Best Crypto Exchange In Australia: An Unbiased Guide 2022

Best Crypto Exchange In Australia An Unbiased Guide 2022

Table of Contents

When it comes to finding the best Crypto exchange in Australia, there are a lot of options available, with the list keeps updating regularly.

Today, there are several Australian Crypto Exchanges. While some have been operating for a long time, many of them have newly entered the crypto space.

With so many options to choose from, finding the best Crypto exchange in Australia can be quite intimidating. However, we have reviewed all cryptocurrency trading platforms in Australia to help you find the best one. So you can trust us as we have analysed and researched to find the best Crypto Exchange for You!

Best Crypto Exchange In Australia?

Before moving forward, take a look at our top picks for the best Crypto exchange in Australia. We will be reviewing these crypto trading platforms to help you choose the perfect one.

  • Swyftx: Low Minimum Deposit Requirements
  • Coinspot: Best Crypto Exchange in Australia
  • InvestBy: International Crypto Brokerage for Beginners
  • Digital Surge: Best Crypto Exchange in Australia for Day Traders
  • CoinJar: Oldest Australian Crypto Exchange
  • Independent Reserve: Best Exchange for OTC Markets
  • Binance: Best Exchange For Value
  • Coinbase: Best International Crypto Broker
  • Coinmama: Biggest International Crypto Exchange
  • Kraken: Top Secure International Exchange

Best Australian Crypto Exchange: Reviews and Why You Should Choose Them?

After analysing the top crypto brokers, we have listed the 10 best Crypto exchanges in Australia. All the details related to their supported currencies, fees, ease of use and security are listed below. Consider these factors and find out whether they are a good fit for you?

Swyftx – Best Crypto Exchange for Beginners

Swyftx is an AUSTRAC-registered crypto exchange with headquarters in Milton, QLD. It is considered the best crypto trading platform for local traders in Australia.

This Australian-based exchange offers more than 200 cryptocurrencies to trade against fiat currencies like AUD, USD, and BTC. This simply means that beginners can easily exchange fiat into crypto on the platform.

Another thing we liked about Swyftx is its transparent fee structure – the exchange offers some of the industry-best fee structures. For example, the platform charges a nominal trading fee of 0.6%, and there are no fees on deposits and withdrawals.

Swyftx may charge between 0.2% and 0.8% in comparison to the industry average spread of 5.2%. The exchange is fully licensed and complies with AML and KYC policies.

In terms of security, the platform implements best-in-class security measures to secure users’ accounts using 2FA and breached password detection. Overall, we can say that no other best crypto exchange in Australia offers as excellent services as Swyftx.

Pros Cons
Easy-to-use Interface Available in Australia and New Zealand Only
24/7 Live Chat Support
Wide Range of Cryptocurrencies

Coinspot – Best Crypto Exchange Overall

CoinSpot is second on our list of the best crypto exchange in Australia. This Australian cryptocurrency exchange was launched in 2013. The platform’s easy-to-use interface aimed to suit both newcomers and experienced traders alike.

Additionally, this cryptocurrency exchange in Australia supports a wide range of cryptos, from the most popular ones, such as Bitcoin and Ethereum, to some lesser-known crypto coins.

The platform also offers a long list of deposit methods, including POLi, PayID, BPAY, cash, or direct deposit/bank transfer. Moreover, institutional traders can use CoinSpot’s OTC desk for large-volume orders.

The only drawback of the platform is its fee structure, as it incurs slightly higher commissions than the industry average. Coinspot charges a fixed 1% transaction fee for buying, selling, and trading cryptocurrencies. A similar fee applies to stop-loss, buy-stop, and buy-limit orders.

Pros Cons
NFT Platform Trading fees are slightly higher
No Fees For Withdrawal.
User-friendly Platforms

InvestBy – The Best Crypto Broker

Despite the fact it’s a brokerage platform, we have still included InvestBy in our list of the best crypto exchange in Australia, and the reasons are obvious.

