Last Updated on May 10, 2022
Finding the best crypto exchange in Australia can be tricky these days, as there are so many options to choose from.
We’ve reviewed and ranked the best ones looking at factors such as ease of use, fees, trading features, customer support, and more.
Best crypto exchange in Australia
Based on our research & reviews, these are the best Australian crypto exchanges:
- Swyftx – Best Australian crypto exchange overall ($20 BTC sign-up bonus)
- Coinspot – Best exchange for beginners
- Digital Surge – Best exchange for value
- CoinJar – Longest-standing Australian cryptocurrency exchange
- Binance – Best crypto exchange for day traders
- Independent Reserve – Best exchange for OTC purchases
- Kraken – Great global crypto exchange
- Coinbase – Long-standing cryptocurrency exchange (high fees)
- Bittrex – Another experienced exchange
- Coinmama – Good for credit card crypto purchases
|Website||Overall Rating||Location & Currency||Available Cryptocurrencies||Fees||Our Review||Visit Site|
||0.6%||Swyftx Review||Visit Site
Get Bonus $20 BTC After Signing Up
||1%||CoinSpot Review||Visit Site|
||0.5%||Digital Surge Review||Visit Site|
||Varies||CoinJar Review||Visit Site|
||0.1%||Binance Review||Visit Site|
||0.5%||Independent Reserve Review||Visit Site|
||0.26%||Kraken Review||Visit Site|
||4%||Coinbase Review||Visit Site|
||0.2%||Bittrex Review||Visit Site|
||6%||Coinmama Review||Visit Site|
We hope this detailed list has helped clarify which we believe are the most reliable cryptocurrency exchanges to use.
Our suggestion would be to pick one exchange which works for you and stick with it, it will make your life much easier. The alternative would be keeping cryptocurrencies on different exchanges which is hard to keep track of.
If you still aren’t sure which Australian cryptocurrency exchange will work best for you, see our below detailed breakdowns for our recommended crypto exchanges to help you make a more informed decision. Find out more information on our rating process.
Best Australian Crypto Exchange: Reviews 2022
Swyftx are currently running a promotion for new users, you can get $10 BTC credit as soon as you verify your account upon signup.
Swyftx is by far our most recommended Australian cryptocurrency exchange, given that their trading platform is the easiest to use and their online wallet makes trading pain free. With Swyftx you can keep any coins you buy in their online wallet and it doesn’t have the same risk as keeping it on regular exchanges.
Swyftx makes day trading incredibly easy, allowing you to swap, buy and sell coins instantly. You can buy crypto assets with AUD deposits via bank transfer, POLi, or PayID. The team at Swyftx are incredibly helpful and being Australian based they are always active when you need them. The account verification process is very smooth.
The main standout features for Swyftx are low trading fees, excellent user interface, and unmatched support/onboarding. This all makes for a great user experience and hence deserves our stamp as the best cryptocurrency exchange in Australia. Swyftx goes out of its way to make sure you are getting what you need so when you sign up, you are assigned an account manager who will help you out with any questions you have. This makes Swyftx perfect for beginners with limited experience in trading or cryptocurrency.
Swyftx also has additional features for the more experienced traders. For instance, you can customize your dashboard with your preferred metrics, use TradingView charting, activate recurring deposits, or ask Swyftx to generate tax reports.
- Easy to use
- Quick verification process
- Large choice of available cryptocurrencies
- Fair pricing
- 24/7 live chat support
- Available only for residents of Australia and New Zealand
CoinSpot is a great Australian crypto exchange for new users, their dashboard is easy to use and clutter-free which makes the process to buy and sell your first cryptocurrency very easy. The main issue with CoinSpot, however, is that it charges above-average trading fees. There are many other trading platforms that provide almost the same experience but with a much better trading fee structure.
Most people once they’ve started trading a bit more, end up moving to an international exchange where they can trade with lower fees. On the other hand, one of the advantages of CoinSpot is that it has a large number of trading pairs. Moreover, it’s one of the few Australian crypto exchanges that support buying and selling decentralized finance tokens. It also supports a range of deposit methods: BPAY, POLi, PayID, direct OSKO bank transfers, and cash, and includes an OTC desk for large-volume orders.
CoinSpot is a great entry point but as we said, chances are you won’t stay on there long term. If you’re curious to find out more before you make up your mind, check out our more in-depth CoinSpot review page which provides much more information on the business, its history, and other more technical aspects.
- Intuitive navigation
- Automatic purchases on a daily/weekly/monthly basis
- Largest selection of DeFi tokens and NFTs
- Minimum or no deposit and withdrawal fees
- SMSF Account
- High weekly volume limit
- Lack of margin trading support
Digital Surge is one of the smaller Australian Cryptocurrency exchanges but they provide excellent services. Currently, they support over 260 cryptocurrencies which makes this platform great for people looking to trade a wide range of cryptos. If you are looking for a quick and simple way to buy Bitcoin or other cryptocurrencies, then Digital Surge is a great choice. People online boast how easy the platform is very user-friendly and we definitely agree!
