- Leveraged margin trading is currently not supported
Australians are spoilt for choice when it comes to looking for cryptocurrency exchange with 30+ options currently available and growing. We have reviewed over 50 crypto exchanges to understand what makes a good and bad trading platform to buy and sell digital currencies.
We have assessed and compared the best exchanges to buy Bitcoin and other cryptocurrencies based on various important factors such as supported crypto assets, features and benefits, deposit methods & limits, trading fees, security, and customer support. In this article, we share our research and list the best cryptocurrency exchanges in Australia.
Based on our exchange reviews, here are the best crypto exchanges for Australia.
Disclaimer: This article contains affiliate links through our supported partners. Please read our disclosure for more information.
|Exchange||Assets||Trading Fees||Our Rating||Learn more||Promotion|
|Swyftx||312||0.6%||Visit SwyftxSwyftx Review||None available at this time|
|Digital Surge||300+||0.5%||Visit Digital SurgeDigital Surge Review||None available at this time|
|CoinSpot||330+||1%||Visit CoinSpotCoinSpot Review||None available at this time|
|Independent Reserve||30||0.5%||Visit Independen...Independent Reserve Review||None available at this time|
|Binance Australia||600+||0.1% (maker) and 0.1% (taker)||Visit Binance Au...Binance Australia Review||None available at this time|
|Coinjar||52||1%||Visit CoinjarCoinjar Review||None available at this time|
|Coinbase||190+||0.5% (maker) and 0.5% (taker)||Visit CoinbaseCoinbase Review||None available at this time|
|102||0.16% (maker) and 0.26% (taker)||Visit KrakenKraken Review||None available at this time|
|264||0.02% (maker) and 0.07% (taker)||Visit FTX AustraliaFTX Australia Review||None available at this time|
|25||1%||Visit eToroeToro Review||None available at this time|
BEST EXCHANGE OVERALL
Read our complete Swyftx Review for an in-depth breakdown of its features and benefits.
Swyftx is highly suited for beginners to experienced Aussie investors and traders. The onboarding process is quick, it offers several ways to deposit AUD including credit cards. and its premium crypto products and services cater to the mainstream audience so there is something for everyone. Its low trading fees (0.6%) and tight spreads mean that it's also a great value-for-money option.
Swyftx is our best-rated Australian exchange to buy, trade, and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane, the team at Swyftx has carefully designed the platform to cater to a broad range of cryptocurrency investors and traders of varying degrees of experience and knowledge. The exchange provides over 550,000 Australians with a simple and transparent way to buy, trade, and sell 312 digital currencies.
Australians can quickly create an account without a lengthy verification process to start depositing AUD into the account. Swyftx offers a range of common deposit methods plus a few more that other exchanges do not support, including bank transfers, PayID, POLI, and also credit cards. A major benefit of Swyftx is there are zero deposit fees to transfer AUD from an Australian bank account.
The Swyftx trading experience is modern and simple, but still maintains a high level of functionality. The dashboard can be customized to show the indicators and tools that you want to see. Since most exchange platforms available to Australians do not allow customization, this is a welcome feature as you can take control of how you wish to manage and track your crypto portfolios.
There is also the ability to toggle the dark mode on the desktop and mobile application plus a demo account where you can practice trading using $10,000 of virtual funds. Since the funds are virtual and you don't need to deposit your money, you can practice analyzing the price action of crypto and placing market orders risk-free.
Other Swyftx products and services that might be useful to your crypto investing and trading needs include an in-built crypto tax calculator, Dollar-Cost-Averaging (DCA) tools, real-time portfolio tracking, and the TradingView charting package that is integrated into the trading interface.
Swyftx is one of a few Australian exchanges that utilize multiple order books to provide higher liquidity on trading pairs. The higher trading volume and market depth allow Swyftx to offer lower spreads (i.e. the difference between the bid and asking price), especially in volatile markets or where there is a lack of trading activity.
The average spreads for Bitcoin and other cryptocurrencies on Swyftx are around 1.7% and 0.45%, respectively. Swyftx users can benefit from tight spreads which mean more value for money. Swyftx trading fees are 0.6% which is competitive in the Australian crypto market,
One of the newest features is Swyftx Earn which lets you earn up to 101% Annual Percentage Yield (APY) on 21 cryptocurrencies including BTC, ETH, SOL, ADA, LUNA, and DOT. Interest compounds and is paid out to your wallet daily.
A common theme of the over 3,400 customer feedback reviews on TrustPilot, is related to the platform's exemplary customer service. The Swyftx customer service is one the of largest in Australia and comprises 35 individuals including Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. You can get in touch with the customer service team via email, phone, 24/7 live chat, or Telegram.
BEST EXCHANGE FOR BEGINNERS
Read our complete Digital Surge Review for an in-depth breakdown of its features and benefits.
