8 Things You MUST KNOW when Using Crypto.com - YouTube

when i first started using crypto.com it was  overwhelming there's like so many features  

so many different wallets and some of it could  only be used on the phone some of it could only  

be used on the browser on my pc yeah so there was  this time where i use like the most convenient  

function which is to trade on the app and with  hindsight i realized that there's a much better  

way to do it and it would have saved me 200 us  dollars that's how much i lost because i didn't  

know what the best approach to doing certain  functions so in this video i'm going to share with  

you eight things that i wish i knew when i first  started using crypto.com and it will save you a  

lot of money this video is sponsored by crypto.com  crypto.com's goal is to accelerate the world's  

transition to cryptocurrency they have an easy to  use mobile app as well as a separate professional  

exchange stand and earn up to eight percent with  your crypto.com visa card additionally you can  

make your cryptos work for you with flexible  or long-staking and enough 10 years join over  

10 million enthusiasts who are signed up to go  off you can get up to 75 to use the code geralt  

or my link in the description below to sign up  for both the crypto.com app and the exchange  

so let's start with point number one point number  one is that uh the card that you stick for can be  

shipped immediately however the staking is locked  for 180 days and it's really locked so what do  

i mean by that when i first started uh using  crypto.com app i immediately applied for a card  

and i thought i needed to stake my micros for like  180 days first and then i could apply for the card  

you know earn your eligibility turns out you could  just stick the required amount and immediately get  

your card so that's the first thing i've learned  and the second thing i've learned is that for  

the crows that you stayed i thought that if i  was willing to pay some sort early penalty or  

anything of the sword i could you know unstake  them turns out there is no unstick button um i  

have not tried you know asking the speaking to  the customer service asking them if there's any  

possibility to unstake early but you know just  so that i'm flexible in my finances so i did  

not ask you could potentially ask but just bear  in mind that when you state you must be mentally  

prepared to actually lock the money for like six  months another thing that i've heard is that once  

you stick the money you immediately get uh the  enhanced benefits so in my case i'm using this  

card which is the three percent cashback if it's  state one percent if it's unstaked so even though  

i haven't completed 180 days i'm expecting that  i can get three percent cash back i haven't tried  

so i don't know but it should be so moving on to  point number two and that is how you can avoid  

expensive card fees yes there are card fees and if  you don't know well now i'm going to tell you so  

well i understand that the team is working really  hard to make the card better and you know less  

expensive and that is the first crypto cashback  card of its kind there were some fees that  

really threw me off when i first got started and  i want to share with you how you can be aware  

and actually avoid all these fees because they are  avoidable so the first fee is the card replacement  

fee when you apply for the card right let's say  you see the app you get so excited you apply  

for the plastic card and then you very quickly  realize the cashback is not good enough i'm going  

to upgrade to the ruby chord or like the indigo  card the purple card and then you very quickly  

realize you are slapped with a fifty dollar card  replacement fee that's right once you shipped out  

the first card the second card is fifty dollars  first card's free but had you realized and plan  

ahead and immediately apply for the ruby card you  get the metal card for free yes so that's what  

i've learned basically you need to plan ahead know  you know roughly which cards you really want and  

then apply for that appropriate tier immediately  at the first goal however if you made the mistake  

like i did which is i got really excited and  i immediately applied for the plastic card but  

it has not been shipped out yet what you can do is  you can contact customer service and tell them hey  

i actually want to get this card i don't want the  plastic card can you you know stop the shipment  

and immediately ship this what happens is that the  customer service can do their service for you at  

no charge if the card has not been shipped the  last resort is that if you actually receive the  

card you know it's been shipped out what you can  do is contact customer service and do a virtual  

upgrade meaning you say that you use your current  card but you get the privileges and the cash back  

of the upgraded tier so that way you can avoid  paying 50 in the card replacement fee but i must  

say though you know this card it's very thick it's  very heavy it's very premium looking it's like  

so nice nice so yeah plan ahead another thing to  note is that once you receive your card there's  

actually two other card fees that you need to  be privy of the first is the inactivity fee so  

if you do not use your crypto.com card for the  entire year you'll be charged with a five dollar  

