Best Crypto Exchanges in Australia

by

Cryptocurrency is an emerging market, without any doubt. Every person wants to give cryptocurrency a fair chance to see if they can earn enough money. The internet contains queries regarding cryptocurrency and the best crypto exchanges in this scenario. The same is the case with crypto exchanges in Australia. 

Many people are searching for the best crypto exchange in Australia, and we are here with our suggestions. We have a research-based method of evaluating cryptocurrency exchanges and trading platforms operating in Australia. This research has already helped many investors and may assist our worthy readers in entering Australian crypto exchanges. The crypto exchanges here are based on monthly evaluations, so the list is current per the market trends. The below mentioned australian crypto exchanges  offer low trading fees, derivatives trading, high trading volume, margin trading along with the facility to trade crypto with futures trading.

The initial research conducted for this blog included 30 crypto exchanges, depending on various factors. These factors include fees, user experience, payment methods, and the wide range of tokens and coins offered by the selected cryptocurrency exchanges. 

Before working with a cryptocurrency, some plans work for selecting every investor. Many investors use multiple crypto exchanges to benefit more in their respective areas. Think about the places where you want to get an advantage and, later on, go for the cryptocurrency exchange, which can prove helpful in your required room. Let’s start our blog with a complete list of the best crypto exchanges in Australia. 

List Of Best Crypto Exchanges In Australia 

  • Coinspot  

For beginners and in terms of value, it is the best crypto exchange in Australia 

  • SWYFTX

It is a recommended platform for the best crypto exchange in Australia.  

  • CoinStash 

 If you search for altcoins, it is the best place for altcoins to operate the best crypto exchange Australia. 

  • Binance 

It is known to be the crypto exchange that offers advanced trading in Australia. Here is the answer if your internet search bar contains queries regarding the best crypto exchange Australia for advanced trade.  

  • ByBit 

If you are searching for the best crypto app, you should stop searching for the best crypto exchange Australia for the crypto app; you can go to the website of Baybit and can check their details. 

  • CoinBase 

 CoinBase is the best crypto exchange Australia for learning and earning simultaneously. 

  • EToro 

It is one of the best crypto exchanges in Australia for copy trading. 

  • Kraken 

It is one of the best crypto exchanges Australia for USD. 

  • Crypto .com 

It is one of Australia’s best crypto exchanges for yield-earning programs.  

  • KuCoin 

It is one of the best crypto exchanges Australia for new coins. 

  • CoinTree 

It is one of the best crypto exchanges for SMSFs. 

Let’s go through the details of each of these cryptocurrencies. 

CoinSpot 

It is one of largest operating Australian exchanges for crypto assets and crypto trading which offers margin trading, low trading fees, bank transfer, Australian transaction reports and inverse futures contracts to advanced traders, crypto investors and to experienced traders.

It owns with 2.5 million registered users. It is known to be the best choice for beginner investors who want to touch the cryptocurrency world. It also holds the Finder’s award for being the best crypto exchange in Australia for beginners and offers the best value. 

Features 

This Crypto Exchange Offers the Following Features: 

  • This Australian crypto exchange offers a user-friendly interface.  
  • This user-friendly interface makes it easier for new users to navigate the platform and start trading from the provided 380 cryptocurrencies. 
  • One of the premium features of Coin Spot is that it offers a straightforward and fast process for purchase, trade, and sale. 
  •  This fast process makes it stand out among all the cryptocurrency exchanges and awarded this platform with Finder’s awards for offering instant purchases.  
  • it is rated among the top crypto exchanges for offering a variety of deposit methods and payment method including bank transfers, exchange account, advanced trading tools which maximizes the trading volume and lot of features that advance crypto traders require for selling crypto and other digital assets in the crypto industry through a secure crypto exchange in Australia.
  • This trading crypto platform offers support to a lot of payment options which includes AUD. It also consists of POLI payments, PAYID, BPAY, and others. 
  • This payment option makes it easy for investors to buy crypto assets more efficiently and quickly. 
  • Additionally, this platform offers great value at the fee structure. 
  • The trading fees structure is only 0.1 percent for the OTC and market Trades. The charges for instant purchases, swaps, and sales are up to one percent. 

