Cryptocurrency has become a big part of how Australians invest, trade, and even plan for the future. However, with over 135 exchange businesses operating in the country (according to IBISWorld), it can be confusing to know which exchange or app is safe, affordable, and easy to use.
If you find yourself in this position, don’t worry, we are here to help. This guide will take you through what to look for, what top options are available, and how to compare them to determine which is right for you.
Hopefully, you will find it a useful resource.
Why Choosing the Right Crypto Makes a Big Difference
It is not surprising that some people struggle to narrow down their options when it comes to deciding which crypto exchange to use. In particular, when you consider that each exchange offers different benefits.
For instance, some offer lower fees, which might make them a more attractive proposition. Similarly, others might have a reputation for excellent security, and then there are those that provide excellent functionality.
Choosing the right crypto exchange to use really is a big decision because, if you pick the wrong one, you could find yourself facing several challenges. This could include paying too much in fees, struggling with limited trading options, or even putting your money at risk. That’s why it’s smart to do your research before you sign up.
If you’re after a practical way to see which exchange best suits your needs, why not check out this Independent Reserve comparison, listing the lowest fee crypto exchange in Australia.
It’s a handy starting point to make sure you’re not paying more than you need to.
Key Factors Australian Investors Should Consider
When weighing up which crypto exchanges to use, there are a few important things you should keep in mind.
One of the first is low-fee cryptocurrency trading. This is important because if you plan on trading regularly, high fees can quickly add up, which will therefore cut into your profits. For this reason, it is worth finding a transparent platform that will show you what you’ll pay upfront.
If you are Australian, the payment methods an exchange allows you to use will also likely be a big deal. That’s because the ability to buy Bitcoin with AUD through PayID, POLi, or a simple bank transfer will definitely make your life easier. You should be mindful, though, that while some apps let you use debit or credit cards, there might be higher costs attached to them.
Of course, security is something you should never take for granted. Therefore, the platform you choose must come with secure crypto wallet integration. This will make it easier to manage your assets without a significant risk of being hacked.
Finally, it is worth thinking about how you want to trade. For instance, if you need the flexibility of being able to check prices and make trades on the move, then choosing an exchange with a strong mobile app is essential.
Top Crypto Exchanges in Australia
As mentioned earlier, there are over 135 crypto exchange businesses in Australia. Therefore, narrowing down the options can be tricky.
That said, the best crypto exchanges in Australia are usually those registered with AUSTRAC. Those that not only meet local regulations but also tend to take investor protection very seriously.
Of all the exchanges in the country, Independent Reserve is one of the most trusted names due, in particular, to its transparency and security. Another popular one is Swyftx, especially with beginners. The great thing about that platform is that it is simple to use and even offers a demo mode that enables you to make practice transactions without risk.
Other notable exchanges include CoinSpot and Binance. The former offers a huge range of coins and easy deposit options, while the latter provides access to a wide range of features and global markets.
Often, local platforms tend to be easier for Aussies when it comes to moving money in and out of accounts. However, global exchanges might offer more trading pairs. But they can sometimes feel overwhelming if you’re just starting out.
The good news for investors is that the level of competition between the various exchanges means that most of them are constantly striving to improve different aspects of their platforms. This includes everything from fees and features to security and mobile options.
Popular Coins and Trading Pairs Available
When most Australians dip their toes into crypto, they usually start with Bitcoin or Ethereum. That’s why strong Ethereum trading platforms are just as important to find as those focused on Bitcoin.
Exchanges like CoinSpot offer hundreds of altcoins, which gives you the chance to explore beyond the two most popular cryptocurrencies. At the same time, global platforms such as Binance open the door to even more, including DeFi tokens and NFTs.
If you’re new to crypto, though, it’s smart to stick with the top coins until you feel more confident. Once you’ve got some experience, you can branch out and try different trading pairs that fit your investment goals.
Staying Safe While Trading Crypto in Australia
Crypto investing carries its share of risks, but you can take simple steps to protect yourself. The first is to only use AUSTRAC-registered exchanges, as these platforms comply with local rules and focus on keeping your information safe.
It’s also a good idea to set up two-factor authentication on all your accounts. This extra step can stop unauthorised access even if someone gets hold of your password. You should also be careful when downloading apps and only stick to those that feature in official app stores.
If you’re holding larger amounts of crypto, think about moving them into your own wallet rather than leaving them all on an exchange. That way, you maintain more control over your funds.
Of course, you should also always avoid links sent through emails or messages. They could well be scams or phishing attempts.
