Cryptocurrency Exchange Finder

A cryptocurrency exchange is an online platform where you can buy, sell and trade cryptocurrencies.

Some exchanges allow you to trade through fiat currencies, such as Australian or US dollars, while others allow you to buy cryptos using another digital currency like bitcoin (BTC) or Ether (ETH).

There are exchanges designed to suit novice traders or those new to the world of cryptocurrency, as well as platforms designed for institutions and full-time traders.

Because not every exchange supports every available digital coin and token, you may need to use multiple crypto trading platforms to buy and sell the currencies you want.

• Type of trading

  First, consider the type of trades you want to place. There are exchanges available that offer:

  • Fiat-to-crypto trading
  • Crypto-to-crypto trading
  • Both fiat-to-crypto and crypto-to-crypto trading

  For example, if you want to buy BTC with AUD, you’ll need to find a cryptocurrency broker that allows you to buy coins via bank transfer or credit card. Alternatively, if you want to exchange your BTC or ETH holdings for another cryptocurrency, you’ll want a platform that offers direct crypto-to-crypto trades.

• Trading pairs

  Consider which currencies you want to trade, and which platforms list those currencies in one or more trading pairs:

  • Cryptocurrencies. There are more than 1,600 digital currencies in existence at the time of writing in August , 2018, so don’t expect to find them all listed on any single platform. Major cryptos like BTC, ETH, XRP and others in the top 20 coins by market cap are listed on an extensive range of exchanges, but rarer altcoins may be much harder to find.
  • Fiat currencies. If you want to buy crypto with one or more fiat currencies, check which deposit currencies the platform accepts.

• Fees

  From deposit through to trading and then withdrawing funds, how much will it cost you to buy and sell crypto on each platform from start to finish? Remember to consider your payment method, the currencies you want to use, and any discounts you may be entitled to when completing these calculations.

• Limits

  Are there any limits on the amount you can deposit into your account, or the amount of cryptocurrency you can buy or sell per-transaction or per-day? Also check whether there are any restrictions on how much you can withdraw from your account.

  Remember, minimum and maximum limits may apply, so check the fine print to be sure the platform is a good fit for the size of trades you want to place.

• User-friendliness and trading tools

  If you’re a cryptocurrency novice, getting started buying and selling coins and tokens can be complicated and confusing. On the other hand, experienced traders may want a platform with special features like advanced charting and order types, and the option to trade on margin.

  If you’re a crypto trading beginner, look for a platform with a simple and straightforward user interface that’s easy to understand from the beginning.

• Ease of access

  How can you access your trading account? For example, many platforms offer web browser-based trading only, but some also offer mobile and even desktop trading apps. If trading on the go is important to you, it’s worth reading up on the user-friendliness of the platform’s mobile app.

• Loyalty programs and discounts

  Is there any way you can access reduced trading fees? For example, are you entitled to fee discounts simply because you hold an exchange’s native currency or use those tokens to pay transaction fees? Is there a tiered fee structure that rewards high-volume traders with reduced fees?

  Some crypto exchange loyalty programs will even offer additional benefits, such as access to exclusive events and even a share of the platform’s trading fee revenue, so this feature is well worth investigating.

• Exchange rates

  There is no such thing as an official bitcoin price – it’s determined by whatever people are willing to pay. Compare exchange rates across a handful of different crypto exchanges and you might be surprised to find just how much they can differ from one platform to the next. The variation can be as much as 10% in some cases, which can obviously make a big difference to the success of a trade.

• Liquidity

  The level of liquidity on an exchange affects the ease and speed with which you can complete trades. If there’s a high level of liquidity – in other words, if the exchange has a high trading volume – then trades should be completed quickly and easily.

  For example, one of the biggest benefits of trading on larger crypto exchanges is that they get enough orders to be able to match buyers and sellers without any difficulty. However, low liquidity can lead to substantial price fluctuations.

  You can check crypto exchange trading volumes on sites like CoinMarketCap.

• Payment methods

  Can you deposit funds into your account via bank transfer, credit card and/or PayPal? The more payment options an exchange has, the more convenient it will generally be to use. Make sure your exchange has deposit and withdrawal options that work for you, and remember to check the fees associated with different methods.

• Account verification process

  If privacy is important to you when trading cryptocurrency, there are some platforms that allow you to transact anonymously. Of course, if it’s too easy to create an account and start trading, consider whether there’s anything to stop a platform from disappearing (hopefully not with your funds) overnight.

