US Trading App Webull Launches Crypto Service in Australia to Challenge Incumbents

U.S. trading app Webull launched crypto services for Australian users on Wednesday, offering access to hundreds of different digital assets in a move experts say will force local exchanges to slash fees or risk losing customers.

The launch through Coinbase Prime adds Australia as Webull’s third crypto market, alongside the U.S. and Brazil, with the company promising a 30-basis-point spread, according to a statement.

Industry experts predict the entry will trigger competitive pressure across Australia’s crypto exchange market, where fees have remained stubbornly high compared to international markets.



Pratik Kala, head of research and portfolio manager at Apollo Crypto, told Decrypt that “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.”

“Australian exchanges list a small fraction of coins—Webull’s entry with 240 coins will expand overall options for Australians,” he said, with competition expected to “expand overall options for Australians.”

Webull announced Monday that it resumed crypto trading in the U.S. after suspending services in 2023 during its public listing process, part of what CEO Anthony Denier called a “full-throttle” global expansion into digital assets.

James Volpe, founding director of uCubed, told Decrypt that Webull faces “entrenched competition from established players in Australia who will work hard to defend their market share.”

“Competition in such a young market tends to create competitive fee structures and additional service features for users,” he added.

He said new entrants “raise the bar for incumbents,” pushing more competitive fees and better user experiences, but cautioned that “the key” for investors is understanding risks tied to custody and centralized platforms.

“The greatest challenge,” he said, “is the shift toward non-custodial and decentralized technologies, giving users control over their identity, custody of assets, and lowering trading costs.”

Despite such hurdles, he acknowledged “while the institutional backing and infrastructure via Coinbase may provide an edge, success here depends on building trust and demonstrating value in an increasingly sophisticated market.”

Webull supports trading through individual accounts, SMSFs, trusts, and company structures, positioning crypto as part of traditional investment frameworks with 24/7 customer support.

Volpe said this may boost crypto’s role in wealth management, but “true integration” hinges on “education, regulation, and investor confidence.”