- There are multiple crypto exchanges operating in Australia.
- It is necessary to execute cryptocurrency trades through a reliable crypto exchange that ensures safety of your assets as cryptocurrency-related frauds and scams are rising.
- Crypto Exchange need to be secure, user-friendly, and support range of tokens and payment platforms.
With the popularity and use cases of cryptocurrencies rising, new investors are getting attracted to this asset class. The stupendous growth in the crypto market cap over the last couple of years has made cryptos a lucrative investment opportunity for new investors.
Australia is a major player in the crypto market with a 2021 survey suggesting around 0.9 million Australians or 3.4% of the total population in the country owned at least one form of cryptocurrency.
However, with the rise of cryptocurrencies, cases of cryptocurrency-related frauds and scams have also increased significantly. Therefore, it is necessary to execute cryptocurrency trades through a reliable crypto exchange that ensures safety of your assets. This becomes pertinent if the investor is a new one. In this article, we will discuss about five best crypto exchanges in Australia for beginners.
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There are multiple crypto exchanges in Australia via which investors can begin with trading. But all crypto exchanges do not support all types of crypto coins. So, while choosing a crypto exchange to begin with, it is essential to look at factors like coins or tokens it supports, fee structure, user interface, and level of security offered.
Here is a list of top crypto exchanges in Australia and where do they stand on four key parameters.
In 2013, CoinSpot Exchange marked its entry into the Australian crypto market, and since then, there has been no sign of slowing down. Around 2 million people trade through CoinSpot. According to the official website of CoinSpot, ease of use is the core of its approach. The user interface has been built with usability in mind and displays information the users want to see.
Coinspot supports more than 360 cryptocurrencies and different types of deposit methods. In addition to this, CoinSpot is categorised as the most trusted and secure exchange as it received ISO 27001 certification.
Coinstash has been in the Australian market since 2017. It holds an Australian services licensee and is also registered with Australian Transaction Reports and Analysis Centre (AUSTRAC). Coinstash members can trade in over 340 cryptocurrencies. Worth mentioning here is that Cryptostash has a beginner-friendly interface where new traders can trade easily. In addition to this, users can earn interest by holding some cryptocurrencies on the exchange like AUD stable coins, Ethereum and bitcoins.
Talking about the trading fee, it revolves around 0.85%.
Swyftx is a well-built and simple crypto trading platform. It is suitable for both experienced and novice traders as it is easy to use and also offers a demo mode where trading can be practised. The USP of Swyftx is its low fees as it charges a trading fee of 0.6%. Moreover, more than 320 cryptocurrencies can be bought and sold through Swyftx via using a range of payment methods.
Talking about security, Swyftx is registered with AUSTRAC.
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Kraken is a US-based crypto exchange that complies with all the Australian regulations and therefore is a secure exchange. Kraken is known for offering a range of services at a very competitive fee. Kraken claims that users can trade at a fee as low as 0%. However, its user interface is not very friendly. It is suitable for advanced trading.
Through Kraken, traders can buy, sell and trade over 110 global cryptocurrencies. However, there are only 16 cryptocurrencies which can be traded against the Australian dollar.
Through Digital Surge Exchange, traders can buy, sell or trade over 300 cryptocurrencies against the Australian dollar. This exchange is seen as suitable for both advanced and beginner level traders because it offers both detailed graphs for advanced traders and an easy-to-use interface for beginners. Traders can show trust towards Digital surge as it is registered with ASIC and AUSTRAC.
At Digital Surge trading fee depends on the trading volume and stands between 0.1% to 0.5%.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.