Let’s Review in Detail: ‘Is Crypto.com Legit’? Did you recently come across Crypto.com and want to know how safe Crypto.com is? Then this article will resolve all your concerns. It is quite popular for working on several currencies and exchanges through DeFi cards and Visa Debit cards.
The platform offers the best deals to its customers, which inculcates various cashback, gift cards, and perks every time they initiate and execute a transaction. It is also viewed as an asset that holds value. And most significantly, you can withdraw money from Crypto.com anywhere and anytime from its application.
This platform is loaded with features like easy-to-use mobile applications and the sale and purchase of more than 250 cryptocurrencies. This raises a few questions about whether Crypto.com is legit or not. Let’s find out!
What is Crypto.com? Launched in 2016, Crypto.com is a one-stop destination for all your crypto investment needs, whether you are a professional or amateur investor. It is a Crypto exchange based in Singapore. The exchange does not limit itself by only selling and purchasing listed cryptocurrencies. But it also issues its own exchange token Cronos (CRO).
At present, the company has 80 million customers who exercise full control over the ecosystem of crypto-oriented products. Users can buy and sell 250+ cryptocurrencies with 20+ fiat currencies using bank transfers or credit and debit cards.
A trend has been noticed from buying Bitcoins with PayPal to Metal Visa cards on Crypto.com because of the wide range of payment options and trade of well-known as well as less-known currencies in one place.
Products offered by this platform are as follows:-
Spot Trading Crypto.com Metal Visa Cards Crypto.com Earn Derivative Trading Margin Trading DeFi Wallets Trading Bots NFTs A user gets several services in one place. And what is most important is that it values DeFi’s role in investment and cryptocurrencies , that’s why Crypto.com inculcates DeFi in its area of service. Let’s just dig into the overview of this platform for a better understanding of the security it provides and the risks involved in using this platform.
Overview of Crypto.com The below table gives a detailed outline of this app on the basis of performance, services, and availability.
Area of Concern Details Product Name Crypto.com App Products and Services Offered Lending, Loans. Payments, Staking, DeFi Wallets, Exchange, Metal Visa Card, and NFIs Cryptocurrencies More than 270 cryptocurrencies which include BTC, XRP, ETH, DAI, EOS, BNB LTC, ADA, CRO, UNI & 262 more Own Exchange Tokens Cronos Tokens (CRO) Fiat Currencies USD, EUR, GBP, COP, CHF, HKD, SGD, AUD, CAD, KRW, SEK, CNY, TRY, RON, JPY, NOK, MYR, BRL, DKK, ZAR, BGN, THB, INR, TWD, PHP, IDR, MOP, MDL, SAR, MXN, CLP. Interest Rates Up to 0.4% APY on Stablecoins Trading Fee Maker- 0 to 0.075% Deposit Methods Bank transfer Payment Methods Bank Transfer Available on Mobile App Yes, On iOS and Android Registered Yes with exchanges like Cyprus Securities and Exchange Commission (CySEC) Available in the USA Yes, except for New York Insurance Coverage Yes, $750 million includes both direct and indirect custodian coverage. Withdrawal Fees Depending on the Choice of Crypto Deposit Fees Not Required
If you went through this table, you might have noticed that it is a cluster of investments available through this app. You won’t have to make use of different apps because it is a one-stop for all your investment needs.
These minute details and the large insurance cover give an answer to the question is Crypto.com legit to some level.
How Safe is Crypto.com? The specific response to the issue of how secure Crypto.com is that it is one of the safer cryptocurrency exchanges available for new users. Since it was founded and had been helping people for a long time, no one has objected to it.
Many people have praised it online for offering profitable returns on their investments. The platform offers risk-free transactions that are transparent.
All of the customer funds are kept in cold wallets, which protects them from theft and hacking. This platform also permits multifactor authentication, delays withdrawals to new locations for 24 hours, and offers round-the-clock customer support for resolving client complaints.
It also has a provision of granting users $250,000 in case they incur a loss. Crypto.com legit seems like a reality because its insurance is backed by FDIC insurance.
This platform was featured on Forbes Advisor
For providing security to its users, the website makes use of 256-Bit SSL encryption, and the platform is also protected by DDoS – prevention.
Is Crypto.com Safe in the USA? Let’s answer to, ‘Is Crypto.com safe in the USA’. Indeed, yes, it is legitimate in the United States because it has a ‘money services company license’ from U.S. FinCEN. Except for New York, it also has a license as a money transmitter in every state where it is necessary.
