The Best Cryptocurrency Exchanges in Australia
Best Cryptocurrency Exchanges Australia: Top 5
Here is a quick list of our top crypto exchanges to use in Australia:
It is safe to say that the global economic climate has changed since the introduction of digital currencies. Cryptocurrencies such as Bitcoin have offered reliable solutions to the numerous flaws the current financial system is facing. With the importance of cryptocurrency steadily growing, choosing the best crypto exchange in Australia has become an essential task for interested investors and traders.
Unfortunately, the several available options can make this task quite challenging to accomplish. To ease the process of choosing a crypto exchange , this article will provide you with a detailed breakdown of the best crypto exchanges in Australia, offering you all the information you need to start trading on cryptocurrency exchanges.
Best Australian Crypto Exchanges: Reviewed 2021
To put together the following list, we looked at the many crypto exchange options, reviewing their security, fees, supported currencies, and other important factors. Below are the top five cryptocurrency exchanges you can use in Australia.
Available cryptocurrencies: Over 200 cryptocurrencies
Swyftx is the best crypto exchange in Australia. Swyftx provides you with a transparent and straightforward means of investing in digital assets. The trading platform offers over two hundred digital currencies that you can trade against BTC, AUD, and even USD. With Swyftx, you do not have to worry about exchanging your fiat currency into crypto.
Swyftx is a fully licensed crypto exchange and complies with KYC and AML policies. Furthermore, the exchange applies programs that monitor transactions enabling you to finish your registration and verification step in only two minutes.
With this crypto exchange, you can instantly sell, buy, and swap coins, making trading incredibly easy. It also has a mobile app, which allows you to trade anytime and anywhere. The platform even assigns an account manager to offer new users who have limited experience in cryptocurrency trading 24/7 support.
Its fees are some of the most affordable. Swyftx charges you a 0.6% trading fee and AU$2 for withdrawals and deposits below AU$200. The platform doesn’t charge you for withdrawals and deposits over AU$200.
Besides the unrivalled user experience, interface, and support the trading platform offers its users, it secures their accounts through the use of breached password detection and 2FA procedures. It also frequently hires experts to perform penetration testing.
Available cryptocurrencies: Over 100 cryptocurrencies
Launched in 2013, CoinSpot’s easy-to-use interface has made it a popular crypto exchange for both novice and experienced Australian investors and traders. The platform supports various deposit methods and multiple digital currencies, ranging from prominent options like Bitcoin to the lesser-known altcoins.
The exchange is highly regarded as a very safe platform, implementing bank-like security measures when protecting its customers’ funds and information. It was the first Australian cryptocurrency platform to receive the ISO 27001 certification for information security.
When registering for an account, the platform requires you to prove your identity and address by providing a picture of a government-issued ID and a copy of a utility bill.
While CoinSpot is safe, easy to use, and has 24/7 customer support available, its slightly high fees are a significant downside. The 1% fee it charges for selling, buying, and trading digital currencies is higher than the industry average.
Independent Reserve Exchange
Currency: AUD, USD, and NZD
Available cryptocurrencies: 13 cryptocurrencies
Though Independent Reserve only supports 13 digital currencies, the exchange has proven to be a reliable trading option for Australians. The platform accepts various payment methods such as SWIFT, Osko, POLi, EFT, and more. Independent Reserve also allows you to use different fiat currencies, including USD, NZD, and AUD, and at only 0.5%, has incredibly low trading fees.
Its security is also fairly solid. The platform uses offline, multi-layer encryption and stores your funds in cold storage, utilising a digital hardware storage device that it stores in vaults. Upgrading your account to Premium will grant you access to the platform’s full insurance, which insures you against loss of funds, employee theft, and security breaches.
One setback of Independent Reserve, however, is that it’s not that easy to use and is more suitable to experienced traders.
Country: United States
Currency: Over 40 currencies
Available cryptocurrencies: 29 cryptocurrencies
Launched in 2012, Coinbase is the first crypto exchange on this list that is not based in Australia. The American-based trading platform is one of the leading global exchanges because of its easy-to-navigate interface and user-friendliness.
Coinbase has several payment options, including credit and debit cards, and bank transfers. It also offers excellent protection through different types of 2FA such as a Coinbase wallet, a vault, and a withdrawal whitelist. The exchange properly encrypts the data and stores the funds in cold storage.
