The cryptocurrency industry has achieved significant progress in recent years. In the past, digital currencies could only be used as an investment asset, but now their transactional value has been unlocked, and more merchants have accepted crypto payments. Digital surge is one of the Australian cryptocurrency exchanges that accept bitcoin payments for bills. This post will review its features, including deposit methods, trading costs, security, customer service, etc.
Digital Surge Overview
AUD Deposit Fee
POLI: $2 to $3.30
AUD Withdrawal Fee
Yes (iOS and Android)
Digital Surge is a Brisbane-based crypto exchange that provides a simple way to purchase and sell digital money using AUD. The platform highlights a user-friendly trading website for Australians new to crypto assets. It is a good Australian cryptocurrency exchange with an average rating of 4.8/5 stars based on 354 user reviews.
AUSTRAC regulated and ASIC-licenced crypto exchange
Modern and intuitive design for investors of all levels
Instant AUD deposits and withdrawals from bank account
Excellent crypto HODL option for everyday investors
No credit/debit card support to deposit AUD
Does not offer cryptocurrency staking services
Annoying minor fees for POLi payments
More than 310 cryptocurrencies are listed on Digital Surge, which is more than enough for novice investors. It supports the most prominent coins, such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solano (SOL) and Civic (CVC) and meme coins Dogecoin (DOGE) and Shiba Inu (SHIB).
With this huge selection of digital assets, investing in several coins and diversifying your portfolio is simple. However, Digital Surge’s list is missing major stablecoins such as Dai (DAI) and Binance USD (BUSD). Cryptocurrency exchanges such as CoinSpot or Binance offer more digital assets than Digital Surge.
Digital Surge offers popular deposit methods, such as POLi, PayID, and bank transfers (OSKO), and allows users to fund their accounts with cryptocurrencies from external wallets. These methods can be free, except POLi payments, where a $2.00 – $3.30 fee will apply. If you are a small-volume investor, you should consider depositing larger amounts to reduce the effects of the fee or use one of the available alternatives.
Regarding limitations, all deposits and withdrawals on personal accounts are capped at $20,000 maximum. With POLi, a restriction of $8,000 applies. The daily limit for corporate accounts such as SMSF and Business or Trust transactions is $50,000.
Bank transfer (OSKO)
24 hrs for the first deposit then near-instant
$2.00 – $3.30
Unfortunately, Digital Surge doesn’t support crypto purchases via credit cards, as this has a high risk of fraud. If this is your preferred approach, you can seek another cryptocurrency exchange.
Digital Surge Fees & Charges
Deposit & Withdrawal Fees
Except for POLi payments, which incur a modest cost between $2 and $3.30, Digital Surge doesn’t charge fees to fund your account with cash. All other payment options are free.
It is also free to withdraw money from your account and deposit it into the Australian bank account of your choice. Sending funds to an external wallet incurs a regular network transaction fee, although Digital Surge does not impose withdrawal fees. The charge varies according to the type of coin and the network’s activity level.
Digital Surge’s trading fees for buying and selling crypto on the Australian market are exceptionally competitive. Their pricing structure is proportional to cumulative trading volume; the more you trade, the lower your fees. The trading costs begin at a maximum of 0.5% for deals under $100,000 and decrease to 0.1% for large-volume trades (above $1 million).
You can consider some cheaper alternatives, such as Binance Australia (0.1%), Independent Reserve (0.5%) and Swyftx (0.6%). Other platforms, such as BTC Markets (0.85%), charge higher fees for purchasing cryptocurrencies.
Digital Surge’s Notable Features
Digital Surge has made it simple for users to begin trading in under two minutes. In crypto trading, circumstances might change rapidly.
With Digital Surge, you can be at the forefront of this change. You don’t want to miss out on a crypto market shift because you could not access your account in time.
As said previously, investments might be risky at times due to the volatility of the market. This is true for every market, but more so for the cryptocurrency industry. By streamlining its interface, Digital Surge ensures that you are not fumbling around on your dashboard attempting to figure out how to purchase the next hot coin or unload a failing one.
Buy & Sell at Digital Surge
The Bitcoin exchange’s trading section provides two alternatives for users. The first is Markets, where clients can exchange Bitcoin or Ethereum with other users. Buy & Sell provides an instant purchasing experience.
While other exchanges demand a greater fee for instant transactions, Digital Surge’s quick Buy & Sell is distinguished by its steady 0.5% costs. Depending on the traded volume and spreads, consumers can avail of similar costs for both options.
Traders should use the fast buying opportunity because the alternative is low-volume trading. Without limit orders and with its website functioning as a PWA, traders can select from various cryptocurrencies, including Bitcoin.
Bill Payment Via Crypto
This function enables you to pay Australian credit card statements and other expenses with Bitcoin saved in your Digital Surge wallet. You can quickly complete a transaction if you possess the biller’s BPAY information.
Sign in to your Digital Surge account, then go to the PayWizard. You can choose from three payment options;
- Pay to Credit Card
- Pay BPAY bill
- Pay to Bank Account
After selecting your desired payment method and inputting the biller’s information, the BTC will be sent from your Digital Surge or offline hardware wallet. This payment method is highly convenient because it allows users to spend their cryptocurrencies without exchanging it for fiat currency.
Interest Earning on Crypto
To further establish itself as a viable HODL choice for common crypto investors, Digital Surge offers a wallet that earns interest on 20 different cryptocurrencies. At the time of publication (September 2022), you can earn between 1% and 21% annual percentage yield (APY). In addition, there are no minimum or maximum limits on the amount of cryptocurrency you can deposit to begin earning, and you can withdraw your assets at any moment.
