Our Review
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:
Where It Falls Short:
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? | |
💰 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
About Crypto.com
Crypto.com was founded in 2016 and is available in 90+ countries. Worldwide, they have over 50 million users, 4,000 employees and are becoming a top crypto exchange. They also have big partnerships with companies like Visa, the UFC, Fifa World Cup, Formula 1, and more.
The company offers many features like 200+ cryptocurrencies to trade, crypto Visa cards, beginner and advanced trading, their own token called Cronos, and much more.
Some Stats:
- Over 70 million users worldwide
- Available in 90+ countries
- 4,000+ employees
- Sponsorships with the UFC, Fifa World Cup, Visa, Formula1, and 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
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.
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.
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.
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.
9. Crypto.com University
Crypto.com launched their "University" which is a new learn and earn program. Users can go through a series of short blockchain articles, quizzes and missions to earn rewards. You will be rewarded in Diamonds which can be exchanged for NFTs, merchandise, experiences, and even a CRO mystery box. One of the experiences includes a PSG stadium tour for 3,000 diamonds.
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 |
|
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 | - |
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 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 |
FAQ
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.
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.
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.
