In today’s review, we will be looking at some of the features provided by Digital Surge and determine for what kind of users is this exchange compatible.
About Digital Surge
Digital Surge is an Australian exchange which enables native users to buy and sell bitcoin through a safe and easy trading platform. The Brisbane-based exchange also promotes the use of cryptocurrency in everyday life by supporting payments of Australian bills with Bitcoin funds.
The site was designed to be easy to use and facilitate deposits and withdrawals with the local fiat currency, the Australian dollar (AUD), through which users can acquire or convert their Bitcoins.
Digital Surge offers instant access to crypto beginners to purchase BTC within several minutes. Users can also set their own buy or sell prices and trade directly with other verified Australian users on the platform.
The exchange’s cofounders are Dan Rutter and Josh Lehman, and the two of them have been working together for six years providing IT. Services to businesses.
Rutter has over 15 years of experience in the IT industry and believes that technology should be easy and accessible to everyone. Before starting Digital Surge, Lehman has worked for over a decade in the IT sector, organizing technical teams, designing and employing IT solutions and managing clients projects on time and to budget.
Supported Currencies
Digital Surge has a limited listing, only offering support for bitcoin transactions and trades. If you are looking for more crypto options, then you should orient yourself towards other exchanges.
The Australian Dollar is the only fiat currency, and it is traded against bitcoin.
Supported Countries
Being based in Australia, the exchange was mainly designed to cater to Australian traders. This means that if you are an US-based trader or from any other region, you are not able to use the Digital Surge service.
Interface
The exchange features a simple and intuitive interface that allows users to instantly perform trades with bitcoin. The platform provides a user-friendly way through which Australians can make easy crypto purchases. There is also a wizard function which guides beginners from start to finish through the verification and deposit processes, which should be done in just a few minutes.
Source: compareandinvest.com.au
Accepted Payment Methods
Digital Surge supports two methods of depositing funds into their accounts: POLi Payments and Bank transfers.
The Digital Surge Pay Wizard also enables users to pay their bills using Bitcoin. The payments can be made either with funds from your Digital Surge wallet or an external wallet.
There are daily limits which apply to each of the payment options. POLi Payments have applied a $1,000 limit per day, while bank transfers have a daily limit of $10,000.
Digital Surge Fees
For bank transfer deposits into your account, Digital Surge does not charge any fees. On the other hand, deposits through POLi Payments can lead to a fee between $2 and $3.30.
For AUD withdrawals there are no fees attached, but withdrawing in Bitcoin means you will have to pay a 0.0004 BTC fee which represents the network transaction fees.
Digital Surge applies a fee system which is based on your 30-day trade volume, which varies according to the traded volume:
| Trading Fee % | 30 Day AUD Volume
|
| 0.75%
0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.15% 0.1% |
< $10,000
<$40,000 <$70,000 <$100,000 <$200,000 <$400,000 <$800,000 <$1,500,000 >$1,500,000
|
Security
Digital Surge claims it is compliant with the AUSTRAC requirements. Upon registration, users will have to provide a valid email address and have their identity verified by supplying their name, address, phone number and one valid form of ID.
Other forms of security applied by the platform in order to ensure fund protection includes having 98% of customer funds kept offline in cold storage. Cold storage is the secure way of keeping crypto funds, as online threats cannot reach them as there is no internet connection to the wallets. So far, there have been no reports of a hack or loss of funds involving the Digital Surge exchange.
For both fiat and crypto currency withdrawals, users are required to go through a two-step authentication in order to take out funds from their Digital Surge account.
Digital Surge uses SSL (HTTPS) encryption to secure all its website traffic. Also, the exchange does a thorough criminal background check before they hire any employee.
Transaction Times
Digital Surge transfer processing times depend on the chosen payment method. POLi Payments transactions are executed almost instantly, while funds through bank transfers can require 1-2 business days to appear in your account.
Verification
The verification process at Digital Surge is fast and simple. You will not have to provide any selfies, complete long questionnaires or scan any utility bills.
All that is required is a valid form of ID, such as a driver’s license or passport. First, you have to submit your email address, and then complete a three-step ID verification process through Australia Post’s Digital ID service, in which you submit your name, phone number, address and ID.
The verification process does not take more than a couple of minutes, after which you can start trading immediately.
Customer Support
The support team of Digital Surge can be contacted either through live chat or by email if users should have any questions or issues with their accounts or funding. According to user experiences, the support team has been responsive and has provided useful and easy to understand explanations.
The website also features an online help center that contains answers to a wide number of some of the most frequently asked questions related to their service.
User Opinion
From online reviews and opinions on sites such as Trustpilot and Reviews.io, Digital Surge is widely rated positively as a service.
Pros:
- Supports fiat deposits and withdrawals
- User-friendly interface
- Can pay utility bills with Bitcoin
- 98% of crypto kept in cold wallets
- Speedy sign-up and verification process
- Fees are advantageous for high volume traders
Cons:
- No other crypto supported aside form Bitcoin
- Fees are high for low volume traders
- Only two payment options supported
- Caters only to the Australia-based users
Conclusion
Digital Surge is a gateway bitcoin exchange that supports trading against Australian fiat currency. The service is easy and convenient to use in buying or selling bitcoin, although the fees can get a bit high for low volume traders. If you are based in Australia and want to trade a high amount of bitcoin with fiat, then this is the exchange for you. Users from other countries that want to trade with a diversity of altcoins and at lower fees should look for other another exchange.
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