Swyftx vs Crypto.com 2023: Which Is Better For Aussies?
Published 31 Jul, 2022 Updated 02 Feb, 2023
Table of Contents
- 1 A Quick Comparison
- 2 A Brief Overview
- 3 Deposit Methods
- 4 Crypto Features & Services
- 5 Which Is Cheaper To Use?
- 6 Which Platform Is Easier To Use?
- 7 Which Is Better For Trading?
- 8 Safety & Security
- 9 How Do The Mobile Apps Compare?
- 10 Customer Support
- 11 Swyftx vs Crypto.com: Comparison Outcomes
- 12 Swyftx vs Crypto.com: Our Verdict
Swyftx and Crypto.com are two of the best Australian crypto exchanges that have benefited from a lot of recent commercial exposure in the wider market through sponsorships and advertising. Both have similarities but are uniquely different from each other in their products and services as well as their target audiences.
In this comparison review, we put Swyftx and Crypto.com head-to-head to see where the similarities and differences lie so you can make an informed decision.
A Quick Comparison
|Fiat Currencies||AUD, NZD, USD||20+ including AUD, USD|
|Cryptocurrencies||312||App: 250+, Exchange: 360+|
|Deposit Methods||Bank transfer, POLi, PayID, BPAY, credit/debit card, crypto||Credit card only|
|Trading Fees||0.6%||Credit card: 1.9-4%, Exchange 0.4%|
|Advanced Trading Orders||Yes||Yes|
|Mobile App||Yes (iOS and Android)||Yes (Android and iOS)|
|Live Chat Support||Yes||Yes|
A Brief Overview
In terms of trading volume, Swyftx is Australia’s largest locally owned and operated crypto exchange. It also has the largest customer base of over 550,000 Australians. Since its inception in 2019, the popular exchange has continued to demonstrate its strong understanding of the Australian crypto market and what everyday investors and traders want in a trading platform.
Swyftx is one of the best cryptocurrency exchanges in Australia due to its streamlined features. Creating a new Swyftx account can be done in as little as 5 minutes, and the process of buying Bitcoin with Australian Dollars (AUD) has been designed for people with zero crypto experience. In terms of choice, you have access to Bitcoin and over 300 altcoins such as Solana (SOL), Cardano (ADA), and Shiba Inu (SHIB), making it one of the largest selections in Australia.
Beginners who are just starting out in cryptocurrency will find Swyftx features appealing. All of its features can be accessed from the visually pleasing and intuitive interface that can be customized to suit your portfolio tracking and management needs. Swyftx is also one of the best crypto platforms to practice trading with zero risk by using its free demo mode. Simply toggle the demo on, and use Swyftx features with $100k of virtual funds.
Some of the other features that highlight Swyftx’s understanding of the Aussie market include cryptocurrency support for SMSF investors, a range of advanced market orders, crypto bundles for purchase, real-time TradingView charting, cheap trading fees, and the ability to earn interest payouts on crypto.
On top of its outstanding security infrastructure and track record, the AUSTRAC registered exchange provides you with a 100% local customer service team that can be reached via phone, email, or the 24/7 live chat. No other local Australian crypto exchange provides this level of assistance support.
For more information, you can read our detailed Swyftx review.
Swyftx Pros & Cons
- Better value for money with tight spreads and low fees (0.6%)
- Integrated TradingView charting package with advanced tools and indicators to optimize trades
- Explore the platform and practice trading with virtual funds using the demo mode
- Quickly diversify portfolios by purchasing cryptocurrency bundles
- 297 supported digital assets which suits altcoin traders
- Receive quick and helpful customer support 24/7
- Start trading immediately with a rapid signup and ID verification process
- Advanced trading features including leveraged margin trading are not supported.
Crypto.com is a popular cryptocurrency exchange that provides its products and services through its premium mobile app. The digital currency provider allows you to buy, trade, sell, store, earn, loan, and even pay bills using cryptocurrencies using its products on mobile devices. The extremely well-designed app can be used to buy and trade over 250 digital currencies at their true cost.
Based on our Crypto.com review, the app is one of the best crypto trading apps for mobile devices on the market, the Crypto.com Exchange can be separately accessed to trade, stake, and take out a crypto-backed loan.
At the time of writing, Crypto.com trades over $600 million daily, offers above-average liquidity, and has a massive customer base of over 50 million investors and traders around the world. There are over 360 trading pairs with USDT, USDC, BTC, and CRO as the base currencies, and users can take advantage of the exchange’s significant liquidity.
