best crypto exchanges in Australia

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Sinead Burgess
Sinead Burgess
Updated on September 13, 2022

In contrast to the not-so-distant past, when entering the crypto market was not as easy or obvious for all, nowadays, crypto investors can choose from a dizzying array of digital assets, top Australian cryptocurrency exchanges, and cutting-edge fintech solutions to make lucrative trades. 

I completely understand if you’re feeling overwhelmed by the sheer number of cryptocurrency exchanges out there, with each one competing to provide the best possible trading environment for the new cryptocurrency investors. But don’t worry, I’ve got you covered.

We’ve tested, researched and reviewed over 20 exchanges to bring you the best ones for Aussies.

For quick reference, these are the top 3 Australian crypto exchanges we would recommend.

ExchangeCurrenciesCryptocurrenciesFees

Swyftx

AUD / USD300+0.6%Visit

$20 BTC Sign-up Bonus

CoinSpot
Coinspot exchange logo

AUD300+1%Visit

Binance
binance logo

60+600+0.1% – 1.8%Visit

For more detailed reviews of our top 10 trading platforms, keep reading!

Best Crypto Exchanges in Australia 2022

Some of the most reputable cryptocurrency exchanges in the world can be found in the booming Australian cryptocurrency market. However, only a few of them are readily available for international traders since the vast majority of these platforms are tailored to meet the requirements of the local crypto investors.

In light of this, I have compiled a list of the best exchanges (both domestic and foreign) that offer the most reliable and secure platforms for Australian investors. Let’s have a look at the key distinctions between these exchanges.

1. Swyftx: Best Australian Exchange Overall

Swyftx exchange logo

  • Website: swyftx.com
  • Currency: AUD, NZD
  • Fees: 0.4% – 0.6%
  • Available Cryptocurrencies: 320+
  • Review: Swyftx Review

Australia’s number-one star, Swyftx, is a cryptocurrency exchange where you can buy Bitcoin (BTC), Ethereum (ETH), and over 300 altcoins. When it comes to crypto trading, Swyftx offers some of the most competitive fees and spreads in the industry by tapping into international liquidity markets.

Swyftx does this by automatically optimising your orders across the exchanges and order books to provide the best possible prices and liquidity levels.

Swyftx homepage

What I liked about this exchange is that it allows you to automate your cryptocurrency investments. You just need to set up regular payments on your Swyftx trading account, and the money you put in will be split among the digital currencies you specify.

Moving further, Swyftx also includes innovative crypto investing tools such as price alerts and portfolio management functionality. The portfolio tracker is an especially useful instrument that shows you the current value of all your digital assets as well as your gains and losses on your coins in real-time.

Swyftx features

In comparison with other crypto exchanges, Swyftx’s phone service is a significant perk in my view, as I don’t recall another exchange’s support team taking the time to talk to me over the phone.

Perhaps I should have prefaced this claim by noting I am not a high-rolling investor, as these traders seem to receive nothing but top-notch support everywhere. On Swyftx, however, all traders can enjoy a sense of exclusivity and the privilege of having continuous support from the exchange’s team. 

Pros:

  • An easy-to-use and highly secure platform;
  • An AUSTRAC regulated exchange;
  • Demo trading account for beginners;
  • Live chat and phone support for its users;
  • Easy and fast deposits and withdrawals in AUD;
  • The possibility of earning passive revenue through staking.

Cons:

  • Swyftx crypto services are available only to residents of Australia and New Zealand.

Start Trading with Swyftx

2. CoinSpot: Best for Beginners

Coinspot exchange logo

CoinSpot, situated in Melbourne, is a premier crypto exchange for trading Bitcoin and other cryptocurrencies. If you want to buy any cryptocurrency on CoinSpot, you can do so quickly and easily by linking your bank account or utilising a third-party payment processor like PayID, OSKO, or BPAY.

Please note that the deposits made through Blueshyft are the most expensive way to purchase crypto on CoinSpot. To be specific, there will be a 2.5% fee assessed by the Blueshyft payment service to process your transaction.

Coinspot exchange homepage

On the other hand, you will be pleasantly surprised to learn that the platform does not impose any fees associated with withdrawing funds from your account.

Once you make a deposit, you can start trading on this platform. CoinSpot has trading costs at 1% for quick purchases, sales, or swaps and 0.1% for market orders through the OTC desk.

In addition, CoinSpot offers a multi-currency wallet and a customer support service available to you around the clock via a live chat feature, which I find to be especially valuable for “beginner’s mistakes.”

Pros:

  • Registered and secure platform;
  • Beginner-friendly user interface;
  • Cash deposits;
  • Some of the lowest trading fees in the industry;
  • 24/7 live chat support.

Cons:

  • Pricey Blueshyft deposits;
  • Supports only AUD as a fiat currency;
  • Available only for Australian residents.

Start Trading with CoinSpot

3. Binance: Best for Day Trading

binance logo

  • Website: binance.com
  • Currency: 60+ (including AUD)
  • Fees: (0.02%) 0.1% – 1.8%
  • Available Cryptocurrencies: 600+
  • Review: Binance Review

Binance is an international cryptocurrency exchange that offers some of the best prices on the market for trading Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and other cryptocurrencies. Binance’s low trading costs are determined by a number of factors, including your trading activity, the quantity of BNB tokens you hold (this can bring you a trading fee discount of 25%), and whether you take or add liquidity to the platform.

