The Best Crypto Exchanges
in Australia 2021
Making Crypto Simple
There are lots of options when it comes to Cryptocurrency exchanges, we’ve reviewed 100’s of exchanges over the years.
Based on a number of factors including supported currencies, fees, security and more we’ve created a list of exchanges available in Australia. You can rest assured that we’ve done the research and summarised the best crypto exchanges in Australia.
Best Cryptocurrency Exchanges Australia
- Swyftx – Best Australian crypto exchange
- Coinspot – Runner-up cryptocurrency exchange
- Independent Reserve – Good for OTC crypto purchases
- Coinbase – Established international crypto exchange
- Binance – Best cryptocurrency trading platform for margin trading
The Best Cryptocurrency Exchanges in Australia
1. Swyftx Exchange
Swyftx, an AUSTRAC registered Australian cryptocurrency exchange from Milton, Australia, is by far the best crypto trading platform for Australians. The exchange offers over a hundred cryptocurrencies that you can trade against AUD, USD, and BTC. This means that beginners don’t have to worry about exchanging fiat into crypto on other platforms.
Swyftx has some of the most competitive fees in the industry. The trading fee is a nominal 0.6%, deposits and withdrawals under AU$200 cost only AU$2, while those over AU$200 are free. Compared to the industry average spread of 5.2%, Swyftx charges between 0.2% and 0.8%.
As a fully licensed exchange, Swyftx complies with AML and KYC policies. To reduce the length of the upfront KYC, the platform applies transaction monitoring programs, which is why users are able to finish the registration and verification process in just two minutes. Completing the KYC check unlocks a daily deposit limit of 20,000 AUD.
The platform takes great care to secure your account using 2FA and breached password detection, on top of frequent penetration testing done by experts. At the moment, no other cryptocurrency exchange in Australia offers the same quality when it comes to user experience as a whole, which is why our team wholeheartedly recommends Swyftx.
2. CoinSpot Exchange
CoinSpot is another Australian cryptocurrency exchange launched in 2013. This platform is a common entry point for traders because of its easy-to-use interface aimed to attract both novices and experienced traders alike.
The exchange supports a wide range of cryptos, from the most prominent ones like Bitcoin and Ethereum to some lesser-known altcoins. The available deposit methods include POLi, PayID, BPAY, cash, or direct deposit / bank transfer.
The only drawback of the platform is that it’s not the cheapest cryptocurrency exchange around, incurring slightly higher fees than the industry average. The transaction fees for buying, selling, and trading cryptocurrencies is 1%. The same fee applies to stop-loss, buy stop, and buy limit orders.
Moreover, to register for an account, you need to provide the exchange with a photo of a government-issued ID and a scanned copy of a utility bill in order to prove your address. CoinSpot is renowned for their impeccable customer service thanks to their team’s high responsiveness to customer queries.
AUD & NZD
3. Independent Reserve Exchange
The third crypto exchange on our list, Independent Reserve, is also native to Australia and has proved itself to be a reliable platform for crypto trading since 2013. IR supports a total of 13 cryptocurrencies, including the most popular ones like Bitcoin, Ethereum, Litecoin, and Ripple.
The exchange accepts a range of payment methods such as EFT (bank transfer), Osko, SWIFT, PayID, POLi, etc. You can use AUD, USD, or NZD. The IR fees are incredibly low, starting from 0.5%, and can decrease to 0.05% depending on your trading volume.
If you upgrade your account to Premium, you can have full insurance on your cryptocurrencies that insures you against a breach of IR’s security, employee theft, or loss of funds from your IR bitcoin wallet.
The exchange has a slight learning curve to it, which is why we recommend it to more experienced traders. IR uses offline, multi-layer encryption for your funds and stores them in cold storage, i.e. offline digital hardware storage devices kept in secure vaults in different locations.
Over 40 currencies
Moving on to international crypto exchanges, we have Coinbase, an American-based brokerage launched in 2012. It’s registered as a Money Services Business with FinCEN and has obtained numerous licenses from reliable financial regulators.
