Exchange Review

Crypto.com Australia Review

Quick-Take: Crypto.com is widely regarded as the most popular centralised cryptocurrency exchange in Australia and the world. This is due to their extensive marketing and sponsorships such as partnering with the UFC (Ultimate Fighting Championship) and the AFL (Australian Football League).

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Crypto.com is one of the most popular centralised cryptocurrency exchanges in the world. The platform offers users the option to trade futures markets, spot markets and even stake their digital assets.

The reason for their quick rise in popularity is likely due to their extensive and diverse marketing strategies such as having Mark Wahlberg as their brand ambassador or sponsoring multiple sporting teams incuding the UFC and the AFL.

Table of Contents

Crypto.com Fees

As advertised on their website, Crypto.com does not charge their users any trading fees. To cover the loss of trading fees, what Crypto.com does is have a slightly wider spread than most cryptocurrency investing platforms. If you do the calculations, you actually end up paying more because of how much wider the spread is.

If you wish to avoid high trading fees, we recommend using exchanges like SwyftX who have competitively low fees, you can read this article to see a breakdown of fees between the two exchanges.

Luckily for their Australian investors, Crypto.com does not charge any deposit or withdrawal fees when using PayID or BPAY. Users do have the option to pay via credit/debit card but it will incur a 3.5% transaction fee. They do however have a special offer where they waive users credit/debit card fees for the first 30 days of using the app.

Crypto.com Earn (Staking)

They currently offer staking on 50 different tokens, including but not limited to CRO, ETH, BTC, USDT, USDC, DAI and AVAX. The yields (returns) on every coin vary depending on the period of time you wish to stake your digital assets. Investors have the option to stake their assets with no time constraints (flexible staking) or they can commit to staking for three months (lock-in contract) and earn higher yields.

Please refer to the table below for a full breakdown on the different yields you can earn staking BTC (Bitcoin).

Terms Flexible Flexible 1 Month 1 Month 3 Months 3 Months
Original Staked USD 400 or less 4,000 or more 400 or less 4,000 or more 400 or less 4,000 or more
BTC 1.50% 2% 3% 4.50% 4.50% 6.50%

Crypto.com VISA card

The Crypto.com Visa card is completely free to order you simply load it with AUD to spend like a regular debit card, either online or in store. With every purchase you receive a certain percentage cashback paid in their native crypto (CRO). The amount of cashback you will receive back depends entirely on how much CRO coin you have staked.

If you haven't staked any CRO, you can still get the Visa card, but you will receive the lowest tier (Midnight Blue), where you receive 1% on each purchase. Most beginners will opt for the Ruby card, where you have to stake $500 AUD worth of CRO, and receive 2% cashback on purchases. For a full breakdown on what tiers and rewards are available, please follow this link.

Crypto.com Invest

Crypto.com Invest is another way of growing your portfolio, simply set up your account to practice automated trading strategies. There is a minimum of 5,000 CRO required to access this service and the fee is 9% of your profits.

Crypto.com Loans

Traders now have the option to apply for loans through Crypto.com and are given in PAX, TUSD, USDC or USDT stablecoins. Collateral can be any of the following tokens BTC, ETH, XRP, CRO, LTC, EOS or XLM. Users can take out loans with up to 50% loan to value ratio. For example, if you have $1,000 of crypto as collateral, you can borrow up to $500.

Cryptocurrency markets can be volatile so if the daily interest is charged, the LTV ratio will also change. If the LTV ratio reaches 70%, Crypto.com will issue a margin call, asking users to either make a repayment or deposit more collateral.

Conditions of the loans are as per below;

  1. Multiple loans at the same time are not allowed, and the terms of a loan can not be changed in any way. To change anything, users need to pay off their existing loan first.
  2. Loan repayments must be in the exact same currency as the loan was made in. For example, if you take out a BTC loan, you will have to make repayments in BTC.
  3. If the LTV ratio passes over 85% or the loan has not been repaid after 12 months, Crypto.com will liquidate all of the collateral. However, users will automatically get their collateral deposited back to their Crypto.com wallets once the loan has been repaid.

Supported Cryptocurrencies (coins)

Crypto.com has a large selection of cryptocurrencies, offering their users 554 tokens to invest in. For a full list of available cryptocurrencies, please follow this link.

How to buy crypto on Crypto.com

Below is a simple guide on how to buy cryptocurrency on Crypto.com

  1. Sign up to Crypto.com
  2. Complete your verification
  3. Deposit the amount of AUD you wish to invest
  4. Go to Spot and find the token you wish to invest in
  5. Input the dollar amount you want to purchase and click 'Buy'!

Crypto.com Customer Support

Most cryptocurrency exchanges are yet to implement a Live Support system, however, crypto.com has a great reputation for their customer service and offers 24/7 Live Support. When Live Support aren't responsive for whatever reason, users will receive an email from customer support following up on their enquiry.

Security: Is Crypto.com Safe?

In mid 2020, Crypto.com was the very first cryptocurrency investing platform in the world to be awarded the ISO/IEC 27701:2019 certification. They have also obtained their CCSS Level 3, ISO/IEC 27001:2013, and PCIDSS v3.2.1 Level 1 compliance.

All user funds on Crypto.com are held offline in cold storage, mitigating against exchange and server hacks. The platform has also secured $750 million USD in cold storage insurance against physical damage, destruction and third-party theft. In Australia, this is covered under the Financial Claims Scheme (SCI).

Final Verdict

For Australian investors, we don't recommend using Crypto.com unless you have invested and are interested in CRO (Crypto.com's native currency). All the benefits you can receive on Crypto.com are based around spending, staking and earning CRO. SwyftX is an Australian based exchange and offers lower trading fees, better staking APY (Annual Percentage Yield) and more deposit methods.

Visit Crypto.com

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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