Binance homepage

No other platform offers such a wide variety of markets (for both novice and experienced traders), numerous payment methods, a vast selection of supported cryptocurrencies, meme coins, DeFi tokens, a peer-to-peer (P2P) trading platform, an OTC trading desk, staking, NFTs, margin trading and futures trading options. Even more conveniently, you can buy cryptocurrency with almost any fiat currency via bank transfer or SEPA.

From my point of view, Binance is the most trustworthy platform for day trading since it provides all the tools necessary to close a trade in less than a day, thanks to its high liquidity, high trading volume, and diverse asset offering.

And if there’s anything I’ve forgotten to mention, be confident that Binance has it all. On second thought, there is one thing that this crypto trading colossus is lacking — a platform with full regulatory oversight. Mind that. 

Pros:

  • Highly liquid and user-friendly platform;
  • Provides the largest variety of trading options on the market;
  • Supports the largest number of digital assets for trading among its peers;
  • Caters to both beginner and professional traders;
  • Zero fee AUD deposits;
  • Has some of the most competitive pricing on the market.

Cons:

  • Has a record of security breaches in the past;
  • Not fully regulated by financial authorities;
  • Has run into trouble with regulators in several countries where it operates.

Start Trading with Binance

4. Bybit: Best for Advanced and Seasoned Traders

bybit logo

  • Website: bybit.com
  • Currency: AUD, GBP
  • Fees: 0.08% to 0.20%
  • Available Cryptocurrencies: 50+
  • Review: Bybit Review

If you ask me, ByBit is one of the most sophisticated derivatives solutions on the global crypto map. It was founded in 2018 by Ben Zhou in the British Virgin Islands, but its headquarters are in Singapore. In a short time, ByBit gathered over 5 million traders and became the fastest-growing crypto platform for professional use.

The ByBit popularity lies in the impressive feature set, extra-functionalities and trading tools. I first jumped on the spot market to find a decent selection of trading pairs with 200 different cryptocurrencies, up to 3x leverage, and options for placing ultra-advanced order types. However, ByBit is apparently geared towards the derivatives market.

bybit homepage 01

The exchange offers three types of derivatives contracts Inverse Perpetual contracts, Inverse Futures contracts, and USDT Perpetual contracts. All trading pairs supported by ByBit consist of cryptocurrency only.

Inverse futures and perpetual contracts that contain USD as a base currency are settled in the underlying crypto. However, I was so glad to hear that ByBit has recently launched an option for fiat funding through popular crypto providers like Simplex.

As part of the “derivatives package,” ByBit offers margin trading with up to 100x for BTC-containing trading pairs and up to 50x for all other platform-supported coins and tokens. For me, it was rather impressive to see all those mechanisms for hedging the potential losses from margin trading, such as Auto-Deleveraging (ADL), Dual Price Mechanism, and internal insurance fund.

All these features are accommodated on a futuristic, state-of-the-art dashboard. The charting system is powered by TradingView, which allows users to adjust the chart complexity based on their personal trading needs.

Pros:

  • High-performance, market-optimised API for intensive trading and fast data refreshes
  • Up to 100x leverage on ETH/USD and BTC/USD
  • 24/7 live chat support
  • NFT market and copy trading functionality
  • 100K TPS matching engine

Cons:

  • Somewhat high withdrawal fees

Start Trading with Bybit

5. Crypto.com: Best for passive income

crypto.com logo

  • Website: crypto.com
  • Currency: USD, AUD, CAD, CHF & 15+ more
  • Fees: 0.04% to 0.4%
  • Available Cryptocurrencies: 250+
  • Review: Crypto.com Review

Crypto.com is a top cryptocurrency trading platform accessible both on desktop and mobile. It is not just a place to purchase and sell digital assets and coins, but you can also access numerous additional features such as market place for NFT, Visa debit card, earning and stakestaking.

One of the major reasons Crypto.com is so popular is that it has more than 250 crypto coins for users to purchase, sell or trade. The supported cryptocurrency list includes BTC, ETH, XRP, ADA, DOGE, SOL along with CRO (which represents the cryptocurrency used by the exchange). The benefit of CRO is that it allows you to put it in a position to cut down on costs for trading and earn rewards. Additionally, it can offer cashback on purchases using the Visa debit card.

crypto.com homepage

Crypto.com also has their own Metal Visa debit card. Apart from being stylish it also offers many advantages. This card lets you earn different rewards depending on the amount of credit card you own – which is determined by the amount of CRO coins that you put in. You could earn up to 5 percent cashback on purchases. You can also get 100% cashback for Spotify as well as Netflix subscriptions, and 10 percent off Expedia or AirBNB bookings and even airport lounge access!

One of the most significant benefits of Crypto.com is the name Crypto.com Earn which provides a means that you can earn interest from your cryptocurrency, while playing with the assets. There are 40different cryptocurrencies available to stake and the earnings are daily credited to the currency you hold staked. In fact, you could even increase the rate of interest or yield from your crypto staked depending on the amount of CRO you’ve placed a stake in.

