Crypto.com Canada Review (Dec 2022): A Decent Crypto Exchange

November 2, 2022
Reviews
Crypto.com Exchange

Crypto.com arrived on the Canadian crypto scene with the promise of supporting a wider variety of coins with reasonable trading fees. And with 100+ supported cryptocurrencies, high-level security measures, and lightning-fast price updates, Crypto.com is one of the top cryptocurrency exchanges in Canada.

However, Crypto.com is not beginner-friendly, and its debit and credit card deposit fees are extremely high at 3-4%, which is why we recommend ZenGo instead. ZenGo has extremely low trading fees and supports more than a dozen cryptocurrencies, and when you add on its bank-level security and easy-to-use interface, we can't recommend it enough.

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What Is Crypto.com?

Crypto.com is a major global player as far as crypto exchanges go, and it’s recently been having a major impact on the Canadian crypto market. It supports 100+ cryptocurrencies, making it an ideal fit for crypto investors that want to invest in uncharted altcoin territory before everyone else does.

Crypto.com also offers some unique features that no other Canadian 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 confident in a coin.

Crypto.com Features

1. Tight Security Protocols

Crypto.com has invested an enormous amount of money into its platform security, which makes trading with them extremely safe.

Some of these security measures include:

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  • Multi-factor authentication through email, phone, and/or biometric before you can access your account.
  • Grants you control of your private keys through the Crypto.com DeFi wallet.
  • Cold storage policy to prevent hacking and theft.
  • Withdrawals protected by email verification and mandatory whitelisting of external addresses.

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2. Wide Array Of Supported Crypto

Crypto.com supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before anyone else does.

This number of supported cryptocurrencies is honestly impressive, and few crypto exchanges in Canada even get close to the number of digital assets Crypto.com supports.

3. Instantaneous Price Updates

Crypto.com's price updates are extremely quick, often updating dozens of times per second. This gives day traders an upper hand over the rest of the market, especially for cryptocurrencies that are relatively unknown.

Cryptocurrencies On Crypto.com

Crypto.com has the biggest number of cryptocurrencies supported out of any crypto exchange in Canada, going beyond the 200 crypto asset mark. Some of the top cryptocurrencies they support are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Chainlink (LINK)
  • USD Coin (USDC)
  • Algorand (ALGO)
  • Basic Attention Token (BAT)
  • Uniswap (UNI)
  • Compound (COMP)
  • Binance Coin (BNB)
  • Yearn Finance (YFI)
  • Kyber Network (KNC)
  • Cronos (CRO)

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Crypto.com Fees In Canada

There are two types of fees you will incur when trading with Crypto.com.

For debit/credit card crypto purchases, you’ll pay between 2.99% to 3.99% in fees. You don't have to pay any fees when doing ACH and wire transfers, but you do have to pay withdrawal fees that depend on the cryptocurrency being withdrawn.

As for maker-taker fees, you have the following:

30-Day Trading Volume (USD)Maker FeesTaker Fees
Up to $25,000 USD0.40%0.40%
$25,000 – $50,000 USD0.35%0.35%
$50,000 – $100,000 USD0.15%0.15%

If you're trading less than $25,000 USD per month, both makers and takers pay 0.4% in trading fees. Those fees are slightly lower if you're trading more on a monthly basis (eg. 0.35% if you trade up to $50,000 USD per month), but 0.4% is a good baseline to gauge from.

Crypto.com also offers different ways for their users to reduce their trading fees. For instance, users can get anywhere between 10% to 100% in trading fee discounts if they stake their CRO tokens or pay maker and taker fees with CRO.

Crypto.com Deposit & Withdrawals Fees

Crypto.com does not charge any fees for fiat withdrawals, though it does charge for crypto withdrawals. Every crypto asset faces a different withdrawal fee, though, so here are just a few of them:

These fees are quite variable; as of this writing, the fee to withdraw Bitcoin, Dogecoin and Solana are all less than $2, while the fee to withdraw Ethereum is over $20. As a result, it's always a good idea to consider converting your crypto to another coin before you withdraw, especially if you're working with small amounts.

How To Withdraw From Crypto.com To A Canadian Bank

  1. From the Crypto.com app home screen, go to Fiat Wallet -> Transfer > Withdraw > Fiat.
  2. Tap on your CAD balance, then “Withdraw CAD,” and then “Withdraw Now.”
  3. Input your withdrawal amount, the email address you're withdrawing funds to, and your Security Question & Answer.
  4. Confirm your withdrawal.

