Last Updated on August 1, 2021
Finding the best crypto exchange in Australia can be quite tricky these days, as there are so many options to choose from.
We’ve reviewed the top ones looking at factors such as ease of use, fees, trading features and customer support.
Top cryptocurrency exchange in Australia
Based on our research, these are the best Australian crypto exchanges:
- Swyftx – Best Australian crypto exchange
- Binance – Best crypto exchange for advanced traders
- Coinspot – Well-established top crypto exchange
- Digital Surge – Great new crypto trading platform
- CoinJar – Longest-standing Australian cryptocurrency exchange
- Independent Reserve – Best for OTC purchases
- eToro – Best platform for margin-trading with other assets
- Coinbase – Long-standing cryptocurrency exchange (high fees)
- Bittrex – Another experienced exchange
- Coinmama – Good for credit card crypto purchases
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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 2021
🏆 Lowest Fees | 🏆 Best Crypto Exchange For Beginners | 🏆 Best Mobile App | 🏆 Most Supported Altcoins | 🏆 Best Exchange To Withdraw Fiat (AUD)
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.
🏆 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.
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.
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.
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.
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.
🏆 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 thing because they have been around since 2006 and can therefore be trusted much more than some of the cryptocurrency-only exchanges developed recently.
eToro includes a number of very interesting features like their Copy Portfolio feature that lets you observe and copy the trading strategies of experienced traders in order to create your own. They are still working on improving the crypto section on their website and plan to add more coins over time as they only have the most popular coins available to trade at the moment.
We suggest not leaving your coins on this platform due to the fees, given that you pay daily fees depending on how much you are storing – it is much easier to move it to an external wallet. The platform itself looks very safe with SSL encryption, cold storage, and two-factor authentication. It’s also registered with international financial regulators.
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, so you might as well check out our comparison guide.
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.
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.
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.
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.
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?
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.
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.
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.
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?
Reputation & Reviews
Another useful thing that you can do before you make your final decision is to read some user reviews online on crypto forums. This can tell you a lot about the reputation of the exchange and whether or not it has earned the trust of its customers. Online reviews are probably the quickest way to discover and weigh out both the upsides and downsides of the platform.
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.
Futures & Derivatives Crypto Exchanges
Like CFDs, derivatives are another type of contract for the more experienced traders. Derivatives are typically used to speculate on asset prices and derive their value from an underlying or primary asset. In the crypto world, traders use futures contracts as a form of derivatives. They agree to buy or sell a cryptocurrency for a given price at some point in the future. This type of trading is known as hedging because by setting a price limit, you’re protecting yourself from volatility.
A lot of the popular crypto exchanges like Binance or Kraken offer these services, although you can also find more sophisticated platforms that focus on this type of trading only, but require more technical knowledge.
Best Crypto Exchanges List
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 Best Altcoin Exchange
It can be quite challenging to find an exchange that’s both trustworthy and supports a large number of cryptocurrencies, as most 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 crypto 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 charges hefty fees.
The Cheapest Cryptocurrency 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 Largest Cryptocurrency Exchange
There are different metrics to observe when discussing cryptocurrency exchanges but their trading volume is one of the most important ones. The larger the trading volume, the more popular and liquid the exchange is, which means that a lot of traders rely on the platform and purchase or trade large amounts of crypto.
According to CoinMarketCap, Binance is leading the way with the highest trading volume of over 12 billion US dollars per day! The second place is reserved for Coinbase Exchange, which has a daily trading volume of 2 billion USD. These numbers tell us a lot about the popularity of crypto trading in general.
The Most Popular Cryptocurrency Exchange
In order to be popular with traders, the crypto exchange should support at least a couple of cryptocurrencies, preferably the most prominent ones, and a variety of payment options. The fees have to be reasonable and competitive. Finally, the exchange should provide high-level security measures and a responsive customer support team.
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 Platform
A proper trading platform should be very liquid in order to pay current debts and liabilities and 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 would be Binance, it’s also the largest exchange at the time of writing.
The Best Cryptocurrency Exchange for Safety
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 financial regulators, add mandatory KYC checks, use strong data encryption, and use cold storage for customers’ funds. Account security, on the other hand, refers to safety features like two-factor authentication, confirmation emails, withdrawal address whitelist, and other lock settings.
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 (verification process) 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 their bank account or credit card/debit card which includes their credentials.
The most widely-used exchanges that require no ID are 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.
Cryptocurrency Exchanges That Let You Pay With Cash
If you want to purchase cryptocurrencies using a cash deposit, you can use a Bitcoin ATM if you don’t mind the high fees.
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.
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.
Best Non-Custodial Cryptocurrency Exchange
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 the users’ data and funds, something that custodial exchanges have failed to do in the past.
Instead of storing users’ private keys online as custodial exchanges do, non-custodial exchanges put you in charge of finding a secure digital wallet or hardware device to store your private key in. They only send your cryptos to your wallet address.
If you already have a safe digital wallet, 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.
Best Decentralized Cryptocurrency Exchange
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 smart contracts.
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.
You can also try Bisq, a decentralized Bitcoin exchange that allows users to purchase BTC with their national currencies without having to reveal any personal information.
Best Crypto Exchange With Low Fees
When someone says low fees, they’re usually referring to trading or transaction fees. In Australia, local exchanges charge spreads on top of the trading fee, so make sure to ask for this added fee in advance as not all platforms are transparent about it. As for international platforms, Binance is probably your best choice as it charges only 0.1% per transaction. Another bonus is the fact that you can deposit and withdraw AUD via PayID, so you won’t lose extra money in the conversion.
Best Crypto Exchange With Zero Fees & Commissions
Although we tend to say that there’s no way you can get around crypto trading fees, there are actually platforms that instead of charging regular fees per order, offer membership tiers or cover this fee with their native token. One such exchange is Phemex which has three different Premium membership tiers and then lets these members trade for free. In order to become a Premium member, you need to pay $9.99 to use the platform for 30 days, $19.99 for 90 days, or $69.99 to use it throughout the year.
Best Crypto Exchange For Beginners
If you’re looking for a beginner-friendly Australian crypto exchange that has a super intuitive interface that’s easy to navigate and keeps technical jargon at a minimum, Swyftx would be our go-to. This local platform has everything you need to execute a simple buy/sell order and a few advanced features as well.
Globally speaking, Coinbase is the number one user-friendly platform whose sole aim is to make cryptocurrency accessible to the layman as well.
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 these popular international crypto exchanges.
CEX.io, one of the oldest Bitcoin exchanges in the world, is quite popular in the UK. Bitstamp, which started in 2011, is said to be one of the longest-running exchanges. It predominantly operates in the EU but isn’t massively popular. Poloniex is widely known but falls short on customer service and has survived a security breach in 2014. Even so, there are still many people that use this exchange.
Changelly has been gaining a lot of traction over the last few years but has quite high fees. Gemini is a really large exchange, especially in the US, founded by the Winklevoss twins, but it isn’t ideal for Australian users. Bitmex is a large exchange focused on margin trading but as margin trading is more of an advanced feature, it hasn’t been featured on our Australia top list.
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.