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Swyftx vs. Crypto.com 2022: Which Is The Best Option In Australia?

Updated: Aug 4th, 2022
Kevin Groves
Kevin Groves
Swyftx vs. Crypto.com 2022: Which Is The Best Option In Australia?

Swyftx and Crypto.com are two uniquely different cryptocurrency exchanges available to Australians. Knowing what products and services they share but also their differences will go a long in making an informed decision. In this comparison review, we assess the similarities and differences between Swyftx and Crypto.com, and evaluate which is the better option for crypto investors.

Swyftx vs. Crypto.com: A Quick Overview

Swyftx is the largest local platform in Australia by trading volume and it has managed to stay ahead of the pack by providing features that benefit the majority of users. On top of producing products that provide users with real value and benefit, Swyftx provides all of this on an easy-to-use and understand interface that beginners can grasp in a short period of time. With streamlined processes ranging from account creation to portfolio management, Swyftx has successfully captured the Australian crypto audience and has amassed a customer base of over 600,000 users.

On the other hand, Crypto.com is a global crypto exchange that provides its 50 million strong customer base with features presented on two platforms, the Crypto.com App and the Crypto.com Exchange. Crypto.com is most known for its suite of progressive products and services, most of which can be accessed through the mobile app. The focus on the app makes it one of the best crypto trading apps on the market. Users can quickly purchase crypto at their true cost, spend crypto with up to 5% cashback at retailers, or earn passive growth on their holdings via staking or interest-earning wallets. Moreover, the Crypto.com Exchange focuses on more experienced and advanced traders who want access to its spot, futures, and perpetual trading markets.

SwyftxCrypto.com
Website
Promotion$20 Bitcoin for creating a verified accountNone available at this time
Fiat CurrencyAUD, USDUSD, EUR, GBP, AUD and 16 others
Supported Cryptocurrency320+250+
Overall Rating
HedgewithCrypto Score
HedgewithCrypto Score
4.8/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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Visit Swyftx
HedgewithCrypto Score
HedgewithCrypto Score
4.5/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
StarStarStarStarEmpty Star
Visit Crypto.com
ReviewRead our full Swyftx reviewRead our full Crypto.com review

In-Depth Comparison: Swyftx vs Crypto.com

Swyftx Overview

Swyftx is a locally operated cryptocurrency exchange that is based in Brisbane, Australia. Since its establishment in 2019, the AUSTRAC registered platform has gained immense popularity amongst Australian investors and traders due to its beginner-friendly interface, cheap trading fees, and a suite of products and services that cater to the Australian crypto market. Swyftx has been designed to provide everyday Australians with an easy gateway to the world of cryptocurrency. The platform provides rapid sign-up, a variety of deposit methods to fund accounts with Australian Dollars (AUD), and a streamlined crypto buying process.

Over 320 digital currencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA) can be purchased on the desktop or mobile app that can be used on iOS and Android devices. Other features which highlight Swyftx's understanding of what Aussie crypto enthusiasts want include a local customer support team, fantastic portfolio tracking and management tools, crypto bundles, and SMSF support.

Crypto.com Overview

Crypto.com is a popular cryptocurrency exchange that provides its products and services through a world-class mobile app. The digital currency provider allows customers to buy, trade, sell, store, earn, loan, and pay bills using cryptocurrencies using its products on mobile devices. Whilst the Crypto.com app is one of the best crypto trading apps for mobile devices on the market, it does provide users with a separate 'exchange' where digital assets can be traded, staked, and deposited to take out a crypto-backed loan. One of the key advantages of Crypto.com is that over 250 digital assets can be purchased at their true cost.

At the time of writing, Crypto.com trades over $680 million worth of transactions on a daily basis 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.

Swyftx vs Crypto.com: Supported Countries

Swyftx is a crypto exchange that is locally operated in Brisbane, Australia and has amassed a customer base of over 550,000 users. Crypto.com is a global cryptocurrency trading mobile app and exchange that operates in over 90 countries including Australia. The exchange has wide-spanning commercial exposure and a customer base in excess of 50 million investors, traders, and crypto enthusiasts.

winner

Winner: Draw.

Both Swyftx and Crypto.com are reliable crypto exchanges that provide their products and services to Australians. While Crypto.com is a global exchange that is offered in multiple countries worldwide, Swyftx is a local exchange that has its benefits such as direct customer support.

