Australia is a land of opportunities and one of the most happening places in the world. So when it comes to cryptocurrencies and blockchain technology, Australia remains a hotspot. The ASIC (Australian Securities and Investments Commission) submitted a report showing that the number of cryptocurrency exchanges here has increased from 4 to 21 over the past year.
Furthermore, it says that the total number of transactions on these exchanges has increased from 864,000 to 6.7 million over the same period. However, finding the best Australian crypto exchange sometimes becomes a daunting task.
But don’t fear; this article will shed light on the five top Australian crypto exchanges and some advice to follow so that you can choose the best one.
How to Buy Cryptocurrencies on an Australian Exchange?
If you want to buy cryptocurrencies, you will first need to deposit Australian dollars into your account. You can do it via credit/debit card or bank transfer. Once your funds have been deposited, you will be able to buy cryptocurrencies using the exchange’s trading platform.
Most exchanges will also allow you to store your cryptocurrencies in a digital wallet on the exchange. Although, it is undoubtedly not the safest option as exchanges can be hacked. If you want to store your coins more securely, you can transfer them to a personal wallet.
5 Top Australian Cryptocurrency Exchanges
Interestingly, Australia is also home to some of the world’s leading crypto exchanges. Here’s a look at the five top Australian crypto exchanges:
It is a crypto exchange platform that provides a platform for trading various cryptocurrencies. Binance offers various features, including different trading pairs, charts, indicators and a secure wallet for storing cryptocurrencies.
It is one of the largest and most popular cryptocurrency exchange platforms available today.
Bitfinex is a platform that offers users the ability to trade various digital assets, including cryptocurrency. It was launched in 2012 and has become one of the most popular cryptocurrency exchanges. In addition to offering a variety of digital assets for trading, Bitfinex also provides users with an advanced trading platform, margin trading, and a host of other features.
Coinbase is an online platform that allows you to buy and sell cryptocurrencies and store them in a wallet on their platform. You can also buy services and goods with Bitcoin, Ethereum, and Litecoin on Coinbase.
It is easy to use and another most popular exchange. Coinbase also has a great mobile app that makes it easy to buy and sell cryptocurrencies.
Bittrex is also popular and one of the oldest US-based cryptocurrency exchanges. It offers a wide variety of coins, including many lesser-known ones.
It is known for its security, with 2FA and many other security features. It is also one of the few exchanges that do not require KYC.
Huobi is a global crypto exchange available in over 130 countries, including Australia. It is one of the most popular exchanges and has a good reputation.
.Some Advice to Consider Before Choosing the Crypto Exchange
In cryptocurrency, there are many different exchanges that one can use to buy, sell, or trade digital assets. Each has its own rules, procedures, and fees associated with trading. Therefore, it is essential to research and understand the different exchanges before trading.
Here is some advice to consider when using a crypto exchange:
- Familiarize yourself with the platform: It is important to understand how the exchange works before using it. Take some time reading the FAQs and tutorials to ensure that you know how to use the platform properly.
- Research the fees: Each exchange has its fees associated with trading. These can include transaction fees, deposit fees, and withdrawal fees. Therefore, it is important to understand the fees associated with each exchange before trading.
- Consider your payment methods: Each exchange has its own payment methods. For example, some exchanges only accept wire transfers or credit cards. Therefore, it is important to consider your payment methods before selecting an exchange.
Hopefully, by considering the above points, you can find out the best Australian crypto exchange for yourself. Australia has proven to be a powerhouse within the crypto space. It’s not just a leader in adoption but also policy and infrastructure. As a result, Australia will likely keep its reputation as one of the best countries for cryptocurrency trading.