Choosing a Best Crypto Exchanges in Australia that is reliable to use when trading cryptocurrencies online is a good start. Australia can access most foreign cryptocurrency platforms via its policy on emerging blockchain technologies and currencies. Even some companies have earned recognition in the Australian cryptocurrency market. There are several cryptocurrency exchanges in Australia to choose from.
As there are so many trading platforms, it may be difficult to choose one that meets your needs. This article will learn how to determine which trading desk is appropriate for you by comparing numerous international and local markets. You should be aware of your demands while reviewing this collection of secure and safe trades. It is crucial to find out what elements best suit your investment style. Some offer more incentive opportunities, while others provide better platforms for quick trading.
Getting started in crypto investing and trading is one of our main focuses and provides you with reliable, updated, and relevant information that comes from thorough research and testing. There are many cryptocurrency exchanges in Australia because cryptocurrencies are becoming increasingly popular. Determine what you are looking for from a crypto exchange and which category best fits your needs. Diversifying your exchanges is a good idea since you can put your cryptocurrency on multiple platforms and spread it out.
- Binance Exchange
Binance, the Australian exchange on this list, has existed since 2017. In Malta, an environment that is more crypto-friendly, the exchange moved its headquarters from China. Australians can now deposit and withdraw in AUD through Binance’s platform in July 2020. Due to the low trading fees and the support for several digital currencies, traders can invest in more obscure options on this exchange. BNB is a native token that can be used to get a discount on trading fees if it is used when trading.
Binance is a blockchain-based trading platform that offers crypto-currency trading, but it is not suitable for beginners. The wide range of services it provides still makes it one of my top 5. When you log into Binance, you have many options, such as margin trading, futures, p2p, and more. There are over 300 cryptocurrencies available through these services. With PayID/Osko, Binance users can deposit AUD instantly without incurring any fees.
Traders who are serious about trading should take a look at Binance. With fees of just 0.1%, they are very competitive. The Binance trading bots can be used to automate your strategy as well. Unfortunately, Binance doesn’t operate out of Australia, so your bank may charge you a fee for making deposits or withdrawals. Australia-issued IDs have problems being verified and deposited into Australian bank accounts are also common problems for Australians.
- CoinSpot Exchange
Since 2013 CoinSpot has held a strong position in the Australian crypto market. As of last year, they were able to handle almost 2 million users and transactions. The company holds the only ISO 27001 certification in Australia, thereby proving the level of trustworthiness and security they claim. The CoinSpot exchange operates as both a broker and a cryptocurrency exchange. It can use AUD deposits to purchase a wide range of coins. You can buy more than 300 different coins.
I like the variety of coins they list, including ones not recorded elsewhere, but I wouldn’t say I like the trading fees they charge. It costs 1% to buy coins instantly, which is higher than OTC or Market Trades, for which the fee is 0.1%. When I buy on CoinSpot, I use Market Trades rather than OTC or Market Trades because they charge a much lower 0.1%. You can Instant Buy BTC, ETH, and ADA from CoinSpot, but you are charged 1% for smaller cryptos.
CoinSpot is an excellent choice for beginners due to its simple, straightforward dashboard. To ensure their users get a clutter-free experience, they have invested a lot of time and effort. The only downside to CoinSpot is the 1% Instant Buy fees, slightly higher than the other exchanges in Australia, however that is a small cost to pay for the longstanding reputation they have developed in Australia and the assurance that my cryptos will be safe there.
My favorite platform for crypto trading is Swyftx. It’s well-built, robust, and it works great. A trader of any skill level will find the desktop site and mobile app easy to use and intuitive. It’s no surprise Swyftx has become Australia’s premier cryptocurrency trading platform, with over 280+ cryptocurrencies available to buy and sell and only 0.6% trading fees per trade. As with Swyftx, registering on the site and verifying your account is quick and straightforward. The unique demo mode (that can be switched on and off at any time) gives newcomers an overview of buying, selling, and trading crypto using free play money. Swyftx provides:
- A fantastic user experience.
- An FAQ database.
- Tutorials by the Swyftx team.
- Live Chat support.
