Crypto.com allows you to buy over 250 cryptocurrencies including Bitcoin and Ethereum.
With the cryptocurrency price tracker, you can set up automatic purchases and track prices.
Earn rewards by completing missions and redeeming them for Mystery Boxes.
Get the Crypto.com Visa Card to get benefits like rewards on card spending and more.
UK citizens are required to complete and pass a short quiz to continue using the app.
In this guide, you’ll learn all of the short Crypto.com quiz answers required for UK law to collect information to continue your journey (FCA).
Crypto.com UK quiz answers
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Question: How would you describe the difference between exchange-traded securities and cryptoassets?
Answer: Cryptoassets differ from exchange-traded securities as cryptoassets are complex investments, may be more difficult to sell, are not regulated and do not have the same regulatory protections or treatment. The value of cryptoassets can also fluctuate more dramatically than exchange-traded securities.
Question: What will happen to your cryptoassets if Crypto.com becomes insolvent?
Answer: I will have to wait for Crypto.com’s insolvency process to finish and I may or may not recover my cryptoassets, as there may be other people who are entitled to receive their assets back first under the insolvency procedure.
Question: What are risks associated with the staking of cryptoassets?
Answer: Both A and B.
Question: What are some of the risks specific to cryptoassets such as so-called stablecoins and/or asset-backed coins?
Answer: The underlying asset to the stablecoin or asset-backed coin may be lost if Crypto.com is hacked or suffers a technological outage.
Question: Which of the following is the most accurate statement?
Answer: Crypto.com will take custody of my cryptoassets but I may not be able to recover all of my cryptoassets at any given time, as Crypto.com may lend out some of my cryptoassets at their discretion.
Question: Which statement best describes UK cryptoasset regulation?
Answer: Cryptoasset exchanges, such as Crypto.com, must be registered with the FCA but are otherwise unregulated in the UK.
Question: Which of the following accurately reflects the status of your cryptoasset investments held at Crypto.com?
Answer: Both A and B.
Question: What is the best way to describe meme coins like SHIB?
Answer: Meme coins generally experience rapid price movements meaning that prices can quickly rise and fall or even go to zero.
Question: Which answer best describes the comparison between cryptoasset and stock market exchanges?
Answer: Stock market exchanges are highly regulated marketplaces and cryptoasset exchanges are currently subject to less stringent rules in the UK. Assets on cryptoasset exchanges are also highly complex, generally more risky, and may be less liquid.
Question: Which is a risk of staking cryptoassets such as Ethereum (ETH)?
Answer: Returns are not guaranteed: staking rewards are determined by the relevant protocol and the lockup of assets means both rewards and my underlying cryptoassets may result in no returns.
Question: Why is understanding the risks of cryptoasset investments challenging?
Answer: It is challenging because the cryptoasset market is a highly volatile, complex place which can result in unpredictable price movements and market illiquidity.
Question: What are some of the risks of a centralised exchange such as Crypto.com
Answer: The exchange may not be able to recover my cryptoassets if they were to be lost due to an operational outage or stolen by financial criminals. I may lose my assets if Crypto.com becomes insolvent or mixes up my assets with other people’s (even though I hold beneficial ownership of my assets). It might be hard to sell my assets if there is an operational outage.
Question: What are the main features of meme coins?
Answer: Meme coins have little to no intrinsic value in and of themselves and are highly risky investments, which should be made primarily for entertainment purposes.
Question: Which option best represents how Crypto.com deals with your cryptoassets?
Answer: Crypto.com can take custody of my cryptoassets and protect them on my behalf. Although Crypto.com will hold legal title to my cryptoassets, they will still belong to me.
Question: In the event that your cryptoasset custodian became insolvent, how could you recover your cryptoassets?
Answer: I would have to follow the applicable insolvency procedure and may not recover my cryptoassets.
Question: In what ways can Crypto.com help you in respect of cryptoassets?
Answer: Crypto.com will not make any cryptoassets available on its platform which are high-risk investments, as it will conduct due diligence on all cryptoassets prior to listing them.
Question: Which of these is an accurate statement about so-called stablecoins or asset-/commodity-backed coins?
Answer: Stablecoins and asset-/commodity-backed coins can lose all of their value as the real-world assets that underpin them may lose their value entirely.
Question: What is Crypto.com’s role after purchase of cryptoassets?
Answer: Crypto.com will take legal title of the cryptoassets in order to look after them on my behalf, and I will keep my beneficial entitlement to the assets. This means I can either hold those cryptocurrencies on Crypto.com, sell them, or transfer them away from Crypto.com if I wish.
Question: Which of the following is NOT a role that Crypto.com plays in providing cryptoasset services?
Answer: Crypto.com guarantees and ensures that my cryptoasset investments will not experience losses.
Question: What is the best way of describing the risks involved with investing in cryptoassets?
Answer: They are more complex and volatile investments than typical listed or exchange-traded securities. They have a high number of different risks to consider including the risk that I won’t be able to sell my assets to get my money back.
Question: What percentage of their overall net assets should a retail investor put into high-risk investments such as cryptoassets and how should this fit into their wider investment strategy?
Answer: A maximum of 10% of net assets should be invested in cryptoassets, which are restricted mass market investments (RMMIs). These are risky investments and should be part of a diversified portfolio alongside lower risk investments.
Question: What operational risks apply to trading and holding cryptoassets with a cryptoasset exchange and wallet provider?
Answer: Both A and B.
Question: What is a potential disadvantage of staking your cryptocurrencies?
Answer: All of A, B, and D.
Question: How easy is it to sell any cryptoassets you invest in?
Answer: Both B and C.