What is Elbaite?
Elbaite is an Aussie cryptocurrency exchange with a difference. It is a peer-to-peer (P2P) non-custodial exchange, meaning you buy and sell crypto from other traders directly from one crypto wallet to another. Users don't need to risk storing their cryptocurrency or fiat currency on an exchange, which can be hacked.
There are no fees or commission if you are selling your digital currencies, and only 1% fee for buyers using the exchange. Since Elbaite doesn't hold any of your crypto assets, there are no withdrawal or deposit fees either.
Elbaite is an excellent trading platform suited for large volume traders who prioritise security, safety and control of their own assets.
My Overall Thoughts on Elbaite
Elbaite stood out to me as it differs from how other crypto exchanges operate. Instead of buying and selling from the exchange, you are actually trading directly with another person that is using the Elbaite platform. This increases the safety and security for traders, as none of your cryptocurrencies are stored on an exchange, they are simply passed from one personal wallet to another. Additionally, fees are reduced, and in fact there are zero costs or commission as a seller!
Elbaite uses an escrow account to hold payment until the Blockchain verifies that the coins you purchased have arrived into your wallet, so you never have to fear losing your fiat currency in a scam trade.
I think that platforms like Elbaite will become increasingly popular, as crypto exchange hacking becomes more prevalent. If the world's largest crypto exchange by volume - Binance - are vulnerable to hackers, then the safest way to trade is peer-to-peer.
Key Features & Advantages of Elbaite
Here are the best features offered by Elbaite that set it apart from others:
What Services does Elbaite offer?
Elbaite's peer-to-peer format sets it apart from most of the other Australian crypto exchanges. I will go into detail about the services that Elbaite provides so you can determine whether this is the right crypto trading exchange for you.
Instant account verification - no photos required: Verification is required on every legitimate Aussie crypto exchange, to comply with legal obligations to operate. Elbaite is registered with AUSTRAC, which means they need to conduct checks to verify your identity to fulfil their KYC/AML duties. The information is not kept, nor used for commercial purposes.
Account verification on Elbaite is instant, without the need to upload any photos, making it a simple and straightforward process. In 1% of cases, they may need extra information, so verification can take up to 24 hours.
Buy and sell cryptocurrency peer-to-peer: Elbaite enables users across Australia to buy and sell crypto directly from each other. Any coins you purchase will arrive directly to your personal wallet (either a hot wallet in an app, or a cold storage wallet) after your fiat currency is sent through. Your funds are held in Elbaite's escrow account until the Blockchain has verified that the assets you bought are now in your wallet. Once that is clear, your payment is sent through to the seller.
Non-custodial exchange - no funds are held on Elbaite platform: Since Elbaite is a non-custodial crypto exchange, none of your fiat currency or digital assets are stored on their platform. Any purchases of crypto made are sent straight to your personal wallet, and any crypto sales you make leave your crypto wallet and go directly to the buyer's wallet. There is no depositing AUD into Elbaite before making purchases of coins; as soon as you purchase a coin, you make the deposit then.
Because none of your funds are held on the Elbaite exchange, there is no risk of your assets being stolen by hackers, which seems to be a fairly regular occurrence as crypto becomes increasingly popular.
No fees or commission when selling crypto: Elbaite is the best option for selling cryptocurrency, as they charge zero fees or commission. There are no hidden fees or any tricks, it is really free!
23 different coins available: Compared to non peer-to-peer exchanges like Swyftx with over 270+ altcoins, Elbaite's 23 cryptocurrencies may not sound like many. However, you need to remember that peer-to-peer exchanges generally support only 1 or 2 different coins, so you need to set up several accounts on different exchanges if you want to trade more markets. Elbaite supports 23 different coins including Bitcoin, Ethereum, Powerledger, OMG Network and Litecoin.
Escrow account ensures your fiat currency is held safely until you receive your crypto: Elbaite uses an escrow account, so the buyer's money is not paid to the seller until they have verified on the Blockchain that the seller has sent the cryptocurrency to the buyer's wallet. This ensures that the sellers will always receive payment for their digital assets, and buyers will always receive their crypto.
Your personal details are kept private from other traders, protecting you from fraud and theft: Elbaite has taken steps to ensure that users can trade safely, without disclosing any personal information. On other P2P exchanges, you may need to disclose your full name and bank details, which can expose you to fraud and theft. On other exchanges, you may find scammers that purchase crypto from you, and send the money into your bank account. However, once they receive your digital assets, they file a reverse transaction with their bank, claiming they were hacked or scammed. Aussie banks which mostly don't support crypto will usually side with the scammer, and your funds will be reversed out of your account.
On Elbaite, neither your bank details or personal details are disclosed, so you can buy and sell safely with peace of mind.
Elbaite Fees
Elbaite Deposit Fees
There are no deposit fees on Elbaite.
Elbaite Withdrawal Fees
There are no withdrawal fees on Elbaite.
Elbaite Trading Fees
For sellers of crypto, it is completely FREE, with no hidden fees or commission.
For buyers of crypto, there is a 1% fee (+ GST) for all trades.
Pros and Cons of Elbaite
- 0% seller fees
- Non-custodial exchange - you're in possession of all your funds
- Escrow account to ensure buyers and sellers are safe
- P2P exchange means your crypto goes straight to and from your personal wallet
- No personal information disclosed to other traders
- Need to have an existing wallet; may be confusing for new users
- Only 23 coins supported
- No Live Chat customer support - only email
Is Elbaite Legitimate and Safe?
Yes, Elbaite is a legitimate Australian cryptocurrency exchange. It is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) and complies with KYC/AML obligations to prevent money laundering and financing of terrorism.
Elbaite is an extremely safe exchange because of its non-custodial nature. There are no funds stored on their platform, so there is no fear of it being hacked. Your digital assets are always stored safely in your personal wallets right from the moment you purchase them until you sell them. Elbaite is much safer than other P2P exchanges because it does not disclose your personal details to any other users, preventing fraud and theft. Elbaite's use of an escrow account ensures that you always receive the coins you pay for, and that you receive your AUD for any crypto that you sell.
Verdict
Elbaite has taken the peer-to-peer model of crypto exchanges, and improved the security of it using an escrow account, and keeping user's personal data confidential. It also offers 23 coins, which is a large amount for a P2P crypto exchange. This is an excellent platform for large volume traders who prioritise security, safety and control of their digital assets.
For beginners to the crypto investing or trading market, this may not be the best choice, as it is not as simple as some other exchanges. If you have never bought crypto before, you may not have a wallet, and you might not understand the process of buying and selling P2P as opposed to instantly from the exchange.
For beginners, I would suggest having a look at the best Australian crypto exchanges (see quick comparison table below).
Comparison Table of the Best Crypto Exchanges in Australia
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read this breakdown.