As you start to delve into the world of cryptocurrency, you may find yourself overwhelmed by the huge number of exchanges all around the world. Which exchange is the best? The answer to this question depends on various factors. What is your level of experience? What are the type of trades you want to make? Does the exchange you are interested in have hidden fees?
There is one important thing you should keep in mind when choosing an exchange, however. Always check the customer reviews carefully before signing up. You should look into factors like security, ease of use, range of services as well as customer service.
Below is our detailed analysis of some of the most prominent exchanges in the world. For Australian investors, we highly recommend you check out CoinSpot as it is the most secure trading platform nationwide, with a wide range of services and stellar customer support.
Best crypto exchange overall
⭐ The lowest trading fees in Australia of 0.1%
⭐ 24/7 Live Chat Support
⭐ Request a call back feature
⭐ A massive selection of coins with popular coins added regularly
⭐ Superior security and offline storage protocols
⭐ ISO Accredited
⭐ Built-in NFT Marketplace
A brief exchange review – Best crypto exchanges in Australia
CoinSpot – Best Australian crypto exchange overall ($10 BTC sign-up bonus)
Coinbase – Used mainly by International Investors
Uniswap – A great decentralised crypto exchange
FTX – Best for Day-Traders
Binance – Best for Volume
Independent Reserve – Good local exchange
Digital Surge – Small Australian exchange
CoinJar – Long running exchange in Australia
Crypto.com – Large global crypto exchange
BTC Markets – Well-known Australian exchange
Bittrex – American-based Platform
Kucoin – Great Exchange for Spot trading
Plus500 – Great for CFD crypto trading
Swyftx – Crypto Exchange with great payment options
Kraken – Runner-up for Security
Etoro – Best for CFD crypto trading
Bitfinex – Affordable crypto trading platform
Best Australian cryptocurrency exchanges: Reviews 2022
CoinSpot – Best for Australian Investors
Founded in 2013, CoinSpot has risen to become the best Australian crypto exchange, based on the below factors. According to multiple reviews about CoinSpot, this exchange is highly rated for its top-notch security system as well as a wide range of crypto assets and payment options. It was also one of the first major exchanges in Australia to list popular DeFi coins on its platform.
CoinSpot has grown steadily despite multiple bull and bear cycles, and it recently became the first Australian crypto firm to partner with a professional sports team, the AFL’s Western Bulldogs.
The lowest trading fees in Australia of 0.1%
24/7 Live Chat Support
Request a call back feature
A massive selection of coins with popular coins added regularly
Superior security and offline storage protocols
Built-in NFT Marketplace
Instant and free withdrawals and deposits (using Poli Payments)
Intuitive and beginner-friendly interface
Australian Regulatory Compliance
Multiple deposit options
Premium support team and OTC offering
No derivatives options available
Limited fiat options
Lack of advanced features for experienced traders
Overall, CoinSpot is our number 1 recommendation for Aussie investors. They have the perfect mix of diverse assets and strong security. They are compliant with Australia’s financial regulatory body, meaning they will face fewer challenges in Australia than other multi-national exchanges.
Open CoinSpot account with code CULTURE to get $10 of BTC
Coinbase – Best for International Investors
What makes Coinbase special is that it is both a brokerage platform and an exchange. This means users can buy coins with fiat currency. Coinbase is one of the largest exchanges in the world, with over $20 billion in assets and $195 billion in volume traded through 2020. However, Australian investors may face some restrictions when using Coinbase.
Coinbase also has a Coinbase Pro section, catered specifically to more seasoned users.
Fiat currency stored on Coinbase is insured by FDIC
Available in over 100 countries, but functionality may be limited in some areas
Registered in the US and is fully regulated and licenced
Simple interface for beginners
Very high levels of liquidity compared to other exchanges
Excellent security features
Australian users can only buy coins. They are not allowed to sell
A limited number of crypto assets
High fees (up to 0.5% trading fees), but Coinbase Pro is cheaper
Has had reliability issues during pivotal price movements
Poor customer support
Overall, Coinbase is best suited for novices who are still learning the ropes. However, for Australian users, the lack of selling can be a great deal breaker. Experienced traders may prefer a platform with more financial products, such as futures and options.
Uniswap – Best DEX
Uniswap is a top-tier decentralised exchange (DEX) built on the Ethereum platform. It has no central regulatory authority and has its own liquidity pools. It does, however, only support ERC-20 tokens that are supported by the Ethereum platform.