SWYFTX 

It is one of the most recommended Australian crypto exchanges that offer more than 310 digital assets. This Australian crypto exchange has a user base of 6 million. It has also won Finder’s satisfaction awards and is among Australian Crypto Exchanges’ most recommended brands.

According to the research, almost 90 percent of users of this platform guide this platform for every kind of trade and investment purpose. 

It also has 5-star reviews on Trustpilot. The count of these reviews is in the thousands. There is also an Australian support team working on the local level. Due to the best performance of this team, it is a matter of no surprise that it is a highly used platform by Australians. 

Features 

The salient feature of this platform includes the following: 

  • This platform has an easy navigation system. 
  • It is beginner friendly. 
  • It is one of the most significant learning platforms offering crypto courses for complete learning. These learning courses also offer tests and quizzes, allowing users to ensure their learning levels. 
  • This platform’s mobile application allows a comprehensive user experience with required supportive features displayed on the desktop. 
  • It is available on the app store of Google and Apple. 
  • It is one of the AUSTRAC-registered crypto exchanges with an independent audit system. It also keeps the customer balances based on 1:1. 
  • The only requirement to use this crypto exchange in Australia is to complete the KYC (Know Your Customer) verification process. After that, you are all set to initiate trading. 

CoinStash 

It is known as the best exchange for the trade and investment of altcoins. It offers a wide range of cryptocurrencies, which is more expensive than any other Australian cryptocurrency range.There are more than one thousand tokens are coins available for trade purposes. It is the winner of the Finder’s Awards for trading altcoins. 

Features 

  • This platform offers crypto purchases through a decentralized finance connector.  
  • This platform is well known for selling and purchasing high-capital cryptocurrency. 
  • The unique trait of this high-capital investment cryptocurrency is that these are lesser-known altcoins. This feature becomes the primary reason for qualifying in the finals of Finder’s innovation awards for 2022. 
  • Coin Stash and the DeFi connector are aggregators for decentralized finance to source out cryptocurrency with the lowest gas fees, price range, and trading fees at the purchasing time. 
  • After confirmation, an instant conversion process from Australian dollars to cryptocurrency is instantly deposited in the Coin Stash wallet. 
  • When you trade through the DeFi connectors, there is no need to interact directly with the on-chain issues of intelligent contracts/ non-Custodial wallets. 
  • This Australian crypto exchange offers altcoins unavailable at all crypto exchanges. 
  • It has integration with almost six blockchains. These blockchains include BnB Chain, Ethereum, Polygon, and Avalanche. 
  • The transactions on the blockchain of coin Stash are verifiable and secured through Fire blocks. 

Binance 

It is regarded as one of the best crypto exchanges in Australia for advanced trading. It offers a meager fee for the spot market. It provides a platform that is rich in features. 

It also offers a vast range of cryptocurrencies, and you can select any of them. In addition to the trading platform with a wide variety of features and trading volume, it also offers trading pairs.

Features 

  • Binance has also won the Finder’s Award for advanced trading in Australia. 
  • It also offers a trade facility using the interface with various indicators, data feeds, and charts.  
  • This crypto exchange also offers desktop applications for Apple and Android Windows. 
  • Through this feature, Binance offers an excellent level of immersion and customization. 
  • The users with approved accounts can have their trade with a 3x margin. 
  • It also offers isolated margin trading by ten times on some selected cryptocurrencies. 
  • This crypto exchange also offers trading bots. These trading bots are used with preset settings for rebalancing, grid trading, TWAP, and dollar cost averaging. 
  • Binance also offers its users the benefit of using the BnB pay for trading fees. There is also a discount of up to 25 percent for the on-spot trades. 
  • This crypto exchange has a customer base of 30 million users who are registered on the Binance platform. 
  • It also offers trading volume which exceeds the book provided by any competitor.  
  • It has the privilege of being the most significant global crypto exchange in Australia. 

ByBit

It is one of Australia’s best crypto exchanges offering the best crypto app. This crypto exchange was inaugurated in 2018. It provides an in-depth experience for trading. A mobile application is also best in class for the on the go trading.

