What’s the Best Centralized Exchange (CEX) Based in Australia in 2024?
If you’re a crypto user in Australia, it’s important that you choose the best crypto exchange to suit your needs. So what’s the best CEX in Australia? The right answer will depend on what specifically you’re looking for in an exchange.
This article will cover the top centralized crypto exchange options for a range of Australian crypto users with different needs and priorities. All the exchanges mentioned here catered specifically to the Australian user.
Let’s get started!
How to Choose a CEX in Australia
There are a number of ways to rank the best CEX. While there’s no right answer to the “best” exchange, we can certainly set some paramaters for the service you can expect from an exchange and choose accordingly.
- Number of supported assets
- Customer support
- Fees
- Trading features
- Added features
- Regulatory situation
As we can see, there are different aspects of an exchange worth considering.
Best CEX in Australia: Grineo #1
First off, we’d like to explain why our own exchange service, Grineo, merits making the list.
Grineo is an Austrac-regulated exchange that not only allows you to swap and store stablecoins, but to spend them in any store in the world or withdraw stablecoins as cash from an ATM as well.
The exchange is purpose-built for the Australian user, including excellent customer support and a Visa-issued crypto card only available to Australian residents.
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Independent Reserve
Independent Reserve is one of the most popular centralized crypto exchanges in Australia.
Founded in 2013, Independent Reserve offers OTC trading to allow for large transactions that could potentially move the market value of a cryptocurrency to happen off the main order books of an exchange, avoiding slippage. The exchange offers 30 supported cryptocurrencies and is regulated by AUSTRAC.
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CoinSpot
CoinSpot is an Australian CEX exchange reported to have good customer service as well as low fees and a user-friendly interface. This has made it a popular choice among casual retail investors in Australia.
However, no crypto card is available, limiting the exchange for trading only rather than real-world spending of crypto assets.
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Swyftx
Swyftx is the next exchange on our list, with a low barrier to entry of just $1 for transactions. This is an attractive minimum amount that appeals to users seeking to dabble in small amounts of crypto, although of course, larger sums are also supported. Based in Brisbane, Swiftyx has locally-based customer support at hand to assist users with any issues they might face. Again, no crypto card is available at this time.
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CoinJar
CoinJar is one of the most well-known crypto exchanges in Australia. Founded back in 2013, the Australian CEX offers low fees, catering to the more seasoned or frequent crypto users.
However, the exchanges lacks advanced trading features. Like Grineo, CoinJar offers a crypto card.
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Choosing the Best Crypto Trading Platform in Australia
Choosing the best exchange for you will depend on what you’re looking for. If you want advanced features and the lowest fees, such as a day-trading exchanges, there are options on this list for you. If you don’t expect to be trading crypto every day, this is less important, and you might want a wider range of cryptos or services like staking.
Finally, of course, if you want a centralized crypto exchange in Australia that allows you to spend crypto like cash, the answer is Grineo. Sign up for a Grineo account now to try it out!
FAQs
What factors should I consider when choosing the best cryptocurrency exchange (CEX) in Australia?
Several factors should influence your decision, including your trading goals (short-term vs. long-term), preferred features (advanced trading tools or simplicity), security measures, ease of fund access (ATM withdrawals or in-store purchases), and the importance of customer service for issue resolution. Some people prefer exchanges with strict KYC (Know-Your-Customer) policies in place to protect customers, while others prefer more anonymity.
Can I use my cryptocurrency funds as regular cash in Australia?
You can do this with Grineo, which offers a crypto card that allows you to spend USDT and USDC in any store in the world or withdraw crypto as cash from any ATM.
How important is security when selecting a cryptocurrency exchange in Australia?
Security is paramount in the cryptocurrency space. Look for exchanges with robust security measures, such as two-factor authentication (2FA), cold storage for assets, and a strong track record in handling and preventing security breaches. Exchanges like BTC Markets and Swyftx prioritize security.
