There is no shortage of crypto wallets and trading platforms in Australia, so why would you choose Clanz?
In this review, find out what this platform offers regarding tradable assets, fees, and the general pros and cons.
Inside this review
About Clanz
Clanz launched in January 2022 with the aim of making cryptocurrencies accessible for everyone.
Users can seamlessly buy, sell, send, receive, convert, deposit, and withdraw cryptocurrencies. The user-friendly design makes it effortless to manage your crypto portfolio for investors and traders alike.
While trading, you can easily set your preferred prices and prevent losses with market orders, limit orders, and stop losses. These are extremely useful given the volatility of crypto prices.
Is Clanz safe?
Clanz is a trading name of PayFar Pty Ltd (ABN 31 638 408 349) and is registered and regulated by AUSTRAC to operate in Australia. The company headquarters are in Sydney.
According to the website, Clanz was designed “from the ground up” with security and safety at its core.
Clanz uses “data encryption, periodic security audits and best practice organisational security” to keep users' assets and information secure.
Who is Clanz aimed at?
Clanz is targeting the mainstream. Investing and trading crypto with Clanz is designed to be easy to do, which is self-evident from the high-quality frontend design they’ve managed to pull off. It is more like Coinbase and nothing like Binance.
Tradable assets
There are 380+ digital assets available to trade on Clanz. As well as the usual large-cap cryptocurrencies of Bitcoin and Ethereum, you can trade many other altcoins and memecoins such as Solana and Dogecoin. You can buy and exchange any of these for another. The platform intends to support many more assets as time passes.
Notable features
One of the great things about Clanz — that I like — is how they have managed to incorporate several advanced features without cluttering the UI or making it inaccessible to the average user. Kudos to the product design team.
Follow trading (upcoming)
First popularised by eToro and otherwise known as social trading, this is a feature that will allow new and inexperienced traders to trade by following an experienced trader. Once followed, Clanz will automatically place orders to copy trades they make.
If you are new to trading, this is a great way to start. It isn’t without risk, though. These traders may be experienced, but they won’t get every trade right.
Passive income as a Clanz leader (upcoming)
As good as copy trading may be, you can also become a leader to be followed. This means you can earn passive income from those who follow your trades.
Fees
As Clanz was designed to help newbies get acquainted with crypto trading.
- Deposits: Fiat currency (AUD) and crypto you already have in another wallet are free to deposit. You can deposit AUD with a bank transfer, PayID, or Osko. Credit cards are not accepted.
- Transfers: It’s also free to transfer crypto between Clanz wallets. To send to a non-Clanz wallet costs 0.1% plus the coin’s network fee.
- Trading: 0.5% flat (although high volume trades can request lower fees).
For now, this is a simple and transparent schedule of fees, which I like. They’re also competitive.
Tiered fees will be introduced so that traders pay based on the volume of their trades.
Pros and cons
Pros
- A simple wallet that anyone can use with a low learning curve.
- A large number of digital currencies, including many well-known altcoins and memecoins.
- Follow-trades let you earn while you learn, although yet to be deployed.
- Extremely simple fee schedule, so you know what you’ll pay to trade.
Cons
- Follow-trading fees are on the high side and it doesn’t look like it will be possible to copy with leverage.
- Lacks staking, now available on several competing Australia crypto platforms.
- Credit cards cannot be used to deposit fiat currency, although many others also do not accept cards.
- No SMSF. You’ll need to use a different platform if you want to include crypto in your SMSF.
- No tax reporting. You’ll need a crypto tax reporting tool to be compliant with the ATO.
Alternatives
Australia is a crypto-friendly country, so there are many other alternatives to consider.
- Swyftx. Easy to use with lots of coins to choose from. Also offers staking, SMSF, and a demo account.
- eToro. If copy trading interests you, then eToro is worth a look. It has the added option to trade stocks as well as crypto.
- CoinSpot. Very popular Australian exchange. Offers a large choice of coins, staking, and NFT trading.
Verdict
For me, the simplicity of Clanz is its standout feature. This platform is ideal for new crypto traders who just want to get started with crypto, but it is not the platform for you if you want to dabble in NFTs, staking, and DeFi.
Disclaimer: We put our customer’s needs first. The views expressed in this article are those of the writer’s alone and do not constitute financial advice. Advertisers cannot influence editorial content. However, Finty and/or the writer may have a position in the cryptocurrencies mentioned. Finty is committed to providing factual, honest, and accurate information that is compliant with governing laws and regulations. Do your own due diligence and seek professional advice before deciding to invest in one of the products mentioned. For more information, see Finty’s editorial guidelines and terms and conditions.