Features

Bybit includes the following features:

  • The features of Bybit include a user-friendly interface. 
  • This user-friendly interface makes the navigation, order placement, and trading process easier to understand. 
  • This platform offers advanced trading tools, including order book depth, real-time charts, and price alerts, which help users make well-informed decisions. 
  • These advanced tools also help users to stay alert regarding new market trends.  
  • This crypto exchange in Australia uses the standard security means prevailing in the industry to protect funds and data. 
  • It also offers a two-factor authentication system and an up-to-date version of biometric authentication, including face recognition and fingerprint scan. 
  • The mobile application of Bybit offers the same feature as its desktop version. The application can be downloaded with the help of Google and Apple stores. 
  • The supported languages in ByBit mobile application include Chinese, English, Spanish, Korean, and Japanese. 

CoinBase 

It is one of the best programs to learn about and earn from the cryptocurrency market. It is the only cryptocurrency exchange in Australia that offers this facility. This Australian crypto exchange was launched in 2012.  

Features 

  • It is one of the largest crypto exchange platforms and has an excellent reputation for crypto exchanges. 
  • The verified users of Coin Base exceed the count of one hundred and ten million. It offers 200 plus crypto coins and listed tokens. It also includes trading pairs which are the major ones in the market. 
  • The ambition of Coin Base is to bring Web3 to the public. Along with conveying this advanced technology to the general masses, this crypto exchange in Australia also wanted to educate the beginners on board.  
  • This is a platform that offers learn-to-earn spots. It is recognized as the best among competitors in the same field. 
  • It is one of the most accessible platforms to use. It also offers experience in the field of games. 
  • The total procedure for using the Coin Base crypto exchange in Australia is to sign up and then verify the Coin Base account. 
  • After signing in, you can learn, earn, and trade as per your requirements. 
  • It is an easier-to-use platform that offers its users deep liquidity. 
  • The customer support of this crypto exchange in Australia is available 24/7, along with a robust security system. 
  • It also offers protection against the funds and personal information of the users.  

EToro 

It is one of the best platforms for the copy trading system. It is known to be the pioneer of the concept of copy trading. This crypto exchange in Australia got its foundations in 2010. Since then, this platform is continuously expanding its features, including many social media features. 

These social media features include many social media handles and meta-themed newsfeeds. This social media management helps in the direct engagement of investors with other investors and traders. 

Features 

The salient features of e-Toro are mentioned in the proceeding lines: 

  • It is one of the best applications for the feature of copy trading.  
  • The feature of copy trading allows the user to view and mirror the trade decisions taken the seasoned investors of the field. 
  • Getting on the boat e-TORO is relatively easy. It would help if you got a trader you want to copy from, and the rest of the game is already set. You must copy the footsteps of the crypto master you are copying from. 
  • The minimum limit for the trade on e-TORO is 200 US dollars. This crypto platform in Australia also offers users to copy the work of top-performing crypto investors and traders.  
  • There are no hidden or additional charges for the copy trade service.  
  • In addition, to copying trading, e-TORO offers a complete and comprehensive social experience, making it work as a broker does.  
  • There are also features that offer the discussion of the strategies, speculation of the prices, and sharing important news from the crypto market. 

Kraken 

It is one of the best exchanges in Australia if you are looking for an SD trading system. Kraken offers trading pairs which exceed the limit of 185. 

Features 

This trading platform has the following features, which make it stand out among the other crypto exchanges in Australia. 

  • It offers a professional trading interface with an NFT market and an educational hub. 
  • The trading volume on this platform is around five hundred million US dollars.  
  • It is well known for its deep liquidity and high market capital trading pairs. 
  • There are two versions of this crypto exchange in Australia. The one is the regular one, while the second is Kraken Pro. 
  • Investors prioritize the Kraken Pro for taking advantage of the various types of orders, including the limitation of orders with Trading View charts, market, and stop loss. 
  • The structure for trading fees works well for the volume system. This means that traders with more trading volume are offered fee discounts. 
  • These discounts can go for the bare minimum limit of zero to 0.1 per cent for maker and taker orders. 

Crypto. Com 

It is one of the best exchanges in Australia if you want to earn yield. It is one of Australia’s top crypto exchanges, which has won the Finder’s Top award.  

