Best Crypto to Buy in Australia Beginners Guide 2023

It has also received a number of industry rewards, and is a member of Blockchain Australia and the Australian Digital Commerce Association (ADCA). Disclaimer – Information found on our website is not a recommendation or financial advice. Our website and marketing collateral use reference rates as an indicator only and should not be used for decision making. Patrick McGimpsey is a freelance writer passionate about crypto and its impact on the financial world. Currently working as the content lead for Australian startup CryptoTaxCalculator, Patrick has also covered the crypto industry for Canstar and The Chainsaw. Patrick has over seven years of experience in the crypto space and has previously shared his knowledge with the AML and fraud departments of Australian financial Institutions.

• Remember, while cryptocurrencies offer exciting investment opportunities, they are subject to Capital Gains Tax, and it’s essential to stay informed about the tax implications.
• Once you find a trader that meets your financial goals and appetite for risk, you can copy their portfolio.
• But, it’s calculated as a percentage, so the more you stake, the more you will pay.
• In the competitive landscape of cryptocurrency exchanges, CoinSpot distinguishes itself further with its user-friendly interface.

Its rapid growth has made them one of Australia’s most popular exchanges since it opened in 2017. In addition, Swyftx provides a user-friendly desktop and app platform for their customers. Furthermore, it is one of the trading platforms with instant deposit. Moreover, bank transfer deposits require a minimum deposit of just $1. The platform offers lower fees for larger volume traders, as with most crypto trading platforms.

Best Crypto Exchanges in Australia: Updated September 2023

The exchange has never been hacked or compromised and has ISO certification. Moreover, customer funds are stored offline to minimize the risk of theft and accounts have a number of security measures to prevent fraudulent access such as 2FA. In short, Australians looking for a reputable and secure exchange should look no further than Independent Reserve.

• In Australia and New Zealand and throughout Asia-Pacific, it is one of the largest and most prominent financial institutions.
• Supported stock CFD markets include Australia, South Africa, the US, the UK, Germany, France, and more.
• An important consideration when using any margin trading platform is to prevent slippage.
• It also gives local support through live chat and learning resources through Swyftx Learn.

Independent Reserve takes extensive measures to keep customer information confidential and their crypto secure. Independent Reserve offers insurance coverage with a Premium Account for additional protection for its investors, with the highest level of cover ensuring AUD 5 million worth of digital assets. Before starting to trade on a platform, you need to understand the different fees that the platform charges. These fees may vary across asset classes and are distinct for each country or jurisdiction.

Types of Crypto Exchanges in Australia

CoinSpot is a solid choice for beginners that is centered on ease of use and instantly buying and selling the 380+ listed coins. There is even $20 free Bitcoin for new accounts using our Coinspot referral code. As crypto has grown more popular and valuable, it’s become a big target for hackers.

• New users that sign up for an account with CoinSpot can get a free $10 bonus when using our CoinSpot referral link.
• Once you upload your Australian ID – which is usually verified straight away, you only need to meet a minimum deposit of $100.
• Local traders should do their own research and determine what exchange will suit their needs best, whether that is an Australian exchange or an exchange based overseas.
• The exchange doesn’t facilitate trades between buyers and sellers but sells all supported cryptocurrencies from its own inventory.
• In exchange, they receive carbon credits that are stored within the C+Charge app.

This system is beneficial in that it creates instant access to liquidity that would have otherwise been inaccessible, allowing for trading of assets with low liquidity. Due to access to instant liquidity, buyers and sellers do not need to wait for their order to match with a counterparty, allowing the trade to execute immediately. Liquidity providers to DEXs earn fees immediate edge from the trading activity, creating an opportunity for passive income generation. Independent Reserve is a reputable exchange that is trusted by both novice and experienced traders for its reliability and security. It is an excellent option for those looking to trade cryptocurrencies in Australia and want access to digital assets on a safe and reputable platform.

