Best crypto exchanges in Australia 2023
Most crypto exchanges operate under region-locked licenses giving them access to users within a specific territory.
it can make it pretty annoying when you're reading "best of" lists as you're often recommended an exchange which legally can't operate where you live.
If you're based in Australia and wondering which crypto exchanges can be used in the region, we've got a list of some of the best exchanges you could head to today to buy some crypto.
You can either head straight to their site, or check out their user reviews from their listing page on DR.
Binance
World's Largest Crypto Exchange
Binance is the most popular crypto exchanges in the world and the largest by trading volume.
It's a trusted platform in the crypto ecosystem allowing users to conduct a variety of trades and actions including buying, selling, trading, and storing their digital assets in Binance's custodial crypto wallet. Binance is available in over 190 countries, including Australia.
Its unique specialty is that it gives users access to a wide range of cryptocurrencies to trade. There are over 350 cryptocurrencies listed on Binance Australia. This also comes with thousands of trading pairs. It has a trading volume of $76 billion daily trading volume.
Additionally, Binance provides users with a seamless and reliable trading experience. It boasts fast transaction speeds and a robust P2P matching engine. The platform is highly secured using various measures such as cold storage wallets, two-factor authentication, and advanced encryption to protect users' funds.
Users deposit into Binance Australia by Buying crypto by credit or debit card, Using P2P to buy and sell crypto, or Using Third Party Payment listed on the Binance page.
Though on May 18 2023, it said it does not validate users using PayID to facilitate AUD bank transfers. They've also had some trouble with Australian regulation, however, Australian users can still buy and sell crypto using credit or debit cards and are working to find a new service provider.
Features of Binance Australia
- Binance Australia supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and many more.
- Binance Australia had a competitive fee structure with a 0.1% trading fee for both makers and takers.
- Binance Australia had high liquidity, allowing users to buy or sell cryptocurrencies at market prices quickly.
- Binance Australia provides advanced trading tools for experienced traders, such as stop-limit orders and margin trading.
- InvestbyBit Pty Ltd, a digital currency exchange registered with Australian Transaction Reports and Analysis Centre( AUSTRAC), operates Binance, which also offers 2FA security.
Binance Fees
Binance had a simple fee structure, charging a flat 0.1% trading fee on all transactions.
This fee can be reduced by 25% if users pay their trading fees in Binance Coin (BNB), the native cryptocurrency of the exchange. Binance also charges a withdrawal fee that varies depending on the withdrawn cryptocurrency.
Pros of Binance Australia
- Wide range of cryptocurrencies available to trade
- Simple fee structure with discounts available for paying with Binance Coin
- 24/7 customer support
Cons of Binance Australia
- Not regulated in Australia
- The withdrawal fees for specific cryptocurrencies may be relatively expensive.
Check out user reviews of Binance now
eToro
Social trading platform.
eToro is known for it's easy to navigate user interface and for its social trading features.
inexperienced traders are able to copy the trades of selected, experienced traders through their 'copy trader' feature. If users feel they need more confidence to take the trade, they can copy-trade another trader.
eToro has rapidly become an award-winning social trading service connecting with over 25 million users worldwide. Apart from trading, eToro offers advanced charts and analysis tools to enhance trading experience and better decision-making.
With eToro, users are not only limited to crypto assets; it gives them access to a diverse range of other assets, including stocks, commodities, currencies, indices, and ETFs. It has a dedicated newsfeed where people can share insights. Users can leverage the insight from the newsfeed of fellow traders with different experience levels to make trades.
Features of eToro
- Low minimum deposit ($10)
- No withdrawal fees (minimum withdrawal amount $30)
- Regulated accord to FCA (UK), CySEC (Cyprus), and ASIC (Australia)
- Multiple payment options without deposit fees
- CopyTrader feature allows you to copy successful traders and invest in their success
- 60+ cryptocurrencies
eToro Fees
For every trade, eToro applies a spread fee, the disparity between an asset's buying and selling prices. The exact spread fee fluctuates based on the asset being traded, with cryptocurrency spreads ranging from 0.75% to 5%. EToro imposes a withdrawal fee of $5 per withdrawal.