Features 

The features of this exchange in Australia are mentioned in the proceeding lines: 

  • The crypto exchange offers an excellent opportunity for investors searching for other investors to work with and the idea of earning a passive income. 
  • Passive income is earned through crypto. Com platforms make an account which usually pays yield on your holdings. For initiating a purchase, acquiring and selling products on crypto. Com. 
  • For selling yield, there is an open option of downloading the application. 
  • After verification, you will be asked to link the bank account or credit card with the crypto .com. 
  • Crypto .com also supports an Australian Dollar Based stablecoin known as TAUD for payments, deposits and transactions. 
  • The spot market is offered in the website version, which makes it possible for investors to set the price range for the purchase and sale of cryptocurrency. 
  • These features are handy for everyone wanting to use cryptocurrency regularly. 
  • It is one of the excellent choices for entering the cryptocurrency market due to the application, earning opportunities it offers, and mobile’s first approach. 
  • It is an excellent choice for all crypto holders to find an opportunity to earn the yields on their cryptocurrency holdings. 
  • More advanced trading options are provided through the online exchange version. 

KuCoin 

It is said to be the best exchange for emerging and new altcoins. It is one of the best crypto exchanges in Australia, which lists an impressive deal of already present and upcoming altcoins compared to the other centralized crypto exchanges in Australia. Due to this feature, it is regarded as one of the best crypto platforms in Australia. 

Features 

The features of KuCoin are mentioned in the proceeding lines: 

  • KuCoin offers direct access to the Altcoins purchase by creating an account that provides you with the key to 700 plus digital assets. (Other exchanges make the process difficult by making investors purchase altcoins through decentralized exchanges, which requires using and learning a Web3 Wallet and a blockchain. 
  • The digital assets on this crypto exchange in Australia are brand new, remain untested and are riskier than other well-reputed cryptocurrencies such as Ethereum and Bitcoin. 

Coin Tree 

It is one of the best crypto exchanges in Australia, known to be one of the best options for self-managed super funds.  

Features 

The features of Coin Tree are mentioned in the proceeding lines: 

  • It offers customer support which is free for seven days. 
  • It also offers comprehensive tax tools and low trading fees, making it one of the best crypto exchanges in Australia. 
  • It is one of the best options for SMSFs (self-managed super funds). 
  • The retirement portfolio of this cryptocurrency allows its SMSF-eligible users to add many cryptocurrencies, including Bitcoin and Ethereum.  
  • This crypto exchange in Australia offers support for 280 crypto assets. 
  • The trading fees can go as low as 0.5 per cent. 
  • Managing and opening od SMSF accounts is risky, time-consuming and complex. 
  • Coin Tree also assists in specific ways, including the trust deed. 
  • It also offers overviews of digestible performances and summaries to help the investors review the investment strategy. 
  • This platform also offers to compare the SMSF accounts to the other investor among the top performers, and you can copy their actions by looking at their portfolios. 
  • The partnership of coin Tree with the Expert Super and BGL simple fund 360 are the features required to set and meet your limits for SMSF requirements. 
  • Always consult the SMSF advisors before opening an account for legal help. 

Factors To Consider Before Choosing The Best Crypto Exchange 

It is mandatory to do extensive research by comparing the advantages and disadvantages of each option. After thoroughly and carefully considering your options, you must choose your best. Before opting for the cryptocurrency exchange, you should look for the availability of the following options: 

User-Friendly Interface and Navigation

The crypto exchange you are looking for must have a user-friendly interface. User-friendly interface means that the interface must work for both desktop and mobile applications. 

In addition, the user must find it easy to use the interface. It should make navigation easy and should not require much technical knowledge. 

Advanced Trading Tools 

There should be availability for advanced trading tools. With the advanced trading tools, there will be more trading volume. The higher trading volume will result in two equally favourable conditions for the user. 

The first condition linked with the higher trading volume is lowering trading fees. This means that the more trading volume you have, the lower the costs you will have to pay for your trades and investments. 

The second condition is that advanced trading tools are linked with higher trade volume, and higher trade volume is coupled with higher liquidity. Higher liquidity is the most favourable condition that can be used for increasing your trade volume. 

Payment Methods 

The next thing you must keep in your mind is the payment methods. When the crypto exchange in Australia offers plenty of payment methods, you will find your suitable way quite easily.  

When looking for a crypto exchange in Australia, you should always consider the crypto deals offering a more comprehensive range of payments. You should also check the fees for depositing and withdrawing funds.  

Trading Types 

While looking for the best cryptocurrency exchange, you should check what type of trade you want to participate in. There are plenty of businesses which are offered by various crypto exchanges.

