12 Best Crypto Exchanges in Australia for 2024

best crypto exchanges in Australia

One in four Australians own crypto, as per a Statista survey conducted from 2019 to 2022. This shows that there is a lot of demand for cryptocurrency among Australian investors, which has led to a proliferation of crypto trading platforms in the country. So, how do you find the best crypto exchange that is legitimate and the right fit for you? 

In this comprehensive guide to the best crypto exchanges in Australia we’ll look at the top exchanges and assess them considering several criteria, such as regulatory status, fee structure, and customer support. 

So, irrespective of your experience level in crypto trading, this article is designed to assist you in discovering the most suitable crypto exchanges in Australia for 2024 that cater to your varied requirements.

The 12 Best Cryptocurrency Exchanges in Australia 

Making the correct choice of a crypto exchange is crucial as you embark on your cryptocurrency journey. Here is our list of the best crypto exchanges in Australia, tailored to your unique crypto needs.

  1. Binance – The world’s largest and feature-rich crypto exchange serving Australian users
  2. Kraken – The best overall crypto exchange in Australia
  3. eToro – Best choice for diverse trading and social features in Australia
  4. CoinSpot – Most trusted crypto exchange in Australia
  5. Prime XBT – Crypto Exchange With High Leverage And Low Fees
  6. Margex –  High-Leverage Exchange With A Competitive Fee Mechanism
  7. Bybit – A preferred choice of Australian altcoin traders for its popularity and range
  8. KuCoin – The best automated crypto trading platform in Australia
  9. Crypto.com – Crypto trading platform in Australia for rewarding perks
  10. PaybisUser-Friendly Platform With Low Fees
  11. Plus500 – Australia’s top choice for CFDs in crypto and stock trading
  12. Coinbase – A leading US-based, publicly-traded crypto exchange popular among Australians

Reviewing the Top 12 Australian Bitcoin Exchanges 

After research and analysis, we’ve identified the top cryptocurrency exchanges in Australia. So, read on and choose the one that fits your specific needs the best.

1. Binance: The World’s Largest and Feature-rich Crypto Exchange Serving Australian Users

Binance is among the top 12 crypto exchanges for offering spot, margin, and P2P trading with several options and advanced tools.

Binance Home Page

It offers a vast selection of crypto assets and trading pairs. You can customize your trading interface with multiple charts, indicators, and data feeds, as well as enjoy trading bots with preset strategies for DCA, grid trading, rebalancing, and TWAP.

At this comprehensive crypto trading platform, one can further explore spot trading, NFT marketplace, Launchpad, mining pool, staking, BNB Chain, and tons of educational content. 

Number of Cryptos 350+
Pricing Structure Maker-Taker Fee Model
Fee for Buying Bitcoin 0.1% for regular users (0.075% with BNB)
Proprietary Wallet Yes
Top Features – Wide range of crypto & crypto services

– Zero-fee BTC trading for select pairs

– Discount for paying fees with BNB 

– Earn interest on over 70+ cryptocurrencies

– Lite mode app feature for beginners

Pros pros

  • Registered with AUSTRAC
  • Low spot market fees
  • Huge range of cryptocurrencies

Cons cons

  • A bit complex for beginners 
  • Ongoing regulatory issues in the US and the UK

2. Kraken: The Best Overall Crypto Exchange in Australia

Kraken is the best bitcoin exchange Australia that offers low fees, low spreads, fast deposits, up to 5x leverage, crypto staking, and high security.Kraken Home PageProfessional traders can use Kraken Pro to leverage a range of trading orders, such as stop-loss, market, and limit, all integrated with TradingView charts. As for fees, it is based on volume, which means if you trade in high volumes, you can enjoy discounts.

The exchange serves a global client base, has a low minimum deposit of $10, features an NFT marketplace and an education hub, and supports multiple AUD-friendly payment methods, such as Bank Transfers, PayID, Osko, and RTGS.