Finally, Crypto.com comes with an outstanding customer service. The greatest thing is that they offer live chat support that is ready to assist you any time during the day. In the event of a high volume of users you can expect to be answered via email later and you’ll be able to respond to their emails via Live Chat if you like. In general, Crypto.com’s support team is quite responsive, depending on the level of activity. The email ticketing system is also a good option for those who aren’t in a hurry.

Pros:

  • Has derivatives and margin trading
  • Insurance cover on cryptocurrencies
  • Fast lending and borrowing of crypto
  • Crypto.com Visa debit card comes with 5% cashback
  • Over 250+ crypto with staking available on 40+ coins

Cons:

  • Crypto.com Visa card may require currency conversion fees

Start Trading with Crypto.com

6. CoinJar: Best for Crypto Bundles

coinjar new logo

When it comes to exchanging digital assets, Australians have long relied on CoinJar, a cryptocurrency exchange known for its convenience and quick service. The intuitive nature of CoinJar’s interface makes it ideal for novice and experienced investors alike.

It’s also worth noting that this Melbourne-based cryptocurrency exchange is underpinned by one of the world’s fastest order-matching engines, allowing instant cryptocurrency buys and uncomplicated exchanges.

Coinjar exchange homepage

The opportunity to use my cryptocurrency for routine purchases was the main reason I signed up for this exchange. Nonetheless, it wasn’t long before I discovered that the site provides many interesting options for accumulating crypto assets and diversifying your portfolio.

In this regard, I think you’ll find the CoinJar bundles to be an excellent offering, as they’ll help you save on both time and money in your trading activities. This feature allows you to buy the most popular tokens in a single purchase while monitoring the progress of your portfolio. Right now, you can buy one of roughly ten crypto bundles comprised of various coins combined in a single offer for your convenience.

From my angle, this product’s strength is that it enables you to automate your investment in any CoinJar package you choose through periodic debits from your linked bank account. I’m sure you’d agree that maintaining a diversified portfolio has never been more straightforward than it is now with CoinJar.

Pros:

  • Super-friendly, clean design;
  • Appropriate for seasoned investors;
  • Instantaneous credit/debit card transactions;
  • A straightforward account opening procedure;

Cons:

  • Lacks any sort of real-time customer service (no phone or live chat assistance);
  • Comparatively high transaction fees;
  • Doesn’t facilitate margin trading.

Start Trading with Coinjar

7. Digital Surge: Best for Value

Digital Surge logo

Located in Brisbane, Australia, Digital Surge is a Bitcoin and cryptocurrency exchange that supports the exchange of more than 300 digital currencies against AUD at low fees and tight spreads.

One of the features I liked best on this platform is the Pay WizzardWith the help of this financial instrument, you will be able to use your debit card, credit card, or bank account to pay your bills and buy some things in bitcoins through Digital Surge’s order book.

Best of all, the Pay Wizard on Digital Surge doesn’t need any sort of intermediary like a bank to complete the transaction. Even though Digital Surge offers a free digital wallet you can use for this kind of payment, you are free to use any third-party Bitcoin wallet you like to settle your financial obligations.

Digital surge homepage

Digital Surge allows you to put your money into Bitcoin and other digital currencies using your Self-Managed Super Fund (SMSF). The first step to do this is to open an SMSF trading account with the exchange, which is quite simple. Before completing the account verification, remember to specify SMSF as your account type.

To sum up, Digital Surge provides convenient investment options, the best value for your money, and a safe and simple-to-use crypto trading platform that follows the strict guidelines of Anti-Money Laundering and Counter-Terrorism Financing Act regulators, ASIC and AUSTRAC.

Pros:

  • Safe and regulated platform;
  • Low fees and low spreads;
  • Enables settling of your monthly invoices with bitcoins;
  • 24/7 live chat support.

Cons:

  • Supports only AUD;
  • Doesn’t support credit card/debit card payments.

Start Trading with Digital Surge

8. Independent Reserve: Best for OTC Purchases

Independent Reserve exchange logo

The year 2013 marked the beginning of the Independent Reserve’s successful journey into the world of cryptocurrency. Since then, this cryptocurrency exchange based in Sydney has won many industry awards for its first-class services.

After doing a lot of research on the platform, I can confirm that the company has good reason to be proud of its innovative automated trading tools and its ability to trade large amounts of money with high-net-worth clients through its OTC desk.

With an OTC service like Independent Reserve, price fluctuations are significantly reduced, which is a major benefit for you as a crypto investor. Basically, the more OTC deals you make through this Australian exchange, the less slippage you’ll incur.

Independent Reserve homepage

Furthermore, the Independent Reserve OTC desk caters to SMSFs, corporate investors, and high-net-worth traders. Additionally, this financial tool features prompt payouts, a digital wallet, ample liquidity, and expert customer service that is accessible from its Sydney headquarters.

Independent Reserve uses a tiered pricing model based on your 30-day trading volume to cover the transaction processing costs. According to this model, you can incur a cost somewhere between 0.2% and 0.5% when trading cryptos through this site.