It is mandatory to look for the best option for yourself based on the criteria you have set for evaluating the cryptocurrency exchange. There are the following types of trades which the cryptocurrency exchanges can avail: 

Fiat To Crypto Trading 

The first type is fiat-to-crypto trading. Investors and traders can trade in order and cryptocurrency in this trading type.  

Crypto To Crypto Trading 

The second option in this list is trade which can only be done within cryptocurrency. All you have to do is to choose a cryptocurrency and the cryptocurrency exchanges which allows the trade and investment in that cryptocurrency. The inter-cryptocurrency marketing is also possible. 

Fiat and Crypto Trading 

The following trading type you are provided with is crypto and fiat trading. This means that if an investor/ trader owns any investment, let it be cryptocurrency or fiat currency; the trade can be carried out.  

Certain crypto exchanges in Australia offer the purchase of Bitcoin and other cryptocurrencies through a direct bank transfer. This bank transfer method is based on Fiat currency, while Bitcoin and other such coins are decentralized cryptocurrencies. You should choose the crypto exchanges which provide you with both options. 

Cryptocurrency selection

When choosing the cryptocurrency exchange best suited for your requirements, looking for the cryptocurrency you want to trade in is mandatory. Certain cryptocurrency exchanges in Australia only offer their services in Bitcoin, while some are altcoins. The same is the case with stable cryptocurrencies.

There are certain exchanges which offer all-in-one kinds of services. In this case, cryptocurrency is the first thing you should look for. After you select your required cryptocurrency, which can provide you with an expected return on investment, you should check for the trading volume, liquidity pools, trading fees and advanced trading tools, etc., that can serve you best.

Fees

After careful consideration of cryptocurrency, the next step is trading fees. There are different fee structures for every service provided in the cryptocurrency market. There are fees for withdrawals, deposits, trade, and gas.

What you have to research is that for every service you want to avail of the cryptocurrency, what will be the fee structure? Will the fee surpass your profit, or is it equal to the profit rate? The ideal situation is that the price should be lower than the profit ratio so that there can be some return on investment for cryptocurrency investors.

The fee structure usually goes with the trading volume and capital investment. The more assets you have, the more trading you will do; the higher trade ratio is directly linked to the fee structure. The higher the trade volume, the lower the trading fees.

Similarly, specific platforms serve consumers’ best interests regarding deposits and withdrawals. Some cryptocurrencies also offer discounts to new investors, which persuades customers to use their platform for trading and investment purposes. It would be best to calculate all the aspects to make a firm and precise decision before going on with the cryptocurrency investment.

Limitations

The next step you should consider is the limitations and sanctions put forward by cryptocurrency exchanges. Before choosing the cryptocurrency exchange, check for any restrictions on the deposit and withdrawal. Do you have to limit your transactions to a certain level? Are there some transaction limits per day?

Do go for a proper check if there are some restrictions on the account handling deployed by the cryptocurrency exchange. Always go for the cryptocurrency exchange, which offers less or almost no limitations for your account transactional, withdrawal and deposit limits.

Access To The Account And Cryptocurrency Exchange

After going through the previously mentioned points, how will the account access be granted to you? There are some cryptocurrency exchanges which offer trading through web browsers only. Then there comes the cryptocurrency exchanges which provide you with mobile applications for getting success. Consider all the points which can offer you easy access to the platform.

Discounts and Loyalty programmes:

There comes an interesting point which can offer you a reduced fee structure. All cryptocurrency exchanges provide some discounts to their users because they hold their native coins for trade and investment purposes. There are also some discounts on the tokens for paying transaction fees.

Some cryptocurrency exchanges offer tiered fee structures for which rewards are discounts to the higher trade volume. This means the higher trade volume will cost you a lower fee.

There are some cryptocurrency programs which offer loyalty programs for their seasoned investors as well as for newbies. These loyalty programmes provide access to exclusive features, events and a reduced ratio of the platform’s fee for almost every service. Proper investigation should be done before taking any decision.

Remember that for entering cryptocurrency, you should make a solid decision after a thorough and thoughtful research process because there is no going back in the cryptocurrency market. This is why extensive research is mandatory in the crypto trade.

Exchange Rates

Regarding exchange rates, the official or fixed price is different. The willingness of investors makes the rates higher or low. The exchange rates usually depend upon price fluctuations. When people buy any cryptocurrency, they want to buy it at the lowest rate. On the contrary, when they want to sell it, they want to sell it at a higher price range.

