Our review of Crypto.com: 2.5/5

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Crypto.com in brief

Our opinion of Crypto.com

Crypto.com presents itself as a comprehensive crypto platform offering a vast selection of digital assets, staking, lending, and a crypto Visa card. We liked that it provides access to over 370 cryptocurrencies, making it one of the most diverse exchanges for Canadian traders. The integrated NFT marketplace and staking options add to its appeal for users looking to earn passive rewards or engage in digital collectibles.

However, we would have liked it to offer a more transparent fee structure. While the platform advertises low trading fees starting at 0.4%, the hidden costs embedded in spreads can make trades significantly more expensive. The spread on Bitcoin transactions can reach 3% or more, making it less cost-effective than many competitors. Additionally, withdrawals can be slow, with fiat transactions taking up to 48 hours to process.

We tested the customer support response times, and while live chat is available, responses were delayed, and resolutions were often unhelpful. The lack of phone support makes it difficult for users to resolve urgent issues, especially when dealing with account restrictions or missing funds. The interface, while feature-rich, can be overwhelming for beginners, with complex navigation and multiple verification requirements for basic actions.

Who is Crypto.com best for?

Crypto.com is best suited for users who want access to a broad range of cryptocurrencies and financial products but are willing to deal with higher fees and slower customer support. Traders seeking lower-cost transactions and faster withdrawal times may find better alternatives.

Before you zero in on Crypto.com, compare the best crypto platforms in Canada:

Let's find out more about our test results on Crypto.com.

Reliability and Security 2.5/5

Crypto.com was founded in 2016 and has grown into one of the largest global cryptocurrency platforms, serving over 80 million users worldwide. The platform offers a broad range of crypto services, including spot trading, staking, lending, an NFT marketplace, and a prepaid Visa card. Despite its size, it has not won any major industry awards for security or customer service, and its reputation has been affected by sudden policy changes, high hidden fees, and customer service complaints.

For Canadian traders, Crypto.com is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business (MSB). However, it is not registered with Canadian securities regulators such as the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC). This means that while it complies with anti-money laundering (AML) laws, it does not offer the same investor protections as fully regulated platforms in Canada.

Crypto.com offers several security measures to protect user accounts and funds, including:

• Two-factor authentication (2FA) and biometric login for account security.
• Cold storage for most digital assets to reduce hacking risks.
• Insurance coverage of $500 million for digital assets held in custodial wallets.

However, the platform has experienced security breaches in the past, and users have reported unauthorized transactions and issues with account recovery. Additionally, withdrawal delays and frozen accounts have been common complaints, which reduces trust in the platform’s reliability.

Cryptocurrencies Available 4.5/5

Crypto.com is positioned as one of the largest exchanges in terms of cryptocurrency diversity, offering over 370 digital assets, including major cryptocurrencies, altcoins, stablecoins, and NFT trading. This makes it one of the most extensive platforms for Canadian users who want access to a broad range of investment options. However, while the selection is impressive, high trading spreads and withdrawal fees may reduce its overall appeal.

The platform provides access to NFTs through its built-in marketplace, but it lacks direct DeFi integration and decentralized exchange (DEX) services, which some traders may prefer. Below is a comparison of Crypto.com’s asset selection versus the market average.

Our opinion on Crypto.com's offerings

Crypto.com offers a vast selection of cryptocurrencies, surpassing most competitors in terms of asset diversity. However, while it excels in offering a variety of tokens and NFTs, the platform’s high fees and limited DeFi tools make it less attractive for users looking for low-cost trading and advanced financial services.

Services and Tools 3.5/5

Crypto.com offers a wide range of services, including staking, lending, a crypto Visa card, and an NFT marketplace. However, despite its broad ecosystem, hidden fees, sudden policy changes, and limited DeFi integration reduce the overall quality of these tools.

• Crypto Card: ✅ The Crypto.com Visa Card offers crypto cashback rewards, but recent reward reductions have made it less competitive.
• Staking: ✅ Users can stake CRO (Crypto.com’s native token) and select assets for interest, but rates have been lowered significantly in recent updates.
• Lending & Borrowing: ✅ Users can borrow against their crypto and lend assets for interest, but rates and terms fluctuate frequently.
• Yield Farming: ❌ No DeFi farming or liquidity mining options exist within the platform.
• NFT Marketplace: ✅ Users can buy, sell, and trade NFTs, but selection and trading volume are lower compared to larger marketplaces.
• Advanced Trading Features: ✅ The Crypto.com Exchange supports spot and derivatives trading, but these features are not available to Canadian users due to regulations.