Because Uniswap is a DEX, there is no review process, and anyone can list a token on the platform. At the time of writing, there were over 400 trading pairs, but there are some concerns that some of the tokens on the platform are fake or misleading.
No trading fees or withdrawal fees except for gas fees and a fixed 0.3% maker/taker fee.
Highly secure for a fully decentralised platform
Best liquidity of any DEX.
Over 400 coins and coin pairs available for trade
Many scammers and fraudsters on the platform
Crypto funds and developers own a large number of UNI tokens. They may take advantage of their power to control the platform.
Intense competition from platforms such as SushiSwap
Has been accused of centralisation
Can be unresponsive and slow
Poor customer support
Uniswap is the prefered exchange for DeFi users, with the largest market share of any DEX. It provides excellent incentives to liquidity providers but has recently come under fire for perceived issues of centralisation, such as the patenting of its V3 code.
FTX – Best for Traders
Founded in 2019 by Sam Bankman-Fried, FTX is an advanced crypto derivatives trading platform that has been known for its diverse trading products, which include leveraged tokens, prediction markets, options, and volatility products. Although it is not available in the US, FTX has seen a steady growth thanks to the support of Binance and other notable companies.
Many advanced trading products: MOVE contracts, futures, leveraged tokens, options, and derivatives
Low fees, tight spreads with an OTC desk.
No deposit or withdrawal fees for cryptos. Fiat assets below $10,000 pay a $75 flat rate.
Advanced services for institutions: deep liquidity, order books.
Stablecoin conversions and settlements are simple
Strong security protocols
Good customer support.
Must convert AUD to USD before trading
Stringent KYC protocols for level 2 and 3 accounts.
Higher regulatory risk being an international platform
Complicated and not beginner-friendly
FTX is better suited to experienced traders due to its advanced trading features and services.
Binance – Best for Altcoin Investors
In terms of volume, Binance.com outperforms Coinbase and CoinSpot as it is a bigger global platform. However, bigger doesn’t always mean better. For example, in Australia where there are heavy restrictions, this exchange might not be the most ideal option for Aussie investors.
Binance has a large selection of cryptos, and for some international customers, it also offers staking, derivative and “earn” options.
A wide range of crypto assets
Frequently hosts ICOs for new altcoins, you could easily invest in new projects
Beginner and advanced interfaces
Several payment methods: fiat currency, VISA and direct bank transfer
Extensive trading options: leveraged trading, futures, margin trading, crypto finance, and even crypto loans.
Australian users are unable to access derivative, staking, and “earn” services
Problems with isolated and cross-margin trading with users reporting incorrect liquidations
High fees (up to 0.5% trading fees) and fluctuating withdrawal charges.
Limited FIAT deposit options.
Has been hacked before, so security is a concern.
Binance is a great option for mostly experienced investors. For beginners not so much, but if you enjoy using derivatives on more exotic coins, this is definitely an exchange you should check out.
Independent Reserve – Good local exchange
Founded in 2013, Independent Reserve is currently one of the most reputable exchanges in Australia. It is a member of the Australian Digital Commerce Association and it’s now operating under the supervision of an advisory board chaired by Michael Go.
Independent Reserve offers relatively competitive fees and is focused on traders rather than all experience levels. It supports trading with the Australian dollar, New Zealand dollar and U.S. dollar.
- Low trading fees of 0.5%
- Premium service desk for large OTC trades
- Provide insurance on digital assets
- Limited selection of coins
- Low liquidity with hidden costs
- No Live Chat feature
- Customer service is poor compared to other exchanges
Digital Surge – Small Australian Exchange
Ever since its launch in 2017, Digital Surge has seen somegrowth in terms of range of services as well as the number of users. It offers more than 300 coins and users can begin trading relatively quickly.
- Intuitive, simple to use interface
- Large selection of coins
- Pay bills in Bitcoin feature
- Limited payment methods
- Lacks advanced order types
- No security certifications
- Customer support response time is very slow
- Not much trust in the space from the community
Overall, Digital Surge will is an okay option, however there are definitely better exchanges out there.
CoinJar – Long Running Exchange in Australia
CoinJar is an exchange established in 2013 and has now expanded into the UK. It only supports over 40 coins on its platform, and the trading fees are quite high compared to the industry standards.
- User-friendly interface
- Fast transactions
- Generous awards, allowing users to earn points when making transactions through a CoinJar card.
