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How to buy, sell and trade CRO

A beginner’s guide to buying, selling and trading CRO in Canada

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Crypto.com (CRO) – formerly known as Monaco (MCO) – is a retail cryptocurrency ecosystem that primarily offers buying and selling, an exchange, payments, staking (interest earning) as well as a signature range of Visa Cards that can be used to spend both cryptocurrencies and fiat. CRO is the native token of the crypto.com app and gives holders a variety of benefits such as cashback on card purchases, high-interest staking rewards. A certain amount of staked CRO tokens are also required to open a crypto.com VISA Card account.

Let’s take a closer look at how CRO functions and how you can buy CRO in Canada.

MCO changed to CRO

Following a rebrand from Monaco to Crypto.com, the token was changed from MCO to CRO.

Tokens were exchanged at a ratio of 1 MCO = 27.6439 CRO.

Holders of MCO were required to swap their MCO tokens for CRO, with the deadline for the swap concluding 2 November 2020. Any tokens held in the crypto.com app were automatically swapped on Nov 2, while users who participated in the swap before September 2 2020 received a 20% bonus for being early adopters.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where can I buy, sell or trade CRO?

You can buy and sell CRO on a number of popular cryptocurrency exchanges, including the following:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

273
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
OKEx Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

270
cryptocurrencies

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Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
CoinSwitch Cryptocurrency Exchange
Credit card
USD, JPY, RUB, EUR

386
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Gate.io Cryptocurrency Exchange
Cryptocurrency
-

37
cryptocurrencies

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Compare up to 4 providers

How to buy CRO: Step-by-step instructions

If you want to buy CRO tokens, here’s what you need to do:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade CRO

Search for a crypto exchange that lists CRO in one or more currency pairings. Once you’ve found a suitable platform, register for an account. You’ll need to provide an email address and password to sign up, while some exchanges may also require your full name, contact details and proof of ID before allowing you to trade.

Don’t forget to also enable two-factor authentication on your account before making any deposits.

Step 2. Deposit funds into your account

At the time of writing (January 2018), no crypto exchange allows you to exchange Canadian dollars (CAD) for CRO directly. As a result, you’ll have to first acquire a currency that’s available in a pairing with CRO, such as bitcoin (BTC) or Ethereum (ETH), before you can exchange it for CRO.

To deposit funds, log in to your account and click on the “Deposit” button to generate a wallet address. You can then transfer funds into your trading account from whichever exchange or wallet is holding your coins.

Step 3. Buy CRO

The final step is to exchange your BTC, ETH or other cryptocurrency for CRO. The buying process varies between exchanges, but you’ll usually have to search for your chosen pairing (such as BTC/CRO) and then click on “Buy CRO”. After entering the amount of CRO you want to buy, review the full details of the transaction and finalize your purchase.

How to sell CRO

If you want to sell your CRO tokens, you can do so by essentially following the same process as outlined in step 3, except in reverse. However, it’s worth remembering that crypto exchanges don’t list every possible currency pairing, so it may not be possible to directly exchange CRO for the currency you want.

Which wallets can I use to hold CRO?

For security purposes, you should never store cryptocurrency holdings on an exchange. You’ll need to find a secure wallet you can use to store your CRO. As CRO is an ERC20 token on the Ethereum blockchain, you’ll need to choose an Ethereum-compatible wallet such as one of the following:

How Crypto.com works

Based in Hong Kong and founded in June 2016 as Monaco, Crypto.com aims to help bring cryptocurrency into the mainstream. It does this by providing prepaid Visa cards that can be topped up with BTC and ETH, as well as fiat currency that can be used anywhere Visa is accepted.

The card can be topped up via bank account transfer, bank account linking, credit/debit card or cryptocurrency transfer. Crypto.com says it offers the following benefits to users:

  • The ability to hold multiple fiat and cryptocurrencies
  • No transaction fees (limits apply)
  • Access to interbank exchange rates anywhere in the world
  • Earn cryptocurrency (CRO at a rate of up to 2% cashback) every time you spend using your card
  • The ability to use the CRO app to send money to other people at interbank exchange rates without any fees

There are four different cards available:

  • Obsidian Black. This Platinum metal card offers 2% cashback on all purchases, unlimited monthly interbank exchange rates and a $1,000 monthly free ATM withdrawal limit. You’ll need to purchase and hold 50,000 CRO for 6 months to qualify for this card.
  • Precious Metal. This Platinum metal card offers 1.5% cashback on all purchases, a $10,000 monthly limit on interbank exchange rates and an $800 monthly free ATM withdrawal limit. You’ll need to purchase and hold 500 CRO for 6 months to qualify for this card.
  • Ruby Steel. This Platinum metal card offers 1% cashback on all purchases, a $4,000 monthly limit on interbank exchange rates and a $400 monthly free ATM withdrawal limit. You’ll need to purchase and hold 50 CRO for 6 months to qualify for this card.
  • Midnight Blue. You can get this plastic card without buying or holding any CRO tokens. It doesn’t allow you to earn cashback and it has a $2,000 limit on monthly interbank exchange rates and a $200 monthly free ATM withdrawal limit.

Crypto.com has plans to roll its cards out globally; Asia is the first step, followed by Europe and then North America. An CRO token sale was held in May and June 2017, raising US$26.7 million in funds.

Benefits of holding CRO (utility and ecosystem)

Things to consider when buying CRO

Crypto coins and tokens are complex, speculative and risky, so it’s essential that you thoroughly research any cryptocurrency before buying. If you’re thinking of purchasing CRO, make sure you consider the following factors first:

  • Supply. According to CoinMarketCap, at the time of writing in January 2018, the circulating supply of CRO was 13,195,542 out of a total supply of 31,587,682 CRO.
  • Availability. CRO is listed on a wide range of cryptocurrency exchanges (17 at the time of writing). If you want to buy one of CRO’s Platinum cards, you’ll need to hold CRO tokens.
  • Cashback. CRO Platinum cardholders earn cashback in CRO on every transaction they complete with their card. You can convert CRO to BTC, ETH or fiat currencies, allowing you to spend the cashback you earn. You will also be able to purchase CRO directly through the Monaco app.
  • Additional functionality. At the time of writing, Crypto.com’s website FAQ section revealed that the company was “working on additional functionalities” for its tokens. Monitor Crypto.com company announcements and reputable cryptocurrency news sites for details of what those uses may be.
  • Market competition. You’ll also need to stay knowledgable of other companies offering similar products. For example, TenX and a range of other cryptocurrency debit card providers will compete for their share of the market.
  • Potential crackdowns. In January 2018, Visa terminated its relationship with cryptocurrency card provider WaveCrest, which affected Bitwala, Xapo, Wirex, TenX and others. CRO wasn’t affected by this crackdown as it contacts the Visa payment system via Wirecard, a provider based in Germany. However, it’s still important to be aware of the risk for future disruptions or Visa policy changes that could have a big impact on the value of CRO.
  • Code rewrite. Past performance is never a reliable indicator of future performance, but it’s always a good idea to look back at the historical performance of a crypto to find out what affects its value. For example, in November 2017, CRO experienced a sharp drop in value after the company announced a code rewrite that would remove an asset smart contract scheme from the project.
  • Roadmap. Want to know what’s next for Crypto.com? To stay in the loop of factors that could affect the value of CRO, check out the roadmap and milestones on the Crypto.com website.

By taking all of these factors into account, you’ll be able to make an informed choice about whether to buy CRO.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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