In addition to Cryptocurrencies, the platform allows users to buy, sell or trade several underlying assets, including Forex, commodities and precious metals.

InvestBy - The Best Crypto Broker

InvestBy allows traders to trade CFDs on all popular Cryptocurrencies, including Bitcoin, Ethereum, Litecoin and many others. The best feature of the platform is its high leverage ratio, which allows users to open large trades than the actual amount invested.

Pros Cons
Military-grade Security Not Available Yet
A Long List of Underlying Assets
User-friendly Interface

Digital Surge – Best Bitcoin Platform Australia

Digital Surge was launched in 2017 and has emerged as the best crypto exchange in Australia in such a short time. We included this Australia Crypto exchange in our list to check out its features from a closer perspective. IT experts Dan Rutter & Josh Lehman founded this Brisbane-based Crypto exchange.

The exchange puts a significant focus on both customer support and ease of use, which is evident in their platform. Overall, it’s an excellent exchange for beginners and advanced users alike.

This best Crypto exchange in Australia supports a wide range of deposit methods, including POLi, OSKO, PayID and BPAY. Another feature of the platform includes Digital Surge Pay Wizard — an advanced tool that allows Australians to pay for bills with Bitcoin.

The fee structure of the platform is more suitable for high-volume traders, with a basic fee of 0.5%, but this can go as low as 0.1% based on trading volume.

The minimum amount required to create an account on the platform is $20, and some payment methods may charge between $2 and $3.30.

Finally, Digital Surge is well-regulated by AUSTRAC and fully complies with AML and CTF policies, according to their official website.

Pros Cons
Easy-to-use Interface Credit Card Not Supported
Competitive Fee Structure
Allow to Pay with Crypto

CoinJar – Cheapest Crypto Exchange in Australia

Launched in 2013, CoinJar is the first and the oldest Crypto exchange in Australia. The exchange has expanded its operations over time. The exchange was initially founded in Melbourne and later moved its headquarters and registered as a UK crypto exchange a year later.

Having been in the crypto industry for nearly a decade now, the platform has been at the forefront of many technological advancements, including the CoinJar Mastercard that enables you to spend bitcoins.

CoinJar - Cheapest Crypto Exchange in Australia

However, the exchange supports limited cryptocurrencies compared to other Australian Crypto exchanges featured on this list. Still, they support a long list of deposit methods, including PayID, Blueshift cash deposits and regular bank/wire transfers.

The exchange also offers the CoinJar Bundles feature for a debit card payment. CoinJar Bundles allows users to choose from a bundle of cryptos that they can regularly invest in to get exposure to several different cryptos. Therefore, it can be the best tool for beginners.

However, the fee structure of the platform will surprise you — CoinJar charges a flat fee of 1% for buy and sell orders, but you can easily cut down the fee to 0.04% by increasing trading volume. So now, we can say it is the best Crypto exchange in Australia.

Pros Cons
Bundles and recurring buys Limited Cryptocurrency Supported
Generous Reward Programs
Offers CoinJar MasterCard

Independent Reserve – Best Cryptocurrency Trading App Australia

The next on our list of the best Crypto exchanges in Australia is Independent Reserve. After reviewing the exchange, we found it to be a reliable platform for crypto trading over the years.

IR is among the oldest Australian crypto apps and supports a total of 13 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple. Apart from these, the platform also offers other promising altcoins like BAT, GNT, REP, EOS, XLM, OMG, 0x, and PLA.

From the perspective of an Australian Crypto investor, the exchange supports a long list of payment methods such as EFT (bank transfer), PayID, POLi, Osko, SWIFT, etc. Alternatively, you can deposit via fiat currencies, including AUD, USD, or NZD.

In comparison to other Australian Crypto exchanges, the IR charges incredibly lower fees, starting from 0.5%, and can be cut down to 0.05% depending on your trading volume. To benefit from the full insurance on your crypto holdings, you can go for the Premium account.

