Mobile Phones, Personal Computers, Tablets, and many other devices you could think of, have taken the authority in the markets now. Now many people don't visit Libraries again but they visit Tech companies to buy a phone, or a PC, or any other device that will connect them to the world.
This is because with our mobile phones and our computers, we can access all online. And more to that, money has now be transformed into digital too. And one can transport his money in his mobile phone. With Cryptocurrency being one of these digital currencies, many have ways of getting and multiplying their crypto money.
Since 2009 when the first crypto currency was created, being Bitcoin, many other crypto currencies have emerged since then and there are more than 1000 different crypto currencies now in this world. And so, we will be talking in this article about the Best Cryptocurrency exchange platforms in category.
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The Best Australian Crypto Exchange platforms in Category
What is a Cryptocurrency and What is it all about?
A cryptocurrency is a tradable token or digital form of money that is exclusively available online and is based on blockchain technology. Cryptocurrencies, as the name implies, use encryption to authenticate and protect transactions. There are over a thousand distinct cryptocurrencies in use today, and proponents see them as the way to a more equitable future economy.
And for you to know you are dealing with crypto currency, there are some six conditions your crypto should have or fill and these six conditions are;
- There is no need for a central authority because the system's state is maintained via widespread consensus.
- The system keeps track of all bitcoin units and who owns them.
- If new bitcoin units can be created, the system decides. If new bitcoin units can be formed, the system specifies the circumstances around their creation as well as how to determine who owns them.
- Cryptography is the only way to prove ownership of bitcoin units.
- The system enables transactions involving the transfer of ownership of cryptographic units. Only an entity confirming current ownership of these units can issue a transaction statement.
- When two alternative instructions for altering the ownership of the same cryptographic unit are entered at the same time, the system only executes one of them.
And so, if you see any online currency, that fills up all the six conditions above, then you should know you are dealing with a crypto currency. Some examples of cryptocurrencies being Bitcoin(BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Zcash (ZEC), Stellar Lumen (XLM), Bitcoin Satoshi's Vision (BSV); with many other cryptocurrencies.
If you want to know which exchange platform is best for you, there are some things your have to be checking in these platforms.
How to Choose a Cryptocurrency Exchange Platform
When shopping for a cryptocurrency exchange platform, there are a few things to keep in mind. Here are a few to consider before making a decision;
- Security: Each exchange has its own set of security measures and insurance plans.
- Accessibility: Not all jurisdictions or nations allow access to all crypto exchanges, so check to see if the one you choose is accessible where you live.
- Fees: Know how much it will cost you to purchase and sell cryptocurrency on the exchange of your choice.
- Storage: Many exchanges include a crypto wallet as part of their service to assist you keep your money safe.
- Coins on the table: Some exchanges only have a certain number of coins available.
With this, you will have to know what you should be expecting when searching for your perfect or best Crypto exchange platform in Australia.
The Best Cryptocurrency Exchange Platforms in Categories in Australia
Using all what we gave above in selecting great or the best crypto exchange wallets, we came up with the below platforms to range amongst the best.
The Overall Best - Binance
Normally, this is without any debate because Binance beats all crypto exchange platforms and is the best platform to deal with crypto as long as you want to associate with all crypto options. Whether investment, accessibility, storage, security, and Fees, all that joint together, they offer an average very high of all we have given above.
Binance is one of Australia's most innovative exchanges, offering a wide range of services to both beginners and experienced traders. With a single account, you can buy and sell over 500 different cryptocurrencies, as well as access to yield-bearing accounts, lending and borrowing, NFTs, and decentralised finance (DeFi).
Pros and Cons of Binance
Pros
- Indicators that can be customized on a sophisticated charting platform
- View the order book and depth chart for Bitcoin trading.
- Fees are quite low, and there is a discount if you use BNB.
- FCA-regulated
- Measures to ensure security
Cons
- Stop-loss and if-then commands are not available.
- Only a ticket system is available for customer service.
The Best For Beginners - Coinbase
Coinbase is the most popular cryptocurrency exchange among new investors. It's secure, simple to use, and accepts a number of payment options. Coinbase, which has over 35 million customers, supports a wide range of digital currencies that can be easily bought and exchanged.
This list includes the majority of the top-20 cryptocurrencies by market capitalization, including Bitcoin, Ethereum, Bitcoin Cash, Safemoon, Ripple, Stellar Lumens, Tether, and Litecoin. Coinbase also supports a number of less well-known digital currencies, including Band, Maker, Graph, and NuCypher.
Pros and Cons of Coinbase
Pros
- A simple and quick way to buy and trade cryptocurrencies such as Solana, Cardano, and Dogecoin over the internet.
- Customers are in the millions, and the company has a stellar reputation.
- Debit cards and bank transfers are accepted for deposits and withdrawals.
- Advanced order types are available on Coinbase Pro.
- The user-friendly smartphone application
- Allows for speedier GBP payments
- E-money supplier has a Financial Conduct Authority (FCA) license.
Cons
- A convoluted and pricey charge system.
The Best For Trading - Kraken
Most people who tend to join crypto currencies, usually do it for trading and in Australia will be no different. Kraken is one of the world's oldest cryptocurrency exchanges, and it provides Australians with a sophisticated trading experience. Margin trading, futures contracts, and OTC services on a wide range of cryptocurrencies with deep liquidity are available to experienced traders.
- On over 30 cryptocurrencies, you can trade with a 5x margin.
- Futures contracts allow you to bet on the long-term success of cryptocurrencies.
- Make use of a professional trading interface that includes customizable charts and API support.
- In addition to AUD, you can trade FX or fund your account with international currencies.