Popular assets that are supported include Solana (SOL), Kusama (KSM), Cosmos (ATOM), and Polkadot (DOT). Comparing Digital Surge’s offering to other interest-earning wallets in Australia, it is a decent starting point, but it does not provide a wide variety.
Crypto Tax Reporting Tools
Digital Surge has partnered with popular crypto tax tools to simplify End-of-Financial-Year (EOFY) reporting procedures. CryptoTaxCalculator, Accointing, and Koinly are among the examples.
To connect your Digital Surge account to any of these service providers, you must:
- Download a .csv file of your Digital Surge transactions for the financial period and upload them into the tools.
- Use an API connection.
Attractive Affiliate Program
Digital Surge has one of Australia’s top affiliate programs. They pay up to 50% of all fees from your referrals, whilst most other platforms only give between 10-30%. This is a fantastic way to generate passive income, but you must be a verified user.
In the affiliate section of the main dashboard, you can access your affiliate link. Here, you will also keep track of the total commissions earned, unpaid commissions, and the number of individuals who have used your referral link.
Australia is one of the few countries where crypto trading is fully regulated. AUSTRAC compliance is required for all crypto-providing services operating in Australia. Digital Surge is not an outlier.
Digital Surge is a reliable and secure crypto trading platform that employs top-tier security procedures to safeguard your savings and valuables. Digital Surge maintains only 2% of its cash online, with the remainder stored in offline wallets to secure your valuables from hackers. Other security precautions include encrypting all user data and implementing automatic verification processes to safeguard your accounts.
Digital Surge has taken multiple security measures to strengthen the protection of user payments and accounts. Two-factor authentication for account logins and withdrawals is among the established security methods to prevent unauthorised access.
In addition, to maintain the highest levels of internal security, Digital Surge does criminal background checks on its workers.
Digital Surge has one of the most responsive customer service departments in Australia. The customer service crew is entirely based in Australia, and you can contact them via email or live chat. On average, email tickets take longer to receive a response, but the app guarantees a response within the hour. They also include an extensive FAQ area where you can find helpful guides and instructions.
Most of the customer testimonials for Digital surge focus on how helpful their customer service personnel is. All live chat questions are answered within an hour, and while email responses take longer, they are still timely. Digital Surge receives above 4.5-star ratings on Trustpilot and Review.io for its reviews.
Digital Surge Alternatives
Coinspot: Coinspot is Australia’s largest and most trusted crypto trading platform, with over 2 million users. Despite its increased trading fees, the platform is user-friendly and has many advanced features. You can read our detailed CoinSpot review to know more about its features.
Binance: By trading volume, Binance is the largest exchange in the world. It offers a vast array of advanced services, including lending, borrowing, staking, margin trading, and more, and its low costs (0.01%) make it the cheapest among the exchanges listed here.
Coinbase: Coinbase is the largest cryptocurrency exchange in the United States, supporting over 150 coins. However, Coinbase’s fees can be perplexing and more expensive than many competitors. Although Coinbase provides enticing advantages, bitcoin (BTC) trading is highly volatile.
Swyftx: Swyftx is an Australian cryptocurrency exchange that provides over 320+ cryptocurrencies, is AUSTRAC-registered, compatible with KYC/AML requirements, has low fees, and allows you to earn interest on 20 coins. However, many Swyftx reviews show that its fee is very high, and customer support is not good.
Crypto.com: Crypto.com is a famous international exchange that has acquired extensive recognition because of its highly publicised sponsorships of athletic events. The platform offers interest-earning capabilities, and users can also obtain a Visa card, allowing them to make everyday purchases with cryptocurrency.
Frequently Asked Questions
Is Digital Surge registered with AUSTRAC?
Digital Surge is an AUSTRAC-registered Australian cryptocurrency exchange that strictly adheres to all government regulations and requirements.
Is Digital Surge better than Swyftx?
Digital Surge is considerably superior to Swyftx because of its superior customer service and user-friendly trading platform. However, Digital Surge does not yet support staking, so users cannot make passive income from the coins they possess.
Does Digital Surge offer tax reporting?
You can monitor your tax reporting by linking your Digital Surge account to Koinly. Koinly is a software that provides thorough tax reporting on crypto assets.
Can I send crypto to another wallet?
Yes! Digital Surge offers both deposits and withdrawals in cryptocurrencies. If you wish to withdraw cryptocurrency from your Digital Surge account, you can do so through the withdraw tab in your app.
How many coins are on offer?
Digital Surge lists more than 310 coins for purchase and sale. In addition to covering prominent coins such as BTC, ETH, ADA, SHIB, and SOL, they list hundreds of other coins with smaller market values.
Digital Surge is a cryptocurrency brokerage platform where you can purchase and sell various digital currencies using your funds. The platform’s design and resulting user experience are for novice investors who may be purchasing their first cryptocurrency. Digital Surge is a good option for those who wish to buy and hold assets because of its low trading costs, wide cryptocurrency variety, and simple account management procedures.
Since Digital Surge is designed for novices, it is not surprising that experienced traders will feel left out by its lack of advanced features. The interest-earning wallet seems appealing, but seasoned traders will find a greater value on other platforms, particularly global exchanges.
Disclaimer: This article is intended to be used and must be used for informational purposes only. It’s important to understand that digital assets are risky. You should always research and analyse before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.