Is Crypto.com a Scam? 

If you’re thinking of using Crypto.com, you need to know if Crypto.com is safe. Is Crypto.com a scam? 

Below, we explain whether Crypto.com is a scam and discuss some steps you can take to improve your safety when using this platform. 

What Is Crypto.com?

Crypto.com is a global cryptocurrency platform. 

It offers a suite of financial services, including trading, staking, payments, and more. 

Users can buy, sell, trade, and track hundreds of cryptocurrencies and altcoins through the Crypto.com platform via fiat payments like bank transfers, credit/debit cards, and Apple/Google Pay. 

Traders can now also invest in U.S. stocks, ETFs, and fractional shares.

Crypto.com operates under U.S. and international regulations (like KYC/AML laws) and has received licenses/approvals in jurisdictions such as Singapore and the EU. 

Is Crypto.com a Scam?

No, Crypto.com is not a scam. It’s a legitimate cryptocurrency platform. 

Multiple third-party publications and review sites have reviewed Crypto.com.

For example, NerdWallet gave Crypto.com a rating of 4.9 out of 5.0 stars, Investing.com rated Crypto.com as 4.7 out of 5.0 stars, and Cryptonews scored Crypto.com as 4.0 out of 5.0 stars. Forbes rated it as 4.5 out of 5.0 stars.

In its review of Crypto.com, Business Insider said the following:

“Business Insider’s personal finance team compared Crypto.com to the best crypto exchanges. We found it to be an industry-leading exchange for mobile crypto trading and crypto derivatives.”

User reviews of Crypto.com are mixed:

• 1.4 out of 5.0 stars (from 9,082 reviews) on Trustpilot. 
• 3.0 out of 5.0 stars (from 49 reviews) on Capterra.
• 4.5 out of 5.0 stars (from 657,396 reviews) on Google Play.
• 4.7 out of 5.0 stars (from 318,201 reviews) on the App Store.
• 1.12 out of 5.0 stars (from 81 reviews) on Better Business Bureau.

On online forums like Reddit, people generally report having had positive experiences with Crypto.com. 

For example, in a thread titled “Is Crypto.com legit?”, the most upvoted comment is:

“Been great for me for the last year. No issues depositing/withdrawing.”

While some people said they did have issues, they also noted that support resolved them fairly quickly. 

The biggest recurring complaint surrounds high fees and spreads. Users say the buy/sell spread is hidden and much higher than that of Crypto.com’s competitors.

Crypto.com is not Better Business Bureau (BBB) accredited. It has received 560 total complaints in the last three years, 180 of which have been closed in the past 12 months. (Read our review “Is BBB a Scam?”)

Security

In its privacy policy, Crypto.com says that it uses “commercially reasonable security measures” to protect your personal information.

It also states that access to your information is limited to employees, contractors, agents, or other third parties who have a legitimate business need to know this data.

Plus, the platform has procedures in place to deal with any suspected personal data breaches. 

On its security page, Crypto.com expands on what it says in its privacy policy.

It says it uses a Zero Trust, Defence in Depth strategy to protect user funds and data, with privacy built into all processes and ongoing staff training to maintain strong security awareness. 

U.S. fiat balances are held in FDIC-insured bank accounts, while crypto assets are fully backed on a 1:1 basis and verified through independent Proof of Reserves audits.

The platform enforces strict wallet access controls, mandatory withdrawal whitelisting, and advanced account protections like multi-factor authentication, biometrics, Passkeys, and HSMs. 

Security is built into the Crypto.com software development lifecycle. 

To ensure accountability, Crypto.com maintains top global certifications (ISO, PCI DSS, SOC 2, NIST Tier 4) and undergoes external security audits. 

It also runs a HackerOne bug bounty program, encouraging researchers to report vulnerabilities.

In 2022, Crypto.com experienced a cyberattack that compromised 483 accounts and led to unauthorized withdrawals totaling about $34 million. 