- Poor customer support
- Lack of anonymity
- No demo account
- Not many coins
- Security standard is low compared to the better exchanges
Crypto.com – Leading Global Crypto Exchange
As a prominent crypto exchange, Crypto.com supports a wide range of crypto assets and blockchain-related products. This exchange also offers crypto credit cards, a decentralised exchange and an NFT marketplace.
- An extensive list of supported currencies
- Competitive fees of 0.4%
- An ecosystem of crypto products
- Poor customer support
- Trading fee discounts are quite confusing for novices
- limited deposit options
Crypto.com is best suited for people who are active traders and anyone who wants to use crypto as an actual currency rather than an investment.
BTC Markets – A Well-known Australian Exchange
BTC Markets was founded in 2013 by a software engineer, Martin Bajalan. It is now one of the most well-established crypto exchanges for Australian investors with comparatively low trading fees and a variety of advanced trading tools, charting options as well as order types.
- Good for fiat-to-crypto and crypto-to-fiat trading
- Trading fee for makers is -0.05%, meaning you are rewarded for making a trade
- Limited coin offerings
- Unreliable customer support
- Mainly focused on advanced traders
- Low liquidity compared to other trader based platforms
Overall, BTC Markets seems to be more suitable for experienced traders who can take advantage of their advanced features like stop-limit, take profit or time-in-force. In saying that, there are better trader based exchanges out there with more features and liquidity.
Bittrex – An American-based Platform
Bittrex was founded in 2014 by a group of former engineers in the U.S. Despite its limited fiat trading options, Bittrex has an impressive selection of coins (over 330+). It also has a robust security system and offers plenty of advanced features for experienced investors.
- Large selection of coins
- Low fees
- Reputation for being one of the safest exchanges in America
- Limited customer support
- Negative feedbacks from users
- No margin trading
Bittrex is a good choice for the seasoned pros, as its trading interface and the large number of coins could be overwhelming to beginners. Poor customer service could also be quite discouraging to new traders.
KuCoin – Great exchange for Spot Trading
KuCoin is a cryptocurrency exchange founded in 2017 in Seychelles. Since its inception, it has become one of the world’s top exchanges in terms of transaction volume, with over 10 million members and its presence in over 200 countries.
While users in the United States can create a KuCoin account, their access to services is restricted due to KuCoin’s lack of a licence to operate in the United States. Given this, registering for an account involves certain risks. For example, if US officials decide to take action against KuCoin, you may be unable to withdraw your funds.
- A wide assortment of cryptocurrencies, with 600+ types supported
- Advanced trading options, such as futures, margin trading and crypto lending
- A comparatively low trading fees, ranging from 0.0125% to 0.10% per trade.
- Customisable trading bots for users to automate their investments with preset rules
- KuCoin new users can receive up to 20 USDT worth of coupons and trial funds.
- Withdrawals are restricted to 1 BTC and $400 of peer-to-peer trades each day
- Limited functionality for U.S.-based users as KuCoin cannot become verified
- Frequent target of hackers, with major hack in 2020 leading to a loss of $285 million in assets.
Plus500 – Great for CFD crypto trading
Plus500, a registered trademark of Plus500 Ltd, is a corporation whose primary business is online trading in contracts for difference, or CFDs, using a proprietary trading platform and other electronic channels.
The Israel-based firm was founded in 2008 and operated via many subsidiaries around Europe and the Asia-Pacific area. It is registered with the appropriate regulatory agencies. As with many CFD brokers, Plus500 does not allow traders from the United States. Plus500’s trading platform provides over 2,000 CFDs at reasonable spreads and no commissions.
- Diverse DFs, such as CDFs on forex, individual shares, stock indices, commodities, ETFs, and cryptocurrencies
- A user-friendly interface for users to create watchlists, analyse charts, place and keep track of trades.
- Regulated by the FCA, a reputed government-backed agency in the U.K with a high credibility
- Guaranteed stop-loss orders are available on several instruments but are subject to a broader spread.
- Negative balance protection is mandated under ESMA rules, ensuring users cannot lose more than the amount in their account.
- Customer service options are restricted to email support and WhatsApp chat, with no phone number support.
- Not available for US-based users as CFD trading is not allowed in the United States.
- Third-party tools cannot be integrated directly with WebTrade
Bitfinex – Affordable Crypto Trading Platform
Bitfinex, established in 2012 by Giancarlo Devasini and Raphael Nicolle, is one of the popular cryptocurrency exchanges. Since its inception, the exchange has remained a market leader in cryptocurrency trading. It is now ranked ninth among the world’s major cryptocurrency exchanges by volume, according to CoinMarketCap.
