Crypto.com Review Australia: Is It Worth a Try in 2022

Crypto.com Review Australia

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Crypto.com is an international all-in-one crypto exchange platform that lets clients use crypto as a payment method rather than just as an investment option. 

The platform has been gaining popularity all over the world with more than one Crypto.com review in Australia praising its intuitive mobile app, range of coins and rapid, highly secure transactions. 

But is Crypto.com the right choice for Aussies or would you be better off going for an Australian-based crypto exchange such as Swytfx or CoinSpot?

PROS:

  • 250+ cryptocurrencies & 20+ fiat currencies
  • Borrow with no credit check 
  • Earn interest on 40+ coins

CONS:

  • Not that great for beginners

Highlights & Rating

  • Supported cryptocurrencies: 5/5
  • Transparency: 4/5
  • Customer service: 3/5
  • Rates and fees: 4/5
  • Application process: 5/5

What is Crypto.com?

Crypto.com is a cryptocurrency platform founded in Hong Kong in 2016. 

Thanks to its innovative features, which include a native currency, crypto payments and lending services, DeFi swaps and passive income solutions, Crypto.com has grown into one of the biggest crypto exchanges in the world, holding its own against leading platforms like Binance and Coinbase. 

To stay ahead of the pack, Crypto.com has spent a lot of money on tight security protocols, advanced features and marketing campaigns, including the company’s latest ad starring Hollywood superstar Matt Damon. 

Who is Crypto.com for?

Experienced traders are sure to love this one-shop-stop for all things crypto.  The platform’s DeFi Wallet and Swap feature, as well as the fact that you can spend crypto as actual currency and earn interest on your assets, make this an excellent choice for anyone switching exchanges. 

Those who are just starting out with crypto might find the platform a bit overwhelming and hard to navigate, despite its slick and smooth interface. Crypto.com reviews have also noted that the platform lacks the educational resources to help new investors on their journey. 

If you are a newbie to crypto investing, Cointree makes it incredibly easy to buy your first digital asset. eToro, which offers social and copy trading, is another great option for more inexperienced investors. 

Crypto.com Features 

Crypto.com is a feature-rich platform, offering certain services that you are not likely to find on the average Australian crypto exchange. 

Supported Coins 

Crypto.com supports more than 250 cryptocurrencies, with more being added constantly. These include the company’s native coin, CRO, as well as Bitcoin, Dogecoin, Solana, Ethereum and other lesser known assets, such as Filecoin. 

Crypto.com Card 

More than one Crypto.com card review cites the platform’s Visa debit card as one of its biggest perks. 

This card can be topped up with AUD and used as a regular debit card, i.e. in online and physical shops that accept Visa cards. What’s more, you will receive 1% cash back for every purchase you made, paid out in the platform’s native currency. 

The Visa card is free for all members, although those who choose to stake Crypto.com’s coin CRO will get the most out of it. In this case, you will receive higher cashback rewards (from 1% to 5%) from more merchants (including Spotify, Netflix, Airbnb and Amazon Prime).

Crypto.com Exchange 

The Crypto.com Exchange is where advanced trading takes place. The standalone platform, available on desktop and through a dedicated mobile app, offers spot and OTC trading as well as DeFi and staking products. Crypto.com also has a non-custodial wallet service that provides complete private key control—designed for those who don’t want to store their crypto within the app.

What’s more, the app provides handy updates on all your favourite coins, including latest price, and market cap, which, as more than one Crypto.com review in 2022 has commented, can help you stay ahead of the game. 

Note: Margin and derivatives trading is not supported by Crypto.com in Australia yet. If you are interested in these trading options, take a look at Bybit

Crypto.com Credit

The platform also serves as a crypto bank of sorts, allowing you to borrow up to 50% using your crypto as collateral. All users are eligible, including those whose credit score is not that great, repayment is entirely flexible and there are no late fees. 

Plus, you can stake CRO and enjoy lower interest rates (currently the platform has an 8% p.a. interest rate). 

Crypto Earn 

With this feature, you can earn interest on 40+ cryptocurrencies and stablecoins (up to 14.5% on your crypto and up to 8.5% for Stablecoins). In addition, you can stake your CRO (a minimum of 100) and get rewards in various cryptocurrencies with the platform’s Supercharger feature. 

Clients can also get access to DeFi Staking, swapping and yield farming protocols through Crypto.com’s DeFi Wallet to earn more in passive income

Crypto.com NFT marketplace

The latest addition to Crypto.com, this independent platform offers a wide range of NFT categories and allows you to buy non-fungible tokens or sell collections with a debit or credit card. 

Crypto.com Tax

If you need help filing and calculating your crypto tax, Crypto.com has launched a handy feature to help you out. Crypto.com Tax integrates with popular exchanges & wallets to provide you with easy access to all your transactions and does the tax calculation for you for free. It may not help you save on crypto tax, but it will definitely save you time and energy. 

Crypto.com Mobile App

Like most platforms out there, Crypto.com has a fully-functional mobile app available to Android and iOS users. In other words, you can trade, monitor your transactions and manage your portfolio and all your Visa card details right in the app.

The Crypto.com app also comes with a convenient feature called Crypto.com Pay that allows you to pay with crypto online, top up your prepaid mobile phone or send crypto to friends while earning CRO as rewards. The feature is also available to online merchants who can use it to receive payments in crypto on their websites. 

Despite its many functions, the crypto app, as more than one review has noted, is smooth and user-friendly, catering to new and experienced traders alike. 

How Does Crypto.com Work?

Opening an account and funding it is a simple process. Here is what you need to know.  

