Who should make use of the comparison?
Our crypto exchange Australia comparisons are aimed at anyone and everyone who’s interested in using cryptocurrency exchanges in some shape or form. While it may be true to say that comparisons and reviews are essential for beginners, our experts also aim to provide comparisons that will help even the most seasoned investors find the best crypto exchange in Australia for them.
It also doesn’t matter how much money you’re working with as our experts will compare exchange platforms that are suitable for various volume sizes. Basically, what we set out to do is help find the best crypto trading platform in Australia for each and every individual person’s needs and wants when it comes to the world of crypto exchange.
Here, we are providing a comparison for crypto exchange Australia, however, that doesn’t mean that all of the exchange platforms we compare will necessarily be Australia based, as there are plenty of international crypto exchange platforms out there available to Australian customers. Our ultimate goal is to find the best crypto exchange for Australia customers, no matter where in the world its headquarters may be.
Exchange Checklist: Top5 steps for a secure & fair experience
License and regulation
Cryptocurrencies aren’t tied to any specific nation or economy which means it’s up to each individual government to decide on the legislation and regulation of such currencies. Luckily, crypto exchange in Australia is completely legal, regulated and taxed, probably more progressively than in most other countries. Crypto exchange Australia regulations require platforms to register with the Australian Transaction Reports and Analysis Centre (AUSTRAC), so make sure any exchange you use has officially registered in some way. Platforms are also required to identify and verify users, maintain records, and comply with government AML/CFT reporting obligations. Moving forward, an unregistered crypto exchange in Australia will be subjected to criminal charges and financial penalties.
Once you’re happy that the exchange you’re thinking about using is completely government regulated, you’ll want to make sure that other users trust it. You might find a platform that comes recommended first hand by a friend or a family member, which gives you a first hand account of trusability. If this isn’t the case, then the best way to check how trustworthy and exchange is, is by checking online users reviews on sites such as Trustpilot and Yelp. Don’t take 5 star ratings at face value however; always read multiple reviews and check how many there are. A relatively unknown exchange with a 5 star rating and only 2 or 3 reviews is a red flag and it’s likely the reviews were written by someone on the inside.
We mentioned earlier that regulation laws surround crypto exchange Australia requires users to be ID’d and verified. This does mean that all legally operating Australian crypto exchanges are very secure, however it does compromise privacy as it means more of your documents and personal details are available online. Unfortunately if you’re looking for a crypto exchange actually based in Australia, there’s not really anyway round this. CoinSpot, which is arguably the best Australia crypto exchange, only requires ID when you deposit using AUD. However, they don’t have any other international currencies, so the only way to avoid ID verification is to deposit using crypto from another wallter. Not an ideal option for privacy conscious beginners sadly.
Not to be confused with privacy, which refers to your data and information being made available online, security refers to how safely stored and protected your funds are with an exchange. The most secure crypto exchanges in the world, such as CoinBase, keep 98% of their users funds in an offline storage base, which essentially keeps it 100% safe from hackers. Security and privacy often do overlap, as we mentioned above regarding the ID verification login process, which is very secure, but not very private. A secure and private login system is one that requires multiple codes and passwords, similar to online banking. Unfortunately, as we’ve mentioned, ID verification is a requirement in Australia.
Australia has some of the most progressive and clear legislation surrounding the regulation of crypto exchange, which means that crypto scams are low here compared to some other parts of the world. The ID verification requirement means that exchanges can easily identify their users (hence the lack of privacy) so scammers operating on any platform can be easily identified and dealt with once detected. What you should be more vigilant for when it comes to crypto trading in Australia, is illegal platforms that aren’t regulated by the AUSTRAC.
Editor’s recommendation – the best exchange
As we’ve already said, our experts aren’t here to find the best crypto exchange for us, we’re here to find the best for you. That means catering to a variety of individual needs which is why we compare a variety of platforms. With that in mind, it’s difficult for us to declare the ultimate best Australia crypto exchange.
That said, if we had to choose the best Australia crypto exchange on balance, then it’d be CoinSpot. CoinSport was established in 2013 right here in Australia, and to this day still caters exclusively for the Australian market.
We’ve not just chosen CoinSpot because they’re Aussie exclusive, however. The main reason CoinSpot is our editors recommendation is because they strike that perfect balance of having an easy-to-use interface with a wide and varied range of features. What this means is that beginners will find it easy to start using right away, while more seasoned crypto enthusiasts won’t find themselves restricted by the website and trading app’s capabilities. They also have a wide range of cryptocurrencies available, 24/7 support and low fees. POLi payments and PayID have absolutely no deposit fees and they’re buying and selling fee sits at a lowly 1%.