The exchange rates are usually determined by the people who sell their cryptocurrency. You can select all the cryptocurrencies which are offering your required price range. After extensive research, see how much they differ from each other. There is a significant difference in the cryoto exchange trading.

The variation in comparison can go up to ten per cent, which makes a big difference in crypto exchange trading. What you must do is do proper and thorough research on each factor before reaching the final decision of choosing a cryptocurrency exchange.

Liquidity 

The next factor which is of great importance is liquidity. Liquidity is the primary factor which significantly affects the speed and ease of completing the trade session at a crypto exchange. The high liquidity levels mean the crypto exchange has a higher trading volume. With higher liquidity, the trade is initiated and completed more quickly. 

The benefit of trading on the more extensive crypto exchange is that ample orders can match with the purchasers and sellers easily. The larger a crypto exchange is, the higher liquidity it will provide its customer for a better trade experience and price fluctuations. To check the liquidity levels, there are order books which can offer a preview of the liquidity supplied by the crypto exchange. 

Verification Process 

The next step is one of the essential steps. When you enter the cryptocurrency market, there is usually a process with the term KYC. KYC stands for “Know your customer”. For the KYC process, the exchange requires personal information, including the name, national Identity information, email address, and much more. 

The KYC involves private information as well. The disclosure of this information makes the investor prone to hacking attacks and fraudulent activities. This is why many customers try to trade anonymously to hide their identity because they want privacy and do not want to show their private information to anyone on the trading platform. 

Privacy becomes a primary concern when you enter the cryptocurrency market because disclosing private information can put you and your investment at stake. Due to this reason, many cryptocurrencies investor trade with the lowest possible capital or go for the crypto exchanges which offer anonymous trading or do not require a KYC process for trading.  

Creating an account and initiating trade is one of the simplest things you can do, but is there any security that can prevent a crypto exchange from disappearing overnight with all the funding and investments? Yes, there is a way for this. 

That way is the KYC process which is mentioned in the previous lines. When a crypto exchange asks for the LYC process, this means that the crypto exchange is under legal surveillance and offering legal compliance.  

KYC is a must process for anti-money laundering and counter-terrorism financing. These terms are represented as ATL and CTF, respectively. With these two legal obligations, you ensure the crypto exchange is fulfilling the legal obligations.  

There are specific verification requirements which are mandatory for completing the KYC process. Some investors may find it a threat to their security. For the convenience of our worthy readers, we are illustrating the mandatory credentials for the KYC process. 

  • The KYC process includes the complete name mentioned on the identity card. 
  • The following requirement is of email address and mobile number.  
  • The third requirement is the address mentioned on the identity card. This includes both temporary and permanent addresses.  
  • The next step involves the proof of I.D. and Address. 
  • The next step involves a photo with a declaration that you should be holding.  
Note  

This kind of information is entirely private, requiring proper research about the authenticity of the crypto exchange before going on with the KYC process. The KYC process is marked mandatory by some cryptocurrency exchanges for unlocking features and transaction limits. 

Process Time 

The next factor which has a significant role in the success of a trade is the processing time. Processing time means how much time is spent on processing the transaction, deposit and withdrawal. 

What can happen when you have an extended processing time? The answer may shock you. The long processing time can deprive you of many trading opportunities because the funds you have deposited/withdrawn from your account for investing in the following trade are still in process. The longer the processing time a crypto exchange takes, the more loss will be faced by the investor. 

To relieve yourself from this frustrating experience, choosing a crypto exchange with less processing time is always the best option. Less processing time is directly linked with more trading volume. 

It would help to remember that all factors mentioned in this blog section are interrelated. When the increase or decrease of one aspect, the other aspect also gets affected.  

Security 

Security is one of the critical factors which should be explicitly considered while opting for a crypto exchange. There is a long history linked with the renowned crypto exchanges that got hacked or got their user accounts to fall to fraud and thefts. 

We understand that your investments are your lifelong savings which should never go in vain like this. Due to this reason, we emphasized this specific point that manual research in addition to the reviews and direct experiences of the customers who have used a crypto exchange by themselves.  