Bitfinex has relatively low trading costs, with most deals costing less than 0.20%. While this exchange seems ideal for a broad spectrum of consumers on the surface, it has a dubious history. Bitfinex has been punished many times by federal and state authorities in the United States for deceiving consumers and crypto market manipulation.
- More than 200 cryptocurrencies and diverse payment methods supported
- Comparatively low trading fees compared to other competitors
- Derivatives, margin trading, and advanced order types are available
- Paper trading and Bitfinex mobile app available for users to test the platform
- Not available for U.S. citizens and residents.
- History of regulatory fines for misleading users and market manipulation.
- Bitfinex and Tether are suspected of engaging in some suspicious transactions.
Kraken – Runner-up for Security
Kraken is a cryptocurrency exchange headquartered in San Francisco with offices located across the globe. It serves consumers in the majority of countries worldwide, including the United States. Kraken provides competitively priced crypto trading to individual and institutional clients.
Beginners will benefit most from the standard Kraken platform, while experienced and professional crypto fans enjoy Kraken Pro and its extensive margin and futures capabilities. Both novices and skilled users can earn interest by staking coins. Its mix of platforms and services increases the likelihood that it will be able to meet your crypto demands.
- Over 120 coins supported, including Ethereum, Bitcoin, Cardano, Solana, Dogecoin
- Relatively easy-to-use interface for users who don’t have much crypto experience
- High liquidity exchange where users can easily purchase and sell at market rates
- Fees on Krake’s advanced feature Kraken Pro are among the lowest for traders
- The regular Kraken service incur higher transaction fees than Kraken Pro does
- Some investors report losses owing to hacks with little to no support from Kraken
Etoro – CFD crypto trading & Copy Trade
eToro was founded in 2007 in Tel Aviv by co-founders Ronen Assia, David Ring, and Yoni Assia. Originally known as RetailFX, the firm began as a forex online broker before changing its name to eToro and expanding its product offerings to include commodities, indices, and equities.
In 2010, it introduced its ground-breaking social trading function, which enables users to automatically copy the trades of advanced traders on the platform. In 2014, eToro supplemented support for Bitcoin, letting users purchase and sell CFDs (to non-US users) on the world’s top digital currency. eToro entered the cryptocurrency sector in 2018 with the introduction of eToroX and a crypto wallet.
eToro is now attempting to establish a foothold in the extremely competitive cryptocurrency exchange sector by consistently enhancing its crypto trading services.
- Providing uses with an engaging and seamless communal experience
- Possible for new investors to copy the trading strategies of experienced ones
- Crypto holdings can be transferred off the platform
- Comprehensive tutorials and other helpful educational resources
- Paper trading or demo account allows users to out their strategies
- Comparatively high fees for all cryptocurrencies except for Bitcoin
- Limited customer service with slow response
- Unavailable for investors in New York and several other U.S. states
Swyftx – Crypto Exchange with Great Payment Options
Swyftx waslaunched in 2019 by Alex Harper and Angus Goldman. The platform strives to provide consumers with an easy method for purchasing, selling, and trading over 280 crypto projects. Swyftx’s creators also focused on overcoming the restrictions associated with previous exchanges, such as hyperinflation, manipulation and high transaction fees. Unfortunately it seems these goals are not met.. Although advertising a straightforward fee of 0.6%, Swyftx fails to provide an alternative trading method such as peer-to-peer trading to lower fees and further incur double fees (1.2%) when completing a swap transaction.
Swyftx presently has around 250,000 registered users, so it’s definitely one of the smaller platforms not used by many in Australia.In addition, security concerns and lack of certifications raises concerns. Specifically, the absence of Blockchain Australia best practice certification is a great worry typically amongst Australian investors. You can read our Swyftx review to know more about the pros and cons of this crypto exchange.
- Diverse cryptocurrencies supported- currently over 280, including Bitcoin
- Email customer support available
- High forex exchange costs offset the reduced deposit and withdrawal fees
- Only available only for Australian investors and citizens
- Bot customer service and with no humans for live chat
- Complicated interface
- Lack of security certifications and trust
- Not many coins compared to others
- Low deposit limits
- High fees
How do cryptocurrency exchanges work?
To begin, you must create an account and provide proof of identification. After your information is verified, you can start trading cryptocurrencies from the comfort of your home.
