- As the price of Bitcoin hovers just below $50,000, Australians are looking to trade cryptocurrencies again.
- There are a number of Australian exchanges as well as global ones that allow users to buy, sell and hold digital assets.
- Here’s a list of Australian crypto exchanges.
- Visit Business Insider Australia’s homepage for more stories.
The cryptocurrency market might be taking a breather after Bitcoin’s rapid run up to $50,000, but interest goes on unabated.
The wildly volatile digital asset has amassed its fair share of both supporters and detractors. The risks and rewards inherent in trading it are well-known but for those looking to dip their toes, here’s a guide on the local exchanges where Australians might begin to trade.
Note: the fees listed here may not include the spread – the difference in price paid and price charged – unless explicitly stated otherwise.
Launching in 2019, Swyftx has grown to be one of Australia’s largest exchanges, hosting more than 180 cryptocurrencies. It charges 0.6% commissions on most trades in addition to a 0.41% spread, with no deposit or withdrawal fees on most trades.
It also has a dedicated support team, with live chat available 24/7.’
This Melbourne-based exchange was founded back in 2013 and allows users to trade a wide range of assets – above 160 at last count. It also offers ‘bundles’, allowing users to buy groups of cryptocurrencies, not dissimilar to an ETF.
Coinspot charges 1% on most trades as well as stop and limit orders, while charging 0.1% on market orders and over the counter trades. While it’s free to deposit your money via POLi, PayId and Direct deposit, you will pay fees on BPAY and cash.
Independent Reserve is a Sydney-based exchange that boasts 150,000 customers.
It charges commissions of 0.5% on most trades, dependent on 30-day trading volume. Electronic funds transfers in excess of $100 are fee-free, as are PayID, Osko deposits above $1,000.
Founded in 2013, BTC Markets enables trades on 15 different assets and claims more than 230,000 customers. The exchange charges 0.85% or less on trades and charges withdrawal fees relative to the value of the asset.
Like Independent Reserve, Digital Surge charges fees based on a user’s 30-day trading volume, with greater volumes subjected to smaller fees.
The average Australian, trading less than $100,000 worth of cryptocurrencies a month, is looking at paying 0.5% on trades. Withdrawing Australian dollars is free, but transferring an asset to an external wallet will cost you, like most exchanges.
Deposits via PayID and cryptocurrencies is free, and those made via POLi, from a bank account, are capped at $3.30.
Cointree is another one of Australia’s largest exchanges, founded in 2013 with over 130 different digital assets and some 80,000 customers. Like Coinspot, the exchange offers the opportunity to buy portfolios as well, enabling customers to buy, hold, and sell three or more cryptocurrencies at a time.
Bigger traders again pay smaller fees, starting from 0.9% on buying and selling and 0.25% on coin-to-coin trades, with the next tier beginning when users trade more than $10,000 per month.
As it name might suggest, there’s an emphasis on growing a linked community with cheaper trading fees resulting from the number of account referral you rack up on top of the volumes you buy and sell. You can also earn commission on others’ trades depending on your tier.
Easy Crypto Australia
While it was oiginally started in New Zealand by siblings Janine and Alan Grainger during the last crypto boom, Easy Crypto quickly came across the Ditch and thus earns its place on this list.
The exchanges hosts 52 different assets, and charges a flat 1% commission on trades but no deposit or withdrawal fees.
Like others, Easy Crypto has a fairly active blog.
Of course, you don’t have to buy with an Australian exchange. Major global players include Binance, Huobi Global, Coinbase Pro, and Kraken among others. With more marketplaces online than you could shake a ledger at however, we’ll stop the list there.
Disclaimer: This article contains general information only and is not intended to be used as personal advice.
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