The good news is that this market charges zero deposit fees for cryptocurrencies. However, things don’t look so well for withdrawals. There’s a minor withdrawal charge when you withdraw cryptocurrency to your Australian bank account, while withdrawing New Zealand dollars will set you back 20 NZD.

Pros:

  • A secure and user-friendly platform;
  • OTC trading desk available for large volume trades;
  • Deep liquidity;
  • 24/7 email customer support;
  • Not limited to AUD only.

Cons:

  • No live chat support;
  • Supports a handful of digital assets.

Start Trading with Independent Reserve

9. Coinmama: Best for Fast Crypto Purchases

Coinmama logo

  • Website: coinmama.com
  • Currency: AUD, USD, CAD, GBP, EUR, JPY
  • Fees: 0.99% – 3.90%
  • Available Cryptocurrencies: 10+
  • Review: Coinmama Review

The primary function of Coinmama is to enable its users to purchase and sell cryptocurrencies with a bank account, debit card or credit card in a simple and streamlined manner. Besides this trading feature, this service does not offer a wide variety of additional financial instruments or products.

When it comes to purchasing cryptocurrencies, the most important thing for a trader is a concise user interface and intuitive widgets for placing orders. The exchanges’ uncomplicated design and a modest range of basic crypto trading services meet both requirements.

Coinmama homepage

Buying cryptocurrencies is indeed more straightforward with Coinmama. To start swapping cryptocurrencies using this platform, you must set up your crypto wallet and verify your trading account. After you have done these things, you will be ready to buy your favourite cryptocurrencies.

Upon deciding on the digital currency asset you want, you will be prompted to key in the number of coins you want to buy.

After that, you will need to input the address of your third-party crypto wallet, select your preferred payment method, and give your authorisation for the transaction. Your newly acquired coins will be reflected on your balance as soon as they have been purchased. I told you it would be a piece of cake.

Pros:

  • A beginner-friendly platform;
  • FinCEN regulated exchange;
  • Simple and quick crypto-buying;
  • Wide variety of payment options;
  • Accepts credit card payments.

Cons:

  • Price-wise, it’s far from cheap;
  • Not many trading options;
  • A handful of supported cryptocurrencies;
  • No crypto wallet provided;
  • Suffered a hacking incident in 2019.

Start Trading with Coinmama

10. eToro: Best for CFDs and Copy Trading

eToro exchange logo

  • Website: etoro.com
  • Currency: AUD, USD, GBP, EUR, JPY
  • Fees: 0.75% – 5% (for fiat-to-crypto conversion)
  • Available Cryptocurrencies: 80+
  • Review: eToro Review

Based in London, UK, eToro is a multi-asset brokerage that allows traders to invest in equities, digital currencies, and forex pairings. You can also do OTC and CFD trading through this exchange, making eToro one of the most versatile platforms in the industry.

Into the bargain, with eToro’s proprietary CopyTraderTM technology, you can quickly reproduce other traders’ strategies by adding them to your portfolio and using them as your trading approach.

eToro exchange homepage

Simply choose the market participants or strategies you want to imitate, set your investment limits, and click the designated Copy key to automatically replicate all of the selected broker’s copied trades in your account. As a result, your future trades will immediately begin to reflect the trading steps made inside the portfolio that you have just duplicated.

In my opinion, CFD trading is another of eToro’s selling points. The trading platform provided by eToro is an excellent resource for becoming acquainted with the fundamentals of CFD trading.

Contracts for differences, or CFDs, are a type of futures contract in which the price difference between purchasing and selling a financial product is settled in cash rather than via delivery of assets or products. With CFD trading, you don’t need to own the underlying securities to strike a deal. Instead, you can just speculate on the value difference between a contract’s starting and end price.

Pros:

  • An easy-to-use social trading platform;
  • Secure and regulated crypto exchange;
  • Offers demo account to test the features;
  • Excellent customer support;
  • Great variety of digital assets;
  • Enables copy trading and CFD trading;

Cons:

  • The trading offers cater more to seasoned crypto investors;
  • Some of the eToro fees can be very high;
  • Not available for USA residents.

Start Trading with eToro

11. Kraken: Best Staking Options

Kraken exchange logo

  • Website: kraken.com
  • Currency: AUD, CAD, USD, EUR, GBP, AED, CHF, JPY
  • Fees: 0%t – 0.36%
  • Available Cryptocurrencies: 70+
  • Review: Kraken Review

The strong emphasis that Kraken has on its security is what brought the company’s name to the forefront of the industry ever since its inception in 2011. I was impressed to learn that Kraken’s servers are protected at a military level by being watched around the clock by armed security and automated systems. This knowledge gave me a great sense of confidence when executing my trades.

Kraken has some of the top customer support services in the market as well, with a support team available 24/7 to address all your trading-related inquiries. I genuinely appreciate that Kraken’s customer service isn’t a bot with automated replies but an actual person answering your questions via live chat or email.

Kraken 24/7 support

To continue, this exchange allows for instant and fast bank withdrawals, widespread accessibility, and staking – all at low trading costs. Fees can be anything from 0% to 0.36%, depending on the kind of trading you do and the number of transactions.