Fees and Commissions 2.5/5

Crypto.com markets itself as a low-fee exchange, but hidden costs in the form of high trading spreads and withdrawal fees make it less cost-effective than some competitors. While spot trading fees start at 0.4%, these can be reduced with CRO token staking, but many users still end up paying more due to significant price spreads.

Below is a comparison of Crypto.com’s trading fees against the market average:

Other Fees

• Deposit Fees: ❌ No fees for crypto deposits; some fiat deposit methods may incur fees.
• Withdrawal Fees: ✅ Fixed crypto withdrawal fees apply (e.g., 0.0005 BTC for Bitcoin withdrawals), making transfers more expensive than competitors with network-based fees.
• Conversion Fees: ✅ High spreads (up to 3.11% on some trades).
• Inactivity Fees: ❌ No inactivity fees.

Our opinion on Crypto.com's fees and commissions

Crypto.com offers competitive base trading fees, but high spreads, withdrawal fees, and hidden costs make it less cost-effective than platforms with lower spreads and network-based withdrawal fees. Users who trade frequently or withdraw funds often may find more transparent and lower-cost options elsewhere.

Customer Reviews 1.5/5

Crypto.com has a Trustpilot rating of 1.5/5 based on 8,596 reviews, with users frequently reporting high hidden fees, slow customer support, and unexpected policy changes, despite the platform's extensive range of services. 

Here are some recent reviews from Canadian users:

• Daniel M (January 5, 2025): "I signed up for Crypto.com because of the Visa card rewards, but after a few months, they drastically reduced the cashback rates without warning. I had staked CRO to maximize my benefits, and now I’m stuck with less value than I expected. The fees on trades are also much higher than they claim due to hidden spreads. Overall, it’s frustrating to see constant changes that hurt users."
• Jessica L (December 18, 2024): "I tried withdrawing CAD from my Crypto.com account, and it took nearly three days to process. The lack of reliable customer support made things worse—I reached out multiple times and only got generic responses. When dealing with money, fast and clear communication is important, and unfortunately, that’s not what I experienced here. The selection of cryptos is great, but getting my funds out was a headache."
• Marc T (November 22, 2024): "Crypto.com’s app is packed with features, but it’s way too complicated for beginners. It took me a while to figure out the trading system, and even then, I noticed that the fees on transactions were much higher than expected. The spreads are ridiculous, especially on Bitcoin and Ethereum. I moved to another exchange where at least I know how much I’m paying upfront."

How does Crypto.com compare to other Crypto brokers?

Crypto.com competes with several major exchanges, offering a large selection of cryptocurrencies and financial products, but hidden fees, slow customer support, and frequent policy changes reduce its overall reliability. Below is a comparison of Crypto.com with three other major platforms.

Conclusion of our analysis of Crypto.com

Crypto.com offers a broad range of services, including staking, lending, an NFT marketplace, and a crypto card, making it a well-rounded platform for traders looking for multiple financial products in one place. However, hidden trading fees through high spreads, slow withdrawals, and unreliable customer support negatively impact the overall user experience.

While it provides one of the largest selections of cryptocurrencies, high costs and frequent changes to rewards and staking rates make it less attractive for long-term users. Traders who prioritize transparency, fast withdrawals, and better fee structures may prefer alternatives with lower costs and more consistent policies.

Before opening an account on Crypto.com, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Crypto.com?

Crypto.com offers a tiered account system based on staking its native CRO token, influencing trading fees, cashback rewards, and staking benefits. Users who stake more CRO unlock higher-tier accounts with better perks, but recent reductions in rewards have made these benefits less attractive. Below is a comparison of the different account levels.

Crypto.com does not offer margin trading in Canada, and most benefits are tied to CRO staking, which has become less valuable over time due to policy changes.

Basic Account

The Basic Account is the default level for all Crypto.com users, offering access to 370+ cryptocurrencies, spot trading, and staking. However, fees start at 0.4% per trade, which is higher than many competitors, and cashback rewards on the Visa card are minimal without CRO staking.

Crypto.com Staking Account

Users who stake CRO tokens unlock lower trading fees, higher staking APYs, and increased cashback on the Crypto.com Visa card. However, Crypto.com has frequently changed its staking rewards, often reducing benefits, and making long-term staking less predictable.