Swyftx vs. Crypto.com: Trading Volume & Liquidity

In terms of trading volume and liquidity, Crypto.com is a popular exchange for buying crypto with fiat currencies, processing over $640 million in spot trading daily. According to CoinMarketCap, the exchange has an above-average liquidity score of 612 out of 1,000, putting it on par with other global exchanges such as KuCoin and Bitfinex. Whilst Swyftx has one of the best trading volumes in the local Australian market, its liquidity is far lower compared to Crypto.com. While Swyftx has a spread as low as 0.45%, this is for the major assets like Bitcoin and Ethereum, whereas Crypto.com has low spreads on a wider selection of altcoins.

winner

Winner: Crypto.com.

With its massive audience and access to global markets, it comes as no surprise that Crypto.com has superior trading volume and liquidity. This correlates to superior spreads and reduced slippage across a wide selection of altcoins.

Swyftx vs. Crypto.com: Features, Products & Services

Swyftx and Crypto.com cater to a wide range of crypto users through their array of products and services. Here is a comparison and overview of some of the common and unique features of both platforms.

Supported Currencies

Swyftx supports a larger range of cryptocurrencies with over 320 than can be bought using AUD. For a locally based crypto exchange, this number of altcoins on offer is one of the best selections in the Australian market. The selection includes all the major digital assets as well as meme coins Dogecoin (DOGE) and Shiba Inu (SHIB). Conversely, Crypto.com offers a smaller selection of coins with just over 250 cryptocurrencies for purchase on the mobile app. More experienced crypto traders have access to over 360 trading pairs with USDT, USDC, BTC, and CRO as the base currencies.

winner

Winner: Swyftx.

Overall, Swyftx provides Australians with slightly more choices when it comes to purchasing Bitcoin and altcoins. Whilst Crypto.com Exchange provides more trading pairs against BTC, USDT, USDC, and CRO, the majority of beginner and intermediate users are more likely to purchase assets via a simple process and not an advanced exchange.

Earning Interest on Crypto

Swyftx and Crypto.com offer their customers the opportunity to benefit from passive growth on their crypto holdings, however, they come in different forms. Swyftx offers an interest-earning wallet and Crypto.com provides earning interest and soft staking through the Crypto.com Exchange.

The Swyftx Earn feature allows investors to earn crypto interest up to 101% Annual Percentage Yield (APY) on 21 cryptocurrencies such as Bitcoin, Ethereum, Solana, Polygon, and Cardano. Compounding interest on any of the supported crypto that is transferred to the Earn wallet will start to generate immediately, with payouts made into the user's wallet each day.

Swyftx earn and interest ratesSwyftx earn and interest ratesSwyftx Earn and interest rates.

In comparison, Crypto.com provides a larger range of 37 cryptocurrencies that can earn interest payouts. As seen in the table below, the interest rewards are generally similar with exception of stablecoins which are typically higher on Crypto.com. The downside is that users need to stake the native Crypto.com token, CRO, for at least 180 days to receive the highest interest rewards.

AssetSwyftx Interest APYCrypto.com Interest 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%
Cardano (ADA)4.60%, 4.34%, 4.08%3%
Algorand (ALGO)8.33%, 7.25%, 6.18%3%
Polygon (MATIC)12.75%, 11.63%, 10.52%12.5%
winner

Winner: Swyftx.

Despite Crypto.com allowing users to generate interest yields on a wider selection of digital assets, Swyftx provides similar interest rates on the major crypto-assets that Australians are likely to buy and trade. To get the best yield, Crypto.com users need to acquire and stake CRO which is an expensive investment in itself.

Mobile App

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.

Crypto.com mobile app screenshotsCrypto.com mobile app screenshotsCrypto.com mobile app screenshots.

The Swyftx app is compatible with iOS and Android mobile devices. Whilst it isn't as polished as the Crypto.com App, we found it to be highly functional and performs just as well. All of the platform's portfolio management tools are easily accessible including wallet financing, crypto purchasing, viewing real-time charting, the free demo mode, and avenues to the local customer service team. Biometric fingerprint login can be set up to add another layer of account security.

winner

Winner: Swyftx.

Whilst the Crypto.com App provides users with a sophisticated and clean trading experience, the fees to purchase crypto are excessive. The App is best suited to those who are likely to use features such as the Crypto.com Visa Card and Crypto.com Pay. The Swyftx mobile app will appeal to the mainstream Australian audience. Although the app is not as visually pleasing as the Crypto.com App, it is perfectly serviceable as a crypto buying and portfolio management tool.

Features Unique to Swyftx

Some of the products and services that are unique to Swyftx include the following:

  • A free-to-use demo mode stocked with $100,000 virtual AUD funds to explore the platform and practice trading. No real AUD needs to be deposited and it also simulates real-world liquidity and market depth.
  • In-built cryptocurrency taxation reporting tools to ensure that Australians are aware of their crypto tax obligations for each financial year.
  • A customizable dashboard where users can manually toggle and show what information they want to see on their crypto portfolio.
  • The option to buy bundles of crypto to quickly diversify portfolios whilst incurring fewer trading fees.
  • Robust SMSF support where investors will benefit from Swyftx’s partnership with super fund specialists New Brighton Capital. The crypto SMSF service is centered on a strong understanding of Australian law and regulations.