The account ensures guaranteed protection of users against a security breach, employee theft, or loss of funds from the IR bitcoin wallet.

Moreover, IR employs offline, multi-layer encryption for your funds and stores them in offline digital hardware storage devices. All these features make it the best Crypto exchange in Australia. However, th platform is more focused on experienced traders.

Pros Cons
Robust Security Features Limited Cryptocurrency Supported
OTC Desk
Crypto Insurance

Binance – Lowest fees Crypto Exchange Australia

Binance offers the best way to buy bitcoin in Australia and is always the first choice for international crypto services. The platform was launched in 2017 and has managed to attract thousands of traders around the world with its long list of supported cryptocurrencies.

Binance was launched in China but later relocated its headquarters to Malta due to regulatory issues. Nevertheless, global traders praise Binance for a long list of cryptocurrencies offers.

Through this platform, investors can invest in some of the most potentially lucrative tokens and engage themselves in margin trading.

Binance - Lowest fees Crypto Exchange Australia

In fact, it is the best crypto exchange in Australia and other countries for advanced traders. They even offer a native token called BNB that traders can use to get a discount on the trading fees.

Looking at the security features, it impresses with its top-notch security methods for its customers’ funds. The best feature that sets this platform apart is the Secure Asset Fund for Users (SAFU) which works as this pooling vault to which the platform distributes 10% of all collected fees.

In May 2019, when the platform suffered hacking, Binance reimbursed the lost funds to its users by drawing out funds from SAFU. On top of this, the platform offers the lowest fees in comparison to other Australian Cryptocurrency Exchanges.

Pros Cons
Low Trading Fees Not Beginner-friendly
Highest Liquidity
Wide Range of Cryptocurrencies

Coinbase – Biggest Crypto Exchange

Coinbase is the most mainstream crypto exchange on an international level. This US-based brokerage platform was launched in 2012, and since then, it has grown to its full potential.

The exchange registers as a Money Services Business (MSB) with FinCEN and holds numerous licenses from reliable financial regulators. It can be the number one choice of crypto traders, especially newcomers, due to its user-friendliness and easily navigable interface.

The platform offers a strict Digital Asset Framework that assesses the metrics of each currency (e.g. market capitalisation, liquidity, customer demand) before deciding whether to invest in these coins.

Coinbase - Biggest Crypto Exchange

Another Coinbase feature is its supported list of payment methods. Thus, you can deposit funds through a debit card for small investments, a wire transfer for large investments, or a bank account for either.

However, the platform may incur slightly higher fees for its brokerage services. The trading fees may range between 1.49% and 3.99%.

For additional security, this best Crypto exchange in Australia allows users to activate one of the three types of 2FA available, a withdrawal whitelist, a Coinbase wallet, and a vault during the registration process.

Pros Cons
Low Trading Fees Not Beginner-friendly
Highest Liquidity
Wide Range of Cryptocurrencies

Coinmama – Best Crypto exchange

Coinmama has been in the space since 2013 and has grown into a well-known and reliable marketplace. It is different from any other crypto platform we have reviewed before.

The platform doesn’t allow trades between buyers and sellers but sells all supported cryptos from its own inventory. The platform is very user-friendly and allows users to buy the top cryptos with a variety of payment methods, such as bank transfers, debit cards, credit cards, etc.

However, Coinmama doesn’t offer an advanced trading platform like Binance, yet it makes it easy for investors to buy cryptocurrencies. Additionally, their dynamic customer support, with options such as support tickets, email, and live chat, is also its plus point.

It is mainly an international exchange which supports over 180 countries. The only drawback of this exchange is its fees, both for debit/credit cards and crypto trading fees.

The platform charge an additional 5% service fee on the price of an asset. All in all, the platform should be considered the best Crypto exchange in Australia, but the lack of an advanced trading platform and the high fees may disgrace its reputation.

