11 Best Crypto Exchanges In Australia
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With more than 400 crypto exchanges to select from in Australia, choosing the best one can be a challenging task. We have compared a wide selection of platforms across various categories to help. These are our final picks for the best cryptocurrency exchanges in Australia.
Best Cryptocurrency Exchanges Australia
- Swyftx - Overall best crypto platform
- Binance - Best crypto platform for trading
- ByBit - Our top-rated choice for day-trading
- CoinSpot - Solid and blemish-free reputation
- KuCoin - Best for buying new altcoins
- eToro - Suitable platform for copy-trading
- Independent Reserve - Best for AUD and NZD deposits
- Kraken - Good option for trading with USD
- Coinstash - Simple and streamlined user experience
- Cointree - Popular local exchange
- Coinbase Australia - Multi-asset wallet
Crypto Exchanges In Australia Compared
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Swyftx | 320+ | 0.6% | Rating    | $20 Bitcoin for creating a verified account | Visit Swyftx | Swyftx Review |
 Binance | 385 | 0.1% (spot) and 0.02% / 0.04% (Futures) | Rating | Up to $100 welcome bonus | Visit Binance | Binance Review |
 ByBit | 331 (608 trading pairs) | 0% (spot), 0.06% / 0.01% (futures) | Rating | 0% trading fees for 30 days (spot only) | Visit ByBit | ByBit Review |
 CoinSpot | 380 | 1% (instant), 0.1% (spot) | Rating | $20 Bitcoin for creating a verified account and depositing | Visit CoinSpot | CoinSpot Review |
 KuCoin | 806 | 0.1% | Rating | Up to 500 USDT in bonuses | Visit KuCoin | KuCoin Review |
 eToro Australia | 70+ | 1% | Rating  | None available at this time | Visit eToro Aust... Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk. | eToro Australia Review |
 Independent Reserve | BTC, ETH, XRP, USDT, ADA and 25 more | 0.5% maximum, 0.02% minimum | Rating | None available at this time | Visit Independen... | Independent Reserve Review |
 Kraken Australia | 195 | 0.16% / 0.26% | Rating | None available at this time | Visit Kraken Aus... | Kraken Australia Review |
 Coinstash | 340+ | 0.85% | Rating | None available at this time | Visit Coinstash | Coinstash Review |
 Cointree | 160 including BTC, ETH, BNB, XRP, ADA, DOGE | 0.5% - 0.9% | Rating | None available at this time | Visit Cointree | Cointree Review |
 Coinbase Australia | 250+ | 0.5% + 3.99% | Rating | None available at this time | Visit Coinbase A... | Coinbase Australia Review |
Best Crypto Exchanges In Australia Reviewed
Here is our top list of crypto exchanges for Australians to use. We have compiled this list based on important aspects that must be considered when choosing the right platform. These include supported payment methods, the number of coins, trading fees, security, and customer support.
1. Swyftx
Why we picked it
Swyftx is undoubtedly our number 1 pick for the top crypto exchange in Australia. After thorough use of the desktop and mobile app, we found the purpose-designed user interface, an abundance of useful features, and customer support unrivalled in the Australian market. The exchange is a viable for those wanting to buy cryptocurrencies with AUD.
Promotion:- Multiple ways to deposit AUD
- Supports earning interest on crypto and investing with Super Funds
- Straightforward trading experience and mobile app
- Can take a while for users to get used to
- Does not offer staking, margin trading, derivatives, or futures markets
Swyftx is an AUSTRAC-registered Australian cryptocurrency trading platform that is registered with the financially regulated ASIC. In a short period of time, Swyftx has grown exponentially, with over 660,000 users, which we strongly believe is a direct result of its simple and transparent platform to invest in cryptocurrencies using AUD, USD, and BTC.
Don't know how? A simple guide to buying Bitcoin in Australia.
Customers can rapidly deposit up to $50,000 worth of AUD using a bank transfer, OSKO, POLi payment, or PayID through an Australian bank. There are zero fees to deposit and withdraw AUD to a bank, with email confirmation workflows for each step along the process. Moreover, Swyftx is currently one of the only Australian exchanges that support debit and credit card payments. Although the fees are 1.99%, it provides a variety of investors with the option to pay for cryptos with bank cards.
