We have covered Crypto.com in 4 parts and the amount of information can be overwhelming. This is the tl;dr version for those wanting to dive right in and start.
You can think of this as a Quick Start guide like those tiny manuals that come with your new devices, or this could also be our way of telling you how we did it so you can follow along and do the same in getting the best out of Crypto.com.
It is also why we have left this part at the end of our series, because we felt it was important that you first understand what Crypto.com is, what we thought of them as a company (Part 1), what Stake and Earn are (Part 4), and how they work before you decide to participate in this platform.
In the following list of steps, we have kept graphics and screenshots out of the way to keep things uncluttered. However, the part number reference where the topic is discussed in detail is provided.
Also, some of the promotion offered by Crypto.com may have expired and may no longer be applicable. In such cases, just ignore that step and move on to the next.
There are 5 stages to complete to reach the full potential of profits and earnings on Crypto.com:
- Installation and Setup
- Purchase of CRO
- Staking CRO on App and Exchange
- Earn Crypto on App
- Participate in Syndicate Events and Giveaways
Installation and Setup
- Download the Crypto.com App on the App Store (iOS) or Google Play (Android).
- Launch the App on your Smartphone (Part 2).
- Insert the Referral Code ff7fq3en4t for the free $50 CRO bonus upon staking later.
- Register your details and complete the KYC procedure.
- Once KYC has been approved, go to crypto.com/exchange to link your App to the Exchange. Refer here for the official guide.
Purchase of CRO
- Transfer some BTC to the Exchange to get the 2% Deposit Bonus in CRO.
Read up about the 2% Deposit Bonus and terms and conditions here.
- Purchase 1,000 or more CRO.
You can purchase more if you think CRO will go up in value (see our thoughts at the end of this article).
- Withdraw the CRO to the App using the free transfer.
All crypto transfers from Exchange to App and vice versa are free.
Staking CRO on App and Exchange
- Stake the 1,000 CRO on the App to obtain the free $50 CRO bonus and Ruby Steel debit card.
If you wish to obtain a higher tier debit card, purchase and stake more CRO accordingly. We staked more than 10,000 CRO to get the benefits and features of the Royal Indigo debit card, 16% staking reward returns, and higher Earn percentages.
- You now have extra CRO on the App ($50 CRO bonus) and on the Exchange (2% deposit bonus automatically staked for 180 days at APR 20%).
- Optional: Purchase more CRO on the Exchange:
- to stake on the Exchange for 20% APR (minimum 5,000 CRO)
- to stake on the App for 16% APR (minimum 10,000 CRO)
- to Earn on the App for 14 – 18% APR (minimum 5,000 CRO – see Section D below)
Although the above are optional, there are reasons you may want to stake on the Exchange (for higher APR and eligibility to participate in Syndicate events – discussed below) and on the App (for higher APR and eligibility to obtain higher tier debit card and benefits).
It is also suggested that you purchase CRO or any crypto on the Exchange instead of on the App in order to meet the terms and conditions of the 2% deposit bonus with regards to trade volume (to retain the bonus). There is after all no trading fee for the first 90 days (Update: Expires 31st August 2020. New users enjoy Stake-to-Take program instead).
Earn Crypto on App
- Check the list of available crypto on the Earn platform on the App to determine which crypto asset you would like to earn interest payment on.
- Purchase CRO or any chosen crypto on the Exchange
- Transfer CRO and chosen crypto to the App. You may also transfer crypto held in other personal wallets to the App.
As the App is an exchange wallet, it is important that you understand the risks involved with keeping your crypto on a custodial wallet vs. a user-custodial wallet.
- Place CRO and other listed crypto on Earn to receive interest payments at various APR depending on crypto asset type, term duration and amount of CRO staked on the App (Part 4).
- Use the earned crypto:
- to spend on the CRO VISA Card (requires conversion)
- to save on trading fees on the Exchange
- to participate in Syndicate events and purchase crypto at 50% off (where available)
Participate in Syndicate Events and Giveaways
- To be eligible for the Syndicate events to purchase BTC and other crypto at 50% off, you will need to stake a certain amount of CRO on the Exchange and meet a set 30-day trading volume. You will also need CRO to subscribe to the crypto on offer. For the full T&C, see the official rules here.
We participate in every Syndicate event and purchase all crypto on offer at 50% discount. For the crypto which we do not wish to keep, we sell or convert them to BTC or USDT on the exchange for immediate 100% profit.
- Follow Crypto.com on Twitter @cryptocom to participate in their regular sweepstake giveaways.
We have won free BTC for ourselves through these giveaways.
How Crypto.com Can Offer Crypto at 50% Discount on the Syndicate Events
If you have come across the Syndicate events on Crypto.com and wondered how cryptocurrencies can be offered to eligible users at crazy discounts, you are not alone.
We don’t have the official reason, but our best guess is that Crypto.com subsidise half of the cost for users who have met the requirements of having a certain amount of CRO staked on the exchange. When a user buys and stake their CRO on the exchange, they are essentially investing in Crypto.com the company. When the CRO mainnet is launched, the staking also supports and secures the CRO blockchain network.
Some of the subsidies could also come from their advertising budget, which is quite clever as it is a form of targeted advertising that draws more users to their platform and expands their userbase quickly. Instead of spending millions of dollars on a SuperBowl ad or ad placement in magazines and billboards, Crypto.com channel this budget and reward their existing users for sharing their platform. This applies to their giveaways on Twitter as well. Which is exactly what this article is currently doing.
Don’t quote us on this – the above reasoning is just our best guess.
Also, there is a limit on the crypto being allocated for the sale. It is not a free-for-all offering, and the final amount received is prorated depending on the amount of CRO subscribed by the participant over the total CRO subscribed by all participants.
Our Thoughts on CRO
We believe that CRO has the potential climb in value in the coming months and years for the following reasons:
- CRO is the cashback currency on the VISA debit card and with the ongoing rapidly-expanding userbase, CRO adoption will be a constant and demand for it will be maintained or increased.
- CRO powers the Crypto.com Exchange and saves users on trading fees as what BNB does for Binance. And we know what happened with BNB in their early stage. There is no guarantee that CRO will replicate the performance, but the chances are good that it will mimic closely in trend.
- CRO offers the highest staking rewards and Earn interest rates on the App and Exchange and given that it can be converted to be spent on the VISA debit card and elsewhere, it remains a valued commodity to its users.
- As Crypto.com’s userbase expands from their current 3 million to the targetted 100 million by end of 2021, we expect CRO to grow significantly in value.
We would like to reiterate that the above should not be construed as financial advice, but merely our personal thoughts and expectations based on what we have observed with Crypto.com so far.
We hope this Quick Start guide above is clear, and we look forward to seeing you on the Crypto.com platform soon!