Mine Digital Review 2023: Features, Security & Fees
Published 18 Sep, 2021 Updated 02 Feb, 2023
Table of Contents
- 1 Our Takeaways
- 2 What Is Mine Digital?
- 3 Mine Digital Pros & Cons
- 4 Top Features You Should Know
- 5 Is Mine Digital Safe To Use?
- 6 Fee Structure
- 7 Accepted Countries
- 8 Getting Started
- 9 Ease Of Use
- 10 Customer Support & Reviews
- 11 Mobile App
- 12 Security Measures
- 13 Mine Digital Alternatives
- 14 Frequently Asked Questions
- 15 Our Verdict
Mine Digital is an Australian-based digital asset exchange and brokerage firm that aims to be one of the leading fiat-crypto exchanges in the APAC region. In comparison to the best Australian crypto exchanges, Mine Digital is best-in-class and offers a wide array of features to support crypto new and experienced investors alike.
UPDATE: Mine Digital has entered into administration and is no longer available.
Promotion: None available at this time
Trading Fees: 0.1% (maker) and 0.2% (taker)
Available Cryptos: 5
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UPDATE: Mine Digital has entered into administration and is no longer available.
Mine Digital is a reputable cryptocurrency exchange and brokerage firm that offers cryptocurrency trading direct with AUD, NZD, and USD. Along with very low fees and a unique insurance service on funds held in Mine Digital’s custody, the platform provides people in the APAC region with a simple and easy way to buy popular cryptocurrencies.
|Name||Mine Digital (ACCE Australia Pty Ltd)|
|Core Services||Fiat-crypto exchange and brokerage|
|Available Cryptocurrencies||Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP)|
|Fiat Currencies||AUD, NZD, USD|
|Payment Options||Bank transfer|
|Trading Fees||Between 0.1% and 0.2%|
|Withdrawal Fees||$5 for bank transfers|
|Mobile App||Yes (iOS and Android)|
What Is Mine Digital?
Mine Digital is an Australian cryptocurrency exchange and brokerage firm that offers trading pairs with AUD, NZD, and USD through both a desktop and mobile interface. The primary goal of the exchange business is to provide people in the APAC region with a simple and easy way to buy a number of cryptocurrencies with low trading fees.
Mine Digital entered the Australian crypto market in 2019 where the founders wanted to offer a new standard in crypto trading pricing and liquidity to the Australian market. The brokerage arm of Mine Digital leverages upon the experience of its team to provide idiosyncratic investment opportunities.
While they do not offer a very wide selection of cryptocurrencies, they do provide unique insurance features on all funds held in hot wallet storage, giving customers extra security and peace of mind.
Mine Digital Pros & Cons
- Immaculate security record
- Simple and clean interface for buying crypto
- Excellent customer service
- Good liquidity enables tight spreads and low fees (even for large volumes)
- Complementary insurance to protect against theft and losses
- Direct crypto trading with AUD, NZD, USD and USDT
- Access to international competitive liquidity pools
- OTC desk for high-volume trading
- User-friendly mobile app
- No live chat support
- Trading interface may be too simplistic for advanced traders – limited functionality for charting tools and advanced trading features
- Limited selection of coins offered and trading pairs with fiat currencies
Top Features You Should Know
Mine Digital’s trading platform and user-friendly mobile app are known for their high level of performance and deep liquidity. They use Tier 4 data centers to host all their services to ensure fast and glitch-free trading. However, while their trading interface is easy to use, they do not offer all the advanced charting and analysis features that an exchange like Binance or Independent Reserve does.
Mine Digital’s access to deep global liquidity pools means that you can execute your trades quickly with minimal slippage. This is especially useful during times of market volatility. Their liquidity stands out amongst the competition and maybe attractive to investors looking to place large trades at a moment’s notice. With extremely low fees (between 0.1% – 0.2%) and competitive spreads, Mine Digital offers an efficient way to trade with an easy-to-use interface and a number of fiat-to-crypto trading pairs (AUD, NZD, and USD).
Quotations & OTC
You are able to ensure that the most favorable market price can be achieved by submitting an RFQ. As soon as confirmation is confirmed, the price shown will be guaranteed. Mine Digital encourages users to compare the price they receive from the RFQ to any other leading Australian broker or exchange.
OTC trading is also offered on the Mine Digital exchange where trades of any size can be completed quickly and with discretion. Mine Digital indicates that members of the OTC desk have previously held trading and portfolio management positions in investment banks, hedge funds, and proprietary trading firms. Mine Digital OTC clients can contact the desk 24/7 for advice and assistance by submitting a ticket.
OTC settlement and pricing is available for:
- Several fiat currencies include AUD, NZD, USD, GBP & EUR. JPY and RMB are planned to be added in the future.