Speaking of lucrative options, staking your dormant assets on this platform can boost their value. You see, the BTC staking offer of this veteran exchange was a big selling point for me. Namely, Kraken is one of the best places to stash your crypto and get rewards just for keeping it there.

The platform even supports BTC staking even though Bitcoin is a coin that is mined using the Proof-of-Work algorithm. Note that this trading feature is only feasible because the platform supports off-chain staking operations.

Pros:

  • A highly secure and regulated trading platform;
  • Excellent 24/7 customer support service;
  • Instant deposits;
  • Advanced trading instruments, such as margin trading and futures trading;
  • Access to deep liquidity pools.

Cons:

  • Expensive Instant Buy fees;
  • Not available to New York and Washington citizens.

Start Trading with Kraken

12. KuCoin – Best for Anonymous Trading

KuCoin logo

The fact that this exchange operates out of Seychelles, Hong Kong, and Singapore ought to be sufficient for more experienced traders to recognise that KuCoin is not a regulated market. I’m saying this without any negative connotation.

It’s just that, financially speaking, these regions are heaven for new crypto enterprises since their legal restrictions are laxer than those of the United States and Europe. As a result, trading platforms in these zones provide lower fees and a wider selection of micro-cap digital currencies.

KuCoin website

Due to the lack of financial oversight, KuCoin has positioned itself as a decentralised cryptocurrency exchange that prioritises user privacy by not requiring KYC data from its traders. Therefore, you don’t have to reveal any private information to fund your KuCoin accounts with cryptocurrency if you’re typically trading with small amounts. However, user authentication is a must when making large volume crypto transactions through this platform.

When it first opened, KuCoin didn’t allow fiat money deposits due to its lack of regulation compliance, but that has since changed. Fiat accounts, funded via bank cards, were established by KuCoin in 2019, in response to user demand for a more streamlined deposit process. So, if you wish to use your bank card on this exchange, you will also need to complete due diligence and know your customer (KYC) procedures.

If you are interested in learning more about anonymous trading platforms available to cryptocurrency traders in Australia, our guide on the Best Anonymous Cryptocurrency Exchanges is a great read for you. 

Pros:

  • An advanced trading platform;
  • Low trading fees,
  • Allows for earning passive revenue through staking;
  • Enables anonymous trading (without going through the KYC protocol and providing ID);
  • Offers live chat customer support;
  • Provides margin trading option;
  • Never had any security breaches of its platforms.

Cons:

  • An unregulated trading platform (not registered with AUSTRAC);
  • Beginners may struggle with its UI and the advanced trading options.

Start Trading with KuCoin

13. Easy Crypto – Fastest and Most Convenient Way to Buy Crypto in Australia

easy crypto logo

Easy Crypto Australia is a cryptocurrency exchange platform that is available to Australians which makes it easy for anyone to participate in the crypto space. This Aussie exchange allows users to buy digital assets using the most simple fastest, most efficient, and secure manner, and without having to hold any of your money in cryptocurrency as well as Australian dollars.

Easy Crypto Australia guarantees that you are in complete charge of the assets you own all time, and offers a 100% money safety assurance for all types of transactions. If you’re still not sure the best feature in the Easy Crypto Australia is the ability to buy and sell crypto quickly.

easy crypto homepage

Easy Crypto Australia also supports hundreds of different currencies which include the major ones like BCH, BTC, ETH, ADA, NEO, and LTC just to mention just a few.

In terms of charges, Easy Crypto Australia is extremely transparent about their charges. There are no charges for withdrawals, deposits or deposit fees and there are no hidden charges! Of course they charge trading fees that vary from 0.5 percent to 1.6 percentage.

If you’re still unsure take note this: Easy Crypto Australia is a legitimate cryptocurrency exchange since it follows KYC/AML procedures and is regulated by AUSTRAC to stop money laundering and the financing of terrorist financing.

To summarize the reliability and security are one of the most important characteristics that comes with Easy Crypto Australia. It also features a minimalist and contemporary user interface which makes trading cryptocurrency more effortless and seamless!

Pros:

  • Great security and support
  • No hidden fees
  • Perfect for beginners
  • Auto-buy feature with dollar cost average strategy
  • Quality selection of crypto assets

Cons:

  • High volume trades delay processing

Start Trading with Easy Crypto

Crypto Exchanges Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading FeesDeposit FeesWithdrawal Fees

Swyftx

PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%AUD Deposits: $0 Crypto: NoneAUD Withdrawals: $0 Crypto: NoneVisit

CoinSpot
Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+OTC: 0.1% Instant buy/sell: 1% Market order: 0.1%* (applies to BTC, LTC, XRP, ETH, DOGE, POWR, NEO, TRX, GAS, XLM, EOS, RFOX, RChainDirect Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None AUD withdrawals: $0Visit

Binance
binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%NoneVaryVisit

Bybit
bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Bank transfer: $0VaryVisit

Crypto.com
crypto.com logo

Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay19 including USD, AUD, and SGD250+0.04% to 0.4%$0FREE via bank transfer. $25 for USDC withdrawal via SWIFT NetworkVisit

CoinJar
coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%CoinJar users: No fee NPP: No fee Cash: 1.5%0 Withdrawal FeesVisit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: NoneNone for AU Bank Accounts Cryptocurrency: Network feesVisit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 0.5%For SWIFT: $15 for deposits under AU$5,000 equivalent None for deposits over AU$5,000 equivalent For EFT: AU$0.99 for deposits under $100 None for deposits over AU$100Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUDVisit

eToro
eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Vary (conversion fees for non-USD deposits) ($50 minimum deposit)$5 (minimum withdrawal of $50)Visit

Kraken
Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%VaryVaryVisit

KuCoin
KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%NoneVaryVisit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Card deposit fees: 0%$0Visit

Coinstash
coinstash logo

Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%$0$0Visit

How Do I Choose a Crypto Exchange in Australia?

