Best Crypto Exchanges in Australia
Australian cryptocurrency trading has gained unprecedented popularity over the past few years due to the spectacular rise in its value. The trade is on the rise, and more and more people are looking to buy crypto in Australia, with crypto exchanges being one of the essential trading tools.
While each of these exchanges offers its own set of features, all aim to provide Australians with an easy-to-use crypto trading platform for buying and selling cryptocurrency in AUD. However, with so many options on the crypto market, how do you choose which platform to use?
Best Crypto Exchange Australia 2022
- Swyftx – Best Australian crypto exchange overall
- Coinspot – Best exchange for beginners
- Digital Surge – Best exchange for value
- CoinJar – Best crypto exchange with crypto card
- Binance – Best crypto exchange for day trading
- Independent Reserve
We evaluated the best crypto exchanges in Australia based on several factors, including ease of use, competitive fees, and security. We looked at existing user reviews, security track records, customer support, and each Australian platform that offers CFDs and other trading features. It was paramount for us to know that our readers, especially beginners, would transact with these platforms safely.
Best Cryptocurrency Exchange in Australia - Reviews
1. Swyftx – Best Australian crypto exchange
Swyftx is a locally based exchange registered with ASIC that offers more than two hundred crypto assets and altcoin that you can trade against using owned AUD and USD.
As a beginner, you don’t have to bother about the complexities of exchanging fiat currency into crypto when you use Swyftx. For more experienced crypto traders who already own Bitcoin, it’s easy to trade against other cryptocurrencies.
Swyftx prides itself on transparent pricing and a user-friendly system that benefits experienced traders. The crypto exchange has a nominal 0.6% trading fee with zero fees on cash deposits and withdrawals. Swyftx has some of the lowest fees in the industry compared to the industry average fees.
The organization is fully compliant with AML and KYC policies. Swyftx registers its users with a government ID and keeps track of all transactions within its network. These steps allow them to prevent money laundering and fraud.
The platform takes significant measures to secure your account using security tests, Two-Factor Authentication (2FA), and breached password detection. Setting up 2FA allows your OTC trading account to be more secure. This extra layer of security will make it harder for anyone without your permission to access your account. All you need is an app like Google Authenticator.
2. CoinSpot – Best exchange for beginners
Founded in 2013, CoinSpot is an Australian cryptocurrency exchange registered with ASIC. You can easily trade different cryptocurrencies with your bank account or credit card in AUD. You won’t have to take the hassle of doing an international wire transfer, as with foreign exchanges.
CoinSpot’s easy-to-use user interface allows you to buy and sell cryptocurrency in no time, appealing to beginners and experienced crypto traders alike. With over 350 altcoins and crypto assets available, there’s an excellent opportunity to diversify your portfolio. The most popular coins include Bitcoin, Ethereum, XRP, BNB, and Litecoin.
CoinSpot charges on purchases, stop-loss, buy-stop, and buy limit orders are a bit high at a fixed 1%. You can learn more about this on their site.
To protect users, CoinSpot takes numerous measures to ensure that your money stays safe and sound. Their servers utilize up-to-date anti-hacking software and keep a sharp eye on suspicious activity.
All accounts on the Australian platform use multiple levels of security so that no one but you can gain access to your funds. Moreover, CoinSpot requires two-factor authentication (2FA) for all withdrawals to ensure utmost safety when accessing your account.
CoinSpot’s customer service is also top-notch, and they’re always just a few clicks away if you need them.
3. Digital Surge – Best exchange for value
Digital Surge Exchange is an Australian-based crypto asset trading platform with a simple-to-use OTC trading interface that offers access to CFDs and the crypto market and limits orders. The exchange also uses multi-tier encryption with a login verification process, two-factor authentication, and data encryption on all web traffic, including login credentials.
When you open your account with Digital Surge Exchange, you can be sure that your money is in the hands of experts who understand the needs of active crypto traders. Your money will be safe, and many advanced features ensure that you get excellent value for your investment.
Digital Surge accepts payment methods via Oli, OSKO, PayID, and BPAY, which means you can easily use Digital Surge to process your transactions. You can also use The Digital Surge Pay Wizard to pay bills with BTC.