Features Unique to Crypto.com

Some of the products and services that are unique to Crypto.com include the following:

  • Crypto.com offers an NFT marketplace that allows users to buy and sell NFTs that can be purchased using credit/debit cards, or via the Crypto.com App Pay feature. The exchange offers fee-free purchases of NFT’s, but does charge a 2% - 2.9% seller’s fee in addition to royalty fees paid by sellers.
  • 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.
  • Crypto.com allows has a staking platform for users to earn staking rewards over 30 digital assets including high market capitalization coins such as Polkadot, Polygon, Solana, and Chainlink. One advantage is that users don't need to specifically transfer assets into a staking wallet. Instead, interest rewards are calculated daily on the assets that are simply held in the wallet.
winner

Winner: Swyftx.

The quality of the features that Swyftx and Crypto.com share are relatively comparable to each other. However, the products and services such as ATO tax reporting tools and support for SMSF are more useful to local investors.

Swyftx vs. Crypto.com: Ease of Use

The Swyftx user experience is second to none with its extremely well-designed dashboard that can be customized to suit the needs of the user. Depending on the needs of the user, widgets can be changed to provide their desired tools for managing their cryptocurrency portfolio.

It is also from the dashboard where the free demo mode and dark mode can be toggled on or off. Navigational buttons to the buy, sell, swap, and trade features are easily visible. Funding an account to buy crypto with AUD can be done in several ways including PayID, OSKO, POLi, standard bank transfer from an Australian account, and credit card. These options provide convenience to the user and it is an advantage over Crypto.com where bank transfers are the only method.

Swyftx user interface and dashboardSwyftx user interface and dashboardSwyftx user interface and dashboard.

Although the Swyftx mobile app is entirely functional and easy-to-use, users who prefer to do most of their portfolio building and trading on a mobile device will appreciate how refined the Crypto.com App is. The app design has been tailored for usability making it simple for users to scan through and find a feature or product in seconds. The downside to Crypto.com is that the Exchange can only be used on the desktop version.

winner

Winner: Swyftx.

Whilst the Crypto.com App is superior to the Swyftx mobile app, Swyftx provides an all-inclusive trading experience on both desktop and mobile devices. The interface and all of its supporting features to get beginners and intermediates started (e.g. account financing, buying crypto, portfolio management) are seamlessly designed and allow for an enjoyable experience.

Swyftx vs. Crypto.com: Trading Experience

Crypto.com offers a dedicated Exchange that is designed for the more experienced crypto trader. Available on desktop only, users have access to over 360 trading pairs with USDT, USDC, BTC, and CRO as the base currencies. It offers a sleek, intuitive and clean platform for traders to speculate on the spot, perpetual, and futures markets. The charting is powered by the popular TradingView package with all of its advanced indicators and analytical tools to analyze the price action of digital assets.

Swyftx also offers TradingView charting with advanced analytical tools, however, the interface as a whole is not as refined as Crypto.com Exchange for serious crypto traders. For example, there are no order books to assess the trading volume or spreads, and market orders are not as advanced. Having said that, the existing features and trading experience on Swyftx are definitely fit for the everyday Australian crypto investor.

winner

Winner: Swyftx.

Whilst the Crypto.com Exchange would better suit advanced traders who want access to futures and perpetual trading markets, the TradingView charting and analytical tools provided by Swyftx are more than sufficient for the majority of Australians without being too overwhelming. Moreover, all of the Swyftx features are available on the mobile app, unlike Crypto.com which is split between two platforms.

Swyftx vs. Crypto.com: Trading Fees

When it comes to deposits and withdrawals of fiat and crypto, there is no difference between the two platforms as both charge zero fees. However, there are differences in buying, trading, and selling digital assets. Swyftx charges a fee of 0.6% for all buy and sell orders which cannot be discounted due to its flat structure. The 0.6% fee is very competitive in the Australian crypto market.

swyftx feesswyftx fees

In contrast, Crypto.com Exchange provides a tiered fee structure that follows a maker and taker model. Spot trading fees start at 0.4% and 0.4% for maker and taker orders placed on the exchange. Unlike Swyftx, these can be discounted depending on the 30-day trading volume in USD. For example, if the 30-day trading volume is between USD$25k and $50k then the resulting maker and taker fees are 0.35% and 0.35%, respectively. Using credit cards to buy crypto on the Crypto.com App will incur a fee of between 1.49% and 3.99% which is excessive.

winner

Winner: Swyftx.

