AbrahamThe first step in your cryptocurrency investment journey is picking the right exchange. Australian investors have a high desire for cryptocurrencies despite the numerous disasters that have occurred in the market over the past year.
Crypto exchange in Australia is now seamless as tons of crypto exchange in Australia are now available and very easy to use. The best crypto exchanges in Australia enable you to trade digital currencies with confidence by offering a large variety of cryptocurrencies and minimal trading fees.
In this post, we’ll be taking a look at the best crypto exchange in Australia. Because this post promises to be insightful, we’ll urge you to read it to the end.
Table of Contents
WHAT ARE CRYPTOCURRENCY EXCHANGES?
A cryptocurrency exchange, also known as a digital currency exchange (DCE), is a company that enables clients to swap cryptocurrencies or other digital currencies for traditional fiat cash or other assets.
Credit card payments, wire transfers, and other modes of payment may be accepted in exchange for digital currencies or cryptocurrencies.
A cryptocurrency exchange can function as a matching platform that only charges fees or as a market maker that often uses the bid-ask spreads as a transaction commission.
The most popular approach to begin trading cryptocurrencies and other digital assets is by doing so through crypto exchanges.
Privately run platforms known as cryptocurrency exchanges make it possible to swap one cryptocurrency for another, as well as for digital, fiat, and NFT currencies.
You can buy and sell cryptocurrencies like Bitcoin, Ethereum, and Tether via cryptocurrency exchanges, which operate similarly to brokers. With reasonable fees and robust security measures, the best cryptocurrency exchanges make it simple to purchase and sell the currencies you desire.
WHAT SHOULD YOU LOOK AT WHEN CHOOSING A CRYPTOCURRENCY EXCHANGE?
1. Take caution
The first thing to bear in mind is that there are scams and fraud out there, and they may have a very significant influence on individual investors.
This goes for when looking for digital currency exchanges as well as when thinking about any other part of investing in cryptocurrencies.
One of the first and once most well-known digital currency exchanges, Mt. Gox, failed. Others have experienced hacking or other security issues.
How can one be certain that a specific Bitcoin exchange provides a reliable service? Find the physical address connected to the exchange first. You shouldn’t use the exchange if an address is not immediately available. This is due to a variety of factors. First, legitimacy is frequently indicated by transparency.
Second, you won’t have a clear understanding of the frequently complex legal repercussions of your investments if you don’t know where the exchange is headquartered.
Third, having a physical address for the exchange makes it much simpler to address issues with the exchange and any regulators who might need to get involved if your account gets hacked.
You Might Like: 4 Benefits of Crypto Day Trading
2. Do Your Research
Reputation matters when it comes to cryptocurrency and exchanges. Take the time to carefully investigate the exchange you’re contemplating before you even go as far as to register an account (which should represent a high degree of trust, as it requires a user to turn over confidential information of various forms). What are the opinions of other people in the conversation?
What may be inferred about the exchange itself? Has security ever been a problem in the past? If so, how did that conversation resolve those issues? Do a thorough search and keep an eye out for any potentially damaging information that the exchange’s development team might prefer to keep hidden from potential clients.
3. Go With Higher Security
The more challenging a certain exchange makes it to register for an account, the better. If creating an account is excessively simple, the exchange might not be very reliable.
So what happens if your digital assets vanish overnight? In some circumstances, finding and getting your money back may be far more challenging.
No matter which exchanges you decide to use, it’s a good idea to store the vast bulk of your digital assets in a cold wallet, which is frequently an option for staked currencies. Exchanges should follow suit with their non-liquidity-related assets.
4. Check Out For Fees and Currency Pairs
You should think about how each swap will impact your regular investing. The fees and the currency pairs they provide are two main characteristics that set various exchanges apart from one another.
Study the costs and take into account how they would affect your investing based on your investing style: Do you intend to be very busy and transact business daily? If so, you might want to think about using an exchange with a smaller transaction charge.
The cryptocurrency pairs that your exchange offers are a further crucial factor. One of the most well-known and effective exchanges in the world, Coinbase, exclusively provides a user-friendly selection of digital currencies.
Although Coinbase is regarded as being good in terms of security, user experience, and other trading factors, you might want to search elsewhere if you’re looking for obscure cryptocurrencies.
Keep in mind how your personal investment strategies will interact with the capabilities (and restrictions) of any exchange you may employ.
BEST CRYPTO EXCHANGE IN AUSTRALIA
The following is a list of the best crypto exchange in Australia:
1. Binance
Binance is the most well-known exchange globally, with almost 30 million registered users and a bigger trading volume than any rival. There are several reasons why we think so highly of Binance and it is also a top crypto exchange in Australia.