Coinbase is the number one choice of crypto traders around the world, especially beginners, due to its user-friendliness and easily navigable interface.
This exchange doesn’t support a long list of currencies, just the cream of the crop, i.e. Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and has a strict Digital Asset Framework that assesses each currency’s metrics (e.g. market capitalization, liquidity, customer demand, velocity) before deciding whether to add support for that coin or not.
You can choose to pay with a debit card for small investments, wire transfer for large investments, or bank account for either. The platform incurs affordable fees and offers great account protection through three types of 2FA, withdrawal whitelist, a Coinbase wallet, and a vault. All of the stored sensitive data is properly encrypted and funds are kept in cold storage.
Over 42 currencies
Binance is another international platform that although launched in 2017, has managed to steal the hearts of thousands of traders around the world (hence the massive trading volumes on there). Binance was originally headquartered in China, but due to regulatory problems, the company was relocated to Malta, an island known for being crypto-friendly.
This exchange is praised for the variety of cryptocurrencies it has on offer. Adventurous traders have a chance to invest in some of the most obscure but potentially lucrative tokens, and they can engage in margin trading if they want. Binance even has a native token BNB, that traders can use to get a discount on the trading fees, i.e. cut them in half.
Binance has been heralded as an extremely trustworthy platform that goes the extra mile to introduce 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 functions as this pooling vault to which Binance distributes 10% of all collected fees.
In May 2019, when the platform was hacked successfully, Binance was able to reimburse the lost funds to its users by drawing out funds from SAFU.
USD + EUR
Coinmama has been around since 2013 and has grown into a well-known and reliable crypto exchange.
Their platform is very easy to use and allows users to buy the top cryptocurrencies with a variety of payment methods like bank transfer, debit cards, credit cards, etc.
While they don’t have an advanced trading platform like Syftx or Binance, we appreciate the effort that went into purchasing your favourite coin as easy as possible.
Their customer support is also quite good, with options such as support tickets, email, and live chat (during business hours only).
Coinmama is also an international exchange, supporting over 180 countries.
The main thing that sets them back is their fees, both for debit/credit cards, and crypto trading fees (5.5% at the time of writing).
We would also like to see more coins available, as at the moment they only have 10 coins on offer.
All in all, they’re not bad at all, but the lack of an advanced trading platform and the high fees hurts their rating in our comparison a bit.
USD, GBP, EUR and AUD
eToro was founded in 2007, and is known for its copy-trading platform where traders can mimic the trades of other investors across 2000+ financial assets like CFDs, securities, cryptocurrencies, and much more.
eToro is good if you want to engage in margin-trading, use leverage, or experiment with shorting.
They’re very experienced and good at what they do. It shows in how user-friendly the platform is, and how secure it is.
in Australia, eToro licensed by the Australian Securities Investment Commission (ASIC) under the trading name eToro AUS Capital Pty Ltd.
As for customer support, the options are live chat or support tickets.
Something to keep in mind with eToro is the way their fees work, you can find all the fees here. Note that they have an inactivity fee of $10/month if you don’t log in for over 12 months.
USD, CAD, GBP, YPY, EUR, AUD, and CHF
Founded in 2011 by Jesse Powell, Kraken is a very reliable and experienced cryptocurrency exchange.
Kraken allows traders from almost any country (and most US states) and even allows for futures and margin trading. The platform is very advanced, so professional and experienced traders will feel right at home.
Their fees are pretty good and go up to 0.26%. They have over 50 cryptocurrencies on offer and can work with the following fiat currencies as well: USD, CAD, GBP, YPY, EUR, AUD, and CHF.
Kraken takes security extremely seriously and keeps most of its currency offline (at the time of writing this). They even have a bug bounty if a third party discovers an exploit or security vulnerability.
They also have a handy app that’s very easy to use for trading on the go.
USD, CAD, VND, IDR and CNY
Kucoin was founded in 2017, making it one of the newest crypto trading platforms on this list.
