I started investing in Crypto.Com in late 2020. It is still one of the best investments I have ever made. The company has offered competitive cash backs on purchases and staking until recently these offers were reduced, which resulted in a major backlash from customers.
You see... crypto.com almost has it all... they have IMO the best web address www.crypto.com, they have a brilliant marketing campaign and user interface, although there spending at the super bowl and on sports sponsorship is borderline pets.com irresponsible... but hey we are in this for the long game yeah.. and there support team is absolutely brilliant, just a really great well rounded crypto company... BUT we are not gaining ENOUGH market share.
Looking at the above table by volume we are ranked 15 compared to Binance in number 1 position. Now these exchanges in between may not all last, but competition is increasing and we are going backwards. Crypto.com has very questionable fees at times and they really need to improve their spreads.
If you are a big CRONOS bag holder with a high trading volume then it is ok for you. However we need to compete for market share, and high spreads and slow transactions will turn customers away.
I recently shifted alot of my transactions away from crypto.com and over to Binance. As a transaction that should have been near instant, took hours.
I still use crypto.com everyday for purchases like mobile phone plan, internet plan and other bills. I get my free spotify every month and I hold a bag of coins on there. I also stake thousands of CRONOS on the crypto.com defi app earning around 13% per annum.
Now that we are in a bear market, things are going to get tough, there are alot of customers hurting with losses right now I feel. Reward incentives are lower, which wont attract as many new customers.
On the upside, for $500 AUD you can buy into crypto.com's native token CRONOS and still get free spotify and a small cashback of 1% on purchases. Now is the best time to buy in while the price of CRONOS is low. Long term I believe the outcome will be good and we will reach a new All time high price, but let's hope they can get new customers and improve customer retention. Have fun.
