The Best Crypto Exchanges in Australia

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These days there are a huge amount of cryptocurrency exchanges, so which one should you be using?

Based on our reviews, we’ve created a comparison table below to make it easier for you when considering your options.

Our rating is based on factors such as ease of use, fees, trading features and support.

Search for Cryptocurrency exchanges based on:

Featured On

featured on logos

Website Overall Rating Location & Currency Available Cryptocurrencies Fees Our Review Visit Site
Swyftx Logo
swyftx.com.au
5 / 5
Australia

  • AUD
  • Bitcoin
  • Ethereum
  • 100+ Cryptocurrencies
  • Adding more regularly
0.6% Swyftx Review Visit Site
Coinspot logo
coinspot.com.au
4 / 5
Australia

  • AUD
  • Bitcoin
  • Ethereum
  • 100+ Cryptocurrencies
1% CoinSpot Review Visit Site
Independent Reserve Logo
independentreserve.com
3.5 / 5
Australia

  • AUD
  • USD
  • NZD
  • Bitcoin
  • Ethereum
  • Ripple
  • 13 cryptocurrencies in total
0.5% Independent Reserve Review Visit Site
Binance logo
binance.com
3 / 5
China

  • Only Crypto
  • Bitcoin
  • Ethereum
  • Ripple
  • 120+ Cryptocurrencies
0.1% Binance Review Visit Site
eToro logo
etoro.com
2.5 / 5
Europe

  • GBP
  • USD
  • Bitcoin
  • Ethereum
  • Ripple
  • 3 others
Daily Fees eToro Review Visit Site
Coinbase logo
coinbase.com
2.5 / 5
United States

  • USD
  • Bitcoin
  • Ethereum
  • Litecoin
4% Coinbase Review Visit Site
Bittrex logo
bittrex.com
2.5 / 5
United States

  • USD
  • Bitcoin
  • Ethereum
  • Ripple
  • 190+ Cryptocurrencies
0.5% Visit Site
Coinmama logo
coinmama.com
2 / 5
Slovakia

  • USD
  • EUR
  • Bitcoin
  • Ethereum
  • 5 others
6% Visit Site
Kraken logo
kraken.com
2 / 5
United States

  • USD
  • GBP
  • EUR
  • Bitcoin
  • Ethereum
  • 20+ Cryptocurrencies
0.26% Visit Site
Kucoin logo
kucoin.com
2 / 5
Hong Kong

  • USD
  • Bitcoin
  • Ethereum
  • 150+ Cryptocurrencies
0.1% Visit Site

We hope this detailed list has helped clarify which we believe are the preferred exchanges to use in Australia.

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 exchanges to help you make a more informed decision. Find out more information on our rating process.


James Headshot

James
Crypto Head

Disclaimer: We may receive a commission for purchases made through the links on our site. However, this does not impact our reviews and comparisons. Learn more about our Affiliate Disclosure.

Best Cryptocurrency Exchanges in Australia: Reviews 2020


5 / 5

1. Swyftx Exchange

  • Website: swyftx.com.au
  • Country: Australia
  • Currency: AUD
  • Fees: 0.6%
  • Available Cryptocurrencies: 100+ Cryptocurrencies & adding more regularly

🏆 Lowest Fees | 🏆 Best For Beginners | 🏆 Best Mobile App | 🏆 Most Supported Altcoins |
🏆 Best Exchange To Withdraw Fiat (AUD)

Swyftx is by far our most recommended Australian crypto exchange, 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. Almost all other exchanges require you to buy the coins then move them off to an external wallet for safety reasons which becomes a hassle. Swyftx makes day trading incredibly easy, allowing you to buy/sell/swap coins instantly. The team at Swyftx are incredibly helpful and being Australian based they are always active when you need them.

The main standout features for Swyftx are low fees, excellent user interface and unmatched support/onboarding.

