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Crypto.com Review Australia

Last Updated: Aug 5, 2022  |  Published: Sep 15, 2021


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Our Review 

Crypto.com

3.9/5

🏆 Overall Ranking

Best for staking & rewards

💰 Fees

Average

📲 Features

Above Average

🇦🇺Deposit & Withdrawals

Average

👍 Ease Of Use

Below Average

🔒 Security

Above Average

The Bottom Line

After our review of 16 Australian platforms, we ranked Crypto.com the best for staking and rewards. Crypto.com lets you trade 200+ cryptocurrencies, earn interest on over 40 of those coins, and earn other rewards through crypto Visa cards and more.

In the big categories, Crypto.com scored best in security and total number of features. It was average in fees getting a 1.30% total purchase fee for Bitcoin. It's weakness was ease of use because the app layout is very confusing and hard to navigate in our opinion.

You should use Crypto.com if you want a crypto Visa card, the ability to put your crypto to work or have access to lots of features overall. If you're looking for the cheapest platform, the most altcoins, or something else, check out our best Australian Crypto exchanges.

What Are The Reviews on Trust Pilot?

Crypto.com has poor reviews on Trustpilot with roughly a 2.0/5 score. The negative reviews revolve around high fees, not being able to get verified, and sometimes their account being locked for suspicious activity.

Where It Shines:

  • Wide Array of Features: It's hard to find platforms with more features and services than Crypto.com. They have crypto credit cards, staking, DeFi, NFTs and much more
  • Best for Staking & Rewards: Out of all crypto exchanges, Crypto.com is one of the best places to put your crypto to work and earn interest in different ways 
  • Above Average Security: Crypto.com has a great reputation, $750 million of insurance and more security features relative to other platforms

Where It Falls Short:

  • Ease of Use: The Crypto.com App has a confusing layout and it's hard to navigate compared to other platforms 
  • Fees & Spreads: Crypto.com is not the most expensive, but you can still find cheaper platforms like Binance AU, Kraken and more
  • Relatively Slow Deposit & Withdrawals: Not a major issue but AUD transfers take 1-4 days. No instant options are available
  • Some Restricted Features: Unfortunately, some features such as derivatives are restricted for Australian users

Crypto.com Overview

📲 Features

Header

🔐 Security

Header

Coins

Mobile App

Web App

Beginner Friendly?

Pro Trading Terminal

Limit Orders

Recurring Buys

Bundles

Staking

Margin

Futures

OTC

24/7 Support

200+

Yes

Yes

No

Yes

Yes

Yes

No

Yes

Yes

Restricted

Yes

Yes

App 2FA

Uses Cold Storage?

AUSTRAC Regulated?

Any Hacks or Incidents?

Insurance Policy

View Login History

Address Whitelisting

Crypto Withdrawals Allowed

Year Founded

Publicly Traded?

Yes

Yes

Yes

Yes: 2022

$750m

Yes

Yes

Yes

2016

No

💰 Fees

0.0/5

🏦 Deposits & Withdrawals

0.0/5

$100 Buy After All Fees

$100 Sell After All Fees

Best Deposit Fee

Best Withdrawal Fee

Trading Fee

BTC Spread (Dec 17, 21)

BTC Withdrawal Fee

ETH Withdrawal Fee

$98.70 (1.30%)

$99.55 (0.45%)

Free

Free

Free

1.75%

0.0006 BTC

0.005 ETH

AUD Fiat Wallet?

Direct Bank Transfer

POLi

PAYid

Credit/Debit

BPay

Other Fiat Currencies

Yes

Yes

No

Yes

No

Yes

?

  • Table last updated: Feb 03, 2022
  • Total fees and spread was tested Dec 17, 2021 and is subject to change
Crypto.com Exchange

About Crypto.com

Crypto.com was founded in 2016 and is available in 90+ countries. Worldwide, they have over 50 million users, 4000 employees and are becoming a top crypto exchange. They also have big partnerships with companies like Visa, the UFC, Formula 1 and many more.

