Digital currencies are increasingly becoming popular and sought after as an alternative means to traditional banking assets with the emergence of cryptocurrency trading platforms and DeFi products to earn interest on crypto. Australian citizens are able to participate in this global trend to buy Bitcoin in Australia.
A new and upcoming Australian cryptocurrency exchange is Mine Digital.
While we aim to provide you with the most accurate information in this Mine Digital review, we suggest that you visit their website to keep updated with any changes that may occur afterward.
What Is Mine Digital?
Mine Digital is an Australian cryptocurrency exchange and brokerage firm that provides an on-ramp for users to buy and sell digital assets with fiat currency. Users are able to buy, trade and sell Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash against AUD, USD and USDT.
The digital platform is the only crypto exchange in Australia that provides complimentary insurance against theft, destruction, loss or damages. Mine Digital aims to be one of the top exchanges in Australia and the wider APAC region and is developing a variety of derivative markets for both retail and professional investors.
Mine Digital Compared
Compared to other exchanges in Australia that allow users to buy Bitcoin, Mine Digital offers very competitive trading fees to buy, trade and sell the popular digital assets such as Bitcoin, Ethereum and XRP.
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Features & Benefits
Mine Digital is a new cryptocurrency exchange in Australia that offers fixed low-cost transaction fees to entice local traders and investors that are looking to maximize their return on investment. Other notable features and benefits of Mine Digital include:
- Low fees and tight spreads in Australia between 0.1% and 0.2% (max)
- Offers insurance to protect against theft, destruction, loss or damages
- One of Australia's largest OTC desk by volume
- Offers AUD, USD and Tether pairs against Bitcoin, Ethereum, Litecoin, XRP and Bitcoin Cash
- Access to global liquidity to process large buy or sell orders with minimal slippage
- High-performance trading platform which is easy to use and navigate
- Mobile trading app available to buy, trade and sell crypto 24/7
Is Mine Digital Safe?
Mine Digital Exchange appears to be a secure platform that includes site security and information protocols to ensure customers' information is safe. Since the company's inception in 2014, there have been no reported security breaches or hacks.
Security measures stated on the website to protect user's funds stored in a Mine Digital wallet include Two-Factor Authentication, cold wallet storage, secure physical vault storage and compliance with KYC and AML/CTF standards.
Is Mine Digital Legit?
Mine Digital Exchange appears to be a legit cryptocurrency exchange that is a Corporate Authorised Representative of Everforex Financial Pty Ltd. The exchange complies with Know Your Client (KYC) and Anti Money Laundering (AML) laws. Users that create an account with Mine Digital must fulfill verification requirements and submit documentation to prove identity before depositing fiat currency.
Creating An Account With Mine Digital
To create an account with Digital Mine, new users will need to complete a registration process that takes a few minutes. The exchange will prompt for a username and email address. Once the email addressed has been verified, users can login to the exchange and view the dashboard as pictured below. Here, users can view their allocation of cryptocurrency assets, view recent history, deposit funds and navigate to the exchange.
Before users can deposit funds in Mine Digital Exchange, an identity verification process must be completed to begin trading with fiat currency deposits. This process is mandatory and applies to the majority of fiat-to-cryptocurrency exchanges in the world.
Once ID checks have been completed, traders can deposit fiat currency into the platform using a bank transfer. There are zero fees to deposit fiat currency. Alternatively, users can fund the Mine Digital wallet using cryptocurrency which does not incur any deposit fees.
BUY BITCOIN With australia's favourite crypto exchange
Mine Digital is a place to trade digital assets such as Bitcoin and Ethereum. To start trading, users must create an account and confirm their identity per KYC requirements. Once verified, funds can be deposited into the account with either fiat currency or cryptocurrency.
Users with a funded account can set orders and place trades on the exchange as pictured below. The user interface is sleek, well laid out and suited to beginners or professional traders.
The trading pairs are organised on the left with the entry order box below. Mine Digital offers three types of orders including limit, market and Fill-And-Kill (FAK). Compared to platforms such as the popular cryptocurrency margin trading exchanges, there are limited conditional orders to manage trade risk such as stop orders and One-Cancel-the-Other (OCO) which are essential in our opinion.
The market depth chart on the right is shown for advanced traders that understand how to read the list of bids and offers that sit on the exchange. The volume shown in the order books are a little thin which is to be expected for a new cryptocurrency exchange.
Charting & Trading Cryptocurrency
The charting experience and tools are important considerations when it comes to trading cryptocurrencies. Taking a closer look at the Mine Digital charting interface, there are options to display the market data using area charts or candlestick patterns. However, we did note the chart time internal is limited to minutes, hours and Daily charts. This isn't ideal for swing and position traders that rely on longer-term charting to identify price trends and patterns.
Not all cryptocurrency exchanges in Australia are the same.
