Seeking to be a professional Cryptocurrency Trader? In this article we give you a run down on the best crypto exchanges to use in Australia.
Obtaining cryptocurrency is now a relatively commercial process thanks to the modern cryptocurrency exchange. It’s now possible to purchase cryptocurrency via hundreds of regulated fiat-to-crypto platforms online, or even via your local post office or newsagent.
Trading cryptocurrency, however, can be more complex. Choosing the best crypto exchange for Australian traders means assessing a wide range of different platforms, all of which are hosted in different countries.
In this article, we’ll take a look at the five best crypto exchanges for Australian traders, focusing on crypto exchanges with a presence in Australia.
1. CoinSpot
CoinSpot is currently the most popular Australia-based cryptocurrency exchanges, offering a broad spectrum of features and extensive localization.
CoinSpot allows users to purchase cryptocurrency directly in AUD, and supports a large number of cryptocurrencies that include Bitcoin, Litecoin, Ethereum, and Dogecoin, and more than 100 other coins. Importantly, CoinSpot follows AML/CTF regulation and is a registered AUSTRAC digital currency exchange.
CoinSpot fees are straightforward instant buy/sell options make it possible to purchase cryptocurrency at current market value with a 1% fee. Market orders for BTC, LTC, ETH, and DOGE incur a 0.25% fee. CoinSpot deposit and withdraw methods include POLi payments at no fee, BPAY Payments at 0.9%, and BlueShyft cash payments at 3%.
Overall, CoinSpot is one of the simplest, most reliable, and secure crypto exchanges for Australian traders seeking a locally Australia-based crypto exchange.
2. Binance
Binance has remained one of the largest and most widely-used international cryptocurrency exchanges for years. Despite not offering fiat currency deposits, trades, or withdrawals, Binance is a leading force in the cryptocurrency market and supports the most diverse range of cryptocurrencies out of any exchange.
As Binance doesn’t offer fiat services, it’s fairly straightforward for Australian traders, and doesn’t required excessive AML/CTF identification. Importantly, Binance doesn’t charge any deposit fees, and doesn’t require that users identity themselves in order to trade. Unverified users are limited to 2 BTC per 24 hours, however.
Binance is based in Malta, and is regulated under the Maltese Virtual Financial Assets (VFA) act. Trades on the Binance exchange platform incur a flat 0.1% fee, but can be discounted through the use of Binance’s BNB token.
As a leading international exchange, Binance has a strong reputation for delivering robust security and protecting users from hacks and phishing attempts. Bianance is ideal for Australian crypto traders seeking a well-known, optional verification crypto-only trading platform
3. Independent Reserve
Based in Sydney and founded in 2013, Independent Reserve is a highly popular crypto exchange amongst Australian crypto traders. Independent Reserve boasts one of the fastest verification times of any Australia-based cryptocurrency exchange, frequently approving new users within an hour of application.
The range of cryptocurrencies supported by Independente Reserve is limited in comparison to CoinSpot, with just Bitcoin, Ethereum, Litecoin, and Bitcoin Cash supported, but the extremely low trading fees of 0.1 down to 0.5 percent makes Independent Reserve ideal for traders seeking a platform for large-volume trades.
Independent Reserve supports fee-free Australian bank transfer deposits, as well as cryptocurrency and SWIFT deposits. The streamlined trading interface and fast-response local customer support offered by Independent Reserve makes it ideal for newer Australian crypto traders.
4. BTC Markets
BTC Markets is another popular cryptocurrency exchange based in Australia. With a head office in Melbourne, BTC Markets has been in operation since 2013, and supports a small range of different cryptocurrencies that includes Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin, and Ripple.
BTC Markets is notable for offering an Australian customer service phone number, as well a highly attentive Facebook-based support chat. BTC Markets also offers TradingView integration, making it a highly appealing trading platform for traders focused on technical analysis.
Both BPAY and Osko payments are supported by BTC Markets as deposit methods, as well as bank transfer deposits. Notably, BTC Markets charges no deposit fee, and offers a 0.85% to 0.1% scaling trading fee system.
5. BitMEX
BitMEX, shorthand for Bitcoin Mercantile Exchange, is a powerful exchange that boasts a diverse feature set aimed at more experienced traders. The BitMEX platform is suited for advanced crypto traders or those that possess experience in traditional financial markets, and delivers high leverage options and derivative products.
BitMEX offers cryptocurrency deposits only, but supports a spectrum of coins that includes Bitcoin, Dash, Ethereum, Monero, Tezos, Zcash, and many other altcoins — as well as a robus futures market. Up to 100% leverage is available on margin trading via BitMEX, and with the platform delivering high liquidity for bitcoin spot and futures, BitMEX is the exchange of choice for more advanced crypto traders.
