What Is MCO (MCO)?
The Crypto.com project was founded in 2016 with the intention of helping everyone control their money, data and identity. It currently has over 1 million people on its platform and provides an alternative to traditional financial services. The idea of having cryptocurrency in every wallet is increasing as a result, and it is being built on solid security, privacy and most importantly, compliance, as it is the first cryptocurrency company to have CCSS Level 3, ISO 27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Its headquarters are in Hong Kong.
The Monaco (MCO) cryptocurrency is a payment platform that rebranded itself as Crypto.com back in 2018. It offers blockchain-based debit cards and a mobile wallet application. It is essentially a token for blockchain-based payment applications and trades under the symbol MCO.
Who Are The Founders of MCO?
The founders of MCO are Kris Marszalek, Rafael Melo and Gary Or.
The story behind MCO is quite interesting due to the fact that the founders simply wanted to help people bring back control over their money, data and identity.
Kris Marszalek is the CEO and co-founder of Crypto.com, after moving on from Ensogo and iBuy Group Limited. He also co-founded BEECRAZY, an e-commerce business in Hong Kong.
Rafelo Melo is the CFO and co-founder of Crypto.com, which he joined after moving on from Ensogo as a CFO, and from Embraer SA as the regional finance director of Asia Pacific.
Gary Or is the CTO and co-founder of crypto.com, as well as the founder of Particle B and the co-founder of Foris Limited, a universal money app in Asia.
What Makes MCO Unique?
In November of 2018, Crypto.com launched with a new token, the Crypto.com Chain, that was trading as CRO. By the middle of 2019, they launched their debit and credit cards within Asia and the U.S.
The range of products included an MCO Visa Card, a Mobile Wallet App, the MCO Token itself, and the MCO Crypto Invest Services.
The MCO Visa prepaid card helped the customers buy and spend cryptocurrency easily, while the MCO wallet and cash app allowed them to manage and buy cryptocurrencies on the smartphones themselves in a streamlined and efficient way. The cards also offered free ATM withdrawals, tap-and-pay features, no annual fees or minimum balance requirements, up to 5% back on all local or overseas spending and free shipping.
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How Many MCO (MCO) Coins Are There in Circulation?
The CRO Token enables cross-asset intermediary currency settlement for the native Crypto.com Chain.
In Feb. 19, 2019, the MCO tokens had the market cap of more than $47 million. The peak was achieved in January of 2018 when it reached a value of $243 million.
30% of the tokens were sold as part of the ICO crowd sale, and 25% was kept by the founders, with 10% retained by the company and 5% given to advisors. The last 30% was held as reserve tokens.
How Is the MCO Network Secured?
When it comes to the MCO Network security, Crypto.com secured a US$100M direct insurance policy through Arch Underwriting at Lloyd’s Syndicate 2012.
All funds held in the hot wallets are corporate funds and leverage hardware security modules and multi-signature key-generation technologies. These are used to ensure withdrawal requests.
The fiat currency is kept at custodian bank accounts that are secured and fully regulated.
Crypto.com also uses AWS, or Amazon Web Services, and as such has network and web application firewall capabilities, controller encryption in transit through the Transport Layer Security, automatic encryption of all of the traffic and business continuity.
It is important to note that Crypto.com also has designed compliance and risk management officers who implement compliance policies and procedures while also performing internal reviews to ensure that everything is in full compliance with all of the regulatory requirements.
Where Can You Buy MCO (MCO)?
The exchanges where you can buy, trade or sell MCO are currently:
If this is your first time purchasing a cryptocurrency, take a deep dive into Bitcoin buying with our official guide.
Currently, MCO is being ranked 178 on Coinmarketcap and has recently surged a hefty 401.47% at the time of writing.
MCO has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy MCO.
Step 1: Register on Coinbase
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC) or Ethereum (ETH). We will use Coinbase here as it is one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
Type your email and click ‘Get started’. Make sure you provide your real name as Coinbase will need it for account verification. Choose a strong password so that your account isn’t vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, Coinbase is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn’t take more than 15 minutes to finish.
Step 2: Buy coins with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You will be charged higher fees when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees, such as iDeal in some European countries.
Now you are all set, click the ‘Trade’ button at the top left, choose the coin you want to buy and confirm your transaction…and congrats! You’ve just made your first crypto purchase.
Step 3: Transfer your cryptos to an Altcoin Exchange
But we are not done yet, since MCO is an altcoin we need to transfer our coins to an exchange that MCO can be traded, here we will use Gate.io as our exchange. Gate.io is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here and we recommend US traders to sign up on this exchange. The exchange is available both in English and Chinese (the latter being very helpful for Chinese investors). Gate.io’s main selling factor is their wide selection of trading pairs. You can find most of the new altcoins here. Gate.io also demonstrates an impressive trading volume. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million on a daily basis. The top 10 trading pairs on Gate.io in terms of trading volume usually have USDT (Tether) as one part of the pair. So, to summarize the foregoing, Gate.io’s vast number of trading pairs and its extraordinary liquidity are both very impressive aspects of this exchange.
After going through a similar process as we’ve done before with Coinbase, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit BTC to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you’re done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don’t worry, it’s basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying ‘BTC address’, this is a unique public address of your Bitcoin wallet at Gate.io and you can receive Bitcoin by giving this address to the person to send you the funds. Since we are now transferring our previously bought bitcoin on Coinbase to this wallet, click on ‘Copy Address’ or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to Coinbase, go to Portfolio page and click on Bitcoin on your asset list, then click on ‘Send’ on the right.
Under the Recipient field, paste the wallet address in your clipboard, for security consideration you should always check if both address are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
Click ‘Send’ to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Gate.io!
