada, but Canadian taxpayers are not required to pay taxes for purchasing or holding cryptocurrency.
5. Where can I purchase cryptocurrency in Canada?
The most well-known cryptocurrency exchanges in Canada are Coinbase, Newton, Netcoins, Binance Canada, and Coinberry. Although these companies’ standard trading interfaces might be intimidating to beginners, particularly those without any experience in trading stocks, they also offer straightforward, user-friendly purchase options.As an Amazon Associate, Icy Canada earns from qualifying purchases.