My fellow Aussies, let me share an underrated crypto investing tip: The platform you use to buy, sell, and trade digital currencies are the foundation of your entire portfolio.
From playing a part in how profitable your trading decisions are to flawlessly buying crypto and, most importantly, keeping them safe, your chosen platform can be the workhorse of a crypto portfolio or its worst enemy.
In Australia, there is a huge range of crypto platforms available. Whilst this is a good thing, it can also be overwhelming. I mean, where do you even start? That’s where I come in to help.
I’ve compiled a list of the top ten Australian crypto platforms you need to know about in 2022. They are beginner-friendly, regulated, secure, and support the Australian dollar (AUD). But that’s not all I take into consideration when choosing these platforms.
How Do You Determine which are Australia’s Best Crypto Platforms?
When deciding on a solid crypto platform for Aussies, there are several things to consider. Here are the main things we assess when considering a platform for a list such as this:
- Available coins: A good crypto exchange will offer a wide, varied, and exciting portfolio of cryptocurrencies and altcoins to choose from and diversify your portfolio.
- Beginner-Friendly: Whether you’re a beginner or an inexperienced trader, a seamless and easy-to-use interface is vital when deciding on a new crypto platform.
- Low fees: Whilst it’s impossible to find a platform that doesn’t have some form of fees involved, you should always try to find one with the lowest fees possible. If you don’t, you’ll end up forking out big portions of your profits each time you make a trade.
- Well Regulated: To ensure the crypto platform you’re using is safe and secure, it should always be well-regulated and adhere to international financial regulations. Otherwise, the money you deposit on the platform could be at risk.
- Deposits & Withdrawals: When depositing cash, you want to do it quickly, so you don’t miss out on investing in the current price dip. When withdrawing, you want it equally fast to get access to your funds. So, a good platform will always ensure fast deposits and withdrawals for their clients.
- Security Protocol: A good crypto platform will boast multiple layers of security, from 2-factor authentication to reliable cold storage policies.
- Solid Customer support: Investing is fun, but things can go wrong. Whether you can’t access your account due to a forgotten password or are hindered by a technical error, a good exchange will always have a reliable customer support team to help with rapid response times.
So, that’s what we judge crypto platforms on. Let’s get into the good stuff and share Australia’s top ten crypto platforms for 2022!
1. eToro
eToro is another popular global platform that is beginner-friendly and packed with a huge range of trading tools. Although it started as a platform for trading stocks and commodities, it has since found a firm place in the heart of the crypto community.
eToro has become particularly well-known for its copy trading feature that lets clients follow well-established investors and their trades to copy the profits that come with it. It also comes with a Twitter/Facebook-style newsfeed to get the beating heart of the crypto market and stay up to speed with the latest events.
As one of the largest brokerages in the world, eToro is considered a very secure platform. Australians who sign up are insured up to AUD 1 million by Lloyd’s of London, meaning it’s a very reliable place to invest.
2. Digital Surge
Now we get to the first Australian platform on the list! Digital Surge is a crypto platform based in Brisbane that offers more than 300+ digital currencies for users to invest in. It only takes a couple of hours to get signed up and verified and it’s also considered a highly secure platform due to its cold storage practices combined with two-factor authentication (2FA).
Amazingly, Digital Surge has enabled users to be able to pay their bills with cryptocurrencies like Bitcoin directly through the app. Overall, it’s a great Aussie platform that can really be useful in buying, trading, and selling cryptocurrency in Australia.
3. Bitcoin Loophole
We’re truly living in an age of cryptocurrency, and few platforms sum this up like Bitcoin Loophole. You’ve undoubtedly heard its name by now because it makes serious waves amongst the crypto community.
This is largely considered the only platform you need when finding an elite crypto broker and cutting the wheat from the chaff.
Basically, Bitcoin Loophole cuts through the dodgy crypto brokers to find the most trustworthy, secure, and well-regulated platforms to sign up for.
Most importantly, the platform uses an algorithm that analyses your trading goals, past investing experience, and more to find a brokerage that perfectly matches you.
Plus, all of the brokers it has partnered with boast seriously impressive security protocols and high levels of trustworthiness.
Some brokers also offer a demo trading account feature pre-loaded with virtual currency that allows you to practice your trading skills without risking your capital.
4. Swyftx – Best For Staking
Looking for a cryptocurrency exchange that doubles up as a staking platform? Then look no further than Swyftx! With over 315+ cryptocurrencies on offer, low fees, and a cutting-edge demo account feature to rival eToro, this is a very up-and-coming platform that is becoming increasingly popular amongst Australian investors.
However, fees can be high on Swyftx, which can be a major drawback for regular traders. In addition, the security protocols on the platform are relatively obscure, which doesn’t make for a comfortable trading experience, in my opinion.
