Best Cryptocurrency Exchange Australia

The crypto market has now risen to unprecedented heights, with Bitcoin getting close to $100K! This surge is generating headlines, and Aussies are now getting on the action. The first step is picking a reliable exchange. However, finding the best cryptocurrency exchange Australia offers isn’t easy since there are tons of them with different features.

Keeping this huge issue in mind, we have gone the extra mile and picked top crypto exchanges based on their cryptocurrency offerings, user experience, and security measures. So you can easily choose the best crypto exchange in Australia without any hassle. So, let’s get right to it.

Best Crypto Exchanges in Australia

1. Binance

Undoubtedly Binance has got to be the best cryptocurrency exchange Australia can find. Three years after its launch, it’s been operating a dedicated Australian service and is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). It also complies with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.

Furthermore, when you start trading on Binance, you’ll have to go through a strict Know Your Customer (KYC) process to verify your identity. It uses other security measures like two-factor authentication (2FA) and address whitelisting. This makes trading safer for everyone. It also has an insurance fund called the Secure Asset Fund for Users (SAFU) to protect trades if they get hacked.

Binance has more than 400 digital currencies to choose from, including Bitcoin, Ethereum, and Cardano, as well as lesser-known or newer altcoins. This means you don’t have to worry about switching exchanges. 

If we look at the Binance trading experience, users get the best of both worlds. It offers two different user interfaces to meet the needs of its trading community.

It offers a streamlined, simple experience with essential trading features specifically made for beginners. For experienced traders, it has an advanced interface with all the advanced charting features to make smart trades and do thorough analyses.

Talking about Binance trading features, it has something for everyone. If you are a beginner, you can try spot trading which provides straightforward crypto buying/selling. On top of that, you can try the copy trading feature, which lets you copy other traders’ strategies. But if you’re a serious trader, you can try margin and future trading with all its advanced features.

There’s also a Binance referral ID that you can use to invite people to join the platform. When the new user signs up with the referral ID, both the referrer and the new user can get rewards like reduced trading fees.

Despite all the fancy features, Binance has some regulatory issues in Australia. The Australian Securities & Investments Commission (ASIC) recently revoked Binance’s Australian financial services license, restricting its activities in Australia. 

In addition, Binance does not offer AUD trading accounts. You can still buy crypto with a credit card or debit card via the platform’s instant purchase feature. But there might be foreign exchange fees.

Pros

• Wide range of cryptocurrencies.
• Suitable for beginners and pros.
• Robust security. 

Cons

• No longer accepts AUD deposits and withdrawals.

2. CoinSpot

CoinSpot is one of the most reputable, secure, and the best cryptocurrency exchange Australia has. It was established in 2013 and is a member of Blockchain Australia, which designs and implements best practices for the industry. 

In terms of popularity, it is the best crypto exchange in Australia to use. The platform supports over 500 cryptocurrencies and has more than 2.5 million users. CoinSpot is also registered with AUSTRAC and ISO 27001 certified, proving its legitimacy. Further CoinSpot completed the first external statutory financial audit to be the best crypto exchange in Australia.

The platform is for everyone, no matter their skill level. It offers tools that are helpful to beginners, such as instant swaps. It also has features that are beneficial to advanced and experienced investors, such as self-managed super funds. 

A cool feature that makes CoinSpot the best crypto trading platform Australia has is that it allows you to purchase cryptocurrencies with fiat money. This is one of the biggest selling points, and many exchanges like Binance can’t do it.

Not only can you can get your hands on Bitcoin and Ethereum using Australian dollars (AUD), but you can also buy a variety of altcoins, including BNB, XRP, DOGE, SOL, and much more.

CoinSpot offers tons of other impressive features such as staking that lets you earn money without having to lock up any of your assets. Besides that, it includes an amazing NFT marketplace and a multi-coin wallet. Plus there is an affiliate and referral program that lets you earn extra crypto rewards by referring others.

CoinSpot offers competitive fees that make it the best crypto exchange in Australia. Trades on the market cost 0.1%. Swaps, buys, and sells are instant and cost 1%. Plus, AUD deposits through PayID or bank are free, which is amazing. But cash deposits cost 2.5%. Withdrawals to banks are free but it charges 2% if you’re using PayPal. 