 
Number of Cryptos 200+
Pricing Structure Maker-Taker Fee Model
Fee for Buying Bitcoin Depends on Trading Volume
Proprietary Wallet No
Top Features – Registered with AUSTRAC

– Deep liquidity

– Instant buying and selling feature

– Support for purchasing crypto with fiat 

– Staking, NFT, & forex trading 

Pros pros

  • Advanced order types
  • Relatively low fees
  • 24/7 customer service

Cons cons

  • Fewer assets 
  • Limited AUD pairs

3. eToro: Best Choice for Diverse Trading and Social Features in Australia

eToro is the best crypto exchange in Australia for providing watchlists with real-time insights, customized risk management, staking service, advanced analysis tools, and copy trading features.

Crypto trading homepage on eToro

Unlike many on the list, the Australian Securities and Investments Commission (ASIC)-regulated eToro also offers access to a diverse range of not just cryptos but also stocks and ETFs. 

In addition to these, the innovative social trading platform also gives you access to a community of successful investors that you can copy and discuss strategies with. You can further try its demo account with AUD 100,000 to practice your trading strategy. 

Traders will find eToro’s options for depositing AUD both straightforward and economical. When it comes to its fee structure, the platform is known for its competitive edge, applying variable trading fees that depend on the spread, and notably, it does not impose any commissions on initial trades. 

 
Number of Cryptos 80
Pricing Structure Spread based
Fee for Buying Bitcoin 1%
Proprietary Wallet Yes
Top Features – Supports both crypto and stocks

– Competitive fee structure

– Social media features

– Demo account available

Pros pros

  • Registered with ASIC
  • Pioneer of copy-trading
  • Strong community and social focus

Cons cons

  • Limited crypto selection
  • High spreads

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

4. CoinSpot: The Most Trusted Crypto Exchange in Australia 

Instant buy and sell, 24/7 available live chat, and local support are what make this Blockchain Australia Certified crypto exchange one of the best in the market.

Coinspot Home Page

Founded in 2013, CoinSpot is one of the most established exchanges based in Australia, which supports hundreds of cryptos. This Australia-based exchange has a user-friendly interface and a fast and straightforward purchasing process. Additionally, the platform supports various payment options, including POLi payments, Bank Transfers, Credit/Debit Cards, BPAY, Osko, and PayID, making it convenient for users to access its services. 

CoinSpot also offers unique features such as a crypto card, NFTs, and Bundles, while its 0.1% fee rate for market orders further adds to its appeal.

Number of Cryptos 420+
Pricing Structure Spread based
Fee for Buying Bitcoin 0.1% for Market orders; 1% for Instant Buy, Sell & Swap
Proprietary Wallet Yes
Top Features – Registered with AUSTRAC

– Many deposit methods

– Prices displayed in AUD

– Inbuilt NFT marketplace

– 24/7 live chat support

Pros pros

  • User-friendly 
  • Buy crypto bundles
  • ISO 2701 certification

Cons cons

  • Advanced trading features lacking
  • No crypto borrowing and lending

5. Prime XBT: Emerging Crypto Exchange With High Leverage And Low Fees

PrimeXBT is a promising crypto exchange serving over 1 million users across 150 countries. The offers several trading options, including crypto futures, copy trading, global market trades, and the unique PrimeXBT Turbo feature.

A key feature is the leverage of up to 1:200, allowing traders to increase their trade size significantly. While this presents opportunities for higher profits, it’s crucial to remember that it also increases risk.

PrimeXBT also stands out for its competitive pricing. Crypto futures trades incur a 0.01% fee for makers and 0.02% for takers. A flat rate of 0.05% applies to global markets and copy trading. The platform charges no deposit fees, but withdrawal fees vary depending on the crypto and network.

Prime XTB crypto trading platform

Moreover, the platform uses advanced cybersecurity measures, including two-factor authentication, cold storage with multi-signature technology, Bitcoin address whitelisting, and hardware security modules. These features collectively provide a strong defense against potential threats.

Traders can access over 50 markets, including cryptos and traditional markets. Deposit options are versatile, including fiat, cash, and third-party services. However, direct bank card deposits are not supported.