Swyftx go out of their way to make sure you are getting what you need, when you sign up you’ll be assigned an account manager who will help you out with any questions you have. This means it’s perfect for new users with limited experience about trading or Cryptocurrency. Swyftx is working on becoming one of the most competitive exchanges worldwide making it easy for both frequent traders and new traders. Currently, there is no other platform in Australia that offers the same sort of experience that Swyftx does and it’s why most experienced traders are switching over to it.

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Coinspot logo

4 / 5

2. CoinSpot Exchange

  • Website: www.coinspot.com.au
  • Country: Australia
  • Currency: AUD
  • Fees: 1%
  • Available Cryptocurrencies: 100+ Cryptocurrencies

CoinSpot is a great exchange in Australia for new users, their dashboard is easy to use and they make the process of buying your first cryptocurrency easy. The main issue with CoinSpot are the fees, other platforms provide the same experience with much lower trading fees. Most people once they’ve started trading a bit more end up moving to an international exchange where they can trade with lower fees. CoinSpot does however have a large number of trading pairs which is a positive, CoinSpot is a great entry point but chances are you won’t stay on there long term.  Check out our more in-depth CoinSpot review page which provides much more information on the business, it’s history and more technical aspects.

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Independent Reserve logo

3.5 / 5

3. Independent Reserve Exchange

Independent Reserve is another Australian cryptocurrency exchange. They offer a great platform to buy coins but it can be a little difficult to get the hang of to begin with. IR supports 13 cryptocurrencies in total. These are Bitcoin, Ethereum, BCH, XRP, LTC, EOS, XLM, BAT, GNT, REP, OMG, 0x and PLA. Independent Reserve has the lowest trading fees out of all the Australian exchanges which is why it is one of the most popular. It is 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 so you know you are trading on a safe platform which gives peace of mind. They also now offer insurance with Premium Accounts and have an integrated KPMG tax tool.

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Binance logo

3 / 5

4. Binance Exchange

  • Website: www.binance.com
  • Country: China
  • Currency: USD
  • Fees: 0.1%
  • Available Cryptocurrencies: 120+ Cryptocurrencies

🏆 Best 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 but not recommended for beginner users which is why it’s not higher up on our featured list. As mentioned in our Binance review, they have pairings for all of the major cryptocurrencies you would want to trade. The main drawback is that you can’t connect up a bank account and put money in to buy cryptocurrencies. To use this exchange you will need existing cryptocurrencies which you send to this exchange and trade for other currencies.

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eToro logo

2.5 / 5

5. eToro Exchange

  • Website: www.etoro.com
  • Country: Europe
  • Currency: GBP, USD
  • Fees: Daily Fees
  • Available Cryptocurrencies: Bitcoin, Ethereum, Ripple & 3 more.

🏆 Best Advanced Trading Platform (Leverage/Margin/Derivatives/Shorting)

eToro is a huge financial brokerage that allows for financial trading and investment for a wide range of industries including Crypto, ETFs, Stocks, Indices, Commodities and Currencies. This can be seen as a good and a bad thing, firstly they have been around since 2006 so they can be trusted much more than the exchanges developed purely for cryptocurrency a lot later. eToro includes a number of very interesting features they have developed including following popular people to see how they are investing.

They are still working on improving the Crypto section of their website and plan to add more coins over time, currently they only have the most popular coins available to trade. We suggest not leaving your coins on this platform due to the fees, you pay fees daily depending on how much you are storing – it is much easier to move it to an external wallet.

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Coinbase logo

2.5 / 5

6. Coinbase Exchange

  • Website: www.coinbase.com
  • Country: United States
  • Currency: USD
  • Fees: 4%
  • Available Cryptocurrencies: Bitcoin, Ethereum & Litecoin

Coinbase is the largest foreign exchange, even so, we highly suggest not leaving your coins on this platform. We always advise against leaving your coins on any foreign exchanges, instead you can transfer it to a hardware wallet or online wallet. This exchange has very high fees for trading as it is the largest exchange and has been for quite some time, in essence you are paying for quality and assurance. People often have a bit of difficulty using this exchange due to it’s lack of user friendliness, but this can be found across most exchanges. There are a lot of stories of bad experiences with this exchange when trying to cash out, they have been known to hold accounts for up to a year. We recommend reading our Coinbase review and do your own research before making a decision.

