Ethan Riley
Crypto.com is a rapidly growing platform that offers a wide range of financial services centered on cryptocurrencies. It allows users to buy, sell, and trade various cryptocurrencies through its user-friendly interface and robust mobile app. To start using Crypto.com, you need to link your bank account to your Crypto.com account. This enables seamless transactions and provides lower fees for deposits and withdrawals. Linking your bank account also enhances security and allows you to utilize Crypto.com's features fully, such as the Crypto.com Visa Card. The process of linking your bank account involves accessing your Crypto.com account through the mobile app, navigating to the Accounts or Settings section, adding your bank account information, and completing any required verification processes.
| Characteristics | Values |
|---|---|
| Ease of use | Quick and easy transfer of money to and from Crypto.com account |
| Fees | Competitive deposits, withdrawals, and trading fees |
| Security | Two-factor authentication (2FA), cold storage of digital assets, and strenuous Know Your Customer (KYC) procedures |
| Features | Crypto.com Visa Card, Crypto Earn, and Crypto Credit |
| Bank account verification | Crypto.com sends a small verification deposit to your bank account. Once you see the deposit, note the amount and return to the Crypto.com app to complete the verification process |
| Account balances | Ensure that you have enough funds in your account to cover any fees or minimum balance requirements |
| Notifications | Crypto.com may send important notifications or updates via email or app notifications during the linking process |
| Bank account details | Bank name, account number, routing number, IBAN, BIC/SWIFT code, institution name, address, and country |
| Transfer methods | Bank transfer, credit card, Apple Pay, or Google Pay |
| Transfer time | Transfers can take anywhere from a few hours to several business days, depending on the bank and the selected transfer method |
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What You'll Learn
Navigate to 'Settings' and select 'Fiat Wallet'
To add your bank account to Crypto.com, you must first log in to your account through the mobile app. Once you have accessed your account, navigate to the 'Settings' tab and select 'Fiat Wallet'.
The 'Fiat Wallet' feature on the Crypto.com app allows users to deposit and withdraw fiat currencies, such as USD, EUR, and GBP. Fiat deposits can be made via bank transfer or directly through the app using payment methods such as credit cards, Apple Pay, or Google Pay. It is important to note that the name of the bank account you wish to link must be the same as the name associated with your Crypto.com App account.
After selecting 'Fiat Wallet', choose the option to add a new bank account. You will then be prompted to enter your bank account information, including the bank name, account number, and routing number. Ensure that you provide accurate information to avoid any issues during the linking process.
Once you have entered the required details, complete any necessary verification processes. Crypto.com may send a small verification deposit to your bank account, which may take a few business days to appear. Keep an eye on your account and transaction history, as you will need to note the amount of the deposit and return to the Crypto.com app to finalise the verification.
With your bank account linked and verified, you can seamlessly transfer funds between your bank and Crypto.com accounts.
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Add your bank account details
To add your bank account details to Crypto.com, you must first log in to your account through the mobile app. Once you've logged in, navigate to the 'Settings' tab and select 'Fiat Wallet'. Here, you will find an option to 'Add Bank Account'. Choose this option and provide the required banking details, such as your bank name, account number, and routing number. Ensure that the information you enter is accurate to avoid any issues during the linking process.
After entering your bank details, you will need to complete any required verification processes. Crypto.com may send a small verification deposit to your bank account. This typically takes a few business days to appear. Once you receive the deposit, note the amount and return to the Crypto.com app. Enter the verification deposit amount to complete the verification process.
With your bank account linked and verified, you can now transfer funds between your bank account and Crypto.com account seamlessly. This allows for hassle-free buying, selling, and trading of cryptocurrencies. You can also take advantage of lower fees by linking your bank account. Additionally, Crypto.com's robust security measures, including two-factor authentication (2FA), ensure that your funds are secure.
It is important to maintain adequate balances in your bank account when linking it to Crypto.com to cover any fees or minimum balance requirements. Keep an eye on your email and app notifications during the linking process, as Crypto.com may send important updates or notifications.
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Verify your bank account
To verify your bank account on Crypto.com, you must first add your bank account details. To do this, go to the ''Accounts' section and tap on the 'Bank Accounts' tab. From there, you should see an option to 'Add New Bank Account'. Tap on this option and follow the prompts to enter your bank account information. Make sure that the information you provide is accurate to avoid any issues during the linking process.
