Which are the five leading crypto exchanges in Australia?

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Which are the five leading crypto exchanges in Australia?

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 Which are the five leading crypto exchanges in Australia?
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Highlights

  • eToro is authorised and regulated by the Australian Securities and Investments Commission (ASIC) and therefore offers the most secure platform for Australians to buy, sell and trade digital currencies.
  • Swyftx is often described as the best crypto exchange for Australians as it offers over 200 different cryptocurrencies that users can trade against the Australian dollar and the US dollar.
  • Binance offers a vast variety of cryptocurrencies, including some obscure but potentially lucrative cryptos.

There are a bunch of cryptocurrency exchanges in Australia and more and more being introduced to the market every month.

When it comes to judging crypto exchanges, there are a variety of factors one needs to consider, including ease of use, fee costs and security.

The most important factor to consider when choosing a crypto trading platform is security. As the crypto world has expanded and gone from strength to strength, so too has cybercrime. There have even been instances where crypto exchanges have folded and taken all their clients’ money along with them.

So, talking those factors into account, which are the leading crypto exchanges available in Australia?

INTERESTING READ:

1.    eToro

eToro is authorised and regulated by the Australian Securities and Investments Commission (ASIC) and therefore offers the most secure platform for Australians to buy, sell and trade digital currencies.

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Additionally, eToro offers social and copy trading tools which allows users to view other investors that use the site to trade then copy their orders. This is perfect  for performing research and analysis as it means that users can trade digital currencies passively.

2.    Swyftx

Swyftx is often described as the best crypto exchange for Australians as it offers over 200 different cryptocurrencies that users can trade against the Australian dollar and the US dollar.

Swyftx has a highly competitive fee in the crypto space with a nominal fee of 0.6%, and no fees on deposits and withdrawals.

Swyftx also uses breached password detection to secure user’s accounts.

3.    Coinbase

Coinbase is American-based brokerage launched in 2012 and is the number one choice of crypto exchanges around the world.

Coinbase brought cryptocurrency further into the mainstream when it went public on the NASDAQ in April, 2021.

Coinbase doesn’t support a long list of digital currencies, but it supports the biggest ones like Bitcoin, Ethereum and Litecoin.

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Users of the platform can pay with a debit card for small investments, wire transfer for large investments, or bank account for either.

However, Coinbase does charge higher fees for its brokerage services ranging from 1.49%-3.99%. On the other hand, it offers great security for its users.

DO READ: Coinbase rides the crypto boom to hit over US$1 billion in revenue

4.    Binance

Binance was launched in 2017 and has one of the largest trading volumes of any crypto exchange in the world. Binance was originally headquartered in China, was forced to relocate to Malta following government crackdowns on digital currencies.

A huge drawing card for Binance is its vast variety of cryptocurrencies it has to offer, including some obscure but potentially lucrative cryptos.

 Binance is considered the best crypto exchange for sophisticated traders.

Moreover, Binance has a native token called BNB that traders can use to get a discount on the trading fees.

A unique function of the Binance platform is the Secure Asset Fund for Users (SAFU) where 10% of all collected fees are pooled and then distributed to users.

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5.    OKEx

OKEx is a trusted,  low-cost exchange with over 20 million users worldwide. This platform  supports over 400 cryptocurrency pairs and covers fiat-to-crypto pairs like BTC/USD as well as crypto-cross markets like ETH/BTC and BTC/USDT.

OKEx’s trading commissions are very low starting at just 0.10%.

OKEx accepts debit and credit card deposits, however the fees comparatively quite high. However, users have the option to fund their trading account with a digital currency, which will wave those fees.

ALSO READ: Is there a crypto ETF in Australia?

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