Compare the best Australian cryptocurrency apps in 2022
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As cryptocurrencies grow increasingly popular, more individuals than ever are looking for mobile apps that suit their needs. This article explores how to choose one and offers tips and advice to help you make an informed choice.
What are the best cryptocurrency apps in Australia?
Well, that depends on what you are looking to do. We’ve broken them down into the best apps for buying, selling, trading, storing, and spending crypto. They all combine low fees and a strong reputation with a user-friendly interface and industry-leading security.
Top exchange apps for buying and selling cryptocurrency
If you want to get coins like Bitcoin and hold them as an investment, then consider signing up to one of the exchange apps in the table below. Our team has tested and verified each of them so you know they are good platforms.
Top broker apps for trading cryptocurrency
For trading cryptocurrencies, you need a reliable crypto trading app that will allow you to open and close trades quickly, in order to take advantage of price changes. Choose an app from the table below; it takes minutes to sign up and you’ll be able to trade instantly.
Top wallet apps for storing cryptocurrency
To store your crypto tokens securely, you might want to consider getting a personal wallet. These can enhance your security, and some now even have integrated exchanges so you can quickly swap between currencies. If this is what you want to do, we believe the below options are robust choices.
Top apps for spending cryptocurrency
Some platforms work just like mobile banking apps; you can use them to hold and exchange multiple digital and fiat currencies, including AUD. Additionally, some of these come with both an account and debit card so you can pay with your crypto in a store as if you were using a normal bank card. Here are some of the best to choose from.
What should I look for in a cryptocurrency app?
Design and ease of use
If you are a beginner, choose one with a design and interface that is accessible and easy to use. For more advanced users, an app with a more complex but more customisable and flexible interface might be ideal. The point of downloading one is to make managing your coins easier, so don’t choose one that gets in the way.
Reputation and regulation
If you’re trusting a service with your coins, then you want to make sure that the platform is reliable. Make sure you check out reviews of each app before downloading it to give you an idea of its pros and cons.
The Australian Securities Investment Commission (ASIC) regulates financial services in Australia. You should generally try to use regulated services where possible because they offer more protection in case something goes wrong. You can find out whether a platform is regulated by searching for its company registration number on the ASIC website.
Tools and charts
An application’s tools can set it apart from the competition, providing its users with more options, personalisation and information.
For example, charts and charting tools are useful for traders and long-term investors when trying to read price movements. They generally include indicators like bases, bollinger bands and stochastic oscillators. Therefore, we recommend checking out the tools and charts an app offers before signing up.
Fees and commissions
Every platform needs to make its money somewhere. Fees can be taken up-front, as part of a subscription, or even in the form of transaction fees or trading commissions. Make sure you are fully aware of the cost implications of using an app before you sign up.
When using online apps, you want to make sure both your coins and your data are secure, so look for features like the levels of encryption, two-factor authentication (such as biometrics and passcodes), and the use of firewalls. Moreover, for wallets, you should check if the app offers cold (offline) storage of tokens to protect you from online attacks.
These can set certain applications apart from the competition. Some have features like portfolio trackers, price alerts/notifications, news, educational content, tutorials and automatic trades, and you should look for features that are going to make your life easier and give you more options.
Quick answers to key questions
Can I use cryptocurrency apps on Android and iOS devices?
Yes, generally you can. However, be considerate that different app types will be available on different devices. To see if an app is available on your operating system, head over to the Google Play Store or the App Store and search for it.
How much do cryptocurrency apps cost?
It depends on the type of app. While wallet apps are typically free, ones that allow you to buy, sell, and spend cryptocurrency will usually charge small commissions for each transaction. This is commonly from 1% to 2%, though we have seen as high as 5%, so watch out.
Do I have to verify my identity with a crypto app?
Again, this comes down to what sort of application you’re using. Most wallets do not require ID verification. However, brokers – and some exchanges – require you to pass an identity verification check, and some will need you to provide a copy of your driving license, Australian passport, or another form of photo ID.
It is entirely up to the individual discretion of each app, and some platforms do not require any form of identification for using their services.
Are cryptocurrency apps the same as crypto wallets?
Online cryptocurrency wallets are a form of crypto app, but not all apps are wallets. Many applications that allow users to trade or buy coins let them store coins in their account, but a specialised crypto wallet provides an enhanced layer of safety and security. Some wallets even come with offline storage options which can be accessed from your smartphone.
Should I use a cryptocurrency app?
If you want to control your coins from a mobile or tablet device, then yes. Whilst services such as brokers are commonly operated through a desktop or laptop, the added flexibility of using a mobile application is hard to ignore and can give you easy access to your crypto investments.
It is always a good idea to take your time before choosing a service. To help you decide what the best app is for your needs, we have compiled a list of pros and cons below – and some final things to consider.
- They help you access crypto services at your fingertips, even when you are on the go
- The large variety of options available means that you can handle all of your crypto needs from your phone
- Many provide a more user-friendly interface than online platforms
Should I buy crypto with an app now?
This is entirely up to you. We feel they can be a good choice because they make the process of buying, selling, storing and paying with crypto easy and are a great option if you are on the move (or the sofa). Check out the latest news and analysis below to see if now is the right time for you to start:
Where can I learn more about cryptocurrency?
You can use Invezz to learn more about the basics of crypto, how it works, and to read about the different types of coin you can buy. Take some time to learn how cryptocurrency works and follow the markets for a while before you dive in and download an app.
Yes. Those who invest large amounts of capital often spread risk by using several different platforms, and this is the same tactic employed by some people to protect against a bank folding.
It can actually make more sense to use multiple apps as the platforms often offer different services. For instance you might want one to store your coins and another to handle your trades.
Yes, they are just as legal as their stock counterparts in Australia. It is recommended that you go with an app that is regulated by the Australian Securities Investment Commission (ASIC)
Yes, you can use most crypto apps in Australia. There are no restrictions on which apps you can download and the Australian government is relatively crypto-friendly, although that can always change.
Yes, they are popularly used on mobile devices, and this is an easy, flexible way to get involved.
Virtually all of them are free to download, but you are likely to encounter fees and commissions with those that allow you to trade or spend cryptocurrency. All of these services aim to make money, and you should be able to find a detailed breakdown of fees in their terms and conditions.
Fees vary by platform, but you will commonly be charged some form of transaction fee when purchasing crypto. This amount will often reduce or even be eliminated if you execute a certain amount of regular transactions.
The majority are safe due to the advanced level of software development and encryption that has contributed to their creation. However, you should check the safety features before installing one in our reviews section.
Not all of them, no. In Australia, any regulation will generally be to check for instances of money laundering, but it is not legally required for most services to submit to regulation.
Use the ASIC website to find out if your chosen platform is regulated and keep track of the latest pronouncements in case the rules and regulations change.
It will depend on your circumstances but you need to keep records of all your crypto transactions. You can find out more information on the Australian tax office website.
Yes, some with website counterparts allow you to easily move from desktop to mobile and vice versa.
Most have password recovery options. For example, unlike hardware wallets, mobile wallets commonly allow users to access a locked account. For instance, FreeWallet stores the private keys of its users and allows them to access their coins with a conventional password.
You should not lose your money if you uninstall one provided you have not deleted your account. If you reinstall the app, you can transfer your funds to a different app or service of your choice.
The risks are largely the same as using any kind of financial services app. When using any cryptocurrency app, your capital will always be exposed to some degree of risk. However, the risk is no greater than having your local banking app installed.
Not all of them support PayPal, but some now provide this facility as a means of depositing funds so check the accepted payment methods before signing up.
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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