They’ve grown a lot since their inception and have become a very reliable exchange. They also keep adding new features and currencies to their offering.
At the time of writing, the amount of pairs on offer is very impressive, and they’ve also added a ton of features to keep the more advanced traders happy.
They support futures and margin trading, lending, and even staking. KuCoin is obviously doing its very best to please every type of trader.
Even their futures trading section has a lite section for beginners and a pro section for the experienced trader.
Like most other exchanges, they also have an app for mobile trading. It’s easy to use and looks great.
As for fees, they’re committed to keeping them as low as possible. Generally, you’ll be looking at 0.1% trading fees.
They also have a lot of deposit methods like PayPal, credit/debit card, bank transfer, etc. They accept the following fiat currencies: USD, CAD, VND, IDR and CNY.
Bittrex was founded in 2013 by a team of ex-Microsoft employees. They started in Las Vegas, relocated a few times and now have their base in Liechtenstein, and then rebranded to Bittrex Global.
The main upside of this US-based cryptocurrency exchange is its commitment to security. They’ve never lost any funds and keep 80%+ of all funds offline.
They also adhere to AML and KYC policies and even implemented something called Know Your Transaction (KYT). KYT basically monitors transactions on the exchange and looks for suspicious patterns. It then informs the team the moment it detects something odd.
Bittrex’s trading platform is very advanced and has all the expected bells and whistles. They also support a massive amount of cryptocurrencies.
The fees are reasonable at 0.2%. As for fiat currencies, you can deposit and withdraw USD and EUR.
Learn More About Cryptocurrency Exchanges
Investing in crypto and trading cryptocurrency takes place on online crypto and bitcoin exchanges that can either be accessed from your computers or mobile devices to trade on the go.
If you’re a beginner, by using fiat to crypto exchanges you have the advantage of making your first crypto purchase with fiat currencies. Otherwise, you can register on crypto to crypto platforms, which usually include a wider coin selection.
This guide today will tell you everything you need to know about choosing the perfect cryptocurrency exchange in Australia, features to look out for, and platforms to set your hands on.
Let’s get started!
What Are Cryptocurrencies?
Cryptocurrencies are digital currencies that are secured with cryptography (so as not to be double-spent) and typically mined and stored on digital ledgers called blockchains.
The first cryptocurrency in the world is Bitcoin, designed in 2008 by Satoshi Nakamoto, an individual whose identity remains unknown to this day. Nakamoto launched Bitcoin’s network and open-sourced the blockchain technology in January 2009.
Since then, Bitcoin’s trajectory has been a real rollercoaster, with frequent spikes and dips that characterize the crypto market in general. Although it took a couple of years before Bitcoin got the attention it deserved, its popularity has been continuously on the rise in the last 3-4 years. (see our guide on how to buy bitcoin in Australia for a step-by-step tutorial on grabbing some yourself). There are now quite a few Australian bitcoin exchanges available to those interested in purchasing BTC.
This rise in bitcoin’s popularity has also promoted the creation of thousands of other crypto assets and digital tokens. Some of them are used like Bitcoin – as stores of value for traders to invest in, others perform different functions. Nowadays, we have utility tokens that are used to fuel blockchain-based projects (e.g. smart contracts, decentralized applications) or to cover for service costs on various platforms.
What Are Crypto Exchanges?
As most of you must know by now, cryptocurrency exchanges are digital marketplaces that allow their users to buy, sell, and trade cryptocurrencies in Australia for traditional fiat currencies or other digital coins.
We mentioned the difference between using a fiat-to-crypto and a crypto-to-crypto exchange. However, nowadays, you can also choose between centralized or traditional exchanges and decentralized or peer to peer crypto exchanges.
Centralized bitcoin exchanges, like Coinbase and Binance, appeared first which is why they’re called traditional. They’re similar to traditional financial institutions because they play the role of intermediaries and escrow services.