Number of Cryptos 40+
Pricing Structure 0.01% – 0.05% fees
Fee for Buying Bitcoin 0.01% – 0.05% fees
Proprietary Wallet Yes
Top Features
  • 1:200 leverage
  • Strong cybersecurity
  • User-friendly features

Pros pros

  • High leverage up to 1:200.
  • Competitive fees for trading.
  • Advanced cybersecurity measures.
  • Access to over 50 markets.

Cons cons

  • High leverage increases risk

6. Margex: High-Leverage Exchange With A Competitive Fee Mechanism

Margex is a popular crypto futures trading platform catering to new and experienced traders. It allows up to 100x leverage in derivative trading, boosting potential gains. It’s worth noting that this can also increase risks for less experienced traders.

A key platform feature is the MP Shield System, which protects against price manipulation by sourcing rates from over 12 entities, ensuring reliable trading. Additionally, Margex offers a demo account for beginners to practice risk-free.

The platform prioritizes security with advanced measures safeguarding user funds and data. Margex’s user-friendly interface offers various educational resources, making it suitable for all levels of trading expertise.

Margex crypto exchange

For less active traders, Margex includes options like copy trading and crypto staking, offering attractive returns on assets like USDC and ETH. It also provides alerts for various market indicators to help traders make informed trading decisions.

Margex supports a range of fiat and popular cryptos like Bitcoin, Ethereum, EOS, and Litecoin, ensuring diverse trading options. Its affiliate program and API access for third-party trading bots further show its adaptability to various trading styles and institutional needs.

Number of Cryptos Select major cryptos
Pricing Structure Maker fees: 0.019% for limit orders
Taker fees: 0.060% for market orders
Fee for Buying Bitcoin Same as above
Proprietary Wallet Yes
Top Features
  • 100x leverage
  • MP Shield System

Pros pros

  • Up to 100x leverage available.
  • MP Shield against price manipulation.
  • User-friendly and educational.
  • Supports fiat and major cryptos.

Cons cons

  • High leverage maybe risky beginners.

7. Bybit: A Preferred Choice of Australian Altcoin Traders for its Popularity and Range

On this platform, users can trade, lend, and earn a wide range of crypto in addition to enjoying its NFT marketplace, launchpad, and Bybit Card.

Bybit home page

By allowing users to trade with a margin of up to 100x, Bybit has made itself known in derivatives trading. Additionally, Bybit users have the option to copy-trade other traders on the platform as well as earn passive income through flexible savings programs, liquidity provision opportunities, dual-asset investment options, and innovative financial products like Shark Fin. 

To make it convenient for users, Bybit supports AUD deposits through credit/debit cards, and for security, Bybit uses features like Triple-Layer Asset Protection and offers competitive fees that go as low as 0.1%. And for those with substantially high trading volumes, Bybit offers a VIP Program, which provides exclusive rate advantages and entry to special events and promotional activities.

Number of Cryptos 330+
Pricing Structure Maker-Taker Fee Model
Fee for Buying Bitcoin 0.1% for non-VIP users
Proprietary Wallet No
Top Features – Up to 100x leverage

– Bybit’s Testnet serves as the demo mode

– Bybit Earn for passive income

– Advanced trading tools

– 24/7 Live Chat customer support

Pros pros

  • Wide range of crypto 
  • Advanced trading features
  • Low fees

Cons cons

  • Not registered with AUSTRAC
  • Not really suited for spot trading

8. KuCoin: The Best Automated Crypto Trading Platform in Australia

KuCoin is widely known for its huge selection of cryptocurrencies and relatively low fees and is among the most widely used crypto exchanges, not only in Australia but globally.

KuCoin Home Page

This exchange not only offers standard spot trading but also diversifies into futures and margin trading, along with a peer-to-peer marketplace. The platform further enriches its offerings with services like crypto lending and borrowing, an NFT marketplace, and options for staking cryptocurrencies.

Moreover, the crypto exchange offers several free trading bots and has a competitively low trading fee of 0.1%.

