Full review of crypto.com, the Syndicate, the exchange & gift cards!

Crypto.com is mostly famous for its great payment cards which give 1% cashback for the free card and up to 8% cashback for the highest tier card. Depending on the card, you also get free Spotify, free Netflix, free Prime, and free airport lounge access. Next to that, you can also get into the Earn program, giving you up to 18% interest p.a. or 20% p.a.on their exchange. You can also participate in their syndicate events where you can buy every so often different crypto’s at a discount.

1. Staking and the CRO coin

Crypto.com has its own cryptocurrency, the CRO coin. Their platforms are powered by this crypto coin as well as all the cashback you receive. If you want to order a payment card for yourself, you have to buy CRO coins and stake them. Now I hear you thinking, what is staking? In short, you buy for example 1.000 CRO coins and you lock them away for a certain period of time where you can not access them. Once this time period is over, your staked CRO coins are unlocked and you can sell them or stake them once again. Read on why it is good to stake them again. At the moment of writing, 1 CRO coin is worth around 0.155 dollars.

2. The Crypto.com application

The application on your phone is one of the platforms of crypto.com. It is the place where you can order yourself the precious crypto.com payment card. The app is very easy to use, looks great, and is beginner-friendly. So, to access the app, you have to create an account and you will be shown the following screen:

Image for post
Image for post

You have to fill in 2 fields: the referral code (e2c2tt4fu3) which gets both of us a 50$ sign up bonus if you order a metal payment card and your email address.

After clicking on the submit button, a QR code will appear. Scan this QR code with your phone and you will be redirected to download the crypto.com application to your phone.

Now that you have downloaded the application, you have to get through the identity check procedure to comply with KYC. You have to verify your phone number, your id card, and your email address. Once you have finished these steps, the verification is done in a maximum of 3 days, but usually a lot faster.

After the verification process is completed by the staff of crypto.com, you can add a bank account or a credit card to transfer funds. How much you want to transfer depends on the card you want to order and the different benefits that each card gives.

2.1. Ordering a card

The next step in the process of ordering a card is to transfer funds to the crypto.com app so you can buy a certain amount of CRO needed for the card you want to order. Different cards have different benefits but you need different amounts of CRO to get one. The first tier card does not need any CRO staked and is free to order. Your only benefit is a 1% cashback.

But how do you get money on the application to buy a metal crypto.com payment card with more benefits?

different crypto.com cards
different crypto.com cards

Click on the crypto.com symbol at the bottom of the app and you will see ‘Fiat wallet’ as one of the options. Click on this and then go to ‘Transfer’. Here you have to choose your currency and your method of payment (i.e. credit card or bank transfer). Of course, before you decide how much you want to transfer, you have to know the different cards and their benefits. Here you can see all the different card options but let’s look at the first 2 paid tier cards:

2.1.1. Ruby steel card

To be able to order this card, you will need to stake 1.000 CRO for at least 6 months. So this card will cost you around 150 dollars to order. Let’s look at the benefits of this card:

  • You get 2% cashback on all your purchases with this card, paid out in CRO coins.

The cashback that you get as CRO is easily exchanged to your local currency within the app, ready to be spent again!

Let’s look at different periods and how much you would be getting back taking into consideration that crypto.com has the same benefits over time and that you have a monthly subscription for Spotify of 10$. For the sake of the example, let’s say that your monthly expenses on this card are 500$.

Ruby steel profit calculation
Ruby steel profit calculation

In the row of ‘Total’, you can see how much you have saved using this card over a time period of 2, 5, 10, and 25 years. On top of this, you still have your initial investment of 1.000 CRO which you can still sell.

2.1.2. Royal Indigo and Jade Green

To be able to order this card, you will need to stake 10.000 CRO for at least 6 months. So this card will cost you around 1.500 dollars to order. Now let’s look at the benefits of this card:

  • You get 3% cashback on all your purchases with this card, paid out in CRO coins.

The cashback that you get as CRO is easily exchanged to your local currency within the app, ready to be spent again!

Let’s look at different time periods and how much you would be getting back taking into consideration that crypto.com has the same benefits over time and that you have a monthly subscription for Spotify and Netflix of 10$. For the sake of the example, let’s say that your monthly expenses on this card are 500$.