Swyftx has a streamlined mobile app, tax calculator, and dollar-cost averaging tools. Other useful features include rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, low trading fees, a demo account mode to practice trading, and price alerts.
For traders on the move, the Swyftx app provides a trading experience that is modern, fresh, and fully customizable. The dashboard, in particular, can be tailored by adding, removing, or moving widgets to enable personalised portfolio monitoring and placing trades 24/7.
Regarding fees, Swyftx has a tiered fee structure where they start at 0.6% per trade which automatically reduces to as much as 0.1% as trading volume increases. According to the Swyftx website, spreads range from 0.886% (Bitcoin and Ethereum) to 4.38% (BitTorrent), however, the vast majority lie in the vicinity of 2%. Therefore, the cost to buy Ethereum will be the trading fee plus the 0.86% spread.
For new Australian customers only, Swyftx is currently offering a $20 BTC sign-up bonus using our Swyftx referral code.
Read our full Swyftx review.
2. Binance
Why we picked it
Binance is trusted by 1 million Australians at the time of writing, making it the second-largest crypto exchange in Australia behind CoinSpot. Despite being an international exchange, Binance has tailored its services to accommodate Australian customers with the ability to deposit AUD with zero fees.
Promotion:- 0.1% trading fee, volume and staking discounts, and low slippage
- Advanced charting and trading platform on desktop and mobile devices
- All-in-one platform with a broad range of products and services
- Difficult to navigate for first-time investors and traders
- Complicated to use for individuals that just want to buy and hold crypto
- Limited options for AUD deposits and withdrawals
Combined with a variety of markets including spot, margin, futures trading, and options, Binance is a trading platform with a wide variety of products and services. For investors, there is an excellent selection of premium products, services, and features such as Binance Earn. In addition, Binance rewards new users with a bonus of up to 100 USDT for free using a referral code for Binance.
Binance Australia allows investors to instantly deposit and withdraw using AUD via PayID/Osko (NPP payments), which is supported by over 100 Australian banks and financial institutions. This is hugely important as many other exchanges do not have instant AUD deposit options. This works both ways as funds from a Binance wallet can be transferred to a bank account rapidly.
The exchange has one of the largest offerings of cryptos with more than 380 coins. Each crypto can be bought, traded, and sold against Bitcoin, altcoins, fiat currency, or stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD giving investors maximum flexibility to manage their portfolios. In addition to its massive list of crypto, Binance has futures trading and margin trading to use up to 100x leverage.
Another feature available to Australians is Binance Earn which includes one of the best crypto staking platforms to earn staking rewards on Proof-of-Stake coins such as Ethereum 2.0, Cardano, Solana, and even Dogecoin. Moreover, those who are not interested in trading can deposit their crypto into a savings account to earn interest on crypto holdings. The rewards earned are typically greater than the interest offered in a bank account.
When it comes to fees, Binance offers between 0% and 0.1% with zero crypto trading fees across 13 stablecoins and fiat currency combinations. Due to the low trading fees and deep liquidity across all of their trading pairs, this makes Binance is one of the best places for cryptocurrency altcoin traders in Australia.
Overall, Binance makes our list of the best crypto exchanges in Australia due to its range of financial and crypto services, zero-fee AUD deposits and withdrawals, trading fees, and futures trading.
3. ByBit
Why we picked it
ByBit is purpose-designed and fitted with some of the best technical analysis, charting, and trading tools for Australians that want to speculate on the crypto markets. There is an abundance of markets including spot, margin, leveraged tokens, derivatives trading, options, copy-trading, free crypto trading bots, and a P2P platform. There is even a ByBit referral code to claim up to $5,000 in deposit bonuses.
Promotion:- Variety of markets including spot, perpetual, and futures
- Sophisticated and modern user experience
- Highly responsive and feature-rich mobile trading app
- Does not allow direct AUD deposits or withdrawals
As a former no-KYC crypto exchange, ByBit allows individuals in Australia to join and create an account on its platform as it predominately focuses on crypto-to-crypto trading. You can get started quickly and begin trading without ID verification. This is advantageous for privacy-focused and existing crypto holders who will be able to withdraw up to 2 bitcoins per day without completing KYC. However, ByBit is geared toward existing crypto users as there is no ability to deposit AUD directly to the exchange (or withdraw to a bank account).
