Last updated on December 1st, 2021
You may have dabbled in some cryptocurrency and decided to ‘HODL’ your crypto instead of trading it. Why not earn some interest on your crypto along the way?
Crypto.com’s Earn Program allows you to earn some interest when you deposit your crypto with them.
Here is a breakdown on how this program works:
Crypto Earn review
Crypto Earn is a good way to earn guaranteed interest on your cryptocurrency that you intend to buy and hold. However, the interest rates have been decreasing and it may eventually not be so attractive.
Here is Crypto Earn reviewed in-depth:
What is Crypto Earn and how does it work?
Crypto Earn is a crypto lending program by Crypto.com. This is something similar to a savings account, but you are depositing your crypto instead of a fiat currency. In return, you will earn an interest rate in the same currency as your deposited crypto.
You are able to receive up to 12% on your crypto deposits, depending on the currency that you deposit.
This is similar to Luno’s Bitcoin Savings Wallet, which offers up to 4% p.a. on BTC.
You are able to receive a high interest rate because Crypto.com lends your crypto to approved borrowers. They will then have to pay Crypto.com an interest rate for borrowing your crypto.
In return, some of the interest will be given back to you.
This is very similar to how a bank account works.
Here is a step-by-step guide on how to get started using Crypto Earn:
#1 Create a Crypto.com account
To start using Crypto Earn, you will first need to have a Crypto.com account.
If you sign up and stake 2,500 CRO in your account, you will be able to earn 25USD worth of CRO!
#2 Purchase or transfer your crypto to Crypto.com
You will need to either purchase or transfer your crypto to Crypto.com. There are 3 ways you can do so:
1. Credit / debit card
You can use your debit or credit card to purchase crypto on Crypto.com. This is usually the fastest way of purchasing any cryptocurrency.
However, you will be charged a fee by Crypto.com for making the purchase. For Singaporeans, you will be charged a 3.5% fee.
You may also be charged a CCY conversion fee by your bank as well!
Buying crypto via your debit / credit card is the most convenient. However, the fees can be rather exorbitant.
2. Fiat wallet (Xfers for SGD)
If you are in Singapore, you can choose to buy crypto using your Fiat wallet.
You will need to have a Xfers account first.
Here’s what you’ll need to do to buy your crypto:
#1 Transfer money to your Xfers wallet
You can transfer money from your Singapore bank account to your Xfers account.
#2 Link your Xfers wallet to Crypto.com
You will then need to link your Xfers wallet to Crypto.com.
#3 Purchase your crypto from your Fiat wallet
After linking your Xfers account to Crypto.com, you can purchase crypto immediately. You can go to your Fiat wallet and select the type and amount of cryptocurrency you wish to purchase.
There are no fees when you purchase crypto with Xfers. However when you sell your crypto back to SGD, you will incur a 0.4% transaction fee.
3. Transfer from other wallets
Another way you can transfer your crypto is from another wallet. There are many different crypto wallets out there, including:
Most of these wallets allow you to transfer your crypto to another wallet.
You can generate a QR code in your Crypto.com app by going to ‘Transfer → Deposit → Crypto’.
The fees to transfer crypto between wallets are usually a fixed fee. As such, it is not worth it for you to transfer a small amount of crypto each time.
Purchasing crypto via your Fiat wallet may be the cheapest option.
#3 Lend your crypto to Crypto.com with Earn
To start lending your crypto, you will need to go to the ‘Earn’ tab.
After that, here are some things you’ll need to do:
1. Select the cryptocurrency that you want to deposit
There are a wide variety of cryptocurrencies you can deposit into Crypto Earn.
There are 22 cryptocurrencies that you can use with Crypto Earn, no matter what country you are in.
However, there are certain cryptocurrencies that cannot be used if you are based in certain countries:
|Available Cryptocurrency||Supported Locations|
|BTC, CRO, ETH, LTC, XRP, BNB, BAT, LINK, MKR, DAI, PAX, ATOM, BCH, VET, ICX, ADA, ENJ, ALGO, KNC, eGLD, COMP, MANA, SHIB, DOGE||All|
|PAXG, TUSD, TAUD, |
TCAD, TGBP, USDC
|All except Singapore|
|EOS, XLM, XTZ, CELR, DOT||All except for the US states of Alabama, Connecticut, Georgia, Hawaii, Idaho, Louisiana, New Mexico, North Carolina, Oregon, Vermont and Washington.|
|USDT, OMG, UNI||All except the US.|
You can earn interest on DOGE and SHIB too!
