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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    The Complete Crypto.com Australia Review

    crypto com review australia

    Crypto.com Australia Review: Our Opinion

    Crypto.com will appeal to experienced Aussie traders needing a one-stop shop to buy, sell, stake their assets, and enjoy amazing crypto rewards.

    Due to its intuitive user interface, beginners and advanced traders in Australia alike will find this crypto exchange easy to use. The platform offers a wide range of supported cryptocurrencies and crypto assets as well as rich trading features.

    Crypto.com fees are competitive; Aussie traders who hold the platform’s native token (CRO) are eligible for a discount on trading fees. Users can also initiate zero-fee fiat and crypto deposits, and withdrawals on the go.

    However despite these positives, Crypto.com has some few drawbacks. The crpytocurrency exchange is renowned for its painfully slow customer support and the higher trading fees for customers who don’t hold its native token (CRO).

    australian review crypto com

    Company’s Overview

    Crypto.com is an innovative platform that allows crypto investors to trade BTC, ETH, and other crypto assets. This Hong-Kong based platform was founded in 2016 and operates in over 100 countries, including Australia.

    The platform integrates an intuitive crypto exchange interface and 250+ cryptocurrencies. Aussie traders who hold the platform’s native token – Crypto.com Coin (CRO), are entitled to discounted trading and staking benefits. 

    Besides crypto trading, traders can also generate extra income using the platform’s advanced offerings. These include the likes of staking, interest earning, and crypto lending services. Crypto.com is also one of the pioneers of cash-back rewards via the crypto.com visa card.

    The platform’s prepaid Visa Debit Card is quite popular with consumers. Crypto.com has five prepaid cards and they can all be used anywhere a Visa debit card is accepted.

    The crypto.com visa card can be topped up with balances from the traders’ crypto balance and the user earns cash back rewards for every spending.

    The Crypto.com ecosystem consists of numerous products. The two most important are the Crypto.com app and the Crypto.com crypto exchange.

    The Crypto.com app is where most operations occur. This includes deposits, withdrawals and the management of the Crypto.com Visa Card. On the other hand, the Crypto.com cryptocurrency exchange is where most of the advanced trading features are housed. This is where traders can access both margin and derivatives offerings from the company. In addition, crypto investors can also access DeFi and staking functions on the exchange.

    Crypto.com can be accessed via desktop and mobile devices (for iOS and Android).

    This Crypto.com Australian review explains the platform’s usability, low trading fees, deposit fees, and other features.

    Pros & Cons

    Like many crypto exchanges, Crypto.com has its benefits and drawbacks. This Crypto.com Australia review section details the pros and cons of the platform, which would interest potential Australian traders.

    Pros

    Cons

    Unique Features Of Crypto.Com

    features crypto com

    20+ Supported fiat currencies

    Crypto.com supports 20+ fiat currencies, including AUD, GBP, EUR, and USD. Australian traders can initiate deposits (AUD) from their bank accounts into their trading accounts and start purchasing and trading cryptocurrencies.

    Aussie traders can also use their deposited fiat currency (AUD) to buy currencies like USD, EURO, GBP, and others supported on the platform. However, these conversions always incur fees.

    Crypto.com Visa Card

    The Crypto.com visa card is one of the biggest appeals of this trading platform. It is free for all users and offers benefits such as discounts. The crypto Visa card comes in different tiers and can be funded with AUD. This Visa card is a debit card used to make crypto payments on day-to-day purchases.

    Traders can add a Crypto.com Visa card to the Google Pay app to facilitate online purchases and earn interest based on how many CRO tokens they stake. Using this Visa card often enables traders to receive free crypto (CRO coin) on every purchase processed on the card. 

    The table below shows available rewards for each tier of cards:

    Visa Card Tiers CRO Staked CRO Rewards On Spending
    Midnight Blue Card Account $0 Nil
    Ruby Steel Card AUD 500 1%
    Royal Indigo/Jade Green Card AUD 5,000 2%
    Icy White/Frosted Rose Gold AUD 50,000 3%
    Obsidian Card AUD 500,000 5%

    Cryptocurrencies Available on Crypto.com Australia

    Crypto.com Australian exchange supports over 250+ cryptos, providing traders with a lot of trade options. Some of the cryptos supported are

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • USD Coin (USDC)
    • BNB (BNB)
    • XRP (XRP)
    • Binance USD (BUSD)
    • Cardano (ADA)
    • Solana (SOL)
    • Dogecoin (DOGE)

    These cryptocurrencies can be easily purchased with the Australian Dollar AUD via the instant buy option.

    Instant buy is a purchase made directly via bank transfer, in which Crypto.com will credit the trader’s account with the deposit amount initiated immediately and withdraw the cash from the trader’s bank account in 2-5 business days.

    Also, Crypto.com incorporates decentralised finance (DeFi) wallets that can seamlessly connect with platforms like PancakeSwap. This connection enables users to access low-liquidity coins unavailable on the Crypto.com exchange.

