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Summary
- Most international crypto exchanges are also available in Australia, thanks to the country’s open stance on crypto trading.
- What traders often look for when choosing trading exchanges is the cost of trading fees and the exchange’s security.
- CoinSpot, Binance, CoinBase, and eToro are some of the major crypto exchanges in Australia.
The world of cryptocurrency has certainly seen its fair share of ups and downs so far this year.
From Bitcoin reaching record highs to the emergence of memecoin, Dogecoin, it seems 2021 is throwing everything but the kitchen sink at investors.
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For those interested in hopping into the cryptocurrency pool, the first step is choosing a crypto exchange.
Most international crypto exchanges are also available in Australia, thanks to the country’s open stance on crypto trading.
As there are so many options, it can be challenging for beginners to choose the best exchange to suit their needs.
So, let’s narrow the pool down and give you our top ten cryptocurrency exchanges.
1. CoinSpot
Probably the most beginner-friendly exchange, CoinSpot was founded in 2013 and allowed users to buy and sell 280 different coins.
Since its inception, it has garnered a reputation for helping newcomers purchase Bitcoin and other digital currencies in Australian dollars.
Additionally, it’s also regarded as one of the safest exchanges with strong security to ensure its user’s privacy and funds are kept secure.
2. Binance
With over 250 digital currencies available on its platform, Binance is the world’s largest crypto exchange.
Binance also offers instant deposits and withdrawals in Australian dollars.
The Binance exchange is also home to its native token - Binance Coin.
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As well as buying and selling crypto, users can also earn money by staking and earning interest on their crypto holdings.
Finally, Binance is one of the cheapest platforms, charging fees of just 0.1%.
GOOD READ: Klay, Binance and the ban: All this happened within a week
3. Swyftx
Swyftx is a popular Australian trading exchange known for its easy-to-use platform.
With 24/7 chat support, Swyftx offers over 260 different digital assets. Moreover, it offers advanced trading tools, including charts and real-time feeds.
One of the main draw cards for Swyftx is that the sign-up process is a lot less hassle as the user does not have to wait for hours to be approved. Although, customers are required to complete a Know Your Customer (KYC) questionnaire.
4. Kraken
Kraken has one of the highest volumes of exchange and is available in Australia despite being an American platform.
It offers approximately the same number of digital currencies as Coinbase.
Kraken prides itself on its customer service, offering around-the-clock customer support. As such, Kraken is considered one of the most trusted exchanges currently available.
5. Gemini
Gemini is a regulated cryptocurrency exchange operating out of New York.
Started in 2015, it has gained popularity due to its reputation of being a safe place for users to buy and sell Bitcoin and other cryptos.
One of its drawbacks is that it only offers 26 cryptocurrencies. It also offers a trading fee of 0.5%, which is slightly higher than other exchanges, although it's important to note that this platform also offers more sophisticated features.
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6. eToro
eToro is considered one of the most user-friendly platforms for beginner traders looking to learn the ropes.
The platform offers beginners a chance to speculate on crypto prices without putting any real money down. Instead, the user can build a ‘virtual portfolio’ putting down.
7. CoinBase
Coinbase is the most popular Bitcoin trading app globally and made news earlier this year when it became the first crypto trading app to go public of the NASDAQ.
Started in 2012, Coinbase is available in over 100 countries, including Australia, and has 46 different digital currencies available on it.
It offers a trading fee of 0.5%, which is higher than many other exchanges.
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INTERESTING READ: Coinbase rides the crypto boom to hit over US$1 billion in revenue
8. Plus500
What separates Plus500 from the pack is that it makes traders available to buy and sell positions in Bitcoin Contracts For Differences (CFDs).
However, it should also be noted that Plus500 doesn’t allow the purchasing of actual cryptos. Instead, it just allows the user to buy and sell futures.
Plus500 also has a demo feature that allows users to learn the ropes by playing with virtual currency.
9. Coinmama
Another popular crypto exchange in Australia, Coinmama, is a fiat to crypto service with 2.6 million users from across the globe and provides a secure and user-friendly service.
It also provides 24/7 customer service.
10. Bittrex
Bittrex is an American crypto exchange which is also available in Australia, offering over 300 different coins.
Its popularity amongst users is due to its reliable reputation as well as its security.
Moreover, it’s one of the faster crypto exchanges, offering quick transaction speeds for its users.
Bittrex offers a flat transaction fee of 0.25%.
INTERESTING READ: Best Crypto Exchanges in the UK for 2021
