Australian’s are spoilt for choice when it comes to looking for a 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.

Based on various important factors such as supported crypto assets, features and benefits, deposit methods & limits, trading fees, security and customer support, we have assessed and compared the best exchanges to buy Bitcoin and other cryptocurrencies. In this article, we share our research and list out the best cryptocurrency exchanges in Australia.

Best Crypto Exchanges In Australia

Based on our exchange reviews, here are the best crypto exchanges for Australia in 2021.

  1. Swyftx (best exchange overall)
  2. Digital Surge (best for beginners)
  3. CoinSpot (best for reputation)
  4. Independent Reserve (best for SMSF)
  5. Binance (best for altcoins)
  6. CoinJar (best for debit card)
  7. Coinbase (best global exchange)
  8. Kraken (best trading platform)
  9. FTX (best for margin trading)
  10. eToro (best for CFD’s)

Disclaimer: This article contains affiliate links through our supported partners. Please read our disclosure for more information.

Australian Crypto Exchanges: 2021 Reviews

1. Swyftx
BEST EXCHANGE OVERALL

Swyftx Exchange

www.swyftx.com

4.8/5
4.8/5

Read the full Swyftx Review

Supported Crypto

270+

Fees

0.6%

Deposit Option

Osko, PayID, POLi, credit card

Promotion

Free $10 BTC using our affiliate link

  • A well designed user interface with a level of information that caters for both the beginner and experienced crypto trader. Users will be able to quickly assess the status of their portfolio including growth (%), recent order history, and track real-time profit and loss. 
  • Crypto can be directly bought using AUD meaning that manual conversion into USD isn’t required. Swyftx will  automatically convert the deposited AUD into USD which is held on the account and increases liquidity. Swyftx provide full transparency and present the current exchange rate prior to confirming the purchase.
  • Rather than offering pre-determined bundles of crypto to purchase, Swyftx provide the ability to set recurring orders, otherwise known as Dollar Cost Averaging (DCA). Users can opt to set up automatic deposits to purchase one or more cryptocurrencies at once, and at the desired quantities. This feature allows users to take control of their portfolio by providing additional trading flexibilty. 
  • Zero deposit and withdrawal fees regardless of amount, low trading fees (0.6%) and very competitive spreads.

Swyftx Suited for Australians beginner and experienced. The vast list of tradable assets which includes all the major cryptocurrencies as well as alt coins should appeal to those who want to have more potential trading options and strategies for their portfolio.

Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Swyftx is one of a few exchanges which utilise multiple order books to provide a higher liquidity on trading pairs. The higher trading volume and market depth allows Swyftx to offer lower spreads (i.e. the difference between the bid and asking price) to the user, especially in volatile markets or where there is a lack in trading activity.     

swyftx website

Pros

Cons

2. Digital Surge
BEST EXCHANGE FOR BEGINNERS

Digital Surge

www.digitalsurge.com.au

4.5/5
4.5/5

Read the full Digital Surge Review

Supported Crypto

260+

Fees

0.5%

Deposit Option

Bank transfer, PayID, POLI, credit card

Promotion

Free $10 BTC using our affiliate link

  • A simple and clean interface which means that beginners will have an easy time depositing funds and buying crypto. 
  • Whilst the spreads are competitive compared to other Australian exchanges, Digital Surge offer some of the lowest trading fees (0.1 – 0.5% depending on trade volume), which would appeal to the general population.
  • The ability to generate crypto tax reports. 

Digital Surge is our best rated crypto exchange for beginners. The simplicity of the interface allows users who are new to cryptocurrency trading to quickly grasp the concepts of crypto buy and trading whilst enabling a high level of control and transparency over portfolios. Beginners will benefit from the fully integrated and comprehensive education hub. 

