In this guide we will go through where to buy Cronos CRO cryptocurrencies step by step.
Cronos (CRO) is the native cryptocurrency of the Crypto.com exchange, called Crypto.com coin until it was renamed Cronos in February 2022. Like Binance, it has a native token Binance Coin (BNB), the CRO plays a role in trading fees, staking, borrowing and earning interest on the cryptocurrency.
Some are also buying CRO as an investment - CRO had a bull market in 2021 from a low this year of $0.057 to the current CRO all time high of $0.93 - a 16x gain in ten months. It then retreated 70% to $0.26, following the Bitcoin correction.
Where to buy Cronos - a review of the best platforms
Many cryptocurrency exchanges have added Cronos CRO because of its popularity thanks to Crypto.com's efforts - they sponsored Formula One and hired Matt Damon for advertising. Here are four of the best platforms to safely buy Cronos CRO cryptocurrency:
1. Crypto.com: Cronos CRO home cryptocurrency exchange
Since launch, Crypto.com has gathered 10 million cryptocurrency investors. It operates in more than 90 countries and handles trading volumes of more than $2.6 billion a day. It has more than 250 cryptocurrencies listed, from Bitcoin starting to small-cap cryptocurrencies. Crypto.com launched the CRO in 2018, initially under the name Crypto.com .
The platform's maker/taker fee is 0.4% per trade. Possible payments with fiat currencies to invest in Cronos CRO, such as debit cards, has a transaction fee of 2.99%. However, new users receive a 30-day trial period and do not have to pay transaction fees during this time.
Beginners can use the simple spot trading feature (there are CRO/USDT, CRO/USDC and CRO/BTC pairs), and for experienced traders, marginal trading with leverage on perpetual pairs is available.
Cronos CRO holders can use its dedicated DeFi wallet to store their cryptocurrency assets and DeFi tokens. It is a secure wallet with user-controlled private keys and biometric authentication methods. Crypto.com works with Ledger and stores all cryptocurrency assets in cold storage.
The Crypto.com debit card is a metal Visa debit card that allows you to pay retailers via cryptocurrencies. Using this card earns rewards of up to 8% cashback, although this rewards rate has been reduced resulting in a drop in the CRO price in May 2022.
Crypto.com allows users to earn interest from 40+ cryptocurrencies and stablecoins through its Crypto Earn program. Cryptocurrency holders can earn up to 14.5% per year, and the stablecoin APY is up to 10%.
Crypto.com also has its own NFT market and is yield farming platform - So there are many other options for earning money from cryptocurrencies beyond just trading.
2. eToro: Best Broker to Buy Cronos CROs
eToro added Cronos CRO on April 20, 2022. This cryptocurrency platform was launched in 2007 operating a decade longer than Crypto.com and being one of the best regulated platforms in the industry.
Since its launch, eToro has gained 28 million users and now lists 60+ cryptocurrencies, with CRO being one of the latest acquisitions, along with Ethereum Name Service (ENS). In addition to investing in cryptocurrencies, such as BTC, ETH and metaverse cryptocurrencies, eToro also offers stocks, forex and commodities.
eToro's fee structure differs from other cryptocurrency exchanges. Instead of following the standard commission model, it charges on a spread-only basis (+1%). There are no deposit fees on eToro if funds are in US dollars.
eToro is beginner-friendly and provides a simple UI for users. Notable features of this platform include the eToro Academy, a collection of easy-to-understand blogs for those who want to learn about the blockchain ecosystem and how to trade.
As a social trading platform, eToro offers both Copy Trader and Copy Portfolio (Smart Portfolios) features. You can use copytrading to copy the trading strategies of profitable traders you choose to follow, or trade on your own. You can also connect with other traders to hear their Cronos price predictions.
eToro has industry-leading security measures in compliance with FCA, CySEC and ASIC regulations. Investors' funds are secured in first-class banks, and personal data is encrypted using SSL. eToro is also highly selective about the cryptocurrency assets it lists.
4. Coinbase: Buy Cronos on a user-friendly exchange.
Coinbase noted Cronos CRO on November 4, 2021. Launched three years after the advent of Bitcoin, Coinbase has become the most well-known cryptocurrency trading platform around the world.
Despite being one of the most expensive platforms for investing in cryptocurrencies, it has gained more than 89 million users. The platform currently holds more than $278 billion in cryptocurrency assets.
The deposit fee on Coinbase is high if you use fiat methods such as debit or credit cards (3.99%). However, you can cut the price by almost half - 1.49% - by choosing ACH transfers.
Coinbase has 100+ cryptocurrencies that users can invest in if they have at least $2 in their Coinbase account. These cryptocurrencies include popular tokens such as Cardano, Solana, Polkadot i Uniswap. Coinbase also supports meme cryptocurrencies such as. Shiba Inu.
Beginners in the cryptocurrency ecosystem will find Coinbase easy to use. The UI is user-friendly, and the site also has a short tutorial video that beginners can watch before starting their investment journey.
Users can use Coinbase Pro to reduce high transaction fees. This is Coinbase's premium service that reduces fees and provides advanced tools for analyzing the current cryptocurrency market.