The exchange, however, only supports the well-known digital currencies such as Litecoin, Bitcoin, and Ethereum. It has a strict Digital Asset Framework, which assesses certain currency metrics such as demand, liquidity, and market capitalisation before choosing whether to support a coin or not.
Currency: Over 42 currencies
Available cryptocurrencies: Over 200 cryptocurrencies
Launched in 2017, Binance is the second non-Australian crypto exchange to earn a spot on this list. Though its headquarters were originally in China, the exchange moved to the more crypto-friendly island of Malta. The platform officially launched Binance Australia in July 2020, offering instant AUD withdrawals and deposits.
Standout features of this exchange include cheap trading fees and the several digital currencies it supports, allowing adventurous traders the opportunity to invest in more obscure options. The exchange even has a native token BNB, which, when used, grants traders trading fee discounts.
Another Binance feature is its Secure Asset Fund for Users (SAFU), which operates as a pooling vault where the exchange distributes 10% of all the fees it collects. When the exchange was hacked in 2019, it was able to refund its users after withdrawing from SAFU.
More about Crypto Exchanges
Crypto exchanges are digital marketplaces that enable you to buy, sell, and exchange digital currencies for either other digital coins or traditional fiat currencies like AUD. While you mostly access them from your computer, depending on the exchange you choose, you can also access them via your mobile.
Some exchanges allow you to purchase cryptocurrencies using fiat currencies. Alternatively, you can register on platforms that only support crypto to crypto trading. Such platforms often have wider coin selections. Besides these, there are also other different types of crypto exchanges available in Australia, such as:
Centralised Crypto Exchanges
Centralised crypto exchanges are platforms that are governed by one uniform entity. This entity acts as an intermediary during the trading process. It will accept and fulfil trade orders, store your funds, and even purchase your coins from you. Some examples of centralised crypto exchanges include Binance and Coinbase.
Such crypto exchanges have the best liquidity and high trading volumes and offer users various advantages. Some of these advantages include:
- They are easy to use because most of the trading process is handled for you
- They offer excellent customer support
- Centralised crypto exchanges tend to have low trading fees
- You get the comfort of purchasing coins via a reputable company instead of an anonymous party
Some of the disadvantages, however, include:
- High-security concerns due to their vulnerability to hacks
- Centralised exchanges can be subjected to government oversight, regulations, and interference
Decentralised Crypto Exchanges
Decentralised crypto exchanges are hosted on a distributed network. Traders create buying or selling orders, and once the network matches two traders, they exchange the funds directly through smart contracts or on-chain settlements.
A significant advantage that decentralised crypto exchanges offer users is the excellent security. Because they are hosted on a distributed network, it is very difficult for attacks to harm the entire network. Other advantages of decentralised crypto exchanges include:
- They allow you to trade anonymously
- Decentralised exchanges do not have any government oversight, regulation, or interference
- They allow you to buy and sell cryptocurrencies without having to pay a commission
- Their blockchain technology helps to ensure multi-sig operations
Decentralised exchanges also have several disadvantages:
- Because volunteers maintain them, decentralised crypto exchanges do not guarantee you a good user experience
- Their user interface can be challenging to navigate
- Decentralised exchanges lack customer support
- Trading is a lot more difficult
- The technology that governs decentralised exchanges is still largely undeveloped
Important Factors to Look For in a Crypto Exchange
While the different types of crypto exchanges and the numerous available options can make it daunting for anyone to choose the best option, there are certain factors that you can look for to help you make the right decision:
If you are new to crypto trading, then we recommend looking for platforms that are user-friendly and have little or no learning curves.
There are different types of cryptocurrencies that you can trade in. If you already have a target cryptocurrency, ensure that the crypto exchange supports it.
When comparing two or more crypto exchanges, it could help to go for the one whose fees are more reasonable to you. Also, find out whether withdrawals and deposits incur costs.
Offered Payment Methods
You should also look at the payment methods the crypto exchange offers. Can you pay via a debit or credit card? In some cases, opting for a fiat-to-crypto exchange is better because you might need to deposit fiat currencies to purchase your first coins.
