Crypto Crypto.com questions

Discussion in 'Other Asset Classes' started by captain starlight, 16th May, 2020.

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  1. captain starlight

    captain starlight Active Member

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    Hi all,

    I’ve signed up to crypto.com (which was a chore in itself as I had to go through the manual sign-up and it took 3 separate attempts for that to be finalised). Anyway, I perceived and finally got in but now I have some questions - and I am hoping someone here can help me.

    firstly, I noticed that AUD is not A currency they work with (which is not an issue), but how do folks add $ into their wallet? I can’t seem to find how to transfer AUD directly into my wallet - either via bank deposit, Credit card payment etc...I can see option for transfers via sgd, euro and usd and nothing obvious how to actually transfer from our banking system into a wallet.

    secondly, how does the mco earn (or cash back) system actually work. Do they put the cash back into wallet or on the card or where?

    finally, how does the Spotify and Netflix payments occur? Again are our accounts reimbursed for the amount each month or do they pay the payments?

    I don’t know if it is me, but I find their information a bit vague.

    thanks
     
  2. CryptoClown

    CryptoClown Well-Known Member

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    Just stick to BTCmarkets. All you need is there :)
     
  3. captain starlight

    captain starlight Active Member

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    Yes I was looking at BTCmarkets but there are some things at crypto.com which are appealing.

    I guess to get around my first question, and to save on currency conversion issues, I could open an account at btcmarkets, and then deposit AUD into that, and then xfer that bitcoin amount into my crypto.com account.

    I like the idea of a crypto currency visa card and that is what is driving me to crypto.com.


    Thanks
     
  4. eggnog

    eggnog Well-Known Member

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    What exactly about a crypto visa card appeals to you? Visa is a payment gateway. Doesnt matter if the funding is through aud or btc. If you have aud then use a regular visa card. Uf you have btc then us e it to fund a crypto visa card. There should be no need to convert aud to btc for the sole purpose of funding a crypto card..
     
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  5. whiteknight

    whiteknight Well-Known Member

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    I can't provide you clarity around how I add AUD into the wallet via debit card, bank deposit etc. I fund my crypto.com wallet through transferring crypto from exchange (trading profits) so I have never deposited any other way. However, based of my usage, I suspect that you can't deposit AUD directly yet, you may have to deposit SGD and then exchange to AUD on the app. Then again I could be wrong, so make sure you submit a query - their customer service team are generally pretty quick to respond.

    What I can definitely do is explain to you how the cash back system works. Let's say you have the Midnight Blue card, which entitles you to 1% cash back on all purchases. You go to Ikea and spend $200, thus earning yourself a $2 rebate. You will then be credited this $2 in the form of MCO. Approx 0.23 MCO will be added to your wallet.

    In terms of Spotify and Netflix rebates, all you do is pay for your subscription using your card. You will then be rebated your monthly subscription fees in MCO.

    Hope this helps! Let me know if you have any further questions.

    Out of curiosity, which card did you get ?
     
  6. eggnog

    eggnog Well-Known Member

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    Another option not mentioned is to use Living room of satoshi to pay off your regular credit card using cryptos. When I last checked, fees were the lowest compared to the other similar onboarding platforms.
     
  7. whiteknight

    whiteknight Well-Known Member

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    Looks like Living Room of Satoshi charges 6% in fees.... hardly worth it.
     
  8. whiteknight

    whiteknight Well-Known Member

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    Hey there, did you end up figuring out a way to deposit AUD directly into your wallet?
     
  9. captain starlight

    captain starlight Active Member

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    sorry - sorry for the late reply, but yes. I think the best and cheapest way to deposit AUD into crypto.com is by the following:

    - open account at btc markets (takes about 2 days)
    - deposit directly into btc markets account via bpay (takes about 1 day)
    - convert that deposited amount to Bitcoin by buying bitcoin on btc markets
    - go to crypto.com and start the process of transferring bitcoin into your crypto.com account. Copy the wallet address to your clipboard.
    - back to btc markets, transfer the newly purchased bitcoin Into the wallet address that is in your clipboard. The transfer process on btc markets will have a text field for you to copy the address.
    - the actual transfer process will take about 30 mins and you will receive emails from both btc markets and crypto.com during the transfer.
    - once it lands into your crypto.com account you then purchase mco coins using the bitcoin that has been transferred there.

    the above way means you don’t pay any currency conversion fees. You do loose about 0.15% via btc markets but that is small when thinking about different currencies.

    fwiw - I did it a few times but ended up giving up on crypto.com and instead just stuck with btc markets. I didn’t like the interface at crypto.com and it just seems a bit vague and The system itself seems “possibly too good”. (The old adage about an investment being too good comes to mind as crypto.com seem to be making many promises and to be frank, I’d rather my money and bitcoin in Australia). I’ve put money into btc markets and it has happily gone up but the reporting on crypto.com is very confusing to me.

    hope this helps.
     
  10. eggnog

    eggnog Well-Known Member

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    Dont Store on the exchange. Grab a ledger.
     
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  11. Toon

    Toon Well-Known Member

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    If you deposit into BTC Markets via Osko instead of Bpay it's usually almost instantaneous (after the first time you use it, which will take ~24hrs).
     
  12. captain starlight

    captain starlight Active Member

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    Yes I’ve been reading that. But what is the advantage of storing in a wallet or ledger as opposed to simply storing on the exchange?
     
  13. Toon

    Toon Well-Known Member

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    Exchanges get hacked.
     
  14. captain starlight

    captain starlight Active Member

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    That makes sense - but there are many types of wallets/ledgers around. From the apps on our phones to the dedicated USB sticks or dongles. The app based ones are the easiest but Phones can get stolen or lost too.

    Anyone here have a Dedicated USB type of dongle? If so, how are they? (Again they can get lost or knicked too).
     
  15. Toon

    Toon Well-Known Member

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    I just have a Nano ledger S.

    If you lose it or it gets damaged you just need your 24 word recovery phrase and you can set up a new device.

    Lost device, PIN code or recovery phrase
     
  16. whiteknight

    whiteknight Well-Known Member

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    I figured out an easier way than this! Just deposit via ING and they will reimburse all international transaction fees.
     
  17. Michael.Knight

    Michael.Knight Well-Known Member

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    How long after you stake MCO and apply for a card does it arrive? I went for the indigo card...
     
  18. whiteknight

    whiteknight Well-Known Member

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    Sorry, totally missed your post.

    Have you received your card yet??