As you might be aware, the Crypto.com Exchange is in its infancy and to grow their userbase they’re doing special half-price deals every week or so.
So far we’ve had such deals on LINK, NEO, ENJ, EOS, XLM, TEZOS, BCH, ETH, VET, ADA, ICX, ALGO, KNC and most importantly, on Bitcoin. Twice. First time was at the halving in May and most recently at the first anniversary of the Exchange just a few weeks back. And more are coming.
I’m currently waiting for my DAI distribution and in just a few days we’ll have a half-price deal on PAXG. These are great deals that are aiming at promoting the exchange and their native token CRO which has been quite a success since its launch last year.
The CRO token was launched at the time when the exchange was announced and quickly became a very sought-after token. The clever marketing and utility of the token contributed to its further climb in value. The token has jumped about +400% in value since the start of this year and last month it briefly entered the top 10 coins by marketcap (it is now being beaten by Chainlink, so it is at the 11th spot). On top of that enormous value increase, holders of the token who choose to stake it, earn additional 20% APR interest paid daily; CRO rebate when you pay trading fees with CRO; Access to The Syndicate (this is the branch of the exchange that deals with the half-price offers) and a Pay Benefit.
CRO is a token that is essential to these half-price deals that Crypto.com offers very week, so let’s break down what exactly you will need in order to qualify.
- Crypto.com App – available on both IOS and Android, this is the app that combines all the services provided by Crypto.com – wallet for Bitcoin, Ethereum and a wide range of altcoins; their very popular multi-crypto Debit card; their Earn feature that allows users to earn interest on coins they hold in the wallet (including Bitcoin and altcoins) and other perks such as rewards, loans and more.
You can get the app on your phone with this link (use on mobile) and with this code: i596zgv11f – also note that by using this code you will get $50 bonus if you stake 1000 CRO (the crypto.com native token)
- As you register for your account with the mobile App, you will automatically have an account with the Crypto.com Exchange – this is where the Syndicate operates and where you will apply for the half-price deals. Make sure you follow their announcements via email and on their twitter too.
- There’s also a requirements that you have a minimum of $5000 in trading volume in the past 30 days, so that means you will be using the exchange too.
- You will need to buy and stake CRO – the more you stake, the more allocation of various coins you will get. The minimum requirement to qualify for the Syndicate deals is 10 000 CRO tokens but this may be reduced if the price keeps going up. In my case, I staked 10 000 first and later I added another 5000 CRO to my stake so that I can have bigger allocation when I apply for the half-price deals.
- You will need to also have additional CRO tokens which you will use to pay for the coins you are applying to buy at half price. For example: if I want to participate in the Bitcoin deal (that was a few weeks ago but there will be another one soon) I need to have at least 10 000 CRO staked (for 180 days) and then let’s say I had another 3000 CRO, I would apply for the deal by selecting to use all of my 3000 CRO. In the end, I will most likely receive much less than what I apply for and whatever has not been used, I get back. In CRO. I actually received 0.008 BTC from my application and I got the unused CRO back to my account which I now use in other half=price deals like NEO, ALGO, ENJ, DAI and whatever comes next.
- You also need to move your CRO tokens from the phone App into the Exchange account you have and this happens internally, from the App, so you are not charged any fees for this transfer of coins. Once you’re done with this, you will go to the exchange (on your laptop or even mobile, but it’s separate to the mobile App) you will log in and in your balances you will find the CRO you have available.
- The next step is to go the Syndicate feature on the exchange website and there you will see the details of the current offer. When the offer is LIVE, You will choose the amount you want to apply for and you will wait for about a day. These are one-day offers, so the allocation of the tokens happens on the next day after the offer is closed.
- You will receive an email with a link to confirm your allocation once it is ready or you can just login to the exchange the next day and check the status of your “subscription” (that’s how they call it) and if your allocation is ready, you will get a button to confirm it. Once you confirm the amount you are being allocated, it will be sent to your wallet account in the exchange.
- That’s it really, if you want, you can keep the coins in that wallet in the exchange or you can move them internally into the mobile App or any other wallet of your preference. In my case, I store my crypto offline, on my Ledger Nano X or my Cobo Vault Pro – the two most secure hardware wallets.
In order to participate in these half-price offers, users must have the following:
If the whole process seems a little complicated and you’re asking “Is it worth it”, you’re not alone. Although I have been using this service for a while, it seems that with all of the requirements and the tiny amounts that you get from these half-price offers, it doesn’t quite add up in the end.
- Yes, you’re getting crypto at half price but it’s really a small amount – depending on how much CRO you’re staking but for 10 000 CRO you’ll get around $30 worth of crypto…
- You’re forced to trade $5000 worth of crypto in 30 days which incurs a fee of 1%, so you will end up paying $50 in fees. In this regard, you’re already paying for the half-price deal before you take part in it.
- You’re staking a token that has jumped in value by 400% just this year which means it is a very good token if we judge performance alone, but on the flip side, the token has peaked and even if there’s more growth ahead, the big gains are behind it.
In my opinion it’s not worth the time and effort for the half-price deals alone. What might be good though, is the $50 crypto bonus that you get when you start using the App and their debit card which allows you to spend your crypto in stores. This is actually a good deal. The card also pays rewards in the form of cashback.
Get your Crypto.com Account registered today. Use this link:
and the code: i596zgv11f
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