Swyftx vs Crypto.com | Best & Cheapest Exchange For Trading?
Jack Moreau
Feb 2024
10 min read
Fact checked
Swyftx vs Crypto.com: We've analyzed the KYC requirements, country availability, product range, trading fees, deposit methods and much more, to save you time and help you pick the best exchange!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Swyftx was founded in 2018 by Alex Harper and Angus Goldman and is based in Milton, Queensland. The exchange has a workforce of over 100 employees based mainly in Australia and New Zealand.
Swyftx exchange
Swyftx offers a smaller range of features which includes spot trading for over 300 cryptocurrencies such as BTC, ETH, AVAX, ATOM, SOL, DOT and many others. The exchange has grown to over 700,000 registered users mainly from Australia and New Zealand.
Swyftx app
On the other hand, Crypto.com was founded in 2016 by Kris Marszalek and Bobby Bao and is based in Singapore.
Crypto.com exchange
The exchange has over 4000 employees and is available in 180 countries including the United States and Canada.
The platform offers a comprehensive suite of services, including spot and margin trading, staking, lending, wallet services and much more.
Crypto.com USPs
Crypto.com supports an impressive 80 million users worldwide with a footprint spanning North America, Europe, and Asia.
Crypto.com offers an impressive range of over 250 cryptocurrencies like Bitcoin, Ethereum, and more. The exchange is also available on Android and IOS with over 10 million downloads and a stellar 4.6-star rating based on over 400,000 reviews.
Crypto.com app
Swyftx vs Crypto.com Signup & KYC
Swyftx and Crypto.com are two popular cryptocurrency exchanges that require KYC verification before users can trade on their platforms.
Creating an account on Crypto.com is a swift process as users only need to provide an email and password.
Crypto.com Signup
However, to unlock all trading and other services, users must complete the KYC verification process.
This involves providing their full legal name and a picture of a government-issued ID. Once submitted, the verification process can take a few hours to a day to complete.
Similarly, signing up for Swyftx requires users to provide their full name, country of residence, phone number, and email.
Swyftx Signup
After verifying both the email and phone number, users must then complete the KYC process to unlock fiat deposits and cryptocurrency trading.
This involves verifying their email, phone number, and providing a government ID. For those wishing to send and receive crypto, they must also provide a selfie.
The Swyftx team can take up to 1-2 days to verify the account. In comparison, Crypto.com has a slightly shorter verification process, which can take a few hours to a day to complete.
Swyftx vs Crypto.com Products & Services
Swyftx is a simple exchange that focuses on offering a beginner-friendly venue to new cryptocurrency investors.
Users can buy and sell over 300 cryptocurrencies via spot trading and they can opt in to recurring buys for those who wish to dollar cost average.
Swyftx Spot Trading
They also offer a demo account for users who want to buy and sell with fake money without needing to go through KYC. In terms of user experience, considering the few products offered by Swyftx, their interface is actually quite crowded.
Swyftx Spot Trading
Considering they are mainly targeting beginners, one would expect a smoother and easier to navigate experience.
Crypto.com on the other hand has rapidly ascended to become one of the world's most biggest exchanges with a solid range of product.
At the core of its offerings is spot trading where Crypto.com's platform allows users to trade over 290 of the most popular cryptocurrencies like BTC, ETH, SOL and many others.
Crypto.com Spot Trading
Additionally, Crypto.com enhances its trading options by offering margin trading which enables users to take long and short positions on popular cryptocurrencies with up to 5X leverage.
Crypto.com Margin Trading
For traders with a more advanced skill set and interest in derivatives, Crypto.com has significantly expanded its portfolio.
It now provides access to over 100 perpetual and quarterly futures, giving traders the opportunity to trade with up to 20X leverage.
Crypto.com also offers three types of trading bots: grid, DCA (Dollar-Cost Averaging), and TWAP (Time-Weighted Average Price).
Crypto.com Trading Bots
These bots provide traders with tools to automate their strategies, making trading more accessible and potentially more profitable.
Despite its extensive offerings, Crypto.com's trading volumes are somewhat modest compared to the major players in the industry.
It currently ranks in the top 30, with both its 24-hour spot and derivatives volumes hovering around $1 billion.
In addition to trading, Crypto.com offers financial products such as earn and staking products, aligning with the offerings of many contemporary exchanges.
Crypto.com Earn
Users can earn interest on over 20 digital assets, including popular choices like BTC, ETH, ADA, DOT, SOL, ATOM, and USDT.
However, it's noteworthy that the interest rates provided by Crypto.com is not as competitive as those offered by other exchanges.
Crypto.com Staking
Similarly, while staking rewards are also available, more lucrative returns can be had by staking their assets directly on the respective blockchains.