Number of Cryptos 740+
Pricing Structure Maker-Taker Fee Model
Fee for Buying Bitcoin 0.1% for Level 0 (0.08% with KCS)
Proprietary Wallet Yes
Top Features – Deep liquidity

– Fees as low as 0.1%

– Discounted fees for paying with KCS

– Free trading bots

– Margin trading & borrow crypto

Pros pros

  • Extensive crypto support 
  • Altcoin staking
  • Relatively low trading fees

Cons cons

  • Not registered with AUSTRAC
  • Poor customer service

9. Crypto.com: The Best Crypto Trading Platform in Australia for Rewarding Perks

Crypto.com is a regulatory complaint trading platform that offers recurring buys, staking, insurance coverage, DeFi Wallet, and a Visa card. It is a simple yet feature-filled platform that you can use to buy and sell tons of cryptocurrencies as well as earn rewards on several coins. 

Crypto.com Home Page

This Singapore-headquartered crypto exchange is renowned for its attractive rewards for debit card users. Eligible users, who stake the required minimum of CRO tokens, can receive Visa debit cards at no cost. These cards, which can be loaded with AUD, function like standard debit cards and are welcomed at any outlet that accepts Visa. Additionally, cardholders enjoy cashback on all purchases made using the card. Furthermore, extra benefits include complimentary airport lounge access and rebates on services like Netflix and Spotify.

Number of Cryptos 250+
Pricing Structure Tiered Maker-Taker Model
Fee for Buying Bitcoin 0.0750% for Level 1 (0.066% with CRO)
Proprietary Wallet Yes
Top Features – Convenient mobile app 

– Access to lots of crypto

– Earn interest on 40+ cryptocurrencies

– Ability to spend crypto through Visa

– Free Visa debit card to earn crypto while spending AUD

Pros pros

  • Easy-to-use interface 
  • Earn interest on select crypto
  • Cashback rewards

Cons cons

  • Large spreads
  • Lacking customer service

10. Paybis: User-Friendly Platform With Low Fees

Launched in 2014, Paybis is a promising crypto trading platform that is user-friendly, catering to both new and seasoned traders within Australia. The exchange supports many cryptos, including prominent ones like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), and Ripple (XRP), as well as a range of lesser-known digital currencies.

Paybis allows trades in more than 45 different fiat currencies, including but not limited to GBP, USD, EUR, and AED. The platform offers a variety of payment modes, such as credit/debit cards, Skrill, and Neteller, and it strictly adheres to KYC norms.

Paybis Exchange

The platform’s service extends its reach internationally across 180 countries and is multilingual. Also, customer support is available round the clock through live chat, email, and various social media channels.

Fee Structure:

  • A transaction fee of 2.49% is applied to payments made via credit and debit cards.
  • Bank transfers and card payments are often the go-to choices due to their higher purchase limits and generally lower fees.
  • The network fees are subject to change depending on the crypto.

Number of Cryptos 50+
Pricing Structure 2.49% for card payments
Fee for Buying Bitcoin No maker/taker fees
Proprietary Wallet Yes
Top Features
  • User-friendly
  • supports 45+ fiat currencies

Pros pros

  • Supports many cryptos and fiats.
  • Variety of payment modes.
  • Global reach in 180 countries.
  • 24/7 multilingual support.

Cons cons

  • Credit/debit card fee 2.49%.

11. Coinbase: A Leading US-based, Publicly-traded Crypto Exchange Popular Among Australians

This is one of the top Australian crypto exchanges, offering both simple and sophisticated charting capabilities and enabling users to conduct transactions between different cryptocurrencies.

Coinbase Australia Home Page

Launched in 2012, Coinbase is one of the longest-running crypto exchanges, with more than 110 million verified global users. Adding to its user-focused approach, the platform enables the execution of various types of orders, including market, limit, and stop, and provides an exciting experience through Coinbase Learn.

Coinbase’s dedication to user experience extends to its trading platform, too, as the crypto exchange offers a lot of altcoins to trade, is easy to use, and markets typically offer deep liquidity. It also offers its own Coinbase Wallet and layer 2 blockchain Base. 

