The biggest problem with cryptocurrency is security. With that in mind, we’ve compiled a list of reliable crypto exchanges in Australia where you can open an account.
Best of all, this list takes into account factors such as ease of use, fees, and overall user experience. But before we look at these exchanges, it’s probably best to first explain what an exchange is, for those of you who may be new to trading and investing.
What is an exchange?
An exchange is a trading floor where commodities, securities, derivatives, and other financial instruments are traded (this is where cryptocurrency falls). The main purpose of the exchange is the transparent sale of financial instruments and the efficient dissemination of price information to both buyers and sellers.
Why do we need a cryptocurrency exchange?
Investing in cryptocurrency can be challenging for newcomers.
Cryptocurrency is still relatively new, and so the adoption of this alternative currency system is still in its infancy. The news is replete with stories of people being scammed by unscrupulous characters; many people have indeed become victims of crypto-fraud.
It should also be said that this is the best time to invest in cryptocurrency as its popularity is now on the rise. While there may be other ways to trade cryptocurrencies, such as peer-to-peer trading and bitcoin ATMs, exchanges are the easiest way to exchange fiat currencies, such as Australian dollars, for cryptocurrency.
What’s good about cryptocurrency exchanges in Australia is that the fees associated with exchange transactions are lower than with bitcoin ATMs.
The best cryptocurrency depends on your individual needs. For example, if you exchange ethereum for Australian dollars, you’ll benefit from the low transfer fees from your exchange to your bank account.
Likewise, if you want to diversify your portfolio with digital assets, your focus will be on finding an exchange with great spreads and liquidity.
The best crypto exchanges in Australia
We’ve covered all of our basics, so suffice it to say we think you have a working understanding of cryptocurrency and exchanges. Now let’s get into our list of the best cryptocurrency exchanges in Australia:
Swyftx is an AUSTRAC registered cryptocurrency exchange platform. On this platform, you can buy and sell cryptocurrency for Australian dollars. The team behind this exchange wanted to create a platform that is user-friendly for newcomers, but reliable enough that experienced investors might find it useful.
Swyftx was created to address the typical frustrations associated with other Australian cryptocurrency exchanges. The main frustration most cryptocurrency exchange users face is the verification and waiting period associated with account approval.
With Swyftx, account verification is instantaneous and there is no need to upload supporting documents (ID and proof of residency) or take selfies.
CoinSpot was founded in 2013 to help Australians buy cryptocurrency safely online. The company has a good reputation and is among the trusted brands in Australia when it comes to exchanging cryptocurrency.
CoinSpot Fee Review by Coin Culture supports several payment methods for users who want to open an account with them. The most popular deposit method is a bank transfer. If you deposit from an Australian bank account, there is no deposit fee.
What’s nice about this exchange is that they bundle digital assets for their users, so when you buy cryptocurrency on this exchange, you can buy it in a bundle format instead of buying individual coins.
Binance is one of the largest cryptocurrency exchanges in the world, with more than 250 digital trading pairs. The exchange platform offers instant withdrawals and deposits in Australian dollars and is supported by more than 100 Australian banks and financial institutions.
Digital Surge is a crypto exchange based in Brisbane, and it provides a quick and easy way to buy and sell digital currency for Australian dollars.
The mission of the exchange is to offer Australian citizens a beginner-friendly cryptocurrency exchange platform. Features include: an exchange with the best rating for beginners; regulated account for cryptocurrency exchange; and a dedicated support team available 24/7.
Many people believe that cryptocurrency is the future of currency around the world, as the current financial fiat system has too many bottlenecks. Investing in multiple cryptocurrencies for your future is a smart move, and choosing a safe and secure exchange platform for this is important.
We hope our list of the best crypto exchanges in Australia will help you make an informed decision, but always consult your financial advisor for financial advice.
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