Royal Indigo & Jade Green profit calculation
Royal Indigo & Jade Green profit calculation

As you can see, the amount of CRO over time creates the biggest profit, but even without the CRO Earn amount, you will still have a profit of 4.250$ in 10 years. The interest rate on CRO can be even higher, but for that, we will need access to the crypto.com exchange platform, see section 3. the crypto.com exchange for more on this.

2.2. Topping up your card

Now that you have ordered the card of your choice, it is time to top up your card. The payment cards from crypto.com are prepaid, meaning that you need a balance on it before you an go shopping. Go to the ‘Fiat Wallet’ to transfer money into the app if you do it by bank transfer.

Once you have money or if you use a credit card, you can go to your card and click on ‘Top Up’. Choose the option you want and the amount which you want to top up. Once done, refresh your app and you will see how much money you have to spend! Please note that once you place money on your card, you can not withdraw it to your Fiat wallet!

2.3. Receiving cashback and Earn interest

crypto.com cashback & staking reward example
crypto.com cashback & staking reward example

Now that you have made your first purchase, your first cashback has also arrived in the app! Go to ‘Wallet’ and look for the ‘Crypto.com Coin’. Click on it and scroll down and you will see ‘Card Cashback’ amounts appearing for all your purchases. If you have a stake of 10.000 CRO or more, every week you will also get a CRO Stake Reward that appears!

If you want to sell your CRO that you got as cashback, go back to ‘Wallet’ and click on ‘Sell’. Choose the Crypto.com Coin and choose if you prefer to sell it for other crypto or if you want to sell it for cash (fiat wallet). If you choose Fiat Wallet, you can then top up your card again and spend your cashback on new purchases generating new cashback!

2.4. The Crypto Earn function

Next to the 16% Earn p.a. when staking a minimum of 10.000 CRO for a card, you can also participate in the Crypto Earn program for other cryptos. Depending on if you have staked 10.000 CRO or more, your interest rates are also higher.

Go to the ‘Earn’ section and click on ‘Start Earning Now’. Here you can see all the different crypto’s which you can use to participate in the crypto earn program. You need a minimum amount of a certain crypto to participate.

Example: You want to ‘Earn’ Ethereum. Clicking on Ethereum gets you to a screen where you can select the amount of time where you want to stake Ethereum. You can choose between a flexible time frame, a one month term, or a three-month term. A three-month term has a higher interest rate than a one month term but your Ethereum is stuck for this term and is not accessible. With the flexible term, you have the lowest interest rate but you can access your Ethereum any day, any time! The interest is paid out weekly and you can see the payment in the app just as with the cashback.

3. The crypto.com exchange

Next to the crypto.com app, you can also access the crypto.com exchange. The name already says it, but here you can trade a big amount of crypto coins just like on any other crypto exchange. The trading fees are very competitive starting at 0.10% for maker orders and 0.16% for taker orders. If you stake certain amounts of CRO on the exchange platform, these fees get even lower!

Other advantages are:

  • 20% interest on staking with a minimum period of 6 months and a minimum amount of 5.000 CRO

To continue, you have to create your account on the crypto.com exchange. By going through this link, you will both get 10$ for free when you stake a minimum of 1.000 CRO or 50$ 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.

Transferring funds from the app to the exchange is done in real-time and are fee-free. Note that transferring funds from the app to the exchange does NOT count for the 2% first deposit bonus! But that you can transfer funds from the app to the exchange to stake to get your sign up bonus.

3.1. Stake and Earn

When you go to the Stake and Earn section in the crypto.com exchange, you can stake CRO with a 20% interest rate p.a., taking into consideration that you have to stake a minimum of 5.000 CRO for a 6-month term. There are no other options to choose from in the exchange but a 6-month term. Adding CRO to an existing stake will reset the staking term to 6 months.

  • Staking 1.000 CRO for the first time will get you a signup bonus of 10$, but there are no other benefits at this level. In case you forgot to sign up with a referral link, you can still add referral code e2c2tt4fu3 in the referral tab for your sign up bonus!
exchange staking advantages for crypto.com
exchange staking advantages for crypto.com

3.2. The syndicate

You’ve probably already seen it on their Twitter or blog if you follow crypto.com a little bit, but what exactly is the syndicate event? Well, it’s an event that happens almost every week where you can buy a certain crypto for a 50% discount. During the last few events, you could buy Bitcoin, Maker, Neo, Ethereum at a 50% discount. But how does it work?