One of the pros of ByBit and one of the reasons it makes this list of the best exchanges is the trading and charting application. ByBit offers a very advanced trading platform powered by TradingView charts, with hundreds of built-in indicators and drawing tools. The price charts offer a wide range of time frames and tools to draw trend lines, add indicators, and chart patterns. There is the ability to set a take profit/loss orders directly with one-click charts which is an excellent feature for managing trades.
When it comes to using leverage, there are plentiful derivatives trading markets supported and multiple ways to use leverage up to 100x on its futures trading platform. These include futures contracts, inverse futures contracts, leveraged tokens, inverse contracts, and options trading. According to CoinMarketCap, ByBit has one of the higher liquidities which is a pro for high-net-worth and experienced traders, noting that will change depending on market conditions. This keeps spreads and slippage to a minimum, which complements the extremely competitive fees that start from 0.06% (maker) and 0.01% (taker).
Read our full ByBit review.
4. CoinSpot
Why we picked it
CoinSpot is a long-established and reputable crypto trading platform based in Melbourne that was established in 2013. It is currently the largest crypto exchange in Australia with more than 2.5 million customers. Based on 1,940 existing customer reviews at the time of writing, CoinSpot has been rated with 4.4/5 stars on Trustpilot which is a testament to being a top crypto platform.
CoinSpot supports the instant buying and selling of 380+ listed coins and tokens. There is even $20 free Bitcoin for new accounts using our Coinspot referral code.
Promotion:- Streamlined and straightforward interface
- A variety of AUD deposit options with zero fees
- Support for SMSF investors and OTC
- The 1% fee for instant buy/sell, advanced orders, and recurring orders is expensive
- Lack of features and functionality on CoinSpot Exchange
- Poor liquidity on CoinSpot Exchange
One of the most compelling features of CoinSpot is the support for several payment methods where Australians can deposit AUD using POLI, PayID, BPAY, or even a cash deposit. In addition, payment methods via an Australian bank will not incur a charge. The exception is using BPAY or cash payments that have a deposit fee of 0.9% and 2.5% respectively which is a con given that some other exchanges let their users do this for free.
Security-conscious investors will have peace of mind that CoinSpot Australia has never been hacked and is the first Australian trading platform to receive the internationally recognized ISO 27001 certification for information security. Like most modern-day crypto exchanges, CoinSpot has Two-Factor Authentication (2FA). Due to its bank-like safety measures, CoinSpot may be regarded as one of the most secure exchanges in Australia to buy, store and sell crypto.
Another reason we picked CoinSpot is the approach to simplifying investing in crypto with its 'bundles' option. This allows investors to buy assets in one transaction such as the Top 3, Top 10, Privacy coins, etc. The benefit is that multiple coins can be purchased with a one-off fee, however, a particular bundle may not have the crypto assets a user wants.
As for the trading fees, CoinSpot carries a 1% fee when using the instant buy and sell feature which is 0.4% higher than the 0.6% offered by Swyftx. There is the option to pay 0.1% per trade using the CoinSpot exchange, although users will need to be familiar with how to place market orders.
Overall, based on our assessment and comparison to other crypto exchanges in the country, CoinSpot is one of the best crypto exchanges due to its high reputation and trustworthiness in the crypto industry. Despite its pros, there are CoinSpot alternatives in this list.
Read our full Coinspot review.
5. KuCoin
Why we picked it
KuCoin is one of the leading cryptocurrency exchanges in Australia that provides a streamlined platform for individuals to easily and securely trade digital assets and cryptocurrencies. Established in late 2017, KuCoin has quickly gained immense popularity as one of the most comprehensive crypto exchanges in the world, in which a quarter of global crypto holders are currently registered.