The Australian crypto trading platform has some of the most responsive customer support and educational resources I’ve experienced. Before deciding to sign up, you can go through their various learning materials and blogs that answer questions regarding how specific functions work on their platform.
Digital Surge exchange has some of the lowest fees suited for large crypto trade and SMSF. This system makes it much easier to buy or sell cryptocurrency with AUD and low fees for advanced trading with cryptocurrency.
4. CoinJar – Best crypto exchange with crypto card
CoinJar, launched in 2013 as the first and best Australian crypto exchange platform, offers personal finance trading tools such as CFDs that allow you to easily buy, sell and spend digital assets such as bitcoin and Ethereum. CoinJar aims to keep growing with your digital needs offering beginners the ability to manage their blockchain assets and altcoins without any complexity.
CoinJar has an easy-to-use system that you can access anywhere via the web or Android & iOS mobile apps. Their app gives you complete control over your money, allowing you to convert across all currencies instantly.
CoinJar offers fast transfers, instant AUD deposits, and withdrawals via the CoinJar Card. You can currently use GBP and AUD to buy and sell on CoinJar Exchange with a flat fee of 1% on orders and zero trading fees on taker trades. You can also customize the layout using grouped tabs and column orders with more than 50 digital currency assets.
CoinJar is built on multi-sig technology to help keep your account information safe. They also ensure that all communication between the servers and your computer is encrypted. The majority of the clients’ digital currency storage occurs offline in geographically redundant secure locations.
The company employs extensive digital security checks during registration, after which you can access two-factor authentication for extra peace of mind when transacting. These measures keep your details safe from hackers.
5. Binance – Best crypto exchange for day trading
Binance has become one of the world’s most popular cryptocurrency exchanges, thanks to its accessibility and excellent feature set. The company started in mid-2017 in China, but it found itself forced to move due to Chinese crypto regulations.
The crypto trading platform has headquarters in Malta, which has embraced blockchain technology with open arms, providing Binance with all the room it needs to grow into one of the world’s premier crypto exchanges.
To start advanced trading on Binance, you’ll need to transfer funds into your account on the web, Android, or iOS. You can Bitcoin, Ethereum, and other assets using various payment methods, including BPAY bank transfer, credit or debit card, and cash deposit.
Binance’s trading cryptocurrency volume is incredibly high. There are tons of different coins you can trade for. The offerings at Binance are carefully selected to appeal to all types of investors. You can trade BTC, ETH, USDT, or BNB pairs.
Binance users have access to BNB, also known as Binance Coin. The total supply of BNB tokens will always stay at 200 million, with no new coins created.
The tokens pay low fees when you trade on their platform and do not represent an ownership share or stake in the company, like some other token models. It would be best if you held BNB to use all of the platform’s features and earn discounts.
Over 42 currencies
6. Independent Reserve Exchange
Independent Reserve, one of the oldest Australian crypto exchange platforms, specializes in CFDs and the advanced trading of Bitcoin and other cryptocurrencies like Ethereum, Cardano, and Litecoin.
The platform’s primary purpose is to access these alternative assets to the general public, including retail investors who might not have had the opportunity to invest before. When you sign up with them, they give you a free virtual crypto wallet that you can use to store your digital currency or exchange it for another one.
Independent Reserve Exchange is an exchange designed for ease of use. They have some of the lowest fees on AUD deposit methods, including bank transfer or Osko, SWIFT, PayID, and POLi, using AUD, USD, or NZD. The platform’s low fees are meager compared to similar exchanges. Depending on your trading volume, the prices start from 0.5% and can go as low as 0.05%.
The Independent Reserve JSON-based HTTP API allows users to access their accounts and make transactions on their preferred crypto trading platform, whether from a web browser or mobile app. The API also offers two-factor authentication for additional security.
Independent Reserve has complete control, ensuring that all trades depend on fair crypto market value and that customer funds remain segregated. Independent Reserve utilizes cold storage in geo-dispersed data centers and top-tier underground vaults to secure its funds when not in use for OTC trading.
AUD & NZD
Coinbase makes digital currency trading more straightforward and accessible to the average investor. Since its inception in 2012, Coinbase has helped broker digital currency trades and CFDs through its brokerage and crypto wallet services. More than 89 million verified users are registered to Coinbase worldwide.