Digital Surge is our best-rated crypto exchange for beginners. The simplicity of the interface will suit if you're new to cryptocurrency platforms and trading. The learning curve will be short and the concepts of crypto buying and trading will come easily. If you want to bolster your crypto knowledge then you will appreciate the fully integrated and comprehensive education hub.
Digital Surge is a uniquely user-friendly cryptocurrency platform, providing Australians and New Zealanders with an easy way to buy, store and sell over 300 cryptocurrencies. The Brisbane-based exchange provides a platform that is perfectly suited for beginners with no prior experience with exchanges or buying crypto, or those who possess a basic understanding of cryptocurrencies.
Along with low trading fees, excellent customer support, and a variety of other features, Digital Surge is a strong option if you want to buy and hold digital currencies as long-term investments. You can start your crypto investment portfolio by buying Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), Litecoin (LTC), and many more.
To further benefit beginners, Digital Surge offers a wealth of educational content in their “Learn Crypto” hub. The hub intends to provide newcomers with accurate information about important topics such as how the blockchain works, what wallets are, and the basics of crypto investments. Articles are written in simple language to easily explain crypto aspects and to minimize confusion.
One of the key advantages of using Digital Surge is its low trading fees (0.5%) which are highly competitive in the Australian crypto industry. For example, trading fees in Australia range from as low as 0.1% (Binance Australia), 0.5% (Cointree), 0.6% (Swyftx), 0.85% BTC Markets, and 1% (CoinSpot). This means that you can stretch your dollars further than they otherwise would with most other platforms.
High-volume traders who conduct large transactions will benefit from the tier-based structure where trading fees decrease to a minimum of 0.1%, based on a 30-day trading volume. For example, crypto transactions between $250,000 and $500,00 will incur a reduced fee of 0.3%.
The Digital Surge platform has been designed with simplicity in mind. Apart from being aesthetically pleasing, the layout is easy to understand and you will have a simple time navigating your way through the platform's features. This makes for a more enjoyable trading experience for investors. If you're an advanced trader then Digital Surge may not be for you as there are no advanced trading charts or analytical tools available.
Despite this, Digital Surge still offers a range of order types to provide you with a level of trading flexibility and utility, including price alerts, trigger orders, and recurring buys (otherwise known as Dollar-Cost-Averaging).
BEST EXCHANGE FOR REPUTATION
Read our complete CoinSpot Review for an in-depth breakdown of its features and benefits.
In terms of trustworthiness and reputation, CoinSpot is the clear leader in the Australian crypto market. Established in 2013, CoinSpot is one of the oldest Australian-based crypto exchanges. Despite the later arrival of big competitors like Digital Surge and Swyftx, CoinSpot has maintained its legacy of being Australia’s most trusted cryptocurrency exchange with over 1 million Australian users enjoying the platform.
It was the first Australian exchange to obtain ISO 27001 certification which means that CoinSpot complies with stringent management processes relating to digital asset storage, information and record keeping, intellectual property, and more. You should be assured that you are receiving the highest level of information security available.
CoinSpot is a Melbourne-based cryptocurrency exchange that was established in 2013. The platform provides an easy way for Australian investors and traders to buy, trade, and sell 330 digital currencies and assets. The platform has gained high visibility in the financial and commercial sectors and established itself as a major player in the Australian crypto market. CoinSpot’s key strength is its unwavering reputation as a trustworthy crypto exchange.
The exchange is highly regulated by Australia’s governed financial sector to ensure proper conduct and operations with investors' money. To provide further confidence to its customers, CoinSpot is the only crypto platform in Australia that has obtained ISO 27001 certification from the International Organisation for Standardisation. The accreditation means that CoinSpot has to comply with strict regulations and management processes to ensure that its information security systems are operating at the highest level.
CoinSpot supports several payment methods for you to fund your account wallet such as POLI, BPAY, and PayID. These methods do not incur any deposit fees, except for BPAY or cash payments at supporting news agencies which incur deposit fees of 0.9% and 2.5%, respectively. The use of credit/debit cards to fund the account wallet is not supported.
The majority of features are tailored toward beginner investors who are getting started in the world of cryptocurrencies. For example, you can purchase crypto bundles where several cryptos are acquired in a single transaction and thereby reducing your trading fees. This is a great method for quickly diversifying an investment portfolio.
The Instant Buy/Sell crypto feature will be appealing if you prefer a no-fuss way to buy crypto. You can use AUD to purchase digital currencies including BTC, USDC, LUNA, ADA, BNB, DOT, LINK, and more. Purchased crypto is near-instantly transferred to your wallet where it can be tracked and managed.
CoinSpot trading fees of 1% for using the Instant Buy/Sell function are considerably more expensive than its competition and are not good value for money. This is a drawback that is commonly raised in discussions about CoinSpot as a trading option for beginners.