VIP Account

The VIP Account is designed for high-volume traders and institutional clients, offering customized trading fees, exclusive staking rates, and priority customer support. However, VIP access requires significant trading volume and is not available to all users.

How do deposits and withdrawals work with Crypto.com?

Crypto.com supports various deposit and withdrawal methods, but funding delays, withdrawal fees, and limited fiat options can make transactions less convenient compared to competitors. Below is a breakdown of the available methods, currencies, processing times, and associated fees.

Crypto.com provides a variety of funding options, but its withdrawal processing times are slower than some exchanges that offer instant crypto withdrawals or same-day fiat payouts. While Interac e-Transfer is free, credit card deposits come with high fees (up to 2.99%), making it expensive for users who want quick funding.

A major downside is the fixed crypto withdrawal fees, which can be costly for users transferring large amounts. Many competitors use dynamic network fees, allowing users to withdraw at lower costs during off-peak blockchain congestion periods. For those who frequently move funds off the platform, these high fixed fees make Crypto.com less attractive than exchanges with lower withdrawal costs.

Does Crypto.com offer crypto staking?

Crypto.com provides both staking and lending services, allowing users to earn rewards on their holdings or borrow against their crypto. However, frequent reductions in staking rewards and fluctuating lending rates have made these features less attractive compared to competitors.

Staking on Crypto.com

Crypto.com allows users to stake CRO and other cryptocurrencies to earn interest, but the yields vary depending on the staking duration and the amount of CRO staked. Below is a summary of available staking options:

Downsides of Staking on Crypto.com

Lending on Crypto.com

Crypto.com offers a lending program where users can borrow fiat or stablecoins by using their crypto as collateral. The platform also allows users to lend their crypto to earn interest, but interest rates depend on the token and staking level.

Downsides of Lending on Crypto.com

• Lending rates fluctuate, meaning users don’t always get the highest advertised APY.
• Crypto collateral for loans is locked, so users cannot use those funds until the loan is repaid.
• Interest rates on borrowed funds are relatively high compared to traditional financing options.

How are revenues generated by Crypto.com taxed?

Income generated from crypto trading on Crypto.com is taxable in Canada, as the Canada Revenue Agency (CRA) treats cryptocurrency as property rather than currency. Any profits from buying, selling, exchanging, or earning crypto must be reported, either as capital gains or business income, depending on the nature of the transactions.

Capital Gains Tax

If trading is done occasionally as an investment, profits are taxed as capital gains, meaning only 50% of the gain is taxable at the trader’s marginal tax rate. Selling crypto for CAD, swapping one crypto for another, and using crypto for purchases are all considered taxable events. If losses occur, they can be used to offset capital gains in the same or future years.

Business Income Tax

If trading is done frequently and resembles business activity, the CRA may classify it as business income, meaning 100% of profits are taxable. Factors such as trading frequency, reliance on crypto as a primary income source, and use of advanced strategies can determine if income is considered business-related.

Staking and Lending Income Tax

Staking rewards and lending interest earned through Crypto.com are considered taxable income at the time of receipt, based on their fair market value in CAD. If the staked or lent crypto is later sold at a profit, any additional price increase is subject to capital gains tax.

How to Declare Crypto Income in Canada

• Track Transactions: Crypto.com does not provide CRA-compliant tax reports, so users must track their crypto purchases, sales, swaps, and staking rewards manually or use crypto tax software.
• Use the Correct Tax Forms:
• Capital gains are reported on Schedule 3 of the T1 Tax Return.
• Business income is reported as self-employment income on the T2125 form.
• Staking and lending rewards are reported as other income on the tax return.
• Convert Crypto to CAD for Tax Calculation: The CRA requires all crypto transactions to be valued in Canadian dollars (CAD) at the time of the transaction.
• Keep Records for 6 Years: The CRA may audit past crypto transactions, so keeping detailed records is essential.

Watch out!

Crypto.com does not offer automated tax reports for Canadian users, meaning individuals must manually track and declare their crypto earnings. Failure to report capital gains, staking income, or business income can result in CRA audits and penalties. Those with high trading volumes or complex transactions may benefit from crypto tax software or professional tax advice to ensure compliance.

Contact: How to contact Crypto.com customer service?

Crypto.com offers limited direct customer support, primarily relying on email, live chat, and a help center. Users frequently report slow response times and unresolved issues, especially regarding withdrawals and account verifications. Below is a summary of the available contact methods for different types of requests.

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.