Paul Johnson U.S.-based trading app Webull has officially launched its crypto services in Australia, bringing with it a wave of competitive pressure that could reshape the nation’s digital asset market. The move, announced Wednesday, allows Australian investors to trade more than 240 cryptocurrencies—a stark contrast to the limited offerings and higher fees that have long frustrated local traders.
Key Highlights
Third Crypto Market Expansion: Australia joins the U.S. and Brazil as Webull’s active crypto markets.
Competitive Pricing: Webull promises a 30-basis-point spread, putting pressure on Australian platforms to cut fees.
Institutional Backing: The launch is powered by Coinbase Prime, giving Webull a robust infrastructure advantage.
Market Impact: Local exchanges, often criticized for high spreads and fewer listings, now face a serious challenger.
Challenging Australia’s Fee Problem
Australian crypto traders have long paid a premium compared to global standards. Pratik Kala, Head of Research at Apollo Crypto, didn’t mince words:
“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.”
Kala noted that Webull’s offering of 240 digital assets—far more than most domestic competitors—could rapidly expand investment options for Australians.
Global Expansion in Full Swing
Webull’s push into Australia follows the resumption of its U.S. crypto trading services earlier this week, after a suspension during its 2023 public listing process. CEO Anthony Denier described the company’s trajectory as a “full-throttle” expansion into digital assets worldwide.
Competition Heats Up
James Volpe, Founding Director of uCubed, said Webull will have to overcome entrenched players that dominate Australia’s crypto market. But he also stressed that competition is healthy:
“Competition in such a young market tends to create competitive fee structures and additional service features for users.”
Volpe added that new entrants like Webull not only push incumbents to raise their game but also highlight a critical tension: the shift toward decentralized, non-custodial technologies.
“The greatest challenge is the shift toward non-custodial and decentralized technologies, giving users control over their identity, custody of assets, and lowering trading costs.”
Aiming for Wealth Management Integration
Webull is positioning itself as more than just a trading app. With support for individual accounts, SMSFs, trusts, and company structures, the company is leaning into crypto’s role within traditional investment frameworks. Coupled with 24/7 customer support, this move could attract investors who see digital assets as part of long-term wealth management.
Still, Volpe cautioned that success hinges on more than just infrastructure:
“True integration depends on education, regulation, and investor confidence.”
The Takeaway
Webull’s arrival could prove to be a watershed moment for Australia’s crypto market. By slashing spreads, offering hundreds of tokens, and leveraging Coinbase Prime, the U.S. challenger is forcing local exchanges to adapt—or risk losing relevance. For Australian investors, the entrance of a global player signals lower costs, broader access, and perhaps, a long-overdue shake-up in one of the world’s most expensive crypto trading environments.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards
