6 Best Crypto Exchanges In Australia: Our Latest Picks

With so many options, deciding which Australian cryptocurrency exchange to use to put your money can be difficult. We’ve reviewed multiple crypto exchange platforms in Australia while considering important factors. 

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Our Crypto Exchange Picks

Here’s our list of the five best exchanges for Australians:

1. Swyftx – Best Overall Crypto Exchange
2. Bybit – Has Derivatives and Margin Trading
3. Binance – Best for Altcoins
4. eToro – Good For Copy-Trading
5. KuCoin - Best For New Coins
6. CoinSpot – Well-Rounded Australian Exchange

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Why We Picked These Crypto Exchanges

1. Swyftx – Best Crypto Exchange Overall In Australia

Swyftx has over 4,600 reviews on TrustPilot with an average rating of 4.6/5, which cements its place on our list. From our testing, we can see the trading platform has continually improved the user experience to cater to individuals. You can deposit Australian Dollars (AUD) to buy over 350 cryptocurrencies quickly. They also have a referral code to get $20 in free Bitcoin for new users.

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Once your account is verified, you can deposit AUD funds using various payment methods, including bank transfers, POLi, credit/debit cards, PayID, and cryptocurrencies from your external wallet.

The customizable dashboard provided by Swyftx is great for tracking the digital currencies in your wallet. They also have crypto bundles which are groups of crypto assets that can be purchased in a single transaction or recurring orders.

As for the fees, Swyftx charges between 0.1% and 0.6% depending on the order value. There are no fees for depositing AUD from a bank account. For newbies, Swyftx has a crypto demo mode to practice trading before funding a real account.

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Swyftx Pros:

• Wide variety of cryptocurrencies to buy and sell.
• A demo mode equipped with $10,000 of virtual AUD.
• Excellent customer ratings and reviews on TrustPilot.
• Integrated TradingView charting package with advanced tools and indicators.

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Swyftx Cons:

• Advanced trading markets, such as margin, are not supported.
• 3.6% fee for credit card purchases.

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Read our full Swyftx review for more information.

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2. Bybit – Top Platform for Aussie Margin Traders

After extensively testing Bybit for the past two years, I can confidently say that it is one of the top cryptocurrency exchanges suitable for all levels of traders. The platform offers robust and advanced margin and derivatives trading features, all easily accessible through the mobile app. One downside, however, is the inability to deposit or transfer AUD into the account wallet directly.

Bybit is a global crypto exchange that allows Australians to engage in leveraged margin trading with up to 100x leverage on spot, perpetual, and futures markets. It is a comprehensive platform catering to traders of all levels, yet it remains highly intuitive, making it easy for almost anyone to navigate.

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Bybit continually enhances its crypto products and services, offering margin and derivatives trading, an Earn hub for passive crypto rewards, NFT trading, and portfolio expansion with a credit card. The platform features a user-friendly interface with powerful TradingView charting, low trading fees starting at 0.01% for makers and 0.06% for takers, and risk-mitigating mechanisms such as a dual price system and insurance policy.

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Bybit Pros:

• Trade the spot, futures, and perpetual markets using the best-in-class mobile app.
• Crypto trading bots to automate your strategy.
• Leverage up to 100x can be applied to spot, futures, and perpetual markets.
• An abundance of trading pairs with BTC, ETH, and USDT as the main base currencies.

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Bybit Cons:

• Unable to deposit or withdraw AUD directly using a bank account
• It may be overwhelming for some.

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Read our full Bybit review.

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3. Binance – Best Crypto Exchange for Altcoins

Binance is an international cryptocurrency exchange that offers investors a wide range of digital assets for trading. It also provides advanced trading and investment features, including cryptocurrency futures, margin trading, and leveraged trading.

One of its most notable features is the offering of decentralized finance services, staking, savings, and crypto-backed loans. Additionally, Binance allows trading in various fiat currencies, a feature uncommon among Australian exchanges. The identity verification process at Binance is straightforward, requiring only basic details such as government-issued ID verification and phone and email verification.

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Trading limits are determined by your verification level and the market you're trading in. For example, fiat currency trades are limited to $5,000, while withdrawal limits start at 2BTC or its equivalent value in AUD. Despite being hacked in 2019, Binance remains one of the most secure Australian exchange sites. They recently launched the Binance Coin, and all BNB token holders are offered significant discounts on their trades.

