tl;dr
**Webull’s Crypto Expansion to Australia Sparks a Fee War in the Local Market**
U.S. trading app Webull has thrown a curveball into Australia’s crypto market, launching services for local users on Wednesday. The move, powered by Coinbase Prime, grants access to over 240 digital assets, positionin...
**Webull’s Crypto Expansion to Australia Sparks a Fee War in the Local Market**
U.S. trading app Webull has thrown a curveball into Australia’s crypto market, launching services for local users on Wednesday. The move, powered by Coinbase Prime, grants access to over 240 digital assets, positioning Webull as a formidable challenger to domestic exchanges. Industry experts are already predicting a seismic shift: lower fees, expanded options, and a shake-up in the sector.
**A Global Player Enters the Ring**
Webull’s entry into Australia marks its third international crypto market, following the U.S. and Brazil. The company promises a 30-basis-point trading spread—a figure that’s notably lower than what Australian exchanges typically offer. Pratik Kala, head of research at Apollo Crypto, says the move could be a game-changer. “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,” he notes.
With Webull listing 240 coins—far more than the limited options available on local platforms—users now have a broader range of choices. Kala argues this will force Australian exchanges to slash fees or risk losing customers to the newcomer.
**Competition Heats Up, But Challenges Remain**
James Volpe, founding director of uCubed, acknowledges the hurdles Webull faces. “Entrenched competition from established players in Australia will work hard to defend their market share,” he says. Yet, he adds, competition in young markets often drives innovation. “New entrants raise the bar for incumbents, pushing more competitive fees and better user experiences.”
However, Volpe cautions that trust and infrastructure are critical. “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.” While Webull’s institutional backing via Coinbase provides an edge, success in Australia hinges on building trust in a market still grappling with regulatory uncertainty and investor skepticism.
**A New Era for Crypto in Wealth Management**
Webull’s expansion isn’t just about fees—it’s about integration. The app supports trading through individual accounts, SMSFs, trusts, and company structures, framing crypto as a legitimate part of traditional investment frameworks. This approach could accelerate crypto’s role in wealth management, but Volpe stresses that “true integration hinges on education, regulation, and investor confidence.”
**What’s Next?**
Webull’s re-entry into the U.S. crypto market earlier this month, after a 2023 suspension, signals a broader push into digital assets. CEO Anthony Denier called it part of a “full-throttle” global expansion. For Australia, the arrival of Webull is a wake-up call. As fees and options come under scrutiny, local exchanges may need to pivot fast—or risk being left behind.
The question now is: Will this competition finally bring Australian crypto fees in line with global standards, or will entrenched players find ways to resist the tide? One thing is clear—Webull’s arrival has turned the market upside down.