Digital Surge Review 2021 for Australians
The cryptocurrency industry has made huge strides. In the past, you could only use digital currencies as an investment commodity, but currently, their transactional values have been unlocked, and more merchants are accepting crypto payments.
Digital surge is one of the few Australian exchange sites that allow you to pay bills using bitcoin. This platform was launched in 2019, but it recently released Digital Surge 2.0, a new platform that could change the game.
If you’re considering opening an account on this exchange site, read our comprehensive review below.
Table of contents
- 1 Ease of Use
- 2 Security
- 3 Fees
- 4 Supported Cryptocurrencies
- 5 Deposit & Withdrawals
- 6 Support
- 7 The Sign-up Process
- 8 Identity Verification
- 9 Trading Dashboard
- 10 Trading Limits
- 11 What Could Digital Surge Improve On?
- 12 What Are the Top Features of Digital Surge?
- 13 What Are the Pros and Cons of Trading on Digital Surge?
- 14 Pros
- 15 Cons
- 16 How to Pay Bills With Bitcoin on Digital Surge
- 17 How to Trade on Digital Surge
- 18 How Fast Will My Funds Reflect on Digital Surge?
- 19 Digital Surge’s Fee Structure Explained
- 20 Has Digital Surge Ever Been Hacked?
- 21 Is Digital Surge Safe?
- 22 Is Digital Surge Legit?
- 23 What Are the Verification Levels on Digital Surge?
- 24 Level 1 Verification
- 25 Level 2 Verification
- 26 Customer Support and Reviews
- 27 What Are the Best Digital Surge Alternatives?
My name is Warren, and I’m an Aussie crypto trading enthusiast. I have been trading digital assets for years, and during that time, I faced many challenges, most of which were related to the exchange site on which I was trading.
Some of the problems I encountered include high trading fees, a low number of listed cryptocurrencies, low liquidity, and slow customer support. While I still trade digital assets, I prefer using my experience on different crypto exchange sites to help out investors like you.
Here’s my unbiased review based on my 7-month experience on Digital Surge.
The Sign-up Process
The process of buying and selling bitcoin on Digital Surge is simple;
- Create an account.
- Deposit funds into your wallet.
- Start trading.
Registration on this platform is pretty straightforward; you click on the Get started button at the top right corner of the site, and you’ll be directed to the sign-up page. You only have to provide your email address & a strong password, and you’re good to go.
Unlike most of the other Australian crypto exchange sites, Digital surge has an easier way of creating an account; signing up with Facebook. I chose to go the old-school way on this one, but the Facebook option seems very convenient and fast.
A verification email will be sent to the registered email address, after which you can log into your account.
Like most Australian exchange sites, Digital Surge is registered and regulated by AUSTRAC and ASIC, which means that you have to verify your identity before you can start trading actively. The verification process is fast & smooth and is often completed within 5 minutes.
You only have to pass the facial recognition check (you can do this with a smartphone camera), verify your phone number, and upload some form of official ID like your passport. Digital Surge then uses 2FA and RapidID to complete the process.
The trading Dashboard on Digital Surge is easy to use and gives you a holistic view of your portfolio and how various investments are doing.
This platform also has a personal watchlist feature that allows you to monitor your favourite digital assets to identify the ones that are performing best. You can also get full details of the said digital assets by clicking through them.
To buy or sell cryptocurrency, you should navigate to the asset you’d like to trade, and once you click on it, its current prices (in AUD) and a live chat will appear.
You should then input the amount of funds you’d like to spend on the coin you’d like to buy on the order entry box, and this will display the number of coins you’ll receive.
The trading limits imposed are dependent on the deposit method used. For PayID, a $10,000 limit is imposed; POLi has a $1,000 limit, while OSKO is dependent on the bank you use. The daily withdrawal limit is $20,000, but you could easily increase it to $100,000 by contacting customer support through the live support feature. You will, however, have to provide additional personal information.
What Could Digital Surge Improve On?
Digital Surge has competitive trading fees, advanced security features, and a user-centric platform. It could, however, include more customer support options, including phone support.
Adding more advanced trading options could also help them attract more experienced investors.
What Are the Top Features of Digital Surge?
1. Client Managers
The profitability of your portfolio is highly dependent on the trading strategy that you implement. However, when you’re just starting out, creating a master plan is often difficult because you barely know the market nor have much experience with technical analysis.
Digital surge helps you navigate this challenge by allowing you to talk to a client manager on call.
These managers use information such as your short & long-term investment goals to help you create a strategy that’s fully customised to your trading needs.
