According to recent reports, about 4.6 million people in Australia own cryptocurrency. The country ranks fourth globally for crypto adoption. Its rate of 23% is significantly higher than the global average of 15% and is only bettered by India, Nigeria, and Vietnam.
Even amid an extended downturn in the market, this sustained crypto interest in Australia means there is a great opportunity for crypto-related services, including exchanges.
The first exchanges opened in Australia in 2013, four years after Bitcoin (BTC) was created. Most of those exchanges lost money, but newer ones can take advantage of the growing popularity of digital assets to do well.
Top Aussie Crypto Exchanges
There are currently nearly 330 crypto exchange platforms in Australia. The biggest ones in terms of market share are BTC Markets, Independent Reserve, CoinJar, and Peak Trading. Best Crypto Exchange Australia reviewed the top ones and found Swyftx, CoinSpot, and Bybit are the best three exchanges in the country because they charge low fees, offer a wide range of coins, are easy to use, are safe, and have many trading options and features.
1. Swyftx
Swyftx has been praised for its slick environment for fiat-to-crypto transactions. Additionally, the platform offers more than 200 cryptocurrencies traded against BTC, the Australian dollar (AUD), or even the US dollar. Swyftx also supports all widely used payment methods in Australia, including PayID, PoLi, credit and debit cards, and bank transfers.
Swyftx has one of the most user-friendly interfaces on both its mobile and desktop apps. It also has what is arguably the best demo mode for practice trading. These features make the platform particularly conducive for beginners.
The crypto exchange is noted for outstanding customer service, with 24/7 live chat support, a fast verification process, and low to zero fees on transactions of certain amounts. Furthermore, Swyftx has one of the lowest spreads of any crypto exchange in Australia. The platform also offers an Earn feature that lets users earn interest on 20 cryptocurrencies.
The only downside to the platform is its lack of more advanced markets, such as margin trading. The exchange is also only available in Australia and New Zealand.
The perks and downsides in this Swyftx review is only according to our views and opinions, and should not be taken as a clear advice to or not to use the exchange.
2. CoinSpot
CoinSpot is one of the oldest and most trusted crypto exchanges in Australia. It has some of the most thorough security measures to protect customer funds. It meets all KYC and AML requirements, even those that require customers to show their full ID.
The crypto exchange is a certified member of Blockchain Australia, and it’s registered with the Australian Securities and Investments Commission (ASIC) and regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The platform has more than 2.5 million users and offers a choice of over 360 coins, 21 of which allow users to earn interest. It also boasts a simple, intuitive, and clutter-free interface.
CoinSpot’s only criticism is the high trading fees it charges. On average, trading fees on Australian crypto exchanges range from 0.20% to 0.25%. However, CoinSpot charges a whopping 1% per transaction.
3. Bybit
Bybit is the ideal crypto exchange for frequent traders. The platform has more than 10 million customers and a daily trading volume of more than $10 billion. It also has a large amount of liquidity, a system that works 99.99% of the time, and one of the fastest trade speeds, pegged at 100,000 trades per second.
Customers can buy cryptocurrency directly with PayID, Google Pay, Apple Pay, Visa, or Mastercard.
The crypto exchange offers spot trading on over 200 coins and features a derivatives market with several contract options. It also offers the lowest trading fees, at 0.1% for spot trading and 0.06% for derivatives traders.
Bybit has the most advanced technical tools, charts, and a demo trading platform.
Unfortunately, customers cannot deposit or withdraw AUD on Bybit. The platform can also be a tad overwhelming for beginners.
What’s in Store for Australian Crypto Exchanges?
Australia’s crypto exchange business can compete globally if a proper regulatory framework is built. The industry is fortunate that the Australian government’s regulatory priorities are not just heavy-handed oversight but also consumer protection, cyber security, operator openness, investment promotion, and market competitiveness.
Australian crypto transactions climbed 63% in 2021, and 55 million non-cash payments worth $650 billion are made daily in the country.
Covid-19 also hastened the decline of cash payments, and there are predictions that Australia will be cashless by 2031. And as the economy recovers, local crypto exchanges may gain from an inflow of Aussies with greater disposable cash and different attitudes about traditional investments. Australian crypto use could rise even further as the global market matures and becomes less volatile.
In response, crypto exchanges in the country can use technology to make themselves more efficient and improve the user experience. This will help them grow and gain a competitive edge in the digital asset market, which is changing quickly.
Source: https://crypto.news/crypto-exchanges-in-australia-outlook-and-opportunities/