In Australia, there are so many crypto exchanges, with each touting itself as the best for Aussie traders. With the country’s reception of digital currencies, it’s not hard to see why. Having several options is a good thing, but it may also leave you wondering which is the best fit for you.
There are many things to consider, including the number and selection of coins the exchange supports, its history and whether it has been subjected to any hacks, the security measures in place, and customer service. If you are in Australia and looking to buy Bitcoin online, we have provided some of the crypto exchanges in Australia. Let’s get straight into them!
CoinJar
CoinJar, founded by Asher Tan and Ryan Zhou, is a crypto exchange that has been around for over a decade. Established in 2013, CoinJar is a beginner-friendly crypto trading platform that caters mainly to audiences in Australia and the UK. The exchange offers over 50 cryptocurrencies and a top-notch trading experience for new and experienced traders.
The Coinjar trading platform has everything to satisfy the needs of professional traders—it has advanced order types, including limit orders, take-profit orders, and stop-loss orders. It also provides for leverage trading and sophisticated charting tools. Coinjar is committed to creating a safe environment for its users' assets through multi-level data encryption, two-factor authentication, fraud monitoring, and frequent security audits.
Pros
- Excellent customer service.
- Beginner-friendly platform.
- Provides a mobile application that works on Android and iOS devices.
- Security measures include two-factor authentication (2FA) and cold storage.
- Responsive customer support.
Cons
- Doesn't provide demo accounts for beginners to learn.
- Provides a limited selection of digital currencies.
- Credit and debit card deposits attract higher fees.
Bybit
Bybit, founded by Ben Zhou in 2018, is one of the biggest crypto exchanges in Australia. This crypto trading platform is famed for its derivatives trading, which includes futures and perpetual contracts. Bybit supports over 487 cryptocurrencies and provides access to decentralized applications such as NFTs and DeFi while maintaining an impressive range of trading tools and options. Bybit aims to cater to the needs of new and seasoned traders, featuring an intuitive platform, copy trading (a provision that allows beginner traders to imitate the transactions of expert traders), and advanced charting tools for seasoned traders. Some of the measures taken by Bybit to ensure its users transact safely include strict withdrawal procedures, encryption, and a dual wallet mechanism.
Pros
- Excellent trading charts utilized by traders.
- Demo mode is available for new traders to practice without risking real money.
- Offers insightful educational materials for traders at all levels.
- 24/7 live support.
- Several avenues for users to make passive income, including flexi savings.
Cons
- Crypto derivatives are relatively riskier.
- Unavailability in certain regions due to regulatory restrictions.
- Does not support the deposit and withdrawal of fiat currency.
Independent Reserve
The Australian-based cryptocurrency exchange Independent Reserve was founded by Adam Tepper and Adrian Przelozny in 2013. This crypto exchange offers about 30 tradable coins, including Bitcoin (BTC) and Ethereum (ETH). It caters to the needs of beginner and intermediate traders as well as institutional and high-net-worth investors. Independent Reserve's user-friendly interface, low fees, and selection of popular cryptocurrencies make it an excellent choice for new traders.
Also, its provisions for OTC trading make it an attractive option for people trading in high volume like institutions. However, this crypto exchange needs more advanced features and a provision for crypto cards. There have been no reports of Independent Reserve being hacked due to its impressive security measures, including email notifications on every login, multi-layer encryption, cold storage, and insurance.
Pros
- Simple and low trading fees.
- User-friendly interface easily navigable by beginners.
- Availability of education resources to help traders make informed choices.
- Provision of OTC desks for high-volume traders.
- Registered with AUSTRAC and maintains enhanced security measures.
Cons
- Absence of advanced trading features like margin trading.
- Limited availability of digital currencies.
- No provision for a crypto credit card.
Coinbase Australia
Coinbase, one of the largest crypto exchanges worldwide, was founded by Brian Armstrong and Fred Ehrsam in 2012. The crypto trading platform also went public in 2021 by listing its shares on the NASDAQ stock exchange, taking crypto a step further into becoming more acceptable. Coinbase now has over 100 million users in about 100 countries and makes provisions for all types of traders—beginner, intermediate, experienced, and high-volume investors.
There are incentives for new traders to learn more about crypto and investments, allowing them to earn while they learn. It provides for experts through its Advanced Trade platform, previously known as Coinbase Pro. The platform has several security measures, including FDIC and Criminal insurance, cold storage, two-factor authentication, and multiparty computation.
Pros
- New traders can learn about their investments and earn rewards by watching videos and taking exams.
- Offers a wide variety of cryptocurrencies.
- Provides high liquidity.
- User-friendly interface, easy to navigate for beginners.
- Provision of three different crypto wallets.
Cons
- Relatively higher fees.
- Complicated fee structure.
- Limited communication channels and poor customer service.
Coinstash
Coinstash is an Australian-based crypto exchange founded in 2017 by Tin Wang and Mena Theodorou. This exchange, providing access to about 1,000 digital assets, welcomes beginner and experienced traders. Coinstash makes different trading charts available— advanced and simple, for varying levels of traders. This platform has a feature known as DeFi Connector, which allows users to trade about 500 DeFi coins across six blockchains.
Coinstash also allows investors to diversify their portfolios quickly with Coinstash bundles. These bundles are pre-selected collections of cryptocurrencies curated by professionals, allowing users to acquire a range of crypto with just a single purchase. Regarding security, Coinstash takes several measures to keep its users' assets safe, including SSO encryption, multiparty computation (MPC), and two-factor authentication (2FA).
Pros
- AUSTRAC regulated.
- Supports an impressive variety of cryptocurrencies.
- User-friendly interface that beginner traders can easily navigate.
- Users are allowed to set up recurring buys.
Cons
- High trading fees.
- Doesn't support many payment channels.
- Limited sophisticated features for advanced trading.
Conclusion
The crypto exchange ecosystem in Australia is thriving, reflecting the growth and acceptance of crypto in the country. However, take your time with the many options available; look through them carefully to identify the one that aligns with your preferences and goals.
