Update: Please see our article on the best crypto exchanges in Australia for reviews and up to date information.
What is the Best Cryptocurrency Trading Platform?
Cryptocurrency trading platforms are essentially websites where you can buy, sell or exchange cryptocurrencies for other digital currencies or traditional currencies. Trading cryptocurrency has become very well-known activity over the last year with your average mum and dad investor jumping on the trading Bitcoin wagon. There are many beginners that are joining the crypto world every day and while some of them could be joining for an investment opportunity, some may be in it for the technology. So, if you are looking to start trading cryptocurrencies, here is some more information about the best trading platforms.
“A cryptocurrency exchange or a digital currency exchange (DCE) is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. A cryptocurrency exchange can be a market maker that typically takes the bid-ask spreads as a transaction commission for is service or, as a matching platform, simply charges fees.” - Source: Wikipedia (https://en.wikipedia.org/wiki/Cryptocurrency_exchange)
Binance offers one of the largest cryptocurrency exchanges in the world in terms of trading volume. They support AUD deposits and withdrawals for personal accounts which are Instant and have no fees through PayID/Osko. Binance is trusted by many investors and is used by millions of customers across the world. It is one of the most popular and well-known trading platforms in the world. The features of this platform are that it makes it easy to securely purchase, use, store, and trade digital currency. You can store your Bitcoins and Cryptocurrencies through a digital wallet that is available on IOS and Android
Coinbase is a worldwide exchange you can trade with other users by using the company’s Global Digital Asset Exchange (Coinbase Pro) subsidiary. Coinbase Pro currently functions in the UK, US, Canada, Australia, Singapore, and Europe. There are no transfer fees when you move funds from your Coinbase account to your Coinbase Pro account. The main benefits of having Coinbase is that it has a great reputation, high security, affordable fees, beginner friendly, and the stored currency is covered by Coinbase insurance. While on the other hand, the disadvantages of this platform are limited payment methods and limited countries supported.
Bitbuy.ca is a Canadian owned and operated digital currency platform. It was originally founded as InstaBT in 2013. The main aim for this company is to provide convenient, dependable, and secure access to Bitcoin and other cryptocurrencies. Additionally, the primary features of this platform are also to provide customer service, ease of use, and rapid turnaround times for deposits and withdrawals. This is a good trading platform as it caters to beginners as well as professional traders and it is one of Canada’s fastest growing platforms. Users that are looking to buy crypto or turning fiat currency into cryptocurrency quickly and easily, then Bitbuy.ca is a great choice. The benefits of having this trading platform is that it offers great customer service, quick registration, and verification, the fast process of CAD deposits, withdrawals, and low fees. While the disadvantages are only limited to selected cryptocurrencies and it is only available to Canadians.
The trading platform Kraken was founded in 2011 and it is the biggest Bitcoin exchange in euro volume and liquidity. Kraken is also a partner of the first cryptocurrency bank. This trading platform will enable you to buy and sell Bitcoins and trade between cryptocurrencies and selected traditional currencies. You can also trade with other digital currencies such as Monero, Ethereum, Litecoin, Zcash, Ripple, and more. Additionally, Kraken provides margin trading and a host of other trading features. Kraken trading platform is a great selection for more professional traders. The pros of the Kraken are that it has a great reputation, reasonable exchange rates, it’s seen to be secure, supported worldwide, low transaction fees, and more. The cons are that it has limited payment and not friendly for beginners.
Coinsquare trading platform is committed to safe and secure trades as you are trusting your money with them. They take this very seriously, so they have a 100% proprietary system. In addition to this, they have also been DDoS tested and they have never lost a single coin to date. Also, they keep a ledger to make sure that they know where every coin is at all times. The advantages of using Coinsquare is that it has a fantastic reputation, it’s seen to be very secure, it has affordable fees, and its relatively beginner friendly. On the other hand, the disadvantages of Coinsquare are that it has limited payment methods and limited countries supported.
The trading platform ShapeShift is one of the leading platforms that supports a range of cryptocurrencies, including Bitcoin, Ethereum, Zcash, Monero, and many others. It a great option for people that want to make instant direct trades without having to sign up to an account or rely on a platform to hold their funds. However, ShapeShift does not enable users to buy cryptos with debit cards, credit cards or another form of payment system. ShapeShift has a no fiat policy and will only allow exchange between Bitcoin and other supported cryptocurrencies. The pros of having this trading platform are that it has a great reputation, suitable for beginners, many cryptos available for exchange, quick exchange and affordable prices. While the cons are that it has an average mobile app, no fiat policy, and limited payment options.
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