Much has been written about Australians investing in cryptocurrencies at a rapid rate the past couple of years.
But the platform they choose to trade on has seen relatively subdued discussion.
Yet this would be the first question anyone wanting to enter the crypto world for the first time. Where do I go?
Recently comparison site Finder did all the legwork and tried to come up with an answer.
The result was the awarding of the first-ever Cryptocurrency Exchange Awards.
And the winners are…
Multinational platform Binance was the big winner from Finder’s analysis, taking out three of the six awards.
The exchange won “best Australian cryptocurrency exchange overall”, “best exchange for features”, and “best exchange for altcoins”.
Altcoins are emerging currencies that are outside of the major players like Bitcoin (CRYPTO: BTC) and Ethereum (ASX: ETH).
Crypto.com, which has been mocked online for its TV advertisements featuring movie star Matt Damon, was ranked the best exchange for beginners.
According to Finder consumer research head Graham Cooke, digital currencies had permeated the national consciousness much more in Australia than in other regions.
Cooke says, “85% of Aussies say they know what cryptocurrency is, much higher than countries like the United States (59%) and the United Kingdom (55%).”
“Cryptocurrency ownership is on the rise, so it’s important Australians are comparing the various products out there and making sure they’re choosing the right exchange for them.”
The other two winners from Finder’s inaugural honours were Kraken as the best platform for trading, and Digital Surge as the best exchange for value.
The award winners were calculated using a quantitative approach, taking into account features and fees.
Selection of crypto exchange as important as choice of crypto
No doubt an expert ranking of crypto exchanges could prove useful for investors, especially after recent news of platforms wiping out investors’ wealth.
In December, The Motley Fool reported that customers of both myCryptoWallet and ACX were in a panic after their investments disappeared along with the exchanges.
One user told The Sunday Age at the time that he had used ACX for three years without any problems. Then, without warning, withdrawals were blocked.
“I had no suspicion that it was a scam or anything like that. I was buying and selling, everything was functioning the way I thought it should function,” he said.
“It’s become obvious since then that there’s been some sort of wrongdoing.”
The post The best cryptocurrency exchanges for Australians appeared first on The Motley Fool Australia.
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Motley Fool contributor Tony Yoo owns Bitcoin and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia owns and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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