COMPARE MINE DIGITAL WITH OTHERS
The user interface does not include any indicators such as moving averages, stochastics or volume. Experienced technical traders will find it difficult to analyse the price action without these tools, which are considered a basic feature on other trading platforms. Overall, the charting platform and tools on Mine Digital is very basic and suited for beginner only. Considering the exchange is still fairly new, we anticipate further developments and updates to be released to bring advanced cryptocurrency charting software and tools for its users.
Trading fees are an important consideration when looking for a new exchange to buy and sell cryptocurrency. Just as important are spreads and slippage costs. Mine Digital is aiming to attract a share of new Australian investors with very low trading fees between 0.1% and 0.2% across buy and sell orders. The fee is inclusive of GST for Australian investors.
The trading fee is based on a maker and taker structure as follows.
- If you are making a price (use a limit order), the trading fee is 0.1%.
- If you are taking a price (use a market order), the trading fee is 0.2%.
Traders on Mine Digital Exchange can buy and sell 5 different digital currencies that include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) & Bitcoin Cash (BCH). There are in total 15 pairs as each asset can be traded against the Australian Dollar, US Dollar and Tether (USDT).
Compared to other popular cryptocurrency trading platforms, the number of trading pairs on Mine Digital Exchange is limited. Traders looking to speculate on other altcoins or exotic tokens will need to find an alternative exchange.
Mine Digital Insurance
Mine Digital offers custody and insurance solutions to investors and traders that use the cryptocurrency exchange. It works like an insurance policy to protect user's funds against theft, destruction, loss, or damages. The website does not state any information on the amount covered apart from being complementary to its users. Mine Digital is reportedly the only crypto exchange in Australia that offer this unique feature to its customers.
Customer Support & Reviews
Being a new digital currency exchange, there are few Mine Digital Exchange reviews online. The exchange has a Facebook page with several positive reviews. Once the platform increases its user base, we expect to see more honest customer reviews about the user experience on the platform and will update this article.
Frequently Asked Questions
High-net worth individuals are able to trade large volumes through Mine Digital's OTC service. For more information, visit the website or contact Mine Digital support email address on how to transact large cryptocurrency transactions.
The website states new users are able to create a demo account to practise cryptocurrency trading using or become familiar with the charting interface and overall trading experience. We could not find the option to trade with virtual funds, so users will need to enquire with Digital Mine on this.
Mine Digital Exchange does not have a referral or affiliate program to reward existing customers for bringing in family or friends to the platform. Loyalty programs allow users to earn additional income by promoting the exchange. In return, the exchange will pay out a percentage of the referred users trading fees as a bonus.
Mine Digital Exchange does not offer a high-interest savings account or crypto-backed loans to allow its users to earn interest on cryptocurrency assets. This is an increasingly popular services being provided by the top crypto exchanges in the world.
Mine Digital cryptocurrency exchange allows investors in New Zealand to buy, trade and sell Bitcoin against fiat and altcoin pairs. There is currently no option for residents in NZ to deposit NZD directly to the platform.
Exchanges Like Mine Digital
The following alternatives to Mine Digital are reputable, safe and trustworthy cryptocurrency exchanges to purchase Bitcoin in Australia - and other major altcoins such as Ethereum, XRP and Litecoin.
Swyftx is a state-of-the-art platform that allows you to purchase cryptocurrencies in an quick and easy manner. The registration process is incredibly simple with rapid sign-up and verification that takes less than two minutes.
Independent Reserve is a popular exchange among cryptocurrency traders around the world that offers trading competitive fees and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar.
CoinSpot exchange is a well respected in the local Bitcoin community and is focused on helping newcomers to buy Bitcoin and cryptocurrency in Australia with Australian Dollars.
To conclude our review on Mine Digital, the exchange allows users in Australia to buy and sell cryptocurrency instantly with a bank transfer. Being a new exchange, Mine Digital Exchange is offering unique features in the market such as custody, insurance and low trading fees to entice existing customers from other Australian exchanges.
We are very excited to see what the team behind Mine Digital will bring in the years ahead and whether it can become one of the best cryptocurrency exchanges in Australia.
In summary, you should using Mine Digital Exchange if:
- You like an Australian cryptocurrency exchange that offers custody and insurance
- You like an exchange with trading fees between 0.1% and 0.2% inclusive of GST
- You want an exchange that provides AUD, USD and Tether pairs
- You are looking for a regulated cryptocurrency exchange in Australia
- You want a safe and secure exchange to deposit AUD using bank transfer
With its super low trading fees, fast registration and complementary insurance, we expect great things from Mine Digital in the near future. In the short term, we would like to see a few minor improvements to the charting interface and risk management tools added.
Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees (with no hidden charges) with a wide variety of deposit methods that will suit all types of investors in Australia.
- Fast account registration
- Low trading fees and tight spreads
- Offers complementary insurance
- Trade crypto against AUD, USD and USDT
- OTC desk for high volume trading
- Few options to deposit fiat currency
- Lack of charting tools and features
- Limited number of cryptocurrency assets