It does not offer several services, such as margin trading, to Americans. Additionally, if you prefer to use your PC for trading, numerous services are only available on mobile. Using Crypto.com if you live in New York is against the security rules and standards established by the website apps, making it riskier than using alternative exchanges that are authorized in New York.
New Yorkers can try Coinbase as an alternative to Crypto.com and can use PayPal to make the payment. If you are intrigued by this information, you can read how to unlock your PayPal account to get insightful information. Now, you must have found the answer to whether ‘is Crypto.com safe in the USA’.
Security Practices Used by Crypto.com According to Helen Keller , “Security is mostly a superstition. It does not exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run than outright exposure. Life is either a daring adventure or nothing.”
This is what the website does, it tries to offer you security, but nothing is guaranteed in this world. Everything will work for some time, and then the people will make something to pass through it. Still, there are some security provisions that successfully work for this website. Let’s just move through and unravel these security measures used by Crypto.com.
Insurance: The site runs an insurance program against damage or loss worth about $750 million, and for each user, it has a provision of granting $250,000. Both direct and indirect custodial coverage are included in this sum. Additionally, just like bank account balances, all USD balances on Crypto.com are FDIC-insured.Cold Wallet Storage: Ledger Nano X is a custodial agency that takes care of all the user’s funds in cold wallet storage. It is a special kind of wallet that is similar to a flash drive, which protects and stores private crypto offline on a physical drive. This is quite effective in protecting securities from online hacking and theft. The website allows users to make withdrawals by sending their own cryptocurrency to hot wallets, and it is then reimbursed from customers’ accounts when these withdrawals are executed successfully.
Anti-phishing and Multi-factor Authentication: In order to keep users’ information safe, the site provides personal phone, email, password, and biometric authenticator verification. When you do access the app, the website prompts you for a passcode. To withdraw money from Crypto.com, you must enter a two-factor authentication (2FA) code that is produced specifically for the transaction from your smartphone and email. It is the first cryptocurrency exchange in its community to comply with ISO/IEC 27701:2019, ISO/IEC 27001:2013, CCSS Level 3, and PCI DSS 3.2.1, Level 1.
Bug Catching: It motivates its employees to catch bugs on the website and handsomely rewards them. And special sessions are organized for bug catching, where everyone is interested in tech can participate.Provides 24/7 Customer Care Services: You can contact them anytime and anywhere if you face transactional issues or so. They will be happy to help you. The support team is available 24/7 and all 7 days. Users can send them an email at contact@cyrpto.com.
Risks Involved in Using Crypto.com According to Hunter S. Thompson
Though Crypto.com is not moderately risky, we cannot deny the fact that digital investments involve some risk. You cannot strike out the fragments of risk involved in it.
There are a few things you should ponder over before using this platform:-
Use of Plaid: Plaid is a payment platform that connects financial accounts to other apps. It acts as an intermediary between the financial app and your personal account. But the reality is it leads to breaches of personal information, as mentioned by some users. Which means you are paying to put it at risk for nothing. USDC Transfer: Users are obligated to pay $25 per withdrawal, which is quite a lot. Many investors believe that no crypto tokens are FDIC insured, so if the scheme sees a downfall, then the risk is on your shoulder to bear. You cannot trust any site that will reimburse all your loss. What if several investors face multiple losses, how long it might take before you are considered? Security is not Held in Cash or Government Paper: According to Independent Accountant’s Report a negative trend was seen till July 2021; more than 27% of security was not held in cash or Government-backed paper. Which means there is a risk of falling out on investment. It could also signify that security is less than the volume of crypto tokens. FDIC Does Not Insure Crypto.com : Since FDIC’s inception in 1934, it does not ensure financial assets or cryptocurrencies issued by non-banking entities. It does not protect your funds in the event of Crypto.com’s failure, loss, or the risk of theft, fraud, or hacking.Miss Out on Emails: The new feature of the website sends you an email when there is a suspicious withdrawal, or a hacker tries to make a withdrawal. It holds the transaction for 24 hours. You can stop the initiated transaction by reporting to customer care, which is available 24/7. But many users have reported that they receive late feedbacks, which might result in the slipping away of securities. Moreover, you might lose track of the email if you don’t check your email often or if it appears in your spam.
As discussed above, there is no such thing in the work that can entirely eliminate the risk, but precisely very little risk is involved in the case of Crypto.com. You will be provided a list of practices that you can employ in order to protect your securities on this site. Firstly, let’s explore the only hack that happened in 2022.
