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How to choose a cryptocurrency exchange

Mark Bristow avatar
Mark Bristow
- 3 min read
How to choose a cryptocurrency exchange

Even if you’ve done your research and are confident you’ve found a crypto coin that’s heading straight to the moon, you’ll need to choose a cryptocurrency exchange to make your investment.

Every cryptocurrency exchange is different, so it’s important to compare your options and consider their features and benefits before making a decision.

Some of the questions you may want to ask yourself include:

Is the exchange easy to use? 

Depending on how you choose to manage your crypto trading, you may prefer an exchange with an optimised user experience on desktop or mobile via apps.

Processing times could also vary between crypto exchanges, which could affect your trades.

If you’re relatively new to the wonderful world of crypto, an exchange that provides educational guides and walks you through the basic steps of trading could help make getting into crypto much simpler.

Does the exchange carry the coins you want? 

No one crypto exchange offers every type of cryptocurrency available on the market. As well as classics like Bitcoin and Ethereum, new altcoins are being minted all the time.

If your focus is on trading particular coins, then you may want to make sure an exchange carries a wide range of different options before making an account.

What are the fees and charges? 

Different crypto trading platforms may charge their fees in different ways, which could affect your crypto trading strategy. Some may charge a regular membership fee, or a percentage on each transaction that takes place over the platform.

Some overseas-based crypto exchanges may require you to make exchanges in US Dollars or even Bitcoin rather than Australian Dollars, and may charge currency conversion fees on top of any other costs. Plus, buying crypto through an overseas exchange could potentially make your taxes a bit more complicated.

Is the exchange legit? 

We’ve all heard the horror “rug-pull” stories of investors being taken advantage of by crypto scammers. Consider doing plenty of research before signing up with a crypto exchange you’re not familiar with, especially if they haven’t yet had a chance to build a reputation and establish their credentials.

If the exchange is open about the identity and location of its owners and offices, offers support for Australian customers, and is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), then you should be able to be more confident in that exchange.

What security does the exchange offer? 

Different cryptocurrency exchanges may use different methods for protecting their users, such as Two Factor Authentication (2FA) or biometric security (e.g. fingerprint or face scan).

The level of security you prefer compared to the ease of access to your portfolio may affect your choice of crypto exchange.

Compare cryptocurrency exchanges

Promotedcryptocurrency

Swyftx

Cryptocurrencies available: 245

Fiat Currencies Accepted: AUD, NZD

Trading Fee: 0.6%-0% based on a rolling 30 day's trading volume

Withdrawal Fee: $0 for AUD/ Deposit's withdrawals. Network transaction fees apply while transferring coins to an external wallet

Deposit Fees: No POLi fees. No fees on cryptocurrency and PayID deposits. Credit/Debit card deposits supported (5% fee)

An Australian owned and operated digital currency exchange that allows users to sell, trade and buy Bitcoin, and over 245+ other digital assets, with low trading fees and one of the smallest spreads available.

Promotedcryptocurrency

CoinJar

Cryptocurrencies available: 57

Fiat Currencies Accepted: AUD, GBP

Trading Fee: 0%-1%

Withdrawal Fee: No fee for AUD or GBP withdrawals. Cryptocurrency withdrawal fees are based on blockchain network fees

Deposit Fees: No fees with PayID; 2% fee with credit / debit card, Apple Pay, and Google Pay

Australia's longest-running cryptocurrency exchange with over 500,000 Australian customers and a simple to use app for both iOS and Android.

cryptocurrency

Digital Surge

Cryptocurrencies available: 245

Fiat Currencies Accepted: AUD

Trading Fee: 0.1%-0.5% based on a rolling 30 day trading volume.

Withdrawal Fee: None for Australian bank accounts - Instant withdrawals through Osko/PayID.

Deposit Fees: No fees for Osko/PayID, Direct Deposit, Bank Transfers or cryptocurrency. POLi fees range from $2-$3.30.

Because simplicity makes life better. The easiest way for Australians to buy, sell & store over 245+ cryptocurrencies. Low fees, tight spreads, Aussie-based customer support & an interface that makes crypto enjoyable & easy-to-understand. Simple. Safe. Stress-free.

cryptocurrency

CoinSpot

Cryptocurrencies available: 263

Fiat Currencies Accepted: AUD

Trading Fee: 0.1% to 1% based on order type

Withdrawal Fee: None for Australian Bank Accounts

Deposit Fees: No fees for POLi, PayID, Direct Deposit and Bank Transfers. 0.9% BPAY fee, 2.5% cash fee

Australia’s most trusted exchange since 2013.

cryptocurrency

Cointree

Cryptocurrencies available: 280+

Fiat Currencies Accepted: AUD

Trading Fee: 0.05%-0.9%

Withdrawal Fee: No fee with fiat withdrawals. Cryptocurrency withdrawal fees vary.

Deposit Fees: No fee

Buy, sell, trade and pay with crypto. Simple, low fees, easy to use and trusted by 100,000+ members. Enjoy $10 BTC credit after verification with promo code: RATE10

This information does not reflect any ranking, rating, recommendation or endorsement by RateCity of cryptocurrency or any specific provider. RateCity is providing factual information supplied by providers. Not all providers or products are shown. RateCity will earn a fee from the providers displayed in the table (if a link to the provider's website is shown), and the fee levels determine placement in the table. Cryptocurrencies are speculative, complex and can involve significant risks. RateCity is not providing a recommendation for your individual circumstances.

Product database updated 21 Jul, 2024

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.