Summary: Digital Surge is a distinguished cryptocurrency exchange based in Australia, known for its user-friendly interface and wide range of services. It offers a secure and simple platform for buying, selling, and managing digital currencies like Bitcoin, Ethereum, and other popular coins. Unfortunately, in 2022, the exchange went into voluntary administration due to the FTX collapse but re-opened its services in March 2023.
What is Digital Surge?
Digital Surge is a cryptocurrency exchange based in Brisbane founded in 2017 by Josh Lehman and Dan Rutter. It gained a significant user base and amassed an impressive 750,000 registered users in 2022. It became popular because it offered the lowest fees for instant swaps in Australia. However, after the collapse of FTX, the platform went into voluntary administration after it lost 52% of users' assets.
It recently started offering its services again after closing down in 2022. We recommend proceeding cautiously, as many customers have reported that their funds have not been returned to them. On Digital Surge’s Google reviews, many clients have stated that they lost funds with the platform and cannot receive a response from customer support for months.
Digital Surge Features
The exchange has a wide range of cryptocurrencies to invest in but does not provide any additional features outside of trading tokens. Refer to the below list for a quick overview of the services and products offered on Digital Surge:
- Trade Crypto: Buy and sell hundreds of cryptocurrencies, from stablecoins to altcoins and meme coins. It has the second-largest offering of tokens out of any Australian exchange.
- SMSF Support: Trade Bitcoin and other cryptos with your SMSF and get personalised trading advice from the platform's expert team.
- Crypto Wallet: Hold all of the supported tokens directly on the platform with your own wallet.
- 24/7 Customer Service: Contact the customer support team 24/7 via live chat or email. There have been reports that the exchange does not provide live support and responses can be delayed up to a month.
- Multiple AUD Payment Methods: Deposit Australian dollars with several methods, including PayID and POLi.
- Mobile Application: Trade on the go with Digital Surges mobile app that is compatible with both iOS and Android devices.
Is Digital Surge Regulated?
Yes, Digital Surge is a regulated digital asset exchange under the relevant AUSTRAC rules and requirements. Digital Surge Pty Ltd is a registered company with ASIC with an ABN (89 820 473 109). As an Australian trading platform, Digital Surge completes and adheres to all of the regulations and laws set out by the Australian Transaction Reports and Analysis Centre.
There are over 330 cryptocurrencies supported on Digital Surge, which include the latest meme coins, altcoins, NFT coins, Metaverse coins, meme coins, Layer 1s, Layer 2s, and more. The exchange's vast range of assets is one of its biggest selling points, with a diverse selection to choose from.
Digital Surge has the lowest instant swap trading fees in Australia from just 0.5%. This is significantly cheaper than other popular instant swap exchanges like CoinSpot and eToro, which charge 1% per transaction. With Digital Surge, you can access free AUD deposits via Bank Transfer, Osko, or PayID. However, POLi deposits incur a $2 fee. All withdrawals are free on the platform.
Besides its desktop version, the exchange can also be used on a mobile device, and the app is compatible with both Apple and Android devices. The user experience on the Digital Surge mobile app is the best compared to other Aussie platforms, thanks to its simple UI. The Digital Surge app has a 4.8 star rating on both the Apple App Store and the Google Play Store.
The platform states that it offers 24/7 customer support via live chat and email. However, our team tested these features and did not receive a response. This is likely due to its current issues with users' assets. Aside from support, Digital Surge provides educational resources designed to guide users from beginners to advanced levels of crypto trading.
To summarise, Digital Surge was one of the most popular cryptocurrency exchanges in Australia but has since lost trust among Aussie investors after going into voluntary administration in 2022. Although the platform has reopened its services, we do not recommend using Digital Surge as it has yet to return its user's funds. If you’re an investor looking for a safe and reliable Australian exchange, CoinSpot is the best option.