As you place an order on your chosen cryptocurrency exchange, you will usually be required to pay a commission. This is how cryptocurrency exchanges make money. Depending on the exchange, you may be matched with other investors when you enter and exit positions. This is why it’s critical to find a crypto exchange with sufficient levels of liquidity.
However, platforms such as CoinSpot and Coinbase also function as brokers, allowing you to purchase cryptocurrency directly from the platform. Then there are platforms that offer crypto CFDs, such as Plus500 and eToro. Although you will not own the underlying digital tokens when trading CFDs, you will have access to leverage and short-selling facilities.
To sum up, if you want to buy or trade cryptocurrency in Australia, you’ll need an account with a platform that matches your needs. Supported markets, fees, minimum account balances, trading tools, customer service, and, of course, regulation are all important metrics you should take into consideration.
Cryptocurrency exchange types
We use the term “exchange” in a wider sense to refer to different cryptocurrency marketplaces, such as cryptocurrency brokers, trading platforms, and other services. The different kinds of exchange are customised to a specific user group based on their experience level.
Cryptocurrency broker – for all levels
Crypto brokerage services are often seen to be geared toward newbies or investors with little crypto trading experience. However, they’re actually more focused on being usable by all skill types. They’ve streamlined the buying procedure to the point that anybody with internet access and a laptop can purchase cryptocurrency with a few clicks. Typically, this kind of crypto exchange accepts fiat payments. For instance, in Australia, you can opt for well-rated crypto exchanges such as CoinSpot and small ones such as Crypto.com or Swyftx. You can read our detailed CoinSpot vs. Swyftx review and CoinSpot vs Crypto.com comparison to learn about their great features and drawbacks.
Crypto exchange for trading
This is often understood when the term “cryptocurrency exchange” is used. It’s not that traditional trading platforms aren’t beginner-friendly; rather, they go beyond basic cryptocurrency brokers. They enable you to purchase, sell, and trade cryptocurrency on an open market at more competitive costs, choose a trading pair from numerous supported cryptocurrencies and benefit from additional features such as margin trading. Typically, the systems’ interfaces include fundamental trading tools and market indicators. Binance is a model of an exchange that is geared towards traders.
Derivatives platforms – For experts
Advanced users often favour a derivatives platform that allows them to trade crypto derivatives rather than sell cryptocurrency outright. If you are an expert trader in need of a feature-rich, high-liquidity, and high-leverage platform, this kind of exchange platform is your best choice.
Best Bitcoin exchange in Australia
A good Bitcoin exchange does not need to provide a wide variety of trading options since most users are there to purchase Bitcoin. Thus, the ideal Bitcoin exchange must be cost-effective, simple to use and provide various fiat payment methods.
With this in mind, the ideal approach is to utilise a local exchange since the Australia-based platform will support your local currency, and you will not be charged extra costs for cross-border transactions or currency conversions.
CoinSpot is the best Bitcoin exchange for Australian residents based on these characteristics. It is a reputable trading venue with a fee structure following the industry norm. When it comes to purchasing Bitcoin, this exchange provides first-rate services that expedite the process. Fiat payments, including Bank transfer, POLi, PayID, OSKO are well suited to the Australian market.
Best Ethereum Exchange in Australia
Ethereum, or Ether (ETH), is the second-biggest cryptocurrency, and it is available on all cryptocurrency exchanges that are not only limited to Bitcoin. This implies that the criteria for selecting the best Ethereum exchange should be the same as those for choosing the best Bitcoin marketplace – low fees, local availability, high liquidity, and quick transactions should all be considered. Again, CoinSpot is the cheapest option to purchase Ethereum in Australia.
What are the general steps to buy crypto?
Assume you have $1000 in AUD and want to buy some Bitcoin
- Conduct research on cryptocurrency exchanges to find the one that provides the best service for your situation and needs. For this example, we’ll use CoinSpot.
- Create an account and verify your identity
- After logging in, go to the ‘Buy’ section and select Bitcoin as the cryptocurrency you want to buy
- Select the currency you want to pay in (AUD) and the amount you want to spend ($1000)
- Choose the payment method you want to use for the transaction and enter your payment information.
- Carefully review your transaction details, including all the applicable fees and the amount of BTC you will be buying.
- If everything looks good, click ‘Buy BTC.’
- Done! The BTC will be deposited into your exchange wallet or an external wallet address you previously specified.
How to pay for cryptocurrency?