Accessing lower trading fees of 0.1% will mean placing market orders within the trading interface. However, this is more complicated and requires some trading experience. Since this function is found within the trading interface, beginners may either not be aware of it, or be discouraged or overwhelmed by the charting and order books. Unfortunately, the 1% trading fee also applies to recurring buy, take profit, stop, and limit orders.
BEST EXCHANGE FOR SMSF
Read our complete Independent Reserve Review for an in-depth breakdown of its features and benefits.
Independent Reserve is a well-established Australian platform that is best known for its premium SMSF services. The platform holds over 8,000 SMSF accounts. Independent Reserve offers crypto tax reporting tools to assist you with EOFY reporting, low trading fees (0.5%), and a highly secure digital framework so you know your retirement assets are in safe hands. There is also an OTC desk where you can likely get a better deal if you're trading amounts over $50,000.
Founded in 2013, Independent Reserve has served over 200,000 individuals, holds over 8,000 SMSF accounts, and holds about $1 billion worth of digital assets. Whilst the exchange is geographically focused on Australia, New Zealand, and Singapore, the platform supports 33 other countries and territories. In these regions, USD can be used to fund the wallet to take advantage of Independent Reserve’s unique features.
In Australia, Independent Reserve has established itself as one of the most reputable crypto platforms and is the Official Cryptocurrency Exchange of the Sydney Swans Football Club. Independent Reserve is a member of the Australian Digital Commerce Association (ADCA) and Blockchain Australia. The company has won several awards and notable recognitions, appearing in the Deloitte Tech Fast 50 Australia, Financial Times High Growth Companies 2020, and Australian Financial Review’s Most Innovative Companies.
If you have zero crypto experience then Independent Reserve will be an ideal option for you. The interface is visually intuitive with features able to be navigated with ease. Although the interface is a bit basic compared to other platforms and needs an update, it still performs seamlessly which is what matters.
The options to deposit AUD funds into your account wallet as well as buying and selling a range of digital assets are laid out and easily identifiable. The Buy/Sell function will appeal to most beginners where AUD can be used to directly purchase popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), Polkadot (DOT), and many more. Once you purchase crypto, it will be near-instantly transferred to your account wallet where it can be tracked and managed.
Beginner and experienced investors alike will enjoy the very competitive trading fees that Independent Reserve offers. Trading fees start at 0.5% and can be reduced depending on the 30-day trading volume. This will suit high-net investors where trading fees can be as low as 0.02% if the trading volume is sufficiently high enough.
The trading interface is simple and lacks features and functionality. Independent Reserve provides a simple charting package however it does not come with the advanced trading tools and indicators associated with premium charting packages such as TradingView. As such, an in-depth analysis of the market price actions of cryptocurrencies cannot be undertaken and you may wish to consider an alternative trading platform that offers advanced tools.
Independent Reserve is widely known for its premium OTC and SMSF service offerings and holds over 8,000 SMSF accounts. Based on our review and with consideration of other exchanges, Independent Reserve still maintains its position as the top choice for high-net and SMSF investors. OTC and SMSF investors alike will benefit from the very competitive trading fees (0.5%), personalized customer support for account holders, in-built tax reporting tools, and the ability to optimize trades using a variety of limit orders.
To solidify Independent Reserve’s reputation as a trusted crypto exchange, the platform has not experienced any security breaches that have resulted in the loss, theft, or damage of digital assets or funds. Digital assets are stored in cold wallets in physical vaults that are located in geographically diverse locations. These vaults are protected by multi-layer encryption and require multiple signatures before assets can be withdrawn. Independent Reserve is registered with AUSTRAC and complies with AML/KYC procedures.
BEST EXCHANGE FOR ALTCOINS
Read our complete Binance Australia Review for an in-depth breakdown of its features and benefits.
Binance Australia is one of the cheapest crypto exchanges available to Aussies due to the depth of its order books, high trading volumes, and significant liquidity. Combine this with the very low trading fees of 0.1% and its vast list of over 400+ supported digital assets and you have a strong platform to buy altcoins with AUD.
Binance is the colossus of the crypto world. It is such a household name that it is often the first choice for global investors and traders, and with good reason. Founded in 2017 by Changpeng Zhao, the exchange has quickly grown into the world’s largest exchange in terms of trading volume, liquidity, and traffic.
Binance boasts an ecosystem of staple and innovative crypto services and features that caters to a wide spectrum of crypto users on a user-friendly interface. Binance’s strengths lie in its high liquidity for trading pairs, low trading fees, a wide range of services, and an ecosystem of innovative features.
Binance Australia is operated by InvestbyBit Pty Ltd and is registered with AUSTRAC, the government body responsible for the detection, prevention, and mitigation of organized crime in the financial sector including terrorism financing and money laundering.
The core of the Binance brand revolves around the sheer trading volume and liquidity, as well as the vast number of digital assets and selection of trading pairs. This makes it a highly attractive option for investors and traders of varying levels of experience and knowledge can trade cryptocurrencies. On top of this, Binance continues to provide innovative products and features to maintain its status as one of the market leaders in the crypto space.
