Current Best Platform to Trade Crypto

Anyone knows what’s currently the best platform to trade crypto, in terms of any sign up bonus, free coins or low fees etc.?

Comments

  • +3 votes

    Binance.

    No fake sign up bonus, but they have tiny spreads, and respect your privacy so long as you avoid their AUD fiat gateway subsidiary.

    • +1 vote

      "avoid their AUD fiat gateway subsidiary."

      Tell me more?

      Are you saying not to go through binance.com/au?

      • +1 vote

        If you deposit AUD, they have to comply with local AML laws so will hold and release your transaction records to authorities if requested to. You will most likely get a letter from the ATO requesting details of your crypto transactions if you fail to declare details on your tax return (lots of people already got them for last FY).

        Also prevents you from trading privacy focused coins like XMR

        • +3 votes

          You will most likely get a letter from the ATO requesting details of your crypto transactions if you fail to declare details on your tax return

          Which you would be declaring anyway right, so what's the issue
          :)

          • +1 vote

            @SBOB: Just putting it out there for the less risk averse folks who may want to engage in questionable behaviour.

            As an aside, each crypto transaction is a CGT event so if you're considering trading make sure you keep adequate records for your accountant. Independent Reserve offers a tax statement for something like $30 but their fees and liquidity aren't as competitive as Binance.

            Also if anyone wants to get into crypto and needs help with anything, my PMs are open.

        • +1 vote

          OK thanks for that. Yep I got one of those emails even though I had not sold any crypto nor made any profit. I rang the ATO and asked what to do and they said not to worry about it. So I didn't . :)

        •  

          Are there any exchanges that don't report to aussie authorities and aren't too difficult to get AUD into?

  • +1 vote

    I'll detail the cheapest way to purchase crypto in Australia today, if it seems too complicated just make a BTC markets account and buy through there.
    -Sign up for a coinspot account
    -deposit AUD
    -This is the important part - DONT go to buy/sell - instead go to Markets
    -This is where you're buying directly off users. The Buy/sell page incurs a 1% fee per trade whereas using the markets tab this fee is reduced to 0.1% - the lowest fee of any exchange in Australia.
    -Compare the markets price to the buy/sell page, if its similar or lower just buy from markets.

    I would also recommend Binance as the user above does so if you want to send crypto there the cheapest way possible I would purchase NEO or GAS from the markets page as they have no transaction fee. But if you're doing this there are less buyers/sellers as they're not as popular so be very sure you're not paying above market price.

    That's if you want to trade of course. If you just want to buy/hold then just do so through Coinspot

    •  

      Many thanks for this. I am still confused with the difference between BTC markets, Binance and Coinspot? Also, where does Coinbase and Coinbase Wallet sit in all these?

      I am thinking of an investment strategy of putting weekly investment into crypto for the medium to long term. Any tips on this would be great!

      • +1 vote

        dont store your coins on exchange, for any significant period of time

        For the strategy you've mentioned just make an account on either BTC market or Binance, transfer AUD, buy whatever you want, transfer off exchange to an external hardware wallet.
        Look at both and compare fees.. i doubt there will be much difference but Binance will clearly have more alt coin options

        Depending on the amount whether transfer fees might make it more beneficial to move to hardware wallet on larger intervals (eg buy weekly, export off exchange monthly)

        •  

          Thanks SBOB. Why would storing coins in a wallet be better than the exchange?