by Dominic Harper

Crypto.com Review for Australians 2022 | Fees, Comparisons & More

Crypto.com is a huge cryptocurrency exchange that is only getting bigger. They have partnered with Matt Damon in a big advertising push, and spent $700 million to rename the Staples arena to Crypto.com arena for the next 20 years. But what's so good about them, and is it good for Australians? I'm going to say a resounding YES, but keep reading to find out for yourself what all the fuss is about.

What is Crypto.com?

Crypto.com is an excellent cryptocurrency app where you can buy and sell over 200+ different cryptocurrencies, earn interest on over 40 coins, and spend AUD using a Visa card that gives you cashback in cryptocurrency.

  • Easy-to-use mobile app with huge functionality
  • Over 200+ cryptocurrencies supported
  • Earn interest on 47 different cryptocurrencies (up to 14.5% APY)
  • Visa debit card that you load with AUD and receive up to 8% cashback in CRO coin on every purchase
  • Stake Crypto.com coin (CRO) to gain plenty of benefits
  • Live Chat and email support available
  • Free fiat deposits and withdrawals and no commission on trades (fees included in spread)
  • NFT marketplace for those that want to buy and sell NFTs
  • Crypto insurance cover of up to $750M

Features

Visa debit card

I must start the review by talking about the Crypto.com Visa debit card. It is probably the biggest drawcard for many, and I am genuinely amazed at how generous it is. The Visa card is free to order in the Crypto.com app and you load it with AUD (not cryptocurrency) to spend like a regular debit card, either online or in store. With every purchase you receive a percentage cashback which is paid in their own coin (CRO). The amount of cashback you receive depends on how much CRO coin you have staked (locked for 180 days). If you decide not to stake any CRO, you can STILL get a Visa card, but it is the lowest tier (Midnight Blue), where you receive 1% on each purchase. Most beginners will opt for the Ruby Steel card, where you have to stake $500 AUD worth of CRO, and receive 2% cashback on each purchase. 

If you stake $5000 you receive 3% cashback on purchases, stake $50,000 to receive 5%, and stake $500,000 to receive 8% back. On top of that, depending on your card tier, you can receive 100% Spotify and Netflix rebates (you pay for Spotify with your Crypto.com card and they reimburse you in CRO), 10% Airbnb and Expedia rebates, airport lounge access, and extra interest when using Crypto.com Earn.

To reiterate, you load the Visa card with Australian dollars, so you are not spending your cryptocurrency. When I first heard about the card, I thought you pay in crypto, and they make money off your exchange rate to AUD, which is how they can afford to pay you a small cashback in their own coin. But this isn't the case. I have received the card and I use it with AUD, no tricks involved. I have noticed some reviews, and posts online saying that the card takes forever to arrive, but that has all changed now. In November 2021, Crypto.com launched the Australian card and you can now use it soon after you order your card. Once your details are verified, they give you access to a virtual card, which you can use for online purchases. Once you receive the physical card in the mail, you can use it in brick and mortar stores like a normal credit or debit card.

Over 200+ coins supported

Crypto.com has grown their list of cryptocurrencies to over 200, and they are always adding new options. It is perfect for beginners and advanced investors like because you can find popular coins that you have heard of as well as smaller coins that not everyone has jumped on board with yet.

Earn passive crypto income

There is a feature called Earn in the Crypto.com app where you can earn interest on one of 47 different coins. The interest rate will depend on which coin you choose, as well as if you decide to lock it for 1 month, 3 months, or if you want it flexible so you can withdraw at any time. For example you can receive 4.5% APY on Bitcoin if you lock it for 3 months, 3% if you lock for 1 month, and 1.5% if you keep it flexible. If you have CRO coins staked, you can also receive higher interest rates. 

Crypto.com also has a feature they call Supercharger where you can earn interest by staking your CRO coin, and the rewards are paid to you in whichever coin is available at the time, which changes every fortnight. Some of the well-known cryptocurrencies that have been available on Supercharger in the past are BTC, ETH, UNI, DOT, DOGE, SHIB and AXS.

