October 30, 2020

MyCryptoWallet Review

Overview of MyCryptoWallet:

Melbourne situated cryptocurrency exchange MyCryptoWallet claims to be Australia’s first fees less crypto exchange. It further claims to be the best place to buy, sell, and trade crypto coins. It also facilitates MyCryptoWallet prepaid card that supports over a million store and places. A cryptocurrency wallet is also provided by MyCryptoWallet that is used to trade, store and track them. The traders from Australia, USA, Canada, UK and New Zealand do not require tedious verification process. However, we have pinpointed several problems of MyCryptoWallet and they are mentioned in this MyCryptoWallet review.¬†Read the full MyCryptoWallet review here.

About MyCryptoWallet:

The broker MyCryptoWallet is situated in Melbourne. It is a cryptocurrency service and marketplace provider that deals with fiat to crypto and crypto to crypto trade facility. Traders can use the provided platform to instantly buy and sell 5 types of crypto coins. It is supported with peer to peer crypto marketplace. The broker is member of Australian Digital Commerce Association and does not charge any fee from Australian and New Zealand traders. The provided crypto coins are Bitcoin, Ether, Litecoin, Ripple and Power Ledger. The broker claims to provide its offerings to limited countries. Only two kinds of payments are accepted they are POLi and Crypto deposits via wallets. The traders trading out of Australia and New Zealand are charged heavily for deposition, withdrawals, trade and swap. The broker claims to make available all the funds instantly however it is not true. Several traders have accused it of freezing funds. The broker further claims to provide ATM services on 30000 points. But if finds are frozen how can anyone access them?

It also offers MyCryptoCard that can be used to make payments at several points. However, no one accepts this card. The are many limits on deposits and withdrawals. For bitcoins 0.005 BTC, for litecoins 0.5 LTC, for Ethereum 0.05 ETH, for Ripple 30 XRP, and for Power Ledger it is 50 POWR. Also, minimum purchase limits are applied. $50 to $1000 is capped. The trading at MyCryptoWallet is not anonymous. The broker has all the critical information about traders. And it is not a good sign. 

Is MyCryptoWallet scam or legit?

The crypto exchange MyCryptoWallet is not regulated. It applies heavy fees and charges for withdrawals and depositions. Only two deposit methods are allowed for payments. It does not share much information about it. Limited, clearly speaking only four cryptos are provided. It has controls of wallet keys. All of this makes MyCryptoWallet a potential Australian trading scam.