The broker / taker fee on Coinbase pro starts at 0.4% / 0.6%. Institutional users looking for deeper analytical tools and information can choose Coinbase Prime.
Investors looking to make money can become part of the Coinbase Earn program. Participants can receive free cryptocurrencies, including GRT, XLR and AMP. This is an educational program that allows users to earn cryptocurrencies while learning how specific cryptocurrencies work.
What is a Cronos CRO?
Cronos CRO is the native token managing exchange Crypto.com. Crypto.com provides a suite of cryptocurrency-related products and services ranging from trading, payments, DeFi, staking, yield farming, wallets, and even metal VISA cryptocurrency debit card.
Each of these components is associated with a CRO. The Cronos CRO token has the following uses:
- To buy a Crypto.com debit card;
- It acts as an intermediary currency for transactions with traders;
- Enables additional profit;
- Trading discounts on the Crypto.com exchange;
- As a management token for the Crypto.org chain and Cronos sidechain.
Cronos (CRO) launched as an ERC 20 token called Crypto.com in November 2018. It had an initial supply of 100 billion tokens, all of which were initially held by Crypto.com. When these tokens were first introduced, there was no pre-sale, no public sale and no ICO.
In February 2021, Crypto.com announced that it had burned 70% of the initial CRO supply - 70 billion CRO tokens. This was the largest amount of cryptocurrency burned to date. This was done to prepare for the launch of the mainnet Crypto.org Chain.
Crypto.org chain
The Crypto.org chain was built using the cosmos SDK. It uses the tendermint Proof-of-Stake consensus algorithm. The algorithm is known to be scalable and secure, but is somewhat centralized. Here are some of the features of the Crypto.org chain:
Safety: In terms of security, the crypto.org chain has had a 100% uptime since its launch. It features code that is fully open source.
Scalability: Little information is available on the scalability of the Crypto.org chain. But, since it uses the tendermint Proof-of-Stake consensus algorithm, we can conclude that, like other tendermint blockchains, it can process several thousand transactions per second.
Centralization: There are 100 validators of the Crypto.org chain. All Crypto.org community members and staking partners.
Another security measure that Crypto.org's sidechain implements is a penalty mechanism. It removes misbehaving validators and ties inactive validators. Inactive validators can rejoin the blockchain only after the jail period ends.
It also has a robust management process. Taking up a proposal requires a minimum deposit of 20,000 CRO tokens. A minimum of 33.4% of network voting power is needed to approve a proposal, and for a proposal to pass, 50% of those votes must be "Yes." Failure to meet these conditions leads to the burning of the proposal.
Five proposals have been submitted so far, two of which have been accepted. One of them is the integration of Crypto.com's NFT marketplace.
Cronos Sidechain
Cronos Sidechain is the second component of the native Crypto.org blockchain. Like the Crypto.org chain, the Cronos sidechain is built using the Cosmos SDK and follows the tendermint Proof-of-Stake consensus mechanism. But unlike the Crypto.org chain, the Cronos sidechain is compatible with smart contracts because of Ethermint, the Cosmos-compatible Ethereum virtual machine.
It allows Ethereum developers to deploy decentralized applications - DApps - on the Cronos blockchain. These Dapps can be accessed using Ethereum browser extensions such as Metamask.
In this respect, the Cronos Sidechain is similar to the Binance Smart chain, and the Crypto.org Chain has similarities to the Binance Chain.
In terms of security, Cronos sidechain mirrors the Crypto.org chain, also having a 100% uptime since its launch and featuring fully open source code that has not yet received an audit. In terms of scalability, due to Ethermint's involvement, Cronos sidechain is capable of processing 200 TPS.
Tokenomics CRO
Of the 70 billion CRO cryptocurrencies initially burned, only 60 billion were burned immediately. Crypto.com has locked the remaining 10 billion into a smart contract - announcing that they will be burned monthly as the contract unlocks.
While burning those 70 billion tokens, the circulating supply of cryptocurrencies was 24 billion, leaving 6 billion CRO tokens for the platform to use. Crypto.com set aside 5 billion CRO to reward chain validators and delegates. The remaining 1 billion CRO tokens were donated to Particle B, a startup gas pedal that incubates projects built on blockchains.
Is Cronos a good investment?
Here are the points to consider before you decide to invest in a Cronos CRO:
High APY for Staking CRO
Users can earn a high APY for staking CROs on the Crypto.com exchange. The rate of return ranges from 10 to 14%. To earn the highest rate of return, users must stake more than 40,000 $ in CROs and take advantage of the three-month lock-in conditions.
Access to syndicate events
Staking a Cronos CRO on Crypto.com will give you access to syndicated events. These are weekly events where CRO holders receive discounts on cryptocurrencies. These discounts can be as high as 50%.
Tiered discounts
Owning a certain number of Cronos CRO tokens will give you access to a number of benefits. These include higher interest rates for staking and higher discounts on the Crypto.com trading platform.
Little utility outside the Crypto.com ecosystem
Unfortunately, the utility of CRO tokens does not extend beyond the Crypto.com trading platform.
T
FAQ - when purchasing
The views and opinions expressed here are solely those of the author and should not be taken as financial advice either. Every investment and transactional activity involves risk, so you are advised to do your own research when making any trading, investment or financial decisions.