Beginners who are not familiar with using an advanced exchange to place market orders will be better off using Swyftx. The trading fee of 0.6% is vastly cheaper than the 1.49% and 3.99% that the Crypto.com App charges. However, more experienced traders will get better value for money using the Crypto.com Exchange due to its tiered maker and taker fee structure. The trading fees are 0.2% cheaper than Swyftx per trade, and discounts can be obtained on trading fees depending on the 30-day trading volume.

Swyftx vs. Crypto.com: Security

Both Swyftx and Crypto.com are world-class exchanges that have not reported any previous security breaches or hacks. Both are safe and secure platforms that are compliant with the stringent requirements set out by AUSTRAC and ASIC. One of the advantages of Crypto.com is its list of security accreditations and certifications. The exchange was the first in the world to obtain ISO/IEC 27701:2019, CCSS Level 3, ISO/IEC 27001:2013, and PCIDSS v3.2.1 Level 1 compliance. Crypto.com has been independently assessed at Tier 4 which is the highest level for NIST Cybersecurity and Privacy Frameworks.

Swyftx security featuresSwyftx security featuresSwyftx security features as per the website.

Swyftx and Crypto.com both store digital assets in a combination of hot and cold wallet storage, 2-Factor Authentication (2FA), and penetration testing from third parties. The technology behind Crypto.com's 2FA is peer-reviewed and uses a combination of static and dynamic course code and analysis tools.

winner

Winner: Crypto.com.

Whilst neither Swyftx nor Crypto.com have been hacked, Crypto.com has achieved international cybersecurity accreditations that ensure that it provides users with the very best security practices possible.

Swyftx vs. Crypto.com: Customer Service

Swyftx offers one of the largest customer service teams in Australia with 35 Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. Users experiencing technical issues or having queries can get in touch with the team via the 24/7 live chat, email, or Telegram. The live chat feature is highly useful in obtaining basic information such as the account verification process and depositing AUD funds. However, we found that a member of the customer service team shortly intervened and provided a concise and accurate response.

Swyftx reviews on TrustpilotSwyftx reviews on TrustpilotSwyftx reviews on Trustpilot.

Based on over 3,700 TrustPilot reviews, Swyftx has an overall rating of 4.7 out of 5.0, with over 96% of reviews categorized as 'great' or 'excellent'. This is a fantastic rating which is indicative of the platform's focus on customer service.

Like Swyftx, Crypto.com also provides users with a 24/7 live chatbot and email assistance. The downside is that direct phone support is not available. This is not surprising since it's an international exchange. Australians who value a more convenient and intimate way of getting help with issues should have Swyftx at the top of their list.

winner

Winner: Swyftx.

The Swyftx customer service team is the envy of other Australian crypto exchanges. Given its large customer base of over 550,000 Australians, Swyftx offers a large, local, and responsive team for assistance. Direct phone support is also available.

Swyftx vs. Crypto.com: Comparison Scores

To conclude this comparison of which exchange is better between Swyftx and Crypto.com, each crypto exchange has been scored using simple evaluation criteria as shown below.

Comparison CriteriaWinner
Supported CountriesDraw
Trading VolumeCrypto.com
Supported CoinsSwyftx
Products, Services & FeaturesSwyftx
Ease of UseSwyftx
Trading ExperienceSwyftx
Trading FeesSwyftx
SecurityDraw
Customer ServiceSwyftx

Final Verdict: Swyftx or Crypto.com?

Swyftx and Crypto.com are certainly viable crypto exchanges that have a lot to offer Australian investors and traders. The standout characteristics of the widely publicized Crypto.com are its innovative features including the Crypto.com Visa Card and Crypto.com Pay where users can spend their crypto. The Crypto.com Visa Card is one of the best crypto debit cards on the market.

Advanced traders choosing between the two platforms are more than likely to opt for the Crypto.com Exchange where they can access spot, futures, and perpetual markets. Whilst the Swyftx trading interface is not as refined, it still provides a simplistic version that is equipped with TradingView charting and a suite of analytical tools to keep intermediate traders interested.

our-verdict

Our verdict. Swyftx.

Swyftx ticks a lot of boxes and is the better option for Australians compared to Crypto.com with its tailored products and services. Beginners getting into crypto for the first time will likely have little trouble creating and funding an account with AUD, buying crypto, and tracking the performance of their portfolios over time.

Products such as Swyftx Earn provide HODLers with the opportunity to generate passive crypto rewards over time. Moreover, one thing that Swyftx does well is releasing new products that cater to the crypto needs of everyday investors, and we expect this trend to continue. For more information on both exchanges, read our detailed Swyftx review and Crypto.com review.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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