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Bittrex logo

2.5 / 5

7. BitTrex Exchange

  • Website: bittrex.com
  • Country: United States
  • Currency: USD
  • Fees: 0.25%
  • Available Cryptocurrencies: 190+ Coins

Bittrex has a huge range of coins available and the most by far on our top 10 list. The exchange does have a large turnover for the cryptocurrencies it lists, this has been criticised due to it’s “pump and dump” nature. As noted in our Bittrex review, they do seem to act quite quickly in making sure they remove less credible coins. However if you are looking for a new or less popular coin there is a high chance that Bittrex has it for trading. As stated previously and especially for this exchange, we highly recommend not leaving your coins on this exchange.

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Coinmama logo

2 / 5

8. CoinMama Exchange

  • Website: www.coinmama.com
  • Country: Slovakia
  • Currency: USD & EUR
  • Fees: 6%
  • Available Cryptocurrencies: Bitcoin, Ethereum, Ethereum Classic, BitcoinCash, Litecoin, Cardano, Qtum

CoinMama, was founded in 2013 and has been a leading cryptocurrency exchange for many years. It is available in over 188+ countries making it quite a popular exchange worldwide. Unfortunately, the main downfall of this exchange is the trading fees, 6% is the highest featured on our list. The main problem with the high fees is that they aren’t justified, this exchange doesn’t provide anything more than other exchanges and in many ways is actually sub-par to the main exchanges featured on this list.

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Kraken logo

2 / 5

9. Kraken Exchange

  • Website: www.kraken.com
  • Country: United States
  • Currency: USD, GBP & EUR
  • Fees: 0.26%
  • Available Cryptocurrencies: Bitcoin, Ethereum, BitcoinCash + 14 others

Kraken was founded in 2011 making it one of the oldest exchanges currently on the market. It has been plagued by bad press over the years making people cautious when approaching this exchange. However, this is still one of the most used exchanges in the world which we find quite interesting. Our recommendation is to avoid this exchange, we have heard many stories of people getting their assets frozen on their platform and not hearing any response for up to 1 year. Even though this is a highly used exchange it isn’t worth the risk, there are much more reliable exchanges out there.

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Kucoin logo

2 / 5

10. Kucoin Exchange

  • Website: www.kucoin.com
  • Country: Hong Kong
  • Currency: USD
  • Fees: 0.1%
  • Available Cryptocurrencies: 150+ Cryptocurrencies

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. Something like Binance would be a better option however Kucoin features a lot more Cryptocurrencies which is why people will opt to use it. Similar to other exchanges there is no option to deposit funds from your bank and buy cryptocurrencies on the go which is why this exchange is recommended for experienced users. Kucoin has experienced some bad press with some arguments with certain Cryptocurrencies such as RaiBlocks (XRB now rebranded to NANO).

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Bitfinex logo

1.5 / 5

11. Bitfinex Exchange

  • Website: www.bitfinex.com
  • Country: Taiwan
  • Currency: USD
  • Fees: 0.2%
  • Available Cryptocurrencies: 20+ Cryptocurrencies

Bitfinex is currently the largest exchange being used globally, this is mainly being used in east-asia and in the united states. Bitfinex was hacked in August 2016 with over 120,000 Bitcoin being stolen, however they have since improved their security protocols and the way that they store users assets. 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 support.

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Okex logo

1.5 / 5

12. OKEx Exchange

  • Website: www.okex.com
  • Country: Hong Kong
  • Currency: USD & CNY
  • Fees: 0.15%
  • Available Cryptocurrencies: 130+ Cryptocurrencies

OKEx is a relatively new Cryptocurrency exchange opening in May 2017. The OKEx 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 support and that it is more tailored towards experienced users.

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Reviewing the best crypto 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.