Manual reviews and experience can be vital in saving your cryptocurrency investment to a broader level. The questions which should be asked for security confirmation include the following: 

  • Does the crypto exchange offer two factors authentication system? 
  • What method is used for storing the customer funds? 
  • What types of wallets are being used in the crypto exchange? Do they use hot wallets or cold wallets? 
  • Who controls the private keys; the customers or the crypto business? 
  • For opening an account, what certification level is required? 
  • What is the monitoring schedule of the crypto exchange? 
  • Is there any feature that allows the users to be alerted for unusual account activities? 
  • What is the scope and level of customer support? 
  • Is email encryption available at the crypto exchange? 
  • Does crypto exchange provide proof of reserve if they require KYC, AML, CTF, and other certifications? 

Rules and Regulations 

The rules and regulations are one of the most critical factors in the crypto exchange. Legal authorities are trying to match the speed of legal investigations with the rate of crypto growth. The fact that the whole crypto industry is not well regulated is still a red sign for many investors who need to gain technical knowledge of the field. Less technical knowledge can lead to more cryptocurrency scams.  

The basis for the rules and regulations regarding the working criterion of a cryptocurrency exchange is provided by the location of the crypto exchange. The crypto exchange follows the rule of law of the country or region it is located in.  

When we talk about the crypto exchanges in Australia, we must have a clear idea that Australian law has made it compulsory for all crypto trades to be registered under legal terms and conditions. This feature is fundamental for having strict rules for anti-money laundering activities and counter-terrorism financing compliance, in addition to the obligations related to the reporting. 

It is mandatory to note down that due to the legal jurisdictions, it is illegal for certain users to have access to the crypto exchanges because their country’s law has made the crypto business illegal in their region. For checking the security status of the specific cryptocurrency to work with, you should always check for the fine print to know what legal obligations the crypto exchange follows and what you must do for this purpose. 

Customer Support 

One crucial factor that needs strong consideration from the crypto investor is customer support. It would be best always to compare the crypto exchange’s customer support and other factors. Why this is important, let us understand it with the help of an example. 

Suppose you have invested in a crypto exchange, and suddenly, you forget the random string of words that cryptocurrency has provided you as a private key to access your account. What will you do now? The first thought that will hit your mind will be to contact the cryptocurrency’s customer support. It would help if you panicked, as your investment will be at stake. 

 Reputation Of The Crypto Exchange

The last but not the minor point which should always be noticed or avoided at any cost is the reputation the crypto exchange has managed to set at the global or national level for their working criterion.

When an institution imitates its work, there are both kinds of speculations about it. There can be positive reviews from people with a good working experience with the crypto exchange. Some may have a bad experience with the crypto exchange.

The reputation of the crypto exchange is mandatory to consider because if the crypto exchange has a reputation based on security breaches and fraudulent activities, you should refrain from entering such a market. After all, in the cryptocurrency market, importance plays a vital role in mass acceptance and marketing.

Conclusion:

We can review the list of cryptocurrency exchanges working well in Australia. In addition to that, we have also gone through the factors which play a vital role in selecting a crypto exchange. The aim of this detailed discussion is to take the decisions in crypto trading with great care because there is nothing like a reverse cycle.

Secondly, when investing in something, there is a dire need to put forward all the required information so that a sound decision can be made with the preplanned mind.

Assume that you are trying repeatedly to get some help from the crypto exchange but are still waiting for a reply. If a customer services representative reacts, there are practical steps once you suddenly receive a message that you have done transactions from an account you cannot access. What will be your condition then? 

Customer support is the only solution in case of any trouble or issue. While choosing the cryptocurrency exchange for your investment, you should search for the answers to the following questions: 

  • How can a customer contact customer support? 
  • What are the availability criteria of customer support? Are they available through phone, live chat or email? 
  • Does crypto exchange offer support 24/7, or do they serve for specific hours? 
  • Do crypto exchanges offer online help through a portal or website where customers can submit a ticket for support and updates? 
  • How much time does the customer support team require to respond to the queries? 
  • Suppose the crypto exchange is in countries where English is not a first language. Do crypto exchanges offer customer support in the local language? 
  • Does the crypto exchange offer a customer support system with various FAQs (frequently asked questions session) or some professional guides/ video prompts for the common issues customers face during navigation and trade? 
  • What is the reputation of the crypto platform for offering help, support and prompt to the customers when required?