The cryptocurrency market could take a break after Bitcoin’s rapid rise to $ 50,000, but interest continues unabated.
The highly volatile digital asset has racked up its fair share of supporters and detractors. The risks and rewards of trading are well known, but for those looking to dip their toes, here is a guide to local exchanges where Australians could start trading.
Note: The charges shown here may not include the spread – the difference between the price paid and the price charged – unless explicitly stated otherwise.
Launched in 2019, Swyftx has grown into one of Australia’s largest exchanges, hosting over 180 cryptocurrencies. It charges 0.6% commissions on most transactions in addition to a 0.41% spread, with no deposit or withdrawal fees on most transactions.
It also has a dedicated support team, with live chat available 24/7.
This Melbourne-based exchange was founded 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, similar to an ETF.
Coinspot charges 1% on most trades as well as stop and limit orders, while charging 0.1% on market orders and OTC trades. While it is free to deposit your money through POLi, PayId, and direct deposit, you will pay fees on BPAY and in cash.
Independent Reserve is a Sydney-based exchange with 150,000 clients.
It charges 0.5% commissions on most trades, based on 30-day trade volume. Electronic funds transfers over $ 100 are free, as are PayID and Osko deposits over $ 1,000.
Founded in 2013, BTC Markets allows transactions on 15 different assets and boasts more than 230,000 clients. The exchange charges 0.85% or less on transactions and charges a withdrawal fee relative to the value of the asset.
Like Independent Reserve, Digital Surge charges a fee based on a user’s 30-day trading volume, with larger volumes subject to lower fees.
The average Australian, who trades less than $ 100,000 in cryptocurrency per month, plans to pay 0.5% on trades. Withdrawing Australian dollars is free, but moving an asset to an external wallet will cost you, like most exchanges.
Deposits via PayID and cryptocurrencies are free, and those made via POLi, from a bank account, are capped at $ 3.30.
Cointree is another of Australia’s largest exchanges, founded in 2013 with over 130 different digital assets and some 80,000 customers. Like Coinspot, the exchange also offers the ability to buy wallets, allowing customers to buy, hold, and sell three or more cryptocurrencies at a time.
Bigger traders pay lower fees again, starting at 0.9% on buy and sell and 0.25% on coin-to-coin trades, with the next level starting when users trade over 10,000 $ per month.
As the name suggests, the focus is on growing a linked community with cheaper trading fees resulting from the number of account referrals you accumulate in addition to the volumes you buy and sell. You can also earn a commission on other trades depending on your level.
Easy Crypto Australia
While it was originally launched in New Zealand by siblings Janine and Alan Grainger during the latest crypto boom, Easy Crypto quickly fell into the divide and thus earns its place on this list.
The exchanges host 52 different assets and charge a fixed 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 stock exchange. Major global players include Binance, Huobi Global, Coinbase Pro, and Kraken, among others. With more marketplaces online than you could possibly fit into a ledger, we’ll end the listing here.
Disclaimer: This article contains general information only and is not intended to be used as personal advice.
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