myCryptoWallet exchange review

Exchange 5 leading cryptocurrencies with the peace of mind that comes with 24/7 customer support.

myCryptoWallet is an Australian cryptocurrency exchange where you can buy and sell bitcoin, Ether and three other cryptocurrencies. Launched in November 2017, the platform offers free Australian dollar (AUD) deposits and withdrawals, instant exchange services and 24/7 customer support.

But is it the right exchange for your trading needs? To help you decide, we’ve gathered together this information about myCryptoWallet’s features, fees, limits and more.

Product Name MyCryptoWallet Cryptocurrency Exchange
Fiat Currencies AUD, NZD
Cryptocurrencies BTC, ETH, LTC, XRP, POWR
Deposit Methods Bank transfer
Cryptocurrency
Trading Fee Maker: 0.3-0.7%
Taker: 0.3-0.7%
Deposit Fees POLi: $3.25
EFT: 2.8%
Withdrawal Fees None

Pros

  • Offers fiat-to-crypto and crypto-to-crypto trading
  • 24/7 customer support
  • Australian owned and based in Melbourne
  • Free deposits and withdrawals in AUD and NZD
  • Instant exchanges and marketplace trading available
  • Quick and easy signup process
  • Supports 2-factor authentication and wallets are insured

Cons

  • It’s a hosted wallet so you don’t get to control your private keys
  • Only offers a limited range of digital currencies
  • Fees are higher than on some other platforms
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.

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:

  • Bank account transfer
  • POLi Payments
  • Cryptocurrency deposit

How much will it cost me to use myCryptoWallet?

Deposits and withdrawals

  • No fees on AUD and NZD transfers for deposits and withdrawals
  • POLi Payments transactions attract a $3.25 fee

Buy/sell exchanges

  • 2.8% fee applies

Marketplace trades

30-day balanceMaker/taker fee
Less than $5,0000.7%
$5,001 to $25,0000.6%
$25,001 to $50,0000.5%
$50,001 to $100,0000.4%
$100,000+0.3%

CryptoSwap

  • Swap between bitcoin, Ether, Litecoin, Ripple in any combination: 3.2% fee applies

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.

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

Pros

  • Offers fiat-to-crypto and crypto-to-crypto trading
  • 24/7 customer support
  • Australian owned and based in Melbourne
  • Free deposits and withdrawals in AUD and NZD
  • Instant exchanges and marketplace trading available
  • Quick and easy signup process
  • Supports 2-factor authentication and wallets are insured

Cons

  • It’s a hosted wallet so you don’t get to control your private keys
  • Only offers a limited range of digital currencies
  • Fees are higher than on some other platforms

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

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

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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