The Cryptocurrency Exchanges You Should Be Using In 2020
Australia is one of the countries that have been progressive in the implementation of cryptocurrency regulations. It was in 2017 that the Australian government finally declared cryptocurrencies legal; according to the Australian law they should be treated as property. Before then cryptocurrencies were subject to taxation controversies, which greatly affected its traders. Also, the trading regulations are quite robust which in turn has limited the number of exchanges that an Australian trader can comfortably use.
According to the Australia crypto regulations, all operational crypto exchanges should
- Register with AUSTRAC
- Identify and verify its users
- Maintain good records
- Comply with government AML, CFY reporting obligations
Though limited, still there are several exchanges currently serving the Australian trader. Choosing your best suite among the many options can be quite a hustle which is where this list we have carefully prepared comes in; to save you the hustle. Of course, you will need to conduct further research on your own to avoid investing in an exchange that is either going bankrupt or is prone to hacking. Not to mention, you will have to look into a few factors such as location, the available cryptocurrencies, the traditional currency in use, and the fees charged.
So without further ado lets go straight to the best exchange options available for an Australian crypto trader.
This one stands as one of the most recommendable Australian based crypto exchanges. Their website is very simple hence easy for users to maneuver. Unlike most exchanges, they have their online wallet which enhances the safety of your money and eases your transaction process; it is also cheaper than a regular wallet.
Since it is Australian based, it is always available for any rising needs. They go a step further and give every new member an account manager to help with any questions that one may have, this makes it perfect for beginners. Their official website is www.swyftx.com.au, their official currency is the AUD, the charges a 0.6% fee and offers over 100 cryptocurrencies of which they keep expanding this list daily. Indeed, no other Australian exchange compares to this.
Coinspot is yet another great trading option for the Australian market with a simple and easy to navigate website. It is also a great Australian based crypto exchange; however, it has one downside and that is its high trading fee. Compared to other platforms, they charge a high trading fee. This is why most traders end up migrating to other exchanges.
It is a great entry point for beginners since it eases your way into the trading experience, however, you might end up migrating to international exchanges because of the high fees. Their official website is www.coinspot.com.au, their official currency is the AUD, they charge a 1% fee and it also offers 100+ cryptocurrencies.
Independent reserve exchange
Though it is an amazing Australian-based exchange, their website can be quite challenging to maneuver and get a handle of. It only supports 13 cryptocurrencies, that include PLA, Ox, BTC, ETH, BCH, XRP, OMG, CNT, REP, BAT, LTC, and XLM.
It charges the lowest trading fee of all the Australian exchanges thus making it quite popular. Your security is a top priority hence they an online wallet to further the safety of your money. They also offer insurance with premium accounts. Their official website is www.independentreserve.com, their official currencies are AUD, USD, and NZD, and alsothey charge a fee of 0.5%.
This is yet another foreign but great exchange platform currently only dealing in Bitcoin, Ethereum and Litecoin. It is the largest foreign exchange which makes it a great trading option but not good for storing your coins. Since it is large, and it provides quality and assurance it charges very high fees. Also, another downside is in its complicated user interface which makes the site user-unfriendly. Although the transactions can be quite slow, this platform is big for a reason, they know how to take care of their customers.
It is based in the US, its official site is www.coinbase.com, the main currency is USD and they charge a fee of 4%.
China-based and with over 120 cryptocurrencies, it is perfect for experienced traders but not so much for beginners. They have pairings of all the major cryptocurrencies one may want to trade. Unfortunately, they don’t sell cryptocurrencies you must have already existing cryptocurrencies to be able to trade. It has made quite a name for itself all over the world.
Their official website is www.binance.com, their official currency USD, and they charge a fee of 0.1%.
Other Crypto Exchanges
- eToro exchange
- Bittrex exchange
- Coinmama exchange
- Kraken exchange
- Kucoin exchange
- Bitfinex exchange
- Okex exchange
The cryptocurrency world can be quite scary for a beginner and choosing the right place to conduct your exchanges is critical. Hopefully, the above list will be of great help. And yes they’re listed in order of preference!