The Best Cryptocurrency Exchanges in Australia

Last Updated on May 14, 2021

Finding the best crypto exchange for 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.
Based on our reviews, these are the top crypto exchanges for Australia:

  1. Swyftx – Best overall Australian crypto exchange
  2. Binance – Best exchange for advanced traders
  3. Coinspot – Well-established exchange
  4. Digital Surge – Great new crypto trading platform
  5. CoinJar – Longest-standing Australian cryptocurrency exchange
  6. Independent Reserve – Good for OTC purchases
  7. eToro – Best platform for margin-trading with other assets
  8. Coinbase – Long-standing cryptocurrency exchange (high fees)
  9. Bittrex – Another experienced exchange
  10. Coinmama – Good for credit card crypto purchases
  11. Kraken
  12. Kucoin
  13. Bitfinex
  14. OKEx

Featured On

Featured On

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

  • AUD
  • Bitcoin
  • Ethereum
  • 230+ Cryptocurrencies
  • Adding more regularly
0.6% Swyftx Review Visit Site

Get Bonus $10 BTC After Signing Up

Binance Australia Logo
binance.com/au
4 / 5
Australia

  • AUD & USD
  • Bitcoin
  • Ethereum
  • Ripple
  • 400+ Cryptocurrencies
0.1% Binance Review Visit Site
Coinspot logo
coinspot.com.au
3.5 / 5
Australia

  • AUD
  • Bitcoin
  • Ethereum
  • 200+ Cryptocurrencies
1% CoinSpot Review Visit Site

digitalsurge.com.au
3.5 / 5
Australia

  • AUD
  • 220+ Cryptocurrencies
0.5% Digital Surge Review Visit Site

coinjar.com
3 / 5
Australia

  • AUD
  • Bitcoin
  • Ethereum
  • Ripple
  • 24 cryptocurrencies in total
1% CoinJar Review Visit Site
Independent Reserve Logo
independentreserve.com
3 / 5
Australia

  • AUD
  • USD
  • NZD
  • Bitcoin
  • Ethereum
  • Ripple
  • 13 cryptocurrencies in total
0.5% Independent Reserve Review Visit Site
eToro logo
etoro.com
2.5 / 5
Europe

  • USD
  • Bitcoin
  • Ethereum
  • Ripple
  • 3 others
Daily Fees eToro Review Visit Site
AFSL 491139. High risk to capital.

coinbase.com
2.5 / 5
United States

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

  • USD
  • EUR
  • Bitcoin
  • Ethereum
  • Ripple
  • 150+ Cryptocurrencies
0.2% Bittrex Review Visit Site
Coinmama logo
coinmama.com
2 / 5
Slovakia

  • USD
  • EUR
  • Bitcoin
  • Ethereum
  • 5 others
6% Coinmama Review Visit Site

We hope this detailed list has helped clarify which we believe are the preferred 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 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 Australian Crypto Exchanges: Reviews 2021


5 / 5

1. Swyftx Exchange

  • Website: swyftx.com.au
  • Country: Australia
  • Currency: AUD
  • Fees: 0.6%
  • Available Cryptocurrencies: 230+ Cryptocurrencies & adding more regularly

Swyftx Review

🏆 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 buy/sell/swap 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 main standout features for Swyftx are low fees, excellent user interface, and unmatched support/onboarding. This all makes for a great user experience. 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.

Visit Site

Binance Australia Logo

4 / 5

2. Binance Exchange

  • Website: www.binance.com/au
  • Country: Australia
  • Currency: 50+ Fiat Currencies
  • Fees: 0.1%
  • Available Cryptocurrencies: 400+ Cryptocurrencies

Binance Review

🏆 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 payment methods. Australians can use the separate Binance Australia platform launched in July 2020 which offers instant AUD deposits and withdrawals. Its 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 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.

Visit Site

Coinspot logo

3.5 / 5

3. CoinSpot Exchange

  • Website: www.coinspot.com.au
  • Country: Australia
  • Currency: AUD
  • Fees: 1%
  • Available Cryptocurrencies: 200+ Cryptocurrencies

CoinSpot Review

CoinSpot is a great Australian exchange for new users, their dashboard is easy to use and clutter-free which makes the process of buying your first cryptocurrency very easy. The main issue with CoinSpot, however, is that it charges above-average trading fees. There are many other platforms that provide almost the same experience but for much lower 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. 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 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.

