When it comes to cryptocurrency, Australia is quickly becoming a world leader. As per statistics, almost 0.9 million people, that is 3.4 per cent of the total Australian population is at present involved in crypto trading. With so many people getting into the crypto market, it’s no surprise that more and more crypto exchange platforms are popping up. Bitcoin is the leading cryptocurrency owned.

However, not all of these platforms are created equal. Ensure to do your research before choosing an exchange platform, as there are a few mistakes you want to avoid.

The following post will discuss the biggest mistakes people make when choosing from the best crypto exchanges.

1) Not Doing Your Research

There are a lot of scams out there, and you don’t want to fall for one.

There are factors to consider when choosing an exchange platform. You can read customer reviews to get an idea of their experiences. You should also compare the features each platform offers and their fees.

Ensure to find one that fits the needs.

2) Not Understanding the Fees Involved

In 2021, Australia had the third highest cryptocurrency adoption rate worldwide. It shows no signs of reducing.

It means that there is a lot of competition among crypto exchange platforms. Many of them charge high fees, so it’s essential to understand what you’re paying before making a trade.

Some platforms offer discounts for high-volume traders. Be sure to compare the fees between different exchanges before making your decision.

High-volume traders are also rewarded with better customer service.

3) Not Keeping Your Coins Secure

It is another mistake that can cost you a lot of money. When you’re not using your coins, you need to keep them in a safe place.

Many people store their coins on the exchange platform where they were bought. It is not recommended, as hackers often target these platforms.

Some secure ways to store your coins are through a hardware wallet or a paper wallet. You can also use a software wallet, but make sure it is well-protected with a strong password.

Paper wallets are also offline, but they can be damaged or lost.

Make sure you are familiar with the security features of each platform before depositing your coins.

4) Not Checking the Withdrawal Limits

When you want to cash out, you need to make sure the platform you’re using has high withdrawal limits. Some platforms have shallow limits, which can be a problem if you’re looking to trade large amounts of cryptocurrency.

The withdrawal limit is the maximum amount you can withdraw in 24 hours. Be sure to check this limit before depositing your coins.

5) Not Staying Up-to-Date on Crypto News

Cryptocurrency is a volatile market. It’s vital to stay up-to-date on the latest news.

The best crypto exchanges in Australia have a blog or news section to post updates on the market. Therefore, look for a platform that is constantly putting out relevant information regarding market trends, exchange updates and other relevant news. It is also essential to be aware of any new regulations that may affect the crypto market.


Trading in crypto needs a reliable and secure crypto exchange platform. You can use the above tips to find a reliable trading platform.