US Trading App Webull Launches Crypto Service in Australia to Challenge Incumbents
Webull launched crypto services for Australian users, providing access to hundreds of digital assets, marking its third crypto market after the U.S. and Brazil. The platform offers a competitive 30-basis-point spread, prompting expectations of reduced fees among local exchanges. Australian exchanges currently have higher fees and limited coin offerings compared to international markets. Webull's entry is anticipated to enhance competition and expand options for Australian users. The company recently resumed U.S. crypto trading after a suspension during its public listing process, aiming for global expansion in digital assets. Experts note that while Webull faces strong competition, it could drive better fee structures and user experiences. The success of Webull in Australia will depend on building trust and demonstrating value, alongside addressing challenges related to custody and decentralized technologies. Webull supports various account types, integrating crypto into traditional investment frameworks with 24/7 customer support.