2. Educational Resources
When it comes to crypto trading, every bit of information goes a long way into ensuring you meet your investment goals. Digital Surge has a detailed FAQ section, premium blog resources, and content workshops to keep you ahead of the game.
This also ensures that you only reach out to the customer support team for serious issues such as account security.
3. Affiliate Program
Digital Surge has one of the best affiliate programs in Australia. They pay up to 50% of all fees from your referrals, while most of the other platforms only offer you 10%-30%. This is a great way of earning passive income, but you have to be a verified user.
You can easily obtain your affiliate link on the affiliate section on the main dashboard.
This is also where you’ll be keeping track of the total commissions earned, unpaid commissions, and the total users that have used your referral link. Click here to sign up and make money!
4. Progressive Web App
Mobile app trading could be the future of the cryptocurrency industry which is why most Australian exchange sites have an app.
While Digital Surge doesn’t have a mobile application, it’s designed as a PWA (progressive web app), which allows you to access the site on mobile devices without using an app.
5. Self Managed Super Funds (SMSF)
Digital surge allows users to use their SMSF to invest in more than 200 digital assets, including Bitcoin (BTC), Ripple (XRP), and Ethererum (ETH).
What Are the Pros and Cons of Trading on Digital Surge?
- They have a transparent fee structure, low charges, and competitive spreads that don’t eat into your profits.
- Digital surge supports more than 250 cryptocurrencies allowing you to diversify your portfolio.
- Their user interface is simplistic and mobile-friendly, making it perfect for beginner traders.
- It allows you to pay bills in Australia using Bitcoin.
- Fast and personalised customer support.
- Swift deposits and withdrawals using the most popular Australian methods.
- Rapid sign-up and verification process.
- Free & secure online wallet for its users.
- Most funds are stored in cold storage for maximum security.
- Ability to set up recurring price alerts and buys.
- It doesn’t support credit card transactions
- You can only make fiat deposits in AUD.
- The spot market option is only available for BTC-AUD and ETH-AUD.
How to Pay Bills With Bitcoin on Digital Surge
This feature allows you to pay credit card statements or any Australian bills using Bitcoin from your wallet. You only need to have the biller’s BPAY details, and you can easily make the transaction.
First, log in to your Digital Surge account, and navigate to the PayWizard. You’ll be given 3 payment options;
- Pay to Credit Card
- Pay BPAY bill
- Pay to Bank Account
Once you select your preferred payment option, input the details of the biller, and the BTC will be transferred from your Digital Surge wallet or an offline hardware wallet.
Paying bills using this option is very convenient because it allows investors to spend their cryptocurrency without swapping their Bitcoin for AUDs.
How to Trade on Digital Surge
There are 2 main ways for you to trade on this platform:
- On the buy and sell screen: for this option, instead of trading with other users, you buy or sell digital assets directly from Digital Surge. This is like an instant buy and sell feature, and unlike other platforms, the charges are fairly reasonable, and you only incur a 0.5% trading fee.
- On the markets screen: this allows you to trade cryptocurrency with other users on the platform. You’re only charged 0,5% if your crypto trading volume is below AUD 100,000 over a 30 day trading period.
Since both options incur the same amount of fees, which one should you trade on? In such a scenario, you should consider factors such as;
- The difference between seller asks and buyer bids (spreads). If the trading volume is high, the spreads should be low, making your investment more profitable.
- The trading volume on the Market screen: more investors prefer this feature which is why it has a higher trading volume. This makes it easy to complete trades at low prices.
Currently, the trading volume on Digital Surge’s Market screen is low, so it’s advisable that you trade on the Buy & Sell feature.
How Fast Will My Funds Reflect on Digital Surge?
Since Digital Surge is Australian-based, the accepted payment methods easily integrate with financial systems. This is why all deposits and withdrawals are instant, except for cryptocurrency transactions.
The amount of time it takes for cryptocurrency deposits and withdrawals to reflect in your account is dependent on the network congestion and type of coin. For bitcoin deposits, you receive 3 confirmations before they are credited to your account.
The first confirmation message is in the form of an email and is sent to let you know that your bitcoin transaction is being processed. The second message lets you know when your BTC deposit is fully processed, while the final one comes after your account has been credited.
Digital Surge’s Fee Structure Explained
The trading fee for instant markets on Digital Surge is 0.5%, but users are charged based on their trading volume within a 30 day period. Digital Surge calculates their trading volume every 1 hour, and the least fees charged to high volume traders is 0.1% for trades above $1million.
Here’s their standard fee structure;
- < $100,000: 0.5%
- $100,000 – $250,000: 0.4%
- $250,000 – $500,000: 0.3%
- $500,000 – $1,000,000: 0.2%
- $1,000,000 +: 0.1%
Even though this site doesn’t charge withdrawal fees, you incur a standard network transaction fee when you send funds to an external wallet. This fee is dependent on the type of coin and how busy the network is.