Crypto.com Pros & Cons
- One of the best crypto debit cards on the Australian market.
- A world-class mobile app trading experience.
- Wide range of products and services that allows you to buy/sell, spend and grow your portfolio.
- Competitive maker/taker fees starting from 0.4%/0.4% that can be further reduced.
- Staking CRO is required to obtain the best benefits.
- High trading fees between 1.49% – 4% to buy crypto on the app using credit card.means less value for money.
- No live chat or phone support available.
Funding your account wallet is easier on Swyftx than it is for Crypto.com. This is due to their wide range of supported deposit methods that include bank transfers, PayID, BPAY, credit/debit cards, POLi, and transfers of cryptocurrency from external wallets. Whereas, the only way to deposit cash on Crypto.com is via NPP and BPAY which take a minimum of 1 business day to process. Crypto.com also supports the transfer of digital assets from an external wallet.
Simply put, Swyftx provides you with greater account financing options, and with that comes extra flexibility and choice. Both platforms charge zero fees to deposit AUD or crypto.
Crypto Features & Services
When it comes to their products and services, Swyftx and Crypto.com actually share a lot of similarities.
An Abundance of Supported Digital Assets
Both Swyftx and Crypto.com are great choices if you intend on using cash to purchase altcoins such as Litecoin (LTC), Cardano (ADA), Ethereum (ETH), and Tether (USDT). Swyftx currently offers a slightly larger selection of over 300 popular digital currencies compared to the 250 assets that Crypto.com offers through its mobile app. Altcoin traders who have a bit more experienced will have access to over 360 trading pairs with USDT, USDC, BTC, and CRO as the base currencies.
No matter your level of experience in crypto, the larger offering of digital currencies and assets from Swyftx will be more attractive, however, the advantage is slight.
Earn Interest On Crypto
Swyftx and Crypto.com both offer interest-earning wallets where you can receive interest payments for your digital assets. Currently, Swyftx only provides interest payouts for 20 digital assets, however, all the popular ones are included such as Bitcoin, Ethereum, Solana, Cardano, Algorand, Tezos, and more. Generally, Crypto.com covers all these bases too but has a bit more to offer with 37 assets currently supported.
As seen in the table below, Swyftx and Crypto.com are nearly the same when it comes down to interest rewards. Interest rewards for Bitcoin, for example, are 4.08% APY and 4.00% APY for Swyftx and Crypto.com, respectively.
The interest rates for Crypto.com depend on the term of the deposit (maximum of 3 months) and the amount of CRO staked. The longer the term and higher the volume of CRO staked, the greater the interest rate obtained. However, this is the drawback, as obtaining CRO is an investment in itself and may be a barrier to entry.
|DIGITAL ASSET||SWYFTX % APY||CRYPTO.COM % APY|
|Bitcoin (BTC)||4.08%, 3.05%, 2.02%||4%|
|Ethereum (ETH)||4.08%, 3.05%, 2.02%||4%|
|Tether (USDT)||6.72%, 5.55%, 4.50%||6.5%|
|Polygon (MATIC)||12.75%, 11.63%, 10.52%||12.5%|
|Solana (SOL)||6.18%, 5.65%, 5.13%||4.5%|
|Polkadot (DOT)||12.75%, 11.63%, 10.52%||12.5%|
|USD Coin (USDC)||6.72%, 5.55%, 4.50%||6.5%|
For Swyftx, interest rates will depend on the type and amount of asset that you transfer into the Earn wallet. This is because interest rates follow a tiered structure where the interest rate diminishes the more you deposit. For example, if you initially deposit less than 0.2 BTC then the Tier 1 interest rate is 4.08% APY. However, if the amount deposited increases to between 0.2 and 0.4 BTC then you will receive the Tier 2 interest rate of 3.05% APY. This means that Swyftx Earn is better suited for beginners who have less cryptocurrency capital.
Unique Features To Swyftx
Swyftx is well-known for its continual release of innovative crypto products and services. Features that are unique to Swyftx include the following:
- A free-to-use demo mode that can be toggled where you can use $10,000 virtual AUD funds to explore the platform and practice trading risk-free. The demo mode also simulates real-world liquidity and market depth.
- In-built cryptocurrency taxation reporting tools to produce clear and succinct tax reports to inform end-of-financial year reporting.
- A customizable dashboard that you can adjust to show the information you want to see to manage your portfolio.
- The option to buy bundles of crypto to quickly diversify your portfolio whilst incurring fewer trading fees.
- Robust SMSF support where you can use your Super Fund to invest in crypto.