Overview

Digital Surge is a uniquely user-friendly cryptocurrency exchange, providing Australians and New Zealanders with an easy way to buy, store and sell over 270+ cryptocurrencies. Along with low fees, excellent customer support and a variety of other features, Digital Surge’s platform is designed with simplicity in mind. The Digital Surge trading experience is enjoyable, easy to understand and is suitable for both new and experienced investors. It has an immaculate security record, competitive fees and a wealth of educational content that is not provided by other exchanges.  

Digital Surge is perfectly suited for beginner and experienced traders who want an enjoyable trading experience, offering a ranged of advanced order types and trading features on top of their incredibly easy to use interface. Digital Surge supports Australian and New Zealand users only.

Pros

Cons

3. Coinspot
BEST EXCHANGE FOR REPUTATION

Coinspot

www.coinspot.com.au

4.5/5
4.5/5

Read the full Coinspot Review

Supported Crypto

300+

Fees

1.0%

Deposit Option

Bank transfer, PayID, POLI, BPay

Promotion

Free $10 BTC using our affiliate link

  • Coinspot was the first cryptocurrency exchange in Australia to obtain the internationally recognised ISO 27001 certification for information security. The certification requires Coinspot to provide an adequate level of resources to ensure the establishment, implementation, maintenance continual improvement of information security management systems.
  • Coinspot offers a trading platform where users can use professional crypto trading features including Utilise Stop-Loss, Take-Profit and Limit Orders.  

Coinspot is our best cryptocurrency exchange in terms of reputation. 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 have maintained their legacy of being Australia’s most trusted cryptocurrency exchange. Over 1 million Australian users enjoy the industry-leading security measures that Coinspot employ as well as the customisable features to protect personal accounts and wallets.

Coinspot offer all the standard industry security measures including Two Factor Authentication (2FA) to protect user accounts. In addition, user funds stored on the Coinspot wallet are kept safe until they are transferred to a personel hardware wallet. To our knowledge, Coinspot have not experienced security breaches since their inception in 2013

Coinspot have been offering a highly secure platform for Australian investors to buy and trade crypto for a long period of time. This has resulted in Coinspot earning the reputation of Australia’s most trusted cryptocurrency exchange.

Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Coinspot is registered with AUSTRAC to provide digital currency exchange services in Australia.

coinspot

Pros

Cons

4. Independent Reserve

BEST EXCHANGE FOR SMSF

www.independentreserve.com

4.8/5
4.5/5

Supported Crypto

27

Fees

0.5%

Deposit Option

Bank transfer, PayID, POLI, credit card

Read the full Independent Reserve

Promotion

Free $10 BTC using our affiliate link

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Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Pros

Cons

4. Binance

BEST EXCHANGE FOR ALTCOINS

Binance

www.binance.com/en

4.8/5
4.5/5

Supported Crypto

270+

Fees

0.1%

Deposit Option

Bank transfer, PayID, POLI, credit card

Read the full Binance review

Promotion

Free $10 BTC using our affiliate link

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Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Pros

Cons

6. Coinjar

BEST EXCHANGE FOR DEBIT CARD

www.coinjar.com.au

4.5/5
4.5/5

Supported Crypto

270+

Fees

1.2%

Deposit Option

Bank transfer, PayID, POLI, credit card

Read the full 

Promotion

Free $10 BTC using our affiliate link

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Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Pros

Cons

7. Coinbase
BEST GLOBAL EXCHANGE

Coinbase

www.coinbase.com

4.5/5
4.5/5

Supported Crypto

270+

Fees

0.5% + 3.99%

Deposit Option

Bank transfer, PayID, POLI, credit card

Read the full Coinbase Review

Promotion

Free $10 BTC using our affiliate link

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Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Pros

