How to Buy CRO
- Open an Account with a Crypto Exchange
If you don’t have a crypto exchange account, one option is the Crypto.com exchange, where CRO (Cronos) is the native token. - Link a Payment Method
You can buy CRO using fiat currency, such as U.S. dollars, by transferring it to the exchange. If you already own cryptocurrency, you may be able to transfer your existing coins and trade them for CRO. - Purchase CRO
Once your account is funded, search for CRO on the exchange, choose how much to buy, and confirm the transaction. Using the exchange’s trading platform can save on fees compared to quick-buy options often found on beginner platforms. - Transfer CRO to a Wallet
For long-term storage, consider transferring CRO to a secure wallet. This step is optional but recommended for additional security.
Advantages of Buying CRO
- Strong Growth Potential: CRO has shown notable growth since launching in 2018. If Crypto.com maintains its strong presence, CRO could continue to grow.
- High Staking APY: Staking CRO can offer a return of up to 10%, which is higher than other popular cryptocurrencies like Ethereum.
- Lower Trading Fees: Holding CRO in a Crypto.com account may reduce trading fees, especially beneficial for high-volume traders.
- CRO Cashback: The Crypto.com Visa debit card offers cashback rewards paid in CRO, with additional perks like free subscriptions and airport lounge access for those who stake more CRO.
Risks of Buying CRO
- Price Volatility: CRO, like most cryptocurrencies, is subject to significant price fluctuations.
- Vulnerability to Crypto.com Issues: As CRO is linked to Crypto.com, any negative events, like the January 2022 hack, can impact its market value.
- Rewards Depend on Staking: To access the highest rewards, CRO must be staked for six months, limiting liquidity.
Final Thoughts
CRO offers several benefits, particularly for users of Crypto.com, such as lower fees and rewards. However, it comes with risks, including price volatility and the requirement to lock up CRO for staking rewards.