5 Best Crypto OTC Trading Platforms in Australia 2023

But before you jump into the crypto market, you need to find a reliable and trustworthy crypto exchange to buy and sell your cryptos. If you want to find a suitable crypto exchange, you should analyze its features and compare them to your investment strategy. Due to local regulations, some exchanges are banned from certain countries – and conversely, there are exchanges that don’t allow access to users from particular territories. The personal experiences of users are the most reliable source where you can learn a lot about the platform’s real drawbacks and perks. Rating systems are really helpful in deciding whether the platform can be trusted.

Due to its bank-like safety measures, CoinSpot is regarded as one of the most secure exchanges in Australia to buy, store and sell crypto. CoinSpot is a long-established and reputable crypto trading platform based in Melbourne that was established in 2013. It is currently the largest crypto exchange in Australia with more than 2.5 million customers. Based on 1,940 existing customer reviews at the time of writing, CoinSpot has been rated with 4.4/5 stars on Trustpilot which is a testament to being a top crypto platform. When it comes to using leverage, there are plentiful derivatives trading markets supported, and multiple ways to use leverage up to 100x on its futures trading platform.

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At the start of 2021, investors weren’t particularly interested in Dogecoin. Polkadot also features a unique consensus mechanism called “Nominated Proof-of-Stake” (NPoS), which allows token holders to nominate validators to secure the network and earn rewards. Validators are selected based on their reputation and the number of tokens backing them.

• LocalBitcoins allows users to purchase Bitcoins via an in-person meeting while the transaction is being facilitated and secured by LocalBitcoins.
• The beginner-friendly platform hosts the largest selection of crypto assets in the country where over 1,000 coins and tokens can be bought with AUD.
• In Australia and New Zealand and throughout Asia-Pacific, it is one of the largest and most prominent financial institutions.

For example, if you are trading GBP/AUD at a stake of $500 – and the platform charges a commission of 0.1%, you’ll pay $5. For example, UK stocks can be traded from just 0.10%, while US stocks cost $0.02 per share CFD. All other asset classes can be traded commission-free, website albeit, your fees are built into the spread. This includes everything from the US, UK, Europe, Asia, and of course – Australia. This gives you ample opportunity to build a diverse portfolio of international shares from several stock markets.

Which crypto exchange in Australia has the lowest fees?

Cryptocurrency exchanges work a lot like other trading platforms you may be familiar with. They provide you with accounts where you can create different order types to buy, sell and speculate in the crypto market. The exchange also offers Australian-based customer support, ensuring that users can get the help they need when they need it. Additionally, Swyftx has an iOS and Android app that is user-friendly and provides almost all of the features of the main web app, making it convenient for users to trade on-the-go. Overall, Swyftx is an excellent option for both new and experienced traders looking to invest in cryptocurrencies.

• With its visually appealing design and layout, beginner investors should have no trouble making their way around.
• CoinJar’s OTC trading desk is responsive, providing a smooth user experience.
• Love Hate Inu is the newest addition that rewards users for voting in pools about trending issues and topics.
• You can get started quickly and begin trading without ID verification.

On the other hand, users will be allowed to advertise exchanges for the payment method they prefer. LocalBitcoins allows users to purchase Bitcoins via an in-person meeting while the transaction is being facilitated and secured by LocalBitcoins. The advantage of using LocalBitcoins is that private and in-person exchanges require no personal information. However, among the disadvantages are that you have to beware of scammers and it is more difficult to purchase larger amounts of Bitcoin compared to larger exchanges. Before we begin, these trading sites are not a definitive list of all sites, and they are chosen based on determining factors such as site performance, security, fees, support, etc.

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If you are acting personally, all of your gains, losses, fees, and other costs will be subject to capital gains tax. If you are conducting these same actions as a business entity, you will be subject to business income tax. To ascertain what market your activity falls into, it is advised that you consult with an accountant. Many techniques and strategies that apply to other trading domains are also utilized in crypto. Margin trading in crypto is one of the popular techniques utilized by crypto traders.

• The platform lets you trade crypto without showing your ID, which is ideal for people who care about privacy and want a no-KYC exchange for crypto.
• In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner.
• In manual trading, the platform will provide you with information and data on the current market and will also notify you of any changes in the market but here the end decision is of the user.
• Their platform is extremely intuitive and user-friendly, and they have 24/7 live chat support in case you ever find yourself stuck.
• It’s a simple exchange for beginner crypto traders to start on with competitive fees and many trading features.

Once you are comfortable trading on the testnet platform and you are ready to trade for real, you can easily transition to the normal site. With everything that Bybit offers, serious Australian crypto traders should consider using Bybit. If you use this link, you can also receive $10 FREE Bitcoin when you deposit at least $100. Bybit offers spot trading on more than 280+ coins, and has derivatives markets (USDT Perpetual contracts, Inverse Perpetual contracts, and Inverse Futures contracts) for more experienced traders. The trading fees are some of the lowest in Australia, at just 0.01% / 0.06% (maker/taker) for derivatives traders, and 0.1% for spot trading.

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I do believe that it can take some getting used to for beginners, which is why Swyftx is the most recommended exchange for beginners. Copy Trading by eToro is the way to go if you like the sound of automated crypto trading. By doing this, you’ll be able to choose a successful crypto trader who uses eToro – based on their past performance and average monthly return. You can then copy the trade like-for-like in a transparent and regulated environment.

