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If you are a cryptocurrency investor, you need a secure and reliable cryptocurrency wallet to secure your digital tokens. Crypto.com is one of the most reliable options, especially for those looking to store, send, and receive decentralised tokens and interact with DeFi platforms. As professionals in the cryptocurrency space, we have met numerous UK investors who are considering this wallet for their activities. Among the questions asked is: Is Crypto.com DeFi wallet safe? How reliable is it, and what are the applicable charges?
Fortunately, we conducted an extensive analysis of this wallet and share our ultimate Crypto.com wallet review below. We answer the questions above and more to ensure you fully understand this DeFi wallet’s offerings.
In This Guide
Our Opinion about Crypto.com DeFi Wallet
We are impressed with Crypto.com’s offerings, from high security measures to quality support service. Overall, the wallet has many advantages that make it worth committing to. However, we also discovered a few pitfalls, which we share in our summary of Crypto.com’s advantages and disadvantages section below.
Crypto.com DeFi Wallet
✔Supports over 1000 tokens
✔Lists popular dapps to explore
Pros & Cons
Pros
- Supports over 1000 tokens across 34+ blockchains
- It has its proprietary exchange where you can buy, sell, and store your digital assets
- Offers users an opportunity to earn rebates on 25+ tokens, including CRO, VVS, TONIC, ATOM, and stablecoins
- Lists popular dapps to explore
- Users can swap tokens across multiple chains, including Ethereum, Cronos, Cosmos and more
- Compatible with desktop and mobile devices
Cons
- Limited learning and market analysis tools
- Numerous charges, including gas, protocol, and bridge service fees
Supported Cryptos
From our analysis, the Crypto.com DeFi wallet allows users to store, buy, and sell over 1000 crypto tokens. These include popular options like Bitcoin, Ethereum, Litecoin, Dogecoin, and more. Plus, this wallet also supports NFT deposits. They come in multiple formats across various blockchains.
The cryptocurrencies supported by the Crypto.com wallet have unique features. For instance, in the case of XRP and XLM, new users will only activate the wallet by receiving at least 10 XRP or XLM in their first transactions. And while the wallet supports ERC20, you can’t load it with cryptos like WTC, BAND, or VET, even if you have these currencies in your Crypto.com app.
Overall, we like the excellent offerings at the Crypto.com DeFi app. With the ability to allow users to earn rebates and swap tokens, the wallet is suitable for all types of crypto investors. The best part is that users can effectively manage their tokens across 30+ blockchains, including Cronos, Crypto.org Chain, Ethereum, and more.
Security
Crypto.com DeFi wallet prides itself on building its reputation on client trust. We explored its security measures to verify this claim and were impressed with our findings. For instance, Crypto.com has invested in robust training to ensure its staff maintains its ongoing security and privacy awareness.
Additionally, Crypto.com is a non-custodial wallet, which means it gives users full control of their private keys. Your assets’ safety remains in your hands, so ensure you do not share the keys with anyone to avoid risking your tokens.
We also noticed that Crypto.com doesn’t ask users to provide their personal details while signing up for its services. Therefore, users who like to remain anonymous are free to explore the wallet’s offerings. While we believe this measure can attract even imposters, it ensures no one has access to your personal details.
The best element about this wallet is that it supports cold storage. Also known as the hardware wallet, this wallet allows you to secure your cryptocurrencies offline. Remaining offline keeps you anonymous, and it’s challenging for fraudsters to access your assets. Other security features worth sharing include two-factor authentication, high encryption technology, and face ID.
Fees for UK Traders
Setting up the Crypto.com DeFi wallet is free, whether on your Android or iOS mobile device or browser extension. As mentioned earlier, you do not need an account at its exchange to benefit from the wallet’s services. Any UK cryptocurrency investor can download the app and get started.
While investing using the Crypto.com wallet, we incurred transaction charges for sending tokens across various networks. The fees vary depending on the blockchain and the time you are transacting. Note that Crypto.com hosts the Ethereum gas meter, which gives users real-time updates on gas fees and transaction speed. From our experience and knowledge, the best time for cheaper transactions is when the networks are less congested.
Besides transaction charges, Crypto.com DeFi wallet users will incur protocol and bridge service fees. These fees are charged by the underlying protocol and the Crypto.com App, respectively. The Crypto.com DeFi wallet also charges for services such as buying tokens using fiat currencies. And since it integrates with decentralised applications, users will pay a fee when they connect with the apps. Overall, you will incur a 0.05% service fee on whatever you earn using its DeFi offerings.
