If you are a crypto trader in Australia looking for a platform to trade on your favorite currencies and markets, there are more than enough options available for you.
However, it is vital to make sure you understand the platform well and what it offers before joining to avoid disappointments.
When choosing the best crypto exchange in Australia, you must consider factors like the product offering, lowest trading fees, security, and customer support.
Here, we list the top cryptocurrency exchanges for Australian traders using these and many other factors.
Best Australian Crypto Exchanges in 2021
The most suitable crypto exchange for you will largely depend on your preferences as a trader, and in most instances, it is always better to try several before settling on one.
But, for Australian traders, the following are the best options:
- Coinbase Pro
- Independent Reserve
Swyftx is one of the most popular Australian cryptocurrency exchanges for both experienced and beginners traders.
What makes it such a popular platform is that it is well-built and super easy to use regardless of your experience level.
With more than 250 cryptocurrencies available on the platform, traders get to choose from hundreds of pairs you can trade.
Also, they have fair fees of 0.6% for all trades you do on the platform, which is better than what many other exchanges in Australia charge.
Registering on the platform is a straightforward and quick process with just a few steps to follow. For beginner traders, the platform also provides a demo option to help them learn fast.
Also, it is easy to add cash and start trading as the platform supports various payments methods, including bank transfers, credit cards, PayID, and POLI.
During our comprehensive review of the Swyftx exchange, we noticed the user interface also sets Swyftx apart from other platforms as it is intuitive and easy to navigate. What’s more, the platform supports mobile application trading and has helpful customer support.
Binance is the perfect Australian cryptocurrency exchange for the more serious traders that have been at it long enough and understand how the market works. But, it is still easy enough to use for most beginner traders.
Although Binance is not an Australian-based platform, it works well for global traders and has a presence in dozens of countries worldwide. What makes the platform stand out is its meager fees that range between 0.0% and 0.1%.
Also, Binance allows experienced traders to trade in over 200 cryptocurrencies that can form hundreds of trading pairs.
You can get started on the platform quickly, and there are also many deposits methods, including bank transfer, Credit Card, and PayID.
Additionally, Binance does not limit you to using the Australian dollar as your only fiat currency as it also supports USD, SGD, GBP, and EUR. There are no deposit fees when using bank transfers, and the platform does not charge any withdrawal fees.
Traders will also appreciate this crypto exchange can work with third-party bots, which gives you additional trading tools to help automate your trading strategy for more profits.
With over 150 cryptocurrencies that form more than 400 trading pairs available for trading and daily volumes that exceed $1.5 billion, OKEx is one of the largest exchanges in Australia and globally.
Besides the number of trading options and liquidity, another element that makes it one of the best crypto exchanges for Australians is that it is also an inexpensive platform. It charges 0.1% maker and 0.15% taker fees.
OKEx allows traders to make their deposits using various channels such as Apple pay, Google Pay, credit card, and bank transfer, so you should have at least a few methods that will work for you in Australia.
Overall the trading system is quite robust and easy to use and has all the trading tools you need including trading charts and live cryptocurrency price indicators in an easy-to-navigate interface.
Like most other leading crypto exchanges, the sign-up process is also quick and easy.
Cointree is a local exchange that is popular with both beginner and experienced Australian crypto traders.
The Australian cryptocurrency exchange has over 167 cryptocurrencies. Therefore, traders will get more than enough options for creating their pairs.
Additionally, the platform provides good portfolios insights and allows traders to instantly swap their coins for any other on the platform. Therefore, when in this cryptocurrency exchange, you can maintain your assets in any currency.
The fees range between 0.05% and 0.9% depending on your volumes and the assets you are exchanging. Making deposits is easier as you can use bank transfer, POLI, PayID, and many other payments methods.
This Australian exchange has a simple-to-use interface, and setting up your account takes little time and effort.
Since it is a local company, you can also be sure of excellent customer support and swift responses to queries.
For beginners and social traders who want a platform to trade by speculating on crypto prices, eToro is ideal. It allows for easy trading on a user-friendly platform without having to risk much.