The platform also offers a Binance Visa card, which allows you to use your cryptocurrency for transactions. This card is currently accepted by more than 60 million merchants globally.

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Binance Australia Pros:

• World-class exchange with significant liquidity.
• Trading fees start at 0.1% for maker and taker orders.
• An advanced trading interface that can be accessed on desktop and mobile apps.
• A wide range of crypto services and features.

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Binance Australia Cons:

• Too complex for some who want to buy and hold crypto.
• Lack of deposit options for Australians.

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Read our full Binance review.

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4. eToro – Top Choice for Social Crypto Trading

After using eToro for a couple of months, we can confidently say that eToro is the premier social trading platform. Despite its unique design, the user interface was incredibly easy to use. Other global exchanges offering a social trading experience are not as user-friendly as eToro due to their features and high level of development. However, one downside for Australians is the currency conversion fees.

One of the most notable features of eToro is its social and crypto-copy trading platform. It's a community where you can connect with other traders and replicate their trades. This allows you to share trading strategies and ideas, and most importantly, you can mirror trades from the best investors.

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eToro offers a filter system for discovering portfolios based on criteria like risk tolerance and return on investment. You can set up a stop loss level to limit losses. Trading fees vary based on the digital asset and market conditions. eToro also provides a crypto demo account with $100,000 virtual money for practice.

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eToro Australia Pros:

• It is a superb platform for Aussies to start trading crypto on.
• Free demo account that comes with $10,000 in funds.
• World-class social trading platform and features.

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eToro Australia Cons:

• Fees to convert fiat currencies.
• A limited selection of supported crypto.

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Read our full eToro review.

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eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Crypto assets are unregulated and highly speculative. There is no consumer protection. You risk losing all of your capital. Refer to our Terms and Conditions. See full disclaimer.

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5. KuCoin – Best For Trading New Coins

KuCoin makes this list of Australian crypto platforms mostly due to its vast array of assets and trading pairs that are available on its spot markets. It has gained a reputation for a sought-after destination for altcoin trading. But where KuCoin excels is the listings of new ICOs, IDOs, and IEC’s (new coins and tokens) to its market place to trade before many of its competitors.

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While KuCoin doesn’t directly accept AUD deposits and withdrawals, several blockchains support transferring existing crypto holders' assets to begin speculating on its 700+ assets and 1,300 trading pairs. Just don’t expect to see AUD trading pairs on KuCoin. 

Like some of its rival exchanges, such as Binance, Bybit, and Coinbase, KuCoin offers several additional features, such as crypto bots, margin and derivatives markets, earn and staking, and Web3 features. 

KuCoin's maker and taker fees are 0.1%, while futures start at 0.02% and 0.0%, respectively. These are the maximum fees customers will pay since they can be reduced depending on the 30-day trading volume or the amount of KCS held.  

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KuCoin Pros:

• One of the largest ranges of crypto assets to buy, trade, and sell.
• Good liquidity for certain exotic tokens and meme coins

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KuCoin Cons:

• Does not support AUD deposits and withdrawals.
• Customer support can be questionable at times.

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Read all KuCoin's pros and cons in this full exchange review.

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6. CoinSpot – A Good Crypto Exchange for Everyday Aussies

CoinSpot is one of our top picks because of its simplicity and ease of use, tailored towards everyday Aussies. Investing in crypto doesn’t have to be complicated, and CoinSpot offers a modern and streamlined exchange that supports over 370 coins. Creating an account, depositing AUD, and converting cash into crypto is simple. Additionally, CoinSpot is widely recognized as the safest crypto exchange in Australia due to its ISO 27001 accreditation.

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CoinSpot, being Australian-based, seamlessly integrates a range of common deposit methods, including transfers from an Australian bank account, cash deposits, PayID, POLi, credit/debit cards, BPAY, and cryptocurrencies. Most deposit methods are free, except for minor fees for BPAY (0.9%) and cash deposits at supporting Blueshyft news agencies (2.5%).

