The future of blockchain technology will be dependent on the growth of its supporting infrastructure, which includes cryptocurrency exchanges. In recent months, some high-profile security breaches have dented trust in these exchanges, but the long-term outlook for the industry is positive.
As a result, the number of exchanges has increased significantly over the last decade, with hundreds of companies competing for market share within different geographical regions. Of these, a small number have gone on to become big businesses in their own right due to vital positions in key geographic markets and high trade volumes.
The Cryptocurrency Exchanges industry in Australia is led by the significant players Coinspot, Coinbase, CoinJar, and BTC Markets. These companies are all well established and have high brand name recognition amongst investors.
They also offer services ranging from simple Bitcoin brokerage to advanced broking, ATMs, and merchant services. In addition, this industry is very innovative as the major players are always trying to create new products and services for their clients.
The nine major cryptocurrency exchanges that operate in Australia have been mentioned briefly below:
1. Coinspot.
Coinspot is a brokerage that provides services in buying and selling digital currencies. They have a simple user interface for both web and mobile users.
2. Coinbase.
Coinbase is one of the leaders in the Bitcoin brokerage world. The site provides a simple web, mobile, and API interface.
3. Coinjar.
CoinJar is also a Bitcoin brokerage with an easy-to-use interface. In addition, the company has a great brand name.
4. BTC Markets.
BTC Markets is an Australian digital currency exchange with simple web and mobile interfaces to buy and sell various cryptocurrencies such as BTC, ETH, LTC, XRP, and BCH.
5. CoinLoft.
Coinloft is a brokerage that allows buying and selling cryptocurrencies at the current market price. It also provides a payment service for easy deposit and withdrawal from its customers. The primarily supported currencies in this platform are BTC, ETH, LTC, and DOGE.
6. Independent Reserve.
Independent Reserve is an Australian digital currency exchange that provides advanced features for its users to trade cryptocurrencies. The primarily supported currencies in this platform are BTC, ETH, DASH, and LTC.
7. ACX.
ACX is also a digital currency exchange that provides its users with advanced trading features. It has simple interfaces for web, mobile, and API. ACX allows its users to trade in over 60 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, Dash Coin, and many more.
8. Coinjar Swipe.
Coinjar Swipe is a mobile application that helps users buy and sell digital currencies. It was developed to educate the general public about the world of digital currency trading and make it as easy as possible to invest in cryptocurrencies. Most importantly, this app does not charge any fees from its users.
9. Buyabitcoin.
Buyabitcoin is a brokerage and exchange that allows buying and selling digital currencies (primarily BTC) at the current market price. It also provides payment services for more accessible deposits and withdrawals from its customers.
The cryptocurrency exchange market in Australia is growing very fast due to the increasing popularity of digital currencies. The significant companies mentioned above are also looking at expanding their operations into other countries.
For example, Coinspot has already expanded its business to Hong Kong, and Coinjar plans to enter Japan’s cryptocurrency industry by the end of 2017.
Conclusion.
There has been a rapid increase in the number of companies operating within this industry over the past five years. Many new exchanges have also entered the market due to the growing demand. The leading players operating in this industry are Coinspot, Coinbase, CoinJar, and BTC Markets. These companies are also looking at expanding their businesses into other countries by entering into strategic partnerships. Check out more about bitcoins and other cryptos at Bitcoin Code.
However, the market is dominated by major players, Coinspot, Coinbase, and Coinjar, which have a combined market share of around 95%. These companies will continue to grow their businesses by expanding further in this country and other parts of the world.
With so many opportunities in this market, new players can also enter and proliferate if they can provide the required services.
