Crypto.com DeFi Wallet - Crypto.com Wallet Review 2022
Crypto.com brings value with every new addition to their ecosystem.
Currently, Crypto.com consists of their Mobile App, their Exchange, and the newest addition, the Crypto.com DeFi wallet. Both the Crypto.com Exchange and the Mobile App are custodial, but the Crypto.com DeFi wallet is non-custodial. All three applications are seamlessly integrated with one another in a single ecosystem.
Crypto.com has focused on the user experience to a degree that really sets them apart from their competitors. Each of their applications are exceptionally easy to use. In this review, we will be focusing on their two wallet applications.
1. The Custodial Mobile Application
2. The Non-Custodial Wallet
Beginner Perspective of Crypto.com DeFi Wallet
Crypto.com is highly proficient at creating an experience ideal for newcomers to the world of cryptocurrency. Their user interfaces take out as much complexity as possible, and hand holds the user through many of the more technical aspects. Crypto.com often adheres to the philosophy of “less is more”, and this is reflected in the Crypto.com Non-Custodial wallet. The only assets that are offered are the ones that people are most familiar with, (Bitcoin and Ethereum) as well as Crypto.com’s signature asset CRO.
The wallet makes it very easy to integrate with the rest of the Crypto.com offerings. Instead of having to copy and paste addresses between applications, the user is able to hook up the wallet directly to the rest of their Crypto.com account. This essentially allows the non-custodial wallet to talk to the custodial wallet. Now, when you’re moving funds from one wallet to another, the user has the ability to select more user friendly destinations such as “Crypto.com Wallet” or “Crypto.com Exchange”.
You can also use the Crypto.com DeFi wallet to stake cryptocurrencies like CRO and DOT to earn passive income on your crypto.
From a beginners perspective, the Crypto.com DeFi wallet is a fine starter wallet. It has all the essentials, and little to no complicated features that require additional understanding to use.
Keep in mind that to use the Crypto.com DeFi wallet you’ll need to buy your crypto somewhere else and transfer it to the DeFi wallet. Of course the Crypto.com mobile app is the natural choice for funding the DeFi wallet…
What About the Regular Crypto.com App?
Crypto.com is a great place to start using cryptocurrency. You can buy, sell and lend your crypto to earn a yield.
They have invested heavily in creating a user experience for individuals that are new to cryptocurrency. From being able to purchase cryptocurrency with your credit card, to forcing you to implement top notch security on your own account.
Crypto.com then gives you access to a range of different services, using terms and definitions from the traditional world of finance. Much of the functionality and features you will find within the Crypto.com Mobile Application are services that you would find at your traditional bank, except in crypto form. This aspect of familiarity brings a lot of trust, which is crucial to the crypto beginner.
The Crypto.com app interfaces perfectly with the non-custodial DeFi wallet and users are charged no extra fees when transferring between the two applications (although there might be regular blockchain fees).
Is Crypto.com DeFi Wallet Safe?
The Crypto.com wallet is non-custodial, this means that you have complete control over your cryptocurrencies. The wallet makes you copy down a 12 word phrase, which you should keep in a very safe place such as a fireproof safe. The fact that the wallet forces you to do this is an example of great user experience, and dedication to the security of user funds.
When you get rid of your device, it is important that you don’t leave any trace of the cryptocurrency wallet in memory. Sophisticated hackers may be able to steal your funds. That’s why the wallet has the ability to manually destroy any record that the wallet ever existed in the first place. Use the “Remove wallet from device” option from the menu to completely remove the wallet from your device. In order to accomplish this, you need to enter parts of your 12 word phrase in order to prove that you’ve backed up your funds. If you don’t have your phrase backed up, and you removed your wallet, then you would lose your funds forever. It’s a good thing that before removing the wallet from your device the application itself makes you prove that you’ve written it down.
Is Crypto.com Mobile App Wallet Safe?
Even though the Mobile Application is a custodial wallet, Crypto.com has done a great job of building trust and security into the application. Crypto.com has secured some of the highest security ratings for their applications. The ratings include Cryptocurrency Certification Consortium, ISO/IEC 27001:2013 and PCI:DSS.
Not only that, but Crypto.com has secured the most insurance for cryptocurrencies out of any other cryptocurrency company in the world. Crypto.com has secured $355 million dollars in insurance in the event that an untimely hack or disaster happens that results in the loss of user funds.
Both the Crypto.com Wallet and the Mobile Application supports the ability to use a passcode, a face scan, or 2 factor authentication to gain access to the app. This amount of flexibility, and the ease in which these features can be set up support the overall security of the application.
What Are the Crypto.com DeFi Wallet Fees?
There are no extra fees to move funds within the Crypto.com ecosystem, however you should know that all transactions are on-chain. That means that if Ethereum, for instance, is congested you might pay anywhere from $5 to $50 for a single transaction.
Transaction fees are charged differently from blockchain to blockchain so you might not know exactly how much it will cost until you attempt to make the transaction.
Fortunately the Crypto.com DeFi wallet has a handy Ethereum gas tracker so you know exactly how much ETH fees are at any given time. You can pick and choose times where the network is less congested in order to make cheaper transactions.