2022 Crypto.com Hack Matt Damon, who holds a great investment in the company, confirmed that the platform underwent a hack of 438 customers in the month of January. And lost Bitcoin and Ether, costing $35 million.
As reported by Forbes , “On 17 January 2022, Crypto.com learned that a small number of users had unauthorized crypto withdrawals on their accounts,” The platform wrote in a post on Thursday. “ It promptly suspended withdrawals for all tokens to initiate an investigation and worked around the clock to address the issue. No customers experienced a loss of funds. In the majority of cases, we prevented the unauthorized withdrawal, and in all other cases, customers were fully reimbursed.”
A report published in The Verger
“On Monday, 17 January 2022 at approximately 12:46 AM UTC, Crypto.com’s risk monitoring systems detected unauthorized activity on a small number of user accounts where transactions were being approved without the 2FA authentication control being inputted by the user,” the post reads.
“This triggered an immediate response from multiple teams to assess the impact. All withdrawals on the platform were suspended for the duration of the investigation. Any accounts found to be impacted were fully restored.”
After this, the website rolled out some security features which wouldn’t let this security breach happen again. Some of them are as follows:
A 24-hour delay in withdrawals to new addresses. And sending an email on the valid email ID provided by the user. Incorporating a 2FA system that is quite difficult to bypass by hackers. These features make Crypto.com safe for investors. What is astonishing is it detected and resolved the issue timely without making it a bigger issue by staying in denial mode.
After witnessing its redressal system, you can vouch for Crypto.com legit. And what to keep in mind is that reimbursement will only be done if the user is not at fault.
Otherwise, reimbursement won’t be initiated if a loss incurs due to their negligence. Now let us dig into some methods and techniques you should use to keep your securities protected in this app.
How to Stay Safe While Using Crypto.com? Here, are some techniques and methods which you should use wisely while using the app so that no hacker can bypass and steal your securities:-
Use a Powerful Pin Code: You don’t need to search ‘Is Crypto.com safe on a browser’ if you have a tough pin code to crack. In order to do so, always follow this trick to make a strong pin code; always include a capitalized letter, a small letter, and a numerical number, and inculcate symbols like @ or $ to make it difficult to crack.Note: Try to avoid sequencing numbers and making use of personal information.
Make Use of a Solid Password for Email: If you don’t possess a solid email password, all your sensitive information could be on the red radar of hackers. So, it is necessary to keep a strong password.Withdraw Crypto from the App : In the 21st century, you can’t trust anyone to keep saving your hard-earned money. So, it is better if you withdraw your Crypto and keep it in your preferred wallet when you are not trading. And by doing this, you can also save yourself from Bitcoin bonus spam which occurs once in a while.Generate an Anti-phishing Code: You might have encountered many emails acting as a real bank or app mails. Do you find it difficult to identify between real and fake? If so, here is the solution for saving yourself from getting fooled by hackers. All you need to do is follow these simple steps to generate code:Go, to settings, and under that, click on the submenu “Security”. Then click “Anti-phishing code,” and after that, click “Create code.” Then follow as instructed, and you will successfully generate the code. This code will be displayed in every email you receive from this platform. Utilize Google Authenticator alternatively to SMS: Google Authenticator adds shields of safety to all the online accounts you use. It adds steps of verification that are next to impossible to be cracked by hackers. A hacker can get access to your SMS and mobile data by can’t surpass the authenticator to access your online accounts.Employ a Fingerprint Password: It is advisable to put in a fingerprint password for accessing the app. So, that you don’t lose your investments due to some mishap like children accessing the app or someone viewing your password and later on using it. You can use these simple techniques to keep your securities safe while using this app. These techniques make Crypto.com safe and reliable for use.
This Quote from The Loop rightly expresses the issue of safety, which everyone should keep in mind.“You don’t need to know the whole alphabet of Safety. The a, b, c of it will save you if you follow it: Always Be Careful.”
Now you may have got the answers to both questions; is Crypto.com safe and how you can make it safer through this section of the article?
Final Words We have witnessed that there is a shift from BNB to Crypto.com. What could be the reason, then? Many users complained BNB is not available on Trust Wallet and stated that due to that, they are shifting to a more saver option of this website. This speaks loudly that how safe is Crypto.com.
It is a one-stop platform for a cluster of cryptocurrencies as well as fiat trading. And most importantly, it is a safe and easy-to-understand feature that makes it suitable for every type of user. Now you are aware of the Crypto.com legit features, try that out and let us know about your experiences.
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