Webull has launched its crypto trading service in Australia, offering users access to 240 digital assets through a partnership with Coinbase Prime. This expansion marks Webull’s third crypto market, following launches in the U.S. and Brazil. The platform promises a 30-basis-point spread, aiming to provide competitive pricing in the Australian market.
Australian crypto exchanges have faced criticism for high fees and limited coin offerings. Webull’s entry introduces a broader selection of assets and tighter spreads, potentially pressuring local platforms to adjust their pricing structures. The service is available to individual investors, self-managed super funds (SMSFs), trusts, and company accounts, with 24/7 customer support.
“Australian exchanges have much higher fees and spreads compared to our international peers; in some cases, more than double the spread even for liquid pairs like Bitcoin and Ethereum,” said Pratik Kala, head of research and portfolio manager at Apollo Crypto.
Webull’s entry into the Australian market is expected to intensify competition among local crypto exchanges, potentially leading to reduced fees and expanded services. However, experts caution that success will depend on building trust and demonstrating value in an increasingly sophisticated market. James Volpe, founding director of uCubed, noted, “Competition in such a young market tends to create competitive fee structures and additional service features for users.”