Some of the key features of Binance include:
You can deposit Australian Dollars (AUD) into your account wallet via PayID. If you want to fund your account with crypto then you can do this as well. Investors and traders can then enjoy the extremely low trading fees of 0.1% (maker) and 0.1% (taker) which makes Binance one of the cheapest trading platforms available to Australians.
One of the key reasons why Binance has skyrocketed to popularity in Australia is its user-friendly trading interface. Binance has done an excellent job designing a highly functional but modern interface that caters to beginner investors to serious traders. Switching between trading pairs is easy with no latency issues.
If you're an advanced trader then you will feel at home with the TradingView live charting which is seamlessly integrated into the trading interface. The premium charting tool comes complete with all the advanced analytical tools and indicators so you can analyze the price action of crypto.
BEST EXCHANGE FOR DEBIT CARD
Read our complete Coinjar Review for an in-depth breakdown of its features and benefits.
CoinJar is one of the markets leading exchanges that provides innovative products and services for everyday crypto users. In our opinion, CoinJar Card is the best available crypto debit card in the Australian market. The card is best used in conjunction with the CoinJar mobile apps which are compatible with iOS and Android devices. Combine these with CoinJar Rewards, and the result is an integrated and mobile experience that will be of benefit if you use your crypto on an everyday basis.
CoinJar is a trusted and reliable cryptocurrency exchange that is suited to people who are fairly new to the world of cryptocurrency. They provide a number of unique and innovative products and services and are backed by some of the most forward-thinking investors including Digital Currency Group, Boost VC, and Blackbird Ventures. Since its establishment in 2013, CoinJar has built a reputation of being a trustworthy and innovative crypto exchange that has traded over $1.5 billion across over 400,000 users.
One of Coinjar's best products is the CoinJar Card. Its features have proved it to be one of Australia's best crypto cards:
The card then automatically converts the crypto into AUD to enable a transaction. This, along with the competitive 1% transaction fees, makes the CoinJar Card the best crypto debit card within the Australian market.
Whilst CoinJar offers some of the most innovative services, the platform still provides a satisfactory avenue for you to buy, sell, and trade over 30+ digital currencies. The ‘quick buy’ feature possesses relatively high trading fees of 1%, so you may want to trade through CoinJar Exchange. CoinJar Exchange is a separate platform that you can access using their CoinJar account login details. Here, cryptocurrencies including BTC, USDC, XLM, LINK, and LTC can be traded with lower fees (maker and taker model).
The Coinjar interface is reminiscent of other Aussie platforms where simplicity has been incorporated into the design. You will have no trouble finding your way around to fund your account, buy cryptocurrencies, or use any of the other features on offer.
If you're a new or experienced crypto trader, then you might find the Coinjar Exchange a suitable option. The CoinJar Exchange is separate from the main platform, however, you can conveniently use the same login details to access the feature.
The exchange is more comprehensive than the simple market price graphs presented on the main interface and provides live charting with candlesticks. Advanced analytical tools, drawing tools, and indicators such as those found in TradingView packages are not available to analyze price actions.
CoinJar Exchange possesses a different fee structure, live crypto charts, and a more comprehensive trading interface. Despite adding live charts, the interface remains uncluttered and clean. The interface lacks any advanced indicators, drawing tools, and order types and is perfect for beginners who know how to read live charts.
BEST GLOBAL EXCHANGE
Read our complete Coinbase Australia Review for an in-depth breakdown of its features and benefits.
If you are new to crypto and have concerns about the safety of your money or the apparent complexities that are typically associated with crypto, then Coinbase will likely alleviate these for you. Simply put, Coinbase does the basics extremely well and is incredibly easy to master.
The platform has been specifically designed to provide a high level of functionality whilst retaining a simple interface that makes the learning curve a short one. The crypto features offered by Coinbase allow you to manage your crypto with confidence but also assist in increasing your trading abilities and knowledge over time.
Coinbase is a globally recognized and respected cryptocurrency exchange platform that is headquartered in San Fransisco. Since its establishment in 2012, the platform has become one of the household names in the crypto industry and encompasses a staggering customer base of over 73 million users in over 100 countries around the world.
Currently, Coinbase is ranked #2 in the world for trading volume where over $2.5 billion of transactions are completed daily. Coinbase is also publically listed on the NASDAQ stock exchange (COIN) and forms an integral part of the exchange's ongoing goal of increasing the level of economic freedom for everyday people.
One of the key selling points of Coinbase is its user-friendly interface. If you're getting into crypto for the first time, you will have no trouble navigating your way around the platform to deposit fiat funds and buy Ethereum or other coins.