Besides actual trading, you can use this platform to practice and sharpen your trading skills, as it includes a virtual trading portfolio. Also, you can choose your preferred fiat currency from AUD, GBP, USD, and EUR.
Despite being a social exchange, it still supports at least 16 different cryptocurrencies, and so you can still trade several pairs as you sharpen your skills.
Overall, it is quite a cheap platform to use as it only charges the spread and $5 withdrawal fees. Also, you can add funds to your account using debit cards or Paypal, and there are no deposit fees.
6. Coinbase Pro
Coinbase Pro is one of those cryptocurrency exchanges that have a very loyal clientele. The platform is a more advanced version of the equally popular Coinbase, a US-based platform that has been in operation since 2012.
For Australians that prefer trading cryptocurrency with an international presence, Coinbase Pro will be a perfect choice. However, it is essential to note that it only supports just the top currencies and has over 30 cryptocurrencies.
Contrary to Swyfx exchange, Coinbase Pro has a tiered pricing system, and fees depend on your volume. The taker fees range between 0.04% and 0.50%, while the maker fees are 0.00% to 0.50%.
Deposit and withdrawal fees for fiat currencies depend on the specific currency you are using. For example, if you use a USD wire transfer, the deposit fee is $10, while the cash-out fee is $25.
Wirex is not an outright crypto trade platform like the others on this list. Instead, it is an innovative digital payment that allows users to spend both digital and fiat currencies. However, users can also swap the cryptos for others or fiat currency.
Wirex supports over 9 cryptos, including the common ones like bitcoin and Ethereum, and up to 16 fiat currencies that include AUD, GBP, EUR, and the USD. Additionally, you can make deposits using e-wallets or debit/credit cards.
Wirex offers flexibility in cryptocurrency exchanges as they have a mobile app for iOS and Android devices.
There are no additional fees on the platform for exchanging crypto for crypto or crypto for fiat currency and vice versa.
Besides the platform offering multiple security features, the funds are held in trust, assuring users they will never lose their cash.
ChangeHero requires no registration or identity verification as it is a non-custodial cryptocurrency exchange. Also, the platform processes your transaction instantly or at least faster than most traditional crypto exchanges.
You can convert over 40 cryptocurrencies on the platforms with no limits and restrictions. Also, you get greater flexibility when it comes to crypto purchases as traders can use debit or credit cards and transact it in various fiat currencies such as USD and EUR.
ChangeHero also offers 24/7 support to ensure fast resolution of any queries and issues. Additionally, the platform is super easy to navigate with a clear and straightforward interface.
Kraken is one of the securest cryptocurrency trading platforms. It is a US-based crypto exchange, but it is also available for Australian users.
The platform is more similar to top ones like Binance, and it aims to give traders as many coin options as possible and low trading fees.
The high level of security comes from the fact that it has to meet heavy regulation requirements before getting a license like any other US company.
Hence, it is one of those crypto exchanges you can use without ever worrying about your digital assets’ safety.
The platform supports more than 50 cryptocurrencies for trading assets and allows the trader to pick from 5 currencies that include the AUD, EUR, and USD.
The trading interface is easy to use and has a decent number of tools, including charts and indicators. Also, the trading fees are pretty decent as they range between 0.1% and 0.26%. But, they also charge a $5 flat fee for every deposit.
Although Gate.io is not the most famous Australian cryptocurrency exchange, it is still a good platform for your crypto trades.
Gate.io has been in operation since 2017 and has a daily volume of over $100 million. Also, the platform supports dozens of trading pairings using most of the common cryptocurrencies, and each trade attracts a 0.2% flat fee.
Withdrawal fees on the platform are also quite competitive as they only charge the standard blockchain load fee of 0.0005 BTC. Deposits are free, but the exchange will only accept them in the form of cryptocurrencies.
Gate.io is also a secure enough platform as it uses cold storage to store trader funds to ensure there is no loss even if the forum was hacked. Also, traders can use 2-factor authentication to secure their accounts.
KuCoin is one of the smaller cryptocurrency exchanges but should still work well for most Australian crypto traders. Despite its size, it still supports more than 150 cryptocurrencies and allows for hundreds of pairs for trade.
