Top Cryptocurrency Exchanges for Australian Traders in 2020
There are ample opportunities to trade cryptocurrencies in 2020 and with so many options available, it is now easier than ever to get involved trading Bitcoin and altcoins.
However, with so many exchanges available, it is easy to get overwhelmed. To make the decision process easier, Micky has reviewed some of the top cryptocurrency exchanges for Australian crypto traders in 2020.
With over a hundred exchanges worldwide, there is a perfect fit exchange for everyone. Whichever that exchange may be, the process to get setup and trading is more or less the same across all platforms:
- Sign Up: All exchanges will require some form of sign in to access the site. This will typically look like an email/username combo with a password. Make sure to use a highly secure, unique password for each site!
- Verify: Every exchange will offer some mechanism to verify a trader’s identity. Sometimes it is as simple as confirming the input email, and other times you’ll be required to upload government documentation.
- Fund: Fill your account with fiat or cryptocurrency you anticipate to trade with.
- Trade: Buy and sell on the listed markets pertinent to your interests.
- Profit: (Hopefully) you’ve earned some coin! Best practice recommends to move funds off-exchange once profits have been realized. Send cryptocurrency to your personal wallet and fiat currency back to your bank account.
Now that you know generally what to expect, the next step is choosing your exchange. Some people find that one exchange suits all of their crypto trading needs, while others prefer to use one exchange for some types of trading and another exchange for others.
Regardless of whether you choose one platform or more than one, there are several criteria that crypto traders should keep in mind during the selection process:
- Security: “Will my money be safe?” is the first and most important question any trader should ask themselves when choosing an exchange. Make sure to stick to a service provider with a solid reputation, maximum security protections, and insurance of assets.
- Markets & Liquidity: Some exchanges are as straightforward as simply offering Bitcoin/AUD trading, while others provide everything under the sun. Make sure the exchange has the trading pairs and types of markets (such as derivatives) that you are interested in. It’s also important that there is ample participation in said markets- they must have a certain level of liquidity to ensure the order books are prepared for trading in all circumstances.
- Fees: Another question traders must ask themselves is “How expensive is it to use it?” The best exchanges ideally have free deposits and withdrawals alongside miniscule trading fees.
- Usability and Customer Support: Many exchanges falter in regards to the user experience provided. Are charts interactable and easy to manipulate and dissect? Is it a simple process to navigate pages and move funds around? And most importantly, how responsive and helpful are the customer support services provided?
With these procedures and criteria in mind, here is our review of some of the top cryptocurrency exchanges for Australian traders in 2019.