Visit Site


3.5 / 5

4. Digital Surge Exchange

  • Website: digitalsurge.com.au
  • Country: Australia
  • Currency: AUD
  • Fees: 0.5%
  • Available Cryptocurrencies: 220+ Cryptocurrencies

Digital Surge Review

Digital Surge is one of the smaller Australian Cryptocurrency exchanges but they provide excellent services. Currently, they support over 220+ cryptocurrencies which makes the 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. Users online boast how easy the platform is to use 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 exchange currently supports and it’s a step in the right direction for future mainstream adoption of cryptocurrencies. The trading fee starts at 0.5% and falls down to 0.1% for large-volume traders.

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.

For more in-depth information you can check out our Digital Surge Review where we analyze the exchange and its services even further.

Visit Site


3 / 5

5. CoinJar Exchange

  • Website: www.coinjar.com/au/
  • Country: Australia
  • Currency: AUD
  • Fees: 1%
  • Available Cryptocurrencies: 24 Cryptocurrencies

CoinJar Review

CoinJar is one of the longest-running exchanges in Australia and has an international presence. It’s a simple exchange for beginners 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%. So, if CoinJar is too expensive, why would anyone choose this exchange? Well, 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.

Visit Site

Independent Reserve logo

3 / 5

6. Independent Reserve Exchange

  • Website: www.independentreserve.com
  • Country: Australia
  • Currency: AUD, USD, NZD
  • Fees: 0.5%
  • Available Cryptocurrencies: 13+ Cryptocurrencies

Independent Reserve Review

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.

Visit Site

eToro logo

2.5 / 5

7. eToro Exchange

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

eToro Review

🏆 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.

Visit Site

eToro AUS Capital Pty Ltd, AFSL 491139. CFDs are highly risky. No financial advice provided. Copy trade at our own risk. You may lose more than your initial investment.


2.5 / 5

8. Coinbase Exchange

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

Coinbase review

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.

Visit Site

Bittrex Global logo

2.5 / 5

9. BitTrex Exchange

  • Website: bittrex.com
  • Country: United States
  • Currency: USD
  • Fees: 0.2%
  • Available Cryptocurrencies: 190+ Coins

Bittrex review

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.

Visit Site

Coinmama logo

2 / 5

10. CoinMama Exchange

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

CoinMama Review

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.

Visit Site

kraken logo

2 / 5

11. Kraken Exchange

  • Website: www.kraken.com
  • Country: United States
  • Currency: USD, AUD, EUR, + 4 more
  • Fees: 0.26%
  • Available Cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash + 50 others

Kraken review

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.

Visit Site

Kucoin logo

2 / 5

12. Kucoin Exchange

  • Website: www.kucoin.com
  • Country: Hong Kong
  • Currency: 20+ Fiat Currencies
  • Fees: 0.1%
  • Available Cryptocurrencies: 150+ Cryptocurrencies

Kucoin Review

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 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?

Visit Site

Bitfinex logo

1.5 / 5

13. Bitfinex Exchange

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

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.

Visit Site

Okex logo

1.5 / 5

14. OKEx Exchange

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

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 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.

Visit Site

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.

Crypto exchanges graph

Cryptocurrency Exchanges – How to find the best one

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 transfer, 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 currency.

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 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 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, except for Binance which accepts AUD deposits. On Bittrex and Kucoin, 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 cryptocurrency 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 and deposit fees. Although this is true in some cases, we still need to consider other important features such as spreads, exchange rates, deposit fees, 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 cryptocurrency trading 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 exchanges but their trading volume is one of the most important. The larger the trading volumes, the more popular and liquid the exchange is, meaning 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 cryptocurrency 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 volumes.

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 options including bank transfer and credit debit card. 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. In addition, most crypto trading bots only support the most popular exchanges.

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, derivatives, and shortings.

When talking about crypto margin trading, Binance is the most popular! 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. It’s important to look at all the exchanges and what they offer to find the best crypto exchange for margin trading.

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 (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 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 BTC 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 a cash deposit, 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.

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.

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. We’ve done a lot of research into the best decentralized crypto exchanges on offer, so if you want a more in-depth breakdown you can check our dedicated page.

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 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.

Go Back To Our Top 10

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?

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.

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.

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.