Attention to cryptocurrencies around the world is on the rise, but where is the best place to buy cryptocurrencies in Australia? There are a huge number of crypto exchanges, but which ones are the best crypto exchanges in Australia?
By analyzing the market, we have created a comparison table of the most trusted and reliable cryptocurrency exchanges in Australia. The main factors on which the rating is based are reliability, ease of use, commissions, trading tools and 24/7 support.
|Exchange||Rating||Location & currency||Avaliable Cryptocurrencies||Fees||Review||Visit Exchange|
|Malta / International||0.1||Check review||Visit Site|
|Hong Kong / International||0.02 - 0.07||Check review||Visit Site|
|Singapore / International||-0.025 - 0.075||Check review||Visit Site|
|Seychelles / International||0.05||Check review||Visit Site|
|Hong Kong / International||0.25||Check review||Visit Site|
|USA / International||Fees vary||Check review||Visit Site|
Best Cryptocurrency Exchanges in Australia: 2020 Reviews.
We present brief and current reviews of the best crypto exchanges in Australia for 2020. You can read full reviews of these cryptocurrency exchanges in our blog.
Binance is the most trusted cryptocurrency exchange with the highest trading volume. From our view, it’s the best crypto exchange for beginners. It raised $15 million through an ICO on July 21, 2017. The company is registered in Malta and has become a paradise for cryptocurrency-related companies. Binance has become the best advanced trading platform for margin trading and has developed rapidly.
The exchange supports a variety of assets for trading. There are more than 200 most supported altcoins listed on the platform. The exchange is constantly adding new trading pairs and functions. Binance is the first exchange to develop its own token BNB. Through this cryptocurrency, traders get the lowest fees. Each quarter the team repurchases BNB tokens and burns them, thereby reducing the total supply and circulation. Therefore, the value of the token is increased.
The exchange has obtained the highest liquidity in the market. It provides all the tools needed to start trading. There is no doubt that Binance is the best exchange to withdraw fiat currency (AUD). They support bank account wire transfers and debit/credit cards for withdrawals.
The many advantages of Binance include multi-language support and mobile-friendly applications for iOS and Android users. Through the Binance loan program, you can lend you cryptocurrency and get consistent returns.
FTX.com is a new revolutionary cryptocurrency exchange. The exchange not only covers the spot market of BTC, ETH, ADA, BNB and others but also focuses on the derivatives market. FTX.com is the first exchange to launch a bunch of new cool products.
Leveraged Tokens – they have introduced special Erc-20 Ethereum tokens called “bear” and “bull”, which represent 3 times the short or 3 times the long of the base cryptocurrency. In a bull market, holding “bull” tokens investors earn profit, and in a bear market, holding “bear” tokens investors earn profit.
Presidential 2020 – traders can speculate on USA elections by choosing preferred candidate via USA presidential futures.
Bitcoin (BTC) hashrate futures – the hash rate rises and falls. If you can predict these fluctuations, you can choose to buy or sell Bitcoin mining interest rate futures contracts.
Perpetual contracts – now, Bitmex has strong competitors and has taken perpetual contracts to a new level. Not only do they provide top cryptocurrencies like BTC and ETH, but they also open the way to smaller cryptos (Tezos, BNB, ETC, etc.).
Indexes – a basket of coins representing a certain index is allowed to be traded in perpetual contracts. They even got the “Shitcoin Index”! The index tracks a basket of low market capitalization cryptocurrencies and is called “change.” To trade the index, you can choose to go long or short 50 different assets at the same time.
Therefore, we only introduced some of the functions of FTX.com, and there are more. This kind of communication has good performance and is trustworthy. Since its launch, FTX.com has climbed to the top ten in the daily trading volume of cryptocurrency derivatives exchanges.
ByBit was founded by Ben Zhou in March 2018. The founder previously served as CEO of XM China for 7 years. XM is a brokerage company that provides services to Chinese clients. In addition to Ben Zhou, Latika Q also joined the company. She is an experienced lady who has worked in the XM technical team and has worked in leading companies such as Tencent and Morgan Stanley. The exchange is registered in the British Virgin Islands, is headquartered in Singapore, and has offices in Taiwan and Hong Kong. The company was officially named ByBit Fintech Limited.
Unlike most exchanges, Bybit focuses on perpetual contracts and derivative contracts. The tools for trading Bitcoin vary. The main product is a perpetual futures contract with a leverage ratio of 100:1. You can trade on Bybit BTC, ETH, EOS and XRP, but the leverage x100 is only applicable to BTC. Bybit charges a negative maker fee, which means that traders can benefit by setting limit orders. Setting such orders user didn’t pay fees, but actually, get paid by the platform.
In order to deposit funds, the user can directly send Bitcoin, Ethereum, EOS, XRP or USDT to his personal wallet. However, cryptocurrency exchanges also support legal deposits through credit and debit cards. The main feature of ByBit cryptocurrency exchange is that there is no need to make KYC for deposit and making trades on the platform. The exchange does not collect personal data from its users and regards it as one of its main advantages.
4. Prime XBT
Prime XBT is a Bitcoin-based trading platform that provides leveraged trading of cryptocurrencies, currencies, commodities and indices. From the first day the company (was founded in 2018) has grown exponentially, and now serves customers in more than 150 countries. Prime XBT provides top liquidity through various trading tools. The security of the platform provides everyone with a safe and effective day trading environment.
