Easy Crypto Review: Here’s What We Didn’t LikeLast Updated on December 24, 2023 by Kevin Groves
Easy Crypto is one of Australia’s top cryptocurrency exchanges for beginners intending to build their crypto portfolio. The platform targets newcomers to buying and selling crypto and demonstrates this through its attractive design, simple trading interface and competitive fees. Easy Crypto isn’t jam-packed with features, reflecting its objective to service those without much crypto experience. That said, there’s still plenty for investors of all skill levels to love.
This review will dive into everything Easy Crypto to help Australians learn about the exchange’s features, its advantages and disadvantages – so you can decide if it’s right for you.
Number of cryptos:
POLi, OSKO, A2A, Bank deposit, crypto
Australia, Brazil, New Zealand, South Africa
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Here is a quick summary of Easy Crypto:
|Australia, Brazil, New Zealand, South Africa
|Fiat currencies supported
|AUD, NZD, ZAR
|POLi, OSKO, A2A, Bank deposit
|BTC, ETH, DOT, SOL, XLM, USDT +152 more
|None (although some deposit options may incur fees on the provider’s side)
The Bottom Line
Easy Crypto operates exactly as its name suggests. I’ve found it Australia’s easiest exchange to buy crypto direct to your wallet and sell it back into your bank account. The user interface is incredibly streamlined – navigating the website is more like online shopping than weaving through a maze of options like many other exchanges. To that end, Easy Crypto’s range of features is pretty limited. If you like earning on your crypto or setting up advanced orders, you’ll probably find better alternatives than Easy Crypto.
What we liked:
- Secure non-custodial crypto exchange
- Easy to buy Bitcoin and cryptocurrencies
- User experience is easy on the eye and suitable for beginners
What we didn’t like:
- The trading fee of 1.35% is too expensive
- Does not offer earn or staking options
- No mobile app to buy/sell or monitor real-time crypto prices or portfolio
What’s Easy Crypto All About?
Easy Crypto is a New Zealand-based cryptocurrency platform registered with the Australian regulatory body AUSTRAC. The company supports buying and selling over 150 cryptocurrencies, including all the major coins like BTC, ETH and DOGE. The platform was founded in 2018 by Janine and Alan Grainger, and now serves four different countries.
Easy Crypto’s philosophy is “Crypto for humans”. It is designed to be the easiest place on the internet to begin building a cryptocurrency portfolio, with a charming user interface and competitive fee rates. The platform supports a multitude of popular deposit and withdrawal options, most of which are free and instant. Though it is light on features, Easy Crypto has an insurance fund, SMSF support for Australians and dollar-cost average orders.
It’s worth noting that Easy Crypto does not consider itself an exchange. Rather, it labels the platform as a “retail shop”, or a broker. This means you buy digital currencies from Easy Crypto rather than other traders on an exchange.
Pros & Cons
Here’s Our Thoughts on the Features
Perfect for new users
Easy Crypto is the go-to crypto platform for beginners getting started on their cryptocurrency journey. The user interface is sleek, clean, and easy to navigate regardless of your industry experience level. Finding coins to buy, viewing the live price feed of the crypto market, or accessing your portfolio tracker is all just one click away. You can even purchase various digital currencies directly from the home page. Easy Crypto’s verification process is one of the most effective on the market. It can usually be completed within a few minutes.
Direct-to-wallet delivery feels safer
As Easy Crypto is a broker, they do not have native support for a multi-token wallet. We view this as both a positive and a negative. On the one hand, a direct deposit of crypto to a wallet is considered the safest way to store digital currencies. In particular, the platform supports the delivery of purchased assets into hardware wallets, making it incredibly secure. To automate the process, you can even link your crypto wallet address(es) to your account information.
However, choosing, installing and creating an account on a third-party crypto wallet isn’t always beginner-friendly. While we recommend everyone learns about and opens an independent wallet, some first-timers will likely prefer to buy their crypto and store it on the same platform. This removes the added complexity and potential risks (such as a typo or using the wrong network) of sending digital assets to another address.
