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Crypto Review

Sunday, October 1st

2023 Crypto Exchange Reviews

Crypto Review 3 Star Rating


3 Star Rating
  • .075% maker/taker fees
  • $25 dollar withdrawal fee for fiat currency
  • Integrated "DeFi" hot-wallet
  • High deposit and withdrawal minimums for retail investors
  • "Crypto Earn" percent-based rewards program

Crypto is a leading cryptocurrency platform that offers a comprehensive suite of services to users worldwide. Founded in 2016, it provides a user-friendly mobile app that allows individuals to buy, sell, and trade various cryptocurrencies with ease. With its diverse range of features, including a crypto wallet, a Visa card with cashback rewards, and an ecosystem of DeFi products, Crypto has become a go-to platform for crypto enthusiasts looking for a seamless and all-encompassing experience.

Great transaction/withdrawal fees

Crypto's transaction and withdrawal fees match the best out there, and are refreshingly easy to navigate, with .075 flat maker/taker fees for all transactions, Their fiat withdrawal fees are average at $25, and their crypto withdrawal fees vary per coin, but are slightly below average. For reference, their BTC withdrawal fee is .0005: about $13.57.

High deposit minimums

Keep in mind that this cryptocurrency exchange has some pretty high minimum deposits and withdrawals: with $500 minimum deposit, and a $500 minimum withdrawal, Crypto is definitely not an ideal choice for the casual investor, or those looking to familiarize themself with crypto trading in a low-stakes environment.

A well written privacy notice

One thing we appreciate is Crypto's easily digestible privacy notice, in which they detail exactly what data they collect, how your data is used by the company, and how they notify you of said data. In particular, we appreciate that the selling of your data to third-party advertisers is opt-in, and not opt-out.

A complicated crypto lending program

Most exchanges have some form of incentive to keep your coins with them, and Crypto is no exception. Crypto provides a "Crypto earn" program: an interlocking combination of staking CRO - Crypto's in-house coin - and lending your own cryptocurrency (though they never actually use the word "lending" , or otherwise inform you that that's what they're doing). Unlike staking - in which your coins work to validate a coin or project - "Crypto earn" entails lending your coins to a third-party determined by Crypto. Reward rates are variable, and are determined by the coin you choose, whether you are currently staking any CRO, and whether you choose a flexible, 3 month, or 6 month period.

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Crypto Visa card

Should you choose to stake CRO, then you are also eligible to apply to their Crypto Visa card. This offers further "earn" rewards and card tiers based on the amount of CRO you choose to stake. As an important aside, Crypto's DeFi wallet - through which you'll be "locking" your crypto - has earned positive user reviews across the board, which is a nice change of pace considering the mass of poorly-reviewed wallets out there.

Lending, not just "earning"

While their "earn" program seems attractive, remember that you are essentially trusting them not to lose your assets. The cryptocurrency market is still recovering from the collapse of FTX, and Crypto itself specifies that your loaned coins through Earn are NOT insured or protected. In fact, a similar program offered through Gemini - Gemini earn - completely collapsed when their lending partner Genesis declared bankruptcy following the FTX debacle. As Gemini is also being sued by the SEC due to the collapse of Gemini earn, remember: only lend what you're willing to lose, because your coins are absolutely not safe when lent. Crypto's reticence to actually tell their customers that they're lending their coins is what has earned them a lower spot on our list, in spite of their otherwise good offerings.

Standard (relatively poor) customer service

Crypto's customer service is nothing special (meaning it is slightly less terrible than competitors). They offer no phone line unless you navigate their chatbot, and their chatbot states that replies will take at least 12 hours. As with most exchanges, your best bet is simply to not have a customer service problem in the first place, or to get access to Crypto "Private" : their top-tier service, with multiple extras included, including more robust customer service.

Few lawsuits or scandals

In a field awash with privacy scandals and lawsuits, Crypto is refreshingly not being sued by anyone (although, that is likely to change, considering recent SEC actions and their "Crypto earn" program). Crypto has a clearly defined privacy policy, and no scandals on record (except for mistakenly sending one investor millions of dollars worth of ethereum). Taken in sum, Crypto is a good choice for those who are looking for an integrated exchange/wallet with robust earning options, and don't mind the high withdrawal/deposit minimums. If you participate in their "earn" program, however, be well-warned that it is not a bank, is not insured, and you may lose your investment completely.

What's the Best Cryptocurrency Exchange?

Are you interested in buying cryptocurrency? Want to know what all the fuss is about? Do you want to make sure you're a part of the next financial craze that sweeps the nation? When it comes to cryptocurrency, there's a lot to know - both good and bad. But it's not rocket science.

Obviously, one of the primary reasons that people to get involved in crypto is the potential for financial gain. Cryptocurrencies have experienced substantial price increases in the past, leading to significant profits for early adopters and investors. Conversely, cryptocurrencies have also experience significant decreases in value. With such a volatile asset, the old adage "buy low, sell high" has never been more true.

The Best Crypto Exchanges Compare Crypto Exchanges Compare Crypto Exchange Reviews What are the best Crypto Exchanges Best Crypto Exchange Reviews

Crypto Exchange FAQ

Cryptocurrency is a method of payment that exists as entries in an immutable online database: the blockchain. The blockchain is "trustless" in that it is not verified by any central authority, but through proof-of-stake or proof-of-work consensus mechanisms; all transactions made in a specific cryptocurrency are immutably recorded in its own blockchain, with each coin competing for a niche use-case in the "Web3" future. But for many, cryptocurrency is a speculative investment, one with infamous volatility, and the ability to make - or lose - fortunes overnight.
Crypto staking is the practice of putting your coins to work in verifying "proof-of-stake" cryptocurrencies and projects. Where "proof of work" coins are verified through huge databases of computers competing to be the first to verify a chain by solving - in essence - a very hard math problem, "proof-of-stake" coins are verified by user's volunteering portions of their coins to help verify the chain. Not only does staking use less processing power, but offers those "staking" rewards for their support. There is risk involved in staking, however, as you cannot sell your staked tokens; if the price plummets, you'll be left holding the bag. As such, do your due diligence before staking, especially for volatile cryptocurrencies.
A "hot" wallet is a wallet on your desktop or phone connected to the internet, one that can send and receive crypto to other wallets or exchanges. A "cold" wallet is not connected to the internet, and is usually located on a flash drive or similar storage device. As such, cold wallets are impervious to the majority of scams in the crypto world (unless you just... hand it to someone you shouldn't. Don't do that!). The safest wallets are cold, so if you plan to own a large sum of crypto (or already do), then do yourself a favor and secure your investments. Have a hot wallet for transactions and integrations with an exchange, and a cold wallet to store your holdings.
Payment for order flow is the practice of a market maker (a large company that provides liquidity to the market) paying a brokerage to route customer orders to them. Some exchanges will do this in lieu of charging transaction fees to their customers - but some still charge those fees anyway. This practice (PFOF) is illegal in many countries, as it encourages brokerages to send customer orders to the highest bidder. It also allows brokerages to harvest data on retail investors, and potentially bet against them en-masse. Many companies accepting PFOF have been fined for their practices, but as the fines are far less than profits, there is little incentive not to behave unethically regarding PFOF.
First, make sure to understand the difference between hot and cold wallets. Second, don't follow links in your email, don't join crypto-pump-and-dump groups in private platforms such as Telegram or Discord. And - in general - assume that anyone trying to get you to perform any specific action through the internet is trying to scam you.
Crypto dusting is the process of placing marginal amounts of cryptocurrencies in a myriad of wallets. When this crypto is spent, attackers can trace transactions and de-anonymize your wallet. Once identified, attackers can engage in phishing attacks and other targeted scams. Most users don't have to worry about Crypto dusting, but if something just appears in your hot-wallet, don't trust it.
It essentially boils down to one question: are crypto-assets a security? While that is far too large a topic to debate here, securities are required to be registered, in order to protect consumers from fraud and misrepresentation. SEC litigation over unregulated securities, then, could either be read as government overreach into a nascent financial system, or as long-overdue consumer protections in an unregulated industry facilitating questionable activities.
A smart contract is essentially a piece of code embedded into a blockchain network. When mutually agreed-upon parameters are met, the smart contract automatically executes. Be careful with smart contracts, as - unless you yourself are able to read and analyze the code - there very well could be malware or unfavorable terms embedded into the contract.
All the exchanges on our list are centralized exchanges (CEX); a centralized exchange acts as an intermediary to connect your buy-and-sell orders to their appropriate buyers/sellers. A decentralized exchange (DEX) has no intermediary, and allows peer-to-peer exchanges via smart contracts. As smart contracts can be dangerous for new investors, or for anyone unfamiliar with the code inside them, it's best for most to stick to CEX before experimenting with DEX.
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Continued from above...

