Crypto.com is one of the major cryptocurrency exchanges spread across 90+ countries and serving more than 50M users globally. The platform has multiple products in its suite including a cryptocurrency exchange, defi wallet, crypto.com card (metal visa card), and NFT marketplace. It has a native token named, CRO, that has multiple use-cases in the Crypto.com environment including staking, rebate in trading fee, access to Syndicate, and more.
We will cover all the major products of the Crypto.com platform. In this article, we will explain how you can create an account in the crypto.com exchange, and how to use it.
What is Crypto.com Exchange?
Crypto.com exchange offers all the facilities that a centralized exchange possesses including Spot & Margin trading, derivative trading, staking, Syndicate (purchase newly listed tokens, not yet launched), lending, OTC, etc.
Access The Crypto.com Exchange
To use the exchange, visit the page https://crypto.com/exchange
Sign Up/ Login
Existing users can log in to their account by going to the Login page and providing the correct credentials. New users can create an account through the Sign-up page.
For Signup, users need to provide the below details:
- First Name
- Date Of Birth (DOB)
- SET Account Password
- Referral Code (if any)
A verification email will be sent to your given email address, verify your email. Users will now get a prompt to go through an identity verification process.
To create an account, users need to go through an identity verification process. It’s mandatory. They need to submit any government-approved identity proof document (passport, driving license, or Identity Card) followed by a selfie. The Crypto.com team will verify your details. You will be allowed to use the exchange when the team approves your request.
Users can transfer assets to their account after their account verification is complete.
To receive any tokens in your account, go to your Spot Wallet. Now, click on the Deposit button against your desired token. This will open up the deposit details about the token. Select the preferred network (ERC-20, Cronos, bep20, Polygon, and SOL). Select the network, the application will generate a deposit address and a QR code that you can copy and share.
Note that the supporting network may change for different tokens.
To withdraw assets from your exchange account, your funds should be in your Spot Wallet. If it is not, then first transfer it to your Spot wallet before initiating a withdrawal request.
To withdraw, click on the Withdraw button against the token that you wish to transfer. The exchange will offer you two options regarding your destination account address:
- External Wallet Address
- com App- no fee required
Select your desired option. Next, you need to fill in the destination wallet address and the amount that you wish to transfer. If you want, you can save this destination address in your contacts by going to the Add Withdrawal Address field (see screenshot below).
Review and confirm the process.
From the Market tab, you can see different trading pairs available in Spot, Margin, and Derivative trading. Users can filter the market based on the various industry including Defi, NFTs, Yield farming, etc.
You can click on the Trade button against a trading pair and can directly go to their market where you can place a buy/sell order.
How To Buy/Sell Tokens
Users need to first select the trading type that they want to do i.e Spot, Margin, or Derivative. To perform these trades, they are required to transfer their assets to the corresponding wallet types. For example, spot trading can be done from Spot wallet. For market or derivative trading, transfer funds from spot wallet to margin or derivative wallet.
We have some USDT in our account that we will use to buy CRO (spot trading). Click on the Trade button against the CRO/USDT trading pair in the Spot Market tab.
A page will open where you can find three different options to place the order:
- Market- buy/sell at market rate immediately
- Limit- allows setting a price at which you can buy/sell
- Stop-loss Limit- Allows you to buy/sell when the asset hits a specific price
Now, go to the Market tab, and fill in the amount of CRO token you wish to buy. Confirm the process. You can check your order details from the bottom of the page.
The transaction will take a few seconds to confirm, and once it is done you can see the desired CRO in your Spot Wallet.
Under the Wallet section, you can find these wallet types:
- Spot Wallet
- Margin Wallet
- Derivative Wallet
Each of these above wallet types will let you perform particular trading activity. For example, whenever you deposit or withdraw assets, it will be done using your Spot wallet.
A margin/derivative wallet is used to perform Margin /Derivative trading. Users need to first transfer assets from their Spot wallet to the desired Margin /Derivative wallet before placing any Margin /Derivative trade.
The Dashboard section gives a holistic view of your account balance. The top section shows a graphical summary of your account balance over a period. The bottom section contains details about the assets that a user is holding.
From the right-hand side of the page, you can check the top performer, top assets by volume, and new entries.
You can check your tier and maker/taker fee associated with it here. And, also the amount of CRO required to move to the next level.
Crypto.com allows the users to transfer USD (US dollar) via their Bank account and receive USDC in their exchange account in a ratio of 1:1.
Users need to come to the Bank Transfer section to add their bank and billing details. The project team will verify your details and notify you if approved.
After that, you can follow the instructions to deposit USD from your bank account and will receive USDC in return.
The Sub-Account section let you create and manage various secondary accounts. Users can create sub-accounts for all three primary trading accounts.
This section let you create sub-accounts, and manage them.
To create a sub-account, go to Account Management, and click on Create Sub-account button. Give a unique name to your account, and confirm the process.
And your sub-account will be created.
Note: To create a sub-account under Margin or derivative trading, users need to first create their corresponding wallets.
You can now transfer funds from your Main (spot) wallet to sub-accounts and manage them separately.
Users can see the More Actions field to check the different actions that they can perform on their existing sub-accounts. They can suspend, terminate, or re-configure by going to this field.
Once you have created a sub-account from the Account management tab, you can go to the Fund Management tab that let you transfer funds between the main account and sub-account or vice versa.
As you can see from the below screenshot, the Fund Management tab has three sections each depicting the three major wallet types supported by the exchange. You can go to any tab, and perform asset transfer by clicking on the Transfer button.
From this tab, users can check Open Orders or Order history for their Spot or Margin account.
You can filter out the orders based upon sub-accounts, buy/sell type, or currency-wise.
Check your account transfer (to/from) history here.
The Crypto.com exchange allows the users to deposit collateral and borrow loans against it. Users can take up to 3 loans with a maximum amount of USD 500,000.00 all combined. They can repay the loan within a tenure of 12 months. Users who have staked CRO coins can enjoy better interest rates. From the other tabs in this section, you can check your loan and adjustment history.
To borrow a loan, click on the Take Out a New Loan button. A page will open, and then users need to fill in the below details:
- Choose Token to be taken out as a loan
- Loan Amount
- Choose a token to be deposited as Collateral
- Fill Collateral Amount
- Select LTV percentage (Loan/Collateral value)
As you can see from the below screenshot, the term is fixed (12 months). The Annual Percentage Rate and Daily Interest Rate will change with a change in the LTV value.
Confirm the process, and you can see your loan details from the Loan tab.
In the next part of this article, we will explain how you can stake CRO in the exchange portal.
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