Easy Crypto is among the popular crypto platforms in Australia for novices aspiring to build their crypto portfolio. The lack of functionalities reflects the platform’s intention to serve users with limited crypto experience. This review will delve into every aspect of Easy Crypto to help you understand its features, benefits, and drawbacks to determine if it suits your needs.
Official Website | https://easycrypto.com |
Found in | 2018 |
Countries Supported | New Zealand, Australia, South Africa, Brazil |
Coins Supported | 145+ |
Trading Pairs | N/A |
Fiat Supported | AUD, NZD, ZAR |
Deposit methods | POLi, A2A, OSKO, Bank deposit |
Minimum Deposit | N/A |
Fee Structure | Free deposits & withdrawals, 1% transaction fees |
Mobile App | No |
Customer Support | Mail & FAQ Support |
Easy Crypto Australia Overview
Easy Crypto is a digital currency platform founded by Janine and Alan Grainge in 2018. Instead of referring to itself as an exchange, the platform brands itself as a “retail shop” or broker. This means you can buy digital currencies directly from Easy Crypto rather than from different dealers on an exchange.
After the success of Easy Crypto in New Zealand, the founders launched Easy Crypto Australia to provide a similar service to Australians.
Pros
The intuitive and simple-to-use interface
Support for Australians to invest in SMSF
A visual tracker for managing your portfolio
Free deposits from Australian payment providers
Cons
Its trading fee of 1.35% is too high
No mobile app, though optimised for mobile browser
Limited trading options and not for seasoned investors
No advanced features like staking, lending and NFT services
Users cannot swap between two different coins/tokens
Supported Cryptocurrencies
Easy Crypto Australia offers over 145 distinct cryptocurrencies, including the most popular ones such as BTC, ETH, BCH, ADA, NEO, and LTC, to name a few. In a matter of minutes, you can purchase major coins, stablecoins and DeFi tokens except for Near Protocol, Wrapped Bitcoin, and Monero. The three assets consistently rank in the top coins by market capitalisation; thus, Easy Crypto is not for those wanting to add them to your portfolio.
Easy Crypto’s Main Features
Perfect For Novice Users
As Easy Crypto is aimed at newbies, its user interface is sleek and straightforward to navigate. It’s easy to find currencies to purchase, watch the live price feed of the market, and manage your portfolio. Additionally, you can buy many digital currencies immediately from the platform homepage. The verification procedure by Easy Crypto is among the most seamless on the market, typically done within a few minutes.
Direct Crypto Deposit
As a broker, Crypto Easy lacks native support for multi-token wallets. A direct crypto transfer to a wallet is the most secure digital currency storage method. In particular, it supports the delivery of acquired assets into hardware wallets, making it highly secure. You can link your crypto wallet address(es) to your account details to streamline the procedure.
However, creating a third-party crypto wallet for beginners is not always a simple process. While everyone should establish a separate wallet, first-time users may want to purchase and keep their crypto on the same platform to avoid potential hazards such as misspelling or using the incorrect network.
Auto-Buy Order
If you’ve heard of “dollar cost averaging” previously, this is a method for making automated purchases on a regular basis to obtain the best buy rate over time. Easy Crypto makes it simple to configure an Auto-Buy “template” in which you choose the currencies and ratios to acquire.
Once your template has been established, you can spend any amount of money on whatever schedule you want, and the exchange will handle all the heavy lifting. The coins are purchased and delivered directly to your wallet the instant the money arrives.
Traders have complete discretion over the coins and prices they acquire. For example, for every deposit, they have the option of purchasing 50% Ethereum and 50% Bitcoin. Therefore, when a trader deposits cash on the exchange, the system automatically purchases the specified number of crypto coins.
Multi-coin Orders
Multiple cryptocurrencies can be purchased in a single order on Easy Crypto in a few seconds. This is far faster than other exchanges, where separate orders are typically required to buy two or more digital currencies. You can place orders for many coins by adding several coins to the “shopping cart.” This is similar to CoinSpot crypto bundles, yet Easy Crypto allows you to select specific coins.
100% Funds Safety
Easy Crypto is among the few crypto brokers in Australia to give a 100% safety guarantee on all orders. From when Easy Crypto receives your money until your product is shipped, there is no chance of losing your funds This is one of the reasons why over 100,000 South Africans, New Zealanders, and Australians use and trust Easy Crypto.
Easy Crypto does not retain your rand or digital money in custody. When your payment is received for your order, your cryptocurrency is delivered directly to your wallet, ensuring that you always have access to your funds.
SMSF Support
Self-managed super funds provide high-net-worth people complete control over their investments. This allows you to invest your retirement funds in alternative assets such as Bitcoin and Ethereum. Easy Crypto has helped a large number of Australians invest their SMSF assets in Bitcoin and other cryptocurrencies.
Easy Crypto can set up your account in less than 24 hours if you provide Easy Crypto with your current SMSF. The exchange platform knows how to set you up with an SMSF if you don’t already have one. Send them your information, and their support staff will get back to you as soon as possible to get you set up.
Portfolio Tracker
The Portfolio Tracker (also known as the Tracker) is a tool of Easy Crypto that displays the value of your portfolio over time. It operates by determining what cryptocurrency assets you possess and their current market worth.
It also estimates the possible return on investment in fiat currency. For instance, if you put $100 in a coin that is now worth $200 on the market, your net profit would equal the amount of fiat currency invested.
Anyone with an account on Easy Crypto can use Portfolio Tracker for free. The Tracker is updated every minute to give an accurate estimation of your cryptocurrency net worth.
