Swyftx is one Australia's best crypto exchanges, and is extremely popular with new users. Crypto.com is the fastest growing crypto app at the moment, with heaps of extra features and benefits for their users. How can you pick which one of these you should use when buying crypto in Australia? It comes down to who you are - if you are a complete beginner to crypto, Swyftx is the recommended option for you, because it is very easy to use, with no overload of features. There is a demo mode where you can practise trading using $10,000 of play money, and if you ever find yourself having any issues, you can easily contact support via their Live Chat. If you have a little bit of experience with crypto, then I highly recommend the Crypto.com app, because their extra features are phenomenal. You can stake 47 different coins to earn interest, there is crypto borrowing and lending, an NFT marketplace, and the popular Visa debit card where you can earn free crypto every time you spend your AUD on regular purchases. Read our article as we compare different aspects, so you can decide for yourself which one is better.
Swyftx vs Crypto.com:
Comparison Table
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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 |
Payment Options | Bank transfer, POLi, PayID, OSKO, Credit/Debit card | PayID, BPAY, Credit/Debit card |
Pros | - Demo mode: practise using $10,000 virtual money - Live Chat support - Over 320+ coins supported - Lower spreads | - Earn interest on 47 cryptocurrencies by staking - Visa debit card where you can receive free crypto when you spend AUD |
Cons | - Basic functionality, lacking features that Crypto.com offers | - Credit/debit card fee is high - Desktop version is limited |
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Header | | |
|---|---|---|
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 |
Payment Options | Bank transfer, POLi, PayID, OSKO, Credit/Debit card | PayID, BPAY, Credit/Debit card |
Pros | - Demo mode: practise using $10,000 virtual money - Live Chat support - Over 320+ coins supported - Lower spreads | - Earn interest on 47 cryptocurrencies by staking - Visa debit card where you can receive free crypto when you spend AUD |
Cons | - Basic functionality, lacking features that Crypto.com offers | - Credit/debit card fee is high - Desktop version is limited |
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Swyftx Pros & Cons
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Crypto.com Pros & Cons
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Swyftx vs Crypto.com Features
Swyftx is one of Australia's most popular crypto exchanges, and how they attract so many users is because their platform is user-friendly, with a basic and intuitive interface. There is an instant buy/sell feature to easily trade cryptocurrency, and they also offer Bundles where you can immediately purchase a range of coins, for example the top five by market cap, which is a quick way to diversify. If you run into any issues on the exchange, it is easy to get help from their responsive Live Chat support team.
Crypto.com is a very popular cryptocurrency app, and it is easy to see why, once you start to use it. There are over 250+ coins to buy and sell, and you can earn extra crypto passively by staking or lending your coins. Their standout feature is the free Visa debit card that you can receive if you stake their native coin (CRO) for 6 months. The benefits you receive will depend on how much you stake. For example, you can receive 100% reimbursement on Spotify and Netflix, and 10% reimbursement on Airbnb and Expedia, plus free airport lounge access, and up to 8% cashback when you spend your AUD. All of the cashback and reimbursements are paid in their coin (CRO) which you can choose to swap for AUD, or HODL and see if it increases in value in the long term.
Features: Crypto.com has a ton of fantastic features, such as staking, crypto lending, and a Visa debit card, with plenty of benefits. Swyftx in comparison is quite basic, but is excellent for first-time crypto investors.
Swyftx vs Crypto.com Fees
Swyftx doesn't charge any fees for fiat deposits or withdrawals.
Buying and selling crypto has a flat fee of 0.6%.
Crypto.com has free deposits via PayID and BPAY, but if you want to use credit or debit card, it will cost you 3.50%.
Buying and selling crypto has no commission, but the fees are included in the spread.
It is free to withdraw AUD from Crypto.com to your bank account.
Fees: Swyftx has free fiat deposits and withdrawals on all payment methods. The fees are lower, after you take the spread into account. The results from this in-depth test by the #1 Australian crypto review site demonstrates this clearly.
Number of Cryptocurrencies
Swyftx has a wide selection of over 320+ different cryptocurrencies.
Crypto.com has over 250+ different coins.
Number of cryptocurrencies: Swyftx wins with over 320+ coins, while Crypto.com has more than 250+.
Deposit Methods
Swyftx accepts the following deposit methods: Bank transfer, POLi, PayID, OSKO, credit card and debit card.
Crypto.com accepts PayID, BPAY, credit card and debit card.
Deposit methods: Swyftx offers more deposit methods, but it depends what payment method you prefer to use. If you want to use BPAY, you can only access that on Crypto.com.
Swyftx vs Crypto.com Security
Swyftx is a trusted crypto exchange that uses various layers of security to ensure their users' information and funds are safe. Some of these include 2FA, KYC verification, biometric authentication, consulting with 3rd party security auditors, and external penetration testing.
Crypto.com is an extremely secure crypto app, holding 100% of users' cryptocurrency offline in cold storage, partnered with Ledger Vault's institutional-grade custody. Crypto.com only keeps corporate funds in their hot wallets which are used to ensure daily withdrawal requests by customers can be met. In 2020, Crypto.com received the ISO/IEC 27701:2019 certification, making it the first crypto company in the world to hold this. Crypto.com even has $750 million insurance cover which protects their users against physical damage, destruction, and third-party theft.
Security: Crypto.com is the winner, with the rare ISO/IEC 27701:2019 certification, and cold storage of 100% of customer funds offline, protected by Ledger Vault.
Swyftx vs Crypto.com Summary
Swyftx and Crypto.com are two fantastic cryptocurrency platforms, and it is not easy to say which one is better than the other, because the answer will change based on who you are. If you are a crypto newbie, then I would definitely say you should use Swyftx. Perfect for beginner, with basic functionality, demo mode, and very responsive live chat support team. If you are a little more confident with crypto, then go with the Crypto.com app. There are so many features you can play around with, including staking on nearly 50 coins, NFT marketplace, and of course, the Visa debit card, with all the additional benefits. If you are still trying to make up your mind, you can compare some other top choices, using our article on the best crypto exchanges for Aussies.
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