🆕 Best Crypto Copy-trading Platforms
Copy trading is the perfect strategy for beginners or those seeking to diversify. This guide covers the best crypto exchange copy platforms.
With so many options, deciding which Australian cryptocurrency exchange to use to put your money can be difficult. We’ve reviewed multiple crypto exchange platforms in Australia while considering important factors.
Here’s our list of the five best exchanges for Australians:
Swyftx has over 4,600 reviews on TrustPilot with an average rating of 4.6/5, which cements its place on our list. From our testing, we can see the trading platform has continually improved the user experience to cater to individuals. You can deposit Australian Dollars (AUD) to buy over 350 cryptocurrencies quickly. They also have a referral code to get $20 in free Bitcoin for new users.
Once your account is verified, you can deposit AUD funds using various payment methods, including bank transfers, POLi, credit/debit cards, PayID, and cryptocurrencies from your external wallet.
The customizable dashboard provided by Swyftx is great for tracking the digital currencies in your wallet. They also have crypto bundles which are groups of crypto assets that can be purchased in a single transaction or recurring orders.
As for the fees, Swyftx charges between 0.1% and 0.6% depending on the order value. There are no fees for depositing AUD from a bank account. For newbies, Swyftx has a crypto demo mode to practice trading before funding a real account.
Swyftx Pros:
Swyftx Cons:
Read our full Swyftx review for more information.
After extensively testing Bybit for the past two years, I can confidently say that it is one of the top cryptocurrency exchanges suitable for all levels of traders. The platform offers robust and advanced margin and derivatives trading features, all easily accessible through the mobile app. One downside, however, is the inability to deposit or transfer AUD into the account wallet directly.
Bybit is a global crypto exchange that allows Australians to engage in leveraged margin trading with up to 100x leverage on spot, perpetual, and futures markets. It is a comprehensive platform catering to traders of all levels, yet it remains highly intuitive, making it easy for almost anyone to navigate.
Bybit continually enhances its crypto products and services, offering margin and derivatives trading, an Earn hub for passive crypto rewards, NFT trading, and portfolio expansion with a credit card. The platform features a user-friendly interface with powerful TradingView charting, low trading fees starting at 0.01% for makers and 0.06% for takers, and risk-mitigating mechanisms such as a dual price system and insurance policy.
Bybit Pros:
Bybit Cons:
Binance is an international cryptocurrency exchange that offers investors a wide range of digital assets for trading. It also provides advanced trading and investment features, including cryptocurrency futures, margin trading, and leveraged trading.
One of its most notable features is the offering of decentralized finance services, staking, savings, and crypto-backed loans. Additionally, Binance allows trading in various fiat currencies, a feature uncommon among Australian exchanges. The identity verification process at Binance is straightforward, requiring only basic details such as government-issued ID verification and phone and email verification.
Trading limits are determined by your verification level and the market you're trading in. For example, fiat currency trades are limited to $5,000, while withdrawal limits start at 2BTC or its equivalent value in AUD. Despite being hacked in 2019, Binance remains one of the most secure Australian exchange sites. They recently launched the Binance Coin, and all BNB token holders are offered significant discounts on their trades.
The platform also offers a Binance Visa card, which allows you to use your cryptocurrency for transactions. This card is currently accepted by more than 60 million merchants globally.
Binance Australia Pros:
Binance Australia Cons:
After using eToro for a couple of months, we can confidently say that eToro is the premier social trading platform. Despite its unique design, the user interface was incredibly easy to use. Other global exchanges offering a social trading experience are not as user-friendly as eToro due to their features and high level of development. However, one downside for Australians is the currency conversion fees.
One of the most notable features of eToro is its social and crypto-copy trading platform. It's a community where you can connect with other traders and replicate their trades. This allows you to share trading strategies and ideas, and most importantly, you can mirror trades from the best investors.
eToro offers a filter system for discovering portfolios based on criteria like risk tolerance and return on investment. You can set up a stop loss level to limit losses. Trading fees vary based on the digital asset and market conditions. eToro also provides a crypto demo account with $100,000 virtual money for practice.
eToro Australia Pros:
eToro Australia Cons:
eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. See PDS and TMD.