Promotion:- Large selection of coins and tokens
- Significant liquidity
- Value for money trading fees
- Can't withdraw fiat to a bank account
- No AUD trading pairs
The innovative ecosystem of features that KuCoin provides, combined with its vast list of supported crypto assets, allows traders to have access to more than 700 coins listed across more than 1,300 trading pairs. Pairings can be traded against BTC, USDT, and international fiat currencies. However, the lack of AUD trading pairs may represent a con for some traders.
Traders can use KuCoin's TradingView-powered interfaces to place spot, margin trading (up to 10x), and futures (up to 100x) trades. With more than 220 trading pairs featuring BTC, ETH, USDC, and USDT as base collateral currencies, traders have an extensive selection and a wide range of options.
Additionally, users can choose from KuCoin's suite of trading bots to automate their strategies. KuCoin provides users with free-to-use bots to reduce volatility, increase control, or automate altcoin trading. Some of the more popular trading bots include the spot grid, futures grid, smart rebalance, Dollar-Cost-Averaging (DCA), and infinity grid.
KuCoin trading fees for its spot and futures markets both follow a maker-and-taker structure. Spot trades will incur maker and taker fees of 0.1%, while futures start at 0.02% and 0.0%, respectively. These are the maximum fees customers will pay since they can be reduced depending on the 30-day trading volume or the amount of KCS held. All in all, these fees mark KuCoin as a potential altcoin exchange option for Australians.
Read our full KuCoin review.
6. eToro
Why we picked it
eToro makes our list of the top crypto platforms due to its demo mode, copy-trading, and social community. While Australians can't purchase actual crypto assets on the platform, eToro is an option for people who want to begin trading CFDs, discover successful traders and view their positions in real-time.
Promotion:- Trusted and well-established brokerage for buying and selling crypto
- Social trading community to copy-trade profitable users
- Supports credit/debit card, POLi, bank transfer, and PayPal deposit methods
- Base currency is denominated in USD only
- Lack of advanced trading tools and markets for serious crypto traders
- Spread fees are quite high for less popular crypto assets
eToro enables users to speculate on the prices of cryptocurrencies and traditional trading instruments using a powerful and streamlined trading platform. The platform provides a straightforward interface to speculate on Bitcoin and crypto CFDs in Australia or practice crypto trading using a virtual portfolio.
eToro is one of the leading social trading platforms that offers cryptocurrency, stocks, CFD trading and a social community to copy-trade successful investors. The platform was established in 2007 and has grown into an online trading provider that is highly visual and intuitive. The broker is used by millions of investors and traders across multiple jurisdictions in the world.
eToro is a regulated CFD provider that complies with local laws that are enforced by the Australia Securities and Investment Commission (ASIC). eToro trades under the company eToro AUS Capital Pty Ltd, AFSL 491139 and holds an Australian Financial Services License (AFSL). The copy-trading platform does not have a license to sell actual cryptocurrency assets in Australia, however, users can speculate on the crypto CFDs.
eToro does not charge a fixed trading fee for cryptocurrency assets. Depending on the crypto trading pair, the platform works on a spread cost of 1% which is deducted from the trade at the opening of the position. For example, the cost to trade the Bitcoin/AUD pair will incur a spread cost of 1%. The lesser-known altcoins will have a higher spread charge as the trading volume is lower.
Disclaimer: Past performance is not an indication of future results.One of the most popular features of eToro is the social network to discover other traders to copy and follow their trades. It is a powerful community used by millions of investors around the world to see how successful and experienced traders manage their positions in real-time.
It is possible to follow an investor to automatically copy their trades using the available trading account balance. This is a pro since users can potentially earn a passive income by following the most profitable traders and learning how to purchase crypto or how to trade.
eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. See PDS and TMD.
7. Independent Reserve
Why we picked it
Independent Reserve is a well-respected and trusted exchange in Australia for investing in crypto. The exchange lists the most popular cryptocurrencies, supports SMSF investors, and features tiered trading fees that start at 0.5% per transaction and reduce with trading volume. Overall, Independent Reserve is a reliable exchange, however, doesn't boast an impressive list of features as its competitors.