Pros

• High-level security with ISO 27001 certification.
• Supports 500+ cryptocurrencies.
• Easy for beginners.

Cons 

• A flat fee of 1% on trades.

3. Bybit

Bybit is one of the leading derivatives exchanges in the world. These crypto derivatives are contracts that give you the right to buy or sell crypto assets at a future date and price. It is trusted by more than 40 million traders around the world and has over 470 cryptocurrencies.

Regarding regulation, Bybit does not have a registration with AUSTRAC or ASIC. But that doesn’t make it shady. The company do have licenses to operate legally in Australia. Further it has tight security measures, complies with AML/CFE policies, and demands KYC verification from its users.

Bybit also puts private keys into multi-signature cold storage wallets. So even if the platform gets hacked, the assets will be safe and unhackable. 

While Bybit mainly focuses on derivatives and is geared toward pros and, it also has spot trading features for beginners. This allows investors and traders to trade and invest conveniently. 

Additionally, beginners can utilize various earning programs, including Bybit Savings, liquidity mining, and so on. Or you can copy trading strategies from experienced traders by using the copy trading feature.

Derivatives trading, which is reserved for pros, provides users with the option of engaging in futures contracts with leverage up to 100x for BTC/USD and ETH/USD pairs. This is great for people who want to leverage their positions to maximize their returns. But there are a lot of risks involved. Availability-wise, spot crypto trading is more accessible than derivatives trading in Australia. 

Bybit also charges some of the lowest fees. Maker/taker fees for spot trading are just 0.1%. That’s why it’s not just good for long-term contracts but also for short-term profits. In addition, it uses tier-based fees for both spot and derivatives. 

The tier is determined by the asset balance, the monthly trade volume, and the average monthly net borrowing. Your fees will go down as these factors go up.

The only area where the lack of registration affects the exchange is the limited use of AUD. Bybit offers One-Click Buy and allows you to purchase crypto with AUD. But it does not allow you to deposit AUD into your account. As for this feature, bank deposits and Wise are among the available payment methods.

Pros

• Best platform for derivatives and advanced traders.
• Super low trading fees.
• Different earning programs.

Cons

• AUD deposits are not supported.

4. Bitget

Bitget is another best cryptocurrency exchange Australia has got. Founded in 2018, Bitget has a global user base of over 25 million and is available in more than 100+ countries. It is currently ranked 6th on CoinMarketCap as the largest exchange based on trading volume.

Bitget’s flagship feature is its copy trading platform where you can easily replicate the trades of successful traders. The trading platform has more than 130,000 experienced traders, called Elite Traders, with an excellent track record of trading activity. You can explore these traders and pick out the ones whose performance is impressive to you.

Further, Bitget offers all the bells and whistles when it comes to trading instruments making it the best crypto trading platform Australia has for crypto traders. The platform supports spot trading with over 750 digital assets and multiple trading pairs. Moreover, it supports crypto-to-crypto trading, futures trading, and margin trading. This makes it easy for traders to engage in different trading strategies.

When it comes to fees, Bitget charges only 0.1% maker/taker fees for spot trades. But if you pay fees in BGB, its native token, you get a 20% discount. For futures, makers pay 0.02%, and takers pay 0.06%. Bitget also has free deposits, adjustable withdrawal fees, and perks like free daily withdrawals when you stake BGB.

Bitget also offers a user-friendly interface, which makes it accessible to both beginners and experts in the Australian cryptocurrency market. It also offers other amazing features like Bitget Savings, crypto loans, NFT marketplace and much more.

The best part is that Bitget accepts AUD deposits and withdrawals, so Aussies can enjoy seamless transactions. Additionally, the exchange complies with Australian regulations, providing clients with a safe trading environment. 

Bitget also checks all the boxes when it comes to security. It employs 2FA, SSL encryption, and cold storage for offline fund protection. Features like an anti-phishing code and withdrawal address whitelisting add extra safety. Plus, there is a rigorous KYC process to guard against fraud.

Pros

• Best cryptocurrency exchange Australia can have for copy trading.
• Lucrative staking and earning products.
• Regulatory compliance and strong security. 

Cons

• Not available in the US and Canada

5. Kucoin

KuCoin is popular among ranked global crypto exchanges and is a pro trader favorite. Currently, it offers over 840 cryptocurrencies and serves over 30 million users. It also supports over 70 deposit methods throughout over 200 countries, including Australia.

