The Crypto.com coin (Cronos or CRO) has been on a tear recently following news that the Staples Centre basketball arena was being renamed the Crypto.com Arena.
Crypto.com, the Cryptocurrency exchange that launched CRO, is paying a whopping $700 million for the naming rights.
Below I cover how to buy CRO coins in Canada and whether it is a good investment.
What is Cronos (Crypto.com Coin)?
Cronos (formerly Crypto.com Coin) is the native cryptocurrency of the Crypto.com Exchange.
The token and its blockchain enable payments on Crypto.com and can be used to:
- Pay transaction fees
- Stake and earn interest
- Earn cash back rewards
- Apply for a Crypto.com Visa card
Crypto.com was founded in 2016 and has since become one of the largest crypto exchanges in the world.
Since CRO is the native token of the Crypto.com exchange, it is not offered for trading by many other exchanges like Binance, which also has its own coin.
That said, you can buy CRO at a few places in Canada.
How To Buy CRO in Canada
To buy Cronos, you will need to open an account at an exchange that supports it.
Fund your account with fiat currency (Canadian or U.S. dollars) or deposit cryptocurrency like Bitcoin or Ethereum, or a stablecoin like USD Coin.
Place a ‘buy’ trade for Cronos (CRO).
After purchasing CRO, you can either leave it in your exchange wallet or move it offline into a personal hardware wallet for increased security.
Where To Buy The Cronos Coin (CRO)
The top-2 places to buy CRO in Canada are:
The Crypto.com app offers access to 150+ coins, including CRO. This exchange has over 10 million users worldwide and is also available in Canada.
Users can fund their accounts using a credit or debit card, as well as through direct bank transfer. Cryptocurrency deposits are also available.
When your account is funded, simply search for CRO to place a “buy” transaction.
The trading fees on Crypto.com vary depending on your account level, funding method, and the current promotions available.
You pay anywhere between 0% and 0.40%. Credit card purchases have a 3.50% fee; however, this fee is often waived during promotional periods.
Offer: Get a $25 CRO bonus when you stake enough CRO for a metal Crypto.com Visa Card.
Coinbase is a publicly-traded cryptocurrency exchange based in the United States. It supports about 100 cryptocurrencies and tokens, including Crypto.com Coin.
You can add fiat to your Coinbase account using debit and credit cards or transfer funds directly from your bank. Cryptocurrency deposits can also be made in your Coinbase wallet.
Like Crypto.com, there is a 3.99% fee for depositing funds or buying crypto using a credit card.
Trading fees are up to 0.50% but may be lower if you use Coinbase Pro.
Some other crypto trading platforms that support CRO are:
How To Sell CRO in Canada
If you’d like to sell your CRO coins, you can do so directly in your crypto exchange account (Crypto.com or Coinbase).
Simply log in to your account and place a sell order for the CRO amount you want to dispose of.
After selling CRO, you can use the fiat proceeds to buy another digital asset or withdraw the funds to your bank account.
On Crypto.com, you can also swap CRO directly for another coin or deposit and stake CRO to start earning interest.
Where To Store Cronos (Cypto.com Coin)
You can store your Cronos in a hardware wallet where they can be kept safe from hackers.
One of the best CRO wallets is the Ledger Nano X.
After installing the Crypto.org Chain app on your Ledger wallet, you can transfer CRO from your exchange account to your Crypto.com wallet address.
The Ledger wallet supports more than 1,800 cryptocurrency assets.
Learn more about how it works.
Is Cronos (CRO) a Good Investment?
Cronos (CRO) has performed well since it was introduced in 2018.
Early adopters who purchased CRO at launch saw a return on investment (ROI) of 3,566% as of the end of 2021.
So, is CRO a good investment?
It is hard to say as its recent price growth is very much tied to the news that the company bought the naming rights to the Staples Centre. Also, Crypto.com has spent a lot of money advertising its exchange.
It remains to be seen whether these short-term exposures will translate into long-term steady returns.
Crypto.com Coin Canada FAQs
Binance does not offer Crypto.com Coin, and you can’t buy it on the platform.
The Crypto.com platform is available to residents of Canada.
Crypto.com users get access to software crypto wallets they can use for holding their crypto assets.
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.