Digital Surge provides a unique solution to paying Australian bills because with Bitcoin via the BPAY billing feature. This is something that no other Australian crypto exchange currently supports and it’s a step in the right direction for future mainstream adoption of cryptocurrencies. The trading fees starts at 0.5% and falls down to 0.1% for large-volume traders. As for deposit methods from your bank account, they support PayID (for deposits and withdrawals) and POLi (up to $8000).
The platform is registered with AUSTRAC which is mandatory for Australian exchanges and complies with their AML and CFT policies. This minimizes any potential threats to your investment. Digital Surge doesn’t offer a mobile app yet, but it does include wallet services.
Digital Surge is quickly climbing the ranks of the best cryptocurrency exchanges in Australia.
For more in-depth information you can check out our Digital Surge Review where we analyze the exchange and its services even further.
- An easily comprehensive platform
- Fast sign-up and verification process
- A facility for bills payment and price alerts
- No credit cards supported
- A limited number of pairs for spot trading
CoinJar is one of the longest-running crypto exchanges in Australia and has an international presence. It’s a simple exchange for beginner crypto traders to start on with competitive fees and many trading features.
One of the main drawbacks of CoinJar is the lack of altcoin support. CoinJar doesn’t have support for a huge range of Cryptocurrencies but is working on adding more regularly. CoinJar is a great fiat gateway and lets you purchase crypto with AUD or GBP (other fiat currencies will be converted) via PayID, BPAY, or by making a Blueshyft cash deposit.
As far as fees are concerned, CoinJar has been known to have quite large spreads compared to our most recommended exchange Swyftx. Like CoinSpot, the platform charges a flat fee of 1%. Trading fees on their actual exchange differ for makers and takers based on their 30-day trading volume with the highest fee being 0.1% for makers and a flat 0% for takers. What makes CoinJar special is the innovativeness of its team. So far, they’ve launched numerous solutions to make crypto trading easier for both retail and institutional traders.
For example, their newest feature is CoinJar Swipe, the first Australian digital currency EFTPOS card! You can use this card all around the country to purchase goods with your CoinJar balance or withdraw money from an ATM.
- A beginner-friendly platform supported by a functional mobile app
- A multi-feature exchange with swap and wallet services
- CoinJar reward points
- A small range of supported cryptocurrencies
🏆 Best Crypto Exchange For Day Trading
Binance is quickly becoming the most used exchange in the world and for good reason. The platform is perfect for experienced users looking to get more serious with their trading. For beginner users it can take some getting used to which is why Swyftx is the most recommended exchange for beginners.
As mentioned in our Binance review, they have pairings for all of the major cryptocurrencies you would want to trade. On top of that, they offer all sorts of deposit methods. Australians can use the separate Binance Australia platform launched in July 2020 which offers instant AUD deposits and withdrawals. Its trading fees are very low, only 0.1%, and you can even get a further discount with their BNB tokens.
If you are looking at doing regular trading known as day trading, we would recommend using this exchange. Also, the platform offers margin trading (leverage trading) for the more experienced. For Binance, safety is a big priority which is why the exchange created its Safety Asset Fund for Users to which it allocated 10% of all the fees and uses the money in case of a security breach.
- Superior trading features under one roof (margin and futures trading)
- Exceptionally large selection of altcoins
- The lowest trading fees
- Separate wallets for different markets (OTC, margin trading, P2P, futures)
- Highest liquidity on the market
- Lack of support for traditional payment options
- Overwhelming structure for absolute beginners
Independent Reserve is another Australian cryptocurrency exchange. They offer a great platform to buy crypto but it can be a little difficult to get the hang of it at first.
IR supports 13 cryptocurrencies in total. These are BTC, ETH, BCH, XRP, LTC, EOS, XLM, BAT, GNT, REP, OMG, 0x, and PLA. IR accepts EFT, Osko, SWIFT, PayID, and POLi payments. Independent Reserve has the lowest trading fees out of all the Australian exchanges which is why it is one of the most popular. They start at 0.5% and get as low as 0.05% as your trading volume continues to grow.
It’s also much safer to keep your coins in their online wallet as opposed to keeping them on an international exchange like the others on this list. As noted in our Independent Reserve review, security is one of their highest priorities which means you can get peace of mind knowing you’re trading on a safe platform. Recently, they’ve also started offering insurance to Premium Accounts and have an integrated KPMG tax tool as well.
- Robust security and fund insurance
- A variety of trading opportunities, multiple order types, and an OTC desk
- Tax calculator
- Very high minimum limits for wire deposits
- Low altcoin liquidity
Kraken was founded in 2011, making it one of the oldest exchanges currently on the market. Kraken is best loved for its transparency, performance, and excellent security maintained by its dedicated team of experts spearheaded by Jesse Powell.
The platform supports a variety of assets including defi tokens and stablecoins. Recently, Kraken made over 14 cryptos available to Australians to trade against AUD. The exchange even allows for advanced trading options like margin trading and futures markets. The fees are average, starting at 0.16% for makers and 0.26% for takers.
Like most other major exchanges, they also have an app for trading while on the move. Kraken even has an app for its futures platform, which is quite cool, and an advanced Kraken Pro app with more complex trading features.