Promotion:- Competitive 0.5% trading fee that reduces with higher volume
- A reliable and straightforward user interface to instant buy/sell
- Exceptional 24/7 live support and tax tools
- Advanced exchange with charting is a little outdated
- A very limited list of supported coins
Independent Reserve is a Sydney-based exchange that was founded in 2013. While the exchange's main market is Australia, the company has expanded to other regions around the world such as Singapore and New Zealand. The exchange provides a stable platform to invest in crypto with a streamlined onboarding process.
Customers can deposit funds to Independent Reserve Australia via bank transfer, POLi, PayID, and SWIFT which gives Australians several options to fund an account with AUD. Unlike Swyftx, there is no option to pay for crypto with a debit or credit card. However, Independent Reserve does have zero AUD fee deposit options and has support for AUD, USD, SGD, and NZD.
In terms of the number of cryptos, Independent Reserve has 30 assets that can be bought, sold, and stored so Australians may not find the crypto asset they are looking for. However, the offering does include the major coins by market capitalization such as Bitcoin, Ethereum, Binance Coin, XRP, and Cardano.
Independent Reserve's fee starts at 0.5% per transaction and can be reduced to 0.02% based on the past 30 day's trading volume. The higher the volume traded, the lower the fees become. For most, the 0.02% trading fee is probably not within reach.
Security of assets is of paramount importance, and Independent Reserve Exchange does not take safety lightly. The exchange has never been hacked or compromised and has ISO 27001 certification. Moreover, customer funds are stored offline to minimize the risk of theft and accounts have a number of security measures to prevent fraudulent access such as 2FA.
Read our full Independent Reserve review.
8. Kraken Australia
Why we picked it
Kraken is one of our top-rated exchanges that features an advanced trading platform Australians are able to deposit funds in AUD directly to the exchange to access its wide range of innovative features and products.
Promotion:- Wide selection of cryptocurrencies that can be bought, traded, and sold
- Competitive fees from 0.16% and 0.26% with fee discounts
- Offers margin trading, staking, and a secure platform
- User-interface is dated and not beginner-friendly
- Supported crypto assets and markets are limited
- No demo trading account
- Limited number of currencies that can be staked
Kraken is a Bitcoin and cryptocurrency exchange that was founded in 2011. The platform has expanded to Australia with a local office based in Sydney for customers to fund an account with Australian Dollars. According to CoinMarketCap, Kraken is a top 10 platform based on traffic, liquidity and spot volume with more than 70 crypto trading pairs with new assets added frequently. Australian clients can also trade crypto using their SMSF.
Kraken is one of the best crypto trading platforms that offers an intuitive trading platform to execute crypto trading strategies. The company is based in San Francisco after being founded in 2011 by Jesse Powell and officially launched in 2013. The exchange offers its products and services to individuals around the globe with support for several countries and fiat currencies that can be swapped into different cryptocurrencies such as Bitcoin and Ethereum.
Since the exchange's inception in the Australian crypto market, Kraken has become a viable option due to instant deposits using OSKO and credit cards. Kraken offers a modern trading platform that includes trading tools and automated portfolio monitoring which allows Aussie traders to visualize their overall crypto portfolio performance, and track and manage all cryptos in a single location.
Kraken Pro uses a taker and maker system with trading fees of 0.16% and 0.26% respectively. There are trading-based volume incentives on activity in the past 30 days for all cryptocurrency pairs. Traders are incentivized to engage with the market with low trading fees to provide liquidity.
Unlike some other Australian cryptocurrency exchanges, Kraken has a leveraged and margin trading platform where the maker and taker fees are 0.02%, and 0.05%, respectively on its futures market.
Read our full Kraken review.
9. Coinstash
Why we picked it
CoinStash was specifically designed to cater to Australian investors who want to buy and hold digital assets. The beginner-friendlystreamlined platform hosts the largest selection of crypto assets in the country where over 1,000 coins and tokens can be bought with AUD. With support for withdrawals to an Australian bank account, CoinStash is a viable place to sell Bitcoin back to AUD.
