Webull launches crypto in Australia – how it stacks up
Webull has among the lowest crypto trade fees on the market, but there's a catch.
Share trading platform Webull has officially launched crypto trading in Australia, with 240 digital assets available to local investors.
The popular trading app announced Wednesday it had rolled out crypto trading in Australia under Webull Pay through a partnership with crypto exchange Coinbase, one day after launching the feature in the US.
It joins other share investment platforms like eToro, CMC Invest and Raiz, which have also launched crypto trading account options.
What it costs
Webull's model is simple (at first glance) -- it charges a flat 0.30% spread on crypto trades (30 basis points). That means the cost is baked into the buy and sell price, with no extra trading fee tagged on.
AUD deposits and withdrawals are free, unless funds are returned, in which case there’s a $5 fee.
| Platform | Trade fees | Available cryptocurrencies |
|---|---|---|
| Webull | 0.30% spread + 0.50% FX fee | 240 |
| Coinbase | 0.00% - 0.60% maker/taker fee | 314 |
| Binance | 0.01–0.10% maker/taker fee (No AUD deposits) | 403 |
| Swyftx | 0.60% spread | 450 |
| CoinSpot | 1% spread | 536 |
| eToro | 1% spread + 1% FX fee | 130 |
| Kraken | 0.2% - 0.4% maker/taker fee | 456 |
| CMC Invest | 0.9% spread + 0.70% FX fee | 8 |
For everyday investors, that’s pretty competitive.
It’s cheaper than Swyftx’s standard 0.60% and CoinSpot’s 1% instant buy/sell fees, though still higher than the rock-bottom rates on Binance Australia.
But like other low-cost crypto platforms, there's a catch.
As with Binance, CMC Invest and eToro, you can't buy crypto using Australian Dollars.
In the case of Webull, this means you'll need to convert your AUD into USD (FX fee = 0.50%) via your Webull share trading account, before transferring over to your Webull Pay wallet.
With the added FX fee, Webull becomes a bit less competitive next to other crypto exchanges on the market.
You can check out fees for other platforms on our best exchanges guide.
Our take
Webull’s entry into the Australian crypto scene is good news for investors.
While crypto traders that are already on exchanges are unlikely to be tempted, it may well appeal to share investors looking to expand into crypto.
And though its fee structure isn't the lowest among exchanges, it certainly remains competitive compared to share investment platforms offering crypto.
Sources
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