Coinbase is a registered Money Services Business with FinCEN with several licenses from trusted financial regulators. The platform makes it easy to buy and sell digital currency with competitive fees between 1.49% and 3.99%.
If you’re looking to get started with some initial coin offerings, you can use the Buy Widget feature in the exchange to buy Ethereum, Bitcoin, and Litecoin. Coinbase employs innovative protocols such as the Digital Asset Framework to assess digital assets in crypto market capitalization, high liquidity, and demand curve.
Coinbase offers debit card payment methods, wire transfers, and bank account transfers like BPAY for purchase.
Coinbase vault protections aim to help safeguard your account information and any digital currency you hold. The company says on its website that it contains the majority of customers’ cryptocurrencies offline in secure storage systems with FDIC insurance, up to a maximum of $250,000 guaranteed.
Customer support is one of my top priorities, and I’ve found Coinbase to be responsive and reliable. To make withdrawals or AUD deposits, users must verify their identity with official government identification, such as a driver’s license or passport.
CAD, USD, GBP, EUR
Coinmama, founded in 2013, has quickly made a name for itself as one of the most popular cryptocurrency exchanges on the Australian crypto market today.
Coinmama only sells cryptocurrency tokens that it owns itself, limiting your choice of the coin and removing counterparty risk. You can buy Bitcoin and Ethereum with a debit card or bank transfer at a service 5% fee.
Coinmama has high limits, starting at $250 per day and increasing to $5,000 per day. To transfer up to $5,000 in a single day, you must verify your identity via taking a picture of yourself and uploading an image of a government-issued ID card or passport. You can also sell at least 200 USD worth of crypto to the platform.
Coinmama also allows you to access extensive learning resources from beginner to advanced. The topics covered by Coinmama include an overview of blockchain technology, Bitcoin and Ethereum, how cryptocurrency works, how to set up a digital crypto wallet, what a cold storage wallet is, and a series of how-to articles for specific tasks like purchasing your first Bitcoins.
The company offers a dynamic customer support team that helps walk you through each process of creating an account and purchasing or selling cryptocurrency.
USD & EUR
Born in January 2007, eToro operates an online social trading platform that enables crypto traders to analyze and share their strategies.
eToro is a world leader in copy-trading, a unique service that allows investors to follow and automatically replicate trades made by other eToro members. Copy-trading can be an effective strategy for new investors looking to develop their trading strategies while learning from others.
EToro also offers its brokerage service that enables investors to execute trades on major stock exchanges worldwide with over 2000 trading products, including CFDs, securities, ETFs, and stocks.
The company also has a digital currency exchange platform that supports Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, and Ethereum. As of 2021, eToro listed approximately 24 million registered users worldwide and facilitated millions of transactions on its network.
eToro keeps client funds in multi-signature cold storage wallets to maintain security over their cryptocurrency. eToro also utilizes two-factor authentication for withdrawals and transactions from your account.
The eToro customer support team is responsive and helpful. They have a live chat option that makes getting in touch easy. However, before you can reach out to their team, an FAQ page is likely to answer your question before you need to.
EUR, GBP & USD
Kraken is one of the world’s largest and best crypto exchanges, allowing individuals to exchange different digital currencies. The company was founded in 2011 by Jesse Powell, a veteran of Silicon Valley startups.
Kraken’s mission is to be the world’s most trusted digital currency exchange. Kraken maintains offices in North America, Europe, and Japan and supports trading for more than 50 different cryptocurrencies across mobile and desktop platforms.
Kraken has a wide range of cryptocurrencies listed for trading, including Bitcoin, Ethereum, Litecoin, Ripple, Avalanche, among many others. These features make Kraken one of our favourite exchanges in terms of diversity.
Kraken offers you a wide range of funding options, including credit/debit cards and BPAY bank wire transfers. A 0.26% fee applies with various possibilities for fiat payments, including USD, CAD, GBP, YPY, EUR, AUD, and CHF.
Kraken also offers two distinct types of margin trading: Spot and Futures. Spot trading allows advanced traders to exchange currency pairs on a one-to-one basis, while futures trading gives users access to a pool of high liquidity shared among all contract holders.