In order to secure your account, Kraken encourages you to activate two-factor authentication, Global Settings Lock, and a Master Key. For more info, read our article on Kraken’s safety and security history.
- Unparalleled security standards
- High liquidity on all supported coins
- Neat interface with many customizable settings
- Limited access on starter accounts
- High minimums on deposits and withdrawals
Coinbase is the largest foreign exchange, based in the United States. Even so, we highly suggest not leaving your coins on this platform. We always advise against leaving your coins on any foreign exchanges and instead recommend you to transfer them to a hardware wallet or a local online wallet.
Since Coinbase is a brokerage, users can send, receive, buy, sell, or convert one cryptocurrency into another. It’s not a trading platform like Binance, for example, but a couple of years back it launched Coinbase Pro, an advanced platform for those interested in crypto trading. Coinbase Pro also supports additional cryptocurrencies.
While it’s true that Coinbase charges more for fiat deposits, in essence, you are paying for quality, safety, and assurance. For example, card purchases incur a 3.99% fee per transaction but buying crypto assets with credit or debit cards always costs more, no matter what exchange you’re using.
The platform takes great care of its customers’ queries and whenever it has extra work on its plate, it hires extra staff. We recommend reading our Coinbase Review and do your own research before making a decision.
- The most beginner-friendly platform
- Highly regulated and secure exchange
- Advanced Coinbase Pro version for experienced traders
- A complex and relatively expensive fee system
- A small number of supported altcoins
Bittrex has a wide range of cryptocurrencies available for purchase. The exchange does have a large turnover for the cryptocurrencies it lists, and this has been criticized due to its “pump and dump” nature. However, as noted in our Bittrex review, they do seem to act quite quickly in making sure they remove less credible coins.
That being said, if you are looking for a new or less popular coin, there’s a high chance that you’ll find it on Bittrex. Bittrex accepts fiat deposits via regular bank transfers, SEPA, or wire transfers. As for card payments, only debit cards are allowed.
If you’ve read our take on “Is Bittrex Safe?”, you’ll know that the exchange uses sophisticated technology to secure its data and platform operations. One of these tools is the Chainalysis Know Your Transaction (KYT) feature which monitors the website traffic and fishes for suspicious trading patterns.
- Very high trading limits
- An exceptionally long list of supported cryptocurrencies
- Robust trading view and charts
- Poorly responsive customer support
- No option for margin trading
Coinmama was founded in 2013 and has been a leading cryptocurrency exchange for many years. It’s available in over 188+ countries making it quite a popular exchange worldwide.
Coinmama only supports a couple of prominent crypto assets: BTC, BCH, ETH, ECH, XRP, LTC, ADA, and QTUM. The platform was first to accept card payments for crypto purchases but the fees for this type of service are on the higher end of the scale. On top of the hefty commission fees (up to 3.9%), Coinmama charges an additional 5% service fee for card payments.
The main problem with the high fees is that they aren’t justified as the exchange doesn’t provide anything more than other exchanges do and in some aspects it’s even subpar to some major exchanges featured on this list.
Compared to other platforms, Coinmama even lacks enough security methods to protect users’ funds and accounts. For more info on the security of the platform, check out our article on Coinmama safety features.
- Great variety of payment methods
- High limits for credit-card-purchases
- Fast and very smooth direct purchases
- No separate mobile app
- No storage (wallet) option
KuCoin is a much smaller exchange and one of the main drawbacks here is that there aren’t really many people trading for you to be able to make fast transactions. A platform like Binance would be a better option for crypto traders but people still opt for KuCoin because it features a lot of different cryptocurrencies including underrepresented small-cap assets too.
These coins can be either traded for another crypto or bought via PayPal, wire transfer, or Interac e-transfer. If you want to buy crypto with a credit or debit card, you can do that via Simplex and some other third-party payment providers, but not all of them accept AUD.
Another thing that’s attractive about KuCoin is its unique fee system. There’s a fixed 0.1% fee per transaction, the sum of which the platform then distributes among holders of its native token, KuCoin Shares (50% of all daily fees), users who have recommended the platform (40%), and only keeps the remaining 10% for company purposes.
KuCoin is a fully licensed and regulated exchange that has mandatory KYC checks for all users if they want to trade more than 2 BTC per day. For more info on the security of the platform, check out the following post: Is KuCoin Safe?
- Super-low trading fees
- A broad scope of trading opportunities and supported coins
- No KYC required for first-time users and crypto-to-crypto trades
- Option for stake profits
- Difficult to navigate for beginners
- No fiat-to-crypto trading pairs
- An unregulated crypto exchange
Bitfinex is currently one of the largest exchanges used globally, but mainly in East-Asia and the United States. Bitfinex was hacked in August 2016 with over 120,000 BTC being stolen, but the platform has since then improved by updating its security protocols and the way it stores users’ assets (it uses cold storage now).
Their fees are quite reasonable at 0.2% and they have a good range of cryptocurrencies on offer to trade with. When it comes to the trading platform itself, it’s quite advanced and even allows for margin trading. Bitfinex also has lending and borrowing products, as well as staking for those interested. It’s also good to note they have a useful app for trading on the go.
Even though this is the largest exchange globally, we wouldn’t recommend it for Australian users as there are much better options available that have better customer support and security.
- Largest choice of order types
- Up to 100x leverage on derivatives
- A demo account
- Tailored for professional traders only
- History of hacker attacks
The OKEx cryptocurrency trading platform is very versatile which is why it is gaining increasing popularity. However, there are a number of reasons why we wouldn’t recommend it including unsatisfactory customer support and the fact that it’s more tailored towards experienced users.
On the other hand, the 400 tokens available for trading might be an incentive enough for a lot of crypto traders. You can even use a range of payment methods like bank transfer, credit card, crypto, iDEAL, ApplePay, SOFORT, etc. It’s inexpensive too as it charges 0.1% for makers and 0.15% for takers.
When we mentioned it was perfect for experienced traders what we had in mind was OKEx’s support for margin, spot, and derivatives trading. The platform even has an Earn program called C2C Loans for customers who want to lend their crypto assets and earn passive income from interest. Make sure you conduct enough research before giving these services a go.
- Very favourable fee schedule
- A large selection of payment options including PayPal
- Wide range of coins and markets
- A state-of-art mobile app
- Limits on withdrawals
- Complex fee structure
- Mixed-up reviews on their customer support
Established in 2017, Easy Crypto is an exchange that operates across five territories— Australia, New Zealand, Brazil, South Africa, and Nigeria—with a registered office in each of these countries.
Easy Crypto Australia has gained immediate recognition on the local market for its incredible ease of use and high-level security. The exchange allows you to buy, sell or swap over 130 different cryptocurrencies with AUD directly from your bank account. This simplifies the transaction process to a great extent, as you won’t have to deposit the funds to your exchange account first and convert them into USD or BTC. All you have to do is select the crypto coin on your wishlist, select Buy Now, and complete the purchase in two clicks.
Remember that Easy Crypto is a non-custodial exchange meaning that you won’t gain an in-built crypto wallet upon setting up an account on their platform. However, you’ll get seamless integration with your independent hardware or app wallet and total control over your private keys.
Based on the operational method, Easy Crypto is closer to a crypto retailer store rather than a regular trading platform. That said, it’s a perfect fit for beginners who find it hard to navigate cluttered trading interfaces. In return, fees are drastically higher than the industry standard, ranging from 0.70% to 0.90% per transaction.
Easy Crypto is considered a highly secure marketplace — as an AUSTRAC registered company, Easy Crypto must be strictly compliant with all AML/CTF and this includes a full KYC verification for every new customer.
- Large selection of cryptocurrencies
- Suitable for inexperienced traders
- Full control over your assets
- Transparent fee structure
- High fees and spreads
- Slow processing of transactions during high-volume times.
ZebPay is another beginner-friendly crypto solution available in over 160 countries including Australia. The exchange was established back in 2014 in Singapore, and according to the ZebPay website, around 3 million customers have used their buy-and-sell services so far.
ZebPay adjusted its services to the Australian market in 2019 and now you can find several fiat/crypto pairs with AUD as an underlying asset.
The ZebPay platform provides everything that you need for a time-efficient transaction. You’ll notice that its interface doesn’t feature a live chart display or any advanced market indicator. The extremely uncluttered platform is part of the plan for achieving simplicity in trading.
You can also download an identically functional mobile app on your Android or iOS device. ZebPay enables a mobile number ID, which is very convenient when you want to log in through your phone.
Pricing is transparent and unusually low for such an entry-level exchange. ZebPay incurs trading fees of 0.4% and no commission for deposits and fiat/crypto withdrawals (excluding transaction fees).
- Possibility for fast payments through the Bitcoin Lightning Network
- Low trading fees
- Highly functional mobile app
- A small selection of supported crypto and fiat currencies
- Membership fees of 0.0001 BTC per month
- Limited liquidity
Zimpex is a digital assets exchange with headquarters in Singapore, established in 2019 by Marcus Lim — a famous Australian entrepreneur who showed superb results in virtual marketplaces as a founder of Oneflare.
Zipmex doesn’t operate like a standard crypto exchange that provides liquidity pools for supported trading pairs. It’s rather a broker that aggregates volumes from the world’s most popular exchanges and OTC services. The resulting high liquidity allows Ziptex to establish a favorable environment for high-net trades, reduced chances of slippage, and considerably lower spreads. It applies the so-called market-to-market trading practice where a matching engine determines the value of all available coins (BTC, ETH, EOS, XRP, and LTC) based on the last price (the last executed trade).
Your Zimex account comes with a highly secured digital wallet in partnership with BitGo and a $100 million insurance policy. You can manage all trades, deposits, and withdrawals directly through your bank account. Trading fees on Zimex are fixed and relatively low at the rate of 0.2%. AUD deposits, on the other hand, will cost you 1% of the total transaction while fiat withdrawal fees depend on the currency — $25 for US and 0.3% for SGD withdrawals.
Zipmex has launched its own native ZMT token that comes with certain benefits for users who trade with it. First, there is a 50% discount on trading fees and an opportunity to earn up to 11% APY as a ZMT owner.
