Since the Collapse of FTX world’s leading exchange in terms of market cap after Binance, millions of traders lost all of their crypto investments including traders from Pakistan and other parts of the world.
Crypto.com exchange recently made its Reserves data publicly available to provide its users’ peace of mind and complete transparency over their investment security, since everyone was shouting for it after the FTX crash.
In this Crypto.com review, we’ll do an in-depth analysis of Crypto.com, explaining its features, and drawbacks while comparing it with other Exchanges. So, if you are interested in knowing more about the Exchange then read this Crypto.com review till the end.
If you are a spot or future trader we would highly recommend Crypto.com because of its transparency and security.
What is Crypto.com?
If you live in Pakistan and are one of those or a newbie who is looking for the safest way to trade crypto derivatives then let us introduce you to Crypto.com. With over 80 million customers and more than 4,000 employees, it is one of the most recognized Singapore-based exchanges with tons of supported cryptocurrencies for trading both in the spot and future.
According to the official site data, the entity aims to expand crypto to every human being and their slogan is “Cryptocurrency in Every Wallet,” which entails accelerating the transition towards cryptocurrency.
The platform also has its own native token known as Cronos which symbolizes, CRO. Currently, the token has a market cap of over $2 Billion with a circulating supply of 25.6B CRO.
Where is Crypto.com Located?
The headquarters of Crypto.com platform is located in Singapore. However, for the time being, they are opening new head offices to assist local users of every region in the world. Currently, the firm has offices across 10 different locations of the world including one in Miami, London, Dublin and more.
Who Created Crypto.com?
Initially, the firm was founded in June 2016 by a group of developers Kris Marszalek, Rafael Melo, Gary Or and Bobby Bao and went live at that time by the name Monaco. However, later on, in 2018 the firm rebranded itself with a new name, Crypto.com after purchasing a domain that belonged to Matt Blaze, who is a professor and cryptography researcher.
The Crypto.com domain was valued between $5 and $10 million by domain sellers.
Pros and Cons of Crypto.com
Pros
Among the things that Crypto.com has going for it are its generally lower fees, reliable security, strong cryptocurrency selection, and smooth experience in payment processing.
Cons
However, despite that, there are a few things that the exchange seems to lack. For one, the exchange could do some optimization in terms of its overall navigation because it can be a bit hard to navigate. Other aspects that could use improvement would be its customer service and educational resources. Although it does provide 24/7 customer support, it only has a 2.0/5 rating on Trustpilot.
In conclusion, overall based on our experience with the Crypto.com exchange, it has all the tools and features that a day or long-term trader needed. With exciting features such as an integrated trading view chart, tons of cryptocurrencies to trade, Gen3.0 and minimal fees, we believe it is worth using Crypto.com.
How to use Crypto.com in Pakistan
As a Pakistani, before you start trading on Crypto.com, you have to first sign up. This process requires two types of verification on the exchange: basic and advanced.
Verify
Basic verification
Basic verification involves taking information like phone numbers, names, and email addresses. This will give you access to the majority of their services and grant you a reasonable level of freedom regarding withdrawals and deposits.
Advanced verification
Advanced verification, requires users to complete KYC, or “know your customer,” a process that necessitates submitting identity documents.
With advanced verification, traders can get access to unlimited deposits with a withdrawal limit of 100 BTC per day.
Log in
After you have completed registration, head on over to crypto.com/exchange and click on the “Log in” button, which you will find in the upper right-hand corner.
Trade
After signing into your account, users can immediately begin making trades.
- All you have to do is to tap on the “trade” page by selecting it from the top bar navigation. From there choose the market you desire to trade in such as Spot, Future Warrants, Perpetual, or OTC.
- Then select your trading pair, such as CRO/USD, for example, and click on “Trade.” Then, navigate to the lower right corner, where you will find the Market, Limit, and Advanced order fields.
- Choose the order type you seek to trade with and complete the required fields by filling in your details, and you are all set.
How to buy CRO with PKR from Pakistan
When it comes to purchasing cryptocurrency, there are a number of exchanges to choose from. However, in this guide, we will be looking at how you can buy CRO from Coinbase using PKR (Pakistani rupee.)
1. Sign up with KYC in Pakistan ID
To transact, you will be required to send a valid ID or proof of Pakistan address. And depending on your location, confirming your ID could take more than a few minutes. And depending on your location is Pakistan so confirm your identity by uploading Proof of address and ID Card or Passport images for verification.
You can either download the Coinbase app to create an account or sign up through its website. Here, we will go through its website instead of its mobile application.
2. Select payment
Click the payment method box. Then, connect the payment method you want to use, such as a debit card, a wire transfer, or a bank account. Keep in mind, if you are trying to use a Debit/Credit card from Pakistan then “International Payment” should be enabled which by default would be disabled whatever bank you are using, including Meezan Bank, Punjab Bank, Allied Bank or any other.
3. Start trading
After you have finished signing up and selecting your payment method, choose Buy and Sell option.