The platform offers an intuitive user interface that supports multiple languages. It makes trading cryptocurrencies easier for people around the world. However, KuCoin is best suited for traders with a high level of experience and knowledge. 

It comes with a customizable trading interface, which integrates TradingView charts and charting tools, as well as intelligent token categorization to make it easier to navigate.

KuCoin places a strong emphasis on security with different safety protocols, like 2-factor authentication and advanced SSL encryption. Also, the KYC requirement must be met in order to withdraw funds. 

KuCoin has a pretty solid trading option and fee structure as well. It charges only 0.1% for spot trading, and discounts of up to 20% are offered when paying in KCS tokens. It also offers futures trading options at a starting fee of 0.02% for makers and 0.06% for takers. 

Additionally, KuCoin also offers margin trading, derivative trading and crypto lending for users to choose from.

Plus, with its VIP program, traders with high trading volume and KCS holdings can enjoy reduced fees based on their trading activity. 

Despite having an extensive range of cryptos, the one main disadvantage of KuCoin is that you can’t sell your crypto for fiat currencies. And the exchange does not allow you to make withdrawals in AUD. This actually causes problems for many crypto investors wanting to realize their profits by converting them back into fiat.

Pros

• Best suited for pro traders.
• Wide range of cryptocurrencies.

Cons

• Not registered with AUSTRAC

6. Swyftx

Swyftx is one more the best cryptocurrency exchange Australia can offer its cryptocurrency investors. This well-designed Australian exchange offers native AUD support for deposits and withdrawals, making it a hassle-free experience to move money around.

It lets you buy, sell, and trade more than 400 crypto assets using a user-friendly interface that can be customized. This wide variety makes Swyftx an excellent choice for new investors as well as seasoned investors alike. It also offers a demo mode to practice trading with virtual money so that you can try out strategies before beginning to trade with real money.

The exchange charges a flat trading fee of 0.6%, which decreases as trading volume increases. As mentioned above, AUD bank transfers are free of charge. But there is a small fee associated with third-party payment processing. 

If we take a look at Swyftx safety, it’s been trusted and safe by the Australian community for years. Since its inception, there haven’t been any hacks or other compromising events. Another big plus is that Swyftx is registered with AUSTRAC and abides by all other laws, including AML, KYC, and CTF.

Swyftx is packed with other useful tools to make your trading experience better. It offers convenient crypto buying tools like Quick Buy and auto-investing features for DCA strategies. Plus, you can track the performance and value of your portfolios. It also allows portfolios to be transferred from other exchanges easily and provides diversification options for investment bundles.

Swyftx gives full attention to the overall security aspect. The exchange uses two-factor authentication to protect its users. In addition, Swyftx scans registered email addresses to find out if they’ve been involved in any security breaches. To make it even better, Swyftx has achieved ISO 27001 certification, encrypts user data, and regularly performs penetration tests. 

Pros

• Native AUD support.
• Licensed by the Australian Treasury departments.
• Trading fees start from 0.6%.

Cons

• No NFT marketplace.

7. Kraken

Kraken is one of the oldest crypto exchanges, dating back to almost when Bitcoin was invented. With more than 10 million customers in more than 190 countries, Kraken offers over 230 different cryptocurrencies for buying, selling, and storing. There’s also support for 8 fiat currencies, including AUD, and you can access it via the Kraken app or website.

Kraken has a lot of trading options, so every kind of trader can find something they like. Plus, the platform has a very user-friendly interface. Beginners can start spot trading to learn the basics of buying, selling, and trading assets. There’s also an educational section in Kraken with written, video and audio tutorials that cover everything. 

To cater to seasoned investors, the platform offers Kraken Pro, a more advanced trading service. It offers a comprehensive, all-in-one interface that allows users to seamlessly switch between different trading modes and track their portfolios with advanced data analysis tools and customizable charts. 

The platform allows for advanced order types and trigger options, such as stop loss, take profit, and reduce-only.

Kraken’s Instant Buy feature is great for beginners who do not need the maker/taker model. If you use a card or digital wallet, there’s a fee of 3.75% + $0.25. For ACH or online bank purchases, it’s just 0.5%. If you’re buying stablecoins, expect an extra 1.5% fee. Crypto deposits are free, but withdrawal fees depend on the coin.