Now go back to Gate.io and head to your exchange wallets, don’t worry if you haven’t seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from Gate.io once your deposit has arrived. And you are now finally ready to purchase MCO!
Step 5: Trade MCO
Go back to Gate.io, then go to ‘Exchange’. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let’s get our heads around this.
In the right column there is a search bar, now make sure “BTC” is selected as we are trading BTC to altcoin pair. Click on it and type in “MCO”, you should see MCO/BTC, select that pair and you should see a price chart of MCO/BTC in the middle of the page.
Below there is a box with a green button that says “Buy MCO”, inside of the box, choose the “Market” tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click “Buy MCO”. Voila! You have finally bought MCO!
Other Exchanges To Buy
You can also buy from these exchanges:
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once MCO gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world. Unfortunately, Binance does not allow US investors so we recommend you to sign up on other exchanges we recommend on this page.
Founded in 2018 and holding Estonian MTR licence, American MSB licence, an Australian AUSTRAC licence and a Canadian MSB licence，HotBit cryptocurrency exchange is known as a cryptocurrency trading platofrm that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit allows US investors right now. Currently, Hotbit’s businesses covers more than 210 countries and areas. Based on its globalized and unified strategies, HotBit continues to focus on world’s emerging markets such as Russia, Turkey and southeastern Asia markets, and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019.
Last Step: Store MCO securely in hardware wallets
Ledger Nano S
- Easy to set up and friendly interface
- Can be used on desktops and laptops
- Lightweight and Portable
- Support most blockchains and wide range of (ERC-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
Ledger Nano X
- More powerful secure element chip (ST33) than Ledger Nano S
- Can be used on desktop or laptop, or even smartphone and tablet through Bluetooth integration
- Lightweight and Portable with built-in rechargeable battery
- Larger screen
- More storage space than Ledger Nano S
- Support most blockchains and wide range of (ERC-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
If you are planning to keep(“hodl” as some may say, basically misspelt “hold” which get popularised over time) your MCO for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online(“Hot Wallets” as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it’s basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.
Other useful tools for trading MCO
Encrypted Secure Connection
Because of the very nature of cryptocurrency — decentralised, it means that users are 100% responsible for handling their assets securely. While using hardware wallet allows you to store your cryptos in a safe place, using an encrypted VPN connection while you trade makes it harder for hackers to intercept or eavesdrop your sensitive information. Especially when you are trading on the go or in a public Wifi connection. NordVPN is one of the best paid (note: never use any free VPN services as they may sniff your data in return of free service) VPN services out there and it has been around for almost a decade. It offers military-grade encrypted connection and you can also opt-in to block malicious websites and ads with their CyberSec feature. You can choose to connect to 5000+ servers in 60+ countries base on your current location, which ensures you to always have a smooth and secure connection wherever you are. There is no bandwidth or data limits that means you can also use the service in your everyday routines such as streaming videos or downloading large files. Plus it is among the cheapest VPN services out there (only $3.49 per month).
Surfshark is a much cheaper alternative if you are looking for a secure VPN connection. Although it’s a relatively new company, it has already 3200+ servers distributed in 65 countries. Apart from VPN it also has some other cool features including CleanWeb™, which actively blocks ads, trackers, malware and phishing attempts while you are surfing on your browser. Currently, Surfshark does not have any device limit so you can basically use it on as many devices as you want and even share the service with your friends and family. Use the signup link below to get an 81% discount(that’s a lot!!) at $2.49/month!
As you gain more experience in trading cryptos it gets more difficult when it comes to tracking your capital gains from all those trades, especially when you have multiple accounts across various trading platforms. CryptoTrader.Tax takes away the pain of preparing your bitcoin and crypto taxes for your tax season. It automates the entire tax filing process and you will be sure you won’t miss any important information required. Simply register, fill in your personal info, and import all of your historical cryptocurrency transactions into the platform. It integrates seamlessly with all major cryptocurrency exchanges and platforms to make this process even quicker by connecting your existing exchange accounts to the platform. Once your transactions are imported, you can generate your tax reports within a few clicks. CryptoTrader.Tax is free to use and you can simply get started right away. You will only need to pay if you want to generate your tax reports.
Crypto Ultimatum is a detailed training system that shows you how to go from no money to making a fortune with Crypto Currencies. The system that was used took $100 and turned this into $1006. But the system works so well they then took this $1006 and turned it into the huge amount of $257,000 with Bitcoin and Crypto Currencies!
The great thing about the training is you don’t need technical skills. In fact, you don’t even need a great deal of money and can start with much less than $100 if you wish. It reveals all the secret techniques and gives you the ability to make money when you are a complete novice. It even explains some of the scams so you can avoid them. It goes into detail about where you go to do all this trading and how you can make money in a little as 24 hours. You can develop into someone who buys and sells smaller types of “altcoins” too.
BitMEX is one of the largest crypto derivatives trading platforms that offers leveraged contracts that are bought and sold in Bitcoin. With the volatile nature of the cryptocurrency market, you can gain even more profit with leveraged trades. BitMEX offers even a maximum of 100x margin meaning you can multiply your profit for a hundred times. Signing up on BitMEX is easy and you are not required to go through any KYC process. Within a few minutes, your account will be ready and you can start trading by depositing BTC straight into your wallet on BitMEX. Do keep in mind that derivatives trading is highly risky and your loss can potentially be a hundred times also if you made the wrong move!
Frequently Asked Questions
Can I buy MCO with cash?
There is no direct way to buy MCO with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
Buy Bitcoin from local sellers
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy MCO in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Coinmama.
Are there any alternative platforms to buy MCO or Bitcoin with credit cards?
Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.