4. Order CRO
Tap on the Buy panel so that you can navigate and choose CRO, and enter the amount you wish to spend in fiat. You can then click the arrow buttons that are on the right side of the funds you want to pay.
Change them to the equivalent number of CRO. After that, finalize your order by clicking on the “Buy now” button after reviewing your purchase details. After your order is processed, you will be directed to the confirmation page, and that is it; you have now purchased CRO.
How to trade on Crypto.com from Pakistan
As mentioned previously, all you have to do to start trading on Crypto.com from Pakistan is to open the “Markets” page, choose the market and trading pair you desire to trade in, and click on “Trade.” Then, you can select the Market, Limit, and Advanced order types, fill in your details, and you are all set.
However, there are other features worth looking at before you start trading on Crypto.com. In order for you to understand, we have breakdown each one of them below.
Staking
On Proof-of-Stake (Pos) blockchain staking is the way to validate on-chain transactions. By staking users can help validate transactions and earn rewards per block similar to how P.O.W works but this is a more energy-efficient way of validating transactions compared to mining.
At Crypto.com, anyone can participate in staking in more than 20 distinct cryptocurrencies and be rewarded with up to 5% annually in staking rewards. Keep in mind, staking rewards change the depending number of users staking and the amount that is being staked.
Referral Program
Crypto.com has its own referral Program. By referring friends or signing up on the platform using a referral link you can receive rewards up to $2,000 in CRO as a token bonus.
Users who stake between 1,000 and 4,999 CRO become eligible for a $10 bonus.
What’s more, you can become a referrer and share your referral links to earn rewards. Not only that, but the referrer may also earn a commission that is equal to 50% of the net trading fees of the referee for a period of 12 months.
The Syndicate
The Syndicate is another exciting feature offered by Exchange. It acts as a fundraising platform where promising cryptocurrency projects get the opportunity to list their tokens. Also, CRO holders who have staked their CRO on the exchange are liable to gain priority token allocations at a discount when these events are held.
Gen 3.0
Gen 3.0 served as an upgrade that was released last year on November 1, which entailed merging both derivatives and spot exchange into a single exchange engine. Here, all a trader need is a single wallet for trading across every product, allowing for smoother trading experiences, transfers, and other numerous benefits. This will also help make Crypto.com a highly liquidated platform.
Crypto.com Fees and Deposit Methods
Fees
Spot and Margin trading
For spot and margin trading, trading fees for makers and takers are the same, which is 0.0750% a lot less than other exchanges. However, this is only if the 30-day spot trading volume is below $250,000. If your trading volume exceeds that amount, then the fees for each start to reduce depending on that amount.
Derivatives
As for derivatives trading, maker fees are at 0.0170%, while taker fees are at 0.0340%. Again, if the 30-day trading volume increases above $1,000,000, then the fees here also start to reduce. Withdrawal fees, on the other hand, are dependent on the cryptocurrency you are withdrawing.
Deposit methods
As for deposit methods, the exchange allows its users to deposit funds in various ways, such as through debit and credit cards, wire transfers, and more, which means that it is more than enough to be an “entry-level exchange.”
What is Crypto.com Arena?
The Crypto.com Arena is an indoor arena that is multi-purpose and hosts more than 250 events and serves around 4 million guests every year. A fun fact about Arena is that it is among the only three professional sports facilities in North America to have hosted two teams of the same league. The upcoming Summer Olympics 2028 Basketball tournament will be held there
In the history of the NBA, it is one of those Arena that two teams share as a local hosting venue, which are the Los Angeles Clippers and Los Angeles Lakers.
Who owns Crypto.com Arena?
The Anschutz Entertainment Group and Arturo L.A. Arena Company jointly own and run it.
Where is Crypto.com Arena?
The Crypto.com Arena is located in downtown Los Angeles. It is situated alongside the Los Angeles Convention Center complex on Figueroa Street, close to the LA Live development. The arena initially debuted on October 17, 1999. Back then, it went by the popular name Staples Center. However, in December 2021, when Crypto.com bought the rights to the Arena they changed the name to Crypto.com Arena.
FAQs
Is Crypto.com Available in Pakistan?
Unfortunately, Pakistan is one of the Unsupported Jurisdiction countries where Crypto.com Exchange doesn’t operate. However, if you still really wanted to do trading on the Platform then you can use Virtual Private Network (VPN) or RDPs to register an account and do trading. However, it would be a risky thing to do!
Is Crypto.com safe for Pakistani users?
Yes, Crypto.com is safe for Pakistani users, because it utilizes industry-standard or higher security measures. These include employing bug bounty hunters to identify any potential security threats. As recently the Exchange also made Reserves data public hence comparably Crypto.com is much safer than others.
When Does Crypto.com Arena Open?
There is no specific opening time. Depending upon the timing of each specific event, door opening time changes. But in general, for most events, the doors open 1.5 to 2 hours before the event starts.