Tapping Into Crypto

Besides the above, digital currency derivatives may also interest you. For example, there are futures markets and options on Bitcoin on the top cryptocurrency exchanges. Leverage and short-selling capabilities are – normally included with these. Coinbase offers a similar account opening experience – as it can verify ID documents quickly, just like eToro. Your funds can then be deposited through a debit card or bank transfer.

• There are trading-based volume incentives on activity in the past 30 days for all cryptocurrency pairs.
• This includes creating a verified account, depositing funds, placing trades, and withdrawing funds with each provider to gain a complete understanding of the overall user experience.
• Users praise SwyftX for its reliability and the wide range of investment options it provides.
• When it comes to fees, Binance is one of the cheapest platforms to buy, sell, and trade crypto.

As a fully licensed exchange, Swyftx complies with AML and KYC policies. To reduce the length of the upfront KYC, the platform applies transaction monitoring programs, which is why I was able to finish the registration and verification process in just two minutes. By completing the KYC check, I was given a daily deposit limit of 20,000 AUD. By following these steps and using a trustworthy, regulated platform, you can safely and efficiently purchase cryptocurrencies in Australia.

KuCoin – Best Crypto Exchange For New Altcoins

KuCoin offers competitive trading fees for its spot and futures markets where both follow a maker-and-taker structure. Spot trades will incur maker and taker fees of 0.1% whilst futures start at 0.02% and 0.0%, respectively. These are the maximum fees customers will pay since they can be reduced depending on the 30-day trading volume, or by the amount of KCS held. All in all, these fees are very economical and comparable to other altcoin exchanges of similar reputation.

• Kucoin was launched in 2017, making it one of the youngest crypto trading platforms on this list.
• This novel crypto has been meticulously designed to reflect the excitement and enthusiasm that surrounded Bitcoin’s technology at its inception.
• Binance is labeled as the biggest crypto exchange by influential crypto sites like Coinmarketcap and Coingecko, based on the platform’s trading volume, markets, and liquidity.
• Bitcoin is know as the original cryptocurrency and currently has the largest market cap of any crypto token.
• After signing into your account, you will have to set up your profile before investing in your account and begin trading cryptocurrency.

Libertex, however, keeps its brokerage offerings as simple and streamlined as possible, in contrast with most of its competitors. This CFD broker covers over 200 markets and focuses primarily on CFD derivative trading. The past performance of digital currencies cannot be compared to the future potential of any digital currency. Bitcoin is know as the original cryptocurrency and currently has the largest market cap of any crypto token. The asset is often referred to as digital gold because it has been successful at hedging against inflation.

CoinSpot – Best Australian Crypto Exchange For Security

We test, review and rate exchanges by looking at their ease-of-use, trading features, customer support, and fees. However, we didn’t evaluate every exchange and your needs might dictate an exchange we haven’t reviewed yet. Some users want to avoid giving away any personal details when trading cryptocurrency.

Below we have outlined a list of the steps you can follow to start trading cryptocurrencies on eToro. The process of opening an eToro account and trading involves four steps. There are no guarantees when it comes to investing in cryptocurrencies. However, cryptocurrencies can greatly expand the demand for goods and services if launched smoothly and popularly. Considering the new and unique concepts that cryptocurrencies experience daily, this is quite likely. Libertex provides over 250 financial instruments to clients from over 100 countries.

Assets Supported

It’s handy if you think a certain digital currency is overvalued and wish to take advantage of it. In addition to safety, you should also consider key metrics around payments, pricing, trading tools, supported markets, and user-friendliness. So considering all of these, it seems that Quantum AI might be the software that would help in earning profits through crypto trading. After signing into your account, you will have to set up your profile before investing in your account and begin trading cryptocurrency. Now let’s talk about the working of the Quantum AI when someone chooses manual trading.