Once you've completed those steps, Crypto.com will conduct an internal review and notify you when your withdrawal request has been processed. Withdrawals generally take 2 business days to process, and while Crypto.com doesn't charge any fees for withdrawals, it's possible (but unlikely) that your bank will.

The minimum withdrawal amount is $100, while the maximum account balance is $100,000. Here are a few more limits around withdrawal:

  • Daily Limit: $25,000
  • Monthly Limit: $775,000
  • Daily Transaction Limit: 10
  • Monthly Transaction Limit: 20

Our Recommendation

Crypto.com is a great option when it comes to crypto exchanges. The number of cryptocurrencies that it supports is impressive, and its security measures and lightning-fast price updates easily make it one of the top-rated crypto exchanges in Canada today.

However, Crypto.com is not a beginner-friendly crypto exchange, and Crypto.com's debit and credit card purchase fees are extremely high: 3% to 4% in purchase fees can translate to hundreds or even thousands of dollars lost, especially on larger purchases.

With that in mind, we recommend buying and selling crypto with ZenGo instead. Here are some of the reasons why we recommend ZenGo over Crypto.com.

Introducing ZenGo: Our #1-Rated Crypto Exchange In Canada

1. ZenGo – Best Overall + Lowest Fees

#1 Best Overall

Trading Fees: 0% up to $1,000
Security: Best in class
Customer Support: Excellent

Ultimate security + lowest fees.

★★★★★

Rated 4.9/5

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

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $1,000. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, it truly is the best of both worlds. I can’t recommend ZenGo highly enough.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $1,000

Best For

Crypto investors looking for the most secure trading experience + extremely low fees.

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In Summary

Crypto.com arrived on the Canadian crypto scene with the promise of supporting a wider variety of coins with reasonable trading fees. And with 100+ supported cryptocurrencies, high-level security measures, and lightning-fast price updates, Crypto.com is one of the top cryptocurrency exchanges in Canada.

However, Crypto.com is not beginner-friendly, and its debit and credit card deposit fees are extremely high at 3-4%, which is why we recommend ZenGo instead. ZenGo has extremely low trading fees and supports more than a dozen cryptocurrencies, and when you add on its bank-level security and easy-to-use interface, we can't recommend it enough.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

Crypto.com FAQs

How To Withdraw Funds From Crypto.com

Withdrawing funds from your Crypto.com account is easy, but you do need to follow a few steps, which are:

  1. Log in to your Crypto.com account.
  2. Click on “Transfer” at the top.
  3. In the “Transfer” area, click “Withdraw”.
  4. Click “Withdraw with fiat”.
  5. Select a fiat currency.
  6. Add a bank account. (Crypto.com uses Plaid to do this.)
  7. Select your bank.
  8. Enter your bank login credentials.
  9. Select your account.
  10. Enter the amount you want to withdraw. (Minimum withdrawal of $100)

Is Crypto.com Safe In Canada?

It's worth mentioning that investing in cryptocurrencies is very risky, regardless of what crypto exchange platform you use to do so. However, Crypto.com is a very safe platform to use.

In fact, Crypto.com is one of the safest crypto exchanges in Canada, and they've invested a lot of money into making sure your digital assets are secure.

Is Crypto.com Legal In Canada?

Yes. Crypto.com is registered as a Money Service Business (MSB) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which means that its subject to this entity's regulations.

Is Crypto.com Available In Canada?

Yes, Crypto.com is available in Canada, and users can trade 100+ cryptocurrencies with reasonable fees. To open your account with Crypto.com, take 60 seconds to pass the ID verification here.

Is Crypto.com Legal In Ontario?

Yes, Crypto.com is operating legally in Ontario. However, Crypto.com may run into regulatory issues in Ontario down the road, the same sort of issues that forced Binance to shut down its Canadian operations.

If you're concerned about working with a crypto exchange that will be in Ontario (and Canada) for the long-term, I suggest joining CoinSmart or Bitbuy instead. Both exchanges are based in Ontario and follow all the local laws, ensuring they'll be serving Canadian customers for the long haul.

Crypto.com Referral Code

Unfortunately, there are currently no referral codes available for Crypto.com. However, you can create an account and earn $10 of CRO when you stake $1,000 of CRO using this link.

Does Crypto.com Report To The CRA?

Yes. This is because Crypto.com is registered as a Money Service Business (MSB) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), so it also has to report to the Canada Revenue Agency (CRA).

Does Crypto.com Work In Canada?

Yes, Crypto.com is available to Canadian cryptocurrency traders in all provinces and territories. To sign up for Crypto.com as a Canadian, you just need to pass a 60-second ID verification here.

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