• After the transaction is completed, the crypto will be added to your Coinbase account.
• In addition, direct debit card transactions include the trading commission since these are direct purchases.
• But of course, they have trading fees that range between 0.5% to 1.6%.
• Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology.

These platforms adhere to the regulations set by ASIC and AUSTRAC, ensuring a safe trading environment. They also provide a wide range of deposit options, making it easy for investors to start their crypto journey. Remember, while cryptocurrencies offer exciting investment opportunities, they are subject to Capital Gains Tax, and it’s essential to stay informed about the tax implications.

Bybit Australia Cons:

Others have features like crypto staking or lending that allow you to earn interest on your crypto holdings. The best exchanges feature educational offerings to keep you up to date on all things crypto. International platforms typically answer to additional regulatory bodies which is why some features might not be available for Australian traders.

• Look for exchanges that offer convenient methods, such as bank transfers, credit/debit cards, or digital wallets, to facilitate easy deposits and withdrawals.
• Therefore, before investing, you must be 100 percent convinced that cryptocurrency is a good idea.
• In May 2019, when the platform was hacked successfully, Binance was able to reimburse the lost funds to its users by drawing out funds from SAFU.

Even on a small screen, you can buy, sell, and trade crypto seamlessly. It is generally compatible with iOS and Android platforms if your chosen crypto trading platform offers an app. You will always need to pay some type of fee when buying and selling digital currencies online, as discussed throughout this guide to the best crypto trading platforms of 2023.

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Even though the creators of Quantum AI say that the software is highly effective and secure, it is necessary that we analyze it on our own before we try it out. As per our list, Binance provides the highest leverage with minimum fees and the best features for margin traders in Australia. In P2P margin, traders can borrow funds at interest instead of paying them entirely and suffering a substantial loss.

• If you value top-notch customer service, you should not ignore eToro’s live chat feature once logged into your account.
• CoinSpot is another one of the top crypto exchanges in Australia, due to its range of features, a huge range of 370+ coins, and trust it has built up since its establishment in 2013.
• Centralised exchanges offer a convenient way to store cryptocurrencies, but users place their trust in a third party to safeguard their assets.
• It is crucial to choose a regulated broker who is watched and checked to ensure customers are not exploited or manipulated.

In Australia and New Zealand and throughout Asia-Pacific, it is one of the largest and most prominent financial institutions. This fee is fixed, unlike some stockbrokers that increase their fees when you buy more. Trading CFDs does not involve the actual purchase of the underlying asset and only involves speculating on whether the price will rise or fall. Australia’s stockbroker was founded in 2011 and works slightly different from the other brokers on the list.

Trading Fees

The trading fee is a nominal 0.6% and there are no fees on deposits and withdrawals. Compared to the industry average spread of 5.2%, Swyftx charges between 0.2% and 0.8%. We regularly update our top exchanges list to reflect the ever-changing crypto market.

• Here are the top news stories from the week beginning the 22nd May 2023.
• They provide you with accounts where you can create different order types to buy, sell and speculate in the crypto market.
• Here are some of the key things to consider, click on each one to read more information.
• When it comes to using leverage, there are plentiful derivatives trading markets supported, and multiple ways to use leverage up to 100x on its futures trading platform.
• Listen to the Tapping into Crypto podcast for the latest trends and opportunities in cryptocurrency.

By holding 16 coins in their Swyftx account, crypto investors can earn interest on them. Newcomers and advanced investors can use this method to increase their crypto holdings without taking any risk. This could be problematic if you are an advanced day or swing trader, as there is no support for MT4, MT5, or any third-party platform for that matter. Once you upload your Australian ID – which is usually verified straight away, you only need to meet a minimum deposit of $100. For example, Skilling does not charge any commissions on any of its markets, and spreads are often industry-leading.

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However, all major coins and tokens are supported such as Bitcoin, Ether, Solana, Cardano, Tether, and DAI. If you’re an altcoin investor who is interested in the more exotic coins then you will need to find an alternative place to buy them. Founded in 2013, CoinJar is one of Australia’s oldest crypto platforms with more than 500,000 active users. The platform is more orientated towards beginner and novices through it’s beginner-friendly interface, streamlined crypto purchasing processes and innovative features.

• Depositing on CoinJar is free when using NPP, but there are fees of 1.5% for Blueshyft and 2% for Visa/Mastercard, Apple Pay, and Google Pay.
• This site is highly secure, and it has never experienced a breach since its inception.
• However, the trading volumes required for fee reductions aren’t as enticing as other crypto exchanges.
• In essence, Bitcoin BSC introduces a novel cryptocurrency investment avenue with the potential to replicate the success of Bitcoin.
• 67% of retail investor accounts lose money when trading CFDs with this provider.
• Launched in 2013, CoinSpot has become one of the leading Australian exchanges.

One of the main advantages of Crypto.com is called Crypto.com Earn, which is a way for you to earn interest on your digital assets while ‘hodling’ them. There are more than 40+ cryptocurrencies available for staking, and the interest is released every week in the coin that you have a stake on. In fact, – you can even increase your interest rate or yield on your staked crypto based on how much CRO coin you’ve staked. You can also employ ByBit’s trading bots to trade your favourite coins on your behalf. Binance is always the first choice for international crypto services, and I’ll tell you why.