Mine Digital Review 2021

Cryptocurrencies were declared legal in Australia in 2017. Since then, cryptocurrency has gained immense popularity in Australia. In the context of the recent boom in the digital currency market, many Australians are now looking to buy and sell crypto. Mine Digital is one of the cryptocurrency exchanges popular in Australia at present.

What Is Mine Digital?

Mine Digital is one of the most well-known digital currency exchanges in Australia. Their services cater to both amateurs as well as experienced digital currency traders. The trading accuracy and access to liquidity make Mine Digital a popular digital currency trading platform among Australians. Mine Digital has not experienced any major security breaches in the last six years of its operation and is a very safe option for traders. Although dive into this Mine Digital review, and know all its services and fees details.

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Features of Mine Digital

Mine Digital crypto exchange has a range of effective and efficient features that makes it attractive for potential users. Their most important features are:-

Mine Digital Summary

Headquarters Australia
Found in 2019
Native Token None
Listed Cryptocurrency BTC, ETH, XRP, BCH, USDT
Trading Pairs Limited
Supported Fiat Currencies AUD
Supported Countries Australia
Minimum Deposit N/A
Deposit Fees Free
Transaction Fees Maker Fee – 0.10%
Taker Fee – 0.20%
Withdrawal Fees Depends on Currency and Withdrawal Method
Application Yes
Customer Support 24 x 7 customer support through Emails, Help Desk, Social Network

High Level of Performance

Mine Digital’s secure platform is known for its high level of performance. They use Tier 4 data centers to host all their services in order to ensure fast and glitch free-trading. Tier 4 data centers offer the most efficient low latency connectivity services so that large volumes of trading can be completed quickly.

Digital Currency Matching Engine

It has a top-class digital currency matching engine that can support REST as well as FIX API integrations. Both beginners and experienced traders can easily understand and navigate the platform interface.

Multiple Security Layers

Its platform has multiple security layers to protect users’ information and digital assets from cybercriminals.

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Offers Insurance

Users who want to keep their digital asset portfolio extra secure and updated can keep their crypto under the custody of Mine Digital and have it insured against all forms of loss or damage.

Mobile Application

It has a mobile application making it easier for users to track their assets and trade on the go wherever they want.

Low Trading Fees

Not only is Mine one of the more efficient trading platforms, it also charges very low trading fees. Under particular conditions, trading fees may be even 0%. Trading fees are usually always within the range of 0.1% to 0.2%.

Deep Liquidity Pools

Mine Digital lets its users access deep liquidity pools from global sources. Users can trade with urgency and avoid any market slippage on their trades.

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Services Offered by Mine Digital

System of Operations

Mine Digital has developed a system of operations that makes it appealing for a wide range of traders. Traders can exchange AUD (Australian Dollar), USD (United States Dollar), NZD (New Zealand Dollar) and sell or buy BTC (Bitcoin), ETH (Ethereum),  LTC (Litecoin), XRP (Ripple), and BCH (Bitcoin Cash) using the Mine Digital exchange.

Very Low Trading Fees

As per other reviews, its trading fees are 50% to 90% less than the international market rates. Trading fees never cross 0.2% irrespective of the volume and values of trade.

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Works with Multiple International Organizations

Mine Digital works with multiple international organizations to give their users access to the deepest liquidity pools. Users can trade at the best global rates and have access to healthy volumes of all pairs for trade. 

Complimentary Insurance on Custody

It offers its users complimentary insurance on custody. This means that if it holds custody of the user’s digital assets, that asset will be insured against loss, damage, destruction, and theft.

OTC Desk

It has an OTC desk staffed by employees with experience working at leading investment banks and trading firms in Australia. Users can contact this desk throughout the day for more information to execute any digital currency trades.

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Mine Digital Review: Pros and Cons

Pros Cons
Follows all Australian digital trading laws and international anti-money laundering laws. As per most reviews, the account verification process is long drawn and requires KYC and ID proof authentication.
Reviews suggest that it is one of the trading platforms that have no security breaches in more than six years of operation. Users cannot easily change the mail id listed on their account. They need to contact Mine Digital customer support cell.
Access to internationally competitive pools of deep liquidity. Fiat money is only accepted in a few limited currencies like AUD, NZD, and USD.
Trading fees are minimal even for large trading volumes. Traders can trade in only a few popular digital currencies like BTC, ETH, BCH, LTC, XRP.

Registration Process with Mine Digital

Steps to Open Your Own Trading Account:-

  • Users will first have to open the Mine Digital exchange website
  • Then click on the sign-up button
  • Users will get a form to fill in their personal details. The terms and conditions will also be listed. Once a user approves the terms and conditions, they can submit their form.
  • The user will then receive a verification email on the email address mentioned in the form.
  • Users will then have to click the complete registration button given in the verification email.
  • Users will then be taken to a page to create their passwords. Once the new password is created, users have their very own Mine Digital account.
  • Users will then have to verify their ID, their photograph and also submit a KYC form.
  • Users will then have to fund their accounts with digital currency or fiat money and begin trading. 

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Mine Digital fees

Trading Fees

It uses the concept of Maker/Taker fees. For trading USD, AUD, and NZD with digital currency pairs, the maker fee is 0.10%, and the taker fee is 0.20%.

Deposit Fees

It does not charge any deposit fees for fiat or digital currencies.