Privacy & Anonymity
Crypto.com values the privacy of its clients and has set various security measures to prove this. For instance, the provider does not require users to share personal information to set up the wallet. This is because of cyber criminals who have dominated the online financial space. It is backed up by a team of professionals who constantly monitor online activities to identify any suspicious activities.
Additionally, Crypto.com is a non-custodial wallet, thus giving you complete control of your private keys. Moreover, users have the option to secure their tokens offline in its hardware storage.
That being said, we advise you never to share your password or recovery phrase with anyone. Remember, the safety of your crypto tokens largely depends on you protecting your device from unauthorised access. And do not hesitate to contact the wallet’s support service team should you suspect any malicious activities.
Crypto.com Support Service
Having a cryptocurrency wallet with reliable and responsive support service guarantees quality assistance in times of need. Crypto.com Wallet did not disappoint us in this category. The team operates 24/7 via email and live. Sadly, we didn’t find any phone support.
When we contacted Crypto.com’s team, we got a prompt response. All questions and concerns we raised were also attended to professionally, allowing us to enjoy our experience with the provider.
Besides human assistance, Crypto.com has a help centre page with adequate articles and guides to inform users accordingly. Various topics are covered there, ensuring investors are well-informed before deciding whether to make a commitment. There is also a FAQ section with answers to some commonly asked questions.
How to Start With Crypto.com DeFi Wallet
Crypto.com is among the most highly rated DeFi wallets in the cryptocurrency space. If you have been considering it for your investments, note that it is secure and reliable. You simply need to set up your wallet to start enjoying its services. You can do so by following the procedures below.
Step 1: Download the Crypto.com DeFi wallet
Step 2: Choose how you want to set up your wallet
Step 3: Secure your wallet
Step 4: Start storing your digital tokens
At this point, we hope that you will have explored this wallet’s offerings and are confident it is the best for your investment needs. Also, ensure you understand its terms of service so you are fully aware of what to expect once you make a commitment. Then, download the Crypto.com DeFi wallet onto your Android or iOS mobile device. The app is easily accessible on the App Store or Google Play. And for those who prefer managing their cryptos using desktop devices, Crypto.com has a browser extension for your desktop browser.
Once you have installed this DeFi wallet, open it and select how you want to set it up. For instance, if you already have another wallet from another provider like MetaMask, Crypto.com allows you to import it. Alternatively, you can create a new Crypto.com wallet by following the prompts on the app or browser extension.
Crypto.com understands how the crypto market is prone to cyber tracks. Therefore, it encourages its new users to secure their wallets with 6-digit passcodes. Ensure your passcode is strong and unique—something no one can guess. Also, Crypto.com will share a recovery phrase, which we encourage you to keep safe from any third-party access. You will need this key to recover your wallet in case you forget your passcode. And for an added layer of safety, Crypto.com encourages users to activate two-factor authentication and face ID.
Just like that, your Crypto.com wallet is ready for use. Feel free to transfer your tokens to it, whether from an exchange or another external wallet. Remember, transaction charges may apply, so consider this element when budgeting.
You can also use this wallet to manage your NFTs, browse dapps, and send cryptocurrencies to various blockchains. And remember, Crypto.com has partnered with CoolBitX to ensure users who prefer hardware storage have an opportunity to enjoy its services. With this wallet, your private keys are secured offline or externally on a physical device.
Final Thoughts
We hope our Crypto.com DeFi wallet review UK above has given you the insights you need to make the best decision. Overall, we find the Crypto.com DeFi wallet a viable option. We like that it is user-friendly and has one of the best and most professional support service teams. Its security measures and the fact that it has partnered with CoolBitX hardware wallet are also worth mentioning. This proves how much it has clients’ interests at heart.
While having the best wallet, like Crypto.com, is crucial, note that the cryptocurrency market carries risks. Only invest in this space if you are willing to lose your money in case an investment fails to work out as expected. It is also crucial to conduct thorough market research and select a credible exchange for a worthwhile experience.
InvestingGuide Rating:
✔Supports over 1000 tokens
✔Lists popular dapps to explore
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Risk Warning
Using digital wallets involves risks such as security vulnerabilities, potential loss or theft of the device, and exposure to fraud. Additionally, technical issues and evolving regulatory environments can affect access and usage of your digital assets.
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