Whether you intend to buy and hold or get into trading, choosing a good exchange is key to getting the most out of your crypto assets.
Australian cryptocurrency acolytes have a few options available to them in this regard, so let’s go over the main players and point you towards the best solution for antipodean users.
If you’re looking for a home grown platform which was conceived and launched down under, then the Swyftx cryptocurrency exchange is the obvious choice.
Launched in 2019 by graduates of the University of Sydney, Swyftx aims to be an all in one solution for buying, selling, earning and trading crypto assets.
Aside from the holistic design of this exchange, the other advantages include low fees, with nothing charged on depositing or withdrawing either fiat or crypto currencies, and a 0.6% fee levied on trades that can be discounted further for high volume users.
Further enhancing the appeal of this platform is the opportunity to minimize the difference between the prices at which assets are bought and sold, otherwise known as the spread. The smaller this gap, the less you’ll be left out of pocket when you convert between currencies, and with Swyftx the spread can sit at as little as 0.45%.
Another of Australia’s big hitters, CoinSpot is geared towards simplifying crypto trading and thus making it more accessible to people who might only just be getting into this scene for the first time.
As well as providing a user-friendly exchange interface, which puts vital pieces of information at your fingertips when you need them, this platform benefits from having extensive support for all sorts of assets.
More than 360 different cryptos are currently listed on CoinSpot, and more are added regularly to give advanced traders the scope they need to make moves and tap into hot trends.
Known internationally, eToro is a brand that got started as a platform for investing in the stock market, and has since expanded to encompass other assets, of which crypto is one category.
Compared with either Swyftx or CoinSpot, eToro really falls short in one area, and that’s the variety of cryptocurrencies that it supports. You get the obvious mainstream assets like Bitcoin and Ethereum, but there are just over 60 other projects available to add to your portfolio if you pick this platform.
Obviously that might not be too much of a deal breaker if you don’t want to dabble in the smaller niches of the crypto trading market, but you’d definitely be better off with Swyftx if variety and flexibility are what you are looking for.
That said, if you are more of a traditional investor and you have a preference for investing in stocks and shares, but you also want to take a gander at what the crypto world has in store, then eToro might sway you; it is really down to your preferences and priorities.
The bottom line
Aussies are not short on choice in terms of top tier crypto platforms, and the main thing to remember about the brands covered above is that they all provide the security and reliability you’d want to see in any financial service or solution.
It’s also a good idea to do plenty of research into crypto and to familiarize yourself with associated concepts, like the blockchain and proof of work versus proof of stake, before you start investing. Only with a decent amount of research and knowledge under your belt will you be in a position to make informed investing decisions, regardless of the platform you pick.