Live Chat customer support

Crypto.com has an excellent customer support team, with Live Chat and email options. If you contact them via Live Chat and they are too busy, they will respond via email when they get to your query, and you can easily continue the conversation on either Live Chat or email. Some of the larger cryptocurrency exchanges do not have Live Chat, which I find disappointing, but Crypto.com has managed to maintain excellent customer service even as they continue to grow so quickly.

Fees and Payment Methods

Australian users of Crypto.com have several payment methods. The best way is to use NPP which is a bank transfer from your online banking account using PayID. NPP deposits are free and can be processed within minutes, so you can start buying cryptocurrency straight away. The other free option is BPAY but usually the transaction takes a few days before the funds are in your account.

You can also pay with credit or debit card, but there is a 3.50% fee for doing so. Currently, Crypto.com has a special offer where they waive your credit/debit card fees for the first 30 days of using the app, so if you prefer paying with card, you might want to take advantage of that offer.

When you buy or sell cryptocurrency, there is no commission taken, that is to say, they don't charge a percentage of your transaction. If you are buying $100 of BTC at $80,000, you will receive $100 worth of BTC at that rate. The way Crypto.com makes money is they include the fees in the spread, which is slightly wider than some other exchanges that charge a small percentage fee. When you take into account the fees and spread, Digital Surge and Swyftx charge less, as seen in this real-world test.

Security

Crypto.com is a trustworthy cryptocurrency exchange that has been around since 2016. They store 100% of user cryptocurrencies offline in cold storage, using Ledger Vault's institutional-grade custody. Funds that are held in hot wallets are corporate funds to facilitate uninterrupted daily withdrawal requests from users. In 2020, Crypto.com received the ISO/IEC 27701:2019 certification, making it the first cryptocurrency company globally to be awarded this. 

Crypto.com also has cryptocurrency insurance of $750M which covers their users for physical damage, destruction, and third-party theft.

Pros and Cons of Crypto.com

  • P R O S
  • Convenient mobile app
  • Over 200+ different coins supported
  • Earn interest on 47 different coins
  • Visa debit card with up to 8% cashback on everyday purchases
  • Insurance cover up to $750 million
  • C O N S
  • Spreads are higher than some other exchanges
  • On the desktop exchange website, you cannot trade in AUD (only USDT, USDC, BTC & CRO)

Conclusion

Crypto.com is a great app if you plan on staking their coin (CRO) and using the Visa debit card to earn cashback on all your purchases. There are plenty of benefits that come with the card, and many users join the app for the Visa alone.

However, if you are interested in low buy/sell fees and trading cryptocurrency on the market, there are other options you should consider. Digital Surge has the lowest fees and spread combined, and Swyftx is another excellent option with low fees, Live Chat and a demo mode.

See my quick comparison table below for other options for Australian crypto investors.

Digital Surge
Swyftx
CoinSpot
eToro
Binance
Crypto Exchange
Crypto Exchange
Digital Surge
Swyftx
CoinSpot
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
0.6%
Market order: 0.1%, Instant buy: 1%
Included in spread
0.1%

Frequently Asked Questions

Does Crypto.com work in Australia?

Yes, Aussies can use the Crypto.com app in Australia. You can deposit and withdraw AUD with no issues, and the Visa debit card is available in AUD as well.

Can I use the Crypto.com Visa debit card in Australia?

Yes, the Crypto.com Visa debit card is available to Australians since Nov 2021. You can load it with AUD and use it to make purchases anywhere where Visa is accepted (both online and in person).

Is Crypto.com legit?

Yes, Crypto.com is a legitimate cryptocurrency platform that has been around since 2016. Crypto.com has an Australian Financial Services License (AFSL) allowing them to offer their debit card services in Australia. They have received ISO/IEC 27701:2019 certification after passing stringent third-party privacy audits, and are the first cryptocurrency exchange in the world with this certification.

Can you withdraw money from Crypto.com?

Yes, unlike Coinbase which is not suited for Australians, Crypto.com allows Aussie users to sell crypto and withdraw AUD to their bank accounts.

About the author 

Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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