A crypto exchange (cryptocurrency exchange) lets you swap your money for coins, and then coins for other coins. There are dozens of exchanges to choose from, and new ones popping up every day.
What I look for in an exchange
Reputation
Not sure if I should admit it, but generally, I talk to people in the real world about what platforms they use before I sign up. I then Google them, check reviews on the App Store, and try to figure out how many users they have etc.
I tend to choose platforms that have stronger connections to Australia, but that’s just me. It’s a digital world, and there are options everywhere. I just do what I feel safest with (again – I’m a risk averse bunny).
Range
You also might have heard of some new amazing crypto that you want to buy – only to find it’s not offered on your exchange. You can then find another where it is available, or just wait. Most exchanges list new coins frequently.
Rewards
I’m not as on top of this as I could be, but I think there are exchanges where you can earn some of their currency by transacting/referring etc. If this appeals to you, I’m sure there are some guides to crypto rewards out there (and I’ve made a note to make a post about it soon – sign up for updates so you don’t miss it!)
Some exchanges available in Australia
Please note – the links below have my referral code in them. If you use this to set up an account we both get something in return. The benefits vary site-to-site. For CoinSpot, we each get $10 worth of BTC (noice). For Binance I think it’s percentage of fees etc. When your account is set up, you could also refer your friends to the exchange if you want to get some more rewards.
coinspot
From their website: The easiest way to buy Bitcoin (BTC) and a whole world of other digital currencies. Australia’s most trusted cryptocurrency exchange since 2013.
Plus their logo is literally a rocket.
CoinSpot charges fees when you buy/sell coins, which some people don’t like. Personally, I look at it as a lazy person tax. It’s not the cheapest way to buy crypto, but I’m comfortable with their security, they have a good range of coins, and it’s really easy to use.
Binance
From their site: Join the world’s largest crypto exchange. It is a really comprehensive trading platform, and I think a little cheaper than CoinSpot in terms of fees.
They have their own coin, BNB, which you can buy on most exchanges (not just on Binance). From their site: BNB powers the Binance Ecosystem and is the native coin of the Binance Chain and the Binance Smart Chain.
Binance also has:
- a wallet app (TrustWallet), which lets you swap coins.
- the option to trade futures, which is a very high risk/reward option that I won’t discuss here right now (it scares me a little!)
- an academy which has lots of crypto knowledge, but is nowhere near as fun to read as my blog!
eToro
From their site: Trade with confidence on the world’s leading social trading platform. Join millions who’ve already discovered smarter investing in multiple types of assets.
Personally, this one seems a bit stressful. It’s supposed to be one of the best for beginners, but it has a LOT of options (crypto, stocks, FX etc.) which overwhelms me a little.
Down a completely separate, non-crypto rabbit-hole, it seems you can set up a virtual account to test the waters, which might appeal to some. There’s a bunch of people posting comments etc. in there as well. I suspect it’s very easy to login, and then realise you’ve just lost 4 hours of your life.
Join eToro.com
Need more options?
Finder.com.au has a great comparison of the best cryptocurrency exchanges
Cryptocracy 
3 thoughts on “Crypto exchanges”