First, you need to deposit or transfer funds to your account. Most exchanges will offer a variety of payment methods. Some of the most popular are:
- Credit and debit cards
- Paypal and other online payment services
- Wire transfers
- Prepaid cards
- Crypto transfers
- NPP payments like PayID and Osko
It is important to note that payment methods accepted vary between exchanges, so make sure the platform accepts payments in your prefered method before opening an account.
What to look for when choosing a crypto exchange?
You should begin by compiling a list of crypto exchanges you are interested in and work from there. A good option is one that corresponds with your own experiences as well as your expectations from crypto trading. When selecting the best cryptocurrency exchange, there are several important factors to consider.
First, consider the type of trade you’ll make and ensure that your exchange of choice supports it. Typically, the trading types available are:
- Crypto-to-crypto trading
- Fiat-to-crypto trading
Let’s say you want to use Australian dollars to purchase crypto. You should seek out a crypto brokerage service that facilitates crypto-to-fiat trading and also accepts your preferred payment method (bank transfer, credit card, etc).
If you are an experienced trader and want to trade coins you already own for other cryptocurrencies (BTC to ETH, for instance), you will want to find a trading platform that supports direct crypto-to-crypto swaps. Fortunately, the majority of crypto exchanges already support this.
Crypto exchanges vary greatly in how they present their products and services to the users. Some of them have an easy and intuitive user interface, making new investors feel at ease when making their first cryptocurrency transactions.
Experienced traders, on the other hand, typically seek a cutting-edge layout that provides detailed insight into market indicators, charts, candlesticks, and graphs, as well as anything else that might help them develop more effective trading methods. However, for complete beginners, starting with an advanced trading platform can be quite frustrating. Some exchanges also provide a mobile app version, which makes the whole trading experience much more convenient.
Before deciding on a cryptocurrency exchange, it’s a good idea to know what kind of cryptocurrencies you intend to purchase. There are over 4,000 coins in circulation, but some exchanges will only accept BTC.
The good news is most exchanges will offer both BTC and other major coins like Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Bear in mind that it can be difficult to find a reputable exchange that accepts less popular or newly discovered coins, as these are considered less reliable.
If you trade crypto with fiat money, make sure the exchange has listed your local or prefered currency in the available fiat-to-crypto trading pairs.
Today’s crypto exchanges try to appeal to a broader audience, so there is a diverse range of deposit options. Most exchanges accept regular bank transfers and credit/debit cards, but some also offer various e-payment options based on geographical availability. Check to see if your prefered exchange:
- Accepts AUD deposits and withdrawals
- Has a daily or monthly deposit/withdrawal limit
The fee structure is probably the most important thing to look at when you choose a crypto exchange. You should be aware that there is no single, unified exchange rate – it is calculated based on current supply and demand, so the price of cryptocurrencies can vary by up to 10-15% from one exchange to another. However, all crypto exchanges charge the same types of fees for trading: transaction, withdrawal, and deposit fees.
That is why you must consider the total cost and find something worth investing your money in. For instance, while some exchanges do not charge for deposits, they impose far greater trading costs than the industry standard.
When trading cryptocurrency, some users prefer not to reveal any personal information. However, complete anonymity is nearly impossible to achieve today due to the stringent AML/CFT (anti-money laundering and Combating the Financing of Terrorism) policies that crypto exchanges must adhere to. In any case, an exchange that follows local regulations is more likely to be reliable.
So, be prepared to invest some extra time in KYC (know-your-customer) verification before trading on any of the well-established platforms. In fact, the verification process varies depending on the exchange, but in general, the following information will be required:
- Full name
- Email address
- Phone number
- Utility bill to prove your address
- A copy or photo of a government-issued document (ID card, driving licence or passport)
Bear in mind that certain exchanges have multiple verification levels that impact your deposit/withdrawal limitations and access to their platform’s services. The more personal information you submit, the more trade opportunities will become available to you.
Security is paramount in the digital realm. By and large, cryptocurrency exchanges have a history of unresolved hacking attacks that have resulted in permanent losses of millions of dollars.
You’ll see that they make a concerted effort to implement the highest security standards in their platforms, user accounts, and wallets. When reviewing the features of the exchanges, keep the following in mind:
- 2FA (two-factor authentication)
- Online or offline storage of customer funds
- 24/7 security monitoring
- Control over users’ private keys
- Type of verification required
- Email/ SMS notifications on account activity
- Email encryption
- Proof of reserve
We often underestimate the importance of “customer support,” but the reality is that the bulk of user complaints stem from an inability to contact the support staff for assistance with account verification or transactions.