SwyftX has been a great exchange for me, and new users have also been pleasantly surprised by how easily it can be used. It’s highly recommended that you look at Swyftx if you look for a secure trading platform that works intuitively. With Swyftx, you can deposit instantly with your bank account. Many other exchanges do not accept debit or credit cards for deposits. It has some detailed instructions on depositing Bitcoin in Australia in our guide. They used a bank transfer based on account number and BSB.
With a trading fee of 0.6%, all transactions come with a flat rate; unlike some competitors, there are no hidden fees in the spread. For the sake of review, I decided to use my accounts on Swyftx and CoinSpot, Digital Surge, and Independent Reserve to compare their performance against Swyftx’s.
Each of the four accounts had $100 deposited into it, so I purchased Bitcoin with the $100 and then sold it back at the exchange. Using the remaining funds, I determined which exchange had the lowest fees. Here is the comparison test – there are some exciting results! Swyftx cemented its position as my number one crypto choice for Australians after conducting a test.
As Swyftx has access to large pools of international trading volume, it can offer the lowest spread on BTC in Australia (only 0.45%, and an average of 1.7%). Using the platform, you will discover plenty of other valuable tools, including the Price Alert, which automatically alerts you when a coin reaches a specific price so that you can get in early.
Swyftx had the pitfall of only allowing crypto to crypto trading, but the company has since addressed this (which they had promised). It now will enable you to trade between cryptocurrencies, e.g., going from Bitcoin to Ethereum.
In addition to impeccable security standards, Kraken’s highest reputation relies on user protection and privacy. Since the early Bitcoin stages, this US-based cryptocurrency exchange has held high ranks in the global crypto realm. As a first-line witness of the MtGox collapse, Kraken’s founder knew that trust is critical in an ecosystem prone to collapse. As a result, he and his talented team built a trustworthy marketplace backed by prominent financial institutions in Japan and Germany and kept over 90% of users’ funds in cold storage.
The exchange operates in 175 countries across the globe and accepts seven fiat currencies; including AUD. OSKO is the only place where Australian traders can deposit their native currency. Fiat funding for business transactions is free, and it can be completed within two business days. Trading fees are based on the industry standard and start at 0.26%. While Kraken’s trading services are reliable and high-quality, their stability makes them more than attractive.
Coinbase is a highly user-friendly platform. The user experience and design of its mobile app and interface are simple and appealing.
According to its daily volume of traded products, the platform is currently the second-largest exchange globally. No major security breaches have been reported and it is widely considered the safest platform.
Those living in Australia can choose between coinbase and coinbase Pro (which offers more advanced trading features). Alternatively, users can use their bank accounts to transfer money directly from their debit or credit cards. However, the Coinbase buying and trading platform does not support all cryptocurrencies.
- After depositing AUD, you can purchase and trade digital assets safely
- Watch educational videos and earn crypto rewards
- Participate in the staking process
- Using Coinbase’s vault, you can store coins in cold storage
- Multi-layered security and user authentication guarantee your safety
- eToro – ASIC Regulated
Crypto exchange eToro is among the oldest exchanges, founded in 2006, nearly a decade before Bitcoin and cryptos became popular.
In the past, it offered stock trading and forex trading, but now it allows you to trade crypto, ETFs, and commodities alongside these assets.
ASIC regulates eToro, which is managed by the Australian Securities and Investment Commission (ASIC). eToro is licensed to operate in Australia. The state of New South Wales, is home to an eToro office.
The eToro platform can be used by Australians, New Zealanders, and most other countries. CySEC and the FCA regulate the platform. More than 120 cryptocurrencies are currently listed for purchase and sale.
Users of eToro have the option of trading socially – they have a social media profile that allows them to share information about markets and the opinions of others about each cryptocurrency asset. You can copy the trades of eToro’s copy trading platform if you are a professional investor – they allow you to choose traders who have shown success in copy trading. eToro automatically replicates other people’s trades using how much investment you chose.
There are no management fees to pay. In addition, it offers a feature called ‘copy portfolio,’ which allows you to copy the investment allocation level rather than individual trades. It is ideal for those who hold altcoins rather than trade them – essentially, you have to wait for the market, not time it.