Unique Features To Crypto.com
Whilst Swyftx offers what might be described as mainstream crypto products and services, Crypto.com is known for its premium features such as its Visa Card that is available to Australians. Features that are offered by Crypto.com but not Swyftx include:
- The Crypto.com Visa Card can be funded with fiat or crypto and used for purchases at in-store or online merchants that accept Visa. To apply for the card, you must stake CRO tokens for at least 180 days. The amount of CRO to stake depends on the card tier that is being applied for.
- Crypto.com provides an NFT marketplace that allows you to buy and sell NFTs that can be purchased using credit/debit cards, or via the Crypto.com App Pay feature. There are no fees to buy NFTs, however, a 2% – 2.9% seller’s fee in addition to royalty fees paid by sellers.
- Crypto.com allows has a staking platform for users to earn staking rewards on over 30 digital currencies including Polkadot (DOT), Polygon (MATIC), Solana (SOL), and Chainlink (LINK). If you’re an experienced trader using the Crypto.com Exchange, then this will passively earn you crypto by simply holding assets in your wallet. Interest is also calculated based on pending market orders.
- Crypto-backed loans where you can borrow up to 50% of your deposited collateral.
Crypto.com is an immensely popular crypto exchange that has positioned itself as a market leader where its stellar products and services are more suited to active traders and crypto enthusiasts. Although Swyftx comes with fewer bells and whistles, the local platform provides an attractive suite of features if you’re strategy is to buy and hold (HODL).
Which Is Cheaper To Use?
When it comes to deposits and withdrawals of fiat and crypto, there is no difference between Swyftx and Crypto.com – both charge no fees for deposits and withdrawals.
However, you will need to consider their trading fee structures as they do differ. Swyftx charges a fee of 0.6% for all buy and sell orders which cannot be discounted due to its flat structure. In its isolation, a 0.6% fee is very competitive in the Australian crypto market.
The easiest way of obtaining Bitcoin and other tokens on Crypto.com is to buy them using the mobile app. On top of the limitations of having credit cards as the only way to pay for them, you will incur a hefty 1.49% – 4% fee which is overly excessive. If you’re a beginner, then you’re better off with Swyftx for its cheaper fees and ease of use.
The difference lies with the Crypto.com Exchange where you economically place market orders to purchase and trade a range of cryptocurrencies. Here, the spot trading fees follow a maker and taker model that start at 0.4% and 0.4%, respectively. Depending on your 30-day trading volume, the fees can be discounted.
For example, if the 30-day trading volume is between USD$50k and $100k, the resulting maker and taker fees are 0.15% and 0.25%, respectively. If you have CRO staked, then you can receive further discounts of between 10% and 60%.
Overall, the competitive 0.6% by Swyftx provides great value for money and caters to the majority of the Australian community who invest a portion of their income on a regular basis. If you’re an active trader, then the only option is Crypto.com Exchange.
Which Platform Is Easier To Use?
Ease of use is an important factor to take into consideration, especially if you’re new to crypto exchanges. The design of an interface will affect how intuitive it is to use. Are features and functions presented neatly and holistically that make them easily identifiable? Is the interface able to be customized?
The Swyftx interface takes on a unique interface layout with a sidebar on the left-hand side providing access to all its features. One of the points of difference is that the Swyftx dashboard is able to be customized. Each of the widgets can be replaced with a widget that better allows you to manage your crypto assets.
There is also a dark mode and free demo mode that can be toggled on or off. The free demo mode is a feature that is unique in the Aussie market. Toggling it on will grant you $10,000 of virtual cash to explore the platforms and use its features.
The Swyftx interface is not as refined as Crypto.com, however, it still functions at a high level and the learning curve for people new to crypto exchanges will be short.
In comparison, the availability of the Crypto.com App and Crypto.com Exchange might be confusing for first-time users since their features differ. Once this barrier is overcome, you will find the mobile app experience to be highly refined, slick, and enjoyable. It should be noted that the Crypto.com Exchange can only be accessed on desktop, whereas the advanced trading features of Swyftx can be accessed on mobile.
Which Is Better For Trading?
In terms of trading experience and capabilities, the Crypto.com Exchange is the clear winner. It provides you with an advanced cryptocurrency trading platform and supports 360 trading pairs with USDT, USDC, BTC, and CRO as the base currencies.
The clean design of the trading interface will be familiar to experienced investors and traders. The live charting is powered by the premium TradingView package and offers all the advanced features including search analysis tools and indicators to analyze market price actions and trends.