- Wide variety of digital assets and cryptocurrencies including all major stable coins such as USDT, USDC, and DAI.
Comprehensive News, Content and Education Hub
One of Mine Digital’s standout features is its ‘Knowledge’ section which is a content hub for a wide range of news and cryptocurrency articles. The section is one of the more creative yet comprehensive knowledge bases. Articles cover everything from news to basic how-to guides, and trend analysis outside the crypto space. We found that it is not highly intuitive and takes a bit of exploring to find the content you are looking for.
The content is of high quality and written in a colloquial, down-to-earth manner, which will appeal to newcomers to crypto trading. Other Aussie crypto exchanges like Digital Surge provide a more structured and straightforward form of 101 crypto education that would suit those looking to lay a solid foundation for their crypto knowledge.
Mine Digital is in partnership with the Hong-Kong based blockchain public company BC Group (HKG:0863) to provide custody and insurance solutions to investors and traders. It works like an insurance policy to protect your funds against theft, destruction, loss, or damages. The website does not state any information on the amount covered apart from being complementary to its customers. Mine Digital is one of few Australian-based exchanges that offer this unique feature.
Is Mine Digital Safe To Use?
ACCE Australia Pty Ltd (trading as Mine Digital) is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency provider. AUSTRAC is the Australian government body that regulates the financial sector for counter-terrorism financing and money laundering. As part of compliance requirements, Mine Digital is required to collect and verify customer details (KYC).
Since 2019, Mine Digital has attained certification from Blockchain Australia which means that the exchange is compliant with the Australian Digital Currency Industry Code of Conduct.
Mine Digital does not charge any fees to deposit fiat currencies into the wallet. Alternatively, you can fund your wallet using cryptocurrency from external wallets, which also does not incur any deposit fees.
Low trading fees are one of Mine Digital’s unique selling points, offering Australian-based investors very low trading fees between 0.1% and 0.2% across buy and sell orders. Trading fees only apply to Bitcoin trading pairs with Litecoin, Ethereum, Ripple, and Bitcoin Cash.
The trading fee is based on a maker and taker structure as follows.
- If you are making a price (use a limit order), the trading fee is 0.1%.
- If you are taking a price (use a market order), the trading fee is 0.2%.
The fee is inclusive of GST for Australian investors.
The same maker and taker fees apply to fiat-to-crypto trading pairs involving AUD, NZD, and USD.
Mine Digital customers will incur minor fees for conducting withdrawal transactions. Whilst Mine Digital withdrawal fees are minor, their cumulative effect may be discouraging for some investors considering that other Australian-based exchanges charge no withdrawal fees.
|Australian bank transfer||AUD $5|
|Bitcoin Cash||0.00015 BCH|
Mine Digital is an Australian-based digital asset exchange that is available to persons residing in Australia and New Zealand. The exchange does not offer its services to residents of the Bahamas, the Balkans, Belarus, Burma, Botswana, Cambodia, Cote D’Ivoire (Ivory Coast), Cuba, Democratic People’s Republic of Korea (DPRK), Democratic Republic of Congo, Ethiopia, Ghana, Iran, Iraq, Liberia, Pakistan, Serbia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Yemen, and Zimbabwe.
Creating an account with Mine Digital takes less than 5 minutes to complete and will require an email address and password. Once the email address is verified, you can access the platform’s dashboard interface.
ID Verification & Limits
Once an account is created, you will have the option of selecting a personal (individual) or corporate (on behalf of a company) account. You must fulfill verification requirements and submit documentation to prove your identity before being able to deposit fiat currency. This involves filling out a KYC check (mandatory for all Australian exchanges) and providing a form of government-issued ID (e.g. driver’s license or passport), a selfie holding the ID document, and a bank statement.
After the verification process has been completed, you can deposit fiat currency into the platform using direct transfer from an Australian bank account. There are no fees to deposit fiat currency. You can also fund the wallet using cryptocurrency which also does not come with any deposit fees.
Ease Of Use
The Buying Crypto Process
The process of buying crypto on Mine Digital is fairly straightforward and is not too dissimilar to other exchange platforms.
- Select the trading pair (e.g. AUD-BTC).
- Enter in the amount of the desired asset.
- Preview the quoted amount of crypto that will be received and confirm the transaction.
The trading interface on the Mine Digital platform is clean and less complicated than many other trading interfaces out there. The trading pairs offered are neatly organized on the left with the entry order box below.