Coinbase takes online digital asset storage to another level by offering a uniquely designed non-custodial digital wallet that can be used to store over 4,000 assets including BTC, LTC, ETH, ADA, ERC-20 tokens, as well as NFTs. The standalone wallet can be downloaded to iOS and Android devices. Other functionalities include the ability to use dapps, view real-time market prices of your favorite crypto, earn interest on crypto holdings and purchase NFTs.
If you are looking to dip your toes into a more advanced trading experience, then the Coinbase Pro exchange will be the natural step up. The platform, which is separate from the original Coinbase platform, provides you with real-time charting tools with moving averages, trade history, order book, and price charts. Additionally, Coinbase Pro offers you several order types including stop orders, limit orders, and margin orders.
Coinbases's bank-grade security measures and digital framework should give you confidence if you're nervous about depositing your money to buy crypto. Coinbase has an outstanding security track record and is well-known for its industry-leading security measures. The platform also has insurance cover in the rare event that a security breach occurs.
BEST TRADING PLATFORM
Read our complete Kraken Review for an in-depth breakdown of its features and benefits.
The design and quality of the Kraken Pro interface are second to none and rival those of other serious trading platforms. Apart from the premium TradingView charting package with its assortment of advanced analytical tools and indicators, the design and layout allow you to aptly analyze the price action of crypto with precision. Placing market orders, and understanding the trading volume and spreads of trading pairs are aspects commonly sought after by serious traders. Futures and leveraged margins (up to 5x) are supported.
Established in 2011, Kraken is one of the longest-serving cryptocurrency exchanges in the world. In terms of trading volume, Kraken is one of the largest cryptocurrency exchanges which provides a secure way to buy, trade and sell crypto in over 190 countries around the world. The crypto exchange offers several features that are not offered by many other platforms. Some of these include futures/margin trading, staking, and the ability to trade on multiple exchanges through a single platform.
Kraken features include:
Looking for a serious trading platform? If so, the advanced trading features of Kraken Pro will be highly appealing. The charting on Kraken Pro is second to none and rivals other premium charting packages that are available. Newcomers to crypto are more than likely to find the interface to be particularly daunting. On the other hand, experienced traders will get a lot of value from Kraken Pro’s powerful features, including:
Trading fees on Kraken Pro follow a maker and taker structure with fees of 0.16% and 0.26%, respectively, which are quite competitive in the market. As an added advantage, trading fees can be reduced further if the trading volume on all cryptocurrencies for the past 30 days reaches certain milestones, and will benefit high-net traders.
Traders are also incentivized to engage with the market with lower trading fees to provide liquidity to the exchange by filling the order book by placing conditional and limit orders (i.e. maker fees).
BEST FOR MARGIN TRADING
Read our complete FTX Review for an in-depth breakdown of its features and benefits.
FTX is a leading cryptocurrency exchange that offers futures, leveraged tokens, and OTC trading to investors and traders worldwide including in the United States via FTX.US. The exchange is best known for its derivatives trading offering where a wide variety of leveraged tokens can be traded on the options or futures market. Serious traders will be able to utilize the abundance of markets and supported digital currencies, along with the extremely low trading fees to maximize their trading activities. The significant liquidity provides tighter spreads and minimal price slippage.
FTX was founded by prominent crypto figurehead Sam Bankman-Fried and Gary Wang in May 2019. The exchange is backed by Alameda Research, a $100 million AUM quantitative cryptocurrency trading firm that provides liquidity worldwide. Alameda trades over $600 million and up to $1 billion per day through exchanges like FTX and accounts for approximately 15% of global stablecoin volume.
On the back of its assortment of derivative trading products, the exchange quickly rose to popularity and continued to expand. In August 2020, FTX acquired Blockfolio, a cryptocurrency portfolio tracking app, for $150 million. In 2021, FTX raised $900 million at a valuation of $18 billion from over 60 investors including Binance, which solidified its standing as a serious cryptocurrency exchange. At the time of writing, FTX was ranked #3 in the world for traffic, trading volume, and liquidity.
FTX is a top cryptocurrency derivatives trading platform that has been built by traders for traders. The platform is robust, visually intuitive, and rich in advanced features that will satisfy the trading needs of intermediate and experienced traders. The live charting is powered by TradingView, the most popular charting package that provides you with advanced tools and indicators to assist in identifying and maximizing trades.
As a trader, you have access to an abundance of markets and trading pairs with over 259+ supported digital currencies. On top of this, FTX offers some of the most competitive maker/taker trading fees in the market which start at 0.02% and 0.07%, respectively. This makes it highly desirable for retail traders utilizing OTC services, and professional traders. If you hold or stake the native FTX token, FTT, you may be entitled to receive additional benefits to enhance your trading experiences such as reduced trading fees and increased commissions from the referral program.
FTX is a safe and secure cryptocurrency platform that operates in over 190 countries around the world including Australia. The exchange is licensed by ASIC and registered with AUSTRAC to provide cryptocurrency services.
If you want to trade on the go then you can do so using the FTX Pro mobile app. The app is compatible with both iOS and Android devices and provides access to the majority of features.
BEST FOR CFDs & SOCIAL TRADING
Read our complete eToro Review for an in-depth breakdown of its features and benefits.
The main advantage that eToro carries over its competitors such as Plus500, is that the platform is incredibly fluid and aptly suited for beginner traders. The majority of its features and low deposit amounts have been tailored toward beginners starting their investing journeys. Beginners without a lot of experience or trading knowledge can mirror the trades of other investors with the option of applying stop-loss limits to minimize their potential losses.
eToro is a multi-asset social trading platform that offers cryptocurrency, stock, and Contract-For-Difference (CFD) trading to people all over the world. Since its inception in 2007, eToro has expanded across the world and has reached over 20 million users. eToro is now a global leader in the social trading market where you can copy the trades and portfolios of high-performing investors.
Australians who are new to investing can follow an investor to automatically copy their trades using the available trading account balance. Beginners are the major beneficiaries of this feature by copy-trading and following the most profitable traders on the platform to earn a passive income.
eToro's social trading offering is unique in the Australian market and is our top choice for social and CFD trading. Browsing the profiles and portfolios of successful traders is an engaging process and reminded us of an online shopping experience. For added functionality, you can sort and filter portfolios to copy according to your investment needs and objectives.
The ease of use factor on eToro is high with the trading experience enjoyable and engaging. The dashboard and trading interface are well laid out, clean, and modern which makes for an easy time navigating through the various features and menus. Upon logging in for the first time, you will be offered a virtual tour of the platform which is a small but nice addition if you are new to eToro and crypto trading in general.
To further bolster its appeal and suitability to trading newcomers, eToro offers a demo mode that can be toggled on and off. The demo mode comes equipped with $100,000 of virtual for you to explore the features of the platform and practice trading. Since funds are virtual, trading can be undertaken with zero risk to your own capital funds.
eToro charges a 1% fee for all crypto buying and selling orders and is included in the quoted price when you open or close a position. Additionally, there are no fees to deposit AUD into the wallet via credit card, PayPal, or POLi. Instead, only spreads apply which range from 0.75% for BTC to 4.5% for MIOTA. eToro is able to offer lower spreads for BTC due to the significant trading volume.
In Australia, eToro (as the entity eToro AUS Capital Limited or “eToro Australia”) holds an Australian Financial Services License (AFSL). The platform does not have a license to sell actual cryptocurrency assets, however, you can speculate on the crypto prices.
A cryptocurrency broker is a trading platform that finds the best possible prices from several large volume cryptocurrency exchanges and presents those prices to their customer. Since these platforms tend to be designed for the beginner trader or investor in mind, the processes and steps to purchase crypto tend to be simple, quick, and easy. Examples of crypto brokers in Australia include Swyftx, CoinSpot, and Zipmex.
Customers will benefit from the typically high liquidity associated with high trading volumes as the amount of price slippage is reduced. A spread is typically applied to each trade and investors and traders alike should not confuse this with trading fees. The spread is the difference between the buy and sells price.
Cryptocurrency trading exchanges are typically marketed towards beginner and intermediate investors and traders. Most are rich in features such as order types and advanced trading charting packages. The more established exchanges typically offer a wide variety and number of digital assets that can be bought, traded, and sold and this would cater to those who want to diversify their portfolios.
Trading exchanges feature highly intuitive user interfaces with charting features and tools such as technical indicators, drawing tools, and chart patterns to allow traders to analyze the price action and identify trading opportunities. Binance is an example of a popular crypto trading platform.
A Contract-For-Difference (CFD) crypto exchange allows traders to speculate on the direction of the price without purchasing the asset. This allows the trader to long or short cryptos with leverage. Simply put, a digital asset such as Bitcoin can be traded without actually using the asset itself but using fiat currency instead. CFP providers will typically have demo accounts available for customers to practice trading before switching to a real account. The learning curve for new traders is flattened by features such as simplified trading interfaces and charts, presentation of top-performing portfolios which can be copied, and pre-set crypto in wallets.
Futures and derivatives exchanges such as Bybit and FTX offer advanced trading platforms that use a maker and taker fee structure for investors and traders that have a thorough understanding of limit orders and possess sound risk management principles.
Trading crypto with leverage comes with significant risks that can result in losses greater than the starting capital and are for advanced traders only. These types of platforms are excellent for customers that understand how to short sell crypto to:
There is a multitude of cryptocurrency exchanges in the Australian market and it can be difficult to understand the nuances of each and how they compare. As a result, deciding which crypto exchange is best is a challenging exercise for the everyday trader or investor.
Our mission is to provide high-quality, in-depth, and accurate information on the latest products and services from each exchange. Our reviews are based on our own real-life experiences to give individuals unbiased information to assist with the decision-making process. This includes creating a verified account, depositing funds, placing trades, and withdrawing funds with each exchange and platform to gain a complete and robust understanding of the user experience. We then evaluate and rate each Australian exchange out of 5 points.
Key factors and aspects we look for in a good cryptocurrency exchange are primarily based on what is important to the everyday Australian trader or investor. As such, our detailed exchange reviews take into consideration the following factors (but are not limited to):
There is an abundance of cryptocurrency exchanges that are available to Australians. Knowing which one to choose greatly depends on your trading goals and experience.
We have compiled a list of key factors and considerations to help you choose the right Australian crypto exchange to best suit your needs.
Our recommendation is to find an Australian exchange where the level of platform matches your level of expertise and experience. Beginners should ideally be seeking out a User Interface (UI) that is simplistic, intuitive to use, and therefore making the trading experience easier and more enjoyable. Features that beginners should be on the lookout for include instant deposits and withdrawals, instant buying, and selling.
Advanced traders would require a more detailed insight into the market. A UI that offers price charts, candlesticks, and graphs are features that advanced traders will look for.
How you choose to deposit and withdraw funds into the exchange wallet will be a personal choice. The ease of performing, fees incurred, and how fast deposits and withdrawals can be made should be items of consideration. Direct bank transfer, POLi, PayID, BPay (OSKO), and credit/debit cards are the most common options. Some exchanges will also allow deposits of certain crypto to be made.
The fee section of each cryptocurrency exchange should be reviewed as some deposit and withdrawal methods may not be supported. The time taken to transfer funds across an Australian bank account may vary across different financial institutions.
Another consideration is deposit and withdrawal limits. Depending on the exchange, there may be daily maximum limits of fiat currency that can be deposited or withdrawn.
The type of trading you want to undertake will heavily influence the type of crypto exchange options. You will need to decide if you want to:
Other key features which may influence your decision may include the ability to earn interest on your stored crypto or manage SMSF.
Customers should be aware of the various fees that may be incurred when trading on a cryptocurrency exchange. The most straightforward of these include deposit fees, withdrawal fees, and trading fees between assets, i.e. crypto to crypto.
Spread fees and foreign exchange conversion fees may not always be readily presented and maybe ‘hidden’ before a transaction. Some exchanges will present the fee incurred as a separate line item. A good exchange will have a dedicated fee section that should be reviewed. Most exchanges will offer zero fees on deposits and withdrawals. A competitive trading fee should be between 0.1% and 0.5% for each transaction made. The spread is the difference between the buy and sell price for a quoted cryptocurrency.
It is important to note that some exchanges such as Digital Surge may offer fee discounts depending on the volume traded. Generally, the fee decreases if the traded volume increases on a 30-day trading volume. The implications of this are quite significant (cost savings) if larger volumes are traded.
Make sure that the crypto exchange supports your target cryptocurrency and that an AUD trading pair is available (e.g. AUD-BTC). Most exchanges will support the dominant cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). However, with thousands of digital currency projects and coins to buy and sell, finding an exchange that supports all is not possible. Some exchanges will support BTC only and others are constantly adding new coins to their support list.
The larger and more established digital currency exchanges will tend to have access to greater liquidity compared to smaller cryptocurrency exchanges. Liquidity refers to how easily one asset is converted into a fiat currency or another asset. The higher the liquidity of an exchange, the easier and faster it will be to complete fiat-to-crypto and crypto-to-crypto transactions.
Australian-based exchanges are required to be registered with AUSTRAC. AUSTRAC registered entities are required by Australian law to collect customer information (known as Know Your Customer) so that a customer's identity can be established. Whilst an account can typically be created with just a full name and email address, identity verification is required before buying and trading can be undertaken.
The information and documents required by exchanges to verify your identity differ across exchanges, however typically include full name, email address, phone number, utility bill which states your address, and a copy of an Australian government-issued form of identification (driver's license, passport).
For most exchanges, the identity verification process usually takes around 2 to 5 minutes to complete.
Industry-standard security measures for Australian crypto exchanges typically include multi-location and offline cold wallet storage of funds, a combination of hot and cold fund storage, multi-signature verification withdrawal process, and Two Factor Authentication (2FA). Other features may include user private key control, ID verification, notification on account activity (i.e. email and/or SMS), proof of reserve, email encryption, and 24/7 security protocol monitoring and penetration testing by third parties.
The security page of the exchange should be reviewed to confirm that industry-standard measures and protocols are being implemented.
All Australian-based cryptocurrency exchanges must be registered under AUSTRAC. AUSTRAC is an Australian government agency that is responsible for detecting, deterring, and disrupting criminal activity within the financial sector. This includes organized crime such as money laundering.
AUSTRAC activities are guided by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The AML/CTF Act also requires registered entities to collect information to establish a customer’s identity (KYC), monitor transactions, and report to AUSTRAC transactions or activities that are suspicious or involve a sum of money greater than $10,000.
Before you choose a crypto exchange, ensure that they are registered with AUSTRAC.