    NFT Support

    Investors seek top cryptocurrency exchanges that have integrated a dedicated marketplace to trade non-fungible tokens (NFT) on their platforms. Crypto.com features a highly-curated NFT marketplace where Aussies creatives and NFT traders can access a wide range of digital collectibles, mint, and buy and sell NFTs conveniently.

    The marketplace operates on the Crypto.org Chain – Crypto.com’s permissionless blockchain. The platform does not charge any commissions. The platform accepts only credit card payments, which opens up the NFT world to collectors with no prior experience in the crypto world

    Fees

    Crypto.com uses a ‘Maker and Taker’ fee structure model. This means trading fees are charged when a trade order is matched and executed, not when it’s created. In simple terms, when a trader sets a limit order to execute a certain market price, it’s only at that moment that the trade is executed and the fee is charged- this is known as a Maker fee.

    On the other hand, a Taker fee occurs when a trade order is matched and executed, similar to a market order.

    Crypto.com offers investors a fee discount structure based on calculated trade volume and staked CRO value for the last 30 days. For instance, for investors who stake $10K and above with a trading volume of less than $250,000, the maker and taker fees are set at 0.075%.

    Payment Methods

    This Crypto.com review disclosed that the platform supports a range of deposit methods like bank transfer, credit card, debit card, BPAY, PayID, and Apple Pay– through AUD fiat currency. Users can also initiate crypto deposits as a means of funding their accounts.

    Deposit methods like PayID, BPAY, and bank transfer are fee-free, but debit/credit card payments will incur a fee. However, the exchange platform waives all debit/credit card fees for the first 30 days of opening an account for new customers.

    For withdrawal fees, Crypto.com offers fee-free withdrawals to Australian bank accounts. However, network fees are charged for all cryptocurrency withdrawals. For instance, crypto users can be charged a network fee of 0.0004 BTC for Bitcoin withdrawals and 0.008 ETH for Ethereum withdrawals. However, traders should note that these are examples, as network fees often fluctuate.

    Security

    Crypto.com claims to be a well-secured crypto exchange that takes no risk with users’ data and funds. 100% of investors’ digital assets are stored offline via cold storage to prevent security breaches and fraud. This platform also integrates other security features like Ledger Vault’s institutional-grade custody and 2-factor authentication.

    In our Crypto.com Australia review, we discovered that Crypto.com claims to have insurance for cryptocurrency valued at up to $750M. This insurance aims to cover any financial loss by theft or third party.

    In addition, this platform is regulated by the Australian Securities and Investments Commission (ASIC), the Australian Transaction Reports and Analysis Center (AUSTRAC), and the Australian Financial Services License (AFSL) to support their free crypto card offering.

    Staking Rewards

    staking cro australia

    Crypto.com integrates a staking feature called ‘Earn.’ The Earn feature allows investors to earn as much as 14.5% interest rates on selected cryptocurrencies.

    Forty-seven coins and tokens are currently available for staking, including BTC, ETH, LUNA, DOT, DOGE, UNI, and AXS.

    The interest rates depend on the type of coin the trader chooses and the duration coins are staked for (ranging from one month to three months or flexible to aid withdrawals at any time).

    For example, traders can receive 3% if they stake Bitcoin (BTC) for three months, 1.5% for one month, and 0.5% for flexible staking. Investors with CRO coins can also stake and generate a higher interest rate.

    Investors can choose to stake and earn interest on risk-averse cryptos like stablecoins. Stablecoins are pegged to the value of a traditional currency like the U.S. dollar.

    Opening A Crypto.com Australia Account

    opening account crypto com

    Aussies will find opening an account on Crypto.com similar to other cryptocurrency exchanges. Here are the easy steps to get started:

    1. Create New Account

    The first step is to visit the Crypto.com Australia website and click on ‘Create New Account. Once this is done, traders should proceed to fill in their details, including a valid email address and password. This platform will send an email confirmation link to the previously entered address.

    2. Verify Account

    Traders should go to their email and click on the link to proceed with the registration process. They will be directed to a new page to provide personal information, including their full legal name, date of birth, email address, phone number, valid address, and nationality.

    Crypto.com’s Anti Money Laundering (AML) and Know Your Customer (KYC) processes are required by government and financial institutions to keep track of users in case of any criminal activities.

    Traders must also upload a valid government-issued ID and a live selfie image for further verification.

    3. Complete Verification And Trade

    After all documentation is completed, Crypto.com Australia will take a few hours to a couple of days (varies based on nationality, quality of pictures uploaded and more) to process and verify the traders’ identities. A confirmation of successful verification will be sent to the trader’s email address. Traders can now have full access to this platform and trade crypto seamlessly.

    Trading Experience

    In our Crypto.com Australia review, we found this platform easy to navigate due to its simple and intuitive interface. The Crypto.com app is available on both the App Store and the Google Play store. The trading app is the easiest way for Aussies to trade cryptocurrencies.

    The mobile app integrates an interface that caters to beginners and advanced traders. Traders can use this app to buy, sell cryptocurrency, and check their transaction history on the exchange.

