myCryptoWallet exchange review

What is myCryptoWallet?

Based in Melbourne, myCryptoWallet is a digital currency service and marketplace that offers fiat-to-crypto and crypto-to-crypto trading. Platform users can instantly buy and sell five popular cryptocurrencies, or trade coins and tokens on a live peer-to-peer digital marketplace.

A member of the Australian Digital Commerce Association (ADCA), myCryptoWallet doesn’t charge any fees on withdrawals made in AUD or New Zealand dollars (NZD) and also assures customers that all wallet storage is completely insured.

Which cryptocurrencies can I buy/sell?

myCryptoWallet allows you to buy and sell the following digital currencies using AUD and NZD:

• Bitcoin (BTC)
• Ether (ETH)
• Litecoin (LTC)
• Ripple (XRP)
• Power Ledger (POWR)

Crypto-to-crypto trading is also available if you pair up Bitcoin, Litecoin, Ripple or Ether.

Available countries

myCryptoWallet is available to users from Australia, New Zealand and a wide range of other countries around the world. To find out whether you can register for an account in your country of residence, check the drop-down countries menu in the account registration form.

Which payment methods are accepted?

You can deposit funds into your account using the following methods:

• POLi Payments
• Cryptocurrency deposit

How much will it cost me to use myCryptoWallet?

MyCryptoWallet describes itself as Australia's first zero fee cryptocurrency exchange.

Zero fee deposits and withdrawals

• No fees on AUD and NZD transfers for deposits and withdrawals

Zero fee buying/selling

• Zero trading fees

Zero fee CryptoSwaps

• Swap between bitcoin, Ether, Litecoin, Ripple in any combination with zero fees

How fast will my funds be available?

When you first deposit fiat currency into your account, you’ll need to allow up to four business days for those funds to clear. Subsequent deposits should become available in your myCryptoWallet account within one business day. Your first fiat withdrawal could also take up to four business days to process, but the timeframe for subsequent withdrawals once again drops down to one business day.

Crypto transfer times vary on the currency being sent and the network confirmations required for a transaction to be approved.

MyCryptoCard

MyCryptoWallet also extends its zero fee offering to MyCryptoCard, which lets users spend in cryptocurrency at 1 million point of sales terminals and 30,000 ATMs in Australia.

Are there any transfer limits?

There are no fiat deposit limits, but if you’re depositing cryptocurrency into your account, the following minimum limits apply:

• Bitcoin: 0.005 BTC
• Litecoin: 0.5 LTC
• Ether: 0.05 ETH
• Ripple: 30 XRP
• Power Ledger: 50 POWR

Transaction limits also apply, with a minimum purchase of $50 and a maximum cap of $1,000 per day. However, you can apply to increase your daily purchase limit if you wish.

Finally, no limits apply to withdrawals from myCryptoWallet.

Is it safe to use myCryptoWallet?

When you create an account with myCryptoWallet, you’re asked to provide:

• Your name
• Your email address
• Your nationality
• Your password

You’re also prompted to setup 2-factor authentication on your account, and before you can start trading you’ll need to provide:

• Your phone number
• Your date of birth
• Your address

Further verification is required to make a fiat withdrawal from your account. You’ll need to add a bank account and submit a selfie (as outlined in the “transfer limits” section above) to reach this level.

In terms of the security of the platform itself, myCryptoWallet states that it complies with international laws to address anti-money laundering/counter-terrorism funding (AML/CTF) and Know Your Customer (KYC) legislation. The website also states that all wallet storage is insured.

Customer support

If you need help with your account or have a problem with a transaction, you can submit a ticket through the online support centre. The customer assistance team is available 24 hours a day, 7 days a week, and there’s also a handy online knowledge base with answers to a range of frequently asked questions.

Pros and cons

Next steps

If you’ve compared a variety of exchanges and decided that you’d like to register with myCryptoWallet, click on the “Go to site” link on this page to be securely redirected to the account signup page. You can create an account and password by providing your full name, email address and country of residence.

Don’t forget to also activate 2-factor authentication to provide a higher level of security for your funds.

Frequently asked questions

• Will myCryptoWallet be adding support for more coins in future?

  Yes. The company recommends following its social media channels (Facebook and Twitter) to keep up-to-date with announcements of support any new coins or tokens.

• Can I deposit funds into my account via BPAY?

  No, myCryptoWallet does not support BPAY deposits.

• How can I increase my maximum daily purchase limit?

  If you want to increase your daily purchase limit, you can do so by creating a support ticket and submitting a photo of yourself holding your Australian-issued ID and a piece of paper that includes your signature, the current date, the word “myCryptoWallet” and your desired daily purchase limit. Your limit will be updated once the support team verifies your identity.

Disclosure: At time of writing the author holds IOTA and XLM.