Choosing the right cryptocurrency exchange for you is certainly no easy task. We’ve come up with some of the best crypto exchanges for different needs and circumstances by taking a variety of factors into account including the user experience, selection of cryptocurrencies available, the fees, payment methods, and more. Finding the cryptocurrency exchange that is the best fit for you will depend on your personal situation. Some exchanges are better suited to beginners while others are best avoided if you are just starting out. In our opinion. The best exchanges based on different circumstances are:
Best for beginners: Swyftx
AUD purchases: CoinJar
Low fees: Binance
Altcoin trading: CoinSpot
Best for traders: eToro
Figuring out which category you fit into and determining what you want from an exchange will help you pick the right one. It’s a wise idea to use a range of different exchanges so that you can take advantage of the unique perks that each has to offer.
Best Exchanges:
Swyftx - Best for Beginners:
This cryptocurrency broker emphasizes very competitive pricing across a diverse range of cryptocurrency options. It is an ideal choice for people of all skill levels as it’s very easy to use. If you’re just starting out and want a platform that is simple and easy to understand, this is a great choice for you. It is renowned for offering helpful customer support and users have the option to explore a wide range of coins with no need to worry about hidden fees and costs.
CoinJar- Best for AUD Purchases:
CoinJar allows for every payment method that you can think of whether you want to pay with bank transfer, credit or debit card, or even cash for a transfer of any size. There are options to make instant deposits for those who want to start trading crypto as quickly as possible.
Binance - Best for Low Fees:
With some of the lowest trading fees available, a huge selection of cryptocurrencies to choose from, and a diverse range of excellent features to help you make the most of your experience, it’s no surprise that Binance is a popular exchange choice for both beginners and professionals alike.
Best for Altcoins : CoinSpot:
CoinSpot is an exchange that is designed to provide cryptocurrency traders with easy access to over one hundred different cryptocurrency options, including some cryptos that have not been widely listed on the mainstream exchanges.
Best for Trading: eToro:
eToro is a platform where you can access a range of trading opportunities. If you are looking to diversify your portfolio, this platform provides the perfect option for trading various stocks and commodities in the same place as your cryptocurrency.
Choosing a Crypto Exchange:
Before choosing an exchange, it’s important to research a variety of platforms and compare features for each option. Know what you are looking for and what your requirements are to make it easier for you to find an exchange that meets your needs. Some key things to consider include:
Getting started can be confusing if you are new to crypto, while on the other hand, more experienced traders may want a platform that offers more advanced features.
Consider how you want to deposit money to the exchange and make sure that your preferred payment method is available. Most exchanges accept popular options like credit and debit cards or PayPal.
Consider whether you want to trade fiat-to-crypto, crypto-to-crypto, or a combination of both.
How much is it going to cost you to buy and sell crypto from the beginning to the end of the process on the platform? Remember to consider any fees associated with the payment method you plan to use, exchange rates, and any discounts you might be entitled to.
Be aware of any deposit and withdrawal limits that you may be subjected to when using the exchange. Minimum and maximum limits may apply.
Do you want to trade on a web browser, or do you prefer the option to trade from a mobile app? How easy will it be for you to access your exchange account wherever you are?
Does the exchange offer any discounts or rewards for those who meet certain guidelines, such as keeping up a certain trade volume each month?
Compare exchange rates across a variety of different exchanges - you may be surprised to see just how much they can fluctuate.
The higher the liquidity of the exchange, the easier and faster it will be for you to complete trades. Larger crypto exchanges tend to have high liquidity levels.
Most platforms will require you to verify your identity before allowing you to begin trading. Are you happy to give out this information or would you prefer to use an anonymous platform?
When you deposit money into or withdraw money from the exchange, how long can you expect to wait for your transaction to complete?
Security should be a top concern when choosing a crypto exchange. Platforms without a range of high-security features such as two-factor authentication, strong account verification processes, 24/7 security monitoring, and secure storage for customer funds leave you vulnerable to hackers and fraudsters.
