A number of cryptocurrency exchanges are available where Australians can exchange their fiat money to buy digital currencies. Find the best of the lot here.
The number of cryptocurrency owners in Australia has risen despite the bearish sentiment on the market for almost the whole year. A survey conducted by brokerage firm HiveEx found that the percentage of Australians who hold crypto grew from five percent in January—when most crypto prices were at an all-time high—to 13.5 percent in August—when the same coins lost more than half of their value.
The numbers suggested that the Australian crypto industry has huge potential to grow even bigger. The appearance of reliable exchange platforms available to Australians, as well as their participation in blockchain alliance Australian Digital Commerce Association (ADCA), could be huge factors in pushing digital currencies into mainstream adoption in the country.
Here are the best exchange platforms Aussies can visit to purchase cryptos.
CoinLoft
Operating since 2013, CoinLoft promises its Australian customers fast and easy services when it comes to purchasing Bitcoin (BTC) and other cryptos.
Clients can choose from four different payment methods to buy either Bitcoin (BTC) or Ethereum (ETH). The exchange is one of the quickest in the region, with only around an hour of processing time after receiving the user’s payment.
BuyaBitcoin
In its three years of operation, BuyaBitcoin.com.au has completed more than 29,000 orders, involving 33,000 BTC. The Melbourne-based over-the-counter (OTC) exchange also aims to bring Bitcoin closer to the mainstream public by making purchases easier and more secure.
In line with that goal, BuyaBitcoin needs users to only fill up a form before processing an order. Then, they can purchase bitcoins for the corresponding amount of AUD paid. Bitcoins are also secured, as they are stored in the client’s Bitcoin wallet and not in the exchange’s.
CoinJar
Considered as one of the exciting Australian startups by a local news outlet in 2016, London-based CoinJar has grown its user base to over 390,000 customers and processed transactions worth around AU$1.2 billion.
Coinjar’s exchange platform caters more to experienced traders, with different order types, graphs, and interface. The exchange offers nine trading pairs customers can choose from. Currencies available for trade include AUD, BTC, ETH, Ripple (XRP), Litecoin (LTC), and Zcash (ZEC).
ACX
This exchange founded in 2016 charges only 0.2 percent in trading fees, one of the lowest rates in Australia. ACX has also removed AUD withdrawal fees for the customers’ benefit. In addition, the exchange claims to be the most liquid exchange in the country, having Australia’s largest Bitcoin order book.
ACX has 14 trading pairs on its exchange that include AUD, BTC, ETH, LTC, Tether (USDT), EOS (EOS), Dash (DASH), Etherparty (FUEL), and UnitedBitcoin (UBTC), among others. In addition, ACX secures user funds through a cold storage system with two-factor authentication.
CoinSpot
After more than four years since its launch, CoinSpot has grown to become the Australian crypto exchange with the highest number of digital currencies offered. Buyers and sellers can choose from over a hundred cryptos offered in this exchange, including BTC, Bitcoin Cash (BCH), Dogecoin (DOGE), and Monero (XMR), among others.
Customers can use their AUD stored in their CoinSpot accounts to trade directly the fiat for digital currencies. Furthermore, the exchange offers multiple crypto wallets where customers can store their purchased coins.
Independent Reserve
Independent Reserve was founded in 2013 with a goal to change cryptos “into secure, robust, and regulated financial services” using their own methodology. The team behind the exchange is composed of members with backgrounds in both the financial and technological scenes.
Clients have multiple crypto and fiat pairings to pick on the order book, including BTC, ETH, BCH, as well as AUD, NZD, and USD.
With expertise in technology, Independent Reserve ensures that user funds and data are secured through cold storage and data centers, respectively.
Binance
With a reported worth of US$897 million transactions processed, Binance is one of the largest crypto exchanges in the world. The exchange was founded in 2017 and has moved from China to Japan.
Binance has four markets—BTC, ETH, USDT, and Binance Coin (BNB)—paired with a wide collection of digital currencies. However, the exchange does not support AUD or any other fiat currencies. Australians should first convert their AUD to other supported cryptos before engaging trade in Binance.
As of October 9, 1 BTC is worth AU$9313.65, while 1 ETH is trading at AU$321.61 against the Australian dollar.
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