Mine Digital offers three types of orders:
- Fill-And-Kill (FAK).
|Limit||Transacts with the market at a price nominated by the user.|
|Market||Transacts at the best available price and volume at the time the order is generated.|
|FAK||Requires all or part of the order to be executed or it will be cancelled.|
While these order types will be plenty for beginner traders, experienced traders may find a lack of advanced trading options including futures or conditional orders to help manage risk and optimize trading strategy. This is one of the biggest limitations of the platform.
On the right of the interface, the market depth chart can be viewed to read a live list of bids and offers on the exchange. The candlestick chart is easy to read and might be a refreshing take for beginners who are easily overwhelmed by too much technical information. It presents the essential information but is not well suited for high-level technical analysis as it is a simplified version of what more advanced trading interfaces look like.
In terms of the charting experience and tools available, there are a few things to note. Mine Digital provides a nice middle ground between a barebones beginner’s exchange and an advanced exchange with all the bells and whistles. While this might be a good fit for beginner-intermediate traders, those who are looking to optimize their investments and dive deep into trading may find this middle-ground insufficient.
For instance, there are a number of limitations to modifying the chart time and there is a lack of indicators such as moving averages and trading volume. Thus, this interface is predominantly for beginner traders and although it is outstanding in a number of ways, we hope to see Mine Digital build out their charting software and trading interface to accommodate a broader range of traders.
Customer Support & Reviews
Customers experiencing issues relating to the basics of trading, 2FA, and funding accounts may seek answers to their queries on the Mine Digital support page. Along with providing a handful of articles answering the most common questions and queries, this platform has an easy system where users can submit a question and get a response via email.
Mine Digital provides solid customer support which should leave users feeling fairly safe and in good hands. While they do not provide 7 days live chat like some other Australian exchanges, a number of 5-star reviews suggest that they provide fast and high-quality support to their users.
Mine Digital has a rating of 4.6 on Trust Pilot. The majority of reviews are very positive and mostly pertain to the personalized service, reliability of the trading platform, and staking opportunities offered on the platform.
Mine Digital offers its users a mobile app for easy trading on the go. While the app (like the desktop version) lacks some of the charting features advanced traders might want, it is a highly user-friendly and easy way to buy cryptocurrency with the click of a button.
Security measures that Mine Digital implement and adhere to in order to protect funds include Two-Factor Authentication, cold wallet storage, secure physical vault storage, and compliance with KYC and AML/CTF standards.
Additionally, there are no known reports of security breaches resulting in the loss or damage of stored funds. Mine Digital also offers custody and insurance solutions for users who want an extra layer of protection and compliance.
Mine Digital Alternatives
Based on our review, Mine Digital is a very capable exchange for traders beginning their crypto journey. If traders are looking for an alternative exchange that is beginner-friendly, reputable, and trustworthy, then consideration should be given to exchanges such as Swyftx or Digital Surge. The exchange is similar to Mine Digital in its fees and beginner-friendly user interface, however offers substantially more coins and other unique features including built-in tax tool calculators.
High-net volume traders may want to consider a Peer-to-Peer crypto exchange. High-volume traders who value security and peace of mind might find a P2P exchange such as Elbaite highly appealing.
Frequently Asked Questions
Do I Need My Own Wallet To Use Mine Digital?
No, you do not need your own wallet to buy or sell cryptocurrency on the Mine Digital Platform. Your digital assets will be held by the exchange (using a secure blend of cold and hot storage) until you are ready to transfer them to your own hardware wallet.
Does Mine Digital Have OTC Service?
The OTC allows users to make large trades efficiently. Mine Digital has an OTC desk staffed by employees with experience working at leading investment banks and trading firms in Australia. Users can contact this desk throughout the day for more information to execute any OTC digital currency trades.
Does Mine Digital Have A Mobile App?
Mine Digital offers its users a mobile phone app that is simple and easy to use. While some users will prefer trading on their desktop, the mobile app makes it easier for users to track their assets and trade on the go wherever they want, giving them constant and fast access to the crypto markets which can be crucial for taking advantage of short-term market movements.
Does Mine Digital Support Traders In Australia?
Mine Digital is available for Australians to use. The platform offers a number of trading pairs involving AUD, making it convenient for Australian traders to buy and sell cryptocurrency without needing to convert their AUD first.
Is Mine Digital Safe To Use?
Mine Digital is a safe and secure platform to use. They offer insurance on funds held in their custody and there have been no major security incidents, hacks, or loss of users’ assets on the platform.
When it comes to platform security, trading fees, offering insurance on funds, customer support, and a user-friendly interface, Mine Digital appears to be a solid choice for traders living in Australia and New Zealand. Mine Digital offers a smooth crypto experience and a number of unique features not offered by other platforms.
The lack of supported coins and trading pairs, limited charting features, and risk management tools may not be appealing to experienced traders. Advanced traders who want a higher degree of flexibility and control will need to seek a different exchange.
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