Pros Cons
The long list of supported payment methods High Fees
Wide Range of Cryptocurrencies
Good Customer Support

Kraken – Best Platform for Cryptocurrency

Kraken is a reliable and experienced cryptocurrency exchange founded in 2011 by Jesse Powell. It accommodates traders from almost every country and provides them with a highly professional environment for spot and futures margin trading. We would recommend this advanced platform to more experienced traders.

On the other hand, their fee structure is pretty good. The platform support over 50 cryptocurrencies and a wide list of options for fiat payments, including USD, CAD, GBP, YPY, EUR, AUD, and CHF. So, users will not have to worry about converting AUD to another fiat currency.

This best crypto exchange in Australia takes security extremely seriously and keeps most of its currency in cold storage. They even offer a bug bounty if a third party find a security vulnerability.

In the end, you should download one of the three available Kraken mobile apps for an enhanced trading experience.

Pros Cons
Great Security High minimum deposit requirements
Wide Range of fiat currency deposits
Well regulated.

How to Choose a Good Cryptocurrency Exchange in Australia?

To find the best option for your purpose, experience and expectations from Crypto trading, here are the listed crypto exchanges. There are several key factors to keep in mind while choosing the right crypto exchange. So, let’s discuss the key factors for choosing the best Crypto Exchange in Australia:

How to Choose a Good Cryptocurrency Exchange in Australia

Choose Your Trading Type

The initial step is to decide the type of trade you’ll place and ensure that your preferred exchange supports it. The types of Crypto trading are usually:

  • Crypto-to-Crypto trading
  • Fiat-to-Crypto trading,
  • Both.

For instance, if you want to buy some crypto with AUD, you should search for a crypto brokerage service that supports this type of crypto-to-fiat trading. Also, look out whether it supports your preferred payment method (credit card, bank transfer, etc.).

On the other hand, if you want to trade crypto coins against other cryptocurrencies, then search for a trading platform that supports direct crypto-to-crypto trading. Luckily, the best crypto exchange in Australia supports both trading types.

User-Interface

Crypto exchanges set themselves apart in the way they offer their products and services to the user and various types of UIs. Some of them feature a clear and intuitive user interface, which helps newcomers in placing their first crypto trade.

On the other hand, experienced investors usually search for a more advanced layout that offers detailed insight into market indicators, candlesticks and graphs. However, beginning with an advanced trading platform can be rather intimidating for absolute beginners.

The best feature of a great crypto exchange app and the best Crypto exchange in Australia is its UI. Trading apps make the whole experience of signing up and trading conveniently.

Supported Cryptocurrencies

When finding the best Crypto exchange in Australia, it would be helpful to first decide what type of Cryptocurrency you’re planning to buy. Although there are more than 4,000 altcoins available, most exchanges are limited to BTC only.

Check out our crypto buying guides to know about specific coins.

Apart from BTC, other dominant cryptocurrencies include Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Remember, it’s always challenging to find a reliable exchange that supports less-known coins, as those are less reliable.

When deciding to trade crypto with fiat money, look out whether the exchange has listed your local or preferred currency in the available fiat-to-crypto trading pairs.

Deposit & Withdrawal Methods

Most Crypto exchanges attempt to accommodate every sort of trader, so they offer a wide choice of deposit methods. Exchanges usually support regular bank transfers and credit/debit cards, but some of them also offer various e-wallet payments. Lookout whether your preferred best Crypto Exchange in Australia:

  • Supports AUD withdrawals and deposits
  • Offer a daily or monthly deposit/withdrawal limit

Exchange Rates and Trading Fees

The fee structure is probably the most important factor in choosing the best crypto exchange in Australia. However, most crypto exchanges offer the same types of fees: trading, withdrawal, and deposit fees.

That’s why you should consider the overall cost and search for something that is worth the money. For instance, some exchanges may not charge deposit fees but do incur trading fees much higher.

When it comes to the buying price of your selected Cryptocurrency, you should look out that there is no single, unified exchange rate as it’s calculated based on the current supply and demand. As a result, the Crypto price may differ up to 10-15% from one exchange to another.

Account Verification Process

Today, many users are wary of providing any personal details when trading Cryptocurrency. However, full anonymity is not possible due to the strict AML/CFT policies that every crypto exchange must follow. In any case, the best Crypto exchange in Australia should operate under local regulations.

So, consider spending your time on verification before you start trading on any of the well-established platforms. However, the verification process may vary between exchanges. Here’s a list of the general information you should sun=bmit for the verification process.

  • Full name
  • Email address
  • Phone number
  • Utility bill
  • A copy of a government-issued document.

Security Features

Security is the first priority in digital space. In general, crypto exchanges have a long history of unresolved major hacking attacks, which resulted in permanent losses of millions.

Every crypto exchange aims to implement the highest security standards in its platforms, users’ accounts and wallets. When reviewing the security features for the best Crypto exchange in Australia, you’ll need to focus on:

  • 2FA (Two-factor authentication)
  • Control over users’ private keys
  • Email or SMS notifications on account activity
  • Full-time security monitoring
  • Online or offline storage of funds
  • Email encryption

Customer Support Service

We generally overshadow the need for “customer support”, but in fact, it should be considered that the majority of user complaints arise from not being able to reach the support team.

When analysing the customer support for the best Crypto exchange in Australia, focus on

  • How does the exchange offer support: email, live chat, phone, or inquiry form (ticket)?
  • If they offer phone support and do they talk to you directly?
  • Is the support team available only 24/7?
  • How long does it take to respond?
  • Do internationally registered exchanges offer support in English?

Reputation & Customer Reviews

While choosing the best Crypto exchange in Australia, search out what do online customer reviews say about the exchange? The personal experiences of existing users are the most reliable source to know the actual drawbacks and perks of the platform.

On the other hand, the rating systems are also very helpful in determining whether the platform can be trusted or not. It’s always a good idea to research more about the exchange’s history – how long it’s been operating and does it have any track record for security breaches.

How To Find Regulated Exchange in Australia?

Looking at the current scenario, it looks like local authorities globally seem unprepared for the rapid growth of the crypto industry. They are putting a lot of effort into setting some legal frameworks, but most developing countries are still far from reaching the desired outcome.

In Australia, crypto operators should be registered and regulated by AUSTRAC (the Australian Transaction Reports and Analysis Centre) and must follow the government’s AML/CTF regulations.

Due to local regulatory compliance, many countries have banned some exchanges, and conversely, there are exchanges that don’t allow access to users from particular countries. Fortunately, Australia does not appear on any of these “black lists.”

How to Buy Crypto Using an Australian Cryptocurrency Exchange?

How to Buy Crypto Using an Australian Cryptocurrency Exchange

Buying Cryptocurrency through the best Crypto exchange in Australia is a pretty simple and streamlined process. Here are the general steps:

  • First, search for reliable exchanges and find one that fits your needs.
  • Sign up and open an account on the exchange.
  • Complete the verification process by uploading a copy of a government-issued identity card.
  • Make a deposit to your account with AUD using the available payment methods like Polipay, PayID, bank transfers, or credit/debit card.
  • After that, go ahead and search for the Cryptocurrency you’re looking to trade with.
  • Enter the amount & click the buy icon.

What Are Cryptocurrency Exchange Types?

The Crypto exchange is an umbrella term to cover several types of crypto markets, including trading platforms, cryptocurrency brokers, and other services. These different exchange types are tailored for a specific user’s category depending on their experience level.

What Are Cryptocurrency Exchange Types

Cryptocurrency Broker

Crypto brokerage services are best suited for beginners that don’t have any prior knowledge of trading cryptocurrency. They have simplified the buying process to the extent that anyone can easily buy crypto in a few clicks.

Unfortunately, most cryptocurrency brokers support fiat payments. InvestBy is a perfect example of such a beginner-friendly brokerage service where beginners can gain some experience.

Crypto Exchange for Trading

It’s not like the regular trading platforms, but they are a step ahead of basic crypto brokers. On exchange platforms, you can buy or sell Cryptocurrency on an open market for more competitive fees.