Coinbase’s robust security system contributes to its popularity even further as it protects users’ funds and personal information.

Number of Cryptos 260+
Pricing Structure Maker – Taker Fee Model
Fee for Buying Bitcoin Ranges from 0.5% to 4.5% per trade
Proprietary Wallet Yes
Top Features – Registered with AUSTRAC

– Simple sign-up process

– Cold storage wallet

– Instant card withdrawals

– Institutional services

Pros pros

  • Publicly-traded company 
  • Incentivised learn-to-earn feature
  • Beginner & advanced trading options

Cons cons

  • High fees
  • Inadequate customer support

12. Plus500: Australia’s Top Choice for CFDs in Crypto and Stock Trading

This ASIC-regulated platform is among the best crypto trading platforms in Australia and allows you to deposit money in a simple way with multiple global payment methods and test the waters through its demo account.

Plus500 Crypto CFD Trading Homepage

Plus500, a member of the FTSE 250 index and publicly traded on the London Stock Exchange, offers crypto trading through CFDs. This allows you to speculate on the price movements of major crypto assets without actually owning them. Additionally, having an account on an exchange or possessing a specific wallet is not a requirement here.

The platform offers price alerts and stops to help manage your risk, as well as around-the-clock dedicated customer service in multiple languages. It further keeps user funds in segregated bank accounts as per regulatory requirements, so that ensures your monetary safety.

Number of Cryptos 15+
Pricing Structure Spread-based
Fee for Buying Bitcoin Spread plus Overnight Funding
Proprietary Wallet No
Top Features –  A FTSE 250 company listed on LSE

– Speculate on crypto’s price movements

– Price alerts and stops

– No need for a special wallet

– Up to 1:2 leverage

Pros pros

  • Offers major cryptocurrencies 
  • Easy to use
  • Reasonable fee

Cons cons

  • CFD trading
  • Lack of crypto variety

What is a Cryptocurrency Exchange?

These exchanges work pretty much like traditional trading platforms, offering accounts that enable you to execute various types of cryptocurrency trading orders. 

Many crypto exchanges are equipped with several advanced trading features that enhance the depth of trading strategies. Additionally, some platforms diversify their offerings with options like cryptocurrency staking and lending services.

There are different types of crypto exchanges:

Centralized Exchanges (CEX): These exchanges are managed by a centralized organization and make it easy to start trading crypto by facilitating the purchase of crypto directly with Australian dollars (AUD). It may, however, require users to adhere to Know-Your-Customer (KYC) protocols, which means divulging their identity.

Decentralized Exchanges (DEX): These platforms use smart contracts to facilitate direct trading between users, bypassing central intermediaries. Instead of an order book, DEXs make use of Automated Market Makers (AMMs) for trades, which creates instant access to liquidity. 

DEXs provide transparency in regard to the movement of funds and the exchange mechanisms, as well as mitigate counterparty and systemic centralization risks. However, DEXs are much less user-friendly and do not provide support for fiat currencies. 

Crypto Brokers: Much like a traditional broker, crypto brokers act as a financial intermediary for those who want to exchange their fiat money for cryptocurrencies. In exchange for its services, a broker charges users a premium for using the platform. 

Buying cryptocurrency at a broker without much knowledge is extremely easy, and due to this convenience, the fees charged can be a bit higher compared to a crypto exchange. However, brokers often don’t offer advanced trading options such as margin trading.

P2P Exchanges: A P2P exchange facilitates direct trading of crypto assets between users, giving individuals the freedom to select their trading partners. It gives the user the freedom to choose the person they want to trade with. In this way, such platforms give traders the freedom to establish their own trading terms, offering them more privacy, transparency, asset control, and security.

How do Crypto Exchanges in Australia Work?

 

Cryptocurrency exchanges give you the tools to buy and sell crypto assets. The best crypto exchanges make it easy for you to buy and sell digital currencies while offering you competitive fees and robust security measures to ensure a safe trading environment. 