Pros of eToro Australia
- Regulated in Australia
- User-friendly interface with social trading features
- Multiple deposit methods are available
Cons of eToro Australia
- Limited range of cryptocurrencies available to trade
- Spread fees can be higher than other exchanges
Check out user reviews of eToro now
CoinSpot
CoinSpot is one of the longest running Australian-based cryptocurrency exchange.
It offers a user-friendly interface and advanced features like NFT trading and crypto-to-crypto. It suits beginners and intermediate traders looking for an easily accessible platform. It offers a large variety of tradable cryptocurrencies with advanced security features.
CoinSpot directly integrates with Opensea, which gives non-fungible token (NFT) lovers access to Some NFT collections. Giving user access to modern digital art collections. It is a perfect solution for users who want to trade using Australian dollars with the convenience of using a crypto credit card.
CoinSpot has over 2.5 million registered users, allowing users to stake 30 tokens and trade over 360+ cryptocurrencies. It is widely regarded to be the most secure exchange in Australia, as it is the only one to obtain the ISO27001 Standard Security Certificate.
Features of CoinSpot
- The platform supports over 200 cryptocurrencies
- CoinSpot allows users to buy, sell, and trade cryptocurrencies with Australian dollars (AUD) and other digital assets.
- The platform offers a range of payment options, including bank transfer, POLi payments, BPAY, and cash deposits.
- CoinSpot also provides a mobile app for iOS and Android devices, enabling users to manage their cryptocurrency portfolio on the go.
- CoinSpot complies with Australian anti-money laundering and counter-terrorism financing regulations by registering with AUSTRAC.
- CoinSpot offers a referral program that rewards users with 10% of their referrals' trading fees.
CoinSpot Fees
CoinSpot charges a flat 1% trading fee on all transactions. They also charge a withdrawal fee depending on the cryptocurrency being withdrawn.
Pros
- Wide range of cryptocurrencies available to trade
- Established and regulated in Australia
- Simple fee structure
Cons
- Specific cryptocurrencies may have steep withdrawal fees.
- A few users have mentioned experiencing tardy customer support response times.
SwyftX
The best exchange to buy, sell, and trade crypto.
SwyftX is an Australian cryptocurrency exchange that offers a wide range of features to help users buy and sell digital currencies quickly and easily. It is one of the best choices for traders who want access to a wide range of cryptocurrencies and low trading fees.
SwyftX offers additional features such as SMSF trading, recurring orders, and a fully functional demo mode for users to backtest their trading strategies. The exchange is secured, fully backed, and licensed by Australian Transaction Reports and Analysis Centre (AUSTRAC).
It allows investors to leverage the crypto market by allowing them to maintain super funds by themselves. It also enables users to create family trust or corporate accounts on the platform. It delivers a complete brokerage service that makes the exchange ideal for beginner traders and corporate entities.
The exchange is known for its user-friendly interface, 24/7 customer service, competitive trading fees, and excellent guides. In addition to its trading ability, users can stake over 20 cryptocurrencies on the platform.
Features of SwyftX
- Offers more than 280 assets to trade.
- Utilize both credit and debit cards for deposits.
- Free bonus in signing up to Swyftx.
- Live chat is available.
- Registered with AUSTRAC and complies with KYC.
- Users can buy crypto using Australian Dollars instantaneously.
- Provide documented API.
- With Coinswap, users can swap any cryptocurrency with other options.
SwyftX Fees
On all transactions, SwyftX applies a flat trading fee of 0.6%. This fee can be reduced to 0.5% for users who hold SwyftX's native cryptocurrency, SWT. They also charge a withdrawal fee depending on the cryptocurrency being withdrawn.
Pros
- Low trading fees with discounts available for holding SWT
- Wide range of cryptocurrencies available to trade
- Regulated by AUSTRAC
Cons
- Specific cryptocurrencies may have comparatively high withdrawal fees.
- Relatively new exchange with a less established reputation compared to others on this list
Coinjar
Australia's longest-running cryptocurrency exchange
Coinjar is an Australian-based cryptocurrency exchange that was founded in 2013. It presents a variety of trading choices, such as spot trading, margin trading, and futures trading. Marking CoinJar, a versatile platform for digital currency traders.
With CoinJar, buying, selling, storing, and spending cryptocurrencies has never been easier. Moreover, users can conveniently trade cryptocurrencies on the go through CoinJar's iOS and Android apps. Also, CoinJar Exchange and CoinJar OTC Trading Desk can be used by professional traders and SMSF, individuals, and institutions looking to make more significant transactions.
