zoneak gives you a rundown of the best cryptocurrency apps available in Australia.
Once you have your head around how to buy cryptocurrency, the second question you may ask yourself is where to buy it. Choosing the right exchange to buy cryptocurrency might not seem too difficult. However, depending on your needs, there is a lot of legwork required to find one that fits you just right. Financial Adviser Brenton Tong shares his view.
How to choose a crypto exchange and best crypto trading app australia
Most people would have some experience in using a broker or intermediary to buy something in the past. This could be a car dealer for a car, a stockbroker for shares, or even just the coffee shop down the road for buying locally roasted beans. You may ask, what made you choose them? Was it the service, was it the range, was it the price? A Toyota is a Toyota – so what makes buying one in one dealership different to another?
You could be hunting for the cheapest price, or you need someone that will go the extra mile with their service. It might be close by and easy, or they do great trade-ins. For whatever reason, we all choose different exchanges for the same goods. Choosing a cryptocurrency exchange is exactly the same.
There are several key elements that you might want to consider when choosing the right Best crypto trading app Australia, however, some of these attributes may be more important than others depending on what you plan on doing in the world of cryptocurrencies.
Best crypto trading app australia & Cryptocurrency Exchanges
The table below displays some of our referral partners’ Cryptocurrency Exchanges.
This information does not reflect any ranking, rating, recommendation or endorsement by Canstar of cryptocurrency or any specific provider. Canstar is providing factual information supplied by providers. Not all providers or products are shown. Canstar will earn a fee from the providers displayed in the table, and the fee levels determine placement in the table. Cryptocurrencies are speculative, complex and can involve significant risks. Canstar is not providing a recommendation for your individual circumstances.
How these exchanges and crypto trading app australia were chosen
There are various different needs you may require from a crypto exchange. I’ve looked at factors such as the price of trading, the need to use the foreign exchange, the selection of currencies, technical features available, availability of wallets and security, and the reputation and size of the platform.
Price of cryptocurrencies
There is a cost to trade between different coins, as well as currency exchange fees. Some platforms are well known for being low in costs, such as Binance or Kraken, while the lesser-known Independent Reserve Exchange can be cheaper again depending on your trade volume. It’s important to check all the fees that may be applicable. Some exchanges might have a low fee for simple purchases, but you might find yourself paying 10x the basic fee for other trades.
So you’re eager to get into the market. You transfer the money into your exchange account, convert it into US dollars and buy those coins! Did you check the USD to AUD exchange rate? It’s easy to lose 1% or much more in exchange rate differences, especially if you’re taking cash in and out of your exchange account. Some Australian Cryptocurrency exchanges offer Australian Dollar accounts such as Digital Surge and CoinSpot, avoiding the need to worry about foreign exchange rates altogether.
Selection of cryptocurrencies
When buying a car, a dealer will show you a number of different models. Similarly, exchanges will have a list of available currencies that you can buy. While CoinJar offers the unique benefit of having a Cryptocurrency Debit Card, you can only buy 24 different currencies through their exchange. That might be all you need, however, if you’re looking for the broadest spread of coins, try CoinSpot, Swyftx, Binance or Digital Surge, all offering over 200 different currencies.
Technical features of cryptocurrency apps
You might just want to buy some cryptocurrency and leave it there. Or you might want to get a little more active and try to benefit from the wild volatility that we’ve grown to love about the markets. If you’re into watching the wild swings closely, you’re going to want a lot of technical features in your currency exchange. While not offering the broadest range of currencies, eToro has a mixture of crypto, stock and commodities that you can trade along with leverage and CFDs. Other exchanges such as Binance and Swyftx have advanced trading features that allow you to automate trades, track down arbitrage opportunities and keep track of movements and momentum.
Crypto wallets and security
If you haven’t heard of cryptocurrency exchanges being hacked, then you’ve only just started to read up on the basics. Over the years, many of the world’s exchanges have been compromised in one way or another, with some of the hacks being big enough to close an exchange. Many exchanges require you to have your own wallet, be it an offline one on your device or an online wallet. Other exchanges, such as Independent Reserve Exchange, have their own online wallet and are the only exchange to offer insurance on their premier accounts.
Reputation and size of the crypto exchange
Bigger is better, right? Well, often yes – it is. The biggest exchanges in the world, such as Binance and Huobi Global have a combined daily volume of trades 20 times bigger than Kraken, the fourth biggest player on the market. Just as you wouldn’t buy a car from a dodgy car dealer, do your research on the reputation of any exchange that you are considering. Look for recent changes in user reviews in case customer service has dropped or recent technical changes that may have affected the exchange.
Best Cryptocurrency Exchange Apps List
Further to the above, these are the 10 largest trading crypto exchanges by liquidity, number of markets and number of coins in the world as tracked by CoinMarketCap, a cryptocurrency data and analytics provider.
The different types of cryptocurrency exchanges and apps
There is a difference between choosing a cryptocurrency platform for a beginner compared to a more experienced trader. Not all exchange platforms are the same, just as not all buys, sellers and traders have the same needs and use of their cryptocurrency.
If you’re a beginner crypto investor
There is a large range of brokerage platforms well suited to beginners which allow you to make a simple and fast purchase directly on the platform. Many offer clear instructions and resources to help you at each stage of purchase.
If you’re more experienced in crypto investing
If you’re looking to trade, a broker may not be the right option for you. There are open market providers which offer competitive prices and additional features such as margin trading.
If you’re an advanced crypto trader
There are platforms that allow you to trade cryptocurrency derivatives. If you are looking to trade crypto frequently at high speed, these platforms with a full range of features may be for you.