Although most cryptocurrency exchanges will offer similar customer support features, there are some variabilities. Most exchanges will offer a Frequently Asked Questions (FAQs) page which should address the most common troubleshooting queries. In addition to FAQs, some exchanges like Digital Surge possess a dedicated knowledge base or library that presents a series of how-to guides and tutorials tailored for beginner and intermediate investors. We have found that the level of information within these libraries can vary greatly from the not so useful to the comprehensive.
Support tools to assist with immediate troubleshooting advice or assistance may come in the form of a ticket system or live chatbot. The ticket system is akin to directly emailing the exchange support team with a query however response times will vary across exchanges. We have noted that the larger and more established exchanges are more likely to offer a live chat service.
Beginner and intermediate investors alike would be well served to explore what communication and assistance tools are available for support.
Investors should be looking for an exchange that has a strong reputation for being reliable and secure. Websites such as Trustpilot and Product Review will be able to provide insight into the experiences and feedback from the current or former users of the exchange. Other online sources of customer reviews may include forum comments and social media posts.
A quick assessment of online customer reviews will help to identify any particular issues that may be present.
Deciding on how to store cryptocurrency in Australia comes down to two options. Firstly, digital assets can be kept in the exchanges storage system, which can be cold storage (wallet), or a combination of hot and cold storage. Secondly, cold-storage wallets may be used by individuals to hold crypto offline and usually in a physical state.
Since hot wallets (e.g. exchanges) are connected to the internet, funds are susceptible to loss damage, or theft, albeit the risks are low. With this in mind, investors and traders should be seeking a reputable and trustworthy exchange that has a stellar security record. The best way to mitigate against this potential risk is to store digital assets in a cold-storage wallet.
The key function of a cold wallet is to provide an extra security mechanism between the internet-connected device (e.g. computer) and the asset. All wallets will have a private key that legitimizes access to the stored asset. Most wallets usually come equipped with a variety of recovery options in case the wallet is lost or damaged.
The number of ways cryptocurrency can be used or spent in Australia is increasing. Traders and investors can use Bitcoin to purchase goods and services using the following methods (but not limited to):
In our opinion, CoinSpot is the most trusted cryptocurrency exchange in Australia. Since its inception in 2013, CoinSpot has reached over 1 million Australians and has earned a reputation for being a secure crypto exchange for the everyday Australian. Its reputation has enabled widespread commercial visibility and is a major sponsor of the Western Bulldogs Football Club.
The purchasing, trading, and selling of cryptocurrencies and other digital assets is legal in Australia and is recognized as property by the Australian Tax Office (ATO). It is therefore subject to Capital Gains Tax (CGT). Since 2017, laws and regulations have been progressively introduced to control the crypto market. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 mandates that all Australian-based crypto exchanges are registered with AUSTRAC and adhere to specific security requirements.
Investors residing in Australia need to be aware of the tax consequences of acquiring and disposing of cryptocurrencies. If the capital gain (profit) from disposing of crypto is made then a portion or all of the gain will be subject to Capital Gains Tax (CGT). The Australian Taxation Office (ATO) considers the following events as disposing of crypto and are taxable
This means that you’ll be taxed for any profit you’ll make selling or trading crypto assets as you would with any other regular income.
The best exchange depends on your investment or trading goals. However based on our reviews, Swyftx is the best overall crypto exchange to buy, trade, and sell digital assets and coins in Australia. The exchange has a wide range of features that cater to both beginner and advanced investors as well as offering low spreads due to its high liquidity. Other key factors such as the trading interface, customer service, and security record are best-in-class.
Several Australian exchanges such as Independent Reserve and Digital Surge offer investors the ability to invest their super into cryptocurrencies. Self-Managed Super Funds (SMSF) require their own wallet that specifically stores cryptocurrency. Depending on the investor's financial situation, SMSF may offer more control over their superannuation and retirement.
In our opinion, Changelly is the best crypto swapping platform to anonymously perform crypto-to-crypto exchanges. The simplistic and safe platform has been used by over 2 million customers worldwide.
The Ledger Nano X and Trezor One are two of the most popular hardware wallets in the crypto market. Both possess desirable features such as best-in-class security measures, competitive price points, simple usability, and seed recovery. The CoolWallet Pro is considered an up-and-coming wallet that supersedes the widely popular Cool Wallet S.
Several Australian-based crypto exchanges such as Digital Surge and Cointree offer their customers to pay Australian bills using stored crypto assets. Bitcoin is the most commonly supported digital asset that can be used as long as there is a BPAY biller code.
Crypto can be purchased using a credit card however it depends on what exchange you are using as not all with providing this service. An exchange that accepts credit cards as a method to make fiat deposits will be essential. The fees are typically higher however the method provides a level of convenience. Reputable and trustworthy exchanges should be used to buy crypto with a credit card such as Binance or Coinbase.