As for how they work, crypto exchanges operate like traditional stock exchanges. These platforms help investors to buy and sell virtual currencies and offer a variety of trading and investment services for users. 

To cover the costs of their extensive range of services, crypto exchanges typically impose fees on their users. However, in contrast to traditional exchanges, which operate within specific trading hours, crypto exchanges function continuously and remain active 24/7.

To get started on a crypto exchange;

  1. First, select a reliable crypto exchange that aligns with your trading preferences and requirements.
  2. Then, sign up with the exchange you’ve picked and set up your trading account.
  3. Next, add funds to your account or digital wallet, either by depositing traditional currency such as AUD or by moving cryptocurrency into it.
  4. Now, decide on the specific cryptocurrency you wish to acquire and determine the quantity.
  5. Proceed with the required actions to execute the purchase and finalize the deal.

How We Ranked the Best Bitcoin Exchanges in Australia

We conducted a comprehensive evaluation of the features and options presented by these cryptocurrency exchanges. We took several factors into consideration, which are as follows:

Regulation

In Australia, crypto exchanges are required to be registered with AUSTRAC, Australia’s agency responsible for financial intelligence and monitoring of illicit activities, to legally provide digital asset exchange services. Having an AUSTRAC-registered crypto exchange means it is compliant with Australian law, which ensures an exchange’s legitimacy and gives users peace of mind. 

Tradable Cryptos 

There are thousands of crypto assets available in the market today, so, of course, not every altcoin will be listed on one or all crypto trading platforms. Major crypto assets like BTC, ETH, and XRP are listed on a large number of exchanges, but you want to be able to trade other altcoins as well. Moreover, the ability to buy crypto with fiat currency further adds to the user experience. 

Fees

Crypto exchanges charge fees for every transaction, and depending on your activity, fees can become very expensive. The fees charged by exchanges include trading fees, which are incurred when you buy or sell cryptocurrencies on a platform. Many exchanges also charge staking, deposit, and withdrawal fees in addition to trading fees.

Wallet

Wallets play a crucial role in the accessibility, control, and security of your crypto assets by storing the private keys that grant access to your funds. To facilitate easy trading, exchanges typically provide hot wallets; however, these internet-connected wallets have increased vulnerability to hacking. Additionally, some exchanges offer proprietary wallets but they might support a limited range of cryptocurrencies, unlike more versatile external wallets.

Tools & Features

Some crypto exchanges provide basic trading features, but if you want to take full advantage of the vibrant crypto sector, you need a platform that also offers sophisticated trading functionalities such as leveraged trading, reduced fees for high-frequency trading, and more. Also, the ability to stake certain crypto assets and earn interest payments, or even the ability to lend out your cryptocurrency, adds more depth to the range of services these platforms can offer.

Payment Methods

Buy crypto with fiat page on Binance

The best crypto exchange supports a wide range of payment methods so that you can choose the mode that best suits your needs in terms of speed and fees. The more payment options an exchange has, the more convenient it is to use. Besides popular methods like bank transfer, eWallets, credit cards, and PayPal, the optimal exchange must also support your local payment method and currency as well.

Customer Service

The reputation of a crypto exchange can be gauged by examining the opinions and comments of its users about the platform. In addition to evaluating the platform’s historical performance, we have also analyzed customer support options. The best crypto trading platform Australia has robust customer service to help you should you run into issues, offering several options such as email, phone, and live chat. Also, the 24/7 availability of the support and how quickly and well the team responds are equally important.

Mobile App 

Coinspot App Download Page

Today, almost everyone has a mobile phone, so it’s crucial for crypto trading platforms to offer not only web browser trading but also mobile and desktop trading apps. Having user-friendly and intuitive apps ensures that you can enjoy trading on the go and not miss a lucrative opportunity, given that the crypto market never sleeps.

Are Cryptocurrency Exchanges Legal in Australia?

When it comes to regulation, crypto continues to be in murky waters. However, after the series of debacles in 2022 in the form of FTX, BlockFi, Celsius, and Terra/Luna, regulators around the world have ramped up their efforts to regulate the sector. 

