Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Cryptospend Card Review 2023: Fees, Benefits and Perks

    Cryptospend Card Review

    Cryptospend Card Review: Our Opinion

    The CryptoSpend card provides Australians with a unique way to make digital payments for goods and services. These Visa debit cards are accepted in all Visa-linked stores and online platforms. This allows users to withdraw cash or buy items directly from their cryptocurrency holdings.

    As an added bonus, Cryptospend offers 3% crypto rewards when users spend crypto and Australian dollars (AUD). Due to the card’s fiat-free design, Australians who prefer a fiat or crypto payment system will find it suitable for their needs.

    An Overview of Cryptospend Card

    Cryptospend provides financial services and solutions to connect traditional finance with cryptocurrency. The Australians Andrew Grech and Richard Voice founded Cryptospend in 2018, and the company launched its card in 2020. Cryptospend is famous for its cryptocurrency services, and its headquarters are in Melbourne, Australia.

    The company offers users a secure way to buy, store, and sell crypto, including Bitcoin, Ethereum, XRP, etc. Cryptospend is equipped with the latest security tools, allowing users to pay any Aussie bill safely and carry out other activities.

    One major downside to Cryptospend is its limited cryptocurrency offerings. However, the company makes up for it with its secure wallet storage and card payment services for Australian crypto traders and investors.

    Pros

    Cons

    Cryptospend Card: What is it?

    what is cryptospend

    Cryptospend developed the card to provide users with an alternative way to make traditional digital and offline payments. The crypto card operates like a conventional debit card, and users can fund it directly from their crypto holdings.

    Users can buy and earn crypto rewards whenever they make payments using the crypto debit card. The card is available in both digital and physical forms for users. It integrates with Apple and Google Pay and can operate wherever Visa payments are accepted.

    CryptoSpend offers XRP rewards on all crypto transactions. However, this is capped at $150 worth of XRP monthly, and the offer ends at CryptoSpend’s discretion. The debit card is beginner-friendly and easy to set up. All that is required is a verified account.

    Cryptospend Card: How does it work?

    how cryptospend work

    A variety of payments can be made with the crypto debit card, including direct Australian bills via BPay, physical and online payments via Google and Apple Pay, ATM withdrawals, and crypto cash outs via PayID and Osko.

    Users can load the supported currencies, such as BTC, ETH, LTC and XRP into the Cryptospend Visa Card to perform all the aforementioned activities. In order to make purchases and withdraw money from ATMs, the card converts the user’s crypto assets into the respective market’s currency.

    Benefits & Perks

    cryptospend rewards

    Like other crypto debit cards, Cryptospend rewards users for crypto spending on everyday items. Whenever users spend Bitcoin and other currencies, the platform rewards them with XRP cashback of up to 3%.

    Each reward is deducted from CryptoSpend’s dedicated, limited pool of XRP, and the pool balance decreases as more customers receive rewards. Users can view their CryptoSpend rewards in their XRP balance on the Cryptospend app.

    However, the app doesn’t automatically add the rewards to the CryptoSpend wallet, as users must manually transfer the rewards from their Rewards wallet to their CryptoSpend Wallet.

    Cryptocurrencies Supported

    The Cryptospend exchange supports seven cryptocurrency assets users can buy, store, send, and exchange. Supported currencies include:

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • XRP
    • USD Coin (USDC)
    • Tether (USDT)
    • Bitcoin Cash (BCH)
    • Litecoin (LTC)

    However, the CryptoSpend Visa Prepaid Card supports only six digital currencies; Bitcoin, Ethereum, USDT, USDC, XRP and BCH.

    Fees Explained

    The Cryptospend website states that the exchange charges its card users no fees except for the 14.99 AUD new card issuance fee. Users simply need to create a Cryptospend account and download the mobile app.

    There are no monthly fees, annual fees, or foreign transaction fees. However, cardholders are charged if they want an express replacement of their cards. For instance, Australian cardholders will pay a $15 fee for an express replacement of their crypto debit cards (typically within two days), while international emergency replacement for the Visa card attracts $45.

    The platform also states that it makes money from spreads, but the amount isn’t stated. So, it’s difficult to state whether there are no hidden fees or charges.