1. Register 

To get started with the platform, you first need to download the mobile app. Once you provide your email and phone number, you will be required to complete the verification process.

After that, you are ready to start using your account. 

Note: You can register at the Crypto.com exchange on desktop and mobile. 

2. Crypto.com Payment Methods in Australia 

Australian residents can fund their FIAT wallet directly with AUD through NPP (PayID) or BPAY, two of the most popular payment methods in the country. 

Funds should be in your Cryto.com wallet in one to four business days with NPP and three to five days with BPAY. The minimum deposit via PayID is $20, while you need to deposit at least $50 to use the BPAY payment method. 

The platform does not have any fees for AUD deposits, although your bank might apply a processing fee. 

3. Crypto.com Withdrawals

Users can also withdraw AUD from the app by selling crypto to their AUD wallet and then transferring these funds to their bank accounts via the NPP network. 

Cryto.com does not charge any fees for this service, although your bank might. 

4. Deposits and Withdrawals on the Exchange

Deposits and withdrawals in fiat currencies are not supported on the Crypto.com exchange. 

To fund your account or take money out from your Exchange wallet, you need to either transfer funds to an external wallet (withdrawal fees and limits apply) or move the funds to your Cryto.com app (if you have connected it to the Exchange). This internal transfer is instant and free, while the former may take two to three hours. 

5. Crypto.com Fees

The trading fees on Crypto.com work based on the maker/taker system. The fees depend on trading volume with more reductions being applied if you stake the Crypto.com coin or use CRO to pay for trading fees. 

Bear in mind that Binance has a similar discount model, but offers lower trading fees than Crypto.com. 

Both maker and taker fees start at 0.04%. Although these are rather competitive prices, there are Australian-based crypto exchanges that charge less and have no taker fees

Note: You could get half off your trading fees and a bonus of USD $2,000 (in CRO) for every friend you refer to the platform. 

Is Crypto.com Safe?

Crypto.com has spent a lot of money on upgrading its security features, ensuring that all client assets are protected. To that end, they store 100% of users’ assets in cold storage, using Ledger Vault, Ledger’s institutional-grade custody solution. On top of that, the company has secured USD 750 million in cold storage insurance covering clients’ cryptocurrencies against losses sustained through damage or theft.

All transactions undergo multi-factor authentication (email, password, biometric, phone and authenticator verification) to ensure no one but you can access your account. Plus, the platform offers a non-custodial DeFi wallet, which as mentioned above in this Crypto.com review, provides full private key control. 

Crypto.com Customer Service

The platform has a Crypto.com help centre with a lot of useful and detailed articles on how to use its features, FAQs, and other informative guides for the site in general.

If you cannot find what you are looking for, you can contact the company via live chat or email at [email protected]. The usual reply time, Crypto.com reviews say, is under 5 hours which is a bit longer than other companies respond. 

Crypto.com Reviews

Despite its advanced features and marketing campaigns. Crypo.com’s online reputation is not that great. On Trustpilot, the company has a Poor score of 2.0, while users on ProductReview.com.au have given it an average 2.8 rating. 

Most of the complaints refer to poor customer service and withdrawal problems. Capital.com, on the other hand, not only offers phone support and a dedicated account manager but also has an excellent rating by users on Trustpilot. 

Crypto.com Alternatives

How does Crypto.com compare to two of the biggest Australian-based crypto exchanges? 

Crypto.com vs Coinspot

Crypto.com CoinSpot 
Fiat CurrenciesUSD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR and 9+ moreAUD
Cryptocurrencies supportedBTC, ETH, XRP, BCH, LUNA, DOGE and 250+BTC, ETH, LTC, XRP, BCH, BSV, and 350+
Deposit MethodsBPAYPayID Bank transferBPAYCashPOLiPayID

As you can see from the table, CoinSpot is a more convenient option for Aussies as it supports several AUD payment methods. The platform is also much simpler to use and geared more towards beginners to crypto investing. 

Crypto.com vs Swyftx

Crypto.com Swyftx 
Fiat CurrenciesUSD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR and 9+ moreAUD, NZD
Cryptocurrencies supportedBTC, ETH, XRP, BCH, LUNA, DOGE and 250+BTC, BTG, BCH, ADA, ETH, ETC and 300+
Deposit MethodsBPAYPayID Bank transferCredit/ debit cardBPAYPayID

Swyftx is one of the most popular crypto exchange platforms in Australia that, like CoinSpot offers several payment methods and a wide range of crypto assets to invest in. Plus it has one of the lowest trading fees around and no charges on AUD deposits and withdrawals. 

Bottom Line: Is Crypto.com Good?

Yes, Crypto.com comes with many perks allowing you not only to buy and sell crypto but put your digital assets to work as well by earning interest on your coins, paying with crypto and reaping rewards. 

It may not be the most beginner-friendly platform out there, but it is a great choice for Aussie investors as it has some unique features you cannot find on other Australian-based exchanges. 

FAQs:

1.Does Crypto.com work in Australia?

Yes, you can use Crypto.com in Australia. You can easily deposit and withdraw AUD. 

2.Is Crypto.com legit?

Yes, Crypto.com is a legitimate cryptocurrency exchange platform that has been around for more than 5 years. 

3.Which countries are supported by Crypto.com?

Crypto.com is available in 90 countries around the globe, inducing the United States, Europe, Canada, Australia, and more.

4.Can you withdraw money from Crypto.com4.?

As stated in this Crypto.com review in Australia, you can withdraw money from the platform to your AUD fiat wallet and from there to your bank account. 

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