Updated: Dec 11, 2020
A step-by-step guide
Crypto.com has phased out the MCO token. The whole crypto.com ecosystem now uses the CRO token. Please keep this in mind when reading the following article.
Part 1: A Step By Step Guide To Using The Crypto.com App
In order to start using and trading cryptocurrency, you need what is known as a wallet. This isn’t a traditional wallet you keep in a handbag or your pocket though! It’s a digital wallet where you store your cryptocurrency, and it's what you use if you want to spend any of your coins or tokens.
The world of cryptocurrencies can be confusing for anyone to navigate, but especially for newcomers to the revolution and those who aren’t exactly tech-savvy. And that’s where e-wallet apps like Crypto.com come in. Not only do they make it possible to store and spend your cryptocurrencies, but the intuitive apps are also designed to make the entire process as simple as possible.
Crypto.com takes this one step further by making it their mission to bridge the gap between cryptocurrency and traditional currencies like dollars, euros, pounds and all the rest. Not only does Crypto.com offer users a way to use their cryptocurrencies for everyday transactions, but it also simplifies the process of buying, selling, storing and transferring both crypto and fiat funds.
We’ve already reviewed Crypto.com here, so in this series of articles, we’ll be giving you a step-by-step guide on how to use the many features of this novice-friendly crypto wallet.
The first step to getting started with Crypto.com is obviously downloading the Android or iOS app from crypto.com. Unfortunately, there isn’t a desktop app yet, but there is an online exchange that we will discuss in detail later. To use the app, you will need to create an account. Now, the one thing that gives some people pause is the fact that you have to verify your identity to use Crypto.com, which sort of counteracts the anonymous side of using cryptocurrency.
But this is a legal requirement for any legitimate financial product and can’t be avoided. You’ll see that there is a link to add a referral code while you’re signing up - you can also add this later! You don't want to miss out on your bonus.
Once you’ve uploaded all the necessary documents, you’ll have to wait a little while for your identity to be confirmed. The splash screen says it takes 2-3 business days but it was literally only a few hours for me. From there I went into the settings, which is where I entered my referral code, chose the fiat currency I want to work with and set up all my security settings.
An important note about the BG50 Referral Program is that the code ALWAYS pays out US$100, which is split evenly. This means that if you use the dWebguide.com referral code, we will get $50 and you will get $50 added to your total balance completely free. Anyone who says their code is worth more is a lying scammer! Please don’t use their code because they don’t deserve the free funds they’d get from you using it.
Once the KYC (Know Your Customer) verification has been completed, you’ll see the Crypto home screen. It’s pretty simple and just shows a list of any cryptocurrencies you’ve favorited, as well as the top gainers. At the bottom, you’ll find a few links to important Crypto News, and finally, there are the different tabs along the bottom.
Accounts will show you your various wallet balances.
Track is where you can see how different cryptocurrencies are performing.
The card tab is where you can apply for the MCO VISA card of your choice. There are different requirements for each type of card, but what they essentially do is allow you to spend the funds in your crypto wallet the same way you would the funds in your bank account.
The most important tab is the middle one – or the one that looks like the Crypto.com logo.
This is where your crypto wallet, fiat wallet and all the other awesome features of the Crypto.com app live.
Buying and Selling Cryptocurrencies with Crypto.com
By now you should have entered your referral code and had your free $50 added to your total balance. This is not $50 in traditional USD though – it is US$50 worth of the MCO cryptocurrency. So when I signed up for my account, those $50 were worth 9.15 MCO, but about 20 hours later that same 9.15 MCO was worth just $46.52 (just my luck that MCO starts performing badly as I start writing this guide!).
According to TradingView, this is a good time to buy more MCO, although as a cautious investor I’ll wait until I see whether this downtrend will improve or get worse.
Buying cryptocurrencies with a credit card
Buying more cryptocurrency is incredibly simple though.
First tap on the Trade button, then select Buy.
From the next screen, choose which cryptocurrency you want to buy. For the sake of this guide, we’re going to stick with MCO.
You’ll see that there are three different ways to buy more cryptocurrency. These are with a credit card, your crypto wallet or your fiat wallet.
We’re going to start with the credit card so make sure you’re on the right tab and decide how much you’d like to add to your balance. There is a weekly limit of $3,500 so keep that in mind when planning your purchases.
Now tap on Add Credit or Debit Card and fill in your card details on the next screen. Crypto.com will charge $0.10 to your card in order to verify that it is real and valid.
Confirm the amount of MCO you’d like to purchase and that your card is selected. Tap on Buy, accept the purchase conditions (for me it was 0.0%!), then tap Continue.
The final step is to confirm your purchase – with most credit or debit cards this will require you to enter an OTP before the transaction is approved by your bank.
And that’s it! You’re all done and your total MCO balance should have increased by the amount you purchased.