- A large choice on fiat deposits
- Advanced order types
- A capacity of 1.4 million transactions per second
- No discounts on trading fees for high-net trades
- A low number of supported cryptocurrencies
BTC Markets is a fully Australian-run crypto exchange operating on the local market since 2012. As an industry veteran, it has maintained a reputation as a trustworthy marketplace with reliable customer support. The exchange is equally suitable for novices and institutional clients.
On the BTC market, you can buy and sell cryptocurrencies against 20 trading pairs with BTC or AUD as an underlying asset. The exchange provides a supreme trading platform and market insights powered by TradingView. Here you can find a live order book with a variety of advanced orders like stop-limit, time-in-force, and take-profit orders.
When it comes to the fee structure, BTC markets incurs a fixed fee of 0.22% for crypto-to-crypto trades. If you trade with AUD, fees per transaction are calculated based on your 30-day volume. Initially, AUD deposits and withdrawals can be made through a free wire transfer.
BTC Markets gives you a unique opportunity for a Self-Managed Super Fund (SMSF) that provides personalized service for high-net investors and serves as a tool for reporting taxes.
- Suitable for users from all levels
- Support for SMSF (self-managed super funds) investors
- One of the few Australian exchanges that provide automated API for AUD-crypto pairs
- Some of the listed trading pairs aren’t available or have low liquidity
- Higher trading fees than its competitors
Reviewing the best cryptocurrency exchanges in Australia: Why we do it!
The cryptocurrency world can be a scary place for someone starting off, choosing the right place to buy, sell and trade is very important. Our aim is to make the process as easy as possible.
At Crypto Head we always suggest doing a lot of research before investing into cryptocurrency, just as we have done for this top 10 list. The last thing you want, is to trade on an exchange that could go into bankruptcy like the Mt. Gox scandal or is at risk of being hacked.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.
How to Choose a Cryptocurrency Exchange
There are a number of things you should pay close attention to when looking for the best cryptocurrency exchange on the market. Here are some pointers to get you started.
Remember that you’ll deal with processing times at several stages during the process of trading cryptocurrency. Every time you join a regulated crypto exchange for the first time, you’ll have to undergo a process of identity verification. The exchange might need up to several days to process the submitted documents and confirm your account unless there’s an option for automated verification, which can be a real time-saver and allow you to start trading immediately.
Deposits can also take some time to get delivered to your exchange account. The general business rule — a fast service is never cheap — applies equally to the crypto industry. Depending on the bank, wire deposits can “travel” for days to your exchange account and that’s why users are massively turning to instant credit/debit card payments even though they’re drastically more expensive than bank transfers in the crypto pay-roll system.
However, the term processing times mainly refers to the time the blockchain network needs to process, validate and register the transaction. The efficiency, in this case, depends on the current traffic and the network itself. For example, the average processing time on the Bitcoin blockchain is 78 minutes, Ethereum’s average is 6 minutes, Litecoin and Monero take 30 minutes, while EOS processes the transactions in around 1.5 seconds.
Ease of Access
The word “ease” isn’t the first association that comes to the mind of an average consumer when talking about digital assets management. Thereby, the battle for the best exchange would eventually be won by the platform that has good UI and clear access, rather than a highly advanced trading interface. This includes support for different browsers (web-based platforms) and operational systems (mobile/desktop apps), smooth and quick login, a dashboard with easy navigation, and minimum technical issues.
A seasoned trader will definitely prefer a highly illustrative trading view to an uncluttered interface but the majority of the target audience still consists of non-tech-savvy enthusiasts who’re taking their first step towards the crypto world and for them, ease of access is crucial.
A good entry-level crypto exchange will allow users to choose a payment method that suits their individual trading preferences.
Generally, the most convenient way to make a seamless deposit is to link your bank account with the exchange account. Besides the regular bank transfers, the majority of exchanges in Australia support e-payment processors like PayID, POLi, or Osko by BPAY that enable nearly instantaneous account funding.
Moreover, due to the huge demand, a growing number of exchanges have started to accept credit/debit cards payments as they provide instant purchases in no time.
Alternatively, you’ll find — here and there — PayPal and Flexepin vouchers on the list of payment options but these methods haven’t reached a level of general acceptance among the Australian crypto community yet.
Type of Trading
Crypto exchanges typically offer one of the following two types of trading: fiat-to-crypto trading and crypto-to-crypto trading. The former is perfect for anyone who wants to trade the BTC/AUD trading pair, while the latter works best for someone who likes to speculate on crypto price fluctuations and capitalize on the difference in prices between two or more crypto assets (e.g. BTC/LTC, ETH/XRP, etc).
It’s important to find a platform that’s suitable for your level of expertise. Newbies need an intuitive, straightforward interface where they can easily get around and place a simple buy/sell order.
Seasoned traders would benefit from an advanced trading platform with more complex charts and technical indicators that they can use to customize their orders. The exchange should support things like margin trading (trading with borrowed funds) and advanced order types: market, limit, stop-loss, fill or kill order, etc.