Easy Crypto Australia Fees
Deposit fees
Easy Crypto does not charge fees for Australian Dollar deposits. If you deposit AUD using this method, the funds should arrive at your account within a few seconds.
Additionally, Easy Crypto enables bank deposits, which are also free. However, this funding option is not instant and, depending on your bank, might take between one and three working days.
Withdrawal fees
Easy Crypto does not charge fees for AUD withdrawals to Australian bank accounts. As Easy Crypto is essentially a broker, you will always be required to “withdraw” cryptocurrency while making a transaction. There may be network fees associated with purchasing and receiving cryptocurrency.
For example, purchasing Bitcoin incurs no network charge. In contrast, purchasing ETH and having it transmitted to your wallet will incur a “withdrawal charge” that varies depending on network congestion and the blockchain. Transferring ETH to your wallet incurs a charge of AUD 2.96, although this amount fluctuates regularly.
Trading fees
Easy Crypto imposes a 1.35% transaction fee on all crypto transactions. In addition to the flat cost and other network fees, Easy Crypto purchases incurs a forex fee of up to 0.15%. The spread fee charged by Easy Crypto is higher than most competitors or live market feeds.
Customer Support
Easy Crypto has one of the most comprehensive FAQ/Help Centres for users. You can simply get the answers to the most frequently asked questions through the support centre. In addition, the platform provides several articles about crypto transactions, security, third-party wallet creation, etc.
Unlike top crypto exchanges in Australia, such as CoinSpot, Easy Crypto doesn’t have 24/7 customer support. You can only send a ticket to the Australian customer support staff when you need help. Easy Crypto’s support hours are Monday through Friday, 9 a.m. to 7 p.m. During their working hours, Easy Crypto often responds swiftly to new tickets.
Easy Crypto Security
Easy Crypto provides several measures to ensure customers’ peace of mind when trading on the platform, including:
- Regulation. It follows AML/KYC regulations and is registered with AUSTRAC.
- Verification. It adheres to KYC requirements for transactions and fiat deposits/withdrawals.
- Hardware wallet. You can deposit your assets to a hardware wallet linked to the account. Easy Crypto doesn’t keep your crypto assets, safeguarding you from potential hacks.
- Safety measures. It supports 2-factor authentication, and you should provide your login credentials to log in to your account.
Easy Crypto Alternatives
Easy Crypto is a well-regarded cryptocurrency exchange that offers many options to Australian, New Zealand, and South African investors and dealers. The exchanges listed below provide similar features and are trustworthy alternatives to Easy Crypto.
CoinSpot: CoinSpot is among the best crypto exchanges in Australia thanks to its wide range of cryptocurrencies supported, competitive fees and many advanced features. Remarkably, CoinSpot is highly rated for its 24/7 customer support and high-level security measures. You can read our CoinSpot review to learn more about its features.
Swyftx: Swyftx is a Brisbane-based exchange geared towards both novice investors and serious investors. Supporting more than 320 cryptocurrencies, advanced trading features, DCA and taxation tools, Swyftx has established a reputation for itself. However, as shown in our Swyftx review, users should be aware of its hidden fees and reportedly poor customer service.
Binance. It’s the largest cryptocurrency exchange by trading volume and accepts New Zealand Dollars directly. Binance is a good option for New Zealanders due to its extensive range of cryptocurrencies, cheap trading fees of 0.1%, and sophisticated trading interface.
Digital Surge. Digital Surge is an intuitive and user-friendly platform for buying, selling, and trading cryptocurrencies in Australia. Digital Surge can be an excellent alternative to Easy Crypto for those seeking a crypto exchange with more coins supported, competitive trading costs, and high ratings for customer support.
Independent Reserve. Established in 2013, Independent Reserve is an Australia-based crypto exchange. Its trading fee is 0.5% per transaction and is reduced with increasing 30-day volume. It’s a trustworthy crypto supplier with multiple thousands of Super Funds investors.
Frequently Asked Questions
Is there a mobile trading app?
Easy Crypto does not have a mobile trading app for buying and selling digital currencies. The website’s desktop version is mobile-friendly and accessible on smart devices.
Is Easy Crypto Australia legit?
Yes, Easy Crypto Australia is an authorised crypto exchange. It is registered with AUSTRAC and follows KYC/AML procedures to avoid money laundering and terrorism funding.
Does Easy Crypto support leveraged trading?
Easy Crypto lacks a derivatives or Futures market for trading cryptocurrencies on margin or with high leverage. Thus, traders can find other leverage exchanges that support cryptocurrencies, such as Binance, CoinSpot, Swyft or Digital Surge.
Can we withdraw on Easy Crypto?
Yes. Easy Crypto is a broker, not an exchange, so they never keep your funds. Each transaction will be withdrawn straight from your bank account or cryptocurrency wallet address.
Can we swap crypto on Easy Crypto?
No. Australians are unable to convert digital currencies on Easy Crypto. This service was once available but was discontinued owing to its complexity. Easy Crypto Australia may introduce a similar solution more suited to its users in the future.
Conclusion
Easy Crypto Australia provides a modern and intuitive interface for beginners. The option to acquire cryptocurrency without first making a deposit is a fantastic feature that allows you to maintain control over your finances at all times. However, the drawbacks are that there is no mobile app, Live Chat assistance, earning hub, multi-token wallet, advanced orders, or crypto swaps. Moreover, compared to other cryptocurrency exchanges in Australia, the trading fees of 1.35% are too high and do not offer good value for money.
