Australians have been reportedly paying more crypto trading fees, according to an independent comparison platform, Finder.
The data estimates that crypto users in Australia have so far spent collectively $50.9 million in crypto trading fees alone.
The estimation is based on a survey in July last year that found the average investor had funneled in $2078. This comes, when considering the standard fee for buying Bitcoin is 0.6% of the purchase cost, if the spending price is less than $10,000.
Australians Become Crypto Crazy
Additionally, a 2022 survey of 1000 people found 23% of respondents (nearly 1 in 4 Australians) now owned cryptocurrencies like Bitcoin or Ethereum. This is an 18% increase from September 2021 evaluation.
“The research also shows 1 in 6 – equivalent to 3.5 million Aussies – are planning to invest in cryptocurrency this year,” the report said.
This means that companies are profiting – directly from trading fees – as people try to chase the hottest cryptocurrency to the moon, and hope it doesn’t land with a thud.
Investors Want “A Piece of Action”
Cumbersome and hard to nail down cryptocurrency-trading fees are driving investors wild.
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See all Bitcoin forecastsThe spot trading fees are “exorbitant” in Australia for all major exchanges, according to Joe Reiben, CEO of the Seychelles-based Mandala Exchange.
“A lot of them are charging around 1% [on both buy and sell sides]… so I think typical Australian traders, big and small, are really getting screwed on the fees,” Reiben told an Australian daily.
Whereas, minus trading fees, would lower the barrier to entry for those curious about crypto investing, Graham Cooke, head of consumer research at Finder, said.
“Investors of all ages want a piece of the action,” he said. “Crypto enthusiasts are typically very savvy and see fees as a waste of money.”
For instance, an investor who had paid a $60 fee in 2016 for Bitcoin, the fee alone would be worth around $5,857, if invested, given the skyrocketing price of the crypto.
One of the biggest complaints I hear from retail traders is 'high fees' charged by crypto platforms. Exchanges should experiment with a subscription model and consider wiping out the trading fee altogether. #cryptocurrency #Ideas #entrepreneur #trading #stocks
— ZONEAdis (@adikmishra) May 13, 2020
