Crypto.com Australia Review (Aug 2022): A Decent Crypto Exchange

July 6, 2022
Reviews
Crypto.com Exchange

Crypto.com arrived on the Australian crypto scene with the promise of supporting a wider variety of coins, high-level security, and lightning-fast price updates. However, Crypto.com is not beginner-friendly, and its debit and credit card deposit fees are extremely high at 3-4%.

Capital is the favourite among knowledgeable Australian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Australia, I can’t recommend Capital highly enough.

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Zero trading fees

What Is Crypto.com?

Crypto.com is a major global player as far as crypto exchanges go, and it’s recently been having a major impact on the Australian crypto market. It supports 100+ cryptocurrencies, making it an ideal fit for crypto investors that want to invest in uncharted altcoin territory before everyone else does.

Crypto.com also offers some unique features that no other Australian exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel confident in a coin.

Crypto.com Features

1. Tight Security Protocols

Crypto.com has invested an enormous amount of money into its platform security, which makes trading with them extremely safe.

Some of these security measures include:

  • Multi-factor authentication through email, phone, and/or biometric before you can access your account.
  • Grants you control of your private keys through the Crypto.com DeFi wallet.
  • Cold storage policy to prevent hacking and theft.
  • Withdrawals protected by email verification and mandatory whitelisting of external addresses.

2. Wide Array Of Supported Crypto

Crypto.com supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before anyone else does.

This number of supported cryptocurrencies is honestly impressive, and few crypto exchanges in Australia even get close to the number of digital assets Crypto.com supports.

3. Instantaneous Price Updates

Crypto.com’s price updates are extremely quick, often updating dozens of times per second. This gives day traders an upper hand over the rest of the market, especially for cryptocurrencies that are relatively unknown.

Cryptocurrencies On Crypto.com

Crypto.com has the biggest number of cryptocurrencies supported out of any crypto exchange in Australia, going beyond the 200 crypto asset mark. Some of the top cryptocurrencies they support are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Chainlink (LINK)
  • USD Coin (USDC)
  • Algorand (ALGO)
  • Basic Attention Token (BAT)
  • Uniswap (UNI)
  • Compound (COMP)
  • Binance Coin (BNB)
  • Yearn Finance (YFI)
  • Kyber Network (KNC)
  • Cronos (CRO)

Crypto.com Fees In Australia

There are two types of fees you will incur when trading with Crypto.com.

For debit/credit card crypto purchases, you’ll pay between 2.99% to 3.99% in fees. You don’t have to pay any fees when doing ACH and wire transfers, but you do have to pay withdrawal fees that depend on the cryptocurrency being withdrawn.

As for maker-taker fees, you have the following:

30-Day Trading Volume (USD)Maker FeesTaker Fees
Up to $25,000 USD0.40%0.40%
$25,000 – $50,000 USD0.35%0.35%
$50,000 – $100,000 USD0.15%0.15%

If you’re trading less than $25,000 USD per month, both makers and takers pay 0.4% in trading fees. Those fees are slightly lower if you’re trading more on a monthly basis (eg. 0.35% if you trade up to $50,000 USD per month), but 0.4% is a good baseline to gauge from.

Crypto.com also offers different ways for their users to reduce their trading fees. For instance, users can get anywhere between 10% to 100% in trading fee discounts if they stake their CRO tokens or pay maker and taker fees with CRO.

Crypto.com Deposit & Withdrawals Fees

Crypto.com does not charge any fees for fiat withdrawals, though it does charge for crypto withdrawals. Every crypto asset faces a different withdrawal fee, though, so here are just a few of them:

  • Bitcoin: 0.0004 BTC
  • Ethereum (ERC-20): 0.005 ETH
  • Dogecoin: 6 DOGE
  • Solana: 0.0005 SOL

These fees are quite variable; as of this writing, the fee to withdraw Bitcoin, Dogecoin and Solana are all less than $2, while the fee to withdraw Ethereum is over $20. As a result, it’s always a good idea to consider converting your crypto to another coin before you withdraw, especially if you’re working with small amounts.

How To Withdraw From Crypto.com To A Australian Bank

  1. From the Crypto.com app home screen, go to Fiat Wallet -> Transfer > Withdraw > Fiat.
  2. Tap on your AUD balance, then “Withdraw AUD,” and then “Withdraw Now.”
  3. Input your withdrawal amount, the email address you’re withdrawing funds to, and your Security Question & Answer.
  4. Confirm your withdrawal.

Once you’ve completed those steps, Crypto.com will conduct an internal review and notify you when your withdrawal request has been processed. Withdrawals generally take 2 business days to process, and while Crypto.com doesn’t charge any fees for withdrawals, it’s possible (but unlikely) that your bank will.

The minimum withdrawal amount is $100, while the maximum account balance is $100,000. Here are a few more limits around withdrawal:

  • Daily Limit: $25,000
  • Monthly Limit: $775,000
  • Daily Transaction Limit: 10
  • Monthly Transaction Limit: 20

Our Recommendation

Crypto.com is a great option when it comes to crypto exchanges. The number of cryptocurrencies that it supports is impressive, and its security measures and lightning-fast price updates easily make it one of the top-rated crypto exchanges in Australia today.

However, Crypto.com is not a beginner-friendly crypto exchange, and Crypto.com’s debit and credit card purchase fees are extremely high: 3% to 4% in purchase fees can translate to hundreds or even thousands of dollars lost, especially on larger purchases.