These platforms offer great liquidity which is why they usually function as brokerages too, buying and selling the cryptocurrencies themselves on their own trading networks, at some of the best rates in the industry.
Centralized exchanges are great for people who value security above all because they verify their users’ identity as part of the registration process, store customer funds in cold storage, and employ lock settings and address IP whitelists.
Decentralized exchanges connect buyers and sellers on a peer to peer network, where they sign up with their email address without the requirement to provide an ID for verification (at least unless the seller asks you to).
The best thing about these cryptocurrency trading platforms is that you and your partner agree on the terms for trading cryptocurrency. This includes choosing the payment method that works best for both of you. As a result, transactions are completed much faster!
A word of advice, though, is to check the other trader’s history and reputation on the platform because the exchange is not responsible for any inconveniences you might experience in the form of thefts or losses.
The Final Checklist
We hope that by this point in the text, you’ve set your mind on one of the recommended crypto exchanges. Before you make your final decision, here’s a quick checklist to make sure you’re making the right choice:
- Are you a beginner? If yes, then look for user-friendly platforms with little to no learning curve.
- Do you own any cryptocurrencies? If you don’t, register on fiat to crypto exchange to be able to deposit fiat currencies for your first purchase.
- Does the exchange support your target cryptocurrency?
- Are you already using a crypto wallet? If you don’t, maybe you should choose a platform that comes with its own hardware wallet.
- Do the transaction fees seem reasonable? Do deposits and withdrawals incur fees as well? If you can’t decide between two excellent exchanges, choose the one that’s cheaper to use. Definitely take note of potential deposit fees and withdrawal fees.
- What payment methods does the exchange offer? Can you pay with a credit cards or debit card? Maybe even cash deposits?
- Does the exchange comply with AML and KYC regulations? Do you need to provide a government-issued ID for account verification? If you have a problem with disclosing your personal data, opt for a peer to peer exchange.
- What kind of security methods does your platform use? Make sure it offers at least a two-factor authentication, cold storage, and a withdrawal whitelist.
- What countries does the exchange support? If you’re looking for crypto platforms in specific countries, we’ve built the following comparisons: Top cryptocurrency exchanges for the UK, best crypto exchanges for Canada, and the best crypto exchanges for the US.
- Is their customer support team responsive enough? Read some user reviews to get a better insight.
Frequently Asked Questions
How Do I Choose a Crypto Exchange?
If you want to find a suitable crypto exchange, you should analyze its features and compare them to your investment strategy. Take into account the cryptocurrency selection and available payment methods, look for platforms with low fees and high deposit/withdrawal limits, read user reviews to check the level of customer service they provide, and the history of successful security breaches.
What Is the Biggest Crypto Exchange?
Out of the five mentioned above, Binance is labeled as the biggest crypto exchange by influential crypto sites like CoinMarketCap, based on the platform’s trading volume, markets, and liquidity.
What Is the Best Crypto Exchange in Australia?
In our opinion, the best crypto exchange in Australia is Swyftx. We based our choice on the platform’s extensive list of support cryptocurrencies, high-level security methods, reasonable fees, and the overall user experience. Plus, it’s a user-friendly choice that works great for beginners.
What Is the Safest Crypto Exchange in Australia?
For Australian residents, Swyftx is the safest choice. Apart from state-of-the-art security measures, Swyftx has the advantage of being Australian-based. Users can benefit from the proximity of the company’s headquarters and enjoy better customer service.
Who Has the Most Bitcoin?
Satoshi Nakamoto, the mysterious creator behind the world’s first and most popular cryptocurrency, owns the most BTC. He owns approximately 1.1 million coins.
Why Are Bitcoin Fees so High?
The rising popularity of Bitcoin increased the number of Bitcoin transactions as well. As a result, the mining difficulty has surged too, so miners now prioritize transactions coming from users who have included higher fees.
Where Do Bitcoin Transaction Fees Go?
Bitcoin transaction fees are part of the miner’s award for generating bitcoins and verifying transactions.