Australians have spent over $50 million on crypto trading fees: Finder

Australians have spent over $50 million on crypto trading fees: Finder

Aussies have spent tens of millions in fees buying cryptocurrency, according to Australian comparison site 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 crypto trading fees 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.

“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,” said Graham Cooke, head of consumer research at Finder.

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.

*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.