Another reason people have turned to crypto is for financial freedom: Cryptocurrencies offer the possibility of financial freedom by providing an alternative to traditional financial systems. They operate on decentralized networks, which let you have more control over your money and bypasses the need for intermediaries such as banks.

If you want o to buy cryptocurrencies, then you need to open an account with a crypto exchange. Cryptocurrency exchanges are a sort of marketplace where buyers and sellers can connect and transact with various digital assets. Exchanges typically offer a wide range of cryptocurrencies, which can let you diversify your investment portfolio. There are literally hundreds of crypto exchanges available to you - it's enough to make your head swim.

Good crypto exchanges provide a user-friendly and accessible platform for you to trade digital currencies. They can also display real-time price information, which let you monitor market trends and make informed decisions more quickly. The best exchanges implement robust security measures in order to protect your funds and personal information. They will employ encryption, two-factor authentication, and possibly cold storage solutions to safeguard assets from theft or hacking attempts.

So which crypto exchange is the best? That's a tough question to answer, as exchanges - just like cryptocurrency itself - are currently in flux. Whether you're looking at security breaches, lawsuits and regulatory side-stepping, exploitative data harvesting practices, consistently poor customer service, high-profile collapses such as FTX, irresponsible crypto lending like Gemini, or payment-for-order flow profiteering, the crypto-scene is not for the risk averse, and not for those unwilling to do their homework. However, if you are going to be trading crypto, it is well worth your time to do the research to ensure the security of your investments, and the quality of the exchange you choose to utilize.

If that wasn't enough to make you pause, consider that a whole slew of exchanges are being sued by the SEC and the CFTC. Whatever your position, the future of crypto is being actively negotiated in the U.S, as the SEC and CFTC (Commodities and Futures Trade Commision) wage regulatory battles over the status of cryptocurrency as an unregistered security.

In short, there is a lot to consider when choosing a cryptocurrency exchange. By doing some digging on your behalf, we at TopConsumerReviews.com hope to help you find the right exchange in an increasingly volatile landscape.

Before you start with our list, here are some critical points to keep in mind:

  • Maker/Taker fees: In order to run an exchange, someone needs to pay for the transactions. Usually it's you, paying a percentage of the total transaction. An exchange's Maker (selling), and Taker (buying) fees are important to consider, because they can add up if you make frequent trades.
  • Transaction Fees: In addition to maker/taker fees, crypto exchanges will often charge a separate transaction fee to execute your trade. Some exchanges offer a subscription-based program for a nominal fee, and eliminate the transaction fee altogether.
  • Lawsuits: While it seems like most exchanges are getting sued by the SEC, some are also being sued for abusing their customers. Understanding what an exchange has been sued for, and why, can help you gauge whether or not it is safe to use.
  • Payment for order flow: Some exchanges/brokerages on our list accept payment for order flow. This means that market makers pay the brokerage for access to your orders: often leading to questionable, lightly-fined business practices. Many people object to the practice along ideological grounds, as it often strategically takes advantage of retail investors.
  • Not your keys, not your crypto: While not our mnemonic, it's an excellent one to remember. Never leave your crypto sitting in an exchange, unless you have a very good reason to be doing so. Crypto exchanges have just proven to be too volatile. Until your crypto is safely in a wallet on your device (or even better, on a flashdrive), do not consider it yours, and do not be surprised if it is lost.

That might seem like a lot to keep in mind. It's natural to feel some anxiety when choosing an appropriate exchange, but don't let it discourage you! Taking the time to find the right exchange can pay (and protect) your dividends down the line. Here at Top Consumer Reviews, we've waded through the best (and worst) of what's out there, and have found the best exchanges for your consideration.

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