One of the most common topics at the forefront of all discussions related to cryptocurrencies is: what is the best platform for buying tokens. However, the answer to this question is not as simple as it might seem. It depends on many factors including initial capital, target assets, trader’s priorities, etc.
Still, if you want to narrow down the options you should decide whether you are looking for decentralized or centralized crypto exchanges in Australia. The former are platforms that are more independent as they operate on a peer-to-peer basis. On the other hand, the latter platforms have a central authority that manages, oversees, and protects your money transfers. In today’s article we will focus on the best DEX’s (decentralized exchanges).
The Best Decentralized Cryptocurrency Exchanges in Australia - Tested and Reviewed in 2023
From our rigorous testing and in-depth research, these are the top DEXs for Australians, updated for 2023. We are continually reviewing crypto exchanges, and frequently update our posts to ensure you have the best, accurate information.
- 1IDEX - Best DEX overall in Australia
- 2Uniswap - Best for huge range of coins
- 3Airswap - Best no fee DEX
- 4Bisq - Best decentralized Bitcoin exchange
- 5Shapeshift - Best DEX for fast trades
- 6Bancor Network - No fees and 10,000+ coins
- 7Kyber Network - Best for compatibility with different systems
Best Decentralized Crypto Exchanges in Australia - Reviews
IDEX – Best DEX Overall in Australia:
Deposit fees: Free
Withdrawal fees: Free
Transaction fees: Makers 0.1% / Takers 0.2%
Coins: 25+
If you are in the need of a crypto-compatible, secure platform for trading, IDEX makes a perfect choice. This decentralized crypto exchange transfers the funds users add to their trading wallets into ETH tokens. Users can carry out the trading as per limit or market orders and withdraw the tokens whenever they want.
When it comes to customer support, IDEX does a pretty good job. If you are in need of support regarding wallet management, trading, token buying, deposits, and withdrawing funds, IDEX has a FAQ and a help page to guide the users. While there are no deposits or withdrawal fees, there are trading fees. The fees for market takes are 0.2%, while the fees for market makers are 0.1%.
Uniswap Exchange – Best for Huge Range of Coins:
Deposit fees: Free
Withdrawal fees: Free
Transaction fees: 0.3%
Coins: 12,000+
Due to the fact that this decentralized exchange is built on Ethereum, it has the same level of security as the Ethereum blockchain. As there is no central server, hacking and gaining access to someone's funds is almost impossible. This Ethereum protocol is used for swapping tokens compatible with ERC-20.
Now, keep in mind that on every swap, this exchange platform collects a fee of 0.3%. Liquidity providers split this fee in proportion to their contributions. Still, the best feature of Uniswap is that it allows you to swap any ERC-20 in just a few clicks. Not only that but you also don’t need to have an exchange account or verified identity to trade assets.
Airswap Exchange – Best No Fee DEX:
Deposit fees: Free
Withdrawal fees: Free
Transaction fees: Free
Coins: 1,000+
Airswap was founded when two blockchain-oriented and fintech companies, Fluidity and ConsenSys decided to start a joint project. As there are no onboarding identity verification processes, this exchange platform is completely anonymous and trustworthy. Airswap supports ERC20 and Ether (ETH) tokens as well as one additional coin called stablecoin Tether (USDT).
This exchange platform uses the tool called Indexer. It operates as a peer finding engine that looks for takes and makers with similar requests. Once they are linked the taker and maker can negotiate the price. Still, if any problems during this process occur, they can request help from Oracle, an off-chain service that provides an average market rate.
Bisq – Best Decentralized Bitcoin Exchange:
Deposit fees: 0.001 BTC
Withdrawal fees: 0.0003 - 0.0005 BTC
Transaction fees: Makers 0.05% / Takers 0.35%
Coins: 10+
Bisq is, so far, the best decentralized Bitcoin exchange platform. It was founded back in 2014 by Manfred Karrer, an Austrian software developer. This platform is well-known for supporting an outstanding number of cryptocurrencies. In order to access Bisq, you need to download it to your PC first. Not to forget that this is an open-source platform.
In other words, developers are highly motivated to expand the ecosystem and consistently add new features. However, unlike the previous exchange where an order book matches sellers and buyers, Bisq allows customers to browse the order book and find the perfect match themselves.
Shapeshift – Best DEX for Fast Trades:
Deposit fees: Free
Withdrawal fees: Free
Transaction fees: Minimal
Coins: 20
Shapeshift was founded by Erik Voorhees in 2014. This platform is backed by many leading investors such as Funders Club, Earlybird Venture Capital, Digital Currency Group, Blockchain Capital, and several others. Keep in mind that Shapeshift is interested in crypto-to-crypto trades only. Although you could purchase crypto with fiat using Simplex, you could lose a lot of money converting it.
However, if you are primarily focused and interested in crypto trades, this platform might be exactly what you are looking for. Not only that but, after you finish the Know Your Customer check, Shapeshift will transfer 10 FOX tokens to your account. These tokens are worth about 100 dollars in trading fees and they get replenished every month.
Bancor Network – No Fees and 10,000+ Coins:
Deposit fees: Free
Withdrawal fees: Free
Transaction fees: Free
Coins: 10,000+
This decentralized liquidity network was launched back in 2016 by highly-experienced Israeli developers. This team stands behind the Bancor Foundation and has offices in Zug, Switzerland. The Bancor’s wallet is integrated with EOS and ERC20 blockchains and it executes the trades through BNT smart contracts.
Furthermore, the team behind Bancor Network said that they are planning to add support for some popular cryptocurrencies in the future. Some of them are XRP, Bitcoin (BTC) and Tron (TRX). This could make Bancor Network one of the most popular DEXs as most of them focus only on Ethereum-based tokens.
Kyber Network – Best for Compatibility With Different Systems:
Deposit fees: Free
Withdrawal fees: Network fees
Transaction fees: 0.1%
Coins: 2,000+
Even though Kyber Network officially started operating back in 2018, it was founded in 2017 as a joint project by a backend engineer Victor Tran, security expert Yaron Velner, and a crypto researcher Loi Luu. Ever since the platform was started, it has had huge trading volumes from people all over the globe.
There are a couple of features that make this platform stand out from the crowd - instant settlements, easy to use (compatible with various systems), immediate ERC20 trades, and platform-agnostic. Furthermore, it has quite a deep liquidity as it pools assets from over 40 providers.
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