Make sure the exchange you choose supports your target cryptocurrency. By now, the market has over 1,000 different crypto tokens, which means that no platform is able to list all of them.
Some crypto exchanges stick to the most prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Stellar (XLM), and Bitcoin Cash (BCH) because their demand is always on the rise or at least stable and liquid enough. Other platforms, on the other hand, support up to 200 crypto assets, stablecoins, and DeFi tokens (e.g. ERC-20 tokens).
Deposit & Withdrawal Methods
The number one reason why we recommend local crypto exchanges is because they offer a range of AUD deposit methods such as POLi, PayID, BPAY Osko bank transfers, regular bank transfers, and card purchases. While most deposit methods are free, credit or debit card deposits incur higher fees for convenience.
When it comes to withdrawals, always double-check whether you can make withdrawals to your bank account in Australian dollars and the fees and limits for these transfers.
Trading Fees and Exchange Rates
A lot of crypto traders only focus on deposit and transaction fees when trying to determine whether the exchange is cheap or not. However, you should also take into account withdrawal fees and spreads, i.e. the difference between the buy and the sell price. Most platforms keep spreads a secret and display the final price without informing the traders that it’s actually higher than the market rate.
On the other hand, there’s no universal rate for a given cryptocurrency because buyers and sellers influence the prices themselves.
This category refers to limits such as the minimum or maximum amount of funds you can deposit into your account to purchase cryptocurrency or the minimum/maximum amount of cryptocurrency you can buy/sell per day. Most exchanges also have a limit on daily and monthly withdrawals based on your level of verification. For instance, on Binance, if you don’t verify your account, you’ll only be able to withdraw 2 BTC per day.
Loyalty Programs and Discounts
Some exchanges offer discounted fees to traders who own their native cryptocurrency. Take Binance, for example. If you pay the fees in BNB (the platform’s native token), they give you a 25% discount! Also, most trading platforms use a scaled fee structure that rewards high-volume traders with lower trading fees.
Another way to gain access to discounts and VIP services is to join a loyalty program hosted by the exchange or get a referral link. There are also platforms that share a percentage of their daily trading fees with loyal customers.
High liquidity is synonymous with high trading volumes. If an exchange provides high liquidity, then you don’t have to worry about delays in processing orders or whether or not there will be any order at all for the coins you wish to buy. Liquid exchanges are always able to match incoming buyers with sellers and vice versa. In order to be sure that the platform you like has the right level of liquidity, take a look at its order books before you register an account.
Account Verification Process
One of the first requirements of local financial regulators is for registered crypto exchanges to adhere to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) policies. And how do platforms achieve that?
They require all new users to verify their identity by completing a Know Your Customer (KYC) check and providing the following information: full name and address, phone number and email address, a scanned copy of an ID, and sometimes even a bank statement.
Security is crucial when transferring money over online platforms. Therefore, don’t forget to check whether the exchange includes a two-factor authentication option or whether or not it stores customer funds in offline wallets (cold storage). How are your private keys secured? Is there an option to create a withdrawal address whitelist and protect your account from unauthorized IP addresses?
Does the exchange use strong encryption and do you start using the exchange immediately or do you have to pass a KYC check first? Finally, are your funds fully, partially, or not at all insured?
The first thing that users review about a given platform is the responsiveness of their support team. No one wants to wait for days to get a simple issue fixed with their account or transactions. Visit the exchange’s website to check what support channels they offer (email tickets, live chat support, or a separate phone line).
Are their agents available 24/7 or only during business hours? Does the exchange offer multilingual support and a knowledge base/FAQ section with detailed guides on how to use the platform’s services?
Is It a Regulated Exchange (in Australia)?
Local crypto exchanges as well as international ones that want to operate on the Australian market need to register with AUSTRAC or the Australian Transaction Reports and Analysis Centre and strictly follow its guidelines. International platforms typically answer to additional regulatory bodies which is why some features might not be available for Australian traders. For instance, Aussies can buy cryptocurrency on Coinbase, but they can’t sell it or trade it.
Cryptocurrency Exchange Types
Let’s take a look at the four most common types of cryptocurrency exchanges available in Australia and help you decide which one is the best fit for you.
We’ll start off with the most beginner-friendly one. A cryptocurrency broker is a type of platform that lets you make instant buy or sell orders simply by choosing your target crypto asset and inserting the amount you want to buy in exchange for a fiat currency (in this case AUD).
One such example of a crypto broker is Swyftx which pools in the best orders from the most popular exchanges in the world and is thus able to keep afloat on the otherwise not-so-liquid Australian crypto market.
Crypto Exchange for Trading
The largest trading platforms, Binance and Coinbase Pro feature more advanced order types, detailed candle charts, a plethora of technical indicators, and additional services like margin trading or earning passive income from interest rates by lending your coins. Moreover, they feature an extensive coin selection and are overall more oriented towards experienced traders who want to diversify their portfolios and keep track of the latest market trends and price changes.
Crypto CFD Provider
An example of a crypto CFD provider is the international financial exchange eToro. On this platform, you can purchase Contracts For Difference or CFDs that allow you to speculate on the price of a crypto asset without actually owning it. You can go long or short, i.e. predict that the price will go up or down and profit on the price difference.
