Cryptocurrency users in Australia and New Zealand now have a new wallet and exchange to transact and trade on cryptocurrency and blockchain assets, as the company myCryptoWallet has officially launched today. Users now have the ability to register an account at mycryptowallet.com.au/register.
myCryptoWallet, based out of Melbourne provides instant buying, selling and trading of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). The company is the only Aussie-based platform which offers to buy, sell and trade in all of the above assets.
The live marketplace allows verified users to place trades against one another. Users are able to transfer funds for free using AUD and NZD to the company’s four available cryptocurrencies. The myCryptoWallet platform also allows for swapping between all blockchain assets listed.
The coming launch of myCryptoWallet was first announced here back in July. The service features web and smartphone access to an online wallet, with wallet storage 100% insured by the company in an off-server cold wallet.
I use mycryptowallet and these are my views.
Pros
1. fast verification
2. 2-factor verification
3. No charge on deposit
4. deposit clear between 2 to 5 days except on weekends and public holidays
5. they respond to email within 72 hours
Cons
1. Live Currency trading update is the slowest I have ever seen (the delay is excruciating)
2. Excessive fees to buy, sell or exchange coins compared with many others exchanges
3. Not easy to withdraw Fiat or Cryptos (It almost seems like they don’t want you to take your money out)
4. Hidden restriction and rules whenever you want to make withdrawal
5. Hidden limits on withdrawal
6. Unbelievably huge hidden charges on all transactions, the 2.8% charge is a mere deception, the final charge is easily 18% in the end
7. More than 10% inflation of market value when you buy coins from them and more than 10% devaluation of coin when you sell plus their usual 2.8%
Conclusion
If you are a newcomer to the market, you love fast verification, you live in Australia or NZ and you want to experiment with the crypto world with a small cash investment, then this is for you. However, if you plan to invest a lot of money into the crypto exchange without losing most of your capital and gains on dodgy hidden charges then, run as fast as your legs can carry you, far far away from them.
Here’s my review.
-Fees are too high.
-Lack of coins compared to competitors
-Took 2 days for my “selfie” to be approved to be able to withdraw my funds
-An extra 6 business days to get my funds into my bank account and still had to follow up why I haven’t received my funds after 1 week, “they missed my withdrawal” .
They take up to 2-3 days to answer simple questions or resolve any issues.
They don’t seem to offer any customer service on Saturday or un Sundays until late arvo.
Stay away there are better and more professional exchanges.