Is Crypto.com Safe? (May 2022)

March 12, 2022
Blog
Crypto.com Exchange

Crypto.com is a reliable, safe, and secure cryptocurrency exchange operating in a wide range of countries. The exchange follows all relevant financial and risk-management standards in the countries it serves, and customers are unable to use Crypto.com’s services unless they provide personal information.

With these factors in mind, as well as its support for over 100 cryptocurrencies, high-level security mechanisms, and lightning-quick price changes, Crypto.com is one of Canada’s top crypto exchange platforms, and we strongly advise giving it a try.

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Extremely secure, 10x leverage

What Is Crypto.com?

Crypto.com is a Singapore-based global cryptocurrency exchange that was founded in 2016. It’s a trademark of Foris DAX Asia Pte. Ltd, a Singapore-based company that’s a subsidiary of Foris DAX MT (Malta) Limited.

You can use this platform to buy, sell, and trade a wide range of cryptocurrencies using a fiat currency, with minimal transaction fees, and through a variety of payment methods, such as through bank transfer or credit or debit card. In addition, the firm provides a mobile app, a cryptocurrency Visa card, a decentralized exchange, a standalone crypto wallet, and an NFT marketplace.

You can also stake your cryptocurrency, or keep it in a Crypto.com wallet for a certain length of time and earn up to 14.5% interest through the use of this platform.

Crypto.com is a great choice for those wanting to acquire and store cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Crypto.com charges fees of 0.40% unless you have a high trading volume or a large CRO currency holding, which will lower your fee rates.

Crypto.com currently supports 100+ coins and offers advanced trading order types, and it also allows you to trade crypto futures on its platform.

Is Crypto.com Safe?

Yes, Crypto.com is a safe crypto trading platform to use.

For starters, the platform has established a “Defense in Depth” online culture, which means that the security measures and procedures put in place by the company are also applied to each aspect of the business. Because of this, the platform has had little to no problems with hacking.

Additionally, all of the user funds are kept in cold storage, in a completely offline setting. The platform uses Ledger Vault, which is an institution-grade custody solution that employs hardware security modules and multi-signature private keys to keep user funds as safe as possible.

The company’s cold storage system is insured for around $500 million as well, and this includes direct and indirect claims against custodians, physical damage to cold storage units, and the potential of robbery.

The site also uses hardware security modules (HSM) and multi-signature keys to safeguard its hot wallets. These hot wallets contain a tiny fraction of the firm’s total assets, allowing for regular withdrawals without jeopardizing the entirety of the userbase’s wealth.

Customer deposits are secured in reputable custodian accounts located all around the world, which are protected by local laws and regulations. For instance, residents of the United States can benefit from the Federal Deposit Insurance Corporation (FDIC)’s insurance coverage on their money.

The platform also uses Amazon Web Services, which offers network firewalls, web app firewalls, controlled TLS encryption across all services, logging, monitoring, real-time analytics, automatic threat identification, analytics that are in real-time, and a variety of security mechanisms tailored for the world’s leading banks.

Is Crypto.com Regulated?

Crypto.com is a fully regulated cryptocurrency firm that adheres to all necessary financial and risk-management rules in the nations it serves. As a result, users are unable to utilize Crypto.com’s services without providing personal information. To use Crypto.com, you must go through a fairly thorough identification procedure.

Is Crypto.com Supported In My Country?

The Crypto.com app is available in numerous countries. However, if cryptocurrency trading is not legal in your country, you will probably be unable to use the Crypto.com mobile app.

Here are some of the countries that Crypto.com currently supports:

AustriaDenmarkHungaryLuxembourgRomania
BelgiumEstoniaIcelandMaltaSlovakia
BulgariaFinlandIrelandNetherlandsSlovenia
CroatiaFranceItalyNorwaySpain
CyprusGermanyLatviaPolandUK
Czech RepublicGreeceLithuaniaPortugalSwitzerland

What Are Crypto.com’s Security Rules?

Data privacy evaluations are included in the company’s fundamental architecture with Crypto.com. All deposits on the platform are subject to compliance checks, and staff is on hand to keep track of all crypto payments.

Users can also store their crypto credit locally on the Crypto.com wallet, which is compatible with all user cryptocurrencies stored in cold storage through its collaboration with Ledger Vault. A range of hardware security modules and multi-signature technology is used by Crypto.com to secure the platform.

The following security measures are included: multi-factor authentication, specialized security protocols, protected cold storage, and much more.

Alternative Crypto Exchanges You Can Use

Crypto.com is an extremely safe cryptocurrency exchange to use, but if for some reason you don’t feel comfortable using it, or you’re not located in a supported country, here are a few alternative exchanges that you can use:

1. CoinSmart

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ends May 19.

★★★★★

Rated 4.9/5

CoinSmart is, without a doubt, the best crypto platform in Canada in 2022.

For starters, CoinSmart’s trading fees are an incredibly low 0.2%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), and as a publicly-traded company, their financials are audited by a third-party firm at least once per year. They also maintain a 95% cold storage policy, which ensures your crypto is kept extra safe and secure across all circumstances.

As a new CoinSmart user, you’ll receive a $50 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the 16 assets CoinSmart supports. If you’re looking for a highly secure, reputable crypto platform, CoinSmart is an excellent choice.

Features

  • Extremely low trading fees (0.2%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.2%
  • INTERAC Deposit: 0%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking for low fees and the best overall trading experience.

CLAIM MY $50 BONUS
Offer ends May 19.

2. Bitbuy

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Bitbuy is a great second option for Canadians seeking a reliable, trustworthy crypto exchange.

Like CoinSmart, Bitbuy’s trading fees are just 0.2%, and go as low as 0.1% for transactions made using their advanced trading platform. It supports 17 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

Bitbuy has processed more than $4 billion in trades across its 350,000+ Canadian users. It’s a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it’s a highly safe and secure exchange that offers deep liquidity for all order sizes.

For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected Canadian crypto exchange that offers altcoin trading, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Extremely low trading fees (0.1% – 0.2%)
  • Easy to use for both beginners and more advanced traders
  • Supports 17 cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 99% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.1% to 0.2%
  • INTERAC Deposits/Withdrawals: 1.5%
  • Bank Wire Deposit: 0.5%
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 when you deposit $250 using this link.

Best For

Investors looking to trade with extremely low trading fees.

CLAIM MY $50 BONUS
Free account, instant verification

3. Crypto.com

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid crypto exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either Bitbuy or CoinSmart instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

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Extremely secure, 10x leverage

In Summary

Crypto.com is a regulated, safe, and secure cryptocurrency exchange that is available in numerous countries and allows you to buy digital assets through many different means, such as crypto debit card purchases. The platform adheres to all necessary financial and risk-management rules in the nations it serves, and users are unable to utilize Crypto.com’s services without providing personal information and linking a bank account.

With this in mind, as well as its support for over 100 cryptocurrencies, high-level security features, and lightning-fast price updates, Crypto.com is one of the top crypto exchange platforms in Canada, and we wholeheartedly recommend using it.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5