The Ultimate Review Of The Crypto.com Exchange
In this review of the crypto.com exchange, we’ll find out all the cool options and advantages the crypto.com exchange has to offer, including staking CRO which gives you 10% interest on your staked CRO and giving you discounted trading fees.
1. Creating an account on the crypto.com exchange
First things first, you have to create your account on the crypto.com exchange. If you add referral code e2c2tt4fu3, we both get 10$ in CRO for free when you stake a minimum of 1.000 CRO or 50$ in CRO for free when you stake a minimum of 5,000 CRO for the first time.
Go through the process of creating your account. It will be linked to your crypto.com app account if you have one (if not, find out more about their cool payment card giving you up to 8% cashback!). Transferring funds from the app to the exchange is instant and free. Once you’ve created your account, you have access to over 150 trading pairs!
In case you forgot the add a referral code, you can add it up to 10 days after your crypto.com exchange account was created. Go to the tab ‘Referral’ -> Enter a referral code here -> add e2c2tt4fu3
Other advantages for new (and existing) users are:
- 10% interest when you stake a minimum amount of 5,000 CRO. The interest is paid out daily. Staking on the crypto.com exchange means your coins are locked away for 180 days.
- 0% trading fees for new users during the first 90 days
- New users earn a 2% bonus on deposits made to Crypto.com Exchange. This bonus is paid out in CRO with a maximum bonus of 5,000 CRO. The bonus is only valid for the first 30 days after your account creation. Note that transferring funds from the app to the exchange does NOT count for the 2% first deposit bonus!
- Up to 50$ sign-up bonus paid out in CRO when you add referral code e2c2tt4fu3 when staking at least 5,000 CRO for the first time
- Trading fee discount when staking higher amounts of CRO. Other advantages unlock when staking CRO on the exchange as well.
- The ability to create Limit orders! See chapter 3 for more info!
2. Staking CRO on the crypto.com exchange and its benefits.
Let’s take a look at what benefits you get from staking CRO on the exchange.
- The first benefit is a sign-up bonus, but you only get this when you use a referral code. Therefore, when you create your account on the crypto.com exchange, add referral code e2c2tt4fu3. Staking 1.000 CRO for the first time, gets you a 10$ bonus, staking 5,000 CRO or more gets you a 50$ bonus.
- The second benefit is earning interest on your staked CRO. When you stake a minimum of 5,000 CRO, you will get 10% interest per year. This interest will be paid out daily to your crypto.com exchange wallet. When you start to stake your CRO, they will be locked for 180 days. You can of course add to your stake whenever you want, but the timer of 180 days will reset.
- The third benefit is trading fees rebates. The more CRO that you stake, the fewer trading fees that you pay. When you stake 50M CRO, the trading fees are even free!
- The fourth benefit is the syndicate allocation, more on that in chapter 3: the Syndicate event
- The fifth benefit is crypto.com pay benefits, which become available when you stake a minimum of 10,000 CRO, more on that in chapter 4: Crypto.com Pay Benefits
3. Limit orders vs market orders
We’ve come to the main point why the exchange is a lot better than the app to buy and sell crypto: limit orders! To understand limit orders, let’s first look at what market orders are.
3.1. Market orders
You can only place market orders in the app, but in doing so you might lose a lot of value. This will become clear with the following example.
On the left side, you see an order book of a certain crypto, in this example HNT. The top part in red is people that are trying to sell this crypto while the bottom part in green is people trying to buy this crypto.
There are three different columns. The first column is the price of the crypto, the second if the amount of crypto offered for that price and the third column is the cumulative amount of cryptocoins offered(so there are 177.542 coins for sale for a price up to $23.111).
Now let’s say you want to sell 100 coins with a market order. You will sell:
- 1.794 coins for a price of 22.464
- 71.418 coins for a price of 21.429
- 26.788 coins for a price of 21.420
The total amount you will get for selling with a market order will be only 2144.515$!
So a market order will execute immediately at the best available current market price. Not enough buyers were available at 22.464$, so you sell for the next best price, which is only 21.429. But even here, not enough buyers are available and you sell the remainder of your coins for 21.410!
3.2. Limit orders
With limit orders, which are not possible in the app, but are possible in the exchange, you decide at which price you want to buy or sell your crypto.
Let’s say that you want to sell 100 coins once again. In the ‘Limit’ tab, you can set a price (in this case 22.3$). You indicate the amount of coins that you want to sell and you place the order.
Unlike the market order, a limit order does not fill up immediately! You have to wait until enough people want to buy your coins at a price of 22.3$. But the upside is that if it fills, you have a total of 22,300$.
A difference of 85.49$ or almost 4%!
