Figuring out where to get started in crypto investing can be pretty overwhelming. It’s so easy for new investors to get lost in the sea of hype, marketing and all of the blockchain-related jargon.
That’s why we’re going to start at the very beginning: choosing a trustworthy exchange to buy, sell and hold your crypto assets. Today, we’re going to take an objective look at everything that you need to know about the crypto exchange: Crypto.com.
Check out our full round-up of the best crypto wallets here.
In This Crypto.com Review
What is Crypto.com?
Crypto.com is a cryptocurrency platform that you can technically access from a desktop device, however, in order to access all of the features that crypto.com offers, you really need to download the mobile app, which is available on both iPhone and Android. The app is extremely user friendly, meaning that beginners can navigate the platform with ease.
Crypto.com was originally founded in 2016 in Hong Kong and today it offers more than 250+ cryptocurrencies to over 10 million users around the world — now serving users in over 90 countries. Since 2016, Crypto.com has emerged as a market leader in the cryptocurrency industry, launching the first broad-scale crypto-ready debit card for its users, as well being one of the fastest growing crypto trading apps on the planet.
Crypto.com allows for investors from around the world to purchase everything from Bitcoin (BTC) and Ethereum (ETH) all the way down to a comprehensive assortment of random altcoins all while transacting in almost any major currency — making Crypto.com one of the most functional exchanges for a crypto newbie.
To get a better understanding of Crypto.com, let’s use a classic pros & cons list to weigh up the verdict.
Pros & Cons of Crypto.com
- Beginner Friendly: If you’re new to cryptocurrency, then Crypto.com is definitely an exchange that you will find intuitive. If you just want to buy and hold crypto assets, Crypto.com takes out all the complicated and unnecessary “trading” jargon, charts and info so that users can focus on the simple stuff.
- Crypto-Ready Debit Card: Other being one of the most beginner-friendly major exchange apps, crypto.com also offers its investors access to a range of crypto-ready debit cards, where users can easily transfer their crypto assets into spendable money. Once users “stake” a certain amount of CRO, the native token of crypto.com, they will gain access to different crypto cards (depending on how much is staked). Each card offers unique incentives including free Netflix and Spotify as well Airport lounge access for higher-tier cards.
- Staking Available: Crypto.com makes it easy for investors to access staking products via the Crypto.com Earn service. Staking lets investors earn interest on their crypto interest while they hold them.
- Massive Selection of Major Tokens & AltCoins: One of the most frustrating experiences is getting completely set up on a new app or platform and then realizing that the random, niche altcoin your mate mentioned to you isn’t actually available on the app you’ve just signed up for. You most likely won’t have that problem with Crypto.com, as it offers over 250+ digital assets, covering all of the weird and wonderful tokens you could think of. Crypto.com has also recently created its own on-chain NFT marketplace.
- Desktop Version is Packed With Features: Crypto.com offers more advanced investors a massive selection of unique trading features such as margin trading and leveraged futures on its desktop application.
- Extremely Low Fees: Crypto.com offers some of the lowest fees in the business charging a reducible 0.4% per trade, offering a further discount for users who choose to stake the Crypto.com Coin (CRO).
- Clunky Deposit Process: The one major downside to Crypto.com is that its deposit process is extremely slow. If Australian users want to purchase crypto from scratch instantly, they will have to cop the 3.5 to 4% credit card fee. Alternatively investors can transfer via BPAY or NPP, both of which take anywhere from a few hours to a few days to go through.
- Poor Customer Service: While Crypto.com is loaded with features, customer service is lacking when compared to other exchanges like CoinSpot, Swyftx or Digital Surge. While these large Australian-owned exchanges all offer some form of LiveChat customer support Crypto.com does not, meaning that technical or administrative issues can often be frustrating to resolve.
Crypto.com Fees Explained
Fees are ultimately how crypto exchanges and platforms make their money, so it’s really important for investors to understand how much they’re paying every time they make a trade. Fee structuring can be pretty tricky, as platforms often like to disguise hidden costs in the form of strange fees.