You are able to deposit the CRO that you’ve earned as cashback while using your MCO Visa Card.
There is also a minimum quantity of each cryptocurrency that you need to deposit to start earning interest. You can view the minimum required amount on Crypto.com’s help page.
2. Select the term you wish to lend your crypto for
There are 3 different terms that you can choose from to lend your crypto:
- Flexible (Can withdraw anytime)
- 1 month
- 3 month
The flexible term allows you to withdraw your crypto at any time. However, you’ll earn the lowest interest rate for this term.
You may also want to note that the interest rates are per annum. For the 3-month term, you will only earn a 1.125% interest rate on your crypto (4.5% / 4).
For Crypto Earn, you would need to lock up your crypto for a minimum period to earn a higher interest. This makes it less flexible compared to other platforms like Hodlnaut, Celsius and BlockFi.
3. Accept the Terms and Conditions
There are certain Terms and Conditions that you’ll need to accept.
By accepting the Earn and Credit T&Cs, you are accepting the risks involved with lending your crypto. There could be a risk that you will lose all of your cryptocurrency if Crypto.com closes down as well!
#4 Receive interest from your crypto
You will receive your interest from the crypto that you’ve lent to Crypto.com.
You will receive your interest every week (7 days) which will be credited into your Crypto Wallet.
The entire transaction history can be found in the Crypto Earn tab as well.
You can view this entire process in the video below.
What are the interest rates?
You will be issued a simple interest based on a few factors:
- The initial amount that you deposit
- The length of deposit term that you used
- The amount of CRO you’ve staked
This simple interest that you earn is similar to P2P lending platforms like Funding Societies. You can view my comparison between Funding Societies and a robo-advisor like StashAway to see which investment product is better for you.
Since you are earning simple interest, your returns will not compound. This is different from banks which compound your interest. As such, you will be able to earn interest on the interest that you’ve previously received.
When you leave your crypto in the long term, the returns you earn will be much less compared to compound interest.
Interest rate depends on the holding terms that you choose
The interest rate depends on the holding term that you choose.
There are 3 types of durations that you can hold your crypto for:
- Flexible holding term
- 1-month fixed term
- 3-month fixed term
The 3-month term offers the highest interest rate, while the flexible term will have the least.
This is because you are able withdraw your deposit at any time when you’re on the flexible term.
Here are the interest rates that you can earn:
|Crypto||Flexible||1 Month||3 Months|
|DAI, PAX, TUSD, TAUD, |
TCAD, TGBP, USDC, USDT
|ICX, LTC, XRP, BCH, KNC, ALGO, ATOM, |
XTZ, OMG, XLM, ADA, EOS, BNB, BAT, LINK,
MKR, PAXG, VET, ENJ, COMP, CELR, MANA,
eGLD, DOT, UNI
However, depending on the country you are in, you may not be able to use certain cryptocurrencies in Crypto Earn:
|Singapore||TUSD, PAX, USDC, |
TAUD, TCAD, TGBP
This interest rate is the same, if you own the Ruby Steel or Midnight Blue cards.
If you have the Royal Indigo card or higher, your interest rates will be higher
When you are choosing your Crypto.com Visa cards, you will need to stake a certain amount of CRO.
The amount you need to stake depends on the fiat currency you’re using.
You will be able to receive a higher interest rate on your crypto, if you have the following cards:
- Royal Indigo
- Jade Green
- Frosted Rose Gold
- Icy White
|Crypto||Flexible||1 Month||3 Months|
|DAI, PAX, TUSD, TAUD, |
TCAD, TGBP, USDC, USDT
|ICX, LTC, XRP, BCH, KNC, ALGO, |
ATOM, XTZ, OMG, XLM, ADA, EOS,
BNB, BAT, LINK, MKR, PAXG, VET, ENJ,
COMP, CELR, MANA, eGLD, DOT, UNI,
However, the price of CRO is rather volatile.
You’ll need to consider if this price volatility is worth earning that extra interest!
