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How to buy, sell and trade CRO
A beginner’s guide to buying, selling and trading CRO in the US.
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 the US.
Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.
Where can I buy, sell or trade CRO?
You can buy and sell CRO on a number of popular cryptocurrency exchanges, including the following:
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), Changelly was one of the only exchanges that allowed you to trade US dollars (USD) for CRO directly. If you’re using another exchange, 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 often won’t 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:
- MyEtherWallet
- Jaxx
- Ethereum Wallet
- Ledger Nano S
- TREZOR
How Crypto.com works
Based in Hong Kong and founded in June 2016, 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 Crypto.com app to send money to other people at interbank exchange rates without any fees.
There are four different cards available:
- Obsidian Black. This metal card offers 2% cash back 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 six months to qualify for this card.
- Precious Metal. This metal card offers 1.5% cash back 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 six months to qualify for this card.
- Ruby Steel. This metal card offers 1% cash back 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 six 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 cash back 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 took place in May and June 2017, raising $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 (1/30/18), 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 Crypto.com’s more elite cards, you’ll need to hold CRO tokens.
- Cash back. Cardholders of the Obsidian Black, Icy White, Jade Green, Royal Indigo and Ruby Steel cards earn cash back 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 cash back you earn. You will also be able to purchase CRO directly through the Crypto.com 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 abreast 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. Crypto.com 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 Crypto.com 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 abreast of factors that could affect the value of CRO? Check out the roadmap and milestones in the company’s whitepaper.
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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