Let’s take a look at the last Bitcoin event where they had a sale of 2 million worth of Bitcoin at 50% off. The price of one BTC was 34.459 CRO instead of 68.918 CRO. To be able to participate, you needed to have 2 preconditions met:

  • The first one is that you needed to have a certain amount of CRO staked on the exchange platform.

Higher amounts of CRO staked means you can allocate more CRO to the syndicate event and you can get more Bitcoin at a discount. See below for an example of the 3 lowest staking tiers, there are more, up to 50 million CRO staked.

syndicate allocation crypto.com
syndicate allocation crypto.com

Now let’s say that you had 10.000 CRO staked and that you had a trading volume of 5.000 $, meeting the requirements for the second tier. You can now allocate a maximum of 7.000 CRO to the syndicate event. These CRO can not be staked and have to be allocated in the ‘The Syndicate’ part of the crypto.com exchange. You can place any amount of CRO into the syndicate with a minimum of 200 CRO and a maximum of (in this case) 7.000 CRO.

Again, let’s say that you have allocated the maximum amount of CRO for this tier, 7.000 CRO, into the syndicate. Once the event starts, all the users that want to participate can put their CRO into the syndicate. Once the event is over, you can see how many people participated and how much was the ‘oversubscription’ for the event. This means that more people participated with more CRO than was given away. Now you can calculate how much you will actually get!

example syndicate crypto.com
example syndicate crypto.com

In this particular event, the oversubscription was 15.3x and the total amount of Bitcoin that was allocated for this event was 194.8 Bitcoin.

Your total profit for this even is then calculated as follows: you have to divide 1 by the total oversubscription and multiply it by 100:

1/15.3*100 = 6.53% ⇒ this is your profit for this event!

Now, how many Bitcoin will you get if you allocated 7000 CRO? This is calculated a follows:

7.000 CRO (your allocation) / 103.100.000 CRO (total allocation) * 194.8 BTC ( total amount of BTC) = 0.01322599418 BTC

And how many CRO will you have used for this sale?

The price of one BTC in this event was 34.459 CRO as mentioned earlier. You got 0.01322599418 BTC from this event. From your 7.000 CRO that you allocated, you will have used 456.23 CRO to buy Bitcoin at a 50% discount. The remainder of your 7.000 CRO will be refunded to your account.

So at the end of the event, you will get:

0.01322599418 BTC (worth 68,918 CRO per Bitcoin ⇒ so worth 911.51 CRO)

6,543.77 CRO refunded

So your profit equals 455 CRO for this event!

4. Crypto.com Pay

4.1. Scan function

The Pay section in the app is another gem within crypto.com. Merchants can now easily accept cryptocurrencies as payment for their products. As an example, we’ll use Ledger, the hardware wallet that keeps your crypto safe.

You can pay with cryptocurrencies that you have in the app for your Ledger wallet. When you check out, choose Crypto.com Pay.

A QR-code will appear that you have to scan in the Pay function using ‘Scan’. Scan the QR code with your phone and you can choose which cryptocurrency you want to use to make the payment. Click on continue and review one last time before confirming. It’s that easy, your payment with crypto has been done!

4.2. Gift cards

One last amazing function of the app is that you can buy gift cards. Buying these gift cards will get your immediate cashback. When you hold a stake on the exchange or in the Earn section of the app (minimum 3 months stake here) for a minimum of 10.000 CRO, you get double the cashback on all your gift cards. Buying gift cards for food and beverages even gives you up to 10% of the CRO you spent!

The best option is to have a stake of 10.000 CRO on the exchange, giving you a 20% interest p.a., giving you access to higher syndicate allocation, and giving you access to double cashback when buying gift cards!

You can buy gift cards for companies depending on what 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 many many more!

gift cards crypto.com
gift cards crypto.com

All gift cards are in the electronic form and are sent to you in-app and your mail. If you want you can even share these gift cards with your friends and family!

Originally published at https://earnmoneyonline.substack.com. Note that this article contains some affiliate links through which I get a small commission at no extra cost for you!

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