Swyftx and Crypto.com are two popular cryptocurrency exchanges with those in the crypto space. Both have great features, but what is better for Australian investors? We compare Swyftx and Crypto.com based on several criteria to help you make your choice.
Overall, Crypto.com earns the top spot over Swyftx thanks to its user-friendliness and simplified interface that provides the ultimate experience for novice investors. Crypto.com also suits the needs of experienced traders with a competitive cost structure and a vast array of advanced services and features, including leveraged margin/futures trading, the Crypto.com Visa Card, the NFT marketplace, etc.
Swyftx vs. Crypto.com Comparison Table
 |
 |
|
| Coins | 300+ | 240+ |
| Trading Fee | Up to 0.6% | Included in the spread |
| Deposit Fee | Free | PayID, BPAY: Free, Credit/Debit card: 3.50% |
| Withdraw Fee | Free | Free |
| Deposit Methods | POLi, PayID, OSKO, Credit/Debit card, Bank transfer | PayID, BPAY, Credit/Debit card |
| Features | – Over 300+ coins supported, including BTC, ETH, ADA – Demo mode for users to learn with $10,000 play money – Various methods to fund the account, including credit/debit cards | – Crypto staking supported to earn interest on over 40+ coins – Visa debit card to get cashback on each purchase – Crypto borrowing, crypto lending, and NFT marketplace |
Overview of Crypto.com
In 2016, Crypto.com was established in Hong Kong. It currently offers over 250 cryptocurrencies to more than 10 million users globally. Crypto.com provides a unique range of crypto-related financial products and services to users in approximately 90 countries.
Pros
More than 250+ cryptocurrencies are available
Crypto.com Visa Card is a beneficial debit card for spenders
A maker/taker fee structure with a fee of 0.4%
Crypto.com Visa debit card to receive cashback in CRO
Crypto borrowing, crypto lending, and NFT marketplace
Cons
3.50% fee to pay with credit/debit card (free for the first 30 days)
Cashback rewards and other perks are paid in CRO
Swyftx Overview
Swyftx was founded by Alex Harper and Angus Goldman in Brisbane, Australia. Since its start in 2019, the platform’s popularity has skyrocketed, with over 600,000 registered members. It has now expanded operations to New Zealand and will soon provide services for users in Canada and the United Kingdom
Pros
More than 250+ cryptocurrencies are available
Crypto.com Visa Card is a beneficial debit card for spenders
A maker/taker fee structure with a fee of 0.4%
Crypto.com Visa debit card to receive cashback in CRO
Crypto borrowing, crypto lending, and NFT marketplace
Cons
“Administrative error” that mistakenly deposited money in randoms accounts
Limited staking options compared to Crypto.com
The lack of advanced features such as futures trading
The mobile app can be hard to use for new users
Supported Assets
Swyftx and Crypto.com provide Bitcoin, stablecoins, and altcoins so that you can diversify your investment portfolio. In addition to Defi tokens, GameFi and Metaverse tokens are also included.
Swyftx features various cryptocurrencies, with over 320 assets available for purchase using AUD currency. This is not a significant difference compared to the 250 assets offered by the Crypto.com mobile app.
The Crypto.com app supports over 240 cryptocurrencies that can be purchased with a debit card at their market price. You can access more than 360 trading pairings with BTC, USDC, and USDT as base currencies.
Winner: Swyft
Swyftx has over 300+ coins compared to Crypto.com’s 240+ coins, which suits the needs of investors who want to invest in a wide range of potential coins.
Crypto.com vs Swyftx Fee Structure
Using the maker-taker model, Crypto.com keeps things simple, with maker fees from 0.04% to 0.40% and taker fees from 0.10% to 0.40%. This implies that you pay a different cost based on whether your order produces liquidity because there is no matching order or decreases liquidity because it matches an existing order.
