Selling cryptocurrency can add to your tax obligations. Crypto Lending provides crypto holders with the…
Easy Crypto Reviewed
Easy Crypto is a simple, easy to understand cryptocurrency retailer that facilitates instant AUD to crypto purchases. Here’s what you need to know about Easy Crypto in 2021.
In this article we review the cryptocurrency retailer Easy Crypto. Australian cryptocurrency traders and investors are now able to buy or sell crypto from a growing pool of AUSTRAC-licensed cryptocurrency exchanges designed specifically for the Australian crypto market.
What is Easy Crypto?
Launched in January 2018, Easy Crypto is an online cryptocurrency retailer founded by Janine Grainger and Alan Grainger. The Easy Crypto platform is designed to make cryptocurrency more accessible to investors, streamlining the process of buying and selling cryptocurrency.
The high popularity of Easy Crypto in the New Zealand crypto market allowed Easy Crypto to launch an Australian version of the platform that integrates with Australian banking systems. Importantly, Easy Crypto is a registered Australian Digital Currency Exchange and is licensed under AUSTRAC, making it regulatory compliant.
The core focus of Easy Crypto is to simplify the process of buying or selling cryptocurrency. While the platform lacks some of the more robust trading and exchange features offered by Australian cryptocurrency exchanges such as SwyftX, it offers a streamlined, easy to understand interface and low fees.
A major advantage of Easy Crypto is the speed at which the platform makes funds available. Crypto purchases made through Easy Crypto are available nearly instantly, while fiat currency transfers are executed instantly via POLi or nearly immediately via bank transfer.
An important point of difference between Easy Crypto and other exchanges is that Easy Crypto is non-custodial. This means that Easy Crypto doesn’t hold cryptocurrency for users — you won’t find a hot wallet on the Easy Crypto platform. Easy Crypto functions as a simple platform that allows users to buy or sell cryptocurrency without difficulty.
Easy Crypto Trading Features & Functionality
Easy Crypto is a straightforward cryptocurrency brokerage platform. Rather than provide users with complicated cryptocurrency wallet management dashboards, Easy Crypto delivers a streamlined interface that allows users to buy or sell cryptocurrency instantly.
A simple quick buy/sell allows users to instantly buy or sell crypto through a simple pop-up window. More complex purchases can be made via a multi-coin purchase function that allows users to select a variety of different cryptocurrencies and purchase a spectrum of different coins in one transaction.
The auto-buy functionality offered by Easy Crypto allows users to set up a simple template that automatically purchases cryptocurrencies at specific ratios. Setting up Easy Crypto auto buy allows users to schedule regular purchases of a single cryptocurrency or a spread of different cryptos in simple programmable orders.
In addition to providing fiat to crypto functionality, cryptocurrencies exchange Easy Crypto provides a simplified swap feature that allows users to instantly exchange any cryptocurrency supported by the platform.
While the Easy Crypto platform is non-custodial, it does offer a portfolio tracker that keeps track of net worth, overall statistics such as total return, net investment, weekly change, and the current market value of a user’s crypto portfolio.
Security & Reliability
The non-custodial nature of Easy Crypto means it’s highly secure — there’s no risk of exchange hacks while using the Easy Crypto platform, as Easy Crypto doesn’t actually store any user crypto. In order to use Easy Crypto, however, users must manage their own wallet.
Crypto purchases made via cryptocurrencies exchange Easy Crypto are sent directly to a wallet address provided by the user. This makes Easy Crypto ideal for cryptocurrency investors that use dedicated hardware wallets such as Ledger or Trezor wallets. For more information on secure cryptocurrency hardware wallets, see the Fullstack Guide on the Best Crypto Hardware Wallet: Ledger or Trezor?
The highly regulatory compliant nature of Easy Crypto means it’s necessary to provide government-issued ID through a Know Your Customer (KYC) and Anti-Money Laundering (AML) process that verifies the identity of users.
Easy Crypto Supported Cryptocurrencies
Easy Crypto supports an impressive range of major cryptocurrencies and altcoins, facilitating the instant exchange of all supported coins as well as instant fiat currency purchases. The Easy Crypto platform supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Binance Coin, in addition to stablecoins such as BUSD, USDT, and USDC.
In addition to major cryptos, Easy Crypto also lists popular altcoins such as Uniswap, NEO, Dogecoin, CRO, AAVE, Augur, and Basic Attention Token. While the platform is slow to list extremely new cryptocurrencies, the total coins listed exceeds 100 different cryptocurrencies.
Easy Crypto Fees
Easy Crypto maintains a straightforward 1 percent fee on all trades. While the spreads offered by Easy Crypto are not as competitive as those offered by professional exchanges, Easy Crypto fees are clearly outlined when making an order and are inclusive of trading fees, network fees, and withdrawal fees, which simplifies the process of buying crypto.
Easy Crypto Payment Methods
Easy Crypto offers just two payment methods — bank transfer, and POLi payments. It’s not possible to buy cryptocurrency with credit or debit cards with Easy Crypto.
Buying or selling cryptocurrency via bank transfers with Easy Crypto is relatively fast, but can sometimes be delayed due to interbank transfer processing times. The POLi buy/sell functionality offered by Easy Crypto, however, allows users to instantly buy or sell any of the cryptocurrencies listed on the platform.
Easy Crypto is a highly reliable exchange but doesn’t offer phone support — customer support is handled via an email ticketing system. The email ticketing customer support provided by Easy Crypto typically provides responses within the same business day.
Easy Crypto is a simple, straightforward non-custodial cryptocurrency exchange that allows users to instantly buy or sell cryptocurrency.
While the platform doesn’t offer the most competitive rates in the industry, the ease with which Easy Crypto allows users to buy or sell any of the 109 cryptocurrencies it supports without custodial risk makes it ideal for crypto investors seeking a fast, streamlined method of exchanging fiat currency for cryptocurrency or visa versa.
Even if using a tool like Easy Crypto, buying or selling cryptocurrency can often create complicated tax outcomes. If you’re currently trading in cryptocurrency and are unsure of your tax obligations or are interested in creating an efficient cryptocurrency tax strategy, reach out to your crypto tax accountant at Fullstack.