Crypto exchanges graph

Cryptocurrency Exchanges – How to find the best one for what you need

The Best Bitcoin Exchanges

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 brokerage that lets you make deposits and withdrawals via bank transfers, BPAY, PayID, OSKO, and POLi. Deposits are instantaneous while withdrawals usually take 5 minutes to process.

The advantage of using a local exchange is that you can pay for the services in your local currency, i.e. Australian Dollars (AUD). Swyftx accepts AUD deposits and grants AUD withdrawals. This saves you a great amount of time you would otherwise spend looking for third-party payment providers to convert your fiat funds.

If you’re an experienced trader, we recommend checking out two other Australian exchanges, CoinSpot and Independent Reserve, provided you don’t mind the slight learning curve that comes with using them.

The Best Altcoin Exchanges

It can be quite challenging to find an exchange that’s both trustworthy and supports a large number of cryptocurrencies.

The reason for this is that popular exchanges like to play it safe by avoiding lesser-known altcoins that tend to be volatile. In the past, there have been numerous flash crash scenarios caused by the sudden price drop of a given altcoin.

Swyftx, however, manages to offer both a wide range of over 100 digital assets, a couple of payment methods, and advanced features such as stop and limit orders. Most importantly, their services incur affordable fees unlike CoinSpot, which has an excellent choice of coins but hefty fees.

Other popular options for altcoin exchanges are Binance, Bittrex, and Kucoin. None of these exchanges are based in Australia but their services can be used worldwide. They offer a variety of coins to choose from but the only drawback is the lack of support for AUD. Instead, you would have to make deposits and withdrawals in USD or crypto.

Unlike Swyftx, these exchanges are not recommended for beginners and should be approached carefully. Trading cryptocurrencies is a risky business in itself, so definitely keep your eyes wide open when dealing with altcoins.

The Cheapest Cryptocurrency Exchanges

Novices to crypto trading usually think that the cheapest crypto exchange is the one that offers the lowest transaction fees. Although this is true in some cases, we still need to consider other important features such as spreads, exchange rates, deposit and withdrawal fees, discounts, etc.

Moreover, the expenses are different if you’re looking to trade cryptocurrencies rather than simply buy them. Some exchanges apply the maker and taker fee schedule that takes into account your trading volume in the last 30 days.

If you’re using a brokerage, they usually add their own fee on top of the market price because the platform buys the coins beforehand and makes sure there’s always enough liquidity.

Having all this in mind, we recommend using Swyftx if you’re looking for a fully-fledged platform with lots of trading options and industry average fees of 0.6%. Plus, it has amazing spreads if you’re interested in buying altcoins.

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 Largest Cryptocurrency Exchanges

There are different metrics to observe when discussing cryptocurrency exchange but their trading volume is one of the most important. The larger the volume, the more popular and liquid the exchange is. It means that a lot of traders are relying on the platform and purchasing or trading large amounts of crypto.

Exchanges know that traders will be looking into their trading volume which is why instances of market manipulation and wash trading have become more and more common in the industry. Even information on trusted sites like CoinMarketCap should be taken with a pinch of salt.

However, there are some transparent groups of blockchain researchers, like the Blockchain Transparency Institute, whose data seems to give us relevant and genuine information on the exchanges’ trading volume.

According to their data, Binance is leading the way with the highest trading volume of over 2 billion US dollars per day! Coinbase Pro, another popular platform that we recommend for Australian traders, is also among the top five largest crypto exchanges with a daily trading volume of almost 150 million USD. These numbers tell us a lot about the popularity of crypto trading in general.

The Most Popular Cryptocurrency Exchanges

What should an exchange offer in order to become popular with customers around the world?

First of all, it should support at least a couple of cryptocurrencies, preferably the most prominent ones, and a variety of payment methods including bank transfers and credit cards/debit cards. The fees have to be reasonable and competitive.

