Crypto.com Canada Review (May 2022): My #3 Crypto Exchange

March 14, 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 CoinSmart instead. CoinSmart 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.

CLAIM MY $50 BONUS
Offer ends May 19.

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:

  • 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.

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)

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: CoinSmart

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 CoinSmart instead. Here are some of the reasons why we recommend CoinSmart over Crypto.com.

Introducing CoinSmart: Canada’s #1 Crypto Platform

Best Overall

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

$50 offer ends May 19.

★★★★★

Rated 4.9/5

I recently broke down 10+ of Canada’s most popular crypto platforms, and CoinSmart came out on top. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto platform: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe it’s the best crypto trading platform in Canada. And to get your $50 signup bonus with CoinSmart, use this signup link and the special promo code YOREOYSTER.

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to a platform that charges 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced trading platforms employ, and CoinSmart is leading the charge.

CoinSmart is also the only publicly traded crypto platform in Canada, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

CLAIM MY $50 BONUS
Offer ends May 19.

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 CoinSmart instead. CoinSmart 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 CoinSmart enough.

CLAIM MY $50 BONUS
Offer ends May 19.

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.

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