PSA: If you're new to Crypto don't use the Crypto.com App for major Crypto buy/sells - the CDC app charges 10% spread to cash out.

If you're new to crypto and see the aggressive ad campaign from crypto.com (CDC) you might be tempted to throw some money on the app and start trading Crypto. After all the app has been gamified, you can even win rewards when you trade daily!

Well that's the thing, the Crypto.com app is a brokerage not an exchange. When you trade on the CDC app they take your order and fill it elsewhere and when you sell they take 10% of the value of your trade for that service. (no really they actually do this). This is in addition to any trading fees they might add to the trade.

So you are end up giving 10% of your trade to CDC just for the ability to cash out. There are solutions though,

If you are a non American you can use the CDC Exchange to cash out, and not have to worry about insane fees (it's a different app). If you are American unfortunately there isn't a way to cash out currently without the insane swap fees, you can either hodl and hope that the United States launches the CDC exchange in the US or transfer your crypto to an actual exchange and cash out that way.

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I should mention apparently there might be ways game the spread system such as breaking large trades into smaller trades and paying less overall on spread. However since CDC isn't very transparent about fees/spread except when you are actually doing a trade it's hard to research without being willing to lose significant sums of money.

CDC used to have a page on their website that provided more information about basic fees (not spread)

https://crypto.com/exchange/document/fees-limits?tab=1

However the above page was killed.

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If you think this post is an exaggeration search the word "spread" on the r/Crypto_com sub

https://preview.redd.it/iiu04bms0n7e1.png?805&format=png&auto=webp&s=3626ec102ba5e8bb15d18b1d3ff8ca5da0b415bd

https://www.reddit.com/r/Crypto_com/search/?q=spread&cId=df682ed6-92a6-45a4-933a-7d77edbdc27c&iId=50bcc99b-076d-4fa3-9b33-ce49a67dff28

One user testing the app found they lost 15% on a single buy and sell as a result of CDC spread

For example if you spend $250 on Asset A, you would then be able to immediately sell it for $213 (not accounting for any change in price). Causing you to lose 15% just for buying and selling one time source