KuCoin makes this list of Australian crypto platforms mostly due to its vast array of assets and trading pairs that are available on its spot markets. It has gained a reputation for a sought-after destination for altcoin trading. But where KuCoin excels is the listings of new ICOs, IDOs, and IEC’s (new coins and tokens) to its market place to trade before many of its competitors.
While KuCoin doesn’t directly accept AUD deposits and withdrawals, several blockchains support transferring existing crypto holders' assets to begin speculating on its 700+ assets and 1,300 trading pairs. Just don’t expect to see AUD trading pairs on KuCoin.
Like some of its rival exchanges, such as Binance, Bybit, and Coinbase, KuCoin offers several additional features, such as crypto bots, margin and derivatives markets, earn and staking, and Web3 features.
KuCoin's maker and taker fees are 0.1%, while futures start at 0.02% and 0.0%, respectively. These are the maximum fees customers will pay since they can be reduced depending on the 30-day trading volume or the amount of KCS held.
KuCoin Pros:
KuCoin Cons:
Read all KuCoin's pros and cons in this full exchange review.
CoinSpot is one of our top picks because of its simplicity and ease of use, tailored towards everyday Aussies. Investing in crypto doesn’t have to be complicated, and CoinSpot offers a modern and streamlined exchange that supports over 370 coins. Creating an account, depositing AUD, and converting cash into crypto is simple. Additionally, CoinSpot is widely recognized as the safest crypto exchange in Australia due to its ISO 27001 accreditation.
CoinSpot, being Australian-based, seamlessly integrates a range of common deposit methods, including transfers from an Australian bank account, cash deposits, PayID, POLi, credit/debit cards, BPAY, and cryptocurrencies. Most deposit methods are free, except for minor fees for BPAY (0.9%) and cash deposits at supporting Blueshyft news agencies (2.5%).
CoinSpot offers a multi-token wallet for safely storing Bitcoin and other cryptocurrencies. While CoinSpot is user-friendly, its fee structure is a drawback. Users who prefer simplicity can use the Instant Buy/Sell feature, which carries a 1% fee. On the other hand, those familiar with placing market orders on an exchange can find better value for money on platforms with lower fees, typically at 0.1%. If you want some good alternative exchanges like CoinSpot, read this article.
CoinSpot Pros:
CoinSpot Cons:
According to Reddit, there are mixed opinions on what constitutes a 'best exchange' and comments on which provider they prefer. Generally, feedback suggests the best platform will vary depending on users' experiences and preferences. However, some of the popular exchanges that are often mentioned on Reddit include Independent Reserve, Swyftx, CoinSpot, and Binance Australia.
Some might wonder, rather than trading, how they would go about starting an exchange business. Many crypto platforms use existing software or a white-label exchange to launch their online business. HollaEx® is a prime example of such software, having been a leading white-label provider approaching a decade. To learn more or to get a free 2-weel trial, complete this 3-minute form and start your Australian-based crypto exchange today.
Before you settle on the best Bitcoin exchange in Australia, you must review various sites to ensure they meet your trading needs. Some of the factors you should look out for include.
Exchange sites with multiple withdrawal and deposit methods are usually more convenient. However, you should ensure that the available options work for you and are acceptable in Australia. This is particularly important if you opt for an international site. Remember to check the fees associated with each method to ensure they won't take much of your profits.
You will incur fees whenever you deposit, withdraw, and trade cryptocurrency. If the fees are excessively high, it will reduce your profits. Ensure that you consider the currencies you intend to trade, payment methods, and any available discounts.
The best cryptocurrency exchange in Australia often offers 3 types of trading:
Go for an exchange site that’s in alignment with your investment goals. For instance, if you plan on buying Bitcoin using AUD, you must choose a platform that allows deposits through credit cards and bank transfers.
If you're new to cryptocurrency trading, the whole process can be overwhelming, so choosing a beginner-friendly site is best. Experienced traders, however, prefer platforms with advanced trading tools and multiple trading pairs.
Hackers often target exchange sites due to the large volume of funds traded daily. It's important to consider security features such as 2-factor authentication, wallet storage, private key security, account monitoring, and encryption. Also, check if the exchange site has been hacked before and if affected traders were reimbursed.
When evaluating customer support for your account, consider how quickly you can reach them, their availability, response time, resources for FAQs, and language support. Also, check the platform's reputation for helpful support on Trustpilot.
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We aim to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. We do not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.
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