What Is a Crypto Basket in the Crypto.com App?
Building a cryptocurrency portfolio can be time consuming. Crypto Baskets is a new Crypto.com App feature that streamlines this process by allowing traders to purchase in one click multiple tokens grouped by market trends.
Crypto Baskets are designed for users looking to diversify their holdings, giving them the ability to gain exposure to the categories they believe in without the hassle of having to buy each token individually. The feature also comes with functions like auto-rebalancing and targeted performance tracking — for which we detail below.
Why Trade With Crypto Baskets?
- Crypto Baskets feature the most popular tokens in the crypto market. Traders can choose between trending coins in the most-watched crypto categories, including AI, real-world assets (RWAs), and GameFi, or stick to top performers by market capitalisation.
- Crypto Baskets make building a diversified portfolio easy. It takes only a few, quick steps to purchase one of 10 available baskets with either cryptocurrency, a credit/debit card, Google and Apple Pay, or Fiat Wallet. Users can buy as little as US$50 of each basket. When purchasing a basket, a user is purchasing each individual token in the basket at the pre-specified ratio.
- The feature also offers Rebalancing, which allows traders to take the emotion out of trading. Rebalancing automatically maintains a pre-specified ratio between the coins in a trader’s basket and lets traders potentially benefit from price changes by applying the ‘buy low, sell high’ strategy. For those who enable Rebalancing for a Crypto Basket, the purchased tokens will be rebalanced every seven (7) days from the date of purchase.
See our Help Centre guide for more information on Rebalancing.
- Users can track their basket and other holdings individually using a Sub-account to view its performance separately from the rest of their holdings. For example, a user can individually track a basket containing BTC and the BTC balance in their ‘Crypto Wallet’ in the App.
- Crypto Baskets offer flexible buying and selling terms. Traders can sell a basket, both partially or in full, or buy more of it at any time. In other words, users have full control over the contents of their basket. Baskets can be sold to a user’s Crypto Wallet or Fiat Wallet, or exchanged for an individual coin like Bitcoin or a stablecoin. When a user buys or sells a basket, either partially or in full, they are buying or selling the individual tokens in the basket.
Which Baskets Are Available in the Crypto.com App?
Twelve Crypto Baskets are available at launch, with more to come:
- BTC-ETH Duo: Two largest coins by market cap, BTC and ETH
- Trio: Comprising BTC, ETH, and CRO
- Big 3: Three of the largest non-stablecoins by market cap — BTC, ETH, and SOL
- Top 10: The 10 largest cryptocurrencies by market cap, according to CoinMarketCap
- Meme: Popular coins based on internet memes
- US Blue Chip: The most successful altcoins in one basket, including XRP, SOL, HBAR, AVAX, SUI, CRO, DOGE, and more
- Solana: Popular coins in the Solana ecosystem
- Ethereum: Popular coins in the Ethereum ecosystem
- Cronos: Popular coins in the Cronos ecosystem
- RWAs: Popular coins that help connect smart contracts with real-world assets
- AI: Popular coins used as part of artificial intelligence-based projects, apps, and services
- DePIN: Popular coins used to develop physical infrastructure by leveraging blockchain technology
- GameFi: Popular coins used in gaming and the Metaverse
Check out the Crypto Baskets here. Or learn more about their categories at Crypto.com University.
How to Set Up a Basket in the Crypto.com App
Below is a step-by-step how-to for purchasing a Crypto Basket in the App:
Step 1: Go to the main menu from the home screen and tap Crypto Basket.
Step 2: Under the Discover tab, click on the preferred basket.
Step 3: Select ‘Buy Basket’. Users can set the purchase amount in the next step.
Step 4: Choose whether to enable weekly rebalancing by toggling it on or off. Rebalancing distributes risk by maintaining the portfolio allocation during volatility.
Step 5: Users can purchase their baskets with funds from their Fiat Wallet, credit/debit card, Apple or Google Pay, or crypto; then tap Proceed.
Step 6: Review the purchase details and its terms. Once ready, tap Proceed and verify the transaction.
Users can monitor their basket’s performance under ‘Overview’.
Conclusion
The Crypto Basket feature in the Crypto.com App offers a streamlined and automated approach to building a diversified cryptocurrency portfolio with ease. By enabling users to choose from pre-selected baskets, track individual performance, and utilise rebalancing, this tool simplifies the complexities of crypto trading.
Crypto Baskets allow traders to support trends they believe in with just a few taps, whether in AI, GameFi, or top market performers, amongst others. However, as with any investment, it’s vital for traders to perform thorough research, stay informed, and make decisions based on their financial goals and risk tolerance.
Due Diligence and Do Your Own Research
All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation.
Rebalancing is an optional functionality that you can enable to pre-authorise purchases and sales of individual digital assets to maintain the relative weights of each digital asset within a Crypto Basket at the default weights, as the relative weights may change and diverge from the default weights over time due to changes in the underlying value of each digital asset and other activities subsequent to your purchase of the Crypto Basket. Rebalancing is simply a tool to pre-authorise purchases and sales of the specified digital assets in a given Crypto Basket.
Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