With that in mind, we recommend buying and selling crypto with Capital instead. Here are some of the reasons why we recommend [exchange_1_Australia] over Crypto.com.

1. Capital – Best Overall

Zero Fees

Trading fees: 0%
Supports: 100+ coins
Customer support: Excellent

Trusted by millions.

★★★★★

Rated 4.9/5

Capital allows users to trade crypto alongside stockscommodities, forex, market indices, ETFs and more—all without any trading fees. It supports 100+ cryptocurrencies, and users can trade with 2x leverage on crypto (up to 500x leverage on other assets).

Capital charges a tight spread ranging from 0.1% – 0.3% (depending on the asset), making the overall cost of using the platform (0% trading commissions + 0.1% – 0.3% spreads) very low. It has a fully functional desktop platform, a well-rated mobile app (4.7/5 on Android and iOS), and an excellent demo account where you can practice trading with real assets in real-time.

Capital’s desktop platform and mobile app are well-designed and easy to use by beginners and advanced traders alike.

Capital is licensed by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, which means it’s a safe, secure platform. Every user receives a dedicated account manager they can reach by email or phone anytime, which is part of the reason Capital’s customer support team receives such positive reviews.

Deposits and withdrawals are always free with Capital, and you’ll never pay trading commissions regardless of whether you place spot orders or limit orders. Capital is ISO 27001 certified for meeting robust information security standards, making it an extremely safe platform to trade with.

The biggest drawback of Capital is that it can take several days to have your account verified since their verifications team is overwhelmed with signups right now. If you sign up using my referral link, though, you can skip the waitlist and start trading immediately.

I’ve personally used Capital for more than 4 years, and based on my experiences and those of millions of other users, I can’t recommend it highly enough. 

Features

  • Zero trading commissions
  • Tight spreads (0.1% – 0.3%) 
  • Supports 100+ cryptocurrencies
  • Allows up to 500x leverage (2x leverage on crypto)
  • Fully functional demo account for paper trading
  • Free deposits and withdrawals via debit/credit cards, bank transfer, POLi, PayPal, Apple Pay, etc.
  • Dedicated account manager you can reach at any time
  • Excellent desktop trading platform
  • Well-rated mobile app (4.7/5 on both Apple and Google)
  • Licensed by the Australian Securities and Investments Commission (ASIC)
  • ISO 27001 certified for meeting extremely high information security standards

Cost

  • Trading fees: 0%
  • Spreads: 0.1% – 0.3%
  • Deposits & Withdrawals: Free

Signup Bonus

Skip the waitlist and have your account approved immediately by using my referral link.

Best For

Investors looking for the best overall crypto trading experience with no trading commissions.

OPEN FREE ACCOUNT
Zero trading fees

In Summary

Crypto.com arrived on the Australian crypto scene with the promise of supporting a wider variety of coins with reasonable trading fees. And with 100+ supported cryptocurrencies, high-level security measures, and lightning-fast price updates, Crypto.com is one of the top cryptocurrency exchanges in Australia.

However, Crypto.com is not beginner-friendly, and its debit and credit card deposit fees are extremely high at 3-4%, which is why we recommend Capital instead. Capital has extremely low trading fees and supports more than a dozen cryptocurrencies, and when you add on its bank-level security and easy-to-use interface, we can’t recommend it enough.

OPEN FREE ACCOUNT
Zero trading fees

Crypto.com FAQs

How To Withdraw Funds From Crypto.com

Withdrawing funds from your Crypto.com account is easy, but you do need to follow a few steps, which are:

  1. Log in to your Crypto.com account.
  2. Click on “Transfer” at the top.
  3. In the “Transfer” area, click “Withdraw”.
  4. Click “Withdraw with fiat”.
  5. Select a fiat currency.
  6. Add a bank account. (Crypto.com uses Plaid to do this.)
  7. Select your bank.
  8. Enter your bank login credentials.
  9. Select your account.
  10. Enter the amount you want to withdraw. (Minimum withdrawal of $100)

Is Crypto.com Safe In Australia?

It’s worth mentioning that investing in cryptocurrencies is very risky, regardless of what crypto exchange platform you use to do so. However, Crypto.com is a very safe platform to use.

In fact, Crypto.com is one of the safest crypto exchanges in Australia, and they’ve invested a lot of money into making sure your digital assets are secure.

Is Crypto.com Legal In Australia?

Yes, Crypto.com is legal in Australia. Since 2020 Crypto.com has held Australian Financial Service License (AFSL)

Is Crypto.com Available In Australia?

Yes, Crypto.com is available in Australia, and users can trade 100+ cryptocurrencies with reasonable fees. To open your account with Crypto.com, take 60 seconds to pass the ID verification here.

Crypto.com Referral Code

Unfortunately, there are currently no referral codes available for Crypto.com. However, you can create an account and earn $10 of CRO when you stake $1,000 of CRO using this link.

Does Crypto.com Report To The ATO?

Yes, Crypto.com is required by law to report to the ATO. All crypto exchanges in Australia are required to report to the ATO whenever any asset interacts with the real world (including but not limited to banks and various financial institutions.

Does Crypto.com Work In Australia?

Yes, Crypto.com is available to Australian cryptocurrency traders. To start trading you just need to pass a 60-second ID verification here.

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