The Best For Altcoins - Binance
Binance falls into many categories and they have numerous features that favor everyone. Also, the Binance inventory of more than 500 different currencies that may be traded on the spot market and will appeal to Australians searching for a diverse selection of cryptocurrencies. Forex trading and access to an NFT marketplace are also available to users.
- Over 500 cryptocurrencies are available to trade against AUD, BTC, ETH, BNB, and US-dollar stablecoins.
- Discover one-of-a-kind soccer fan tokens with exceptional benefits.
Best Cryptocurrency Platforms to Buy Crypto With a Debit/Credit Card - Coinmama
Wanna buy crypto coins and store them for long? Meet Coinmama that comes as the first option for you. It provides a special private wallet where you can buy and store your coins for a long period of time unlike other platforms that just store in their specific platform and don't have a more secured path where the coins are installed.
Bitcoin, VeChain, Litecoin, Bitcoin Cash, Ethereum, and Ethereum Classic are among the eight cryptocurrencies supported by Coinmama. Once your Coinmama account has been validated, making a Coinmama purchase should take no more than a few minutes. Coinmama also allows you to trade your coins for fiat dollars.
When you provide your wallet address when making a purchase on Coinmama, the digital currency will be sent instantaneously. Coinmama is a popular choice for consumers who want to buy bitcoin with a debit or credit card.
You must first upload a copy of your government-issued photo ID and a selfie. To comply with anti-money laundering legislation, Coinmama accomplishes this. After that, all you have to do is enter your credit card information and decide how much you want to invest.
Pros and Cons of Coinmama
Pros
- Purchasing Bitcoin as well as seven other digital currencies
- From start to end, a typical purchase takes less than ten minutes.
- Accepts debit and credit cards, as well as SEPA and SWIFT.
- The platform, which was first launched in 2013, is extremely simple to use.
- Coins are promptly credited to your private crypto wallet.
Cons
- There is a 2% markup on Bitcoin trading rates, as well as 3.90 percent charges.
- Debit/credit card deposits are subject to a 5% fee.
The Best for Value - Digital Surge
Digital Surge is the most cost-effective option. Digital Surge is one of the finest value brokers in Australia, charging only 0.5 percent to buy and sell cryptocurrencies instantaneously, with an average spread of less than 0.4 percent.
- Using Osko or PayID, you may instantly purchase or trade over 250 cryptocurrencies for a charge of only 0.5 percent.
- Set up a self-managed super fund or pay your expenses using cryptocurrency.
The Best For Features - Binance
Binance is a market leader in terms of innovation, regularly releasing new goods and services. NFTs, yield-bearing accounts, DeFi services, a Launchpad for investing in innovative projects, and an extensive learning portal to further educate consumers about cryptocurrencies are all available to Australians.
Binance Features
Buy and sell bitcoin and other crypto currencies: Shop Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Altcoin and more. Simply add a debit or credit card to buy and sell crypto instantly. Also enjoy instant and convenient Peer-to-Peer (P2P) transactions available in multiple payment options (NEFT/IMPS, UPI, Google Pay, Paytm etc.). Withdraw your earnings 24x7 with ease.
Very good security: Security is the highest priority for us when it comes to safeguarding your funds. Your funds are protected by our Secure Asset Fund for Users (SAFU Funds). Store your crypto safely with the Binance app.
Earn interest on crypto and on referrals:
Earn money on your crypto and enjoy some of the highest interest rates on the market with Binance Savings & Staking.
Also, Invite your friends and earn upto 40% commission on their trading fee for each trade they take on our platform. Your golden chance to earn passive income effortlessly.
Instant price alerts: Discover more buying opportunities. Set price alerts with a single tap to stay up to date on the latest prices and trends.
Easy for beginners and pros: New to crypto? Our Binance app’s mobile-first design lets you switch between Lite and Pro interfaces with a single tap. Keep it simple or access advanced trading features, all in one app.
Automatic recurring buys: We’re making it easier than ever to buy crypto. Set a recurring buy to purchase Bitcoin and other crypto on a regular basis. You choose how much you want to buy and how often, and our Binance app does the rest!
24/7 Customer Support: Binance is always here to help, whether you’re a longtime user or just getting started. Access 24/7 live chat customer support in 8 languages (English is priority).
How to use a cryptocurrency exchange
We have provided some platforms above ad all you have to do is to select which platform you will prefer;
- Register for an account on the site, including any personal information and proof of identification that may be necessary.
- Get to the "Buy" screen by navigating your way through the menus.
- Choose Bitcoin as the cryptocurrency you'd want to purchase.
- Choose your payment currency, which is AUD in this case, and the amount you want to spend, which is $500 for example.
- Choose a payment option, such as a credit card or a bank transfer.
- If you're sending a bank transfer, enter your account number and BSB, or your card number and CVV if you're paying by credit card.
- Examine all aspects of your transaction, including the fees that will be charged and the amount of BTC you will be acquiring.
- Click "Buy BTC" if you're ready to go.
- The BTC will be put into your exchange wallet once the transaction has been processed. Please keep in mind that certain brokers will send your acquired BTC to an external wallet address that you choose.
Conclusion on the Best Australian Crypto Exchange Platforms
In conclusion, you will see that you can know the best exchange platform for you after reading this, and also know how to go about using this platform. We have provided all these few tips above and as from today, you can make a big step and start adapting with your most easily used platform you hae taken above.
Read and also checkout some of our most visited articles using any of the links below. And also, you can join us on our telegram channel and let us know what you expect of us using the chat group. The telegram link has been provided below.
- How to Buy Crypto currencies without ID pr Verification
- The Best Australian Crypto Exchange Platforms
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- What to Know about Binance; Pros and Cons
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- Crypto Currency: What to know about crypto currencies