A popular exchange has high-level security measures and a responsive customer support team. Although there are many traders who are reluctant to disclose their real identity online, the most popular exchanges are usually the ones that perform KYC verification checks as part of the registration routine and comply with AML policies set by financial regulators.

In Australia, the most popular cryptocurrency exchange is Swyftx. The platform has been registered with ASIC as a proprietary company and fully adheres to regulations set by AUSTRAC, an Australian government financial intelligence agency.

Even though it’s hard to estimate the real popularity of a given exchange, we can also look at the number of website visits as another useful indicator. According to the Blockchain Transparency Institute and Similarweb, the most-visited exchanges at the moment are Coinbase and Binance.

The Best Cryptocurrency Trading Platforms

A proper trading platform should be very liquid in order to pay current debts and liabilities, and address the order demand of its customers. It should offer a variety of trading tools and features, ranging from basic to advanced, if it wants to cater to the needs of a diverse clientele.

Some trading options that are popular with cryptocurrency traders are margin trading (preferably with higher leverage, e.g. 100x), futures and options, integration of crypto trading bots, etc.

The best crypto trading platform on our list is eToro, a brokerage that apart from crypto trading focuses on ETFs, CFDs, stocks, indices, and commodities as well. It includes exciting features like the Copy Trade that observes and emulates the trading practices of other traders to help beginners devise their own strategies. It’s a real heaven for advanced traders as it offers margin trading, derivates, and shortings.

When talking about margin trading, Binance definitely takes the cake! The platform offers up to 125x leverage, compared to Kraken that offers only 5x. On the other hand, this exchange supports investing in futures with up to 50x leverage on returns.

The Safest Cryptocurrency Exchanges

There are two levels of security that every single exchange should invest in: platform and account security.

Platform security demands from the exchange to obtain a license and comply with the regulations set by a financial authority in relation to their Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) policies. An exchange that has high-level platform security uses strong data encryption and cold storage for the customer and operational funds.

Account security, on the other hand, refers to safety features like two-factor authentication, confirmation emails, withdrawal address whitelist, and other lock settings for utmost protection.

As mentioned above, Swyftx is registered with both ASIC and AUSTRAC and has never been hacked. Users can activate multi-factor authentication and store their funds in their native wallet. Similarly, CoinSpot has never suffered a major security breach and, in March 2020, it became the first Australian exchange to be awarded an ISO27001 security certificate.

Cryptocurrency Exchanges That Don’t Require ID

Even though most popular traditional exchanges require their users to perform a KYC check and provide a government-issued ID to verify their identity before they start trading, plain crypto to crypto trading can be done without ID if you know the right exchanges.

This can’t be avoided when depositing fiat currencies or making withdrawals because the user links his/her bank account or credit card/debit card which includes his/her credentials.

The most widely-used exchanges that require no ID are decentralized or peer to peer exchanges such as Paxful and LocalBitcoins. Both platforms are Bitcoin exchanges that connect buyers and sellers and let them agree on the trade among themselves. Paxful also has the option to buy cryptocurrency using PayPal which is popular among many users.

You don’t need an ID to register and create your account. Unless that particular seller asks to see your ID, you’re not required to verify your identity to complete the trades. On LocalBitcoins you’re allowed to purchase up to 1,000 EUR worth of Bitcoin per year and stay anonymous. Similarly, Paxful has a limit of $1,500 in trade volume.

Binance and Kucoin are both crypto to crypto exchanges where you don’t have to provide an ID to trade. However, the withdrawal limit without KYC is only 2 BTC per day.

Cryptocurrency Exchanges That Let You Pay With Cash

If you want to purchase cryptocurrencies using cash, you can choose between using a Bitcoin ATM, making a trade on a peer to peer exchange, or using an exchange that allows you to purchase crypto with vouchers or prepaid cards.

Bitcoin ATMs are a really useful way to buy Bitcoin when you’re traveling or lack Internet access.

The second option is to use a peer to peer exchange like Paxful where it’s quite common to find a seller that will accept to meet with you in person and to whom you can pay in cash. In these cases, always agree to meet at a public place so that both of you feel more comfortable and safe.