Cons

8. Kraken
BEST TRADING PLATFORM

www.kraken.com

4.5/5
4.5/5

Supported Crypto

270+

Fiat Currency

AUD, USD

Deposit Option

Bank transfer, PayID, POLI, credit card

Read the full Kraken Review

Promotion

Free $10 BTC using our affiliate link

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Toggle Content

Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Pros

Cons

9. FTX
BEST FOR MARGIN TRADING

www.ftx.com

4.5/5
4.5/5

Supported Crypto

270+

Fiat Currency

AUD, USD

Deposit Option

Bank transfer, PayID, POLI, credit card

Read the full FTX Review

Promotion

Free $10 BTC using our affiliate link

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Toggle Content

Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Pros

Cons

10. eToro
BEST FOR CFDs

www.etoro.com

4.5/5
4.5/5

Supported Crypto

94

Fiat Currency

AUD, USD

Deposit Option

Bank transfer, PayID, POLI, credit card

Read the full FTX Review

Promotion

-

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Toggle Content

Overview

Swyftx is our best rated Australian exchange to buy, trade and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the team at Swyftx have carefully designed the platform to cater to a broad range of crypto investors and traders of varying degrees of experience and knowledge.

Australian’s can create an account quickly without a lengthy verification process to deposit AUD using common payment methods such as bank transfers, PayID, POLI and also credit cards. A major benefit with Swyftx is there are zero deposit fees to transfer AUD from a bank account.

Pros

Cons

Types of Cryptocurrency Exchanges

Brokers

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 sell price. 

Trading Exchanges

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 analyse the price action and identify trading opportunities. Binance is an example of a popular crypto trading platform. 

Contract for Difference Providers

A Contract-For-Difference (CFD) crypto exchange allow traders to speculate on the direction of the price without purchasing the asset. This allows the trader to long or short crypto’s 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. 

Plus500 and eToro are examples of CFP providers designed for beginner investors.

Futures and Derivative Exchanges

Futures and derivative 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:

  • Bet on the crypto asset value decreasing in price.
  • Increase the amount of crypto in a portfolio by profiting on price corrections during an uptrend.
  • Hedge a portfolio to lock-in gains and minimize losses during a downtrend.
  • Create significant profit potential by using leverage to borrow more money.

Our Exchange Review Methodology

There are 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 un-biased 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 not limited to):

  • Is the exchange a reputable and trustworthy platform to invest and trade crypto? The reputability and trustworthiness of an exchange is slowly built up over time. We assess how the exchange was established, number of users, its mission and level of community perception. 
  • Is the platform interface easy to use? Beginner investors will look for simple and intuitive interface designs which clearly present how to buy, trade and sell crypto. More experienced and advanced traders will still appreciate simplicity however advanced features such as charting will be sought in order to maximise trading potential. 
  • How fiat or crypto funds are deposited to enable trading vary from exchange to exchange. Important aspects that we take into consideration are the number of deposit methods, support for AUD deposit options, minimum and maximum limits and how fast transactions can be completed.
  • The minimisation of fees incurred matters to all traders and investors. We assess and compare fees that are charged by the exchange which include deposit fees, buy and sell fees, spreads and trading fees. 
  • We evaluate the strength of the exchange’s security measures implemented to protect funds and personal information. Are they in line with regulatory authority requirements and ow do they compare against industry benchmark and standards? These may include 2FA, use of cold storage, segregation of funds, and any known reports of security breaches resulting loss or damage of held digital assets. 
  • Is the customer support team easily accessible and methods of help assistance. 

How to Choose a Cryptocurrency Exchange

There are 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.

User Interface Experience

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) which is simplistic, intuitive to use and therefore making the trading experience easier and more enjoyable. Features that beginners should be on the look out for include instant deposits and withdrawals, instant buying and selling.

Based on our reviews and experience, the ease of use provided by Swyftx and Digital Surge are best suited for people starting their cryptocurrency investment journeys.

Advanced traders would require a more detailed insight into the market. A UI that offers price charts, candlesticks and graphs are features that advanced trades will look for.

 

Deposit / Withdrawal Methods and Limits

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 from 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.

Type of Trading

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:

  • Trade fiat to crypto (e.g. AUD to BTC)
  • Trade crypto to crypto (e.g. ETH to BTC), or
  • A combination of the above.
Other key features which may influence your decision may include the ability to earn interest on your stored crypto or manage SMSF.

Fee Structure and Transparency

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 may be ‘hidden’ prior to a transaction. Some exchanges will clearly present the fee incurred as a separate line item. A good exchange will have a dedicated fee section which 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.

Supported Fiat and Cryptocurrencies

Make sure that the crypto exchange supports your target cryptocurrency and 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.

Liquidity and Volume

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.

Methods of Verification

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 customers identity can be established. Whilst an account can typically be created with just a 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 (e.g. drivers licence, passport). 

For most exchanges, the identity verification process usually takes around 2 to 5 minutes to complete.

Account Security

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.

Legal Compliance and Regulation

All Australian-based cryptocurrency exchanges must be registered under AUSTRAC. AUSTRAC are an Australian government agency who are responsible for detecting, deterring and disrupting criminal activity within the financial sector. This includes organised 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 activity that are suspicious or involves sum of money greater than $10,000.

Before you choose a crypto exchange, ensure that they are registered with AUSTRAC.

Available Customer Support Tools

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 chat bot. 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. 

Reputation & Online Reviews

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 current on former users of the exchange. Other online sources of customer reviews may include forum comments and social media posts. 

A quick assessment of online customers reviews will help to identify any particular issues that may be present.

How to Store Cryptocurrency in Australia

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.

  • Hot storage refers to a wallet that is connected to the internet and can be accessed at any time. Examples include online cloud wallets, mobile wallets, software wallets and exchanges. Hot wallets are great for keeping an amount of crypto available for frequent buying, trading and selling. 
  • Cold-storage refers to a physical means of keeping crypto in a storage device and are only accessible by the wallet owner. Examples include hardware wallets such as CoolWallet Pro and the Ledger Nano X. Cold-wallets are not connected to the internet. 

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 legitimises access to the stored asset. Most wallets usually come equipped with a variety of recovery options in case the wallet is lost or damaged. 

How to spend cryptocurrency in Australia

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):

  • Direct transferring of crypto from a wallet to the recipients address.
  • Using a cryptocurrency debit card to send crypto to a merchant. The process is akin to using a standard debit card where held assets can be accessed or loaded onto the card. Some exchanges offer this services, whilst others do not.
  • Pay Australian bills directly using the Bitcoin BPAY biller code. Cointree and Digital Surge offer this service.
  • Use stored Bitcoin to withdraw AUD from a Bitcoin ATM.
  • Use crypto to purchase goods from merchants such as Mooning Market. Moon Market works similar to Amazon and eBay.

 

Frequently Asked Questions

What is the Most Trusted Australian Crypto Exchange?

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.

Is it Legal to Buy Cryptocurrency in Australia?

The purchasing, trading and selling of cryptocurrencies and other digital assets is legal in Australia and is recognised 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. 

Is Cryptocurrency Taxed in Australia?

Investors residing in Australia need to be aware of the tax consequences of acquiring and disposing cryptocurrencies. If capital gain (profit) from disposing 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 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.

What Is the Best Cryptocurrency Exchange in Australia?

The best exchange depends on the 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 for for 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. 

Can I Invest Australian Super Into Cryptocurrency?

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 investors financial situation, SMSF may offer more control over their superannuation and retirement.

What Is The Best Way To Buy Crypto In Australia?

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What Is The Best Crypto Swap Platform?

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.

What Is The Best Crypto Hardware Wallet In Australia?

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 as an up and coming wallet that supersedes the widely popular Cool Wallet S.

Can You Use Crypto To Pay Australian Bills?

Several Australian-based crypto exchanges such as Digital Surge and Cointree offer its 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.

Can You Buy Crypto With A Credit Card?

Crypto can be purchased using a credit card however it depends on what exchange you are using as not all with provide this service. An exchange that accepts credit card 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