in singapore five singapore dollars inactivity  fee every single year i know it's different for  

every single country so if you want you can  head over to settings and then head over to  

fees on the crypto.com app and you should be  able to see how much is the inactivity fee  

annually in your country the other fee that you  need to take note of is the closing fee so if you  

decide you know what um the cash back is not good  enough and you want to just close your account  

they're going to charge you 50 dollars to close  your account but rumor has it or rather i searched  

online and i found that others have avoided this  fee by basically draining all their accounts or  

the crypto.com account sorry the card wallet till  it's empty you know when they did not pay the five  

dollar inactivity fee because there's no money  left crypto.com just closed their account for free  

so that's just a pro if you want to try out bear  in mind i actually haven't tested this so just do  

your own research now moving on to point number  three which is card top-up fees so after you get  

your card you thought that hey you know you avoid  the inactivity fee the account closure fee that's  

all the fees there is right no there is also a  card top-up fee so when i first received my card  

and activated it which is today by the way i tried  to top it up with my credit card and immediately  

i was slapped with like a one percent credit card  pop-up fee i was like what one percent fee to top  

up this card that's insane turns out i was kind of  mistaken because they only charge the one percent  

fee if it's a credit card if you use a debit  card to top up this card it's free of charge  

additionally they also provide an alternative  means which is to use your cryptos to top up  

for the card but what i've learned right is that  you know i did a small test with usdp which is us  

dollar to top up my card and i found out that the  spread is 1.8 in fees so if it cost me you know  

0.8 to cash out in my current fiat currency  it's actually cheaper for me to cash out  

in my currency and then use my debit card to top  it up to my crypto.com card so that way i would  

save one percent in transaction fees so that's a  pro tip right there and moving on to point number  

four which is to really know uh which wallet  you're using and the associated restrictions  

with each wallet i know this can sound kind of  silly but hear me out you know you're going to get  

a shocker if you use the wrong wallet and later  part of this video i'm going to share a lot of  

tips and that is because i use the wrong wallet  and all this could be avoided you know if you can  

just remember one thing just be very very clear  which wallet you're using save you a lot of time  

save you a lot of money okay so i'm going  to list all the wallets right now the first  

wallet you're going to take note of is  that there is the crypto.com exchange  

which is on the browser or your pc the  second wallet you need to take note of is the  

staking wallet within the exchange so the exchange  that's your you know spot wallet and then there's  

your staking wallet so two wallets right there  and then there is the crypto.com app so the app  

has the one wallet itself it also has a staking  wallet so that's like four wallets you know  

exchange exchange taking app app staking that's  not all there's also a fifth wallet which is this  

cards wallet so this card has its own staking uh  what do you call it debit you know prepaid wallet  

so that's like six different wallets and if you're  from singapore when we cash out we use this uh  

service provider called x first so they add one  more wallet and therefore you have seven different  

wallets that you need to be privy to which wallet  you're using because you send to the wrong one  

you're not gonna get privileges that you want to  for example you send to the app thinking you know  

you stick but you're not sending to this you're  not gonna get your rewards now on to point number  

five which is you need to be very clear that when  you state you need to stake for this card and  

not for like the earn function and the crypto.com  app so that was the mistake i made when i started  

i was like you know what i'm going to get 5 000  singapore dollars stick it in crows and just  

apply for the court so i stick on the urn and  i tried to apply and i couldn't apply because  

what happened is that it's a different wallet and  when you stay you know the lock-up period is like  

what 60 days if you stick on the urn yeah so  that's the problem so you don't want to wait  