Exchanges such as Bitit which integrates with leading OTC brokers and CoinLoft both allow users to purchase a prepaid card with cash from a grocery store and later on use the card to buy BTC from their website.

Finally, CoinSpot offers the option to go to the bank and make a cash transfer over the counter to the exchange. For now, though, this feature only works if you pay through Westpac.

The Best Non-Custodial Cryptocurrency Exchanges

Non-custodial cryptocurrency exchanges seek to address and solve the shortcomings of their more popular opponent – the custodial crypto exchanges. The main challenge is protecting both users’ data and funds, something that custodial exchanges have failed to do in the past.

Most of these exchanges have privacy issues and have been subjected to numerous security breaches and information or money thefts. One of the reasons for this is the fact that they store users’ private keys online. In case they get hacked, consider your funds lost forever.

On the other hand, non-custodial exchanges put you in charge of your funds. It’s up to you as a trader to find a secure digital wallet or hardware device to store your private key in. They only send your cryptos to the wallet address you’ve provided them with.

If you already have a safe wallet for your key, our team recommends using Coinmama as a number-one non-custodial exchange. The platform has been registered as a money service business with FinCEN in the States and strictly follows its regulatory framework. One potential drawback – Coinmama charges expensive fees compared to the industry average.

Another popular option is the peer to peer exchange ShapeShift, headquartered in Switzerland.

The Best Decentralized Cryptocurrency Exchanges

The main difference between a centralized and decentralized exchange (DEX) is that the former has a central authority in charge that oversees and facilitates customers’ transactions, while the latter functions on the basis of a peer to peer network using blockchain technology.

On decentralized exchanges, users can reach out among themselves, find the right buyer/seller, agree on the payment method that works best for both of them, and complete the order.

In the last couple of years, we’ve seen a rise in these platforms and protocols. Some of them have a specific purpose and target coins such as the 0x protocol, a technology built on top of Ethereum’s blockchain for ERC-20 tokens. Airswap is a similar Ethereum-based DEX.

For a decentralized exchange with a more general purpose, you can check out Waves, a popular option for those interested to trade WAVES, BTC, or other digital coins issued on their platform.

Next, we have Bisq, a decentralized Bitcoin exchange that allows users to purchase BTC with their national currencies without having to reveal any personal information. However, at least for now, completely decentralized exchanges such as Bisq have low liquidity and take longer to process the orders.

Alternative Exchanges That Didn’t Make Our List

There are a number of digital currency exchanges that didn’t quite make our list but we wanted to give an honorable mention to. CEX.io is one of the oldest Bitcoin exchanges in the world, it’s quite popular in the UK and features on our best UK crypto exchanges list. Bitstamp is said to be one of the longest running exchange starting in 2011, it predominantly operates in the EU but isn’t massively popular. Poloniex is widely known but falls short on customer service and had a security breach in 2014, even so there are many people that still use this exchange. Changelly has been gaining a lot of traction over the last few years, but has quite high fees which has stopped it from becoming a top exchange. Gemini is a really large exchange especially in the US founded by the Winklevoss twins, it features on our best crypto exchanges in the US but it isn’t ideal for Australian users. Bitmex is a large exchange focused on margin trading, it’s widely used however margin trading is more of an advanced feature so it hasn’t featured on our Australia top list.

Go Back To Our Top 10

Frequently Asked Questions

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.

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.

The best site to buy cryptocurrency is, in our opinion, Swyftx. They have 100+ cryptocurrencies to choose from and the setup is pretty easy. That being said, definitely have a look at our full comparison of the best Australian crypto exchanges for more information on the options available.

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 SMSF & Bitcoin which you can read up on and decide if it’s something that is worth considering.

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.

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 digital assets.

CoinSpot does include a wallet on their platform as most exchanges do, you can send, recieve 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.

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.

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.

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 crack down 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.

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.

About The Author

James Page

James Headshot

James is the main editor. With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He's responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible.