Crypto.com Wallet Review

Searching for a suitable and reliable wallet for your hard-earned digital holdings can be challenging. That's why, in this Crypto.com wallet review, I'll introduce you to one of the most popular choices among other people.

Known for its comprehensive features, the Crypto.com DeFi wallet goes head-to-head with other big names like Ledger Nano X and Binance Wallet. I'll guide you through its functionalities, security measures, and additional perks, helping you decide if it's the right fit for you.

Verdict at a glance: The Crypto.com DeFi wallet offers a convenient and comprehensive solution for managing digital assets. Its industry-standard security protocols allow you to manage a wide array of cryptocurrencies safely while integrating with various DeFi features. However, its advanced capabilities and self-custody nature might be too much for beginners.

Crypto.com App Wallet VS Crypto.com DeFi Wallet

To kick off this Crypto.com wallet review, let me first address the differences between the DeFi and App wallets.

The former is a decentralized, non-custodial digital storage. It means that you hold the keys to your crypto assets, giving you complete control and full responsibility for the safety of your cryptocurrencies^[1].

The risk of data breaches is also lower with Crypto.com's non-custodial storage, as there is no need for ID verification when setting up your wallet.

However, its non-custodial nature also means that if someone hacks your wallet and moves your funds to another address, you won't be able to get them back. Additionally, if you lose your recovery phrase, you'll permanently lose access to all your digital assets, with no recourse available.

On the other hand, the Crypto.com app wallet is centralized and custodial, meaning the exchange holds your crypto keys for you. While this arrangement sacrifices some privacy and control, it offers easier management and security measures. In the event of theft or loss of your keys or recovery phrase, Crypto.com can provide some recourse.

If you seek privacy and full control over your digital assets, the Crypto.com DeFi wallet is an ideal option. It allows you to manage your funds independently without the need for a central authority. This setup is especially suitable for tech-savvy users who are comfortable managing their security.

With these differences clarified, I'll focus on the DeFi storage option in my Crypto.com wallet review, exploring its various features and security protocols. Understanding these aspects will help you determine if the wallet aligns with your priorities for a secure and seamless decentralized finance (DeFi) experience.

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Crypto.com Wallet Review: PROS

Now, let's continue this Crypto.com wallet review by exploring its key advantages and notable features.

Industry-Standard Security Protocol

As a decentralized, non-custodial wallet, the Crypto.com DeFi wallet offers you complete control over your crypto assets and security keys. These keys or codes come when you create a new wallet, akin to a password for an online banking application.

However, managing multiple private keys for different accounts can be a hassle. To make things easier, the Crypto.com DeFi wallet turns each private key into one master private key using a standard algorithm.

To enhance security even further, the master private key undergoes another algorithm to transform into a 12-, 18-, or 24-word recovery phrase. It is important because it's what you'll need to access your assets in Crypto.com DeFi wallets.

Not only does this feature boost security, but it also makes the process much smoother. If you already have a wallet, you can easily import it into the Crypto.com DeFi wallet app by entering your recovery phrase.

You don't need to worry about anyone knowing your private keys since they are generated and encrypted locally on your device. As a result, you have complete control and ownership of them. The keys are never stored in the cloud or any of Crypto.com's servers and are not accessible by anyone except you.

Additionally, your crypto assets are kept safe and private in the DeFi wallet without the need for personal identity information. This extra layer of security lowers the risk of any data breaches. By focusing on user anonymity, the design keeps your sensitive information confidential and your crypto assets well-protected.

I also want to highlight in my Crypto.com wallet review that it also supports additional security features, including two-factor authentication (2FA) and biometric identification.

By employing these added precautions, you can make your wallet super secure and stay in control of your assets and keys, which is really empowering in your crypto journey.

Keep in mind that due to its non-custodial wallet nature, you're fully responsible for its safety. Therefore, it's crucial to protect your private keys and take advantage of any available security feature.

Also, to give yourself some extra peace of mind, you might want to consider using a Crypto.com DeFi wallet along with a top-notch hardware wallet like the Ledger Nano X or Ledger Nano S Plus. These devices have the latest security measures in place, so you can safely manage multiple assets simultaneously.

Extensive Range of Crypto and NFT Support

In this part of my Crypto.com wallet review, I need to compliment its impressive support of a wide variety of cryptocurrencies. You can easily manage over 1,000 tokens across 30 blockchains, including Crypto.org Chain and Ethereum, in one convenient place.

The wallet also keeps adding new coins from time to time. This way, you can be up to date with the latest token in the space.

The DeFi wallet also supports various stablecoins, a type of cryptocurrency whose value is pegged to assets such as the US dollar or gold to maintain stability. This support makes the wallet useful for both experienced and new crypto users since it offers a wide range of options for exploring, diversifying, and potentially growing your investments.

Last but not least, the wallet also supports non-fungible tokens (NFTs) in different formats across various blockchains like Ethereum and Polygon. You can easily check out your collectibles and even share them on social media by going to the dedicated NFTs screen.

The wallet also pulls data from top NFT marketplaces, giving you access to valuable details like listing prices, trading volume, and marketplace links. This feature adds another layer of functionality to the wallet that I wanted to ensure you knew about in my Crypto.com wallet review.

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Versatile Crypto Management Across Devices

Crypto.com DeFi wallet is designed to be user-friendly and accessible to many people worldwide. Whether you prefer using your computer, mobile phone, or web browser, Crypto.com wallet has you covered.

The desktop app provides a comprehensive overview of your crypto portfolio, making it simple to manage and make informed decisions. You can also easily view, send, and create NFTs directly.

Using the desktop app on a larger monitor also provides a more comfortable and efficient way to handle your account. You can easily set up your node and smoothly manage your Crypto.com wallet address book.

If you're constantly on the go, the mobile app is convenient for checking your balances and sending or receiving funds. It's like a reliable crypto control center right in the palm of your hand, which many user Crypto.com wallet reviews find appealing.

And if you like the freedom of using a web browser, you can access your wallet from any internet-connected device without needing to download any software. The Crypto.com wallet extension makes it easy and safe for you to manage your holdings via your desktop browser.

Comprehensive Token Swap Capabilities

Another pro I want to discuss in my Crypto.com wallet review is the wallet-integrated token swap capabilities.

The Crypto.com DeFi wallet lets you easily swap over 1,000 tokens across blockchains like Ethereum and Cosmos. The platform continuously adds support for new networks, so you'll have access to a wide range of assets over time, giving you the potential for a diverse investment portfolio.

The DeFi wallet offers excellent swapping features that make exchanging assets easy. The user-friendly interface lets you manage trades effortlessly, whether you're dealing with different blockchains or staying within the same one. You can complete your swaps quickly with just a single transaction on one page in the app.

To swap a token in your DeFi wallet, simply go to the "Swap" tab. Just make sure you're not in a geo-restricted region, choose the blockchain network and tokens you'd like to swap, and take a look at the estimated exchange price. The wallet will then handle the swap using a specific protocol based on your selections.

It's essential to understand the concept of slippage, which is the difference between the expected value of a swap and the actual execution value. Sometimes, due to market fluctuations, the exact amount of tokens you receive may be slightly different from the estimated amount.

To help with this, the Crypto.com DeFi wallet allows you to set your preferred slippage tolerance. With this feature, if the value of the tokens you're supposed to receive falls below your set threshold, the swap will reverse, which helps protect you from potential losses.

Overall, I find the Crypto.com DeFi wallet's token swap feature really handy and versatile. It lets you easily handle your digital assets across different blockchain networks, allowing you to explore new investment possibilities from one place.

Integrated DeFi Wallet Experience

This Crypto.com wallet review wouldn’t be complete before I discuss its standout feature: DeFi Earn. With this function, you can start earning passive income on your crypto assets in just a few easy steps.

Imagine your wallet as your personal DeFi hub. Not only does it give you complete control over your crypto, but it also unlocks a whole world of earning opportunities through various DeFi protocols.

Using the Crypto.com wallet, you can directly deposit your crypto assets into various DeFi protocols and pools to earn interest. The app will suggest a protocol or pool offering the highest annual percentage yield (APY) at the time, but you're free to explore other options based on your preferences.

Currently, DeFi Earn integrates with leading protocols like Compound Lending, Cosmos Staking, Yearn Earn V2, and more. These features provide you with access to 32 different crypto assets.

In addition, Crypto.com is working to expand these integrations. It means you can look forward to even more interoperability with the hottest DeFi protocols available. This will give you a wider range of options to make the most of your digital assets.

The Crypto.com DeFi wallet also lets you easily manage and switch between decentralized applications (dApps). These innovative applications use blockchains to offer various services, including decentralized storage, management, digital art creation, and even gaming^[2].

By using the Crypto.com DeFi wallet, you can explore lots of different dApps and stay connected to multiple blockchain networks all at the same time from one place.

Plus, linking your DeFi wallet to any dApp is a piece of cake. Whether you're using the mobile app or the desktop version, the wallet's capability ensures a seamless transition between your secure wallet and the world of dApps.

However, it's important to be mindful of the potential risks in DeFi, including smart contract vulnerabilities, regulatory challenges, and the possibility of losing staked assets or rewards through slashing.

Even though Crypto.com has minimized these risks by partnering with reliable DeFi platforms and implementing robust security measures, it's important to do your own research and thoroughly understand the potential risks before engaging in any DeFi activities.

As you've probably noticed after reading my Crypto.com wallet review so far, this wallet goes beyond just storing digital assets. It offers a comprehensive suite of features that enhance your crypto experience, including advanced crypto management features and seamless integration with other DeFi platforms.

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Crypto.com Wallet Review: CONS

In the previous part of this Crypto.com wallet review, I discussed all the nice features it offers. However, no wallet in existence is flawless, so let's take a closer look at the potential drawbacks that you should be aware of.

A Bit Advanced for Complete Beginners

Using the Crypto.com DeFi wallet is a bit more involved than using a centralized wallet. While the DeFi wallet offers impressive features and control, it also demands a certain level of responsibility and technical know-how.

When using the DeFi wallet, it's important to understand how to securely store your private keys and recovery phrases, ensuring that only you have access to them. While this means you have complete control over your assets, it also means you need to be cautious not to lose access by misplacing these critical pieces of information.

So, make sure to store your private keys in a secure location and never share them with anyone. It's also a good idea to use the Crypto.com DeFi wallet alongside a hardware wallet like Ledger Nano X or Ledger Nano S Plus. These hardware wallets keep your keys offline, making them immune to online hacking attempts.

In addition, using the wallet's DeFi-related features might be overwhelming for beginners just starting to explore the world of cryptocurrency. This feature operates in a different space with its own set of protocols and unique risks that a beginner might need to be made aware of.

While the wallet has a user-friendly interface and helpful FAQs and tutorials, these advanced features might be a bit overwhelming for those who just need a simple wallet for everyday transactions.

The Crypto.com DeFi wallet offers many great features and provides extensive control over your digital assets. However, its self-custody nature and advanced DeFi options may be overwhelming for newcomers to the cryptocurrency world.

Crypto.com DeFi Wallet: Associated Fees

In the previous part of my Crypto.com wallet review, we discussed its advantages and disadvantages. Now, let's talk about the fees associated with using it.

First of all, the Crypto.com DeFi wallet is free to download and use. However, you may encounter transaction fees when you perform actions such as transfers or swaps.

When using the DeFi wallet, your transactions bypass centralized control and are sent directly to the blockchain network. Here, transaction fees are incurred to incentivize miners or validators to confirm your transactions. These fees vary depending on the blockchain used and can increase when the network is busy.

Some blockchains can only process a limited number of transactions per second compared to others. As a result, the fees can go up when there are a lot of activities. For example, during high market activity, payments on the Ethereum network can increase significantly due to congestion.

To recap this part of my Crypto.com DeFi wallet review, I'd like to emphasize that the wallet is essentially free to use. But, it's important to be aware that network fees may apply and can rise during periods of high activity. These additional charges are a trade-off for the freedom and flexibility that the DeFi wallet provides.

Lastly, the app offers an “ETH Gas Meter” feature to help you with this. This tool shows you the network activity and estimated fees so you can keep track of costs without leaving the app, which many user Crypto.com wallet reviews find helpful.

How to Use Crypto.com Wallet

To finish off this Crypto.com wallet review, I will provide you with quick steps on how to set it up and how to connect it to the app and DeFi wallet.

How to Set Up Crypto.com DeFi Wallet

Before you can start using the wallet and exploring the exciting world of DeFi, you'll need to set it up. It's easy and fast since no KYC process is required.

The wallet is accessible on various platforms, including desktops, browsers, and mobile phones. In this section of my Crypto.com DeFi wallet review, I’ll walk you through setting up the application on your Android phone.

Step 1: To get started, go to the Google Play Store and download the Crypto.com DeFi wallet app. Once it's installed, open the app.

Step 2: Next, select the [Create a new wallet] option, review and accept the "Terms of Service" and "Privacy Notice," and tap [Continue].

Step 3: After that, create a secure 6-digit passcode and enable biometric ID verification for an easier and safer Crypto.com wallet login process in the future.

Step 4: When you see the "Success" message, you can personalize your wallet name and avatar by tapping the edit option.

Congratulations! You've successfully set up your very first Crypto.com DeFi wallet. Now, you can start discovering all the cool DeFi features.

You can also further customize your account by setting notification preferences or managing your Crypto.com wallet address book. This will help make things more convenient in the future.

It's also crucial to back up your recovery phrase right away. It is important because it's like the master key to your wallet and holdings. In case your device is lost, stolen, or stops working, you'll need the recovery phrase to access your funds.

Be sure to write it down, keep it in a safe place, and never share it with anyone. Remember, Crypto.com will never ask for it or keep a copy.

How to Connect Crypto.com App to Crypto.com DeFi Wallet

Earlier in my Crypto.com wallet review, I mentioned that the DeFi wallet and the Crypto.com app are separate entities. You don't need to have one to use the other, but if you do have both, there's an excellent way to connect them and unlock more features.

Think of it as building a bridge between your two crypto platforms. By connecting them, you can move crypto quickly between the DeFi wallet and the regular app. This function is handy since the regular app offers many additional features, including the fiat wallet.

The Crypto.com fiat wallet provides various services, including selling your crypto for cash or withdrawing it to your bank account. This feature is very convenient, especially if you're an active crypto market participant. Here's a simple guide on how to connect them.

Step 1: Open your Crypto.com DeFi wallet and go to [Wallet Setting]. Scroll down a bit and tap [Connect to Crypto.com App].

Step 2: Review and accept the disclaimers, then tap [Connect Wallet] to continue.

Step 3: Enter your Crypto.com email address and tap [Send Connection Email].

Step 4: Open your email, look for the “Authorize connection” letter, and choose [Connect].

Step 5: Enter your Crypto.com app 6-digit passcode and tap [Authorize] to launch the Crypto.com DeFi wallet.

Step 6: You’ll receive the “Connection success” notification.

Step 7: Enter a new 6-digit passcode and enable the biometrics protocol to make Crypto.com wallet login easier and more secure.

That's it! It's pretty straightforward. Once connected, you can send supported coins to your regular account and connect them to the Crypto.com fiat wallet. This connection makes your DeFi activities much easier and more extensive.

Keep in mind that if you're connecting your Crypto.com Defi wallet to your Crypto.com app account for the first time, there will be a 24-hour waiting period before you can transfer any of the assets.

However, you can still purchase crypto through your DeFi wallet immediately after connecting to your regular account. Just remember to send it to the right address.

Additionally, note that you can only connect one wallet to access the Crypto.com fiat wallet at a time. The regular app doesn’t support linking multiple DeFi wallets to the same account, so plan your connections accordingly.

Pros

• Can be managed from mobile device
• Very secure
• Supports more than 5500 cryptocurrencies

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Pros

• A brand-new design
• Industry-leading security
• Coin, token and NFT storage

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Pros

• Supports over 7000 crypto assets
• Easy navigation
• Open-source

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Conclusions

To conclude my Crypto.com wallet review, I believe it's an excellent non-custodial storage option to consider. This DeFi wallet offers a secure and innovative way to manage your cryptocurrencies and digital assets. It seamlessly integrates with various DeFi features, allowing you to interact with dApps and handle your funds without compromising security.

Don't worry about your privacy because you have complete control over your data and transactions, which gives you peace of mind and a sense of freedom. Additionally, you can earn rewards through various DeFi protocols and make use of comprehensive token-swapping features, making it even more appealing.

Overall, the Crypto.com DeFi wallet looks really promising for anyone who wants a secure and privacy-focused way to handle their digital finances. However, its DeFi features and self-custody aspect may be daunting for people who are new to this. If you find it too complicated, you could also check out alternatives like the Binance Wallet or the Coinbase Wallet.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. T. Sans, Z. Liu, K. Oh.: 'A decentralized mnemonic backup system for non-custodial cryptocurrency wallets';

2. L. Besançon, C. F. D. Silva, P. Ghodous, et all.: 'A blockchain ontology for dApps development'.