Here are the main types of fees that users of Crypto.com will come across.
Crypto.com Deposit Fees
The first fee that crypto investors will encounter is the deposit fee. This is because investors need to deposit funds before they can start trading. For Australians, Crypto.com only offers two primary methods through which to deposit AUD funds: card purchase or BPAY / NPP.
- When using a debit or credit card to make a purchase, there is a fee of up to between 3.5% and 4% for Australian users. However, Crypto.com waives this fee for the first 30 days.
- Deposits made through BPAY or NPP are free, however they may take some time to go through.
- Withdrawing funds is also free, however the process tends to be just as clunky as the deposit.
Crypto.com Transaction Fees
Crypto.com has a slightly confusing fee structure, however the fees are extremely low. Investors are also incentivized to “stake” CRO to receive a discount of trading fees. This discount is increased as investors stake more CRO, however it only really makes a substantial difference to those trading large sums of crypto.
Crypto.com offers 0.04% to 0.4% maker fees and 0.1% to 0.4% taker fees based on a somewhat complex Maker-Taker model, which changes based on your monthly trading volume. Essentially, most beginner investors will be charged a 0.4% fee on all trades, unless they move more than $25,000 worth of crypto around each month.
Is Crypto.com Safe to Use?
No matter your experience level, the security and safety of the platform used to buy and sell digital assets is usually a top concern for crypto investors. Crypto.com is officially one of the world’s highest security crypto exchanges, being the first major international exchange to secure an ISO 27001 certification, meaning that it has the highest information security clearance possible.
All Crypto.com activity is further protected by 2FA (two-factor authentication) that requires investors to enter a code generated on their registered mobile device to sign in to the Crypto.com platform.
Crypto.com also insures all investor accounts up to $250,000 and stores most of its digital assets in an offline crypto wallet in cold storage, meaning that even if the exchange were to be hacked, the majority of its assets would be physically inaccessible to hackers.
If Crypto.com isn’t exactly what you’re looking for, there are plenty of alternatives. The alternatives listed here are ranked in order of similarity and preference for using Australian Dollars.
- Binance: The largest crypto exchange in the world based on daily trading volume. Binance is oriented more strongly towards non-Australian users and is more suitable for advanced traders looking for niche pairs.
- CoinSpot: Australia’s largest cryptocurrency platform with more than 350 digital assets available.
- Digital Surge: Another Australian exchange with more than 200 cryptocurrencies that operates natively in AUD. Has a quick verification process but higher fees than Crypto.com.
- Swyftx: Also an Australian platform with more than 260 digital assets available. Swyftx offers slightly lower trading fees and also allows users to ‘stake’ their crypto assets to generate passive income.
- Cointree: An Australian operated exchange and fully AUSTRAC-regulated. Offers similar features to Crypto.com but with a smaller selection of tokens and slightly higher fees.
- Coinbase: Possibly the most well-known exchange in the world. Investors can trade a variety of different cryptocurrencies but fees are high and all values are denominated in USD.
- eToro: Offers commission-free crypto trades with the added bonus of social and copy trading.
Overall Crypto.com Conclusion
Crypto.com is by far one of the best crypto exchange apps that any crypto investor can use. Crypto.com’s app is built with the functionality for both beginners and experts alike, and offers a trading-volume reducible fee of just 0.4% on all trades. Crypto.com is also one of the most comprehensive platforms offering over 250+ different tokens as well as access to its incentive-packed, crypto-ready debit card.
Furthermore, Crypto.com is the one of the world’s largest crypto exchanges meaning that investors can always access a high liquidity marketplace. It was also the first exchange to receive ISO 27001 certification (extremely high information security). Crypto.com is also registered with AUSTRAC and Blockchain Australia, which actively prevent financial crimes, scamming and any other unsavory business from occurring on the platform.
Finally, Crypto.com’s selection of over 250+ different cryptocurrencies is one of the widest ranges in the world. Investors will be able to purchase all of the major crypto assets, such as BTC, ETH, BNB, XRP, ADA, as well as most of the altcoins that you’d want to invest in.