Crypto wallets are offered by eToro for free under its eToro Money wallet. The security standards of this platform prevent DDoS attacks that can cause damage to your funds. Users can obtain a cryptocurrency debit card to make retail purchases with crypto funds.
Like many crypto exchanges, eToro offers staking rewards – if you hold certain coins, you earn passive income. The most popular cryptocurrencies on eToro are Cardano (ADA), Ethereum (ETH) and Tron (TRX).
In contrast to making and taking fees, eToro uses a spread system. Furthermore, the price action uses less technical indicators than the cryptocurrency platforms. In the case of swing or day traders, EToro may be preferred only because of its copy trading services, and Bybit or Binance may work best for those who want to trade and scalp.
The variety of deposit options offered by eToro is unmatched among Australian cryptocurrency exchanges – including bank transfer, credit and debit cards, Neteller, Skrill, Paypal, and many others.
Some people are bothered by eToro’s KYC (know your customer) requirement – you’ll have to upload an image of a government-issued picture ID, like a passport or driving license. The only problem is that some traders prefer this rather than asking for this information because exchanges that don’t request it might face a regulatory crackdown.
Crypto trading can be done through spot and margin trading, which is also called futures trading. So instead of owning Bitcoin and other cryptocurrencies, you can purchase contracts (also known as CFDs) that give you exposure to the price direction of underlying assets. For limit orders on futures, you will receive a rebate of 0.025% from Bybit. In addition to being a free form of cryptocurrency trading, as you are not charged a fee for opening and closing your position, it’s also a way for you to make money while you’re being paid – the small profits accumulate.
Compared to Kucoin and Bitfinex, where a maker rebate amounts to 0.02%, Binance does not rebate makers – only spot traders with a monthly volume of trades of several hundred can earn a refund. It does not matter how much you trade, Bybit offers a rebate. The 1x short hedge is non-liquidate regardless of whether the price rises, so you can open it as soon as you want to sell. A sale of crypto into cash is essentially the same, but no fees are charged. You will be paid every eight hours and the maker rebates, which benefits short sellers. Shorts pay 0.01% interest every eight-hour funding period, etc., longs pay their shorts 0.01%.
If you are shorting with more than 1x leverage, use a stop loss, or start a long – a 1x long can be closed. You can increase profits with power, but you can also lose money if you misuse it or use it without a stop loss. Layering bids can achieve more consistent entries into positions. In contrast to eToro and Binance, ByBit does not offer social trading or a physical debit card wallet. However, there is a mobile app and some staking options.
The withdrawal limit is 2 BTC daily without showing a government-issued ID – perfect for users who prefer anonymity. Bybit is unregulated; however, it has a good reputation in the cryptocurrency world and has been in operation since 2018 with no problems with hacking, data leaks, frozen accounts, etc.
Cryptocurrency Exchange Options
Using different exchange types based on your experience level or a beginner is possible.
- · Brokers – for Beginners
With quick and easy crypto purchases available through brokers, this is the most straightforward way to start. As with a shop, brokers operate similarly and are ideal for someone just getting started.
- · Trading Platforms – for Intermediates
Even if you have little experience when it comes to trading cryptocurrency but not enough to consider yourself an expert, you could benefit from a crypto trading platform. Buying and selling crypto on these open markets is possible for competitive fees, and they usually offer more advanced trading tools like margin trading. Beginners are often attracted to trading platforms, though they are not as simple to use as a broker.
- · Derivatives Platforms – for Experts
Rather than selling crypto outright, advanced users might prefer a derivatives platform, which lets you trade cryptocurrency derivatives. Investing in this platform would be a worthwhile decision for advanced traders looking for a feature-rich, high-liquidity, and high-leverage platform.
Different cryptocurrency exchanges cater to various trading needs and preferences, with many exchanges available. Before deciding which crypto exchange is suitable for you, it’s critical to research what might work for you and what may not. This comprehensive guide to cryptocurrency exchanges in Australia will help traders identify which digital asset exchange is suitable for them. After reading this guide, traders will be able to make informed decisions.