- Webull has started crypto trading in Australia, giving users access to 240 digital assets through Coinbase Prime.
- The platform offers a 30-basis-point spread, which experts say is lower than many local competitors.
- Australian crypto exchanges charge higher fees and spreads than international peers, often more than double for top cryptocurrencies.
- This expansion follows Webull‘s recent move to restart crypto trading in the U.S. after a temporary halt in 2023 during its IPO process.
- Industry watchers expect increased competition to lower trading costs and improve services, though challenges with platform trust and technology remain.
Webull launched its cryptocurrency trading service for Australian users on Wednesday, offering access to 240 digital assets via Coinbase Prime. The new service brings a 30-basis-point spread to the Australian market, which is below rates typically offered by local exchanges.
The launch marks Webull‘s entry into its third crypto market after the U.S. and Brazil. According to a statement, the spread offered on trades is intended to attract users who have faced higher costs on Australian platforms.
Industry analysts note that fees and spreads on Australian exchanges are significantly higher than in other countries. “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, to Decrypt.
Kala also pointed out that most Australian exchanges offer only a limited number of digital assets. “Webull’s entry with 240 coins will expand overall options for Australians,” he stated, predicting that this would push existing providers to improve their offerings.
According to Webull, the company recently announced the resumption of crypto trading in the U.S. following a suspension during its 2023 public listing process, which CEO Anthony Denier described as part of a push for global expansion into digital assets. James Volpe, founding director of uCubed, said to Decrypt that “Webull faces entrenched competition from established players in Australia who will work hard to defend their market share.” He added that competition could lower fees and introduce better features, but investors need to be aware of risks with centralized platforms.
Volpe also noted that as more companies enter the market, existing exchanges may be pressured to improve services and fee structures. However, he said the biggest challenge will be the industry’s shift toward decentralized technologies, which aim to give users more control and lower costs.
Webull enables trading through individual, trust, and company accounts, as well as for self-managed super funds (SMSFs). The platform has integrated crypto into traditional investment setups, offering around-the-clock support. Volpe believes this expansion could strengthen crypto’s presence in wealth management, though ongoing education, regulation, and investor confidence are key to broader integration.
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