The crypto industry is still quite lightly regulated, and how an exchange is regulated will depend on where it is based. In Australia, all crypto exchange operators must be registered with AUSTRAC and meet compliance and reporting obligations for anti-money laundering and counter-terrorism financing.
What is the customer support like on the exchange? Is information available for you to quickly find when you need it? Is a customer service team available at all times? How responsive are customer service agents?
Overall, you should look for an exchange that has a strong reputation for being reliable and secure. Read independent reviews and find out about as many user experiences as possible both positive and negative to find out what the exchange is doing well and where it could do better.
Using a Crypto Exchange:
Let’s say you have AUD$400 that you want to use to buy some Bitcoin.
- Research cryptocurrency exchanges to look for the one offering the best service for your situation and needs.
- Register for an account and verify your identity if required.
- Once logged in, go to the ‘Buy’ area and select Bitcoin as the crypto you are looking to purchase.
- Choose the currency that you want to pay in (AUD) and specify how much you wish to spend ($400).
- Select the payment method that you would like to use to make the transaction and enter your payment details.
- Review the full details of your transaction including checking any applicable fees and how much BTC you will be purchasing.
- If you’re satisfied with the information, click ‘Buy BTC’.
- The BTC will be deposited into your exchange wallet or to an external wallet address that you have nominated previously.
How to Pay for Cryptocurrency:
To get started, you will need to deposit or transfer funds to your cryptocurrency exchange account. The majority of exchanges will accept a wide range of popular payment methods. Some of the most widely accepted include:
- Debit and credit cards
- Online payment services such as PayPal
- Bank transfers
- Prepaid Cards
- POLi
- Cryptocurrency transfers
- Wire transfers
- NPP payments such as Osko and PayID
Note that the payment methods accepted may vary between different exchanges, so it is wise to check that the platform allows for payments in your preferred method before you open an account.
Cryptocurrency Exchange Options:
An ‘exchange’ can be any one of a variety of cryptocurrency brokers, trading platforms, and other relevant services. There are various different exchange types that are typically designed either for beginners or for those more experienced users.
Brokers - for Beginners:
A broker is the simplest way to get started with quick and easy crypto purchases available. Brokers work in a similar way to a shop and are the ideal choice for those who are just starting out.
Trading Platforms - for Intermediates:
If you have a little bit of experience but not enough to consider yourself an expert when it comes to trading cryptocurrency, a crypto trading platform could be right for you. These open markets allow you to buy and sell a wide range of crypto for competitive fees and typically offer some more advanced trading tools such as margin trading. Although they are not quite as simple and easy to use as a broker, many trading platforms are designed to be beginner-friendly.
Derivatives Platforms - for Experts:
Advanced users may prefer a derivatives platform, where you can trade crypto derivatives rather than selling crypto outright. If you are an advanced trader looking for a feature-packed, high-liquidity and high-leverage platform, this is the ideal option for you.
Is it Safe to Store Your Cryptocurrency on an Exchange?
Cryptocurrency is stored in digital wallets. You may be provided with your own wallet by some exchanges, allowing you to hold your crypto in your exchange account and then transfer it elsewhere as you wish. Other platforms require you to have your own external wallet at the time of purchase. However, it is not recommended that you store your crypto on the exchange for a long-term period, since the exchange controls the private key to the wallet that they provide you with, leaving you without full control of your funds. Storing your crypto in the exchange might be convenient, but it also makes you more vulnerable to hackers.
Next Steps:
Cryptocurrency exchanges are very diverse with different exchanges to suit different trading needs and preferences. Bear in mind that what might work well for one person might not be the best option for the other, so it’s essential to do your own research before deciding which crypto exchange is the best fit for you. Check out our reviews of several leading crypto exchange platforms both in Australia and worldwide, with features, pros, cons, and fees to compare to help you decide which one matches your trading requirements best.