Crypto.com Exchange also provides advanced traders with multiple markets including spot, leverage (up to 10x margin), futures, and perpetual.
Whilst Swyftx offers TradingView charting, the interface is a distilled-down version of its highly advanced counterpart in Crypto.com Exchange. This comes as no surprise as Swyftx is trying to target the mainstream audience rather than serious traders. One of the downsides of the Swyftx trading experience is that there are no order books for you to assess the trade volume of a digital asset, as well as not being able to calculate spreads.
Safety & Security
Swyftx and Crypto.com are AUSTRAC-registered exchanges that implement industry-standard security measures to safeguard your AUD funds and digital assets against potential loss, theft, or damage. Controls include cold/hot asset storage, 2FA verification, encrypted SSL, hashed and salted passwords, separation of user details between database and codebase, and closed network environments.
However, Crypto.com was the first platform in the world to obtain ISO/IEC 27701:2019, CCSS Level 3, ISO/IEC 27001:2013, and PCIDSS v3.2.1 Level 1 compliance. It has also been independently assessed at Tier 4 which is the highest level for NIST Cybersecurity and Privacy Frameworks.
On top of this, Crypto.com has partnered with Ledger to integrate its institutional-grade custody wallet, Ledger Vault. Digital assets that you hold with Crypto.com are held within the secure and offline Ledger Vault where Hardware Security Modules (HSM) and multi-signature technologies are required for access. Digital assets held in cold storage are insured by up to USD $750M against physical damage or destruction or theft by third parties.
Although Swyftx and Crypto.com have not experienced any security breaches, the lengths that Crypto.com has gone to ensure the digital integrity of its infrastructure and systems are world-class.
How Do The Mobile Apps Compare?
Swyftx and Crypto.com both provide mobile apps that are compatible with iOS and Android devices. The Swyftx mobile app provides you with access to all of the platform’s account financing, real-time charting, portfolio management, and customer service tools. Biometric fingerprint login can be set up to add another layer of account protection against unauthorized access.
The Crypto.com App is a world-class mobile app that provides a portal to all of the platform’s products and services, with exception of the Exchange. The App is well-designed for crypto investors and traders and enables the purchase of over 250 digital assets at their true cost. Features such as its interest-earning wallets, the Crypto.com Visa Card, NFTs, and Crypto.com Pay are easily accessible. We found the Crypto.com App enjoyable to use. It has been well-designed with its crisp and responsive nature.
Being a local crypto exchange, Swyftx holds several customer support advantages over the global Crypto.com.
Firstly, Swyftx allows you to get in touch with the Swyftx customer service team including live chat, phone, email, or Telegram. Their customer service team comprises 35 individuals who perform roles such as Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. The size of the team is reflective of Swyftx’s massive user base of over 550,000 Australian investors and traders.
If you’re with Crypto.com and are experiencing issues then the only ways to seek assistance are to use the live chat bot or submit a ticket and wait for an email response. There is no direct phone support.
Swyftx vs Crypto.com: Comparison Outcomes
|Deposit Methods||Swyftx||Swyftx offers more deposit methods.|
|Features||Swyftx||Better features for the Aussie market.|
|Fees||Swyftx||Swyftx’s fee of 0.6% is highly competitive.|
|Ease Of Use||Swyftx||Swyftx is more beginner-friendly.|
|Trading||Crypto.com||Crypto.com Exchange is the superior trading interface with access to several markets including spot, leverage, futures and perpetual contracts.|
|Security & Safety||Crypto.com||Crypto.com has international accreditations and world-class systems in place.|
|Mobile App||Crypto.com||The Crypto.com app is one of the worlds best crypto apps for mobile.|
|Customer Support||Swyftx||More avenues to support and a dedicated team.|
Swyftx vs Crypto.com: Our Verdict
For the vast majority of Australians, Swyftx will be the better crypto exchange option due to its beginner-friendly interface and features that specifically cater to the Australian market. The features that it provides are not as exquisite as some of its global counterparts including Crypto.com, however, they are well-designed and executed perfectly.
Unless you know how to place market orders on an advanced exchange like Crypto.com Exchange, then you’re better off with the simplicity of Swyftx’s Quick Buy function. Take advantage of the value-for-money trading fees and transfer them into the Swyftx Earn wallet for extra income.
Crypto.com is more suited to advanced users who are active with their crypto. In addition, the Crypto.com Visa Card is not only unique but its one of the world’s best crypto credit cards. Its popularity has led to many new users who specifically seek the card.
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