After entering your bank account information, Crypto.com will send a small verification deposit to your bank account. This may take a few business days to appear in your account. Once you see the deposit, make a note of the amount and return to the Crypto.com app.
Now, go back to the ''Bank Accounts' tab and select the bank account you added. Enter the verification deposit amount to complete the verification process. Your bank account is now linked to Crypto.com, and you can start transferring funds and using the platform's features.
It is important to note that your bank account name must be the same as the name associated with your Crypto.com App account. Additionally, ensure that you have enough funds in your account to cover any fees or minimum balance requirements. This will help prevent issues during the linking process and ensure that you can immediately use your linked account.
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Monitor fees, limits and exchange rates
Crypto.com has minimum and maximum limits for trading, which vary depending on the cryptocurrency. These limits are in place to ensure liquidity and manage market risk. The platform also has a minimum borrowing amount, maximum borrowing limit, and current interest rates. The fees and limits are subject to change, so it is important to refer to the Crypto.com Fees & Limits page for the latest updates.
There are no fees when depositing crypto into the Crypto.com exchange. However, there may be withdrawal fees. For example, withdrawing crypto to an external cryptocurrency address will incur a fee, but transferring crypto to your Crypto.com Wallet App is free. Additionally, SWIFT deposits and withdrawals will have varying bank transfer fees, while ACH and SEPA deposits and withdrawals are usually free.
Crypto.com uses a maker-taker fee model, and fees are primarily determined by the trading volume over a 30-day period and the amount of CRO a user stakes. The more you trade, the lower the fees, as this is designed to encourage high-volume trading. Maker fees start at 0.25% for users with a 30-day trading volume below $10,000 and no CRO staked, and can go as low as 0% for high-volume users. Taker fees start at 0.5% under the same conditions and can go as low as 0.04%.
Crypto.com offers additional benefits based on how much CRO you lock up on the exchange. Depending on the amount of CRO you stake, you could unlock reduced fees, 0% maker fees, or rebates on maker fees.
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Enable two-factor authentication (2FA)
Two-Factor Authentication (2FA) is an additional security layer to your Crypto.com account password. With 2FA enabled, you will have to provide your 2FA code when performing certain actions on the app, such as withdrawals, deposits, and managing your API keys. Crypto.com uses a Time-based One-time Password (TOTP) for Two-Factor Authentication, which involves generating a temporary, unique, one-time 6-digit code that only works for 30 seconds. This code is different from the 2FA code shared by the Crypto.com App and Exchange.
To enable 2FA on your Crypto.com account, follow these steps:
- Download and install a supported authenticator app, such as Google Authenticator or Authy, from the App Store (for iOS) or Google Play (for Android).
- Open your chosen authenticator app and click the + symbol on the top right-hand side to scan the QR code, or manually enter the provided key shown on the page.
- Minimise the Crypto.com app and open up the Authenticator app.
- In your authenticator app, you will see a 6-digit code. This code will expire after 30 seconds, so act quickly.
- Open the Crypto.com app and enter your normal passcode.
- Click the "Proceed to verify" button and paste the 6-digit code from the Authenticator app.
- Verify with your passkey if it is set up, or enter your passcode.
- Enable 2FA when ready.
Please note that once 2FA has been enabled, it becomes mandatory for all transaction types. Additionally, the 2FA code should consist of numbers only. You can disable 2FA temporarily by toggling it off in Settings after confirming with your 2FA code. However, disabling does not mean deleting or resetting your 2FA. You can re-enable it at any time from the Settings menu.
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Frequently asked questions
Log in to your Crypto.com account, go to 'Settings' and select 'Fiat Wallet'. Choose the option to add a new bank account and enter the required banking details.
You will need to provide your bank name, account number, and routing number.
It can take anywhere from a few hours to several business days for the bank account to be added, depending on your bank and the transfer method.
Linking your bank account to Crypto.com allows for seamless transactions and hassle-free buying, selling, and trading of cryptocurrencies. It also enables lower fees, enhanced security, and access to various Crypto.com features such as the Crypto.com Visa Card.
After adding your bank account, you should monitor your email and app notifications for any important updates or requests from Crypto.com. You may also need to verify your bank account by entering a small verification deposit amount sent by Crypto.com.
