Australians have spent $50.9 million on crypto trading fees
Aussies have spent tens of millions in fees buying cryptocurrency, according to Finder.
A standard fee for buying Bitcoin is about 0.6% of the purchase price if you are spending less than $10,000, with some exchanges charging as much as 3% per transaction.
Finder conservatively estimates that Australians have spent more than $50.9 million in fees trading crypto thus far.*
A 2022 nationally representative survey of 1,000 respondents revealed that nearly 1 in 4 Australians (23%) now own cryptocurrency, up from 18% in September of 2021.
The research also shows 1 in 6 – equivalent to 3.5 million Aussies – are planning to invest in cryptocurrency this year.
With this in mind, Finder is making cryptocurrency trading in its free Finder app completely fee free.
Graham Cooke, head of consumer research at Finder, said removing fees will lower the barrier to entry for those curious about investing in digital currency.
"Bitcoin is seen by many as the new 'digital gold' and investors of all ages want a piece of the action.
"Crypto enthusiasts are typically very savvy and see fees as a waste of money."
In January 2016, the cost of a single Bitcoin was $523 and now it sits around $51,000.
That means if you'd paid a $60 fee in 2016, the fee alone – if invested – would be worth $5,857.
Finder research also found that crypto is most popular with young people, as nearly 1 in 3 millennials (29%) plan to invest in the coming 12 months.
Cooke acknowledged that cryptocurrency is a volatile investment, but is quickly becoming mainstream.
"The Finder app makes it more convenient to trade crypto by eliminating the need to deal with technical things like crypto wallet addresses and public and private keys.
"Instead, we handle all of that for you and make it as simple as a swipe to trade.
"Making the trades fee free means users can spend every dollar on crypto assets and take bigger strides towards their financial goals," Cooke said.
The Finder app is the first to allow users to be approved and trading in less than 3 minutes.
To date, more than 400,000 Australians have downloaded the free app.
It is now the only app in Australia to allow users to compare financial products, track their spending, check their credit score and trade Bitcoin and Ethereum, all without fees.
Finder now compares more than 100 cryptocurrencies, 45 exchanges and 70 different wallets.
The Finder app is a free service and available to download in both the App Store and Google Play Store now.
*According to a July 2021 Finder survey, the average crypto investor has $2,078 invested. Considering a conservative fee of 0.6%, crypto investors would have paid a collective $50.9 million in fees.
You can learn more about crypto trading fees using Finder's guide to cryptocurrency trading fees.