Overall, the pros of ensuring you securely store your cryptocurrency in a wallet likely outweigh the cons. If you don’t have a wallet, read this article on the top crypto wallets for Australia.
Auto-Buy orders so you can invest slowly
Auto-Buy orders is another term for dollar-cost averaging (DCA). Basically, DCA is the process of automatically buying a pre-determined amount of cryptocurrency regardless of market conditions. For example, you could set up an Auto-Buy order to purchase $100 of Bitcoin on the first day of every month.
This is a perfect investment strategy for beginners for a couple of reasons. Firstly, it removes the trap of novice traders trying to time the market. There is less chance of getting caught up in FOMO trading and buying crypto at sub-optimal times. Secondly, it means market swings are less likely to impact your overall portfolio than a lump sum payment. You would be consistently buying Bitcoin on the way up and down, so your average buy-in price mitigates some of the volatility risks that come with crypto.
We found it a breeze to set up a DCA strategy on Easy Crypto. A great bonus of Auto-Buy orders is you can weigh multiple digital currencies into your automatic investments. So, if you set a monthly payment of $1,000, you could theoretically split this among Bitcoin (20%), Ethereum (70%) and Solana (10%).
100% Funds Safety Guarantee (DYOR)
Easy Crypto stays true to its beginner-friendly roots with its 100% Funds Safety Guarantee. They are one of very few Australian/New Zealand-based exchanges that offer these terms. Basically, Easy Crypto will ensure that any crypto you buy is delivered to your nominated wallet address from the second you place an order. So if funds are lost (which is already very unlikely) during the transaction process, Easy Crypto will fulfill the trade regardless.
It’s worth mentioning that this safety guarantee does not encompass entering the wrong wallet address. Easy Crypto will not take responsibility for user-side errors, such as address typos or not including a memo (if required).
SMSF support for retirees
If you’re a personal finance aficionado, chances are you know about SMSFs. Self-managed super funds allow higher net-worth individuals to have full control over the assets their retirement fund invests in. This means you can put your super into alternative investments such as Bitcoin and Ethereum.
If you don’t already have an SMSF, Easy Crypto has a dedicated customer support team that can assist you with the creation process. Otherwise, setting up an SMSF account on Easy Crypto is pretty straightforward. You just need to submit a ticket with your personal details, and an expert from the SMSF team will guide you through the rest.
Using an SMSF can be a bit riskier than using a reputable superannuation company. There are many requirements to set up an SMSF, and doing so is only recommended for those with experience in finance and investing.
Portfolio tracker to keep an eye on your investment
Easy Crypto doesn’t store your coins on the site but keeps a record of all your trading activity. The platform has a visual portfolio tracker where you can see the performance of your assets in real-time based on live crypto market prices.
We’ve found the portfolio tracker on Easy Crypto to be one of the best out of any Australian crypto platform. It comes with an easy-to-read graph, a pie chart, the performance of individual coins and the ability to add custom trades. In this way, you could theoretically use Easy Crypto as a convenient portfolio tracker instead of (or as well as) a digital currency broker.
Multi-coin orders to save on fees
It’s really easy to buy multiple cryptocurrencies in one order on Easy Crypto. It takes about ten seconds to do so. This is much faster than other exchanges, where you usually have to place separate orders to buy two (or more) digital currencies. In that sense, you can execute multi-coin orders much as you would at an online retailer, by placing multiple products into a “shopping cart”. This is similar to the coin bundles feature on Swyftx and Coinspot, however, you get to choose the specific coins on Easy Crypto which is better.
What Supported Cryptocurrencies Are There?
Easy Crypto supports quite an impressive range of cryptocurrencies for a beginner-focused broker. Admittedly, its list of 150+ digital assets is dwarfed by alternatives such as Binance (600+), CoinSpot (300+) and Swyftx (300+). Still, new investors will not likely need access to the more obscure cryptocurrencies. Easy Crypto hosts the most prominent cryptocurrencies on its platform.
