Crypto.com

A well-known and highly respected part of every crypto enthusiast's arsenal, Crypto.com recently entered the exciting world of contract-based prediction markets. We dive deeper into its features in this Crypto.com Prediction review.

What Is Crypto.com Prediction?

There’s probably no crypto enthusiast in the world who isn’t aware of the Crypto.com website. Launched in 2016 and operated by Foris DAX Asia, it is a Singapore-based crypto exchange with over 100 million users. Beyond the usual crypto-related tools, their app now also offers prediction markets.

Similar to other popular platforms of this type, this platform allows users to purchase contracts for Yes or No options on each event. Successful predictions are paid out by $1 per contract, so the whole system will be familiar to anyone that engaged with prediction markets previously.

Since this is not a bookmaker, payouts are taken from the collective user-generated pool within the market. Customers can also trade (sell) contracts before the market closes, either to secure their funds or profit on sudden market upsets.

Is Crypto.com Prediction Legit and Secure?

Crypto.com Prediction has been in the business for a whole decade. Their prediction markets side, albeit relatively new, is fully regulated in the United States by the CFTC. The information on licensing is available on the website, providing additional transparency.

As this is an app-first platform, you’ll find all features of the platform there, not just the predictions. What’s also interesting is that, specifically for prediction markets, the app accepts cash payments and is not limited to just crypto. You can, of course, use the integrated exchange if you’d prefer to keep everything in one (crypto)currency.

How to Sign Up and Get Started

To start with the Crypto.com Prediction exchange, you’ll need to create an account. As previously mentioned, you’ll use one account for all features of the platform.

Once you hit the Sign Up button, the process goes like this:

• Select the account type (Individual or Business), enter your email address and promo code
• Verify your email address
• Enter and verify your phone number
• Create a secure password
• Provide additional information to complete your account

How does Crypto.com Prediction work from that point onward? You’ll first need to fund your account. The minimum amount you need to start trading is just $10, and you can use either fiat or crypto.

Next, head to the Predict section and find a market you fancy. Let’s say we want to make predictions on the basketball MVP. Nikola Jokic is given a 25% chance of winning this title, so the Yes option is priced at $0.25, while you’ll need to spend $0.78 per No contract. Buying 10 contracts for yes would cost us $2.5, earning us $10 if Jokic does actually become an MVP, which is a neat $7.5 profit for this market.

Alternatively, you’ll find simple markets where there are just two possible outcomes and no selections within a selection. No matter the market, it all works exactly the same. Simple and clear, making for a fun experience.

Available Markets and Event Types

Crypto.com’s Prediction market platform is still developing. At the time of writing this review, it had some “coming soon” segments. All markets offer the Yes and No contracts, while some may include several sub-categories that each have their own Yes/No options.

Available markets are roughly divided into sports and events. The latter section is where you’ll find predictions on politics, crypto, the economy, and entertainment. Each market shows percentages of the event occurring, translating into pricing for the Yes contracts on that particular choice.

Each market has clear information on the remaining days before it closes and historical graphs that show the price fluctuations for each selection.

Fees and Payouts: What Does It Cost?

While the Crypto.com trading platform doesn’t charge any fees for deposits or purchasing crypto coins, it can get a little bit complicated and pricey when you trade at high volume.

The platform has several fees charged during the purchase of contracts - the exchange fee and the technology fee. Both values are first added to the value of the individual contract, and then the total is multiplied by the number of contracts purchased. These Crypto.com fees are also later deducted from the closed contracts.

Also note that there’s a $0.05 hold called Slippage. It’s also calculated per contract and added on top of the previous value when funds are reserved in your digital wallet. Luckily, the actual charge doesn’t include the Slippage, but you’ll need to take it into account whenever you buy contracts on this platform.

User Experience: Platform, App, and Interface

All interactions with the Crypto.com Prediction markets are through the official app, available for both iOS and Android. It’s a modern, very streamlined app, with minimalistic UI and low impact on the device’s performance.

It mainly acts as your crypto wallet, unsurprisingly, allowing easy exchange between hundreds of currencies and direct payments. Switching to the Prediction page, the interface matches the desktop one, with all the handy data about events and markets.

Customer Support

Customers can get assistance with any of the features through several points of contact. The fastest option is the chat widget, which first tries to point you to one of the official guides and sections of the FAQ. Alternatively, you can send an email, message them through social media, or join Reddit or Discord to connect with the community.

Deposits, Withdrawals, and Payment Methods

US customers will need to verify their information by submitting their SSN before they can use the US dollars on the Crypto.com markets. Then, you can make a deposit with a debit card, wire transfer, PayPal, Google Pay, Apple Pay, Venmo, or by linking your bank account for instant transactions.

The minimum amount you can deposit varies wildly. For example, PayPal and Venmo deposits have a $10 minimum, while wire transfers are required to be $1,000 or higher. Crypto.com charges a small transaction fee for certain payment methods, too.

Final Thoughts: Who Should Use Crypto.com Prediction?

It should go without saying, but crypto enthusiasts are those who will see the most usage out of the Crypto.com Prediction app and its other features. After all, the platform is designed mainly around crypto trading and staking, with prediction markets being its newest addition.

That doesn’t mean that people who’d like to dabble with contracts will miss out. The prediction part of the app is very well made and, with a quickly growing market variety, it’s right on track to compete with the most well-known prediction platforms. Add the fact that it has no restrictions throughout the US, and you’ve got a tool worthy of a recommendation.