When looking for a trading platform that will meet your crypto trading objectives, you should look for one that fulfills most of the prerequisites on your checklist. You should base your selection on several factors, including security, trading fees, the availability and complexity of trading instruments, usability, trader reputation, and client support service. 

In general, your expectations for a trading platform should align with your trading strategy’s needs and the features provided by the platform you choose to use. It’s also worth checking the reward programs offered on the site since it’s an excellent strategy for bringing in more passive money.

Now that we got that out of the way, let’s look at the qualities an exchange ought to have to support your trading tactics efficiently.

Supported Cryptocurrencies

In contrast to the commonly held belief that a platform’s quality increases in proportion to the number of different cryptocurrencies it supports, I believe that the development roadmap of a crypto project is of equal if not greater importance. That is to say, some of the cryptocurrencies have dubious long-term goals, so you risk losing your investment if they suddenly vanish from the market.

Indeed, it’s crucial to choose a platform that endorses your preferred cryptocurrency and offers widely used and actively traded coins. I recommend checking the respective cryptocurrency’s market data (using CoinMarketCap, for instance) and the crypto project’s development strategy on the coin’s website to gain more confidence in the stability of your investment.

Trading Options

While some investors are just looking for a place to buy and sell cryptocurrencies, others are pursuing more advanced strategies that call for more sophisticated trading products. Thus, before committing to a particular exchange, be sure it offers the financial capabilities you’ll need to implement your crypto investment strategy.

Fees

When you trade in cryptocurrency, your goal is to get the best deal possible. If the transaction costs eat up a big chunk of your trading earnings, you will know that the trading platform you chose was not the best one for you.

If you’re a beginner, you should know that the cost of the tokens you buy isn’t the only expense you will incur. Your cryptocurrency trades involve additional fees, similar to the value-added tax (VAT) imposed on purchasing goods in storefronts.

There are typically two principal costs associated with trading cryptocurrencies on an exchange: trading fees and network, i.e. mining fees. Although certain exchanges may advertise fee-free trading, you should know that other charges may apply when making deposits, withdrawing funds, exchanging crypto for fiat currency, etc.

Having said that, you most likely have questions regarding the distinction between the trading costs and the mining fees, as well as the reasons behind why you are occasionally required to pay both sets of fees. I’ll explain.

Trading Fees

It’s a common practice for cryptocurrency exchanges to levy a trading fee on all deals executed on their platforms – this is, in fact, how most of them generate income. Fees assessed by the exchange are often determined by the maker/taker system or are flat rates calculated as a percentage of the trade’s net amount.

When using the maker/taker model, the platform will typically impose somewhat lower trading costs to market makers, i.e. the traders who provide liquidity to the platform. On the other hand, the standard rates will continue to apply for the liquidity takers.

Mining Fees

The expenses you incurred while sending funds over the blockchain are known as network or mining fees. To confirm your cryptocurrency transaction on the blockchain, miners get mining fees to compensate them for attempting to solve a cryptographic challenge.

Since mining fees are calculated based on the load on the blockchain network, they are often susceptible to fluctuation. Therefore, these fees will increase in proportion to the volume of incoming transactions.

In the end, your total cost will typically comprise a fee charged for using the services of the trading platform and a fee to reward the cryptocurrency miners for verifying your transaction on the blockchain.

Deposit / Withdrawal / Instant Buy Fees

You must also be aware of the fees associated with making a deposit, withdrawal or an immediate buy through an exchange. How much you have to pay for these services depends on what kind of payment method you use for each transaction on the trading platform.

In particular, the payment providers charge you an extra fee for executing instant purchases and processing your deposit or withdrawal, which is added to the trading price, thereby increasing your overall expenditures.

Deposit Methods

As you could learn in the fees section, choosing the right deposit method can lead to significant savings regarding the costs associated with your trading. However, a correctly chosen payment method can also make it simpler for you to enter the market, which is especially helpful if you are just starting out.

Let’s say you’re getting ready to buy your first coin, which logically implies you don’t have any digital assets in your wallet to make a crypto deposit and start trading. In this scenario, you’d need to find an exchange that accepts fiat deposits.

In one way or another, you should make it a point to investigate the costs associated with the various payment processing options available to you, especially with third-party operators like Blueshyft, OSKO, Simplex, BPay, POLi, PayID, Interac e-Transfer, PayPal, etc. This will ensure that you do not wind up spending more money than you had projected in the first place.