KuCoin offers traders more flexibility when making deposits because besides using debit or credit cars, the cryptocurrency exchange also supports Paypal and wire transfers.
Many traders will love most about KuCoin because it does not have hefty trading fees that can make life unbearable for traders. Instead, the platform charges a fixed 0.1% fee per transaction.
This cryptocurrency exchange is fully regulated and requires KYC verification for all traders who trade more than 2 BTC per day. However, even with the verification, the sign-up process is still relatively fast and straightforward.
DigitalSurge is a relatively new Australian cryptocurrency exchange, but it is already winning over many traders. It is a legally registered company with both AUSTRAC and ASIC, so traders can be sure it is not one of the many emerging scams in the crypto industry.
Like many other new crypto exchanges in Australia, DigitalSurge is designed to cater to beginner and experienced traders. It has enough assets for the pro traders and an easy-to-use platform that will work for the newbies.
There are more than 250 cryptocurrencies on the platform to trade in hundreds of different crypto pairs. What’s more, you can easily buy the currencies in AUD, which is highly convenient.
DigitalSurge has some reasonably standard trading fees that range between 0.1 and 0.5% compared to other cryptocurrency exchanges.
14. Independent Reserve
Independent Reserve is one of the oldest cryptocurrency exchanges in Australia and has a proven track record to show it is a company you can trust.
The platform accommodates both low and high-volume traders and offers the latter relatively lower trading fees. For instance, if your monthly volumes are over $20 million, your fees are just 0.02% per transaction which is much lower than the 0.5% other traders have to pay.
This cryptocurrency exchange is also famous for its robust OTC service, which is often very convenient for high-volume traders who want to make large transactions.
Additionally, it is one of the few exchanges that allow cryptocurrency insurance of up to $5 million to protect trader funds.
Although this Australian exchange supports just around 26 cryptocurrencies for the high volume traders, this is still enough given that most typically deal only with the top coins like BTC.
CoinSpot was one of the first crypto exchanges to enter the Australian market. The company set up shop in Australia back in 2013 and has now amassed more than a million traders on its platform.
This Australian crypto exchange is one of the most trusted in the country and even has an ISO 27001 certification to back the claim.
Its mode of operation is more like a broker, and it allows traders to buy over 290 crypto assets using AUD and a few other currencies.
Fees are charged according to the purchase method you use. Instant purchases have a 1% fee, while the ITC and market trade have a 0.1% fee for every transaction.
Given the reasonably simple dashboard and straightforward registration process, this platform is perfect for beginner traders.
Also, it is essential to note that this crypto exchange accepts a wide variety of payment methods, including BPAY, POLI, PayID, bank transfer, and cash deposit.
If you prefer to trade in the less popular or new coins, Bittrex is the best Australian cryptocurrency exchange for you as they seem to specialize in this.
Although they keep adding more coins, they are also quick to remove those that do not seem credible. But, there are always over 190 different coins for trade on this Australian exchange at any time.
Bittrex is one of the securest platforms you can use to trade your crypto assets as it uses some highly advanced technologies to secure trader data and the trading platform.
When it comes to depositing, the exchange accepts fiat currency. You can deposit using bank and wire transfers, debit cards, or SEPA, but this is one of the few exchanges in Australia that does not accept credit cards.
Trading fees are pegged at 0.2% per transaction, which is quite fair since they are relatively lower than the market average.
Bitfinex ranks highly among the largest and most widely used cryptocurrency exchanges in the US and Asia. However, it is not that big among Australian crypto traders but still has many loyal users.
The platform offers over 20 different cryptocurrencies and maintains a 0.2% trading fee that should be okay for most traders.
You can deposit through credit and debits cards, and the exchange also supports bank transfer in various currencies but uses the USD as the primary fiat currency.
Bitfinex has quite an advanced trading platform with advanced chart tools. The company also has you covered with their mobile app for those who prefer to trade on the go.
Bitcoin & Cryptocurrency Markets Regulation In Australia
You do not have to worry about the law when using Australian trading platforms, as cryptocurrencies and exchanges are legal.
However, the crypto exchanges must be registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) to be considered legal.