Additionally, you’ll have to choose a trading pair from a wide range of supported cryptocurrencies and go for some more advanced options like margin trading. The best crypto exchange in Australia usually features basic trading tools and market indicators.

Crypto Exchanges With Zero Fees

Remember not to fall prey to zero-fees ads easily as they are not less than a scam. However, it’s possible to find the best Crypto exchange in Australia that are fee-free, but this advantage is given to crypto-to-crypto swaps.

Non-Custodial Exchanges

Non-custodial crypto exchanges are a type of exchange that doesn’t provide a crypto-wallet as part of their set of services. Instead, they transfer the crypto-assets directly to your personal wallet. The option is most secure than enabling the exchange to have total control over your funds.

A good non-custodial exchange delivers the purchased amounts of crypto and offers a wide range of payment methods.

Futures & Derivatives Crypto Exchanges

Derivatives are best suited for more professional traders. In simple terms, derivatives are secondary contracts that have their value from a primary underlying asset.

Most common crypto derivatives are futures – contracts to buy or sell a digital currency at a specific time for a specific price. They serve as an advanced tool for traders to lock their profits.

An increasing number of regular crypto exchanges offer derivatives, but there are also specifically created derivatives/futures exchanges.

Best Bitcoin Exchange

A good Bitcoin exchange doesn’t mean to be one that offers a broad range of trading features, but one that offers to buy Bitcoin easily. So, the best Bitcoin exchange should be user-friendly and cost-effective and should offer a wide selection of fiat payment options.

Best Bitcoin Exchange

With that said, the best answer is to use a local exchange, as you can rest assured that the platform will support your local currency, and you won’t need to pay any additional fees for conversions.

According to these criteria, the best Bitcoin brokerage platform for Australian citizens is InvestBy. It’s a reliable trading place, and its fee schedule is in line with the average standard.

When it comes to buying Bitcoin, the best Crypto exchange in Australia should offer plenty of offers to buy these digital assets. Additionally, fiat payments are perfectly suited according to the Australian market and include PayID, OSKO, bank transfers and debit/credit cards.

Best Ethereum Exchange

Ethereum or Ether (ETH) is the world’s second-largest Cryptocurrency and is available on most cryptocurrency exchanges. This means that the criteria for choosing the best Crypto exchange in Australia for Ethereum do not differ from those for a Bitcoin marketplace – local availability, high liquidity, low fees, and fast transactions still play a vital role.

Conclusion

In the hunt to find the best Crypto exchange in Australia, we analyse, review and rate exchanges by looking at their ease of use, customer support, trading features and fees. Additionally, we analysed the user reviews to help users assess the overall sentiment. However, we didn’t evaluate every exchange but analysed the all popular and best Crypto exchanges.

FAQs

How Can I Choose The Best Crypto Exchange in Australia?

If you’re finding a suitable crypto exchange, you should look out for its features and compare them to your investment strategy. Taking into account the cryptocurrency selection and available payment methods, search for platforms with low fees.

Which Is The Biggest Crypto Exchange?

After analysing all the above platforms, Binance is probably the biggest Crypto exchange in Australia and other countries.

Which Is The Best Crypto Exchange In Australia?

According to our review, Swyftx is the best Crypto exchange in Australia because of its wide range of cryptocurrency offerings.

Which Is The Safest Crypto Exchange In Australia?

Looking at the security, Coinspot is the safest Crypto exchange in Australia.

Is Crypto Taxed In Australia?

Until 2017, cryptocurrencies were under double-taxation in Australia under the Goods and Services Tax (GST), but now, they are under Capital Gains Tax (CGT).

Which Is The Cheapest Crypto Exchange In Australia?

Binance is probably the cheapest Crypto exchange in Australia as it charges only a 0.1% fee on trades.

How Can I Trade Crypto Futures in Australia?

To trade Crypto futures in Australia, the first step is to find a Crypto exchange that supports it.

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