Security

All platforms and investors must put a premium on making sure their holdings are safe. A digital wallet is an essential tool for safekeeping and managing your digital currencies and is typically offered to you by the exchange itself.

A cryptocurrency wallet stores your public and private keys, makes it easy to send and receive money, and keeps track of all the cryptocurrency you own. Even though many digital asset markets come with their own wallets, you should usually be able to choose a third-party wallet that meets your needs in terms of features and security.

Moreover, if you value the security of your personal information, trading account, digital wallets, and assets, you should look for a platform that has implemented robust security measures that offer extra layers of protection. Look for features like two-factor authentication (2FA), SSL encryption, whitelisting of digital addresses, and cold storage of assets since they are among the most widely used and effective security procedures for online trading.

Regulations

When protecting your online data and finances, having an internally secure platform is almost not enough when dealing with relatively novel fintech products. To elaborate, in the crypto realm, external protection takes the shape of regulations, authorisations, guidelines, and security certificates issued by the most prestigious national and international financial regulatory bodies.

In this way, you are legally protected against any damage you may experience while using the services of a trading platform. Additionally, regulated exchanges are required by law to guarantee that the trading process is carried out in a secure manner, which further increases your protection.

Fortunately, under Australian law, all exchanges are required to register with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and adhere to stringent security procedures, such as AML/KYC user authentication standards, to eradicate any opportunity for fraud, money laundering, the funding of terrorism, or any other illegal activity that might inflict damage to you or the exchange.

The unregistered cryptocurrency exchanges in Australia, on the other hand, run the risk of being subject to both financial and criminal sanctions for their failure to comply with the applicable regulations for the trading of cryptocurrencies in this jurisdiction.

Customer Support

Newcomers to the market aren’t the only ones who need help with the platform now and then; even seasoned traders have questions about how to use certain features or services. In light of this, it might be highly advantageous to have a team of blockchain specialists ready around the clock to help you with any issue that might transpire during the trading process for the ultimate user experience.

This is especially true if trouble arises amid a potentially profitable deal, so make sure the platform you pick is 24/7 at your beck and call. It’s preferable if you can contact them directly, via a phone number or a live chat. A strong presence across many social media platforms can also indicate that the exchange provides good customer assistance.

Reputation and Reviews

Finally, there’s no such thing as an ideal platform, but honestly, I haven’t encountered one that admits to its flaws and drawbacks yet. As a result, I frequently go through the crypto forums (check Reddit, for one), where members discuss their experiences with various platforms before testing its features to obtain a more nuanced understanding of a particular crypto exchange and its services.

You can also quickly discover the platform’s rating on TrustPilot, one of the most valuable review sites online. Here, users give their unfiltered impressions of a specific feature of exchange.

So, if you read that a crypto trading platform offers 24/7 excellent customer support, but the users complain that the alleged help is nowhere to be found, you won’t be greatly surprised. Also, you’ll know what to really expect. Always hear it straight from the experts by nature, i.e. the actual users.

However, remember that even first-hand accounts should be taken with a grain of salt since some users may be misinterpreting a trading clause or intentionally damaging an exchange’s credibility by leaving bad reviews. The Internet is a free-for-all space where any viewpoint may be expressed, after all. Therefore, it’s crucial to check out and compare the platform and the user reviews but reach your own informed decision.

How Do I Use an Australian Crypto Exchange?

Before making your first cryptocurrency purchase through an exchange, there are a few hoops to go through.

1. Account Registration

The first thing you do is register for an account at a cryptocurrency trading platform. During the first signup round, you will be asked to provide information such as your name, email address, and a strong password to protect your account.

2. Account Verification

More details about yourself, where you live, when you were born, your phone number, a government-issued photo ID, utility bills, and even a selfie may be requested to ensure the data you’ve provided is in compliance with Know Your Customer (KYC) guidelines.

3. Account Funding

Once your account has been validated, you can make your initial deposit and start trading. For this, you can typically choose between several payment options, so select the one that is most convenient for you (and most cost-effective, of course).

4. Start Trading

That settles the matter, then. Your first cryptocurrency purchase is ready to be made. Now, pick your preferred trading option and adhere to the provided instructions. You’ve got this!

Frequently Asked Questions

Since its inception, Binance has been the most widely used exchange in the world, making it difficult to find a crypto trader anywhere in the world who hasn’t at least contemplated utilising this platform.

According to a variety of metrics assessed by CoinMarketCap, including the total trading volume, amount of active daily traders, number of currencies, variety of accepted payment methods, and the wide range of trading alternatives, Binance stands out as the biggest and most user-friendly exchange in the world.

Swyftx is the most well-rounded trading platform designed for traders in Australia and New Zealand. The Australian crypto exchange has been making waves in the crypto space owing to its capacity to offer competitive spreads and minimal trading fees through its extensive network of market makers and banking partnerships.

Kraken is the ultimate crypto-fortress thanks to its military-grade security measures, including its multiple geographically distributed cold storage vaults, guarded around the clock by armed guards and monitored with the most advanced models of surveillance technology.

