Swyftx is a very popular Australian crypto exchange, and Crypto.com is a rapidly expanding crypto trading app that has shocked everyone with their marketing strategies. They paid $700 million to rename the Staples Center in L.A. to the Crypto.com Arena for the next 20 years, and have partnered with Matt Damon to promote their exchange. Which is better for Aussies to use? Let's find out by comparing the two across various criteria.
Comparison Table
Header |  |  |
|---|---|---|
Coins | 320+ | 250+ |
Trading Fee | 0.6% | Included in spread |
Deposit Fee | Free | PayID, BPAY: Free, Credit/Debit card: 3.50% |
Withdraw Fee | Free | Free |
Payment Methods | Bank transfer, Credit/Debit card, OSKO, PayID | PayID, BPAY, Credit/Debit card |
Features | - 24/7 Live Chat support - Demo mode to practise trading with free play money | - Staking on 47 coins to earn interest - Free Visa debit card with many benefits |
Cell |
Header | | |
|---|---|---|
Coins | 320+ | 250+ |
Trading Fee | 0.6% | Included in spread |
Deposit Fee | Free | PayID, BPAY: Free, Credit/Debit card: 3.50% |
Withdraw Fee | Free | Free |
Payment Methods | Bank transfer, Credit/Debit card, OSKO, PayID | PayID, BPAY, Credit/Debit card |
Features | - 24/7 Live Chat support - Demo mode to practise trading with free play money | - Staking on 47 coins to earn interest - Free Visa debit card with many benefits |
Cell |
Pros & Cons: Swyftx
Pros & Cons: Crypto.com
Fees
Swyftx has free deposits and withdrawals, and the trading fees are 0.6%.
Crypto.com has free deposits using BPAY and PayID. If you prefer to buy crypto using a credit or debit card, there is 3.50% fee, which is waived for the first 30 days after an account has been opened. Withdrawing from Crypto.com is free of charge. The trading fees are built into the spread, so although they don't take a percentage commission when you buy or sell crypto, the difference between the buy and sell prices are wider, to make up for this. According to a real world test by another reviewer, Swyftx's fees are lower than Crypto.com's.
Fees Winner: Swyftx
Swyftx offers free deposits and withdrawals regardless of payment type. Swyftx charges 0.6% fees, and although Crypto.com does not take a commission, their fees are included in the spread and it is higher than Swyftx.
Number of Coins
Swyftx has one of the largest ranges of coins in Australia, with over 320+ cryptocurrencies.
Crypto.com has a respectable number of coins, with 250+ different cryptocurrencies.
Number of Coins Winner: Swyftx
Swyftx has over 320+ coins compared to Crypto.com, with 250+ coins. There are a lot to choose from on either exchange, but Swyftx wins by a small margin here.
Features
Swyftx is a really great exchange for beginners because it has a simple interface, with the ability to quickly purchase or sell crypto, and Live Chat customer service for all those questions you have when you first sign up. There is a demo mode that you can switch on and off with the click of a button, and lets you practise trading with virtual money to see how it all works before you invest real money.
Crypto.com's best feature is the free Visa debit card that you receive when you stake at least $500 of CRO (Crypto.com's own coin). Depending on the amount you stake, you can receive many benefits, including up to 5% cashback in CRO on every purchase, 100% back on Spotify and Netflix, 10% back on Airbnb and Expedia and even airport lounge access. This is just by using the Crypto.com card like a regular debit card - pre-fund it with AUD and spend AUD. You're not touching your crypto at all, and there are no transaction or exchange fees when you spend. Simply purchase goods like you usually do, and receive between 1% and 5% back in CRO coins immediately. It is an excellent way to slowly build up your cryptocurrency investment gradually.
Features Winner: Crypto.com
The Crypto.com app is a gamechanger with the Visa debit card. It is available for Australian users as of November 2021, and you receive free cryptocurrency each time you purchase with your card. You can also stake 47 different coins on the app, which is another way to grow your crypto investment.
Security
Swyftx is a well-respected and legitimate Australian cryptocurrency exchange with many security measures to keep their customers' funds and personal data protected. Swyftx uses biometric authentication, 2FA (Two-Factor Authentication), KYC verification, consults with 3rd party security auditors and conducts external penetration testing.
Crypto.com is a trusted and secure cryptocurrency exchange that stores 100% of user cryptocurrencies offline in cold storage, using Ledger Vault's institutional-grade custody. Any funds held in hot wallets are corporate funds to manage withdrawal requests from customers. In 2020, Crypto.com was awarded the ISO/IEC 27701:2019 certification, being the first crypto company in the world to receive this. Crypto.com also has cryptocurrency insurance of $750M which covers their users for physical damage, destruction, and third-party theft.
Security Winner: Crypto.com
Crypto.com goes a step above with its security, with ISO/IEC 27701:2019 certification, and $750M of cryptocurrency insurance cover.
Overall Winner
Both Swyftx and Crypto.com are excellent crypto exchanges, and ultimately which one you choose depends on what your personal needs are. If you are interested in growing your crypto holdings in the long term, then Crypto.com (see full review) is a better choice, with staking on 47 different coins, and a free Visa debit card which pays you back in CRO coin each time you make a purchase.
However, for many Australian users, Swyftx (see full review) will be the more suitable choice as it is more intuitive and great for beginners. It is so easy to buy and sell crypto and the fees are lower. There is a wider range of 320+ coins, and Live Chat support always at the ready to assist you. If you are still trying to decide on an exchange, you can read our list of the best crypto exchanges in Australia. I have also placed a table underneath that shows some main points from the top exchanges.