You can earn extra interest on your CRO if you stake it on Crypto.com’s Exchange
If you own CRO and want to stake it on the Crypto.com app, you can earn up to 6% interest on your CRO.
However, you are able to earn a higher interest (10%) if you stake at least 5,000 CRO on the Crypto.com Exchange instead!
You will need to stake your CRO for at least 180 days, before you are able to withdraw your CRO.
Why are the interest rates so high?
The interest rates that you can earn are considerably much higher compared to those provided by banks.
So how is Crypto.com able to provide such a high interest?
Similar to how banks work, Crypto.com will take your deposits and lend it to other institutions to get a return. Part of the return is paid back to you in the interest you earn.
Moreover, one of the terms that you’ll need to accept is that Crypto.com may convert your assets into another currency. This means that Crypto.com may use your deposit to trade in other cryptocurrencies as well.
So long as Crypto.com is able to get good returns on their investments, they can continue to provide high interest rates. You can view one of Crypto.com’s staff’s explanation on the high interest rates on a Reddit thread.
Interest rates have dropped
Crypto.com used to offer interest rates of up to 18% on your crypto! However, that has since dropped to the current interest rates they are offering.
In an AMA with Crypto.com’s CEO (Kris Marszalek), he mentioned that the interest rates may drop as Crypto.com grows.
As such, the interest rates may no longer be as attractive, especially in the long run.
Is Crypto Earn safe?
Crypto.com holds your assets in cold storage and integrated the Ledger Vault Technology to protect them. This ensures that your assets will not be exposed even if Crypto.com faces a security breach.
Here are some things you may want to consider regarding the safety of Crypto Earn:
You do not hold your wallet keys
A famous saying in the crypto world is “Not your keys, not your crypto”.
When you own crypto on Crypto.com, you do not have the private keys to your assets. As such, you do not have full control over how your assets will be used.
This is something similar to robo-advisors like Smartly who co-mingle their assets. When they close down, you do not have full control over your assets as well.
If you are very risk averse, you may want to hold the keys to your assets instead.
Ledger Vault Technology
Crypto.com uses Ledger Vault Technology to manage your assets. This allows Crypto.com to securely and efficiently manage your funds.
Crypto.com also holds your assets in cold storage. This means that your assets are stored offline, so that hackers can’t get access to them.
With such measures in place, Crypto.com is making sure that all of your assets stored with them are secure.
Is Crypto Earn legit?
Crypto Earn is a good way for you to earn guaranteed interest on your crypto, especially if you intend to buy and hold your assets.
The Earn feature is just one of Crypto.com’s features, such as the Supercharger.
It does come with some risks, but Crypto.com has certain measures to deal with them.
You’ll need to consider if it’s worth the risks to earn this guaranteed interest!
Moreover, investing in cryptocurrency is extremely risky. The prices are extremely volatile, so you have to accept some losses especially in the short term.
You should only invest in cryptocurrency if you understand its risks well enough!
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Crypto.com Referral (Get up to $25 USD worth of CRO)
If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.
We will both receive $25 USD worth of CRO in our Crypto Wallet.
Here’s what you’ll need to do:
- Sign up for a Crypto.com account
- Enter my referral code: ‘x2kfzusxq6‘
- Stake enough CRO to unlock a Ruby Steel card or higher
The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.
You can read more about the referral program on Crypto.com’s website.
Crypto.com Exchange Referral (Earn $10 USD- $50 USD in CRO)
If you are interested in creating a Crypto.com Exchange account, you can use my referral link and enter the code “x2kfzusxq6“.
Depending on the amount of CRO you stake on the Crypto.com Exchange, you are able to earn between USD $10 to USD $50!
Here are the amounts that you’ll need to stake to receive the bonuses:
|Amount of |
|1,000 – 4,999 CRO||$10|
|≥ 5,000 CRO||$50|
If you’ve already signed up for the Crypto.com app, you can still sign up for this bonus! This is because the Crypto.com App and Exchange are 2 different platforms.
You can read more about this referral program on Crypto.com’s website.
Do you like the content on this blog?
To receive the latest updates from my blog and personal finance in general, you can follow me on my Telegram channels (Personal Finance or Crypto) and Facebook.
Are you passionate about personal finance and want to earn some flexible income?