How to Buy Cronos (CRO) – Forbes Advisor Canada – Forbes | Omd Cialis

Crypto.com has become a high-profile player in the cryptocurrency world, making its mark through celebrities such as Matt Damon and acquiring the naming rights to the former Staples Center in Los Angeles. This publicity blitz has generated strong interest in Cronos (CRO), Crypto.com’s native token.

How to buy CRO

CRO runs on Crypto.com’s blockchain, also known as Cronos. The CRO token is pretty easy to buy, here’s how to get started:

1. Open an account with a cryptocurrency exchange

You need an account with a cryptocurrency exchange that supports CRO. If you don’t already have an account, the easiest way might be to opt for the Crypto.com exchange.

If you prefer a different platform, beginner-friendly Coinbase can be an excellent place to start.

2. Link your funding source

There are different ways you can buy CRO depending on what is available with your exchange. The easiest way is to transfer fiat currencies like Canadian Dollars to your exchange which you can then use to buy CRO directly. If you already have crypto, you might be able to transfer those coins to the exchange and then trade them directly for Cronos tokens.

You may also be able to fund purchases with a debit or credit card, although this is probably the most expensive way to buy crypto. Not only do you pay higher fees than usual on the exchange, but you are also likely to be charged fees by your credit card company, making such purchases expensive and risky.

3. Buy CRO

Once you have funded your account or set up a payment method, you can buy CRO. The exchange you use should give you the ability to search for CRO, decide how much to buy, and then view the cost of the purchase.

Once you click Buy, the coins will be available in your account on the exchange.

One important point to keep in mind: It is typically much cheaper to buy crypto from a crypto exchange’s trading platform than from the beginner platform or quick/buy it now options. For example, the fees on Coinbase are significantly higher than conducting the same transaction on Coinbase Pro, its advanced trading platform, which is also free to use.

4. Transfer CRO to a wallet

This final step is not mandatory but may be a good idea if you plan on keeping your CRO long-term. By moving your coins from an exchange to a separate crypto wallet, you are helping to better protect your investments. Not only does this reduce your risk if your preferred exchange is hacked, but opting for a “cold” or offline wallet makes your crypto virtually unhackable, although you generally have to pay a small withdrawal fee to move your coins off the stock market.

If you’re only planning on keeping your CRO for a short time — or just don’t want to put up with the hassle of withdrawing your crypto — you can store your crypto on the exchange you bought it from. The vast majority of reputable exchanges now store most customer assets offline and have insurance covering any coins lost through hacks.

Benefits of buying from CRO

  • Strong growth potential. CRO could have strong potential thanks to its parent company’s extensive marketing campaigns. “CRO is a cryptocurrency that is still relatively in its infancy, although it has shown strong growth since its launch in 2018 and currently ranks 23rd overall in terms of market cap,” notes Shaun Heng, Vice President of Growth and Operations at CoinMarketCap, a crypto asset price tracking website. If Crypto.com’s awareness stays strong, so could the future growth of its token.
  • Lower trading fees on Crypto.com. Holding CRO in your Crypto.com account can qualify you for lower trading fees. This is especially helpful for large volume traders.
  • CRO Cashback. The Crypto.com Visa debit card is now available virtually in Canada and offers very generous rewards such as 5% cash back in CRO on spend, access to the LoungeKey airport lounge and up to 100% discounts on Spotify, Netflix and Amazon Prime monthly subscriptions. There are no annual or monthly fees. The more CRO you use with your Crypto.com wallet, the more rewards you get.

Risks of buying CRO

  • Very volatile. As with most other cryptocurrencies, CRO’s price can fluctuate dramatically each week. Cryptos can be high-risk, high-reward investments, so investors need to be prepared for losses, especially in the short term.
  • Vulnerable to negative publicity surrounding Crypto.com. Since CRO is Crypto.com’s native token, its success is tied to exchanges. For example, in January 2022, Crypto.com faced a hack that stole $42 million ($33 million), which also caused CRO’s market value to drop.
  • The rewards depend on whether you secure your investment. To qualify for higher rewards at Crypto.com, you must place your CRO with them for six months at a time. As a result, you cannot cash out quickly. You also only qualify for the top bonus rates if you wager over $514,000 (US$400,000).

Should You Buy CRO?

CRO has a number of advantages over the typical cryptocurrency, especially given Crypto.com’s extensive marketing resources.

If you are already using the Crypto.com exchange, it might be worth buying and holding CRO as it would add additional benefits to your account such as the reduced trading fees and the ability to earn CRO through the company’s debit card.

Given that CRO can experience significant price volatility, it may be best to follow a dollar-cost-average strategy, where you make multiple purchases spread over months rather than all at once. Also, keep in mind that you should not initially devote a significant portion of your investment holdings to a single cryptocurrency.

Buying any cryptocurrency involves risk, and even if you are the biggest Lakers fan in the world, you should only invest money at Crypto.com that you can afford to lose.

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