As a taker, you should anticipate paying a greater charge, but Crypto.com reduces fees based on your trading volume and whether or not you are staking CRO coins. Your discount will be greater the more CRO tokens you stake and the more you trade over 30 days.
|
You Trading Volume |
Taker Fee |
Maker Fee |
|
£0 – £19,142 |
0.4% |
0.4% |
|
£19,143 – £38,287 |
0.35% |
0.35% |
|
£38,288 – £76,574 |
0.25% |
0.15% |
|
£76,575 – £191,434 |
0.16% |
0.10% |
The basic level of Crypto.com fees
With CRO staking, you can further minimise your fees by earning a part of your chargeback in CRO. For instance, if you stake 5,000 CRO and qualify for a 10% reduction on a maker and taker charge, you should anticipate spending 0.36% instead of the quoted 0.4%.
Staking | Discount |
Staking ≥ 5,000 CRO | 10% |
Staking ≥ 10,000 CRO | 20% |
Staking ≥ 50,000 CRO | 40% |
Staking ≥ 100,000 CRO | 60% |
Staking ≥ 500,000 CRO | 70% |
Staking ≥ 1,000,000 CRO | 80% |
Staking ≥ 5,000,000 CRO | 90% |
Staking ≥ 50,000,000 CRO | 100% |
Swyftx has one of the most costly fees in Australia and significantly above the industry average for crypto exchanges. In comparison to other Australian exchanges, its fee and spread structure are expensive once you begin trading. Their broad spreads and 0.6% trade charge contribute to extremely inefficient execution when trading into and out of various assets. You need to execute two transactions to exchange coins, resulting in a 1.2% transaction charge.
Winner: Crypto.com
Crypto.com wins this category because it has an 8x more expensive trading fee than Crypto.com, at 0.6% per trade.
Trading Features
Crypto.com offers a sophisticated platform for trading cryptocurrencies and supports up to 350 trading pairs using BTC, USDT, USDC, etc. The live charts powered by TradingView contain all the sophisticated capabilities, such as search analytical tools and indicators for analysing market price movements and trends. Additionally, the Crypto.com exchange offers numerous markets for expert traders, including spot, leverage (up to 10x margin), futures, and perpetual.
While Swyftx also features TradingView charts, the interface is a simplified version of its equivalent on Crypto.com Exchange. This is hardly surprising given that Swyftx aims to attract the general public rather than professional dealers. From our own observation, Swyftx has no order books to measure the transaction volume of a digital asset, and many customers said that they find issues with the calculation of spreads on this platform.
Winner: Crypto.com
The Crypto.com exchange is the winner regarding trading experience. Swyftx does not support futures or derivatives markets or crypto-to-crypto transactions.
Mobile Apps
Swyftx gives Australians access to their bitcoin portfolios and trading activity via iOS- and Android-compatible mobile apps. The app enables you to access Swyftx’s features, fund your account, purchase digital assets, or contact customer care. During our testing, we discovered that you could activate biometric logins to enhance your account security. However, we also found the Swyftx app not as well-designed and user-friendly as the Crypto.com app.
The Crypto.com app, in contrast, is a world-class mobile app that allows access to all of the platform’s goods and services, excluding the Exchange. The application is well-designed for crypto investors and traders and enables the accurate acquisition of over 240 digital assets. Easily accessible features include its interest-earning wallets, the Crypto.com Visa Card, NFTs, and Crypto.com Pay. We enjoyed using the Crypto.com application because it has been meticulously designed to be neat and responsive.
Winner: Crypto.com
If you want to trade cryptocurrencies on the move, the Crypto.com app is better than Swyftx since its services suit most crypto trading needs. It is more well-designed and user-friendly for beginners.
Safety & Security
Both exchanges are registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). They employ industry-standard security procedures to reduce the risk of losing your assets or funds.
The shared security measures include cold/hot asset storage, two-factor authentication, SSL encryption, hashed and salted passwords, and the separation of database and codebase user information.
Crypto.com is a highly secure cryptocurrency software that stores all of its customers’ crypto offline in cold storage and is paired with the institutional-grade custody offered by Ledger Vault. In 2020, Crypto.com became the first crypto firm in the world to obtain the ISO/IEC 27701:2019 certification. The exchange protects its users against physical damage, destruction, and third-party theft with a $750 million insurance policy.