This is how our experts test exchanges
Our experts’ aim here at Bitreviews is to provide you with fair and balanced reviews that will help you find the right exchange, no matter where you might be in your crypto exchange journey. When creating our comparisons and reviews for crypto exchange Australia, our experts like to thoroughly test exchanges with focus upon a variety of elements. For us, the best Australia crypto exchange should strike the right balance between these elements so that they work for each type of individual user. Below you can find an explanation of the main categories we focus upon when testing and reviewing a crypto exchange in Australia.
License and security
First and foremost, it’s vital that any company that we recommend to our readers is completely safe. This means that the platform must be licensed, fully regulated and secure with the best privacy protection possible in place. At the very least this means that an exchange should be registered with AUSTRAC. If an Australian exchange isn’t registered with AUSTRAC, that renders it illegal meaning we won’t go any further with the testing process. As law requires ID verification here, we’re comfortable with the fact that every legal exchanges should be secure, but are aware that privacy is an issue due to this. What we look for when testing an exchange is if they’re able to make their platform as private despite the required login process.
When it comes to using an app or online platform, everyone wants it to be as easy on the eye and user friendly as possible – it’s something we believe is universal. It doesn’t matter if you’re using a crypto trading platform in Australia, or selling your old car on a marketplace platform in France; usability is key. When it comes to crypto exchange Australia, it’s fair to say that usability does get compromised the more complex a platform becomes, but our experts look for a platform that’s as easy to use as possible. For beginners, the world of cryptocurrencies can already be quite a futile and complex mistress to tackle, so an easy-to-use platform that’s easy on the eye is essential.
When testing a crypto exchange’s capabilities, the amount of capabilities is not what’s most important, it’s whether they function well. Our experts are also aware that different users require different functions from an exchange depending on their experience, needs and the volume of currency they’re working with. For us a small and simple exchange with deposit and buy and sell functions can be every bit as good as a large multinational platform with a range of capabilities as long as it’s done well. Were well aware that beginners may find too many capabilities confusing while more seasoned investors may feel stunted by a platform with limited functions.
Range of cryptocurrencies
Bitcoin was the original and is still the most popular cryptocurrency out there, however today the number of cryptocurrencies available today is quite literally in the thousands. Cryptocurrency enthusiasts and seasoned investors will be fascinated by the vast range of cryptocurrencies available on some of the larger platforms that we’ve tested, but most crypto newbies would most likely find the range overwhelming. That’s why we’re well aware that having a 5 figure range of cryptocurrencies on offer does necessarily make a platform the best Australia crypto exchange. We are impressed by the range of currencies on offer, but an exchange with just Bitcoin and Ethereum is better suited to beginners.
This is the simplest aspect we test that requires very little explanation. No one likes fees, they’re sadly often unavoidable and we want them to be as low as possible. Most crypto exchanges in Australia charge fees as a transaction percentage, however there are platforms with monthly fees that can be more beneficial for frequent brokers and traders. At the end of the day it’s simple though; the lower the fees, the better.
Finding the right exchange for you
Above all, we’re here to help find the best Australia crypto exchange for you, so here are a few things for you to consider when selecting your exchange.
First of all, think about your experience level. If you’re a complete beginner then you’re going to want a well laid out, easy-to-use exchange platform with a small selection of currencies that you won’t find confusing. An exchange with limited capabilities could also be better for beginners depending on what you want to do. If you plan on starting out simply depositing and buying bitcoin, but think you might soon get into trading and brokering, then there are easy to use platforms out there that offer a better range of capabilities as you progress. If you’re a seasoned crypto exchange user, then you might have outgrown your current exchange and are looking for a new one with more complex capabilities. If this is the case, make sure you choose a balanced platform and don;t just rush into the one with the most functions and currencies on offer.
Crypto exchange is growing across the world, and is becoming a more stable investment opportunity, despite some financial experts still warning against the futile nature of cryptocurrencies. There is definitely some truth to this, and you should be cautious, but luckily Australia has some of the most progressive legislation surrounding cryptocurrencies. This means that as long as you choose a registered and reputable company, you can be sure that your money is relatively safe, at least from hackers – we never know what the market’s going to do!
If you’re interested in crypto casinos, check out our casino comparisons!