Easy Crypto Review (Sep 2022): Why We Don’t Like It

May 9, 2022
Reviews

Easy Crypto is a non-custodian, no-fee, Person-to-Person (P2p) crypto trading platform, based in New Zealand. Easy Crypto offers features like Auto-Trades, Crypto Swaps, and 100% Guarantee for your assets, but it has higher fees than the industry average, and its customer support is lacking.

Capital is the favourite among knowledgeable Australian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Australia, I can’t recommend Capital highly enough.

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What Is Easy Crypto?

Founded in 2017 by Alan and Janine Grainger and launched in 2018, Easy Crypto is a New Zealand-based Person-to-Person (P2p) cryptocurrency trading platform. Thanks to its decentralized nature – connecting buyers and sellers directly, without ever acting as custodian of crypto assets – Easy Crypto can offer low spreads and minimize fees that would go towards storing and securing crypto assets. Easy Crypto provides a virtually unhackable, secure environment, and mostly acts as the mediator between buyer and seller.

Easy Crypto accepts deposits from POLi, OSKO, A2A, and Moonpay, and they’re all verified in less than 24 hours. Easy Crypto 159 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Zilliqa (ZIL), and 3 fiat currencies: AUD, R, and NZD. 

Easy Crypto trading fees are somewhat high, sitting at 0.85%, but it doesn’t charge deposit or withdrawal fees. Once you make a deposit – whether crypto or fiat – and it reaches Easy Crypto’s accounts, you can rest assured; that your assets are completely insured. Even if one of Easy Crypto’s suppliers fails to fulfill your side of the trade, Easy Crypto will fully honour it.

To start off this Easy Crypto review, let’s take a deeper look at Easy Crypto’s pros, cons and features.

Easy Crypto Pros & Cons

Easy Crypto Pros

  • 100% guaranteed insurance
  • Supports 159 cryptocurrencies
  • Accepts POLi, OSKO, A2A, and Moonpay deposits
  • Very narrow spreads on trades (around 0.02%)
  • Same day deposits
  • Crypto Swaps allows for easy trades between altcoins
  • AUSTRAC Registered
  • Available in Australia, New Zealand, and South Africa
  • Non-custodial exchange

Easy Crypto Cons

  • Higher trading fees than the industry average
  • Customer support only available through a ticket system
  • Limited access to features through the mobile app

Easy Crypto Features

1. Easy Crypto 100% Assets Guarantee

Despite being a non-custodial exchange, Easy Crypto offers 100% insurance on all orders issued; meaning as soon as you send Easy Crypto the fiat, you are in the process of creating a buy order for fiat or crypto, or you are creating a sell order, up until the point you complete the trade, your funds are completely insured. This includes funds handled by any of Easy Crypto’s suppliers – if the suppliers were to get hacked, or mistakenly send the funds to a wrong address, Easy Crypto takes full responsibility and will honour your trade.

Keep in mind this guarantee doesn’t apply to scams, unlawful, or fraudulent orders. 

2. Auto-Buy Orders & Dollar Cost Averaging

Easy Crypto supports automatic orders like Dollar Cost Averaging (DCA). Automatic orders can be set up by all users, using one of the pre-built Templates. Users can decide the percentage allocation of each coin, and anytime they send fiat money to Easy Crypto, the auto-order triggers and the crypto is purchased, following the allocation users set up. The crypto is then sent to your linked crypto wallet. The process of setting up auto-orders is very quick and can be summarized in 3 steps:

  • Create the order template
  • Add the delivery address of your wallet
  • Schedule recurring payments from your bank

The last step is optional, users can manually send money at any time. Easy Crypto will take care to allocate it proportionally, based on your Template.

3. Low Fees OTC Trading

Easy Crypto offers Over-The-Counter (OTC) trading and discounts for orders over $20,000. It is slightly different from regular trading: when doing OTC trades, you can negotiate directly the transfer of fiat or crypto with the other party; this increases flexibility for both the volume and the final price. 

Easy Crypto is connected with other exchanges to provide customers with the best prices, and it even offers access to professional traders to act as a broker between Easy Crypto customers and the other party, to ensure customers get the best deal possible. OTC traders also have access to a larger liquidity pool and are given priority over other types of trades.

4. Customer Support

Easy Crypto offers customer support via email, and their customer service reps are actually helpful rather than just following a script. It takes just a couple of minutes for the customer service reps to reach out, and they’re actually helpful rather than just following a script. You can reach out to them through a ticket system on their webpage, from 8 am to 8 pm, Monday to Friday.