Kraken is not lagging behind in terms of security. It uses robust security with features like Proof of Reserves audits to confirm the platform’s cryptocurrency balances. Furthermore, assets are stored in a mix of cold (offline) and hot (online) wallets to keep them safe. 

Additionally, Kraken offers two-factor authentication for enhanced account security, along with a number of advanced encryption methods to keep user data safe.

Pros

• Easy to use interface.
• Plenty of resources for learning.
• Great for professional traders.

Cons

• Limited acceptance of fiat currencies.

8. Coinbase

Coinbase is a world-renowned cryptocurrency exchange and is the best cryptocurrency exchange Australia has. Currently, it occupies the third spot on CoinMarketCap with over $8 billion in trading volume. It has over 240 cryptocurrencies, including Bitcoin, Ethereum, and other top assets.

Coinbase attempts to cater to every type of crypto trader. If you’re a beginner, Coinbase Simple is the easiest way to start trading, although its fees are higher. For more experienced traders, Coinbase Advanced might be more suitable. It offers lower fees and more advanced tools for understanding and tracking the market.

If you want to hold crypto for a long time, Coinbase has your back. It gives staking rewards on certain assets, which is a great way to earn extra cash. Plus, Coinbase Wallet offers self-custodial wallets. This allows you to manage your crypto, buy and sell NFTs, and explore other exchanges with your crypto. 

Coinbase complies with Australia’s anti-money laundering and counter-terrorism funding laws. It also holds a license from AUSTRAC. Moreover, Coinbase protects user funds with strong security measures, including two-factor authentication at login, cold storage for 98% of funds, and AES-256 encryption. 

The only thing Coinbase can improve is its fees. Its transaction costs vary from 0.4% to 4.5% based on the trading method and volume, which makes it more expensive than other Australian exchanges. The platform accepts AUD deposits via PayID and allows direct credit or debit card purchases with fees of approximately 3.99%.

Pros

• Fast AUD deposits and withdrawals using PayID.
• Straightforward interface.
• High-level security.

Cons

• High fees.

Factors for Choosing a Crypto Exchange in Australia

When looking for the best crypto trading platform Australia can offer there are some nitty gritties that you should look at. The plethora of options can spin your head, so here are some important things to keep in mind.

1. Security 

The biggest thing to consider when picking an exchange is security. You need to make sure your assets are safe from hacks and breaches. Make sure your exchange uses robust security measures like two-factor authentication, cold storage, sophisticated multi-layered security, KYC and regular security audits.

Plus, especially in Australia, make sure the exchange is registered with the Australian Securities and Investments Commission (ASIC) and Australian Transaction Reports and Analysis Centre (AUSTRAC). These can add an extra layer of security.

2. Customer Service

Good customer service can make a world of difference, especially in fast-moving markets. No one wants to search articles that are pointless and just waste their time. So when selecting a crypto exchange, make sure it offers responsive customer service via live chat, email, or phone. Customer reviews and customer feedback can also be helpful in assessing customer service quality.

3. User Experience

The user interface and functionality are also important when it comes to choosing a crypto exchange. It’s cool to have all the advanced features at your fingertips, but most crypto users want simple and easy-to-understand ways to buy and sell cryptos. If that’s you, find a platform that:

• Provides an easy-to-use interface.
• Displays your assets and current markets clearly.
• Describes how to buy and sell cryptos in simple terms.
• Has a mobile/desktop app that’s intuitive.

4. Payment Method

The process of buying cryptos varies by exchange and sometimes by region. So for Australia, go for an exchange that accepts most payment methods and allows you to deposit money. This can be via bank transfers, credit/debit cards, PayPal, PayID and even direct AUD deposits. Ensure that the exchange you choose aligns with the payment method you prefer.

5. Fees

The crypto exchanges charge different fees for withdrawals, trading, and deposits. Some platforms even have hidden fees. The fee structure varies across platforms, so pay attention to it and think about how it’ll affect your trading. Some exchanges offer lower fees for high-volume traders, so take this into account when comparing exchanges.

Conclusion

So these are the best cryptocurrency exchange Australia can offer. As cryptocurrencies gain popularity around the world, picking an exchange from above would be a smart move. These exchanges support a variety of payment methods, including AUD and offer comprehensive trading tools to suit casual and advanced traders.

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