Privacy 

Crypto.com explains the kind of data it collects, for what purposes, and with whom it shares it in its privacy policy.

It collects the following information:

• Identity data, such as full name, username, title, date of birth, gender, video and voice recordings, identification documents, and biometric data.
• Social identity data, such as your group/company data, information on referrals related to you, political background, close connections, behavioural data, risk assessment, and compliance assessment.
• Contact data, such as residence details, addresses (billing, delivery, home, and work), email address, phone numbers, and proof of address documentation. 
• Financial data, such as bank accounts, payment card details, virtual currency accounts, stored value accounts, external account details, and source of funds and related documentation.
• Transactional data, such as details about payments to and from you.
• Investment data, such as information about your investment objectives and prior investments.
• Technical data, such as IP address, browser type and version, and language data.
• Profile data, such as username, password, interests, preferences, and feedback.
• Usage data, such as information about how you use the site and interaction type and time.
• Marketing and communications data, such as communication preferences and survey responses.

It collects certain biometric data (e.g., an image of you from a selfie photo), which it uses, in conjunction with its subcontractors (like identity verification technology vendors), to verify your identity for onboarding/transaction authorization. 

Your biometric data is not sold or leased and is only shared with service providers or if legally required. Crypto.com will only retain your biometric data until its purpose is fulfilled or 3 years following your last interaction with Crypto.com, unless legally required otherwise.

Crypto.com may also collect, use, and share information that has been anonymized/de-identified for any purpose. 

It uses your data to provide and manage services, for legal and compliance needs, risk management and crime prevention, marketing and analytics, customer service, business improvement, and potential business transfers. 

Crypto.com may share your data with service providers (e.g., KYC vendors), regulators and law enforcement (when legally required), affiliates for business and marketing purposes, and during mergers and acquisitions.

It doesn’t share your information with non-affiliates for marketing. 

The company will retain your information for at least 5 years after the relationship ends (due to the Bank Secrecy Act and its related statutes).

The platform may process your personal information using AI tools (internal and third-party), but it does not use AI for profiling or automated, AI-autonomous decision-making. 

You can opt out of marketing messages. Crypto.com will still send you service messages directly related to its services. 

Depending on where you reside, you may have privacy rights like the right to know what personal information is collected and how it is used and disclosed, and the right to request the deletion of certain personal information. 

So, Should You Use Crypto.com?

Probably.

If you want a convenient, feature-rich platform and you’re comfortable with some fee trade-offs, Crypto.com can be a solid choice. 

You may also be interested in our “Is Coinbase a Scam?” review. 

How to Use Crypto.com Safely and Privately 

• Secure your crypto.com account. Turn on multi-factor authentication (MFA), use a unique, complex password (and store it in a password manager), and set up biometric login (face or fingerprint) if available on your device.
• Whitelist withdrawal addresses. That way, funds can only be sent to pre-approved wallets.
• Minimize the amount you keep on the platform. Only hold what you need for trading. Transfer long-term holdings to a hardware wallet (cold storage). This is much safer than leaving crypto on any exchange.
• Be mindful of what personal information you share during account setup. Crypto.com requires KYC, so you can’t avoid sharing ID and selfies.
• Limit marketing communications. Opt out of marketing communications from Crypto.com by clicking the opt-out links in any communications they send you or emailing them. 
• Reduce tracking. By adjusting your cookie preferences on the Crypto.com site. 
• Stay alert for scams. Only log in through the official app or site (crypto.com) and ignore unsolicited messages claiming to be from Crypto.com support.
• Enable withdrawal alerts. That way, you’ll be notified immediately if there’s unauthorized activity.
• Back up. Keep secure backups of your 2FA codes and recovery phrases (offline, not in the cloud).
• Monitor your activity regularly. Regularly review account activity and withdrawal history.
• Keep your device updated. Update your device software and Crypto.com app to patch security vulnerabilities.
• Plan for emergencies. Know how to quickly contact Crypto.com’s 24/7 support if you suspect unauthorized access.