It is a solid option if your main goal is to stake crypto in return for a high APY. It’s also very beginner-friendly, thanks to its minimalist design.
5. Independent Reserve
Independent Reserve is registered through the Australian Digital Commerce Association (ADCA) and is a safe bet for Aussie users to sign up for. With almost forty crypto assets on offer and a thriving community of around 200,000 users, it is an increasingly popular option for crypto traders in Australia.
Independent Reserve has a reliable security system with a formidable cold storage policy for those who value security. Plus, Independent Reserve comes with a cutting-edge auto trading feature. So whether you want to execute a trade at a specific price, try your luck with dollar cost averaging, or form a foolproof investing timetable, this platform has you covered.
The downside? Some key features, such as its insurance policy and customer support over the phone, are reserved for those who have forked out the money for a premium trading account with costs over $300 annually.
6. ChangeNOW
For those who value your privacy and don’t like the idea of completing the KYC process, this next platform may be for you.
Based in Seychelles, ChangeNOW has been around for five years and has built up an impressive portfolio of more than 425 crypto assets and more than 24 fiat currencies.
Due to its ease of signup and privacy bonuses that come with it, ChangeNow has become popular amongst Australian investors. However, the lack of KYC protocol comes with downsides. So if you’re seeking the most secure platform available, there are better options out there.
7. Binance
If we’re going by trading volume, Binance takes the top spot as the world’s biggest crypto exchange and boasts an eye-watering 30 million users (and counting). With over 600+ cryptocurrencies available, this is the place to be for those who like a varied portfolio and to get involved with niche, underrated altcoins before the ball starts rolling.
The Binance platform comes with its own native token called Binance Coin (BNB). As well as being a pretty powerful investment, those who hold certain amounts of the coin are awarded generous discounts on trading fees as well as other rewards.
However, if BNB isn’t for you and you choose not to invest in it, then the fees on Binance for Australian traders can start to stack up, especially when you compare them to other platforms with lower fees like eToro or completely free platforms.
It might be the biggest crypto exchange, but there’s also a downside to this platform’s popularity. The process of being verified and approved to trade can take a long time and it’s likely overwhelmed customer service team is not the quickest to respond.
8. CoinSpot
Next up is the biggest crypto trading platform in Australia. It’s CoinSpot! With an incredible 2.5 million clients currently using it, CoinSpot is a very popular crypto platform for Aussies and can equally be used on its flawless mobile app as it can be on the desktop.
First established in 2013, CoinSpot has had a long time to establish itself in the Australian crypto scene seriously. Since its foundation, it’s become a fully-fledged member of Blockchain Australia, been registered with the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC). So, you have nothing to worry about regarding the platform abiding by KYC and AML regulations.
CoinSpot has an enviable portfolio of more than 350 digital assets to invest in and is arguably the most diverse exchange on offer in Australia right now. More advanced users also offer the chance to get involved in various DeFi and NFT opportunities.
9. Immediate Edge
And then there’s an intermediary platform. If you’re still feeling overwhelmed by the number of platforms and the various things they offer, look no further than this cutting-edge intermediary platform that can pair you with a perfectly suited platform or brokerage using a unique algorithm.
Immediate Edge is free to use, but it takes the nightmarish hard work out of sifting through the countless platforms and brokerages to not only find one that is perfectly suited to your needs but is regulated, safe to use, and trustworthy.
Immediate Edge has been building strong relationships with some of the world’s best crypto brokers for years and has amassed a serious portfolio of partners in that time. Look no further if you’re seeking the easiest way to find a top-tier broker!
10. Kraken
Another platform that has been around for a long time is Kraken. Packed with over 85 cryptocurrencies and tools such as stop loss and stop limits, this crypto exchange based in the U.S. is a fan favourite across Australia.
Due to being based in the United States, Kraken must meet strict security requirements (such as keeping 95% of its crypto holdings in offline cold storage hardware), making it one of the safest crypto exchanges you can find. Albeit not very beginner-friendly.
As well as Australia, Kraken offers its services as a crypto exchange in more than 175 countries. As a result, it’s classed as one of the most international platforms out there.
In Summary
To sum up, there’s a wide variety of choices regarding choosing the best crypto platform in Australia these days. Whilst that’s a good thing in some ways, it can also be a nightmare to decide which platform is best for you.
If you’re one of the many people facing this problem, then most crypto experts would advise you to opt for a platform like Bitcoin Loophole or Immediate Edge to take the hard work out of finding the best platform and let a cutting-edge algorithm do it for you, for free!
And, of course, always remember that whatever platform you use to invest, nothing is guaranteed in the crypto world. This is an inherently volatile space where fortunes are equally made and lost. As this article is not investment advice, always seek out the advice of a licensed financial advisor before investing for the first time. Good luck!