5. Security Features

Easy Crypto’s P2p purchases and payments are secured with an escrow-like system. The process is very simple; the buyer first sends the AUD to Easy Crypto’s bank account, based on an Australian bank. The fiat currency is held safely until the crypto is sent by the seller, and the transaction is verified irreversibly on the blockchain.

Easy Crypto is considerably more secure than centralized exchanges, and it is virtually immune to hacks – this is because Easy Crypto doesn’t act as a non-custodial exchange. Keep in mind buyers can use one of the supported payment methods, including POLi, OSKO, A2A, Moonpay, or regular Bank Deposits.

Additionally, Easy Crypto is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Cryptocurrencies On Easy Crypto

Easy Crypto supports over 159 different cryptocurrencies. Here are some of the most popular:

Bitcoin (BTC)Ethereum (ETH)Litecoin (LTC)
Zilliqa (ZIL)Bitcoin Cash (BCH)Tether (USDT)
USD COIN (USDC)Chainlink (LINK)Enjin (ENJ)
Yearn.finance (YFI)Maker (MKR)Compound (COMP)
The Sandbox (SAND)Polygon (MATIC)FTX (FTT)
Uniswap (UNI)Aave (AAVE)0x (ZRX)
Curve DAO Token (CRV)SushiSwap (SUSHI)The Graph (GRT)

Easy Crypto Fees

Trading Fees & Spreads

  • Trading Fees: 0.85%
  • Spread: 0.02%

Deposit & Withdrawal Fees

Here are Easy Crypto’s deposit fees:

  • Deposit Fees (Fiat): Free
  • Deposit Fees (Crypto): Free

Here are Easy Crypto’s withdrawal fees:

  • Withdrawal Fees (Fiat): Free
  • Withdrawal Fees (Crypto): Free

3 Exchanges I Recommend Over Easy Crypto

Easy Crypto isn’t a bad exchange, but it’s also not the best in Australia. Due to its high fees, limited app, and limited access to customer support reps, I recommend any of these three exchanges instead:  

In Summary

Easy Crypto is a non-custodian, no-fee, Person-to-Person (P2p) crypto trading platform, based in New Zealand. Easy Crypto offers features like Auto-Trades, Crypto Swaps, and a 100% Guarantee for your assets, but it has a lacking customer support and has higher fees than the industry average.

Easy Crypto FAQs

Is Easy Crypto Safe & Secure?

Yes, trading with Easy Crypto is completely safe and secure. Easy Crypto uses Two-Factor Authentication (2FA) to secure accounts, and it doesn’t store customers' crypto assets, so it is virtually immune to hacks. It is also registered with the Australian Securities and Investments Commission (ASIC).

Is Easy Crypto Legit?

Yes, Easy Crypto is legit. It uses a Single Sign-On (SSO) encryption protocol and all accounts are secured with Two-Factor Authentication (2FA). Over 130,000 customers from Australia, New Zealand and South Africa trust Easy Crypto. 

Is Easy Crypto Legal In Australia?

Yes, Easy Crypto operates legally in Australia. It is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), follows all Australian Financial Regulations, and is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF).

Does Easy Crypto Verify Accounts Instantly?

Yes, Easy Crypto does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Driver’s Licence
  • Passport

Is Easy Crypto Good For Australians?

Easy Crypto is a decent Australian crypto platform, though if you’re looking for the best overall trading experience, I recommend using Capital instead. Capital offers quite a bit more than Easy Crypto, and I’m confident you’ll have a better experience with them. 

How Well Is Easy Crypto Reviewed On Reddit?

Reddit’s review of Easy Crypto is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt. 

Can I Buy Dogecoin With Easy Crypto?

Yes, you can buy Dogecoin with Easy Crypto. If you want to buy Dogecoin with zero trading fees, though, I suggest using Capital instead.

Is Easy Crypto Insured?

Yes, Easy Crypto’s crypto holdings are insured. Even though Easy Crypto is a non-custodial exchange, they insure investors’ funds as soon as the funds are sent – meaning if one of Easy Crypto’s suppliers loses the funds, they take full responsibility for it.

Easy Crypto Referral Code

Easy Crypto does not currently have any referral or promo codes because they aren’t offering a signup bonus. If you want a signup bonus, you can get a $30 bonus from Swyftx, a $40 bonus from Digital Surge, and a $25 bonus from CoinJar.

Does Easy Crypto Report To The ATO?

Yes—as a digital currency exchange provider registered with AUSTRAC, Easy Crypto is required to report to the Australian Taxation Office (ATO). Users must also report their crypto trading activity to the ATO when filing their taxes at the end of the year.

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