crypto.com: What is most important for beginners

I had written a post about crypto.com about 18 months ago in which it roughly goes about the individual products of this cryptowallet. In the meantime crypto.com has grown a lot and there are many more products. However, I would like to go into the most important ones again here, as there seems to be a lot of ambiguity especially among newbies, which is especially shown by the article “How can I deposit fiat money to the crypto.com app”.

What is crypto.com?

Crypto.com is a wallet for cryptocurrencies in which many coins and tokens can be bought, swapped, sent and received.
If you are new to the crypto space and want to buy bitcoins or other currencies for the first time, crypto.com is a good choice.

How do I get to the settings?

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Home Screen Crypto.com App

To get to the settings, just click on the gear on the app’s home screen.
Here you can set the payment currency, for example, which lets you see how much the various cryptocurrencies currently cost in your preferred fiat currency and what the current exchange rate is, among other things. You can also choose the language and set the security settings. Under Fees & Limits you can find everything you need to know about fees. How much does it cost to send Bitcoins to another address? How much does a replacement card cost? What are the fees for withdrawing money? These and many other questions can be answered here.

How can I buy Bitcoins at crypto.com?

To buy bitcoins at Crypto.com you have to click on “Track” in the bottom bar. Here you can find all currencies. Here you click on Bitcoin to buy it. At the bottom it now says “Buy BTC.” You now have the choice to buy your Bitcoins with credit card, crypto wallet or fiat wallet.

Buy Bitcoin with Credit Card: You can now set up a credit card to buy Bitcoins with your credit card. This has nothing to do with the Visa card you get as a customer of Crypto.com. You need to provide a credit card here that you use in your everyday life.

Buy Bitcoin with crypto wallet: You can also buy Bitcoins with other cryptocurrencies, provided you own other cryptocurrencies. But then you know how to buy them and probably wouldn’t be bothered reading this article.

Buy Bitcoins with Fiat Wallet: This might be the cheapest option. To buy bitcoin with fiat wallet, there must be money on it. Fiat currencies are conventional currencies, such as dollars. In the app, click Accounts > Fiat Wallet > Transfer > Deposit > Euro > Details….
Now you will be shown the bank details.

What is the Crypto.com Visa Card?

The Crypto.com Visa card is a Debit card.
In the app, you’ll see a card icon in the bottom right corner. Clicking on it will show you your current balance on the card. You can spend this money in any store that accepts Visa. If there is no money on the card, you can top it up with the crypto wallet, fiat wallet or credit card.
If you click on the card icon on the top right, you will see your crypto.com card with the last 4 digits. You have the option here to block the card, view the pin and activate it for international use. As I said, there must be money on the card, otherwise you will not be able to use it for shopping. Having enough money in the fiat wallet will not work.

crypto.com visa card block international use

Which accounts are there?

Crypto Wallet: The crypto wallet holds your cryptocurrencies. When you buy Bitcoin, Ethereum, Solana, Polkadot or any other cryptocurrency, they appear in the Crypto Wallet.
Exchange: Crypto.com Exchange is the exchange of Crypto.com. Only experts should be messing around here. I would advise beginners against trading and day trading. Most people lose their capital while trading.
Crypto Earn: At Crypto Earn you can stake your currencies, so deposit for a certain period. For this, you then get a juicy interest for some currencies. In Germany,after a year holding period, the profits are completely tax-free for cryptocurrencies. However, if the coins and tokens are staked, the holding period increases to 10 years. I would advise investors in Germany not to stake because of this.
Fiat Wallet: The fiat wallet is, so to speak, your checking account at Crypto.com. This is where your money ends up when you deposit it and if you want to withdraw money, you have to transfer it here first.
Crypto.com Visa Card: There are 5 different cards where you get 1-8% cashback on your purchases. The more CRO you stake, the higher the cashback. Your cashback will be paid to you in CRO. Suppose you buy something with your “Royal Indigo” Crypto.com Visa card for 100 euros and enjoy 3% cashback, then 3 euros will be paid to you in the form of CRO in your CRO Wallet.

What is CRO?

CRO is the native token of Crypto.com. Kind of like BNB from Binance.

Conclusion:

If you are still a newbie to cryptocurrencies and only want to buy Bitcoin or any other cryptocurrency at Crypto.com, then you should really only pay attention to the “Crypto Wallet” and “Fiat Wallet”. Everything else is unimportant at first.

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