myCryptoWallet Review
- Simple and easy to use trading platform
- Safe and secure crypto exchange
- Supports AUD fiat currency
- Excellent customer support
- High trading fees
- Limited number of cryptocurrency assets
- Lacking advanced features for experienced traders
MyCryptoWallet is both a cryptocurrency wallet and peer to peer (P2P) marketplace for the buying and selling of the most popular cryptocurrency assets. MyCryptoWallet caters to users from Australian and New Zealand as the company is based out of Australia with their headquarters located at PO BOX 2250, VIC, 3429 Australia. MyCryptoWallet has focused heavily on the Australian and New Zealand markets by creating the safest and most secured blockchain commerce solution and is a licensed member of the Australian Digital Commerce Association (ADCA). The exchange strives to differentiate themselves from the myriad of other cryptocurrency exchanges by providing the simplest, most professional, and secure cryptocurrency storage and trading solutions. Thus far, MyCryptoWallet appears to be fulfilling these goals and has seen tremendous growth since their inception. However, while MyCryptoWallet is proving themselves to be a viable cryptocurrency exchange, are they the right exchange for you? Find out in the following review where we analyze all aspects of this lucrative crypto exchange and see what MyCryptoWallet has to offer and whether or not they can be trusted.
Trading Platform
Much like other cryptocurrency exchanges, MyCryptoWallet features their very own proprietary web-based trading platform. The platform is accessible from anywhere, from any device, including desktop computers and mobile smart phones and tablets via the web browser. The user interface is intuitively designed and very easy to understand and follow. The exchange is clearly designed to accommodate the needs of mainstream investors and traders who are looking to get into cryptocurrency. Experienced or professional traders may not find MyCryptoWallet suitable for their needs as the platform does not feature advanced charting capabilities and analysis techniques. Traders simply select which crypto asset they would like to buy or sell, enter in how much to buy or sell and click place order. The order will then be placed at the current market price. Traders can not place advanced orders such as limit orders, stop losses, take profits, etc. Therefore, the platform is best for investing in crypto for the mid to long term, rather than day trading.
Exchange Markets
The MyCryptoWallet marketplace features the ability to buy and sell the most popular cryptocurrency assets including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Power Ledger (POWR), and Ripple (XRP). These cryptocurrencies can be bought and sold with either the Australian Dollar (AUD) or Bitcoin (BTC). Therefore, all of the trading pairs are either paired with BTC or AUD. The markets offered by MyCryptoWallet are small compared with many other large cryptocurrency exchanges, but exchanges who support fiat currency for trading these assets often only support a limited selection of cryptocurrencies. Therefore, MyCryptoWallet can be compared with an exchange like Coinbase as they offer similar levels of service and the same cryptocurrencies with the addition of Ripple (XRP).
Fees and Commission
MyCryptoWallet has a dynamic fee structure that basis their trading fees on the traders 30 day trading volume. The fees are the same for makers or takers and are very low compared with the industry standards, see them below.
- 0.7% Maker/Taker fee per trade with a 30 day trading volume of $5000
- 0.6% Maker/Taker fee per trade with a 30 day trading volume of $5001 – $25,000
- 0.5% Maker/Taker fee per trade with a 30 day trading volume of $25,001 – $50,000
- 0.4% Maker/Taker fee per trade with a 30 day trading volume of $50,001 – $100,000
- 0.3% Maker/Taker fee per trade with a 30 day trading volume 100,000+
Other fees traders can incur is the swap between any two cryptocurrencies, where a 3.2% fee is charged for simply swapping one crypto asset for another. We would strongly advise traders to not do this as the fee for doing so is quite high.
MyCryptoWallet users also incur a fee 2.8% Buy/Exchange fee which in return makes the overall trading fees quite high. As for deposits and withdrawals, they are free for both fiat currency and cryptocurrency deposits and withdrawals.
Security and Fairness
Though MyCryptoWallet is not a regulated cryptocurrency exchange, they are still a very safe and secure cryptocurrency exchange. MyCryptoWallet ensures all of their user’s funds 100% by storing them offline in secured cold storage wallets. Also, client accounts are secured with two factor authentication so that only they have access to their accounts. The MyCryptoWallet exchange also utilizes advanced SSL protocols for all transmitted information so that user information and funds are safe from malware and hacking attempts. Also, MyCryptoWallet is an Australian owned and operated company who is 100% certified and is also a member of the Australian Digital Commerce Association (ADCA).
Support
The customer support provided by MyCryptoWallet is exceptionally good. Support representatives can be reached 24 hours a day, 7 days a week via email or their support ticket system. Traders also have access to the websites extensive support center where they can find numerous helpful articles and FAQs on a variety of topics. Additionally, users can reach out to support via the MyCryptoWallet social media channels including Facebook and Twitter.
Conclusion
MyCryptoWallet is an exceptional cryptocurrency exchange for new people looking to acquire cryptocurrency and for beginner cryptocurrency traders. The exchange is based out of Australia and supports Australian Dollars (AUD) for buying and selling crypto. The exchange interface is very simple and easy to use but lacks advanced features for more experienced cryptocurrency traders. MyCryptoWallet is a fairly new cryptocurrency exchange but has thus far proven to be very safe and secure and provides professional level services. All in all, MyCryptoWallet is an excellent option for Australian traders looking for an easy to use and trusted cryptocurrency exchange.
MyCryptoWallet Q&A
The following are the common questions that customers inquired about MyCryptoWallet.
Is MyCryptoWallet regulated?
No, it is not regulated.
Is MyCryptoWallet a scam?
No, MyCryptoWallet is a legit exhcange and is a certified Australian company.
Where is MyCryptoWallet based?
MyCryptoWallet is based at PO BOX 2250, VIC, 3429 Australia.
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