Promotion:- An extensive list of over 1,000 supported crypto assets
- Easy to understand and navigate user interface
- Earn up to 14% APY on crypto holdings
- No support for credit/debit card purchases
- No value-add features besides its Earn program
- Its trading fees aren't the cheapest
One of the pros of CoinStash is its simplicity. With its visually appealing design and layout, investors should have no trouble making their way around. All the key facets of starting and building a cryptocurrency portfolio are easily identifiable to ensure a seamless trading experience.
Users can choose from either the basic or advanced trading interface to conduct their spot trades. The basic interface comprises a simple line chart of the price of the selected digital asset, whereas TradingView charting is integrated into the advanced interface for people who want to utilise its indicators and analytical tools.
Investors can submit their crypto to the Earn program where passive interest payments can be obtained. Interest payments of up to 14% can be obtained on 18 popular coins that most investors are likely to have. These include Ethereum, Cardano, Polygon, Solana, and Tron.
In terms of fees, CoinStash charges a flat commission of 0.85% for all trades but deposits and withdrawals of AUD are free. The 0.85% trading fee is higher than Swyftx (0.6%) but lower than CoinSpot's Instant Buy/Sell feature (1%).
Read our full Coinstash review.
10. Cointree
Why we picked it
Cointree is a straightforward exchange for residents in Australia to buy, trade, and sell digital currencies. Some of the best features of Cointree include its elegant user interface, trading fees between 0.5% and 0.9%, OTC desk, and support for Australian Super Fund investors.
Promotion:- A beginner-friendly user interface for newer investors
- Reasonable selection of coins to choose from
- Fees are competitive in the Australian market
- Not suitable for experienced or professional traders
- Not the cheapest exchange in Australia for high-net-worth investors
Cointree is an Australian crypto exchange that has been around for many years. It is well known for its simple interface for buying and selling digital currencies with fiat money. With over 240 assets to buy, trade, and sell using competitive fees, Australians can exchange their money for the major coins and tokens.
Other notable features and benefits of Cointree include:
- An intuitive trading platform
- Real-time market data and charting to trade popular altcoins
- An OTC desk for high-net-worth individuals
- Support for SMSF investors to invest in digital currencies
- A secure crypto solution where a portion of funds are stored in offline cold vaults
- A Learning Hub with educational guides helps people get started
Cointree uses tiered fees between 0.5% and 0.9% depending on the volume traded and is reasonable for people looking to make their first crypto purchase. However, spreads are a bit high given Cointree's lack of liquidity.
Read our full Cointree review.
11. Coinbase Australia
Why we picked it
Coinbase makes our list of the best exchanges due to its streamlined nature. Founded in June 2012 and headquartered in San Francisco, Coinbase is a secure cryptocurrency trading platform where merchants and consumers can transact with 243 popular coins such as Bitcoin, Ethereum, and Litecoin. Coinbase is also well-known for being a safe crypto exchange with no reported hacks or compromises of the security systems since its inception.
Promotion:- Platform and mobile app are very easy to use for beginners
- Industry-leading security measures to keep funds safe
- Accepts AUD debit card payments
- Trading fees are higher compared to other exchanges in Australia
- Cannot withdraw AUD to an Australian bank account
- Customer service wait times are excessive
The exchange has revolutionized the digital currency environment by providing a simple platform for users to buy and sell digital coins such as Bitcoin and Ethereum. As a result of its basic interface, it is an exchange utilized by many investors who are looking to build their first cryptocurrency portfolio. The simplicity-first ethos has been transferred to its native mobile application.
Due to its Earn and Learn program, Coinbase is a viable option for those who are just starting out in the cryptocurrency world. The Learning Rewards feature allows customers to earn free digital currencies by completing online courses. These courses usually come in the form of quizzes or informational videos and require just a few minutes of your time, with a reward of $1 for a specified coin.
Coinbase Australia is one of the few global crypto exchanges that provide support for AUD deposits using a debit card. Although fast and secure, the downside is the debit card fees of 3.99% which is 2% higher than Swyftx.
Traders can use the Coinbase Pro trading platform has high liquidity according to CoinMarketCap and is equipped with advanced crypto charting features and risk management tools that will benefit professional and experienced traders. The trading fees are 0.5% per trade. However, there is no option for a bank transfer which is problematic for selling Bitcoin into AUD and withdrawing the funds.
