The world has evolved exponentially over the past couple of years as everything has now gone digital. And when we say everything, we mean literally everything. Right from education to work, there is nothing that can’t be done digitally. As a matter of fact, even investments have gone digital with the rise of the new age, cryptocurrencies which have transformed the way we save and invest.
Digital investments in the form of crypto exchanges have made managing assets even easier and quite profitable, too, as long as it is done right. Many people have earned massive profits on their crypto exchanges, while many have lost equally, too.
Often, people lack knowledge about cryptocurrency exchanges, which results in them making rushed and not-so-profitable investment choices. So, to help you get the right information and to make the right choices, here’s a guide that covers some of the best cryptocurrency exchanges in Australia. Let’s get started!
First of all, what is the current scene of crypto exchange in Australia?
Before we get into the details, let’s look at some important numbers and understand where Australia stands in the world of cryptocurrency exchange.
Speaking of the current scenario of cryptocurrency, over 100 million people across the globe are involved in crypto exchange. Out of that, roughly 6,00,000 Australians invest in cryptocurrencies, and the number keeps going up by the day.
Australians have grown quite fond of the way cryptocurrency exchange works, and therefore, hold a significant amount of digital assets. Considering the statistics of 2021, Australians own approximately A$8 billion worth of cryptocurrency, and the most popular choice remains to be Bitcoin, just like a major part of the world.
That being said, let’s look at the best platforms for you to make solid investments in the crypto world.
Top Cryptocurrency Exchanges in Australia:
It is fair to say that CoinSpot is one of the most popular cryptocurrencies choices for exchange in Australia, considering it has the most number of users, external audits, and transactions. CoinSpot was founded back in 2013, and it has really taken good shape over the course of the past eight years. This platform acts as a broker and offers a wide range of crypto coins. There are more than 290 crypto coins to choose from, which can be bought instantly through AUD. The interface is easy to understand and simple to use, so you don’t have to worry about any procedures. And they accept a variety of deposit methods, be it POLI, PayID, Bank transfer, cash deposit, etc.
This is a highly trusted cryptocurrency exchange in Australia, majorly because of its security policies and the convenience offered to the users. Swyftx was founded quite recently, in the year 2018, and very quickly, it has successfully managed to establish the number one ranking in Australia’s crypto exchanges.
The brokerage charge for every buy or sell as low as 0.6%, which is also one of the reasons people prefer this platform. It provides buying and selling of more than 270 cryptocurrencies, and this too comes with a simple, user-friendly interface. You can choose to use either or both- the Swyftx app or website for trading.
Binance Exchange is created and designed particularly for experienced crypto traders and is not suitable for beginners. It takes the user through the depths of statistics and information regarding each coin to aid in making the best decisions. It makes way for more serious and calculated trading, which is why you will find only the top players of the game on this platform.
They offer more than 300 cryptocurrencies for buying and selling, with a fee of only 0.1%, which is significantly low. This is because serious crypto traders tend to make a lot of tradings in a single day. However, if you are a beginner, you can opt for the Binance Lite platform, which is nothing but a simpler version of Binance Exchange.
Kraken exchange is most popular for its security. So, if you seem to have any security concerns regarding trading digital cryptocurrencies, Kraken Exchange is the right place for you. If offers less number of coins, but you’ll find most of the popular coins here. Along with the website, they have also come up with a mobile app so that anyone can trade cryptocurrency from anywhere at any time.
Speaking of its security, Kraken Exchange complies with all the US security standards, which makes it highly reliable and a safe place to invest your money. Additionally, you can also find a live chatbox on the app and the website, which is available to assist you 24/7.
This is perhaps, the most beginner-friendly crypto exchange platform, as it has a very simple and straightforward interface, as everything is readily available with just a single tap. They have over 160 cryptocurrencies to choose from, which is not much, but not less either. What makes Cointree exchange different apart from its user-friendly interface is the fact that it allows its users to make coin-to-coin exchanges.
This is something that most platforms don’t allow, but several investors prefer having this feature. Cointree exchange was also one of the finalists at the Australian Blockchain Industry Awards 2019, which is a big deal!
Gate.io Cryptocurrency Exchange
If you want real variety in cryptocurrencies, then Gate.io is the perfect place for you! With more than 800 cryptocurrencies to choose from, it is quite evident that versatility is the biggest quality for this platform. The maker trading fee for both maker and taker is 0.20%, and they don’t ask for any deposit fee.
Other than that, the withdrawal fee is also very minimal. So much so that it is almost negligible. They have a website and a mobile app, too, so you can trade from whichever seems more comfortable. The trading volumes are large, which is always a good thing! And last but not least, this platform supports 2- factor authentication to ensure maximum security.
KuCoin Cryptocurrency Exchange
If you trade extensively on a daily basis, then you’d probably want to have a low trading fee. And for that, the best platform would be the KuCoin Cryptocurrency exchange as it charges only a 0.1% trading fee, which is incredibly low. They have more than 420 cryptocurrencies, so you can explore quite a lot and find out what works best for you. In this case, too, there is no deposit fee, and the withdrawal fee is very, very low. This platform is based in Hong Kong but has popularity in major parts of the world, including Australia. Most people choose this as the primary platform for trading, particularly for its low trading fee and the variety of cryptocurrencies offered.
CoinJar Exchange is an Australian cryptocurrency exchange platform, which makes it suitable for Australians as you won’t have to pay a hefty international transaction fee. CoinJar also offers a unique debit card to its users, which is known as the CoinJar Swipe debit card. This allows users to convert their crypto coins into cash immediately. This is an excellent feature and has drawn many people to this platform.
They also have a wide range of payment options to ensure that there is something for everyone. You can pay through BPay, bank transfer, PayID, and that’s not it! You can also pay through cash, which is done by taking help from the Blueshyft service.
Coinstash Cryptocurrency Exchange
Coinstash is yet another cryptocurrency exchange that offers a wide variety of cryptocurrencies. There are more than 110 cryptocurrencies to trade from, so you’d probably never run out of options. Money can be deposited through Bank transfer, Cryptocurrency, or PayID. However, they have a relatively higher trading fee of 0.85%. But, to make up for that, there is no withdrawal fee for Australians at Coinstash. It was launched in 2017 and is based in Australia, while its services are outspread in over 122 countries today. Their customer care team is highly responsive and is ready to helo between 9 am to 11 pm.
Additionally, you may also consider the following cryptocurrency exchanges:
- Digital Surge Cryptocurrency Exchange
- Independent Reserve Exchange
- Elbaite Exchange
- eToro Australia Exchange
- FTX Cryptocurrency Exchange
- Easy Crypto Exchange, etc.
All in all, the cryptocurrency market is expanding every day, and so are the platforms for exchanging crypto. Considering the fact that you’d be investing and slightly risking your hard-earned money, it is always advisable to choose the best platform only. By considering your requirements, preferences, and expectations, you may choose any of the above-mentioned crypto exchanges, as they all have something unique to offer.
But, out of all the differences in features, facilities, and fees, the one thing that binds all of them together is security. These are also reputable and highly secure platforms, making them ideal for all your cryptocurrency needs. Happy trading!