Buying cryptocurrencies with your fiat wallet
Before you can buy any crypto with your fiat wallet, you’ll need to add funds to it. How you do that will vary depending on where you live. Here are the very helpful step-by-step instructions from the Crypto.com website:
For USD bank transfers via the ACH network
For EUR bank transfers via SEPA network
For 21 different currencies via SWIFT network
(Note: The SWIFT and SEPA networks are being updated and it isn't possible to add other currencies at the time of this writing - however, we've been assured the feature will return soon)
Crypto.com has also made it possible for you to add fiat funds using TransferWise. The article mentions PayPal as well, but after hours of searching, I haven’t found any way to make a payment on PayPal using an IBAN code so I’m going to say it isn’t possible for now.
Once there is a balance in your fiat wallet the steps are almost the same as with a credit card.
First tap on the Trade button then select Buy.
From the next screen choose which cryptocurrency you want to buy. Remember that we’re sticking with MCO for this guide but you can buy any cryptocurrency available through Crypto.com.
Now select Fiat Wallet, then the fiat currency you’d like to use. You can add up to 5 different fiat currencies so make sure you choose the right one!
You’ll then tap on Buy, which will take you to a confirmation screen. Check that the amount of cryptocurrency you want to buy is correct, and that you’re using the right fiat currency balance, then tap on Confirm.
And that’s it! You’re all done and your total MCO balance should have increased by the amount you purchased.
Exchanging one cryptocurrency for another
Once you’ve reached a certain minimum balance on a cryptocurrency you can exchange it for a different one. I haven’t been able to find any information on what that minimum balance is though so apologies for that.
The steps are much the same as buying a cryptocurrency.
First tap on Trade, then select Sell.
Choose the currency you want to sell, then choose the crypto wallet you’d like to deposit to.
Tap Sell, then Confirm your transaction.
And that’s it! You’ve just sold cryptocurrency!
You can do exactly the same thing using the Buy option, except you would select the Crypto Wallet option after tapping on Buy.
Withdrawing and Depositing Cryptocurrencies with Crypto.com
Withdrawing from or depositing in Crypto.com means that you’re transferring cryptocurrency between Crypto.com and an external address, which is usually another wallet or an exchange. If you were making a transfer to another Crpto.com user, this would be free. But if it is to another exchange or crypto wallet then there is a fee.
You’ll be able to find all information about this in the Fees and Limits section of your settings.
Remember before you begin that every single cryptocurrency in your wallet has a completely different address. And each crypto wallet can only withdraw or deposit funds to the same type of crypto wallet. So an MCO to MCO deposit, or a BTC to BTC withdrawal.
A very important thing to take note of is the fact that a SINGLE mistake in your cryptocurrency address will mean losing your funds forever. There is absolutely no way to retrieve them or reverse an accidental transaction so be very careful whenever copying wallet or exchange addresses!
To deposit cryptocurrency from another platform, you’ll need to follow the directions for whichever app or exchange you are using. But you will need your Crypto.com wallet address for that currency.
On the Home tab, tap on Transfer then on Deposit.
Select Deposit crypto from other platforms, then choose the cryptocurrency you want to deposit. Make sure you choose the right one!
A screen will pop up with a QR code you can scan if you’re using two different devices and your alphanumeric wallet address, which you can copy. You can also share these details with another app such as Messaging, Notepad or your email app.
You’ll then enter this wallet address into the app or exchange you’re making the deposit from and your transaction should clear within a few hours.
The first thing you’ll need to do is get the correct currency wallet address from the platform you’re withdrawing to. How to do this varies from app to app, so check their “Deposit” instructions. This will give you an address that you can scan, copy or share in the same way that you can with the Crypto.com app.
Tap on Transfer, then Withdraw and select Withdraw crypto to other platforms.
Choose External Wallet, tap on Add Wallet Address then choose the cryptocurrency you’d like to withdraw. Remember to choose the right one!
On the next screen, you’ll add the details of the wallet you’d like to transfer funds to. Tap on the small blue icon if you want to scan a QR code – say from another phone or from your computer screen. Or paste the code you copied in step one, name the new wallet then tap Continue.
If you’ve enabled 2FA, you’ll need to enter your 6 digit code before you’re told to check your email so you can verify and whitelist your new wallet address.
Check the details in the email carefully, then click Confirm Withdrawal Address. When it takes you back to the Crypto.com app, you’ll see that your new wallet has been added to your whitelist.
Now tap that wallet, enter the amount you would like to withdraw and tap Send. A confirmation will pop up and the new balance should reflect in your external wallet within a few hours.
If you want to add a different wallet to your whitelist, just tap on the blue plus sign in the top right corner and follow the same steps.
And this concludes part 1 of our step-by-step guide to using the Crypto.com app. Everything you’ll find here is enough to get you started with all that this amazing app has to offer, from setting up your security to sending funds from Crypto.com to another cryptocurrency platform.
In our following guides, we’ll talk about everything from Crypto Invest and Crypto Earn to the Crypto.com MCO Visa card and Crypto.com Pay.
As we mentioned in the beginning, Crypto.com has a lot of features designed to bring traditional finance and cryptocurrencies closer together – and we’ll give you an in-depth breakdown of every single one!