Coinbase is one of the safest places to buy and store crypto assets that features industry-leading security measures to provide confidence that customer funds and personal information are kept safe at all times. Examples include 98% cold storage of all customer funds, safe deposit boxes and vaults around the world, 2 Factor Authentication, and secure coin storage using AES-256 encryption.
Read our full Coinbase review.
How To Choose A Cryptocurrency Exchange
Selecting a cryptocurrency exchange can be a difficult task that depends on various factors such as your financial objectives, level of expertise and knowledge, and the number of funds to invest. There are several types of cryptocurrency exchanges that offer different products and services. It is important to first understand the goal of using a crypto exchange to pick the right type of exchange. The different types of crypto exchanges are:
- Fiat-to-crypto trading (e.g. convert AUD to Bitcoin)
- Crypto-to-crypto trading (e.g. trade Bitcoin to Ethereum)
- Combination of the above
- Peer-to-peer crypto exchanges
- Decentralized crypto exchanges
The best choice for beginners investing in cryptocurrency for the first time is a fiat-to-crypto service or crypto broker such as Swyftx. These crypto exchanges accept AUD using widely available payment methods.
Compliance With Local Laws & Regulations
It is important to use a crypto exchange that is an ASIC-licenced business registered with AUSTRAC. This financial body governs the digital industry in Australia and has established a set of rules and regulations that crypto exchanges must abide by. These Australian exchanges provide a level of assurance and safety measures to protect their customers.
The best crypto exchanges should be compliant and ask for personnel information such as full name, email address, and phone number. This is a good indication the exchange is complying with local KYC/AML regulations to minimize the risk of financing terrorism-related activities and crime.
Ease of Use and Trading Tools
When finding a suitable crypto exchange in Australia, the ease of use is a vital consideration for newer investors that have little to no experience. Trading crypto online can involve complex charts, various order types, technical indicators, and transferring crypto to new technology. Beginners should look for an exchange with a modern and simplistic user interface that streamlines the account creation, depositing funds, and purchasing crypto process.
Supports Australian Dollars (AUD)
Make sure the chosen crypto exchange provides an onramp for Australian Dollars or another preferred currency. Global exchanges will often use third-party providers such as Simplex as payment processors which will accept credit cards and debit card payments in multiple fiat currencies (e.g. USD, GBP, EUR, and NZD). However, the payment fees are much higher than a local exchange.
Deposit & Withdrawal Methods and Limits
Find an Australian cryptocurrency exchange that offers preferred deposit options such as bank transfers, PayID, POLi, BPAY, debit cards, or credit cards. These are the most common payment methods to look for which have low fees and fast processing times. Each crypto exchange has varying minimum and maximum daily limits per 24 hours. Equally as important is whether the exchange allows withdraws in AUD to a bank and the associated limits and fees. For example, Coinbase does not support AUD withdrawals.
Supported Cryptocurrencies
There are thousands of different cryptocurrency projects and coins to buy and sell. Not all Australian exchanges list each coin for buying or selling. If there is a particular digital currency that you want to buy, check the exchange website to confirm the coin is listed and an AUD trading pair is available (e.g. BTC/AUD).
Trading Volume and Liquidity
Liquidity refers to the ease at which crypto coins and tokens can be exchanged for cash or another digital asset. Digital asset platforms with large trading volumes will typically have more liquidity than those with lower trading volumes. An exchange with higher liquidity will also execute trades and orders faster since there are a lot more buyers and sellers.
In Australia, global crypto brands such as Binance and KuCoin have a significant trading volume and liquidity than local companies. As such, most Australian crypto exchanges act as brokers, meaning that they access the liquidity of larger exchanges to try and find the best rate for the trading pair.
Exchange Security
Using a secure exchange is a critical consideration. Industry-standard security features include cold storage, a multi-signature withdrawal process, and two-factor authentication. Well-established cryptocurrency exchanges in Australia should employ various security measures to protect customers' personal information to prevent the theft of funds and fraudulent activity. Check the exchange's security page to confirm these measures are in place.