    Crypto investors can also access other functionalities like crypto loan applications and staking to earn passive income on their cryptos.

    This review also discovered that this platform offers industry-standard crypto wallet functionality. The digital wallet integration allows investors to access all their crypto portfolios, deposit and withdraw cryptocurrencies in one location and store customers’ funds via cold storage.

    Customer Service

    Crypto beginners might have concerns about Crypto.com’s customer support integration. This platform supports customer support via a live chat icon on the bottom left corner of the trading platform.

    Despite Crypto.com’s claims of a simple trading platform and an excellent customer service to support traders, this hasn’t been the case. Our Crypto.com Australia review found that traders typically wait days to receive a response for every submitted query.

    Existing crypto investors have also aired negative reviews on Reddit, TrustPilot, and other public review sites. Aussies needing a better customer support system will have to consider competitor platforms like Coinspot or Swyftx.

    Customers Satisfaction

    Customers will find this platform’s deposit methods fast, reliable, and easy. Crypto.com takes all worries out for traders’ data and funds safety as its security features and regulations are standard to keep the platforms safe, trusted, and 24/7 secured.

    Although all these components make this exchange service seem satisfactory to users, its customer support downside makes it less appealing to traders needing constant support while trading.

    Does Crypto.com Offer Education?

    Our review confirms that the crypto.com exchange offers Aussies an extensive and comprehensive online education section. All classes of traders can easily learn about cryptocurrencies, how to trade, crypto projects, blockchains, and other vital crypto news in this section.

    For instance, when the buzz about the Ethereum merge —ETH 2.0 was all over the internet, Crypto.com created content about the topic and published it on their blog, making it very easy for crypto beginners to understand the concept and the reason behind the merge.

    Is Crypto.com Australia Right For You?

    Crypto.com Australia functionalities offer Aussies investors more than just a wide range of digital assets to trade. This platform offers great features like visa debit cards, cash-back rewards, staking interests, and top security to protect users’ data and funds.

    Although Crypto.com features a simple interface, first-time users might find the platform somewhat overwhelming due to its range of features. However, over time and with the help of the learning resources, first-time traders should find it easy to navigate the platform easily with time.

    In addition to trading, Crypto.com offers passive income-earning opportunities for crypto stakers.

    Traders can own and stake the Crypto.com native token – CRO coin, to earn higher staking rewards and enjoy other benefits. The downside to this cryptocurrency exchange remains its unreliable customer support and higher trading fees for non-CRO holders.

    Overall, we believe the Crypto.com Australia exchange suits Aussies keen on trading supported cryptocurrencies and leveraging this platform’s advanced crypto trading tools to generate better profits.

    Conclusion

    Crypto.com Australia is a great crypto trading exchange. While there are many cryptocurrency exchanges in the market, we recommend Crypto.com for traders that are new to crypto.

    The exchange has an ecosystem of crypto products, making it attractive to many traders. Crypto.com has an easy-to-use trading app and DeFi Wallet. The platform also boasts several intuitive and customer-friendly services, including staking, lending, borrowing, and prepaid debit cards.

    However, Crypto.com Australia may not be the most appealing for traders interested in trading cryptocurrencies with the lowest trading fees and an eye for reputable customer support. There are other options to consider, like Swyftx and Digital Surge.

     

    Our extensive analysis of the Australia Crypto Exchanges doesn’t stop here. You can also read about our Coinbase Review as an alternative to Crypto.com or you can check out our Guide on the best crypto exchanges available to Australians to choose the right crypto exchange for you among our picks.

    FAQ

    Most frequent questions and answers

    Yes. The Crypto.com Australia exchange features a Visa debit card available to Aussie traders. Crypto investors can use this card to purchase goods and services anywhere Visa cards are accepted worldwide. Furthermore, the Crypto.com card also features a 5% cashback reward on all card spending.

    This platform is suitable for traders keen on staking, cash-back rewards via the Crypto.com Visa card, and leveraging the platform’s trading tools. However, traders with an eye for low trading fees might have to consider other cryptocurrency exchanges.

    Investors can make free ATM withdrawals using the platform’s visa debit card. However, a monthly limit is applied to these cards, which varies based on the card tier. Midnight Blue has a limit of $200 and $400 for Ruby Steel.

    The exchange allows a large set of fiat currencies. Aussie traders and investors can deposit their local Australian dollar (AUD) on the exchange. The money deposited acts as capital used to exchange with cryptocurrencies.

    Crypto investments in Australia are subject to Capital Gains Tax (CGT). The Australian Government advises crypto traders to report every capital gain and loss within their Income Tax Return and pay Income Tax on any net gain generated while trading cryptocurrencies. Investors can also opt to seek professional advice from tax institutions and analysts.

    Yes, Crypto.com Australia is legal and safe to trade over 250+ cryptocurrencies. The Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Center (AUSTRAC) regulations make this platform more appealing to high-value investors.

    Crypto.com Australia and Coinbase use the ‘maker and taker’ fee model. However, Crypto.com tends to edge clear for cheaper taker fees.

    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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