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Brighton Peak cryptocurrency exchange – May 2018 review

A thoughtfully designed and simple-to-use bitcoin trading platform for Australians.

Brighton Peak is an Australian-based bitcoin trading platform that has been operating out of Melbourne since late 2015. Brighton Peak is designed to be a streamlined, secure and user-friendly exchange for Australians to trade bitcoin with each other.

It also has a heavy focus on business customers, offering consulting as part of its operations.

So, what are the unique pros and cons of Brighton Peak compared to other platforms? Read on to learn more.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Exchanges like Brighton Peak

What is Brighton Peak?

Brighton Peak is an exchange where users can buy and sell bitcoin with each other. It’s designed to be user-friendly, highly secure and quick to use once you’ve started.

Bitcoin is the only cryptocurrency available for trading, and withdrawals and deposits are done via bitcoin or Australian banks only.

To buy bitcoin you make a bank transfer to your trading account. Once it’s stored there you can use it to buy bitcoin peer-to-peer with Australian dollars, almost instantly. Meanwhile, any bitcoin assets in your account are held in a secure offline wallet that’s provided as part of the platform.

Brighton Peak offers both market orders and limit orders.

  • Market orders are simply buying and selling bitcoin at the current market value, while limit orders let you set up trades that execute at a set market value.
  • If you place a limit order, and the bitcoin market value shifts beyond the specified amounts, then it will automatically turn into a market order.
  • Market orders are executed instantly, while limit orders can be cancelled as long as they haven’t been carried out yet. This means you won’t be able to unintentionally sell below market value, or buy above market value.

In summary, Brighton Peak lets you:

  • Buy or sell bitcoin at the current market value
  • Choose the maximum amount you’re willing to pay for buying bitcoin and then execute trades when the market value is at or below that amount
  • Choose the minimum amount you’re willing to sell bitcoin for, and then execute trades when the market value is at or above that amount.

All of this is done through the website dashboard, along with deposits and withdrawals.

In exchange for providing these features, and a secure place to make trades, Brighton Peak charges fees per trade.

Fees and charges

Your fees are based on your 30 day trading volume in AUD.

Trading Fees30 day AUD Volume
0.50%<$ 10,000
0.45%$ 10,001 to $ 20,000
0.40%$ 20,001 to $ 30,000
0.35%$ 30,001 to $ 40,000
0.30%$ 50,001 to $ 60,000
0.25%$ 60,001 to $ 70,000
0.20%> $ 70,001

In order to get trading, you’ll need to use the Brighton Peak deposit services, and to access your money you’ll need to make withdrawals from your account. These are provided free of charge.

Deposit fees
BitcoinFree
Australian Bank TransferFree
International Wire TransferNot Available

Withdrawal fees

BitcoinFree
Australian Bank TransferFree
International Wire TransferNot Available

How fast will my funds be available?

Brighton Peak only lets you deposit and withdraw Australian dollars and bitcoin. Transfer times will depend on the currency.

Bitcoin transfers are typically quicker but may vary depending on network traffic, while Australian dollar transfers will need to go through the banks which typically takes 1-2 business days.

Transaction TypeTime
Bank transfer or cash deposit1-2 business days
Deposit via bitcoinApprox 1 hour (depending on network traffic)
Bank transfer or cash withdrawal1-2 business days (plus 24 hours to process request)
Withdrawal via bitcoinUsually under 1 hour (but may take longer)

Is Brighton Peak safe to use?

Brighton Peak offers a number of security features for trades and user accounts:

  • Trades are conducted through US-based third party provider AlphaPoint, which provides a level of security similar to what you’ll find when trading through a bank or other reputable exchange. Just as importantly, AlphaPoint connects Brighton Peak to other exchanges around the world in order to ensure liquidity.
  • Only a small portion of the bitcoin being held by Brighton Peak is kept in a “hot” (Internet connected) wallet at any given time, with the majority being held in a “cold” (offline) wallet. The cold wallet is insured.
  • Traders are also required to verify their accounts before they can start trading, in line with Australian law.
  • Two-factor authentication (2FA) is also available to offer users more security on their end. This involves using the Google Authenticator app to generate a unique number on your phone, which needs to be provided when logging in.This prevents someone from remotely hacking into your account or cracking your password. If people want to get into your account they’ll also need your phone. Brighton Peak recommends that all its users opt into 2FA, although it’s not compulsory.

Customer support

You can reach Brighton Peak’s customer service team by email or on Skype.

How do I create a Brighton Peak account?

To register with Brighton Peak you can simply create an account with your chosen email address and password. This lets you access the platform. To start trading you’ll need to verify your account by providing proof of identity and some personal information. You can email it to the dedicated address verification@brightonpeak.com or submit your documents via the Verification page

brighton peak

Pros and cons

Pros

  • User friendly
  • Strong security
  • Efficient and straightforward dashboard design

Cons

  • Bitcoin-only trading may frustrate traders looking to trade other cryptocurrencies
  • The sleek design might offer less information than new users want
  • May not be suitable for anyone wanting to trade outside of Australia
  • Transferring money and verifying details can take a few days so you won’t be able to start trading immediately

Frequently asked questions

Image source: Brighton Peak

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