In general, some form of crypto regulation currently exists in many countries, if not outrightly banned, while others are taking progressive steps to regulate the space. When it comes to Australia, crypto assets are absolutely legal in the country with the government actively developing regulatory measures to combat money laundering and the funding of terrorism. As a result, crypto exchanges must register with the AUSTRAC and comply with designated record-keeping and reporting regulations. 

Recently, Australia’s Treasury suggested fresh regulatory approaches, signaling a shift towards a more structured environment for cryptocurrency exchanges. Anticipated to be enacted by 2024, the upcoming legislation will introduce novel licensing and custodial requirements. 

Under these new rules, a crypto exchange has to get an Australian Financial Services License (AFSL) if they’re managing individual client assets exceeding AUD 1,500 or their total assets are more than AUD 5 million. The purpose of these regulations is to bolster consumer safety and create fair competition between domestic and international cryptocurrency trading platforms.

Are Australian Bitcoin Exchanges Safe?

Yes, Australian Bitcoin exchanges are reasonably secure, with Bitcoin being completely legal in Australia. One can freely buy, sell, trade, spend, receive, and store crypto assets in the country, and in terms of taxation, Bitcoin is categorized as property in Australia. Hence, it is subject to capital gains tax unless you’re using it for day-to-day transactions.

In short, Australia has stringent regulations for Bitcoin exchanges to safeguard consumers and prevent any unlawful transactions involving digital currencies.

It all began in 2018 when AUSTRAC first began regulating Australian crypto exchanges, which ensured that all platforms dealing in Bitcoin within Australia adhere to rigorous Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws. Additionally, these exchanges must conduct user identity verification and keep detailed financial records. 

How do Crypto Exchange Fees Work?

Generally, every crypto exchange imposes a fee for trading on their platform, such as maker or taker fees, transaction charges that vary according to the trading volume, and fees associated with transferring funds to or from a user’s bank account.

Fees for trading could be applied as a uniform percentage based on the volume of cryptocurrency transactions you make, or the exchange might implement the maker-and-taker model.

Under the tiered “maker” and “taker” system, the exchange categorizes users into different levels based on their trading volume. It then applies maker and taker fees accordingly, with the fee amount varying depending on the trader’s volume of trades. 

A maker is someone who contributes to market liquidity on the exchange by putting up cryptocurrency for sale, whereas a taker is a person who reduces liquidity by buying the crypto available on the market. Both the maker and taker incur charges for each transaction, although the fees are typically lower for makers.

In addition to all these fees, adopting higher-level trading tactics, including margin trading, incurs additional costs related to the use of borrowed capital.

It’s worth noting that some crypto apps may have zero fees, but they make money through the spread, which refers to the price gap between their purchase and sale prices for cryptocurrencies. 

While deposits tend to be free, it’s common for exchanges to impose charges for transferring coins off their platform, which typically vary by cryptocurrency. Even for deposits, when you transact with credit or debit cards, there might be additional charges imposed by both your card provider and the exchange.

Conclusion

Crypto is a fast-paced and exciting industry that offers many lucrative investment options. Echoing this dynamism, in Australia, investing in cryptocurrency has been made safer and more accessible with proactive and rigorous regulations.

So, whether you’re a crypto newbie or a seasoned investor, choosing Australia’s best crypto exchange like Binance can lead to a successful trading journey.

Binance, known for its robust security measures and diverse trading options, is a popular choice among Australian traders. It offers a user-friendly interface, advanced trading features suitable for both beginners and professional traders, and a commitment to regulatory compliance.

With Binance, you can engage in a wide range of crypto activities, from trading to staking, backed by a platform that emphasizes security and user empowerment.

References

FAQs

What is the most trusted crypto exchange in Australia?

What crypto exchanges are legal in Australia?

Is Binance legal in Australia?

What is the most popular crypto exchange in Australia?

Is Coinbase safe in Australia?

Gaurav Roy

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