If you’re looking to stick with the major coins, you can buy Ethereum, Bitcoin, Ripple, Dogecoin and Solana in a matter of minutes. So are stablecoins (USDC, Tether, Dai, Binance USD) and DeFi tokens (AVAX, ATOM, ADA, DOT). Even more experienced investors will find Easy Crypto’s range of supported crypto to be more than adequate.
You will almost certainly be satisfied by the number of digital currencies Easy Crypto offers. There were only a few notable absentees from the platform’s supported cryptocurrencies – such as Near Protocol, Wrapped Bitcoin and Monero. These three assets regularly sit inside the top 30 cryptocurrencies for total market cap, so if you want to add them to your portfolio Easy Crypto is probably not for you.
What Are The Fees Like?
Easy Crypto does not charge deposit fees for any AUD funding methods. POLi, OSKO and A2A are all Australian payment gateways that provide near-instant funds settlement. So, depositing AUD this way should have the money hit your Easy Crypto account within seconds.
Easy Crypto also supports bank deposits, which are free too. However, this funding method is not instant and can take 1-3 business days, depending on your bank.
The buy limits for Easy Crypto are variable and depend on your specific account level. You can also request an increase to your account limits which the team will consider on a case-by-case basis.
Easy Crypto has no fees for withdrawing AUD to your Australian bank account.
Because Easy Crypto is a brokerage, you will always have to “withdraw” crypto whenever you make a purchase. There may be network fees for buying crypto and delivering it to your wallet address.
For example, buying Bitcoin does not incur a network fee. On the other hand, buying ETH and having it sent to your wallet will incur a “withdrawal” fee, which will vary based on network congestion and the blockchain used. At current rates, sending ETH to your wallet incurs a $2.96 AUD fee, but the exact value will change very frequently.
Easy Crypto is one of the more transparent platforms regarding trading fees. This buys into their beginner-friendly ethos, as navigating hidden costs can be one of the most confusing elements for newer crypto investors.
Easy Crypto charges a flat 1.35% fee on all cryptocurrency transactions. This rate is comparable to other Australian exchanges like CoinSpot and CoinJar. However, it is almost double the fees when using Swyftx, Digital Surge or Binance. Easy Crypto’s fee rate is competitive enough for most novice investors not to be a major con.
It’s worth noting that, on top of the flat fee and potential network fees, buying on Easy Crypto can also incur a foreign exchange (Forex) fee. This is so Easy Crypto can interact with overseas markets to provide improved liquidity. The Forex fee is 0.15% on all transactions.
Additionally, you will find that the sale price quoted on Easy Crypto tends to be higher than competitors or live market feeds such as CoinMarketCap. This is known as a “spread”, which is the difference between the buy and sale prices of a digital currency. Most exchanges and brokers will charge a spread, although Easy Crypto’s is often much higher than competitors.
A helpful element of using Easy Crypto’s fee structure is how it tells customers the “effective buy rate” of a cryptocurrency. This figure includes all the fees, spreads and network rates to inform buyers exactly how much they pay per unit of cryptocurrency. That way, more experienced investors can compare the effective rate of an asset to its market value on other exchanges and determine the most cost-effective buying method.
How To Get Started with Easy Crypto?
Registering an account with Easy Crypto is very straightforward. Just head over to the website’s homepage and either click “Sign Up” or enter a trade you want to make and select “Buy Now”. To simplify the process, you can create an account using your Google, Facebook or Twitter profiles. This will get your account up and running within seconds. Otherwise, you can use a custom email and password to get started.
Once your account is registered, you’ll need to pass basic KYC protocols to begin buying and selling cryptocurrency. This should only take a few minutes of your time. You will need to provide an image of your Australian passport or driver’s license and a selfie.
Our Experience Trading with Easy Crypto
Easy Crypto is a cryptocurrency broker, not an exchange. Therefore, you can’t trade digital currencies on the platform. Instead, you’re essentially buying and selling them from a retailer. This removes some of the complexities of ordering crypto off an exchange, such as buying at market or limit, setting up advanced orders, or reading an order book. Buying cryptocurrencies on Easy Crypto involves adding your digital currencies of choice to the equivalent of a “shopping cart”, depositing funds and putting in the relevant wallet address.
You enter the amount of AUD or cryptocurrency you want to buy, select “Buy Now” and then follow the process of linking a bank account and a wallet address. That’s all there is to it.
If you’re wondering what it’s like to sell Bitcoin and other cryptocurrencies, it follows the same process, just in reverse. You link the relevant wallet address, input the amount of crypto you wish to sell, and finalise your banking details so Easy Crypto knows where to send the AUD.
It’s worth mentioning that you cannot exchange crypto for other cryptos on Easy Crypto. This function used to exist, however was disabled due to users complaining about its complexity. Therefore, you must complete all trades with fiat currency on one end.
Customer Support Is Responsive
Easy Crypto is one of the easiest crypto platforms to use and has one of the better FAQ/Help Centres we’ve come across. You can easily find the answers to most common questions via the help hub. Beyond the FAQs, Easy Crypto also has several articles detailing, with images, the buying and selling process. They also have walkthroughs on the platform’s security, and how to open and use a third-party wallet.
Unfortunately, the Australian version of the help centre is very underdeveloped compared to New Zealand’s. New Zealand’s help centre has well over 60 articles, whereas Australia’s only has 17. However, this shouldn’t be a huge problem as most of the information provided isn’t region-specific and is transferable.
You can submit a ticket to the Australian customer support team for more specific inquiries. Support hours are between 9 am and 7pm Monday to Friday, and Easy Crypto will usually respond quickly to new tickets during these times.
Our Final Verdict
As a cryptocurrency broker called Easy Crypto, the platform really does live up to its name. In our view, it is the easiest way for Australians to buy and sell cryptocurrencies. It only takes a couple of clicks to add a new digital currency to your wallet and the entire process can be done within a few minutes. The design and buying/selling interface of Easy Crypto is more like online shopping than a complex exchange, which is perfectly suited for a new generation of crypto investors. There are even a few useful features for beginners, such as recurring orders or simple multi-coin purchases.
Of course, being a broker designed for beginners, Easy Crypto falls flat compared to most other crypto exchanges for advanced features. There is no earning hub, multi-token wallet, advanced orders or crypto swaps. Additionally, the fees and spreads will make using the platform a bit more expensive than most other Australian exchanges.
But, if you’re a total blockchain newbie, there aren’t too many simpler and less-intimidation options than Easy Crypto. It is incredibly secure, licensed with all the relevant Australian regulatory bodies and has an impressive list of supported digital assets.
Frequently Asked Questions
Yes, Easy Crypto is registered with the Australian regulatory body AUSTRAC and also has an Australian Financial Services license. Easy Crypto is also one of the safest platforms out there. Because they don’t store any private crypto keys or your assets on their website, it is essentially impervious to hacks.
Yes, if you want to buy or sell crypto on Easy Crypto, you will need to link a third-party wallet address that can store your desired coins. For more advice on choosing and setting up a non-custodial wallet, you can check out our guide here.
No, Australians cannot exchange one digital currency for another on Easy Crypto. This service used to be offered but was disabled due to its complexity. Easy Crypto may open up a similar product in the future that’s a bit more suited to its customer base.
Yes. As Easy Crypto is a broker and not an exchange, they never actually store your funds. Therefore, every transaction you make will be directly withdrawn to your bank account or crypto wallet address.
Ben has a Master’s in Writing, Editing and Publishing from RMIT. He is passionate about crypto and has written about crypto topics for various publications.