There are no hidden fees on the site.
Has Digital Surge Ever Been Hacked?
Since Digital Surge was launched, they haven’t reported any breaches or theft of funds. This has a lot to do with its strict security protocols and the Experience of its founder, Dan & Josh.
Digital Surge’s mission is to provide Australians with a safe and easy way to buy & sell cryptocurrency, and they are living up to their expectations.
Dan, one of its co-founders, has more than 15 years of IT experience and has used this knowledge to simplify crypto trading through Digital Surge.
The other co-founder, Josh, also has more than a decade of experience in IT and has majored in designing IT solutions that enrich lives. He’s also an IT security specialist and has a security penetration tester certification.
With their knowledge combined, it’s no wonder Digital Surge is highly secure.
Is Digital Surge Safe?
The cryptocurrency sphere is currently evolving, and so are the security risks. Digital Surge has implemented a variety of security features to fortify the safety of funds and user accounts. Some of the security protocols implemented include;
- 2-factor authentication for account logins to prevent access from authorised parties and on all withdrawals.
- Encryption and hashing of all passwords in the database to add an extra level of protection.
- Sophisticated multi-layer security protocols to prevent hack attacks.
- Storage of funds on both online and offline wallets to provide the best blend of security and functionality. Most of the funds are in cold storage as they are extremely difficult to hack,
- Regular security testing and updates.
- An SSL certificate on the website to protect your data and secure server-client communication.
- Separation of application credentials from the codebase and database.
Digital Surge also conducts a criminal background check on its employees to help maintain the highest levels of internal security.
Is Digital Surge Legit?
Digital surge is compliant with ASIC and AUSTRAC laws. These two regulatory bodies create and enforce financial laws to reduce the chances of fraud on exchange sites. This ensures that criminals dont use cryptocurrency exchanges to finance terrorist acts, launder money or conduct cybercrimes.
According to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, Australian exchange platforms have to comply with KYC rules by collecting user information to verify their identity. They also have to monitor all transactions for suspicious activity & transactions over $10,000 and report to AUSTRAC.
While this may seem like a breach of privacy, it also protects you from being scammed or unintentionally participating in unlawful activities.
What Are the Verification Levels on Digital Surge?
There are 2 main verification levels on this exchange site:
Level 1 Verification
This is the default level of verification and only requires you to provide your basic ID information during account creation. Level 1 users can;
- Fund Accounts: all bank accounts that you fund your account with are automatically added to your profile, making it easy for you to also withdraw funds. If you’d like to add other accounts, you’ll need to make deposits from them. This level of verification doesn’t allow you to make withdrawals from accounts that aren’t listed on your profile.
- Send crypto: you can only send cryptocurrency to an online wallet, and all transfers to external wallets are restricted.
- Pay Bills: level 1 verification only allows you to pay bills using crypto from an external wallet. You’ll have to upgrade to use your Digital Surge wallet.
This verification level is fairly basic and only gives you access to the primary services.
Level 2 Verification
This level of verification is a bit advanced, and you’ll have to provide the support team with additional information to get your account upgraded and all restrictions removed. It allows you to send cryptocurrency to external wallets, pay bills from your Digital Surge online wallet and withdraw funds to new bank accounts.
Getting your account upgraded to level 2 is fairly easy; you only have to send the support team a selfie of you holding a handwritten sign with the name Digital Surge & the current date, and a photo of your ID document.
Customer Support and Reviews
The customer reviews on Digital surge are pretty impressive, and most of them are about how helpful their customer support team is. All queries sent on the live chat are responded to within an hour, and even though email responses take longer, they are timely.
Their Australian-based support team is friendly & knowledgeable and gives all users personalised trading advice. This enhances your trading experience, making it more profitable and enjoyable.
Digital Surge has excellent reviews on Trustpilot and Review.io, both of which are above 4.5 stars.
What Are the Best Digital Surge Alternatives?
Digital Surge was founded on one major question ” why does crypto trading have to be so complex?”.
The truth is that it doesn’t have to be, and Australians can enjoy a smooth trading experience backed by low fees and premium customer support.
Digital surge is transforming the Australian cryptocurrency sphere, which is why it’s not surprising that most beginner and intermediate Aussie traders prefer it. They don’t charge any hidden fees, and their most competitive element is that they allow you to pay bills from your wallet without having to convert the crypto to AUDs.
If after this review you still feel that Digital Surge isn’t the best fit for your investment needs, we recommend that you check out;
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