Cryptocurrency is taking the world by storm. Participation in the altcoin market has gained considerable traction. And as new exchanges compete to take advantage of the growing ferver, the options available to investors Down Under have grown dramatically.
Whether you’re basking on the shores of the Coral Coast or exploring the rugged Outback, if you want to buy crypto, you’ll need to find a reputable trading platform. This article compares the best exchanges available in Australia.
Best Crypto Exchanges in Australia
The diverse trading platforms available to Australian consumers match the demand of the country’s residents. And while the sheer number of crypto providers can sometimes intimidate new traders, the competition among these exchanges often translates into better deals for customers.
When choosing an exchange, it pays to consider the specific feature set a platform has to offer. From state-of-the-art security to advanced trading tools, the unique attributes of a cryptocurrency exchange help define its overall user experience.
But with an expanding list of providers coming available, researching the details of each exchange can be a time-consuming process. After carefully considering the unique characteristics of the most reputable exchanges available in Australia, the top 5 trading platforms are listed here, alongside the most notable attributes of each:
1. Best security: Coinbase
With industry-leading security, Coinbase takes the protection of your assets incredibly seriously. Coinbase offers best-in-class offline storage and insures all crypto assets held by the exchange. And with Coinbase Learn, you can now earn up to $100 of BItcoin by watching educational videos related to cryptocurrency.
2. Best fee structure: Binance
Binance is the world’s largest crypto trading platform. And with a fantastic selection of top altcoins, Binance has become a popular exchange in Australia, too. Binance allows deposits and withdrawals of AUD on the exchange. And best of all, you can do so without fees.
Virgo started out in Canada and became one of the country's most trusted cryptocurrency exchanges but until recently it wasn't available in many other places. Luckily, it just opened its doors to Australian investors with Virgo Australia. It makes sure to comply with all Australian regulations, just like it did in Canada to keep its users' funds safe.
Virgo is incredibly easy to use and it only takes about 10 minutes to sign up, verify your identity, deposit funds and get trading. You can get 10 AUD after you verify and another 30 when they fund their account for the first time with more than 100 AUD. Virgo also has one of the largest selections of cryptocurrencies of any exchange available in Australia. It supports almost all of the top cryptos and a ton of smaller altcoins to trade. Many exchanges offering smaller altcoins charge high fees, sometimes upward of 4-5% on every trade. Virgo does the opposite. The fee for trading most of the top cryptos tops out at 0.95% (though the fee is a bit higher for smaller tokens).
4. Best derivatives trading: ByBit
ByBit is a fantastic platform for advanced trading. Buying, selling and trading cryptocurrencies has never been easier. And with great options for spot and derivative trades, ByBit has brought traditional finance services to the crypto world. ByBit now supports future contracts, allowing customers to use cryptocurrency as collateral.
5. Best customer service: eToro
The leading social trading platform, eToro, is now available in Australia! With commodities, cryptocurrencies, exchange-traded funds (ETFs) and stocks, the options for trading have grown substantially on the platform. But the best feature of eToro may be its customer support. Despite increased wait times occurring because of the COVID-19 outbreak, eToro generally responds to customer inquiries within 3 business days.
Cryptocurrency Exchange Types
When choosing among exchanges, it’s a good idea to study the differences between their classifications. Understanding what separates an exchange from a brokerage is a great place to start.
While a cryptocurrency exchange is simply a platform for buying and trading your favorite digital assets, a brokerage can search multiple exchanges for the best deals available. Choosing between the 2 options often comes down to personal taste.
Bitcoin ATMs are yet another cryptocurrency provider Australians may encounter. With so many options available, it pays to have a basic understanding of the varying cryptocurrency services emerging.
Current Crypto Prices
The cryptocurrency market has shown increasing signs of volatility recently as the consequences of renewed Chinese regulation continue to play out globally. While markets have dipped on news of China’s outright ban on cryptocurrency transactions, the future for Bitcoin (BTC) and other top-tier crypto projects remains promising in Australia.
Bitcoin dominance has settled near 42%. And while the stunning performance exhibited by a number of altcoins continues to push the market forward, the downward pressure placed on Bitcoin’s price has defined recent market sentiment.
With non-fungible tokens (NFTs), smart contract platforms and decentralized finance (DeFi) tokens have rewarded investors with incredible gains this year. And as participation in the market increases, savvy investors are already looking for the next altcoin gem. The real-time prices of some of the top cryptocurrency projects currently available are shown below:
What to Look for in a Cryptocurrency Exchange
Investors are increasingly looking for reputable places to trade their crypto. But what makes one exchange better than another? And how do you choose the best platform from a growing list of available choices?
No worries, mate. While deciding on the best exchange for your trading needs, a quick look at the following features can help narrow the field:
The most important aspect of any trading platform is undoubtedly its security. With exchange hacks and cyber attacks becoming more commonplace, choosing a secure exchange for trading your crypto is imperative. Taking note of the security features offered by the best trading platforms is a great way to protect yourself from future losses.
For many traders, the selection of popular altcoins can be a major contributing factor in the decision to sign up for an exchange. Picking a platform with a diverse set of cryptocurrencies can save you from needing to sign up for multiple exchanges later.
3. Advanced tools
Finally, the advanced tools offered by an exchange can make or break the deal for investors ready to trade. While novice traders are increasingly comfortable with mobile platforms, professional traders generally prefer desktop clients with access to order books and advanced charting.
Crypto Regulation in Australia
Australia has taken a proactive stance with their policies regarding crypto transactions. Classified as legal property, cryptocurrencies are subject to capital gains tax, and registered exchanges are free to operate within the country’s borders.
Regulatory requirements do exist for initial coin offerings (ICOs). And exchanges have been banned from offering privacy coins like Monero (XMR) and Zcash (ZEC) to Australian customers.
Recently, Binance, the world’s largest cryptocurrency exchange, discontinued its futures and options products for Australian customers. As the government continues to push for stricter regulations regarding digital assets, Aussie traders were recently given 90 days to reduce and close their positions in these products.
What You Need to Open a Crypto Account in Australia
As part of a regulated Know Your Customer (KYC) process, exchanges in Australia must keep records on their customers. Minimum requirements depend on the level of risk a customer poses. Information maintained by an exchange includes a customer's full name and either their date of birth or current address.
Usually, KYC can be accomplished by uploading pictures of your identification documents during the signup process. However, there are procedures for identifying customers without conventional identification.
Best Crypto Wallets in Australia
Whichever exchange you choose to do business with, you’ll want to move your crypto into a wallet to take full ownership of your digital assets. The options for crypto wallets have grown considerably but are generally separated into hardware and software varieties. The following comparisons can help you decide from the best wallets available in Australia.
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From centralized exchanges to DeFi swaps, the options for trading cryptocurrency in Australia have grown with the market. And, each platform carries a unique set of features for its customers to choose from. Deciding on the best exchange for your trading needs is a highly personal decision.
No matter what your trading strategy entails, a diverse selection of crypto providers are now available to help guide your investments. The platforms listed in this article represent the most reputable and secure ways to trade your crypto.
In a continuously evolving crypto market, it pays to keep up to date on the latest trends in blockchain technology. To stay abreast of current cryptocurrency developments, visit https://www.benzinga.com/money/crypto/.
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