The company offers many features such as 200+ cryptocurrencies to trade, crypto credit cards, beginner and advanced trading, their own token called CRO and much more.

Some Stats:

  • Over 50 million users worldwide
  • Available in 90+ countries
  • 4000+ employees
  • Sponsorships with UFC, Visa, Formula1 and many more
  • Paid $700m to rename the Staples Center to Crypto.com Arena

Does Crypto.com Work From Australia?

Crypto.com works in Australia and supports AUD deposits with PayID, BPay, Direct Bank Transfer and more. Australians can access most features like 200+ cryptos, visa reward cards, interest accounts, and more.

User Interface

  • Desktop

  • App

Platform & Features

Crypto.com lets you trade 150+ cryptocurrencies but isn't limited to just that. They have an ecosystem of crypto products and features. Let's look at what they are:

List of Features:

  • iOS and Android app
  • Crypto.com Exchange (Pro Platform and separate app)
  • CRO (their own native token)
  • Interest accounts
  • Supercharger (liquidity mining)
  • Crypto credit cards
  • Recurring purchases
  • DeFi Wallet (separate app)
  • NFT marketplace
  • Referral program
  • 24/7 customer support
  • And more

1. iOS and Android App

Crypto.com is a mobile-only platform available on iOS and Google Play. All trades are market orders and the user-interface can be a little tricky to navigate which might confuse some beginners. The only web version available is for the Crypto.com Exchange which is their professional platform.

Crypto.com App Screenshots

2. Crypto.com Exchange (Pro Platform)

The Crypto.com Exchange is their pro trading platform that is separate from the mobile app. On it, you have access to a live order book, technical charting tools and indicators via TradingView, market orders, limit orders and stop-limit orders.

There's also other features accessible on the Exchange such as The Syndicate (token fundraising platform), Trading Arena (battles and competitions), a referral program and more. The downside is Australians cannot deposit or withdraw fiat onto the Exchange, they can only transfer crypto. 

3. Crypto.com Coin (CRO)

Crypto.com has its own utility token called CRO which powers many features and benefits on the platform. Owning CRO can provide perks like higher staking rewards, reduced transaction fees, better Visa rewards and more.

4. Crypto.com Earn

Crypto.com Earn lets you deposit 40+ cryptocurrencies such as USDT, Bitcoin and more to start earning interest. It's like a savings account for your crypto that pays you good interest rates ranging from 0.50% to 13% per annum.

There are 3 levels which are flexible (withdraw anytime), 1 month and 3 month lockup terms. Keep in mind, to get the highest interest rates, you need to stake a significant amount of CRO. The rewards are credited into your account every 7 days.

Many places let you earn rewards as well like Kraken, Coinspot, Coinmetro, Coinbase, eToro, KuCoin, OKX and Swyftx. We recommend comparing rates to get the best deals.

Crypto.com Earn Feature

5. Supercharger

Supercharger is similar to Earn but has limited time promotions. It's a liquidity mining platform that lets you easily mine popular DeFi tokens and earn up to 75% APY.

To get started, you can deposit CRO into the pool to start earning a specific token. Then, you can withdraw at any time. You will receive rewards in your account daily.

6. Crypto Credit Cards

One of Crpyto.com's main feature is their prepaid crypto credit cards in partnership with Visa. At the time of this writing, they offer 5 different card tiers that offer 1% to 8% cashback in CRO on your purchases. 

The rewards are fantastic and can include up to 8% cashback, free Netflix, Spotify and more. The downside is it's very expensive to get the highest rewards. Only 1 card is free (which gives 1% cashback) and the rest require you to stake $400-$400,000 of CRO to get the higher tiers. 

7. Loans

Australians can take out instant loans by using their crypto as collateral. The interest rates are pretty low ranging from 1%-8% APR depending on your LTV and if you stake CRO or not. You can pay back your loan partially or in full within 1 year.