CoinSpot offers a multi-token wallet for safely storing Bitcoin and other cryptocurrencies. While CoinSpot is user-friendly, its fee structure is a drawback. Users who prefer simplicity can use the Instant Buy/Sell feature, which carries a 1% fee. On the other hand, those familiar with placing market orders on an exchange can find better value for money on platforms with lower fees, typically at 0.1%. If you want some good alternative exchanges like CoinSpot, read this article.

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CoinSpot Pros:

• Over 370 digital currencies can be bought with AUD cash.
• Very easy-to-use and understandable interface.
• Advanced TradingView charting and tools for technical analysis
• NFT market for Australians to buy and sell NFTs.
• Crypto bundles, SMSF support, and interest-earning wallets are available.

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CoinSpot Cons:

• There is a 1% fee to use the Instant Buy/Sell feature.
• CoinSpot Exchange has poor liquidity.
• Lack of features and markets on CoinSpot Exchange, including no margin and futures.

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Best Crypto Exchanges According To Reddit

According to Reddit, there are mixed opinions on what constitutes a 'best exchange' and comments on which provider they prefer. Generally, feedback suggests the best platform will vary depending on users' experiences and preferences. However, some of the popular exchanges that are often mentioned on Reddit include Independent Reserve, Swyftx, CoinSpot, and Binance Australia.

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BONUS: Software for Starting An Australian Crypto Platform.

Some might wonder, rather than trading, how they would go about starting an exchange business. Many crypto platforms use existing software or a white-label exchange to launch their online business. HollaEx® is a prime example of such software, having been a leading white-label provider approaching a decade. To learn more or to get a free 2-weel trial, complete this 3-minute form and start your Australian-based crypto exchange today.

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What To Look For In A Crypto Exchange

Before you settle on the best Bitcoin exchange in Australia, you must review various sites to ensure they meet your trading needs. Some of the factors you should look out for include.

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1. Payment Methods Allowed

Exchange sites with multiple withdrawal and deposit methods are usually more convenient. However, you should ensure that the available options work for you and are acceptable in Australia. This is particularly important if you opt for an international site. Remember to check the fees associated with each method to ensure they won't take much of your profits.

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2. Fees Charged

You will incur fees whenever you deposit, withdraw, and trade cryptocurrency. If the fees are excessively high, it will reduce your profits. Ensure that you consider the currencies you intend to trade, payment methods, and any available discounts.

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3. Type of Trading

The best cryptocurrency exchange in Australia often offers 3 types of trading:

• Crypto-to-crypto trading
• fiat-to-crypto trading
• Both fiat-to-crypto and crypto-to-crypto trading

Go for an exchange site that’s in alignment with your investment goals. For instance, if you plan on buying Bitcoin using AUD, you must choose a platform that allows deposits through credit cards and bank transfers.

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4. User Interface and Available Trading Tools

If you're new to cryptocurrency trading, the whole process can be overwhelming, so choosing a beginner-friendly site is best. Experienced traders, however, prefer platforms with advanced trading tools and multiple trading pairs.

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5. Safety of Funds

Hackers often target exchange sites due to the large volume of funds traded daily. It's important to consider security features such as 2-factor authentication, wallet storage, private key security, account monitoring, and encryption. Also, check if the exchange site has been hacked before and if affected traders were reimbursed.

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6. Customer Support

When evaluating customer support for your account, consider how quickly you can reach them, their availability, response time, resources for FAQs, and language support. Also, check the platform's reputation for helpful support on Trustpilot.

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There Are Also Risks To Consider

• Hacks and scams are common in crypto, including security breaches and phishing scams related to exchanges. The saying "Not your keys, not your crypto" emphasizes the importance of controlling your digital assets in a non-custodial wallet rather than relying on exchanges, which contradicts the decentralized philosophy of crypto.
• Crypto exchanges in Australia are regulated and may be registered with AUSTRAC, but lack essential consumer protections such as mandatory insurance and strict rules for managing user assets.
• Cryptocurrency trading platforms often have daily deposit and withdrawal limits, which depend on the exchange and AUSTRAC regulations. These limits may increase as you provide more KYC information.
• Crypto exchanges may freeze deposits and withdrawals without warning. If this happens, you won't be able to access your funds until the exchange responds. It's best to keep only a trading balance on the exchange as a precaution.

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We aim to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. We do not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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