    Fee Cost
    Issuance Fee A$14.99
    Renewal Fee (after expiry) Free
    Monthly Fee Free
    ATM Withdrawal Fees Free
    Transaction Fee Free
    Load Fee Free
    Lost or Stolen Cards Free
    Emergency Replacement Within 2 Days (Domestic) $15
    Emergency Replacement Within 2 Days (International) $45
    Foreign Exchange Fee Free

    Different Card Holder Tiers

    Cryptospend places its cardholders on the same level. The platform has no tiers, levels, or classes for users, regardless of their transaction volumes or frequency of use. However, like other crypto debit cards, the Card comes with transaction limits, including;

    • One-time maximum card balance of up to A$1,000.
    • Card maximum cumulative load over a life of A$150,000.
    • One-time ATM withdrawal limit of A$500.
    • Daily ATM withdrawal limit of A$500.

    Opening an Account

    Crypto traders or investors interested in the CryptoSpend Card must have a verified existing account before requesting the card. The Visa card is integrated into the CryptoSpend app, and users can easily complete the registration process using the steps below.

    Step 1: Download the App

    cryptospend sign up

    Download the CryptoSpend app on the Google Play Store or App Store and enter the required information, including the email and unique handle. Click “Next” and follow the prompts to complete the sign-up process.

    Step 2: Verify Email and Phone Number

    After the submission, CryptoSpend will send a verification link to the email address provided. Tap “Verify” in the email content to complete the registration process. Enter a phone number and complete the phone number verification process.

    Step 3: Verify Account

    CryptoSpend has a mandatory know-your-customer procedure that involves identity verification. To verify an account:

    • Tap “Card” on the app home screen and click “Proceed” after the verification notification. 
    • Enter the personal information, including the first, middle, and last names, as on the document to be submitted and click “Next”.
    • Enter the date of birth and tap “Next”.
    • Enter a complete residential address and tap “Next”.
    • Choose the identity document type to be submitted. Options include a passport, driver’s license, or national ID document. 
    • Check the consent box and tap “Proceed to Verify” at the bottom of the screen. 
    • Upload live photos of the document and take a selfie to complete the process.

    CryptoSpend will check the documents and provide an update within 10 minutes. If successful, users will also get an email notification on the verification status.

    Step 4: Deposit Crypto or AUD

    To use the card, users must deposit funds. To do this, tap on the “Deposit” icon on the home screen. Click “Deposit Crypto” and choose the cryptocurrency. The app will automatically generate a Cryptospend wallet address to send the asset to. Copy the address or scan the QR code and send the chosen crypto. The crypto funds will arrive in the Cryptospend wallet within 10 to 20 minutes.

    Step 5: Spend Funds via Card

    Request the Cryptospend Debit Card on the mobile app. Cryptospend instantly processes the virtual card, which users integrate into the Apple or Google Pay wallet. The physical debit card takes 2 to 3 weeks.

    Cryptospend Card App

    The CryptoSpend app is built for both beginners and savvy crypto enthusiasts. The interface is clean, with all icons neatly arranged for easy navigation. Aside from its simplicity, the app has essential features that make ordering and accessing the card seamless.

    The Cryptospend app also has a 4.7-star rating on the App Store, with many existing customers reiterating its ease of use. However, we discovered that the app lists all the available coins instead of only the ones owned by each user. Giving users the freedom to see only their digital currencies can make the platform less congested.

    Customer Satisfaction

    In our CryptoSpend Card review, we noticed it offers 24/7 support for users seeking help with the app or resolving verification and funding issues. The live support chat automatically pops up once the website loads, and users can also contact them via email.

    However, the platform has a 3.5-star rating on TrustPilot, showing that the company can still improve on a few things, including its support.

    Is Cryptospend Card Right for You?

    The Cryptospend Debit card is ideal for Aussies looking to buy easily, store, and spend Bitcoin and other cryptocurrencies in one place. Cryptospend’s virtual card is integrated with the app for easy access, and the physical card is also available for users who prefer it.

    The standout feature of the card is its 3% cashback on crypto payments. However, the reward is limited to only XRP, and users can’t change this. Similarly, the card costs A$14.99, but users can get this back from rewards. Finally, the exchange and card are made by Aussies for Aussies, so it may not be right for non-Australian users.

    FAQ

    Most frequent questions and answers

    Because the Cryptospend card works like a debit card, no credit checks are required.

    Users can order the CryptoSpend Visa Card with Bitcoin and also buy Visa gift cards like Vanilla and Bitpay with Bitcoin.

    There are many crypto debit cards available in Australia, including Binance, CryptoSpend, and Coinbase cards. Australians, however, should take advantage of the Binance crypto card because it serves a wide range of crypto assets without imposing issuance or monthly fees.

    Australians are taxed on cryptocurrency trading. Taxes on cryptos are not legally evadable in the country.

    We always try to provide the most accurate information available, and make sure our team follow through.
    If you want to know more about our Crypto Exchanges Review Methodology follow the link below

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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