Crypto exchanges fees
There are various fees to be aware of when using a crypto exchange. These can include AUD deposit fees, withdrawal fees, and trading fees between assets. There is also a spread fee and sometimes a foreign exchange conversion fee which is often a 'hidden cost' and not fully disclosed. Check the fees page on the exchange website to become familiar with all charges.
Customer Support
Explore the website to find out what communication methods are available to support users that need troubleshooting advice or assistance on the exchange. Most cryptocurrency exchanges in Australia will provide a Frequently Asked Questions (FAQ) section and How-To-Guides which is helpful for beginners. Otherwise, make sure the website has a ticket system to contact the customer support team directly or through a live chatbot.
Online Reviews & Social Media
Search for online exchange reviews, forum comments and posts on social media is a great way to see what experience other crypto investors and traders have had with the platform. Review websites generally aim to provide a quick, easy-to-read summary of the exchange before creating an account.
Pros and Cons of Using a Crypto Exchange
Australian Crypto Exchange Pros:
- Convenient ways to buy crypto. Traders and investors of all types of experience will appreciate coming back to a familiar place to buy and sell digital assets. All crypto exchanges in Australia offer AUD-friendly deposit methods including bank transfer, simple mechanisms to trade crypto, and easy-to-understand trading fees. Most trading platforms are also good places to sell crypto back to AUD.
- They are reliable. Crypto platforms in Australia, even those that are not registered with AUSTRAC, implement bank-grade security to ensure that customer funds and digital assets are safe. By providing a safe environment to conduct transactions, exchanges help to promote consumer confidence and reliability.
- User-friendly. Almost all Australian digital currency exchanges have been designed to target specific user groups. Those that cater to beginners and novices tend to have simple and clear interfaces that are free from clutter and easy to navigate. Account management processes such as deposits, withdrawals, and using their features are simple which results in a short learning curve.
Australian Crypto Exchange Cons:
- Risk of hacks. Centralized crypto exchanges that store customer assets in hot wallets (connected to the internet) will be at risk of hackers and other third-party intrusion attempts.
- Fees. All crypto exchanges will impart fees to their customers for conducting transactions. Most deposit methods and withdrawals carry nil or negligible fees, however, charges are common for fiat-to-crypto and crypto-to-crypto transactions. In Australia, trading fees may range between 0.1% to 1% of the transaction volume.
- Limited fiat payment options. Cryptocurrency exchanges vary in the payment options they offer. Typically, local Australian companies offer a wider range of AUD payment options including bank transfers, POLi, BPAY, cash deposits, PayID and credit/debit cards. Global exchanges that have Australian operations may be lacking in payment options.
Frequently Asked Questions
In our opinion, we believe the best crypto exchange in Australia is Swyftx. This is based on important user factors such as beginner-friendliness, supported cryptocurrencies, deposit methods, competitive fees, overall trading experience, and excellent customer support.
The cheapest crypto exchange for Australians is undoubtedly Binance. The default trading fees start from 0.1% per trade and can be reduced by staking Binance Coin (BNB) tokens or higher trading volumes. Moreover, Binance has removed the trading fees on several Bitcoin pairs resulting in zero-fee crypto trading.
CoinSpot is the safest crypto trading exchange in Australia that implements industry best practice security controls. CoinSpot is certified by SCI Qual International as an ISO 27001 accredited company. Since its establishment in 2013, CoinSpot has not suffered any security breaches.
Crypto exchanges will include a digital wallet to store the purchased crypto. While the investor can access the funds and make withdrawals, the exchange is the actual holder of the private keys. As exchanges can be hacked or compromised, transferring the crypto from the exchange to an external wallet is best. We've reviewed some of the best crypto wallets for Australia to store your cryptocurrencies.
How We Picked These Exchanges
The methodology used to find the right crypto exchange in Australia comprises a comprehensive review process. This includes creating a verified account, depositing funds, placing trades, and withdrawing funds with each provider to gain a complete understanding of the overall user experience.
We then evaluate, score, and rate each Australian exchange based on our specific in-house assessment criteria and assign an overall star rating out of 5 points. For more information on the categories examined when comparing the top cryptocurrency exchanges, read our exchange review methodology process.