Coinjar launched its card in 2021, named the "CoinJar Swipe card," Which is the first crypto card of its kind in Australia. It allows users to buy goods and services while making card payments. The card is supported by Apple Pay and Google Pay, which means it accesses any phone Play store, whether Apple or Android.
Features of Coinjar
- Availability of a mobile app for iOS and Android devices
- Multi-currency support, including AUD, GBP, EUR, and USD
- Automated recurring buys and sells
- Integration with BPAY and POLi payments for easy deposits and withdrawals
- Support for debit card purchases
- Two-factor authentication and multi-signature technology for enhanced security
- Low fees for transactions and withdrawals
- High liquidity for faster transactions
Coinjar Fees
Coinjar charges a flat 1% trading fee on all transactions. They also charge a withdrawal fee depending on the cryptocurrency being withdrawn.
Pros
- A wide range of cryptocurrencies is available
- Established and regulated in Australia
- Offers a range of trading options, including margin and futures trading
Cons
- Higher trading fees compared to some other exchanges on this list
- Withdrawal fees can be increased for some cryptocurrencies
Check out user reviews of Coinjar now
Gemini
making it simple to buy and sell crypto
Gemini is a global cryptocurrency exchange that prioritizes making users buy and sell crypto quickly in a secure environment. The exchange makes it easy for users to research the crypto market and build a digital portfolio. The live-tracking portfolio allows users to track their holdings in real-time.
Though some of its features are yet to be fully functional in Australia, the accessible features benefit crypto traders. It provides features like the Gemini ActiveTrader for more advanced traders, including advanced charting, multiple order types, auctions, and block trading.
It is known for its high level of security and compliance with regulatory requirements. Gemini is a user-friendly cryptocurrency exchange ideal for those just starting to invest in digital assets.
The platform provides a simple interface that makes trading cryptocurrencies a breeze, even for those who have never used a crypto exchange. It also allows users to create price alerts and schedule recurring buys.
Features of Gemini
- Free fiat and crypto withdrawals.
- Mobile app for Android/ iOS and desktop app for Windows
- Gemini Pay is now accessible to users, allowing them to make cryptocurrency payments at various retail stores.
- Security compliance with 2FA security.
- Users have access to advanced charts that feature real-time buying and selling options.
- Users can earn interest with their crypto by holding them long-term.
Gemini Fees
Gemini charges a variable trading fee ranging from 0.35% to 1.0%, depending on the user's trading volume. They also charge a withdrawal fee depending on the cryptocurrency being withdrawn.
Pros
- High level of security and regulatory compliance
- Simple fee structure based on trading volume
- Established reputation in the cryptocurrency industry
Cons
- Limited range of cryptocurrencies available to trade
- Does not currently support AUD deposits
Check out use rrviews of Gemini now
Our Methodology
Picking the best cryptocurrency exchanges in Australia is a tough job. Hence a thorough methodology was applied. This methodology examines various factors, including supported assets, platform fees, security, availability, features, and regulations. Additionally, we consider the customer support option, payment methods, and liquidity.
The exchanges were evaluated using these criteria, and the finest options were chosen for those who wished to buy, sell, stake, or trade cryptocurrencies in Australia. Furthermore, the selected exchanges were required to be licensed in Australia.
This ensured the exchanges met the regulatory standards for safe and compliant trading practices. Hence, providing users with added peace of mind when transacting with cryptocurrencies. This approach provides our readers with the most accurate and reliable information possible.
Conclusion
Australia's crypto exchange market is highly competitive and rapidly evolving, meeting the growing cryptocurrency trading and investment demand. Australia has successfully fostered a secure and well-regulated environment for trading cryptocurrencies.
The AUSTRAC and Australian Securities and Investments Commission (ASIC) has provided a safe environment where users can safely participate in the crypto market. However, Investors should also exercise caution and research thoroughly due to nascent crypto regulations.
As written above, the top crypto exchanges in Australia include Binance, CoinSpot, Coinjar, Gemini, and more. These crypto exchanges in Australia operate legally and welcome users from any part of the country. With crypto being legalized and subject to taxation in Australia, these offer excellent solutions for investors or businesses looking to get involved in the digital world.
The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.