Loans Example

8. Recurring Purchases

You can set up automatic, scheduled purchases to dollar cost average your way into the market. It's available for a handful of cryptocurrencies and the minimum purchase is $72 AUD.

Payment methods include fiat, crypto or credit card and you can customize the frequency (daily, weekly, bi-weekly, monthly) and day of the week.

Recurring Purchases

9. Other Features

  • Create watchlists and price alerts
  • Crypto.com news from inside the app
  • Toggle Light/Dark mode
  • Research center
  • Refer a friend program
  • Paystring
  • DeFi Wallet - separate app to manage your DeFi assets and more
  • Crypto.com Tax Australia
  • NFT Marketplace

Verification

Application Time

Under 10 minutes

KYC Verification

Yes

Instant Verification

No

Manual Verification

Up to 3 business days

Sign Up Requirements 

  • Email address
  • Legal first name and last name
  • Picture of government issued ID (eg. drivers license or passport)
  • Upload selfie with note
  • Proof of address (for some users)

Opening a Crypto.com account is similar to opening a bank and requires some personal information. By law in Australia they must verify your identity so have your documents ready. This process is similar for any centralized crypto exchange based in Australia. 

If you have your ID ready, the process takes under 10 minutes and is straightforward. Most users will be verified in a few hours but it can take as long as 3 business days. For some users, Crypto.com might ask for additional information such as proof of address.

🔒 Security

Is Crypto.com Safe in Australia?

Crypto.com is very safe for Australians. They are regulated with AUSTRAC to the same requirements as other popular platforms like Coinspot, Swyftx and more. Plus, Crypto.com uses cold storage and has a 750M insurance policy in case they get hacked.

Even though Crypto.com is safe, it's still a centralized company that is holding your funds. The safest way to store your crypto is to control your keys on a free software wallet or ideally, a hardware wallet like the Ledger Nano S.

Company Security Features

  • They claim 100% of users funds are held in offline cold storage using Ledger Vault
  • $750 million cold storage insurance policy for physical damage and third-party theft
  • Dedicated team to monitor for suspicious transactions
  • Software is peer reviewed before being updated
  • Employees take security awareness and privacy training
  • Bug bounty program - get paid to find hacks and vulnerabilities
  • See their security page for more

Reputation

  • Partnerships with Visa, UFC, Formula 1 and many more which adds some legitimacy

User Security Features

Crypto.com offers two platforms, the mobile app and the "Exchange" for a pro trading interface. We've collected the security features for each one:

Crypto.com App:

  • 2 Factor Authentication (via app like Google Authenticator, Authy, etc)
  • Optional passcode when opening app
  • Biometric login (eg: face ID, touch ID)
  • Create Anti-Phishing code to identify legitimate emails
  • View app and company incidents in real-time on system status page

Crypto.com Exchange:

  • 2 Factor Authentication
  • Create withdrawal whitelists
  • Add/remove trusted devices
  • View account activity (login history, IP addresses, etc)

Deposits & Withdrawals

AUD Deposit Methods

Type

Fee

Time

Limits

PayID

Free

1-4 days

-

Direct Bank Transfer

Free

1-4 days

-

BPay

Free

3-5 days

-

Credit/Debit

N/A

N/A

N/A

AUD Withdrawal Methods

Type

Fee

Time

Limits

PayID

Free

1-4 days

-

Direct Bank Transfer

Free

1-4 days

-

BPay

Free

3-5 days

-

Crypto Withdrawal Fees

Coin

Fee

Minimum Withdrawal

Bitcoin

0.0006 BTC

-

Ethereum

0.005 ETH

-

Fees & Spread

Crypto.com advertises “crypto at true cost” and no fees but this isn’t necessarily the case. They charge higher spreads than the competitors we tested which is essentially a hidden fee. Crypto-com had a 1.75% spread on Bitcoin which was 12th place out of 15 platforms. Binance, for example, had a 0.07% spread and only 0.10% trading fees.