Regardless of the crypto exchange you go for, you must feel assured that your funds and data are safe. As such, always look at the security methods each platform uses. Ensure that the exchange at least offers cold storage, a withdrawal whitelist, and two-factor authentication.
Ensure that the customer support team is responsive. Reading some user comments and reviews can give you an insight into how helpful the exchange’s customer team is.
Offered Crypto Wallet
A crypto wallet is an essential tool for every crypto trader. If you do not have one, consider choosing a crypto exchange that offers its own wallet that will ensure your coins are kept safe and secure.
What is a Crypto Wallet?
A crypto wallet allows you to store, send, and receive your cryptocurrency in a safe environment. Crypto wallets provide you with a private key and a public address, and offer your coins more security than you can get from most exchanges.
There are different types of crypto wallets you can choose from, all offering you varying security levels. The common crypto wallets types include:
Online or web wallets hold your private key online. Because these types of wallets are always connected to the internet, they are the least secure types of wallets and are prone to hacks and DDOS attacks.
Desktop wallets are installable software that are compatible with most computer operating systems. These crypto wallets store your private key on your personal computer. As long as your computer is kept safe from malware, your wallet will be protected from attacks. Should your computer be attacked, however, your wallet and funds will be left exposed.
A hardware wallet is a USB-like device with a screen and side buttons that allow you to navigate the device’s interface. Hardware wallets offer your funds the best possible security because they keep your private keys offline. Furthermore, some of the available hardware wallets allow you to store over 22 types of digital currencies.
With paper wallets, you print your public address and private key on paper and transfer your coins to it. While paper wallets are another secure way of storing your cryptocurrencies, they are not suitable for most people due to their technical nature. They also require high caution levels and do not support certain types of digital currencies.
Before choosing the type of wallet to best suit your financial circumstances and preferences, there are certain factors that you must consider. Some of these factors include:
- Ease of use
- Backup and restore features
- Compatibility with different operating systems
How Do I Choose a Crypto Exchange?
Choosing a crypto exchange can be tricky for those who are new to the world of cryptocurrency. Fortunately, there are certain factors you can review to help you decide. Two of the most important to consider are the exchange’s security and user-friendliness.
The number of cryptocurrencies it supports is another factor you will want to consider. Looking at the fiat currencies it supports will also help, especially if you are looking to trade in AUD.
Because the aim of investing in digital currencies is to make money, looking at the exchange’s trading fees is crucial. Exchanges that have high or hidden fees will considerably lower your profit. You should also consider other factors such as the crypto exchange’s reputation, customer support, payment methods, and deposit and withdrawal limits.
What is the Biggest Crypto Exchange?
Out of the crypto exchanges we have listed above, Binance is by far the biggest. This is due to the platform’s large trading volume, expansive market reach, and high liquidity.
What is the Best Crypto Exchange in Australia?
Though Binance is the biggest crypto exchange, we would rank Swyftx as the best available option overall. The trading platform has high-level security methods, offers excellent user experience and reasonable trading fees, and with over two hundred options, supports an extensive list of digital currencies.
What is the Safest Crypto Exchange in Australia?
Though the options we have named offer adequate security, Swyftx takes the crown for the safest crypto exchange in Australia. The platform implements several state-of-the-art security measures that are sure to keep your funds and data protected.
On top of that, because the exchange is based in Australia, you get the significant benefit of having the platform’s headquarters in close proximity. This allows you to enjoy better customer support and have all your concerns promptly attended to.
Who Has the Most Bitcoins?
Though no one knows his true identity, Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has the most Bitcoins. Sources estimate that he owns around 1.1 million coins.
Why are Bitcoin Fees So High?
Bitcoin is currently the most popular digital currency in the world. Its popularity has led to an increase in global Bitcoin transactions. This has made it increasingly difficult for miners to mine Bitcoins and verify transactions. Because miners get paid from the transaction fees, they have begun prioritising transactions that have higher fees; a trend that has increased Bitcoin fees.
Where Do Bitcoin Transaction Fees Go?
Bitcoin transaction fees are paid to the miners as a reward for verifying transactions and generating Bitcoins.
Though the world of cryptocurrency is extensive, the information we have provided you with here is an excellent introduction for those looking for the best crypto exchanges in Australia.