4. The Syndicate event
You’ve probably already seen it on their Twitter or blog if you follow crypto.com a bit, but what exactly is the syndicate event? Well, it is an event that takes place almost every month where you can buy certain crypto at a 50% discount. In the past, you could buy Bitcoin, Maker, Neo, Ethereum with a 50% discount.
But how does it work? Let’s take a Bitcoin event as an example, where crypto.com sold 2 million worth of Bitcoin at a 50% discount. The price of one BTC was 34,459 CRO during the event instead of 68,918 CRO.
To participate, you had to meet 2 conditions.
- The first is that you had to have staked a certain amount of CRO on the exchange platform.
- The second is that you had to have a certain trading volume in the last 30 days.
When you stake higher amounts of CRO, you can allocate more CRO to the syndicate event and buy more Bitcoin at a discount. See below for an example of the 3 lowest staking levels. There are even higher staking levels, even up to 50 million in CRO.
4.1 Example of participation in the Syndicate
Now let’s say as an example you had a stake of 10,000 CRO and you had a trading volume of $5,000, fulfilling the requirements for the second level.
You could now allocate up to 7,000 CRO to the syndicate event. This 7,000 CRO must be free and thus not staked. And it must be allocated in the ‘The Syndicate’ section of the crypto.com exchange. You can place any amount of CROs in the syndicate with a minimum of 200 CRO and a maximum of (in this case) 7,000 CRO.
Again as an example, let’s say you assigned the maximum number of CRO for this level, 7,000 CRO, to the syndicate. Once the event starts, all users who want to participate can place their CRO in the syndicate. Once the event is over, you’ll be able to see how many people attended and how much the ‘over-registration’ was for the event. This means that more people entered with more CRO than was given away in the beginning. Now you can calculate how much you actually get!
In this particular case, the oversubscription was 15.3x and the total amount of Bitcoin allocated for this event was 194.8 Bitcoin.
Your total gains for this will then be calculated as follows: you must divide 1 by the total oversubscription and multiply by 100:
How much Bitcoin will you get now if you allocated 7000 CRO to the syndicate? This is calculated as follows:
How many CROs have you used for this purchase?
The price of one BTC in this event was 34,459 CRO as mentioned earlier. You got 0.01322599418 BTC from this event. Out of the 7,000 CRO you allocated, you used 456.23 CRO to buy Bitcoin at a 50% discount. The remainder of the 7,000 CRO will be refunded to your account.
So at the end of the event, you get:
- 0.01322599418 BTC (worth 68,918 CRO per Bitcoin ⇒ 911.51 CRO)
- 6,543.77 CRO refunded
So your profit is 455 CRO for this event!
5. Crypto.com Pay Benefits
Another great feature is that you can purchase gift cards, but this has to be done through the app (for a full review of the app, see my article here). If you buy these gift cards, you get instant cashback. If you have a stake on the exchange or in the ‘Earn section’ of the app (with a minimum term of 3 months) of at least 10,000 CRO, you will get double the cash back on all your gift cards. When you buy food and drink gift cards, you even get up to 10% of the CRO you spent!
The best option is to have a 10,000 CRO stake on the exchange, which gives you 10% interest per year, which gives you access to a higher syndicate allotment, and gives you access to double cashback when buying gift cards! You can buy gift cards for companies depending on which country you live in, but some of the companies are Tesco, Decathlon, Footlocker, JustEat, Uber, and UberEats, Airbnb, Whole Foods, Burger King, H&M, Ticketmaster, and much more! The gift cards are in electronic form and are sent in the app and to your mail. If you want, you can even share these gift cards with your friends and family!
6. The Supercharger
The Supercharger is part of the crypto.com exchange and is a cool liquidity mining pool that allows users to deposit CRO so they can mine different crypto tokens. The minimum amount of CRO needed to participate in the Supercharger is 100 CRO. You can of course make multiple deposits, adding to your share in the supercharger, but every deposit has to be a minimum of 100 CRO. Withdrawing from the supercharger is of course also possible without penalties! Depending on the event, the APY ranges from 3 to 15%. See here for the past supercharger events!
The supercharger event takes place around one time a month and happens in two phases. The first phase is the ‘charging’ period in which you add liquidity to the pool by adding CRO. To more CRO you add during the ‘charging’ period, the bigger your share of the reward will be. The duration of the charging period varies on the event, from 10 days to 45 days.
At the end of the charging period, you will have to accept your reward, and then phase two begin. In phase 2, you will receive a small payout every day for 30 days with the rewards of the mining pool.
Disclaimers:
Note: This article includes affiliate links. I earn the same referral bonus as you when you sign up for either a card or for the exchange.
Note: I am not a financial advisor. Any information provided in this article or via emails is not intended as investment or financial advice. It is merely information based upon my own experience. The information I present is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence.
Originally published at https://bitcoinstarters.com.