The rate at which exchanges are popping up and disappearing is quite remarkable. According to coinmarketcap.com, there are currently 314 different exchanges in operation and it’s likely that there are a number more that are either too small or too new to be noticed. However there is a strong band of exchanges that have been around for a while, are well backed and have great reputations.
So, which cryptocurrency exchange or app is right for you?
Before choosing an exchange you first need to work out what you’re going to be doing in the cryptocurrency market and choose your exchange accordingly. Finally, keep in mind that as your needs change, it’s very straightforward to open an account with a different exchange that suits you better and move your coins over. If you’re starting out, it’s recommended you pick a simple exchange and switch over as your needs and skills change.
Best Crypto Trading Apps in Australia
The Australian government takes a genuinely certain perspective on blockchain innovation and cryptographic forms of money and grants residents the to lawfully put resources into advanced monetary standards. The Australian Minister of Financial Services, Jane Hume, has said she accepts crypto to be a resource of developing significance.
Most worldwide crypto trades are accessible for use in Australia, giving financial backers an enormous assortment with regards to where they buy and store their tokens. A significant number of these trades have delivered a versatile application that assists clients with staying up with the latest with their records, seeing value patterns, making exchanges, executing crypto, and that’s just the beginning.
Each application offers an unmistakable client experience and some will suit specific sorts of financial backers better than others. CMC Alexandria has looked at the best applications that Australian residents can download and use for their day by day portfolio registrations and keeping up to speed with current market patterns.
This rundown offers a manual for the best digital money application choices that Australian financial backers can utilize, offering a correlation and audit of their particular elements.
Best Crypto Trading Apps in Australia
Binance is the world’s biggest crypto trade by everyday exchanged volume. The Binance application offers Binance clients a simple way of getting data about their possessions and making exchanges by means of an extremely easy to understand interface. Binance has progressed exchanging choices accessible on the two its web form and application yet keeps the interface mess-free for those clients just hoping to purchase and hold.
Binance upholds an assortment of fiat stores, including AUD, moves from clients’ ledgers, charges or Mastercards. All things considered, Binance offers one of the most far-reaching application bundles around, permitting clients to monitor their property, make exchanges, and keep awake to date with the business sectors in a hurry. The primary Binance application is accessible for download for the two iOS and Android. A second application, called Binance Academy, gives instructive apparatuses to clients to grow their blockchain and crypto information.
CoinJar Crypto Trading Apps in Australia
CoinJar is a famous Australian digital money trade and application that offers clients a straightforward way of buying crypto. This application permits clients to get to their property in a hurry, just as to purchase, spend, spend, and get Bitcoin and undoubtedly 20 other digital currencies.
Clients of the application are not charged store expenses and can store assets with PayID, BPAY and Cash Deposits. CoinJar is one of the most famous trades in Australia, close by Swyftx and CoinSpot.
Coinbase Crypto Trading Apps in Australia
Coinbase is a United States-based trade that works globally and is quickly becoming one of the biggest cryptos exchanging stages in the world. Its application is known for offering one of the cleanest UIs out there. Clients can see all possessions in the home tab and view their day by day actions. It’s additionally easy to purchase, sell and convert cryptos by means of the portable application.
Coinbase’s application incorporates different provisions, for example, seeing all crypto costs (even non-upheld coins), finding out about crypto, procuring prizes and reviewing the most recent news features for every money.
Coinbase Crypto Trading Apps in Australia
CoinSpot is an Australian crypto trade stage where clients can exchange more than 280 digital currencies. The CoinSpot portable application offers Australian clients a straightforward way of reviewing and making exchanges, seeing top entertainers of the day, and sending and getting crypto safely by means of their wallets.
Clients can store AUD reserves securely with POLi, PayID, BPAY and Direct Deposits. The application is appraised as extremely protected and is ISO certified for security. Their two-factor verification (2FA) and other safety efforts will help protect your crypto, any place you might be.
Kraken Crypto Trading Apps in Australia
Kraken is a very much planned United States-based stage and application that is accessible for use in Australia. The application has an instinctive plan that makes it simple to explore to screen markets, make exchanges, or move crypto to different wallets. Kraken acknowledges AUD as fiat money, simplifying it for Australian clients to see costs in AUD and make exchanges.
Kraken Pro is a high-level application for paying clients who need more instruments and elements, for example, edge exchanging, stop-misfortune orders and other progressed exchanging strategies. Both applications are accessible worldwide to download for iOS and Android.
Swyftx Crypto Trading Apps in Australia
To wrap things up, Swyftx is one of the most utilized trades and crypto applications in Australia. The trade flaunts a basic yet rich UI on the two its work area form and application, as vouched for by brilliant normal survey scores on Trustpilot.
The Swyftx application gives devices to check ongoing graphs and purchasing, selling and exchanging crypto. It likewise, significantly, gives every minute of every day client assistance administration. Swyftx has extraordinary security, 260 tradable resources, and even offers clients a demo mode so beginners can make practice exchanges on the stage.
CoinMarketCap Crypto Trading Apps in Australia
The CoinMarketCap application is an amazing asset for cryptographic money financial backers that contrasts from the other applications in its usefulness. Australian clients can utilize the application to set custom value cautions, peruse top news features for their favoured monetary forms, ascertain change rates and read examinations and blog entries from crypto specialists. CoinMarketCap is quite possibly the most trusted and referred to source for crypto data and valuing and is allowed to download.
This article is planned to be utilized and should be utilized for educational purposes as it were. Do your own exploration and examination prior to settling on any material choices identified with any of the items or administrations portrayed. This article isn’t planned as, and will not be understood as, monetary guidance. The perspectives and assessments communicated in this article are the writer’s [company’s] claim and don’t really mirror those of CoinMarketCap.