Staking, savings accounts, and yield farming for more than 100 coins are just a few of the earning options provided by Binance. In addition, it has an NFT market.
For seasoned traders looking to improve their trading experience, Binance offers a variety of advanced trading options including different order types, automated trades, and charting tools.
The platform has a private insurance fund of US$1 billion in case anything were to happen to the assets on the platform. It is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Furthermore, the AFSL license that allows Binance Australia’s customers to trade sophisticated derivatives products has been asked to be revoked by ASIC.
It happened following an ASIC inquiry that revealed Binance Australia had erroneously classified retail investors as wholesale investors, who often have less access to consumer safeguards.
You Might Also Like: A Step-By-Step Guide to Exchanging USDT to BNB on Crypto Exchanges
2. eToro
Another great crypto exchange in Australia is without a doubt eToro for a wide range of fundamental factors. eToro is authorized and governed by several tier-one organizations, including the Australian Securities and Investments Commission (ASIC) when it comes to security and trust. Both the FCA in the UK and the SEC in the US issue additional licenses.
As a result, you can trade, acquire, and sell crypto assets without having to worry about the platform’s reliability. You only need to upload identification and register basic personal information to open an eToro crypto account.
After that, you can instantly deposit money using a debit or credit card issued in Australia or an online wallet like Paypal.
You can also use a bank transfer to deposit money. The minimum financing requirement is $50, and there is a tiny cost of just 0.5% for each supported deposit type.
In terms of supported markets, eToro is home to dozens of cryptocurrencies, ranging from XRP, Litecoin, Cardano, and Shiba Inus to Bitcoin, AAVE, Dogecoin, and Ethereum.
3. CoinSpot
With over 2.5 million registered customers, CoinSpot is a top crypto exchange in Australia. It’s a great option for novice investors who want to get a taste of the cryptocurrency market. The Best for Beginners and Best Value Finder Awards went to CoinSpot in 2023.
The user-friendly interface of this Australian exchange makes it simple for novice users to get around the system and begin trading more than 380 coins.
One of CoinSpot’s distinguishing qualities is its quick and simple purchase procedure, which brought CoinSpot another Finder Award for Instant Purchases.
POLi payments, BPAY, and PayID are just a few of the AUD payment methods that the platform accepts, making it simple for investors to buy cryptocurrencies swiftly and effectively.
CoinSpot offers fantastic value costs at just 0.1% for market and OTC trades in addition to quick purchases. The cost for instant buys sells, and swaps is 1%.
4. Bybit
Singapore-based cryptocurrency exchange Bybit was established in 2018. It is renowned for having a wide variety of features, an in-depth trading environment, and a top-notch mobile app for trading while on the road. It is an ideal crypto exchange in Australia.
The user-friendly interface of the Bybit app makes it easy to navigate and place transactions. It has sophisticated trading tools including real-time charts, order book depth, and price alerts that can help you keep informed about market movements and make wise decisions.
Bybit protects user information and payments with industry-standard security procedures. It has biometric authentication (fingerprint and facial recognition) as well as two-factor authentication (2FA).
English, Chinese, Japanese, Korean, and Spanish are among the languages that are supported by the mobile app, which can be downloaded from the Apple Store and Google Play.
5. Kraken
Founded in 2011 during the Paleolithic period of cryptocurrency, Kraken is one of the oldest crypto exchange in Australia. With extremely affordable trading fees, this platform provides a wide selection of coins.
Two trading platforms are available on this exchange: Kraken and Kraken Pro. For those wishing to begin their adventure into cryptocurrency investing, we advise using the fundamental Kraken exchange.
Although the “Instant Buy” function on the basic platform doesn’t have the lowest fees, it does have a user experience that is straightforward enough for beginners.
A variety of sophisticated trading tools, including futures trading, advanced order types, and margin trading, are available through Kraken Pro. Higher volume users can also receive discounts.
6. Swyftx
Swyftx is a crypto exchange in Australia with over 310 assets and over 600,000 members. Swyftx won the 2022 Finder Award for Customer Satisfaction thanks to thousands of 5-star Trustpilot evaluations and a local Australian customer support team.
The site has an education area where you can take crypto courses to acquire new skills and evaluate your knowledge with quizzes. It also has an easy-to-navigate and beginner-friendly user interface (UI).
The Swyftx mobile app provides a thorough user experience and supports all the same functions as the desktop exchange. You can download it from Google Play or the App Store.
Swyftx retains all customer balances 1:1, is independently audited, and is registered with AUSTRAC. You are prepared to begin trading after signing up and completing the KYC verification procedure.