Withdrawal Fees

It charges 5 AUD for withdrawals by Australian bank transfers.

  • For BTC, the withdrawal fee is 0.001 BTC.
  • For ETH, the withdrawal fee is 0.005 ETH.
  • For BCH, the withdrawal fee collected by Mine Digital is BCH 0.00015.
  • Mine Digital charges a withdrawal fee of 0.001 LTC for LTC.
  • For XRP, the withdrawal charge is 1 XRP.

Therefore, if you want to perceive more details on the fee structure and charges, click here.

Deposit and Withdraw Funds on Mine Digital

Deposit Funds

Users will have to log in to their Mine Digital account and then open the tab for funds. They will find a ‘payment in’ option. Here they can choose the fiat currency or the cryptocurrency they want to trade-in.

Withdraw Funds

To withdraw digital assets out of their Mine Digital account, users should follow the following steps:-

  • Go to the Funds tab
  • This time they will open the ‘payment out’ option
  • They can choose to transfer their cryptocurrency to a digital wallet or transfer their funds to their bank account.

Fiat Currency

For fiat currency, once they choose their currency, a new page will open for the bank transaction. Users receive an email with all details of their fund deposits.

Digital Currency

For a digital currency, a new digital wallet address will appear on the user’s screen, and they have to transfer their crypto from their earlier wallet to this new Mine Digital crypto wallet. 

Supported Currencies and Countries

Mine Digital supports a limited number of digital and fiat currencies only. Fiat currencies allowed to fund Mine Digital accounts include Australian, New Zealand, and US Dollars (AUD, NZD, and USD).

The digital currencies available for trade on the Mine Digital exchange are BTC, ETH, BCH, LTC, and XRP. Mine Digital only allows Australians to trade using their Mine Digital accounts. Users cannot use VPN or TOR to access Mine Digital accounts.

Exchange Cryptocurrency with Mine Digital

Log in to Their Verified Mine Digital Account

Users will have to log in to their verified account that has digital or fiat funds already deposited. Users will then click on the Buy/Sell button.

Choose the Digital Currency

They will be able to choose the digital currency they want to buy or sell cryptocurrency.

Preferred Trade Option

Users will then pick their preferred trade option, buy or sell cryptocurrency. Then they will have to choose the fund currency they want to utilize for buying or the fund they want to sell for. 

Feed-in the Value

The users will then have to put in the value of how much they want to buy or sell. The currency has to be mentioned. 

Quote Price

Users will then press the quote price button. A quoted price will be displayed instantly, and it will be refreshed every 20 seconds according to global market rates. The user will then have to press the confirm quote button if they want to go ahead with the trade. If they are not satisfied with the quote, they can also press the cancel quote button. If the users confirm the quote, then the transaction is completed immediately, and the user’s wallet will reflect the new sales or deposits.

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Mine Digital Trading Assets

Some basic terms to keep in mind while trading digital assets (cryptocurrency and digital tokens) through the Mine Digital exchange:-

Limit Order

A limit order is when a trade is fixed at the price when the order was created. But in the case of limit orders, the trade is not always completed. The completion of a limit order usually depends on the behavior of the digital currency market at that particular point in time.

Market Order

In this type of trade, the transaction is completed at the best available price on the Mine Digital asset exchange at the time of placing the order. But in case the user’s trade volume is higher than their initial counter-party, then the rest of the volume is traded at the next best available market rate. 

Mine Digital Mobile App

Mine Digital exchange has a mobile application to make it easier for users to trade quickly when the market conditions are favorable.

Is Mine Digital Safe?

  • Mine Digital complies with all Australian digital trading rules and regulations of AUSTRAC.
  • It has a certification from Blockchain Australia from 2019 onwards.
  • It is also compliant with all international standards for anti-money laundering and counter-terrorism financing.
  • All corporate account holders have to submit KYC forms as per international guidelines.
  • It also has very good safety features to protect its users from leaks of personal data and digital asset loss. It’s asset custody also comes with a complimentary insurance policy.
  • It has a hot/cold wallet system and highly secure physical vaults, along with many levels of website security.

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Mine Digital Customer Support

Mine Digital’s OTC desk is always available 24 x 7 for any queries and questions from users. Its efficient customer support team is also available through email for any issues with regard to incomplete trades or account-related issues.

Users can find a help option on the official website that offers information about its different products and services.

Its customer support personnel are also available through different social network platforms like Facebook, Twitter, Instagram, Telegram.

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Conclusion

This Mine Digital review shows all the services and unique characteristics of this digital cryptocurrency exchange based in Australia. This exchange has some advantages and disadvantages. 

As per most reviews, the very low fees make it a great option for newcomers into the world of digital currency trading. Experienced traders can also utilize liquidity access through Mine Digital to their advantage and create a strong cryptocurrency portfolio.

FAQs

Is Mine Digital Legit?

Mine Digital follows all the regulations outlined by AUSTRAC, the financial regulatory body of Australia. It is also Blockchain Australia certified and complies with international anti-money laundering and counter-terrorism financing laws.

Does Mine Digital Have a Referral or Affiliate Program?

Its website does not directly mention any referral or affiliate program for individual users.

How Do I Deposit (Receive) Funds on Mine Digital Exchange?

Users will have to go to the Funds option in their verified account. Then they will have to choose the ‘payment in’ button. Users can then choose the kind of currency they want to deposit and complete the transaction.

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