When analysing a platform’s customer support, pay close attention to the following:
- How do you contact the support team: via email, live chat, phone, or enquiry form (ticket)?
- If they have an open phone line, do they use a bot to answer commonly requested inquiries or do real humans talk to you?
- Is the support staff accessible just during business hours or is it available 24/7?
- How much time does it take to get a response?
- Do internationally registered exchanges provide English-language support?
- Is there a support section on their website?
What do online reviews say about the exchange? Users’ first-hand experiences are the most reliable source for learning about the platform’s real upsides and downsides. Rating systems are quite helpful in determining the platform’s trustworthiness.
It’s usually prudent to learn more about the exchange’s history – how long it’s been in operation and if it has any track record of security breaches.
It is recommended that you only create an account with a properly licenced cryptocurrency exchange. Coinbase, for example, is regulated in the United States. Then there’s CoinSpot, the only Australia-based exchange platform accredited with ISO 27001 and regulated by AUSTRAC. Choosing a licenced exchange ensures that you have peace of mind when purchasing, selling, and trading your coins/tokens.
On the other hand, you’re likely to come across a significant number of platforms that lack regulatory authorisation. Although these platforms may offer massive leverage, ultra-low costs, and an abundance of sign-up bonuses, you should avoid utilising an unlicensed crypto exchange. Should any issues arise, investors are more likely to encounter legal problems, which ultimately put their investments at risk.
A guide to use a crypto trading platform in Australia
If you’re ready to begin buying and selling digital currencies on CoinSpot – Australia’s best-rated cryptocurrency exchange, just follow the step-by-step guide below.
You’ll have a verified CoinSpot account in minutes, giving you access to dozens of cryptocurrency markets at industry-leading costs.
Step 1: Create A CoinSpot Account
To enter the cryptocurrency market, you’ll need an account where you can deposit your dollars and purchase cryptocurrencies.
To create an account with CoinSpot, you must be at least sixteen years old.
Get started by clicking the “Register” button. A signup page will appear, asking for your email address, password, and referral or affiliate code (optional).
After that, check the reCAPTCHA box, read the terms and conditions, then click “Create Account”.
Register a CoinSpot account. Source: CoinSpot
Once you have clicked Create Account, you will be notified “Your account has been created” and asked for complete verification of your account. Click “Complete Verification” to continue.
CoinSpot account created. Source: CoinSpot
You will receive an email, click the button “Confirm Email” to verify your email address, then you will then be directed to the register page.
Verify your email. Source: CoinSpot
Step 2: Provide Your Detailed Information
In Account Type, choose “This is a personal account” and provide your account holder details as required. Please make sure that you enter your Australian mobile phone number.
Account Holder Details. Source: CoinSpot
After completing the Account Holder Details form, you will need to upload your identification documents. Keep in mind that you submit these documents either in the .jpeg or .png format.
For further information on how CoinSpot reviews your documents, please read the CoinSpot’s Accepted Verification Documents.
After uploading your documents, click the “Submit for Verification” button. If you are unable to click Submit for Verification, please double-check that you have entered your Australian Mobile Phone Number correctly.
Submit for verification. Source: CoinSpot
Next, your mobile phone number will need to be verified and confirmed.
Verify your mobile phone number. Source: CoinSpot
Once submitting your verification and validating your mobile phone number, you will immediately get an on-screen message of your Verification Status.
CoinSpot account verified. Source: CoinSpot
Comprehensive identification verification is necessary to deposit or withdraw AUD from CoinSpot under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Please be aware that you may get a call from one of CoinSpot’s staff to confirm your account’s credentials before it is validated.
Step 3: Depositing AUD Into Your CoinSpot Account
You can fund your account with AUD using any of the following methods: POLi, PayID, BPAY, Direct deposit or Cash Deposit.
The daily deposit limit for low-level accounts will be $2000. Each deposit method has its 24-hour limit, and you can fund your CoinSpot account using a mix of deposit options. It’s important to note that direct deposits have no limit, so you can deposit as much as you’d like with no fees!
CoinSpot’s AUD Deposit Info Table. Source: CoinSpot
Step 4: Buy/Sell Bitcoin on CoinSpot
You can search for the coins you wish to acquire by selecting the “Buy [COIN]” button and see the details (current price, price change over 24 hours, etc.) of over 350+ cryptocurrencies.
