CoinJar vs Crypto.com: Best Crypto Card in Australia
Crypto cards are all the rage in the Web3 world, allowing users to spend digital assets on real-world products. For many years, it was impossible to spend crypto directly, an issue that is now being tackled by multiple services around the world.
This article will focus on two services that allow you to spend crypto as well as a third option specifically for spending stablecoins in Australia, giving you everything you need to know to make a decision.
What’s a Crypto Card?
A crypto card, also known as a crypto debit card, functions similarly to a traditional bank card but with a key distinction: it allows you to make purchases using cryptocurrencies rather than conventional fiat currencies, such as the Australian dollar.
Although all crypto cards share this basic capability, the specific mechanisms by which they operate can differ significantly. This includes variations in added features, supported cryptocurrencies, and other essential details.
Before diving into the specifics of individual card features, let’s first take a look at some of the broad categories these cards fall into.
CoinJar: Best Crypto Debit Card in Australia?
CoinJar is an Australian and UK exchange and card service. The company has an Australian branch that is fully regulated by AUSTRAC. Regulated companies tend to have better safety and consumer protection protocols in place compared to those that are not regulated.
- Transaction fees: 1%
- Withdrawal fees: 1%
- Deposit fees: Free
- Supported currencies on card: 30
Pros
Australian and AUSTRAC-regulated. This means that the user experience is catered specifically to Australians and their needs. CoinJar is a reputable service that has never suffered a security breach and has been in operation since 2013. CoinJar TrustPilot reviews are at 4.1 stars out of 5, indicating that a majority of users appear to be satisfied with CoinJar.
Cons
TrustPilot reviews of CoinJar indicate that users can sometimes have issues transferring or withdrawing their funds to external wallets, with many reports of funds being held by CoinJar pending KYC.
This is not necessarily a failing of the company itself, as crypto KYC is strict for a reason. However, this has not stopped many users from voicing frustration over their customer support experiences, something that is commonly cited as a pain point among crypto adopters.
Crypto.com: Best Crypto Debit Card in Australia?
Crypto.com is a global cryptocurrency exchange that offers services in Australia among other countries. It is registered with AUSTRAC in Australia, ensuring compliance with local regulations and offering enhanced consumer protection and safety standards.
- Transaction fees: Complex fee structure based on currency used and trading volume
- Withdrawal fees: 2% on amounts above the monthly free
- Deposit fees: Free
- Supported currencies on card: 19
- Other: Offers additional features like staking, crypto loans, and a rewards program with its Visa card
Pros
Registered and compliant with Australian regulations through AUSTRAC. Crypto.com provides a secure and tailored service for Australian users.The platform is renowned for its broad range of services including a Visa card that offers crypto cashback. Crypto.com has a strong global presence and offers a comprehensive suite of services that cater to both beginner and experienced cryptocurrency users.
Cons
TrustPilot reviews of Crypto.com have plummeted to 1.5 stars out of 5, indicating user dissatisfaction with the service. Many users report that the app interface is confusing and difficult to navigate. Other users report difficulties with account verification and customer service issues, particularly during high-demand periods or technical disruptions.
Complaints typically focus on response times and the resolution process for account or transaction issues. It’s also quite difficult to assess how much money you’ll actually be charged per transaction when using the card for a purchase.
As with many cryptocurrency services, users may experience delays or complexities related to KYC procedures, which can impede fund withdrawals or account functionalities.
Spend Stablecoins in Australia With the Grineo Card
The Grineo Card was designed for the Australian audience specifically to resolve some of the common pain points seen for Australian users who want to spend digital assets in Australia. Grineo’s card is launching in just a few weeks, and will allow users to spend, swap, and store digital assets as well as withdraw them like cash from ATMs worldwide.
- Transaction fees: 1%
- Withdrawal fees: 1%
- Deposit fees: Free
- Supported currencies on card: 2
- Other: Easiest UI and spending process, store and swap BTC, ETH, USDT, and USDC
Pros
Grineo is AUSTRAC regulated and focuses very strongly on ease of use and customer support. The user experience is placed first and foremost for the support team, and the company was established in part to introduce a new way of doing business in the digital assets industry.
Users can spend USDT and USDC anywhere that Visa is accepted and withdraw these assets as cash from ATMs. The card product is for Australian residents only. The app interface prioritises ease of use and smooth navigation, and Grineo is one of the fastest and most convenient ways to off-ramp from digital assets to real-world goods and services to date.
Cons
Grineo has a limited selection of currencies compared to competitors. The service is specifically designed to allow users to convert major digital assets into stablecoins at real market rates, and to then spend those stablecoins like cash. Grineo does not offer staking or rewards programs at this time.
Choosing the Best Card for Digital Assets in Australia
At the end of the day, your choice of card depends on your needs. If you need to spend a wider range of currencies, CoinJar or Crypto.com have you covered. If you’re looking for ease of use and stablecoin spending, Grineo may be your best option.
To explore this topic further and view even more options, check out our blog post for more information on how to choose a crypto card in Australia.
Sign up to the Grineo card waitlist here!
Frequently Asked Questions
How do I sign up for a crypto card in Australia?
To sign up for a crypto card with Grineo in Australia, begin by joining our waitlist. Once the card is released in the second quarter of 2024, you’ll need to complete identification verification and set up an account to get your card.
How do I top up my prepaid crypto card?
To top up your Grineo prepaid crypto card, simply add cryptocurrency to your wallet following the instructions provided here.
What should I do if I encounter a problem with my card?
If you experience any issues with your Grineo card or our services, we’re here to assist you. You can reach out to us through the live chat feature in our app or send us an email at support@grineopay.com for support.