You Might Also Like: 15 Best Cryptocurrency App For Beginners Of 2022
7. Plus500
One of the most reputable trading and exchange platforms for cryptocurrencies is Plus500. It is a great crypto exchange in Australia also. Plus500 is regulated by several organizations throughout the world, including ASIC. It is also listed on the London Stock Exchange and a part of the FTSE250 Index.
More than 2,000 different financial instruments, including currencies, commodities, indices, options, ETFs, and more, are available to trade on the site.
That includes several popular cryptocurrency CFDs, such as Bitcoin, Ethereum, Solana, Polygon, and Polkadot, however, the range is considerably narrower than other ones.
Users can trade with up to 1:2 leverage as well as the Crypto 10 Index, which reflects the top 10 coins. There are no deposit or withdrawal fees at Plus500, which also has one of the best apps available; instead, fees are included in the price.
8. Crypto.com
Crypto.com is another top crypto exchange in Australia to take into account. Since Crypto.com has experienced exponential growth over the last 18 months and now boasts over 10 million registered members, regular traders may already be familiar with the platform.
Customers can invest in more than 250 different cryptocurrencies through Crypto.com, which is renowned for its user-friendly trading platform.
Customers have the option of trading through the mobile app or on the Crypto.com exchange. The former has a maker/taker price structure, with 0.4% on either side of the trade, and is better suited to more experienced traders.
Notably, customers can choose to pay these fees using CRO (Crypto.com’s native token), which results in a 10% savings on trading fees.
Additionally, users can deposit free AUD on the app and buy cryptocurrency with those dollars. Keeping track of price changes is made simple by the app’s real-time data and basic price charts.
Finally, Crypto.com even provides a convenient crypto debit card that enables customers to utilize their trading balance to make purchases online or in physical stores just like they would with AUD!
9. Coinbase
Coinbase is a Crypto exchange in Australia that provides a large selection of tradable cryptocurrencies, Coinbase is one of the key reasons we chose it for our list of the best cryptocurrency exchanges in Australia.
With more than 150 cryptocurrencies readily available for trade, Coinbase offers investors a broad range of options. Beginners can quickly navigate and complete trades because of the interface’s simplicity. Investors have flexibility thanks to Coinbase’s one-time and recurring transaction options.
Coinbase offers an Advanced Trade offering with extra security protections for customers who need complex technical analysis. For traders who require access to more sophisticated trading features and in-depth technical analysis tools, this product is a fantastic choice.
10. Coinstash
Compared to other crypto exchange in Australia, Coinstash provides a wider selection of cryptocurrencies. It is the 2023 winner of the Finder Award for Altcoin Trading with over 1,000 currencies and tokens available for trading.
The platform’s DeFi Connector enables traders to buy and sell well-known high-cap cryptos and less well-known altcoins, making cryptocurrencies available for purchase. Coinstash qualified as a finalist for the 2022 Finder Innovation Awards thanks to this functionality.
To find the cryptocurrency products with the most affordable pricing and gas costs at the time of purchase, Coinstash and its DeFi Connector use decentralized finance aggregators. When you confirm a buy order, the cryptocurrency is immediately translated to Australian dollars and placed into your Coinstash wallet.
Trading through the DeFi Connector eliminates the need for direct on-chain communication, concern over smart contracts, and non-custodial wallets. Through other exchanges, you can buy altcoins that are frequently out of stock.
Six blockchains, including Ethereum, BNB Chain, Avalanche, and Polygon, are integrated with Coinstash. On-chain verification and Fireblocks security are applied to every transaction.
CONCLUSION
Due to the thorough supervision of cryptocurrency exchanges by the Australian Securities and Investments Commission (ASIC) and AUSTRAC, purchasing Bitcoin and other cryptocurrencies in Australia is secure and well-regulated.
Investors can deposit Australian Dollars (AUD) into these platforms in a variety of ways, including bank transfers, PayID, BPAY, credit cards, debit cards, and more.
We hope you found our post on the best crypto exchange in Australia very helpful. Kindly let us know what you think.
If you liked this article, then please subscribe to our YouTube Channel for videos relating to this article. You can also find us on Twitter and Facebook.
REFERENCE
- https://www.business2community.com/au/cryptocurrency/best-crypto-exchanges
- https://www.finder.com.au/cryptocurrency/exchanges
- https://www.forbes.com/advisor/au/investing/cryptocurrency/best-crypto-exchanges-for-australians-in-2023/
RECOMMENDATIONS
Techibytes Editor
Raji Ridwan
Elizabeth
Guest
Godswill
Erica Ofure