Swyftx is one of the popular crypto exchanges in Australia, and you probably know at least one or two friends that use it. Crypto.com is a very popular cryptocurrency app that has the quickest growth rate at the time of writing. How do you decide which one to choose for your cryptocurrency trading needs? It really depends on what type of investor you are. Are you a complete beginner who wants to get started in the cryptocurrency market? If so, then definitely sign up with Swyftx. It has a very intuitive interface, and a demo mode, where you can practice with $10,000 play money. When you are ready to buy crypto with your real money, there is instant buying functionality, and if you ever find yourself confused with anything, their customer service is impeccable, with live chat support. If you have already bought crypto before and you are looking for a more advanced platform, then Crypto.com is the app for you. There are plenty of extra features, like staking, crypto lending and crypto borrowing. If you are into NFTs, there is a marketplace available for users. Their best feature is their Visa debit card which I will discuss in more detail below. Read on and find out how these two exchanges stack up across several criteria, before you choose to open an account on one.
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Coins | 320+ | 250+ |
Trading Fee | 0.6% | Included in the spread |
Deposit Fee | Free | PayID, BPAY: Free, Credit/Debit card: 3.50% |
Withdraw Fee | Free | Free |
Deposit Methods | Bank transfer, POLi, PayID, OSKO, Credit/Debit card | PayID, BPAY, Credit/Debit card |
Features | - Useful demo mode where you can learn with $10,000 play money - Responsive Live Chat support - Lower fees and spreads | - Stake over 40+ cryptocurrencies - Free Visa debit card where you can earn free crypto - NFT Marketplace - Borrow and lend cryptocurrency |
Disadvantages | - Cannot stake as many coins as Crypto.com - No NFT marketplace | - Desktop exchange doesn't have as many features - Credit/debit card fee is high |
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|---|---|---|
Coins | 320+ | 250+ |
Trading Fee | 0.6% | Included in the spread |
Deposit Fee | Free | PayID, BPAY: Free, Credit/Debit card: 3.50% |
Withdraw Fee | Free | Free |
Deposit Methods | Bank transfer, POLi, PayID, OSKO, Credit/Debit card | PayID, BPAY, Credit/Debit card |
Features | - Useful demo mode where you can learn with $10,000 play money - Responsive Live Chat support - Lower fees and spreads | - Stake over 40+ cryptocurrencies - Free Visa debit card where you can earn free crypto - NFT Marketplace - Borrow and lend cryptocurrency |
Cons | - Cannot stake as many coins as Crypto.com - No NFT marketplace | - Desktop exchange doesn't have as many features - Credit/debit card fee is high |
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Swyftx vs Crypto.com Features
Swyftx is a basic and user-friendly crypto trading platform. Swyftx is all about making it easy for Aussies to buy and sell crypto. They have definitely succeeded with this goal, with their simple website and app that is suitable for beginners. Their demo mode means you can practice trading over 320+ coins with no risk of losing your own money. The demo mode comes with $10,000 play money so you can get the hang of how it all works, before you decide to deposit real money. Swyftx also has a really great live chat support team that can help you if you run into any issues, which is exactly what you need if you are a beginner. Staking on 20 coins is also available, so you can earn interest on them while you HODL for the long term.
Crypto.com is a more advanced crypto app, but it still is fairly easy to use. They offer a lot more features, such as crypto borrowing, crypto lending, staking on 47 coins, and an NFT marketplace. They have a feature called Supercharger, which is similar to staking, but instead of receiving more CRO (Crypto.com's native token) when you stake it, you receive a separate coin. For example, in the past they have rewarded uesrs with LUNA, ETH and SHIB. The main thing everyone is talking about with Crypto.com is the free Visa debit card, that you can load with AUD and receive up to 8% cashback on each time you spend money. The amount of cashback, as well as the other benefits depend on how much CRO you stake for 6 months. Some of the benefits you receive include 100% back on Netflix and Spotify monthly fees, 10% back on Airbnb and Expedia bookings, and free airport lounge access! All the cashbacks and reimbursements are paid out in CRO (Crypto.com's own coin), which you can hold for the long term, or easily swap for AUD or any other cryptocurrency on their app.
Features: Crypto.com wins when it comes to features, because there is so much on offer for their users. Swyftx is a more simple platform, but this is perfect for those that have never had any experience with crypto.
Number of Coins
Swyftx offers more than 320+ cryptocurrencies and they often add more coins to their selection.
Crypto.com supports more than 250+ cryptocurrencies.
Coins: Swyftx has 320+ cryptocurrencies, making it the winner for this section. Crypto.com still has a reasonable selection of over 250+ coins.
Swyftx vs Crypto.com Fees
Swyftx does not charge any fiat deposit or withdrawal fees, regardless of payment method.
Trading fees are 0.6% per transaction.
On Crypto.com, when you deposit using BPAY or PayID there is no charge. If you prefer to use a credit or debit card, there is a 3.5% fee.
There is no commission when buying or selling crypto on Crypto.com, but there is a fee included in the spread.
Withdrawing AUD to your bank account is free.
Fees: Swyftx is the lower-cost option, with fee-free deposit methods and free withdrawals on all payment options. Swyftx's trading fees are lower, after you take the spreads into account. According to this detailed test from leading Australian crypto review site Marketplace Fairness, the difference in fees is obvious.
Deposit Methods
Swyftx accepts payment by Bank transfer, POLi, PayID, OSKO, credit card and debit card.
Crypto.com only accepts payment via BPAY, PayID, credit card and debit card.
Deposit Methods: Swyftx has more deposit options, but if you want to pay with BPAY, you will have to use Crypto.com.
Swyftx vs Crypto.com Security
Swyftx is a legitimate cryptocurrency platform with several layers of security. They use methods like 2FA, KYC verification, biometric authentication, consulting with 3rd party security auditors, and external penetration testing to protect their users' data and digital assets. They have never had a cybersecurity breach since their establishment in 2017.
Crypto.com is a very safe app, and they store 100% of users' crypto assets in offline cold storage, using Ledger Vault's institutional-grade custody. Any coins held in hot wallets consist of corporate funds only, which are used to meet daily withdrawal requests. In 2020, Crypto.com was awarded the ISO/IEC 27701:2019 certification, which made it the first crypto platform in the world to hold this. Crypto.com also has insurance for $750 million, which covers their customers against physical damage, destruction and third-party theft.
Security: Crypto.com wins when it comes to security, with ISO/IEC 27701:2019 certification, and storage of 100% of customers' cryptocurrency offline in cold storage.
Swyftx Pros & Cons
- Demo mode to practise trading risk-free
- Very simple to use, perfect for newbies
- Over 320+ coins available
- Staking of 20 coins
- Live Chat Support
- No NFT marketplace
- Limited range of cryptocurrencies for staking
Crypto.com Pros & Cons
- Fastest growing crypto app
- Over 250+ coins supported
- Stake 47 coins to earn interest on your crypto
- Free Visa debit card with benefits, eg: free crypto cashback
- Extra features like crypto lending and NFT marketplace
- 3.5% fee for debit/credit card
- Cannot trade AUD on desktop version
Conclusion
Swyftx and Crypto.com are both excellent choices, and you can't go wrong if you decide to go with either of them. However, if you are a beginner, Swyftx will be more suitable for you, with their demo mode, live chat support, and easy-to-use site. For those that are a bit more confident, go with Crypto.com, which has a lot more features that you can enjoy, including staking 47 different coins, and a free Visa debit card with a host of benefits. If you want to do some more research before you decide, you can check out our article on the best crypto exchanges in Australia.