  Many other platforms will require you to verify your account before allowing you to trade. This step is designed to ensure that the exchange meets its obligations under Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.

  Verification requirements vary between exchanges, but you may need to provide some or all of the following:

  • Your name
  • Your email address and phone number
  • Your address
  • Proof of ID
  • Proof of address
  • A photo of yourself holding a signed declaration

  If you need to provide a wide range of personal information, it’s important to be sure you’re dealing with a trusted exchange. It’s also a good idea to research how long you can expect the verification process to take.

  Finally, be aware that some exchanges will require you to complete additional verification tasks in order to unlock full account features and higher transaction limits.

• Processing times

  How long will it take for your transaction to be completed? How soon are account withdrawals processed?

  Being forced to miss out on a trading opportunity because your trading funds took too long to arrive into your exchange account can be a frustrating experience. Spending day after day waiting for a withdrawal to arrive in your bank account or crypto wallet can also be extremely stressful, so check average processing times before you register.

• Security features

  Security is a crucial factor to consider when choosing a crypto exchange. History is littered with many famous examples of exchanges being hacked and unsuspecting users falling victim to theft and fraud, so make sure you do your research into what security measures are in place to protect your funds.

  Questions you should ask include:

  • Is 2-factor authentication supported?
  • Are customer funds stored in online or offline wallets?
  • Do I control my private key or does the exchange? If it’s the latter, where and how is my private key stored?
  • What level of verification is required to open an account?
  • Is there 24/7 security monitoring?
  • Will you receive email and SMS alerts regarding account activity?
  • Does the exchange use email encryption?
  • Does the exchange provide proof of reserve?

• Regulation

  Though authorities around the world are starting to catch up to the rapid growth of crypto exchanges, the industry as a whole is still lightly regulated. How an exchange is regulated depends on where it is based, so do your research to find out whatever information you can about the platform operators.

  For example, as of April 2018, Australian cryptocurrency exchange operators must be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and meet the Government’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) compliance and reporting obligations.

  It’s also worth noting that due to regulatory requirements, users from certain countries will not be allowed to access some exchanges. As always, check the fine print to find out whether any of these geographical restrictions apply to you.

• Customer support

  This is a crucial but often overlooked factor when comparing crypto exchanges. If you ever have a problem with an individual transaction or with your account, how will you be able to access a platform’s customer support team?

  You’ll need to consider:

  • The customer support channels available, such as email, phone and live chat
  • Is there an online support centre where you can submit a support ticket?
  • Is support available 24/7 or only during specific hours?
  • How quickly does the support team respond to enquiries?
  • If the exchange is based overseas in a country where English isn’t the first language, will you be able to access English-language support whenever you need?
  • Does the site’s support centre feature answers to a range of frequently asked questions, and perhaps instructional guides and/or videos that explain how to trade?
  • In short, does the platform have a good reputation for providing prompt and helpful support to users?

• Reputation

  Does the exchange have a reputation as a secure and reliable platform? Read independent online reviews from other users to find out all about their experiences, both positive and negative, with the platform. Where does it excel and where does it fall short? Would they recommend the exchange to friends and family?

  It’s also a good idea to consider how long an exchange has been operating, as well as whether it’s fully insured, before deciding which platform is right for you.

• Bank transfers
• POLi Payments
• Credit and debit cards
• Prepaid cards

• PayPal, Neteller, Skrill and other online payment services
• Cash deposits
• Cryptocurrency transfers

• Does every exchange list every possible cryptocurrency?

  No. The list of currencies available varies widely from one exchange to the next. Some platforms only support a select few currencies while others support hundreds, but there’s no guarantee that all the cryptos you want to buy and sell will be available on any one platform.

• What if I want to place large-volume crypto trades, for example trades worth $50,000 or more?

  You may want to consider using the services of an over-the-counter (OTC) broker in order to avoid slippage. Check out our guide to OTC services for more details.

• Are there any exchanges that allow leverage trading of cryptocurrencies?

  Yes. Take a look at our cryptocurrency margin trading guide for more information.

• Where can I find a list of the world’s biggest crypto exchanges?

  You can view 24-hour trading volume for crypto exchanges on sites like CoinMarketCap.

• Why do some crypto exchanges ask me to verify my identity?

  Exchanges in Australia and several other countries are subject to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations. In order to comply with these regulations, exchange operators must gather certain details about their customers – which is why you may be asked to provide proof of ID. This process is typically referred to as Know Your Customer or KYC.