Fee Type

Amount

Trading Fees

Free

AUD Deposits

Free

AUD Withdrawals

Free

Other Fees

-

Price Test (Feb 6, 2022 at 3:29pm)

This data is subject to change as spreads and prices change daily. However, we tested 10+ platforms simultaneously to help you compare true fees on each platform.

Header

Amount

Ranking

$100 Buy After All Fees

$98.70 (1.30% total fee)

-

$100 Sale After All Fees

$99.55 (0.45% total fee)

-

BTC Spread

1.75%

-

BTC Buy Price

$59,226 AUD

-

BTC Sell Price

$58,205 AUD

-

Ref. Price Difference

Buy: +1.30%

Sell: -0.45%

-

Reference Price (Google)

$58,468

-

How We Tested This

The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.

The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.

From our test, Crypto.com had a 1.30% total purchase fee for buying Bitcoin. The spread was 1.75% and the total selling fee was 0.45%. See the prices for all Australian crypto exchanges here.

The cheapest platforms overall were Binance AU and Kraken

Customer Support

You can easily contact Crypto.com customer support from inside the mobile app. They are available 24/7 and they say they typically respond within a few hours. In addition, they have a detailed knowledge base with FAQs, articles and walkthroughs. There is also a live status page where you can view incidents in real-time.

Crypto.com Customer Support

🔎 Crypto.com Compared

We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:

Coins

Total Purchase Fee

Trading Fees

$AUD Deposits

Beginner Friendly

Advanced Features

Website

600+

0.15%

0.10%

Yes

No

Yes

18

1.24%

0.85%

Yes

No

Yes

110+

4.50%

2.90%*

No

Yes

No

50+

1.09%

0% - 2.00%

Yes

Yes

Yes

30+

0.14% + $50

0.10%

Yes

Yes

Yes

370+

1.89%

0.10% - 1%

Yes

Yes

Yes

280+

2.36%

0.05% - 0.9%

Yes

Yes

No

150+

1.30%

0.00%

Yes

Yes

Yes

270+

1.04%

0.50%

Yes

Yes

Yes

150+

1.45%

1.00%

Yes

Yes

No

30

-

0%

Yes

Yes

Yes

27+

1.68%

0.50%

Yes

Yes

Yes

50+

0.43%

0.16% / 0.26%

Yes

Yes

Yes

700+

2.23%

0.10%

Yes

No

Yes

270+

0.41%

0.08% - 0.1%

No

No

Yes

320+

0.95%

0.60%

Yes

Yes

Yes

Best Alternatives

Swyftx
  • Best overall in Australia 
  • 280+ coins, staking, bundles
  • Beginner-friendly
  • Limited pro tools
  • Low app reviews
  • Most features for Australians
  • 500+ coins, margin, futures, rewards and more
  • Limited KYC 
  • Expensive to fund AUD and can't Cashout AUD
  • Not licensed or regulated
Digital Surge
  • Best overall for beginners
  • 270+ coins
  • Fair pricing across the board
  • Limited features overall
  • Lack of professional tools

FAQ

Is Crypto.com Legal In Australia?

Yes, Crypto.com is a legitimate cryptocurrency exchange. They are compliant with Australia's strict financial sector, they have lots of security features and over 10 million people are using the platform globally.

Is Crypto.com Insured?

Crypto.com has a $750 million insurance policy, making it one of the largest in the crypto industry. In the event that Crypto.com is hacked or loses money through their own fault, it will be compensated. It does not cover issues that occur on your end, such as if someone steals your password.

Is Crypto.com A Wallet?

Yes, the Crypto.com app gives you a unique wallet address for every coin that's supported on the platform. You can deposit and withdraw however, you do not own the private keys.

Crypto.com Exchange

Crypto.com

Trade 200+ cryptocurrencies and much more

Best Crypto Exchanges Australia 2022

Swyftx

1. Swytfx

2. Binance

Digital Surge

3. Digital Surge