In the meanwhile, Swyftx is ISO 27001 certified. However, they used to mistakenly deposited $2.3 AUD in random accounts due to an “administrative error”.
In addition, many Swyftx reviews indicate that its withdrawal policies are terrible. The exchange attempts to prevent any withdrawals from the platform, preventing many users from withdrawing their money.
Winner: Crypto.com
Crypto.com beats Swyftx easily in this round thanks to its ISO/IEC 27701:2019 certification and cold storage of 100% of customer funds offline, safeguarded by Ledger Vault.
Highlighting Features
Swyftx is well-known for continuously introducing innovative crypto products and services. Features unique to Swyftx include:
- Built-in crypto taxation reporting tools to generate clear and concise tax reports for fiscal year-end reporting. Australians can read our crypto tax guide for more details.
- A risk-free demo mode to familiarize yourself with the platform and practice trading without any financial risk.
- A customisable dashboard displays the information you need to manage your portfolio.
- Crypto Bundles for you to buy a group of coins to diversify your portfolio while incurring lower trading fees. Swyftx watches the market to discover bundles that correspond with your investing goals, though the number of Bundles is limited to 7.
While Swyftx provides what could be characterised as mainstream crypto products and services, Crypto.com is renowned for its advanced features. The features given by Crypto.com but not by Swyftx are:
- The Crypto.com Visa Card can be funded with fiat or cryptocurrency and used at Visa-accepting retailers online and in-store. To be eligible for the card, CRO tokens must be staked for at least 6 months. The quantity of CRO to stake is based on the requested card tier.
- Crypto.com’s NFT marketplace allows you to buy and sell NFTs using credit/debit cards or the Crypto.com App Pay function. There are no fees associated with purchasing NFTs; however, sellers must pay up to 3.0% seller’s charge in addition to royalty fees.
- You can stake over 25 digital currencies, including Polygon (MATIC), Polkadot (DOT), Solana (SOL), etc. If you are a skilled Crypto.com Exchange trader, you can earn passively by holding assets. The interest rate is computed based on pending market orders.
- Crypto-backed loans allow you to borrow up to 50% of your collateral. If you invest in CRO, you can be entitled to an interest rate reduction of up to 2.5%.
Winner:
Swyftx comes with fewer bells and whistles, while Crypto.com offers a full range of cutting-edge products and services. The premium mobile app and the Crypto.com Visa Card entice many traders and crypto enthusiasts.
Customer Support
Swyftx promises to provide a live chat service between 9 a.m. and 9 p.m. AEST. To the dismay of many clients, it employs automated bots. Thus, when you want assistance, you will be locked in a discussion loop with a robot rather than a human. The automated bots can only respond to a limited number of simple inquiries, not major client concerns. Numerous Swyftx clients have stated that customer support is below par. They take days to respond to emails, and even if you receive a response, you are not guaranteed to connect with an actual customer service representative.
Customer service is accessible via a help website, email, and live chat on Crypto.com. While customer service is typical, a few users have complained about delayed responses from Crypto.com’s customer support team. Many regard Crypto.com as a self-service website, as customer assistance is not always helpful. It is most suitable for individuals familiar with online financial goods and does not require much assistance.
Winner: Tỉe
Many crypto exchanges out there are notorious for their poor customer care, and Crypto.com and Swyftx are no exception. Since most customers are disappointed with their services, it is preferable to use alternative exchanges with superior customer service, such as CoinSpot.
Final Verdict
Based on the detailed Crypto.com vs. Swyftx comparison above, Crypto.com is the better crypto trading platform. Crypto.com has a user-friendly mobile app and simplified interface, making the experience stress-free for newcomers. It also features a competitive fee structure and a wide range of advanced services, such as leveraged margin/futures trading, the Crypto.com Visa Card, the NFT marketplace, etc.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