The great thing about eToro is that it offers a demo account, so you can experiment with different trading strategies before you’re ready to swim with the sharks.
The Best Bitcoin Exchange
When looking for the best Bitcoin exchange, you don’t need a platform that supports a wide array of digital assets. All you need is a reliable platform that lets you make orders quickly and easily. The exchange should be easily navigable and clutter-free, with a few simple trading options that focus on Bitcoin.
The best thing about Bitcoin exchanges is that they tend to offer a variety of payment methods to their customers. That’s why we recommend Swyftx, an Australian user-friendly brokerage that lets you make deposits and withdrawals via bank transfer, BPAY, PayID, OSKO, and POLi. Deposits are instantaneous while withdrawals usually take 5 minutes to process.
The Cheapest Crypto Exchange
To find the cheapest crypto exchange, we need to take into account not only transaction and deposit fees but also spreads, exchange rates, withdrawal fees, and discounts.
If you’re looking for a fully-fledged cryptocurrency trading platform with lots of trading options and industry average spreads of 0.6%, we recommend Swyftx.
For those of you keen on making crypto to crypto trades, Binance might be an even better option. Not only do their fees start at 0.1%, but you can also get an additional discount if you own the exchange’s native token BNB and use it to cover the transaction fees.
The Best Ethereum Exchange
Ethereum is the second-largest cryptocurrency and hence, listed on every crypto exchange that doesn’t focus on Bitcoin trading exclusively. Similar to the criteria for the best Bitcoin exchange, if you’re looking for a way to invest in Ethereum, you don’t need a multi-currency exchange with advanced trading features. Instead, you should focus on a reliable, locally-based exchange that offers different payment options on Ethereum purchases. Swyftx definitely falls under this description as it ensures safe inter-border transactions and an opportunity to buy Ethereum through a regular bank transfer, PayID, POLi, Osko by BPAY, or a credit/debit card.
Frequently Asked Questions
Is Bitcoin taxed in Australia?
Yes, trading and holding Bitcoin is taxed in Australia. At the time of writing, depending on the frequency of trading, you can be classified as an investor or a trader, each of which comes with different tax obligations and how taxes are calculated. But there’s much more to it, so check with your financial advisor or accountant for more information.
How do I get Cryptocurrency in Australia?
You can get cryptocurrency in Australia through crypto exchanges. Just like stock exchanges, these are platforms you can sign up with, deposit AUD into your account, and start buying and selling your favourite digital currencies.
What's the best site to buy Cryptocurrency?
Can I invest my Superannuation in Cryptocurrency?
The short answer is yes, it’s becoming very easy to do this in Australia with a Self Managed Super Fund (SMSF). We have a page dedicated to self-managed super funds using cryptocurrency which you can read up on and decide if it’s something that is worth considering.
Can you use Coinbase in Australia?
Currently you can use Coinbase in Australia to buy digital currencies, however the platform does not allow you to sell it at the moment. Coinbase has said they are working on bringing more functionality to the platform for Australians but it seems unlikely to happen anytime soon due to complications with Australian law. Coinbase was founded in 2012 and has been one of the main Cryptocurrency trading exchanges in the world, however they’ve been slammed by bad press and currently only have 3 coins available on their platform which is why we wouldn’t recommend them for Australians.
What is a crypto wallet?
A cryptocurrency wallet allows you to send, receive and store your coins in a safe digital environment. In most cases the Cryptocurrency will have a dedicated wallet that you can use to store your coins. Other options include storing your coins on an exchange, a third party wallet or a hardware wallet.
There are multiple types of crypto wallets which you can read more about here. We would always advise against leaving Cryptocurrencies on exchanges purely because of history and the risk of the exchange shutting down or something going wrong is too high. On our site we suggest using a hardware wallet as it is the safest method of storing your crypto assets.
Is CoinSpot a wallet?
CoinSpot does include a wallet on their platform as most exchanges do, you can send, receive and store your coins using their multicoin wallet. All of their Cryptocurrency reserves are stored in escrow so there is less risk of something going wrong. The CoinSpot wallet is very easy to use which is why it is our recommended exchange for Australian users.
One of the great features is that it allows you to easily swap, sell or send your digital assets. CoinSpot’s platform is the most versatile exchange that we have used and perfect for beginner users.
Which was the first Cryptocurrency?
The first decentralised Cryptocurrency was Bitcoin, invented in 2009. It was ground breaking technology and aimed to create a more anonymous environment for the internet, it initially got used for illegal activities and a method to store wealth in a digital form. However, this was never it’s intended use and it’s only in the past few years that the real value of Bitcoin and Cryptocurrency general is being realised.
Who invented Cryptocurrency?
Cryptocurrency was invented by an incredibly talented computer scientist and Cryptographer, Satoshi Nakamoto. To this day nobody knows who this person is but they authored the original Bitcoin white paper and created the original code.
Satoshi Nakamoto was active in the development of Cryptocurrency until late 2010 and hasn’t contributed since. Currently, the only assumed facts about Satoshi Nakamoto is that he is Japanese and was born in 1975. It’s possible that this mystery will never be solved and Nakamoto will never reveal his true identity.
