The rise in cryptocurrencies since the beginning of 2020 has meant that more and more people are now showing interest in these digital currencies than ever before, and this has also led to a rise in the number of crypto platforms that are available for people to make transactions on. It can therefore be a daunting task for people to try and choose the crypto exchange to use for their transactions, but we have selected the best of these platforms that Australians should look to use for crypto transactions here.
Swyftx is perhaps the best crypto exchange out there for those wanting to buy and sell Bitcoin via AUD. It is an AUSTRAC registered platform that offers individuals an easy and transparent way to invest in digital currencies. The platform is extremely easy to use, while the online wallet also makes it easy and safe to store your cryptocurrency tokens. People interested in day trading can also utilize this platform as they can complete transactions instantly, with bank transfers, POLi and PayID all available as payment methods. Fees are quite low, while the process of opening an account is also simple, with a superb customer support team that is always available to help. There is an account manager as well who can provide answers to any questions you may have, and this makes Swyftx perfect for beginners in the crypto space as well, while there are advanced features for the more experienced traders, such as charts, recurring deposits and tax reports.
Binance is the largest crypto exchange in the world, and for good reason. It is the most recommended exchange for those who have some experience with crypto trading, but newcomers may need some time to get used to it. Binance has pairings for most major cryptocurrencies, which makes it easy to pay via AUD, while there are a number of payment methods available as well. Australians can also use the dedicated Binance Australia platform, which offers instant AUD deposits and withdrawals. Fees are only 0.1%, and this can be reduced even further with their BNB tokens. Experienced traders can engage in day trading as well as margin trading, while this is also one of the safest exchanges around, with a Safety Asset Fund that uses 10% of all fees collected as a deposit against any security breaches.
CoinSpot is one of the best crypto exchanges for beginners to use. It has a simple dashboard that is extremely easy to understand, which makes the process of buying cryptocurrencies for the first time quite hassle-free. There are a large number of trading pairs available, while it is one of the few Australian exchanges that supports decentralized tokens. There are a number of payment options, such as direct bank transfers, PayID, BPAY, POLi, and even cash, while there is also an OTC desk for large orders. The only issue with this exchange is that its fees are a little high, and therefore most users usually shift to a different exchange once they have ‘cut their teeth’ on CoinSpot.
Digital Surge Exchange
Digital Surge may be one of the smaller crypto platforms out there, but they have superb services. The platform supports more than 220 cryptocurrencies, and it is very easy and quick to use. One of the most unique features about this platform is the BPAY option, where Australians can pay their bills via Bitcoin. Trading fees begin at 0.5% and can go down to as low as 0.1% for large volume orders. There is also a digital wallet for traders to store their coins, while the platform is registered with AUSTRAC and complies with their AML and CFT policies, which makes it quite safe for use.
CoinJar is one of the oldest crypto exchanges in Australia, and it has an international presence as well. There are various features that make it appropriate for new users, with competitive fees as well. Users can purchase cryptocurrencies with AUD or GBP through PayID, BPAY, or via a Blueshyft cash deposit, but there are not too many cryptocurrencies available. Fees can have wide spreads, sometimes being as high as 1%, which could put potential traders and investors off. However, the team behind this exchange is quite innovative and has already launched several solutions and products to help make trading easier for retail and institutional investors.