This international marketplace even rewards anyone who identifies a flaw in its security that a third party may exploit. Also, I found out that Kraken’s Global Settings Lock and Master Key might prevent illegal account changes by blocking unauthorised changes to your Kraken account and hiding sensitive data, which is helpful if you want to pause your trading account and invest in crypto for a while.

As for the Australian market, all exchanges operating under this jurisdiction are super-safe, considering that they must be registered and comply with the regulatory guidelines and the law on cryptocurrency trading in this country.

Binance consistently has some of the lowest transaction fees among the cryptocurrency exchanges. First off, the commissions charged by this exchange for making a deal range from 0.02% to 0.10%.

Secondly, clients who make payments with Binance’s native utility token, BNB, are also entitled to a 25% discount on the already attractive trading prices.

Back to home turf, the costs on Digital Surge are some of the lowest out of any Australian platform, making this exchange my top pick for the most bang for your buck. Digital Surge only charges 0.5% and lets you buy and sell more than 250 cryptocurrencies instantly. This pricing model is highly advantageous for those who use a dollar-cost-averaging method.

By far the most audited and sole Australian cryptocurrency exchange to be awarded the prestigious ISO 27001 accreditation, CoinSpot has a reputation as the most trustworthy and secure cryptocurrency exchange in the country. The exchange is also compliant with the AML/KYC industry standards, keeps the bulk of its assets in offline vaults, and is regulated by ASIC and AUSTRAC.

Speaking of the most advanced and user-friendly mobile trading software for digital currencies, Binance is clearly in the lead. The mobile app is competitive with other exchange apps in terms of capabilities and features, but it also provides some of the cheapest trading fees.

Being an Australian citizen, this iOS and Android-compatible app will provide you fast and easy access to the major Binance platform, which supports over a thousand different marketplaces, exposure to a wide variety of cryptocurrencies and fiat currencies, crypto lending and staking possibilities, leveraged futures trading options, loan applications, and more.

ByBit is a global platform for trading crypto derivatives and futures that has grown in popularity among Australian traders interested in experimenting with perpetual swap futures.

This Singapore-based platform uses a dual-price approach that considers both the indicated rate and the most current rate when the asset was traded to safeguard its clients from succumbing to speculative trading, as perpetual futures markets are one of the most volatile in the industry. This dual-price approach ensures that the most current negotiated rate is closely tied to the spot value of the underlying asset, thus reducing the possibility of price discrepancy to a minimum.

If you want to engage in futures trading in Australia, I believe that ByBit is your best bet because of the risk mitigation mechanism known as auto-deleveraging (ADL). For one, ByBit utilises ADL to close down the positions in financial hardship. Also, the exchange relies on an insurance policy to cover any slump in case of liquidation.

For those of you who are just now encountering the term, let me first offer a brief introduction to the concept of day trading.

Day trading is a strategy where you open and close a trade (or several trades) during the same trading day. The phrase relates to the fact that traditional marketplaces are only operational at certain times of the day. As a result, day brokers aren’t required to keep any trading positions active outside these times.

Contrary to the traditional brokerages, cryptocurrency markets never close, as you probably know. Crypto trading is available 24/7, 365 days a year. Therefore, day trading in crypto refers to entering and exiting positions on the crypto market within 24 hours.

Clearly, this approach represents a very dynamic trading method as the potential rewards must outweigh the substantial dangers involved in a relatively short time. Because of this, day trading is best left to seasoned crypto investors and experienced providers of crypto trading services.

For this reason, I believe Binance to be the best day trading platform as it offers the best range of trading alternatives and flexibility currently operating on the market.

For Australian crypto investors who don’t have a lot of time to learn the ropes, Coinbase is the best alternative. This crypto exchange stands out from the competition because of its beginner-friendly trading interface and options. In particular, Coinbase offers a helpful widget via which you can effortlessly acquire your desired coin with a single click by entering the appropriate AUD amount and specifying your preferred cryptocurrency. That’s how easy it is.

If you’d rather start out on a local platform, though, I can recommend the Coinspot exchange. Essentially, Coinspot is Australia’s version of Coinbase but tailored to the country’s smaller market. Similarly to Coinbase, this Aussie cryptocurrency exchange also offers crypto exchanging applications that let customers make speedy purchases of over 400 alternative cryptocurrencies, including Bitcoin, against the local AUD currency.

Yes. In 2017, the Australian government legalised cryptocurrency trading, signalling its recognition of the decentralised character of digital currencies, which often function independently of governmental or other monetary organisations.

As a result, all Australian blockchain-based crypto trading platforms have been subject to the Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Act 2006 and its associated regulatory frameworks.

Yes. As all digital currencies are considered legal property, they are subject to Capital Gains Tax in Australia (CGT). Therefore, you should retain a record of all of your crypto transactions to correctly file your taxes.

Maintaining an accurate record of your cryptocurrency exchanges and the associated taxes may prevent you from facing unwanted communication from the Australian Taxation Office (ATO).

This is because ATO is cracking down on incorrect CGT reporting, following the 2021 guidelines enforcement. In the event that ATO discovers you’ve failed to disclose income from your cryptocurrency transactions, it may impose a penalty of 75% of the initial tax you owe, in addition to any interest or penalties that you may have accrued along the way. Ouch!