Are Cryptocurrency Exchanges Safe?
Cryptocurrency exchanges always come with risk, there have been plenty of horror stories over the years about dealings with exchanges and it’s one of the main reasons adoption hasn’t grown as fast as it could. Exchanges have been known to shut down and users lose all of their digital assets.
However, the environment we are in today is very different and this is becoming far less common with a crackdown on regulation all over the world. Even so we still highly recommend not leaving your digital assets on an exchange and would instead recommend keeping it on a hardware wallet.
Where should I store my Cryptocurrency?
This question really depends on how actively you plan on buying, selling and swapping your Cryptocurrencies. Whenever you send your coins to another platform you’ll pay a fee so it can be cumbersome to constantly send your funds around.
If you are planning to trade on a daily basis it would be easiest to leave the assets you are trading on an exchange so you can easily swap them around. However, if you are looking for a more long term solution then a hardware wallet is a much better option.
Is it safe to store your cryptocurrency on an exchange?
Most centralized cryptocurrency exchanges offer custodial services by providing an in-built wallet with your account. This ensures smooth and fast transactions without taking any additional steps to transfer your coins to a third-party wallet. Certainly, exchanges give their best to provide robust security standards to protect your funds and private keys against hackers and malware.
However, the very fact that exchanges operate in the virtual space makes the security of your assets a bit questionable. Thereby, crypto security experts strongly suggest you acquire a hardware wallet for your crypto capital and use exchanges’ wallets only for ongoing trades.
Is Bitcoin trading legal in Australia?
Yes. Australia was one of the first countries to provide AML/CFT practices to regulate crypto trading. As a result of the considerable attention that Bitcoin and other crypto coins have received, in 2013, the Reserve Bank of Australia (RBA) confirmed the legitimacy of cryptocurrency trading. Bitcoin mining is also considered a legal activity in Australia as long as you use your own resources (electricity).
Can you avoid tax on cryptocurrency in Australia?
According to ATO, you must report all your crypto gains. Your crypto profits are subject to capital gains tax (CGT), the same as all NFTs and non-fungible tokens. So, the answer is no, you shouldn’t try to avoid taxation on cryptocurrency in Australia.
However, there is a possibility for tax liberation of up to 50% in case you own a coin longer than 12 months. Sure, as a registered trader, you can also claim business deductions to cover business-related expenses.
How to spend cryptocurrency in Australia?
Bitcoin and other well-established altcoins have entered the mainstream economy for quite a while now, but their volatility still prevents them from becoming a widespread medium of exchange.
In Australia, you can find a decent list of retailers who accept Bitcoin payments. The list includes a variety of business fields such as catering and financial services, technology outlets, and travel agencies.
Can you buy crypto with a credit card?
Using a credit card for crypto purchases has become quite a common practice among the overall crypto community due to the convenience and fast processing times. We could notice that the number of exchanges that support credit card payments has multiplied, compared to what it was several years ago.
However, not all banks and credit card services accept crypto purchases. The bank may block the card or register the purchase as a cash advance and charge a drastically higher fee.
Does every exchange list every possible cryptocurrency?
Even though a great number of new cryptocurrencies vanish before they see the light of the day, there are over 4,000 officially registered altcoins that circulate on the market today. With such a number, it’s impossible for a crypto exchange to cover all operable cryptocurrencies regardless of how open it is to add new coins.
However, you should know that a great deal of well-respected exchanges is oriented exclusively towards the most dominant crypto assets.
How to place large-volume crypto trades ($50,000 or more)?
Due to limited liquidity, regular crypto exchanges don’t excel in executing such large-volume trades. However, most of the reputable crypto brands do offer a personalized service tailored for big investors known as an OTC desk. OTC brokers guarantee high liquidity, fast and full trade execution, and what’s more, a fixed price.
Contrariwise, regular exchanges usually split huge orders into several chunks, processed per individual price, which leads to slippage. Also, there are locally-based OTC desks across Australia that you can personally visit and discuss your investment plans.
Are there any exchanges that allow leverage trading of cryptocurrencies?
Leverage or margin trading is a long-existing trading practice that found great acceptance on the cryptocurrency market. In a nutshell, the principles of crypto margin trading are very simple. As an experienced trader, you can borrow funds from the crypto exchange or your peer traders to place an order that is much larger than your investment budget (leverage can go up to 200x).
This enhances the prospects of higher earnings, but it also comes with a great risk of total financial collapse. Admittedly, this type of advanced trading feature is better seen on international exchanges such as Binance, Kraken, and eToro.
Why do some crypto exchanges ask me to verify my identity?
Centralized crypto exchanges work as regular entities under government-issued security AML/CFT practices. These regulatory procedures impose an obligatory KYC verification for every new user on the crypto trading platform. It’s true, revealing such an amount of personal information and documents can be really intimidating at times.
But let’s broaden our perspective here: the very fact that the exchange requires an ID verification speaks a lot about the exchange itself — it’s regulated, highly secure, and trustworthy.