When it comes to regulations, in 2017, the government declared they are subject to AML/CTF 2006, which is the country’s anti-money laundering Act passed in 2006. According to the Act, cryptos are properties that are subject to capital gains tax.
In 2018, the government made it mandatory for all cryptocurrency exchanges in Australia to register with AUSTRAC, which created a digital currency exchange register was.
Best Australian Bitcoin Exchanges
You do not need the largest Australian crypto exchanges for traders that mainly trade in bitcoins since almost all platforms out there will have bitcoin as one of their primary crypto assets.
However, you still need to make sure what you choose is reliable and easy to use, whether you are a beginner trader or a more experienced one.
Additionally, ensure the exchange has a clutter-free interface with all the essential tools you need to track bitcoin prices and other market trends. What’s more, the platform should have trade options that are tailored towards bitcoins.
Most cryptocurrency exchanges in Australia will offer all this, but Swyftx and Binance seem to have the edge over the others regarding bitcoin exchanges.
Besides providing multiple payment methods for buying bitcoins that include fiat currency, both platforms also ensure instant deposits and withdrawals, which is just what every bitcoin trader wants.
Best App For Crypto Trading Australia
Most traders hardly ever get enough time to sit in front of their desktops when trading. However, a majority of them still end up spending several hours every day on their phone.
Hence, mobile exchange platforms that allow for trading on the go are always beneficial. They also make it easier to keep track of market fluctuations, so you never miss an opportunity to make profits.
Although most crypto exchanges will have a mobile app, Binance seems to have an even better one, making it the perfect choice for traders who prefer trading via mobile app.
The Binance trading app is designed to give crypto traders a similar experience as they would get when trading on the web-based platform.
This includes multiple tools for tracking market patterns. Also, the app makes it possible to switch quickly between the Pro and Lite interfaces.
Binance also tries to cater to all users by providing iOS and Android compatible apps to ensure you do not have to change your phone to use their app.
Cheapest Cryptocurrency Exchanges In Australia
Given the highly competitive nature of the crypto industry, most Australian exchanges have kept their trading fees and other fees as low as possible. Therefore, it should be easy to find a cheap platform.
For most crypto traders, the trading fees are the first consideration as they are what they will end up paying more often as they trade. However, others such as deposit and withdrawal fees are also important.
It is also essential to keep in mind that most exchanges will base their fees on trading volume, and so the more you exchange, the smaller the charge.
Taking all these facts into account, Swyftx is the cheapest Australian platform for trading your crypto assets.
The company offers industry average trading fees, which are 0.6% per transaction. There are no hidden charges on the exchange, and you get fantastic spreads for altcoins.
Which Is The Best Crypto Trading Platform In Australia
Every digital asset trader seems to have that one thing they look for on an exchange platform. Therefore, a trading platform that can work for all traders out there.
However, a good trading platform should have a few essential characteristics. The key is liquidity, as the exchange needs to have adequate funds to meet all customer demands and other liabilities and debts.
Additionally, the best trading platform is one that offers more trading tools and features. But, this does not mean a highly advanced platform with complicated functionalities as the platform needs to cater to all kinds of trades, including those that do not have a lot of trading experience.
Most of the Australian exchanges above meet all these conditions, and so the best one for you will largely depend on your preferences as a trader.
However, Swyftx and Binance are still the top favorites here. They offer intuitive interfaces that almost anyone can use with no issues and have all the crucial tools and charts that you need to maximize your profits when trading.
Is Cryptocurrency Taxed In Australia?
In Australia, cryptocurrencies are recognized as property, which is what makes them legal to trade. Therefore like any other property, they are subject to taxes.
Players in the crypto exchange market can be classified as traders or investors, depending on how much they trade. Taxes are then calculated based on the trading volume.
But, the cryptocurrency taxation process in Australia is way more complicated than this, so it is always better to talk to a financial advisor or tax expert to ensure you know your obligation.
Crypto Taxes In Australia: How Is Crypto Taxed In Australia
Crypto tax regulations in Australia are clearer than in many other countries, given that the government already has laws in place to regulate how traders and investors pay taxes.
Overall, crypto-assets attract similar taxes to physical property and are also subject to capital gains. Hence, the more crypto you own and the higher your trading volume, the more taxes you will end up paying.
Tax remains an individual’s responsibility when trading crypto, so it is up to you to declare income and file your taxes.
But, the Australian exchanges are still obliged to give the government data on individuals on their platform for cross-checking to ensure there is no tax avoidance or evasion.
Australian crypto exchanges are subject to all tax obligations that any other company doing different businesses must pay.
Australian Cryptocurrency Exchange Types
As you choose an exchange for trading your vital assets, it is also essential to understand the various types of players in the industry.
- Cryptocurrency Broker
The crypto brokers aggregate prices for different digital currencies using data from other leading exchanges in the market.
They act more like actual brokers for the assets and are ideal for buying or selling currencies as the process is straightforward. Swyftx is an example of a cryptocurrency broker based in Australia.
- Crypto Trading Platforms
The crypto trading platforms form a massive chunk of exchanges in Australia. They do not just broker the coins but instead provide multiple tools and advanced platforms with numerous trading options.
These platforms are great for Australian traders that want to get all the tools they need to carefully analyze the market trends and trade in a wide variety of assets.
- Crypto CFD Provider
CFD providers provide another method for buying currencies and index funds instead of the more traditional direct method offered by brokers and exchanges.
They make it possible for the traders to predict how the market will move without buying actual assets by using a CFD (contract for difference).
CFD providers like eToro are ideal for beginner traders who want to practice without opening an actual trading account or pend anything.
- Futures & Derivatives Crypto Exchanges
These exchanges deal with contractual trading and are best suited for the more advanced traders. They are about leverage trading and hence require you to understand risk management.
While they are the most profitable exchanges you can use, they also pose the most significant risk of making losses, and you can quickly lose a small fortune if the market does not go your way.
- Are Bitcoin & other cryptocurrencies legal in Australia?
Bitcoin and other currencies like Ethereum, Dogecoin, and ripple are legal to trade in Australia. Also, it is legal to use a regulated exchange, which is registered with AUSTRAC.
However, it is vital to note that you will not receive any protection like other financial products if things go wrong, even if you use the best crypto exchange Australia.
- What is the best crypto exchange in Australia?
This depends on your digital assets, trading volume, and whether you are a beginner or experienced trader.
For example, eToro works well for beginner traders in Australia, while the Coinbase Pro is perfect for the more experienced ones.
- What is the best place to buy Bitcoin in Australia?
Licensed exchanges are the place to buy all your cryptocurrencies. However, if you trade in bitcoin, Swyftx and Binance provide the best platform for buying and selling them, as you can also buy them in cash.
- Where should you store cryptocurrency in Australia?
The right place to store your cryptocurrency will largely depend on your trading patterns and habits, so no one place works well for everyone.
For those who trade a lot and constantly change coins almost every day, it is always best to leave them on the exchange to avoid unnecessary fees.
Also, you do not have to worry about safety when leaving your assets on the exchange since most will store them in cod storage for maximum security.
However, for the occasional traders, it is best to keep the assets in a hardware crypto wallet as this will be safer for you, provided you use a secure one.
- How do Cryptos work in Australia?
In Australia, cryptos are primarily used as trading assets in spot markets. However, there are some places where you can use bitcoins as currency to pay for goods and services, just like in many other countries such as the USA.
- Are Australian crypto exchanges safe?
There has not been any significant incidence in any Australian crypto exchange in recent years, so it is accurate to say they are as safe as it gets.
Also, the industry is well-regulated, unlike in some other countries, which ensures even greater safety. But, the actual safety of an exchange depends on its security systems and technologies.
Cryptor traders have more than enough options when it comes to choosing the best cryptocurrency exchanges.
These many options can sometimes make things confusing, especially for those just starting and who do not have enough information and experience on the workings of these markets.
But, to make a good exchange trade choice, you need to consider important factors such as your projected trading volumes, the cryptos you prefer to trade, trading fees, system security, and customer support.
But as you look for the best Australian crypto exchanges, you should also remember that what works for some other traders might not necessarily work for you.
Checking out reviews of several platforms and giving some a try is the best way to find something that works best for you.
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