• However, their customer service is somewhat lacking in comparison to other providers.
• We, however, like eToro the best, which is true for a variety of reasons.
• One criticism I have heard from experienced crypto traders is that Swyftx doesn’t have advanced markets such as futures or margin trading.
• A further 10% will be held back to support future developments, provide liquidity and reward platform users.
• BTC20 presale has been an instant success, garnering over $3.2 million as of July 27, because it gives room for investors to buy tokens at $1(a homage to Bitcoin).

For investors, there is an excellent selection of premium products, services, and features such as Binance Earn. In addition, Binance rewards new users with a bonus of up to $100 for – free using a referral code for Binance. Binance is trusted by 1 million Australians at the time of writing, making it the second-largest crypto exchange in Australia behind CoinSpot.

Swyftx – Best Crypto Exchange Overall In Australia

ByBit offers a very advanced trading platform powered by TradingView charts, with hundreds of built-in indicators and drawing tools. The price charts offer a wide range of time frames and tools to draw trend lines, add indicators, and chart patterns. There is the ability to set a take profit/loss orders directly with one-click charts which is an excellent feature for managing trades. Overall, Binance makes our list of the best crypto exchanges in Australia due to its range of financial and crypto services, zero-fee AUD deposits and withdrawals, low fees, and futures trading.

• All regulated crypto platforms will use KYC which typically requires users to provide personal information and confirm their identities when signing  up to a trading platform.
• On top of forex, you can also trade CFDs in the form of stocks, digital currencies, commodities, and indices.
• Despite being an international exchange, Binance has tailored its services to accommodate Australian customers with the ability to deposit AUD with zero fees.
• Also, I would like to see more coins available, as at the moment they only have around 10 coins on offer.
• You can use P2P or bank transfer with your own money to buy crypto quickly.

Its standout staking services offer clients the chance to earn up to 24% in rewards annually, with both flexible and bonded options available for a broad range of assets. Complementing this, Kraken Pro, the platform’s professional trading environment, offers low spreads, deep liquidity, and high rate limits, complete with a mobile app for trading on the move. If you’re just getting started with cryptocurrency trading, the entire process can be complex and overwhelming, which is why you should go for a site that’s beginner-friendly. Expert traders, on the other hand, are mostly drawn to platforms with advanced trading tools and multiple trading pairs. Established in 2011, Kraken is one of the longest-serving and largest cryptocurrency exchanges with over 9 million clients worldwide. Some of Coinjar’s more prominent features include the ease at which you can buy the major coins and tokens with cash, crypto bundles, and the multi-token wallet to secure your crypto.

Binance: Best for Day Trading

Quantum AI is equipped with many features that can greatly assist people in making an effective and profitable trade. To ensure that the broker you invest with is safe and regulated, only consider Tier-1 agencies. Several agencies belong to different countries worldwide, and each applies to a different jurisdiction or asset class. For instance, if trading in Australia, look for brokers regulated by AUSTRAC and have ISO certifications. Successful trading and investing requires understanding market conditions.

• CoinSpot is a popular and oldest crypto exchange in Australia since 2013.
• Furthermore, if you are someone who does not know how to buy cryptocurrencies, the platform has a specific section with educational content for all kinds of users who want to learn.
• Selling Bitcoin back to AUD and withdrawing it is a process that is more streamlined than other platforms.
• Cryptocurrency has had a dip lately, making it an excellent time for new crypto investors to enter the market.
• KYC is also used to prevent money laundering and the use of crypto assets for illegal activities such as tax evasion.

Within this framework, cryptocurrencies are classified as a type of property and are considered assets subject to Capital Gains Tax (CGT). This means if you’re an Australian resident, you are liable to pay tax on any profit you make from cryptocurrency or NFT investments, just as you would from other types of property investments. This tax applies regardless of whether the income was earned within Australia or internationally. In other words, all global income from cryptocurrency investments is taxable in Australia. Coinbase’s mobile app is accessible on both Android and iOS devices and is similar to the web version.