Kraken gives security utmost priority, with more than 90% of all deposits kept in offline geographically distributed cold storage. The platform also utilizes two-factor authentication and the Global Settings Lock and Master Key to block unauthorized account changes.
CAD, USD, GBP & EUR
0.9% to 1.5% fee
How to Choose a Cryptocurrency Exchange
Over the past few years, the cryptocurrency market has exploded with thousands of new investors looking to get in on this emerging digital economy. However, it can be challenging to know where to begin if you’re an investor who wants to do your research and make an informed decision about how best to exchange your fiat currency for cryptocurrency.
After researching your options, you should be able to narrow down your search. Ideally, you’ll want to use a digital currency exchange to easily buy and sell cryptocurrency without paying crazy transaction fees or delayed transfers.
Each Crypto exchange differs in user-friendly features such as presentation and layouts best suited to advanced traders with different skill levels. As a beginner, ensure that your exchange has an intuitive and user-friendly interface.
It should be simple enough for someone unfamiliar with different cryptocurrencies to navigate easily. A complex navigation structure often means spending more time navigating and less trading.
Contrastingly, a seasoned trader might prefer a more complex layout that provides extensive information into metrics, charts, graphs, and any other attribute that can help improve trading methods.
The number of different cryptocurrencies supported is one of the main factors for choosing an exchange. The crypto market is growing rapidly, so select an exchange that supports your favorite cryptocurrencies and eligibility for SMSF.
Exchanges such as eToro offer fiat-to-crypto and crypto-to-crypto trading pairs, while Binance offers crypto-to-crypto trading pairs. You want to make sure the site supports your favorites before signing up by looking at their currency list and disclaimer. The most common and dominant assets on exchanges include Bitcoin, Ethereum, XRP, and Litecoin.
Crypto exchanges that feature newly-discovered coins such as Avalanche, Ripple, and Cardano are essential to diversify your trading portfolio.
Deposit & Withdrawal Methods
Every cryptocurrency exchange has different cash deposit methods and facilitates withdrawals. If you’re not sure how each one works, you should contact customer support or check out their FAQ section.
Look for exchanges that offer bank transfers such as BPAY and credit cards as withdrawal options. Note whether or not they have daily or monthly cash deposit/withdrawal limits.
Some exchanges may only accept crypto-to-crypto transactions (no fiat currency support).
This policy can be frustrating when transferring from your favorite payment method provider because it leaves no way for you to withdraw your funds in fiat currency without converting them into crypto first.
Trading Fees and Exchange Rates
There are three main types of transaction fees on cryptocurrency exchanges: trading, cash deposit, and withdrawal fees. The trading fees vary depending on the exchange, but they generally depend on the total transaction size.
If you’re choosing an exchange because it’s cheaper than others, make sure there aren’t any hidden costs that could pop up later. For example, one exchange might be more affordable if you convert your local currency into crypto on their site versus using other places to buy then converting it into crypto.
It’s imperative to ensure your cryptocurrency is safe, so it’s essential to ensure your exchange has some security features before trading.
Good exchanges should provide different layers of protection and implement top-of-the-line security measures:
- Multi-factor authentication
- Cold storage of funds
- Insurance protection from hacking or internal fraud
- Secure servers behind firewalls with intrusion detection systems
- Active DDoS mitigation
These security features make it harder for hackers to gain access and help protect against the loss of cryptocurrency in case of wallet hacks or data breaches.
When looking for an exchange, choose one with good customer support. This is particularly important when dealing with transactions and withdrawals. Answering any questions or concerns will help ensure you have a smooth experience with your chosen exchange.
Factors to consider under Customer support include:
- Method of reaching the support team, i.e., email, live chat, or an inquiry form.
- Do they have frequently asked questions on their site?
- Do they offer 24/7 support?
Is It a Regulated Exchange in Australia?
Before you start trading cryptocurrency, it’s vital to ensure that you’re dealing with a reputable exchange. One of the best ways to evaluate an exchange is by making sure that it is appropriately licensed and regulated.
Cryptocurrency exchanges serving Australians or Australia have to register with AUSTRAC (the Australian Transaction Reports and Analysis Centre) and follow ASIC (Australian Securities & Investments Commission) regulations.