For NFT and digital collectibles enthusiasts, Crypto.com hosts hundreds of collections including high-profile ones like Bored Apes and Pudgy Penguins.
Crypto.com NFTs
These NFTs are supported across various blockchains such as Ethereum, Polygon, Solana, and Cronos Chain which provides a good range to its marketplace.
For those that prefer non-custodial storage and trading, Crypto.com has developed its own wallet that allows users to store, trade, and earn on their cryptocurrencies in a secure, self-managed way.
Crypto.com Wallet
The DeFi wallet is versatile, available as a desktop application, a browser extension, and by connecting directly on the Crypto.com website.
And for high net-worth individuals and institutional clients, Crypto.com offers a dedicated OTC section tailored for large-scale transactions.
Crypto.com OTC
The exchange is accommodating orders ranging from a minimum of $50,000 to a maximum of $5,000,000, with competitive rates.
Let's take a closer look at the trading fees offered by Swyftx and Crypto.com. Starting with Swyftx, the exchange charges maker and taker fees of 0.6%, which is on the higher side compared to other exchanges.
Swaps on Swyftx also come with a minimum fee of 0.6% for both buy and sell orders, resulting in a total fee of 1.2%, which is not great for high volume traders.
Swyftx Trading Fees
On the other hand, Crypto.com offers more competitive fees with spot maker and taker fees of 0.075%. For futures trading, the maker fee is 0.017% and the taker fee is 0.034%.
Crypto.com Fees
These fees can be further reduced if monthly trade volumes exceed $250,000 or if users hold at least 1000 CRO tokens.
Overall, while Swyftx may be a good option for beginners or those looking for a user-friendly interface, Crypto.com offers much lower trading fees overall.
When it comes to depositing fiat currencies on cryptocurrency exchanges, there are many options to choose from.
Swyftx offers the ability to deposit AUD via PayID, Poli, bank transfers and credit/debit card deposits with Visa and Mastercard.
There are no fees when depositing AUD via PayID and bank transfers but there is a 3.6% fee and up to 4% spread for those depositing with credit/debit card. This can be quite expensive and something that users might want to avoid.
On the other hand, Crypto.com only supports USD for deposit via wire transfer. The good news is that there is a $0 deposit fee for both wire transfer or USD bank transfer.
This is a great option for those who want to deposit USD without incurring any fees. It's important to note that both Swyftx and Crypto.com offer different deposit options for different fiat currencies.
While Swyftx is more geared towards Australian users with their AUD deposit options, Crypto.com offers only USD for fiat deposits.
When it comes to withdrawing fiat currencies, Swyftx and Crypto.com offer different options.
Swyftx allows users to withdraw AUD and NZD with no fees for AUD and a $10 fee for NZD (excluding any possible bank fees).
Crypto.com, on the other hand, only allows USD withdrawals via bank transfer with no fees.
In terms of cryptocurrency withdrawals, Swyftx charges a 0.0002 BTC fee for Bitcoin withdrawals, 0.0018 ETH for Ethereum withdrawals, 0.008 SOL for Solana withdrawals, and 7 USDT for ERC-20 USDT withdrawals.
Crypto.com charges a 0.0001 BTC fee for Bitcoin withdrawals, 0.04 ETH for Ethereum withdrawals, 0.03 SOL for Solana withdrawals, and 10 USDT for ERC-20 USDT withdrawals.
Swyftx and Crypto.com are two popular cryptocurrency exchanges that offer different features and cater to different user bases.
Both exchanges require KYC verification before users can trade on their platforms, with Crypto.com having a slightly shorter verification process.
Swyftx offers spot trading for over 300 cryptocurrencies and is more geared towards beginners, while Crypto.com offers a more comprehensive suite of services.
This includes services not available on Swyftx like margin trading and perpetual contracts as well as leverage between 5-20X across a wide range of cryptocurrencies.
When it comes to trading fees, Crypto.com offers more competitive fees for both spot and futures trading, making it a better option for high volume traders.
However, Swyftx may be a good option for beginners or those looking for a user-friendly interface.
In terms of deposit methods, Swyftx offers a variety of options for AUD deposits, including PayID, Poli, bank transfers, and credit/debit card deposits, while Crypto.com only supports USD for fiat deposits via wire transfer.
When it comes to withdrawing fiat currencies, Swyftx allows users to withdraw AUD and NZD with no fees, while Crypto.com only allows USD withdrawals via bank transfer with no fees.
Overall, Crypto.com offers a wider range of features than Swyftx and much lower trading fees while Swyftx is the more beginner friendly platform with slightly more cryptocurrencies to choose from.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