60 days but in the event that you accidentally  you know stay in the wrong place you can always  

contact customer service and they will move  the funds over to you at no cost so that's  

pretty nice about that it was i  think it took like an hour for me to  

get everything sorted out to confirm that my  address and everything so it was pretty nice  

um but just bare mind don't stay in the wrong  place in the first place that rhyme that was nice

nice yeah okay so now on to point number six which  is um to know which currency is supported by which  

wallet so this is particular in for singaporeans  who use like x first right you want to cash out  

so for me if you cash out in fiat you use x first  and unlike a lot of wallet express has quite a few  

restrictions on the amount of currencies that it  support so i think crypto.com supports like a ton  

of currencies but including like stable coins  and all your you know other major coins but x  

first which is one of the wallets does not support  most of the coins in fact it does not support any  

stablecoin except xsgd which is not the currency  that most d5 users use so as a miner you know i  

was trying to send money out to cash out i send  usdc in through the metric network i try to cash  

it out but you know what i could not cash out  and i panicked i struggled i was like what i  

can't cash out turns out you need to convert to  like supported currency only then you would see  

the option of cashing out to fiat or singapore  dollars in this case so don't panic if you don't  

see the option i didn't but it's because experts  only support eight currencies i'm going to just  

pop it up so that you know which currencies are  supported so just take note of which currencies  

are supported for which wallet so if you use the  app don't you know panic if the exchange doesn't  

have the same currency because it just might  not have and this brings me to my next point  

which is to check which blockchain you know the  particular wallet you're depositing to supports  

so here's the story as a miner i get paid you  know quite regularly and the mating network and  

not every single platform or wallet supports the  matic network let me give you a simple example so  

the exchange act started supporting usdc through  the mavic network so i managed to send some money  

in but the exchange does not i mean now they  recently just posted that they do support it now  

but last month when i tried to test it it did not  so there are other cryptocurrencies where you know  

the app supports the wallet but the exchange  does not and if you send to the wrong place  

proof the money is gone i tested it with  0.5 metric and yeah till today i have no  

idea where the magic token went and that brings  me to my very last point which is the exchange  

rates because if you send let's say in my  case i send it to the app it turns out that  

the exchange has a much much much better exchange  rate compared to the crypto.com app so i was told  

that the crypto.com app uses uh market orders  right but the spread is just really terrible  

it uses my native currency so this  i'm actually paying two fees right so  

let's say for example i convert a method token to  singapore dollars i'm actually paying for matic  

to us dollars and us dollars to singapore dollars  so that's two exchanges there and two different  

fees uh if you use the crypto.com platform you  are able first you're able to set limit orders  

which means you can set what price you want to  exchange for which is great because if you know  

like a bit of technical analysis you can get a  couple cents off and you know exactly what price  

you're paying at and what fees you're paying so  it's very transparent there whereas the platform  

is just a simple to use app you just convert  and you just get whatever the platform the app  

tells you and it also turns out that um because of  liquidity issues right the app if you exchange a  

large amount of money you actually get really bad  rates so it's better that you stagger your orders  

on the app itself or ideally you stagger your  orders on the exchange because actually gives  

you the ultimate flexibility to choose whatever  price you want to purchase or swap back so what i  

did was actually started using crypto.com i needed  five thousand dollars to you know convert to crow  

to get this card so when i converted my five  thousand dollars i was immediately left with four  

thousand eight hundred dollars when i used the app  so that was how bad the rates were had i you know  

swapped in box of like twenty dollars one shot or  hundred dollars so i saw that instead of you know  

converting five thousand dollars in one goal i  should what i should have done was to swap like a  

hundred dollars hundred dollars hundred dollars on  the app i would have saved like five fifty dollars  

maybe approximately that's a lot and if i were to  use the app i might have even earned on the spread  

so maybe even save up the entire 200 and that's a  lot of money so that's just one thing you really  

want to pay attention to so don't make the same  mistake i did and i hope this video was kind of  

mind-boggling and insightful for you if you're  new and if you're completely new to crypto.com  

well i have a referral code below so do check it  out it's a very fantastic platform because the  

card is really nice the platform the cashback is  good and it supports a lot currency it's also uh  

trying to get regulated in a lot of places like  singapore which is one of the most hardest places  

to get regulated in yeah so that's it for this  video but there's one thing to know though when  

it comes to staking your money crypto.com may not  offer the best you know interest on some of your  

cryptos if you want to stretch your stable coins  for example or your bitcoin even more check out  

whole not video because wholenot gives a much  better savings interest rate you can check out  

the video over here the review video or check out  what youtube recommends you and if this video was  

kind of insightful be sure to hit the thumbs up  and see you in the next video take care everyone