If you want to buy in bulk to diversify your portfolio and reduce fees, you can refer to CoinSpot’s Bundles on the top menu bar.
After selecting the coins/coin bundles, enter the AUD amount you want to buy.
Buy Bitcoin on CoinSpot. Source: CoinSpot
A confirmation window will appear. After reading and agreeing to the terms of the confirmation pop-up, click “Confirm Buy” to complete the transaction.
Confirm Buy on CoinSpot. Source: CoinSpot
To sell your coins, click the “Sell [COIN]” button, then enter the AUD amount you want to sell.
Sell Bitcoin on CoinSpot. Source: CoinSpot
A confirmation window will appear. After reading and agreeing to the terms of the confirmation pop-up, click “Confirm Sell” to complete the transaction.
Confirm Sell on CoinSpot. Source: CoinSpot
It’s worth noting that you can have a CoinSpot account for your self-managed super fund (SMSF). These accounts will have access to CoinSpot’s specialised SMSF support team, who are able to assist with onboarding and any customer enquiries.
CoinSpot’s Over-the-Counter Trading Desk is also available to all CoinSpot users when trading at high volumes of 50k or more. With 30+ of the most popular coins offered, users will also have direct access to a Premium support team for any specific customer enquiries. CoinSpot OTC service employs lock-in pricing to reduce slippage and mitigate other hazards associated with high-volume trading.
What is a cryptocurrency exchange?
A cryptocurrency exchange is a platform for users to buy and trade cryptocurrency. On these platforms, you can convert one cryptocurrency to another — for example, Bitcoin to Litecoin — or trade coins/tokens. Exchanges update their prices in real time to reflect the current market value of the cryptocurrencies they provide. You can also swap cryptocurrencies to have cash within your account (if you wish to trade back into crypto later) or withdraw to your bank account.
What crypto exchange is the best in Australia?
Australians have access to dozens of crypto exchanges – both domestically and internationally. However, the best crypto exchange for safety and highly competitive fees is CoinSpot.
We found that CoinSpot is the best Australian crypto exchange, because it is accredited with ISO 27001 and regulated by AUSTRAC, ensuring the highest safety for your transactions. It offers a low fee of 0.1% via the Market or OTC sections, 350+ cryptocurrencies, diverse payment options, staking service, customer support and in-platform NFT marketplace.
Which exchange offers the lowest fees in Australia?
Capital.com offers zero-commission trading on crypto CFDs. If you prefer spot trading, Binance charges just 0.10% each slide. Binance is also the most active cryptocurrency exchange in terms of trade volume.
What is the most secure crypto exchange in Australia?
CoinSpot has developed to be the most secure of all Australia-based exchanges as a result of its early foray into the Australian crypto sphere. It is the only exchange that has been certified to ISO 27001 standards. Additionally, the exchange complies with all standards of the International Organization for Standardisation and passed an external audit performed by SCI Qual International (an accredited JAS-ANZ certification body).
Is the exchange a safe place to store my crypto?
When you join a crypto exchange, the majority of them give you a digital wallet. You can keep your crypto in the exchange account or transfer it to an external wallet (either a hot wallet app, or a cold hardware wallet). Other platforms require an external wallet when you make a purchase, and any crypto you acquire is delivered directly to that wallet.
It is not advisable to leave your cryptocurrency on an exchange in the long-term, since the exchange will retain ownership of the private key to your wallet, so you don’t have complete management of your funds. If the exchange is hacked, your digital assets may be lost or stolen.
Who owns the most Bitcoins?
Satoshi Nakamoto, Bitcoin’s pseudonymous creator, has a war chest of up to 1.1 million BTC, which is most likely spread across numerous wallets.
Why are Bitcoin transaction fees so high?
Bitcoin transaction fees are included in the reward given to miners for validating Bitcoin transactions. The increasing popularity of Bitcoin resulted in a rise in the number of Bitcoin transactions. As a result, the difficulty of mining has increased, and miners are now prioritising transactions from customers with higher fees.
Is cryptocurrency taxed in Australia?
The Australian government is making significant strides in regulating cryptocurrency trading. Until 2017, Bitcoin and other cryptocurrencies were subject to double taxation in Australia under the Goods and Services Tax (GST), but they are now considered property and are subject to Capital Gains Tax (CGT). Therefore, you will be taxed on any profit earned from selling or trading crypto assets as you would with any other regular income.