The account on Prime XBT can be funded by credit card or Bitcoin. They provide up to 100 times leveraged cryptocurrency and up to 1000 times leveraged trading on Forex pairs. Prime XBT fee is the lowest fee in the cryptocurrency industry. Daily trading volume exceeds 1 billion US dollars. They have advanced interfaces and support mobile transactions on iOS and Android systems.
The main feature of Prime XBT is the Covesting module. Through Covesting, user can allocate part of their funds to successful traders and copy their trades. He can choose a trader through the leaderboard to track his positive track record and strategy. Currently, Covesting is developing a beta test mode. However, any Prime XBT user can participate in the beta test and benefit from Covesting. Hurry up to exclusive offer and get a +35% bonus for your first deposit on the platform!
If you are looking for fast and anonymous fiat-to-crypto and crypto-to-crypto exchnage without the need to register or verify your identity, then Changelly is what you need. The company is headquartered in Malta and was established in 2015. The Changelly cryptocurrency trading platform is different from the cryptocurrency exchanges we introduced above. The company aims to exchange cryptocurrency in your private wallet in a fast, efficient and discreet way.
The service fee offered by Changelly is a bit higher than Binance or FTX.com. However, this premium is paid for the simplicity and anonymity they provide users. In traditional encrypted transactions, if the ID verification procedure KYC is not completed, the account cannot be funded. With Changelly, you can deposit and withdraw cryptocurrency at the best possible rate.
Changelly is a great way to fund your cryptocurrency wallet or trading account in a fast and safe way. ByBit and the Prime XBT cryptocurrency exchanges integrated Changelly payments for legal deposits. The company has gained the trust of the cryptocurrency community, making it one of the best ways to buy and sell fiat currency/cash.
Paxful is a peer-to-peer cryptocurrency exchange used to trade between Bitcoin and fiat currency. Paxful is a very large Bitcoin marketplace. The main goal of Paxful crypto exchange is to provide financial services to millions of people around the world. The company aims to provide people with opportunities to spend money where they see fit to greatly improve their daily lives.
Paxful allows people from all over the world through its peer-to-peer system to buy Bitcoin, regardless of financial regulations and local cryptocurrency laws. No banks or companies are involved. Paxful provides a platform for two participants of both buyers and sellers of Bitcoin. Each buyer and seller decides what price, the amount of Bitcoin and which payment method to choose.
This means that when Paxful users make personal transfers of fiat currency and Bitcoin, they avoid the taxes and regulations they may face when trading on traditional exchanges. The platform tracks the reputation scores of buyers and sellers based on past transactions. The users of the platform decide who to trust. More than 3 million users came to Paxful to control their finances.
Frequently Asked Questions
In our opinion, the best site to buy cryptocurrency is Binance. They have 200+ cryptocurrencies to choose from and the setup is pretty easy.
You can buy cryptocurrency in Australia through cryptocurrency exchanges. Just like stock exchanges, you can use these platforms to register, deposit AUD into your account, and then start buying and selling your favorite digital currency.
Yes, there is a tax on trading and holding Bitcoin in Australia. At the time of writing, you can be divided into investors or traders according to the frequency of transactions, each of which has different tax obligations and tax calculation methods. But there are more functions, so please consult your financial advisor or accountant for more information.
The short answer is yes. In Australia, it has become very easy to use a self-managed super fund (SMSF) to do this.
A crypto wallet allows you to send, receive and store coins in a secure digital environment. In most cases, cryptocurrencies will have a dedicated wallet that can be used to store coins. Other options include storing the coins in exchanges, third-party wallets or hardware wallets. There are many types of cryptocurrency wallets, you can learn more about them here. We always advise against leaving cryptocurrencies on the exchange purely because of history and the risk of exchange closures or problems. On our website, we recommend using a hardware wallet as this is the safest way to store digital assets.
The first decentralized cryptocurrency was Bitcoin, invented in 2009. It is a groundbreaking technology that aims to create a more anonymous environment for the Internet and was originally used for illegal activities and a method of storing wealth in digital form. However, this was never the intended use, it was only in the past few years that the true value of Bitcoin and Cryptocurrency general was realized.
Cryptocurrency was invented by a very talented computer scientist and cryptographer Satoshi Nakamoto. To this day, no one knows who this person is, but they wrote the original Bitcoin white paper and created the original code. Satoshi Nakamoto has been active in the development of Cryptocurrency until the second half of 2010, and has not contributed since then. Currently, the only hypothetical fact about Satoshi Nakamoto is that he is Japanese, born in 1975. This mystery may never be solved, and Satoshi Nakamoto will not reveal his true identity.
Cryptocurrency trading always comes with risks. Over the years, there have been many horror stories about trading. This is one of the main reasons why the adoption rate has not increased as quickly as possible. As we all know, the exchange will be closed, and users will lose all digital assets. However, the environment we live in today is very different, and with severe crackdowns on regulations worldwide, this situation has become less common. Even so, we still strongly recommend not to keep your digital assets in the exchange, but to keep them in the hardware wallet.
This question really depends on how active you plan to buy, sell and exchange cryptocurrencies. Whenever you send gold coins to another platform, you have to pay, so it will be troublesome to send money continuously. If you plan to trade every day, the easiest way is to leave the assets you want to trade on the exchange so that you can exchange them easily. However, if you are looking for a longer-term solution, then a hardware wallet is a better choice.