15 Best Crypto Exchanges in Australia for 2024

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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 15 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 top crypto exchanges in Australia, tailored to your unique crypto needs.

  1. eToro – The best crypto exchange in Australia, innovative copy trading tools
  2. Bybit – Top choice offering up to $30,000 in deposit rewards
  3. Kraken – Promising crypto exchange in Australia with competitive fees
  4. Binance – The world’s largest and feature-rich crypto exchange serving Australian users
  5. Gate.io – Leading crypto exchange offers crypto loans, margin trading, and copy trading.
  6. KuCoin – Popular automated crypto trading platform in Australia
  7. MEXC – Leading exchange with 0% spot trading fee, 200x leverage, and 1,600+ cryptos
  8. Prime XBT – Crypto exchange with high leverage and low fees
  9. Pionex – Popular for auto-trading bots, offering 16 free built-in bots and a 0.05% trading fee
  10. CoinSpot – Most trusted crypto exchange in Australia
  11. Margex –  High-Leverage Exchange With A Competitive Fee Mechanism
  12. PaybisUser-Friendly Platform With Low Fees
  13. Crypto.com – Crypto trading platform in Australia for rewarding perks
  14. Plus500 – Australia’s top choice for CFDs in crypto and stock trading
  15. Coinbase – A leading US-based, publicly-traded crypto exchange popular among Australians

Reviewing the Top 15 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. eToro: The Best Cryptocurrency Exchange in Australia

eToro is our pick for 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 (ASIC)-regulated eToro also offers access to a diverse range of not just cryptos but also forex, stocks, and ETFs, making it a complete platform.

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

Aussie 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

  • Best Australian crypto exchange in 2024
  • 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.

2. Bybit: Get up to $30,000 in Deposit Rewards

Bybit is another popular crypto exchange in Australia. Users can trade, lend, and earn a wide range of crypto, in addition to enjoying its NFT marketplace, launchpad, and Bybit Card. It offers one of the biggest bonuses of all crypto exchanges, with up to $30,000 up for grabs.

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

3. Kraken: Promising Crypto Exchange in Australia With Competitive Fees

Kraken is the next 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

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

Binance is a popular crypto exchange offering spot, margin, and P2P trading with several options and advanced tools. While it may not be the biggest crypto exchange in Australia, it is the largest in the world.

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

5. Gate.io: Trade Over 1,700 Cryptos With Low Trading Fees

The next top Australian crypto exchange to use in 2024 is Gate.io. This popular crypto trading platform has over 17 million registered customers. Boasting a 24-hour trading volume of more than $10 billion, Gate.io gives crypto users trading access to 1,700+ digital assets. 

The platform features crypto spot trading at a starting cost of just 0.09% per transaction. Depending on your trading volume, the cost reduces to just 0.02% per transaction. Advanced traders can engage in margin trading and apply up to 10x leverage to their trades. 

Gate.io homepage

Notably, Gate.io offers unique features such as crypto loans. Gate.io locks your digital assets as collateral, and offers crypto-based loans. 

Beginners can start using Gate.io’s copy trading tool and copy the exact trades of senior traders on the platform. The platform has introduced a new ‘Startup’ feature, which is a token launch platform for innovative projects. Thus, Gate.io users get early access to new crypto platforms with this exchange. 

Investors can also stake their tokens with ‘Gate.io Earn’, and get high annual yields. For instance, you can earn up to 16.65% APYs by staking USDT on Gate.io. 

Number of Cryptos 1,700+
Pricing Structure Maker-Taker Fee Model
Fee for Buying Bitcoin Starts from 0.09% per transaction
Proprietary Wallet No
Top Features – Supports copy trading tools

– Lets you trade 1,700 cryptos

– Gives access to innovative and new crypto projects

– Take out cryptocurrency loans

Pros pros

  • Low crypto trading fees
  • Apply up to 10x leverage on trades
  • Take out cryptocurrency loans
  • Access copy trading tools

Cons cons

  • Lower fees comes with huge trading volumes
  • Charges withdrawal fees

6. KuCoin: Popular 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

7. MEXC: Leading Exchange With 0% Spot Trading Fee, 200x Leverage, And 1,600+ Cryptos

MEXC is a leading crypto exchange in Australia offering high security, a user-friendly interface, and a diversified selection of over 1,600 cryptos. It has expanded globally in more than 170 countries, with over 10 million users since its launch in 2018.

MEXC Homepage

The platform features high future leverage of up to 200x and other margin trading options great for beginners or experienced traders and even an exclusive copy trading feature.

MEXC has a very competitive 0% fee on spot trading and low fees on future trading, including a 0.02% taker fee rate. In addition, the platform offers the user fast transaction execution, processing 1.4  million transactions per second. MEXC also has advanced charting tools and several indicators for in-depth market analysis.

MEXC also offers attractive APYs on staking to users with flexible lock-up options that provide liquidity to account holders’ deposits. It is worth noting that the native token of MEXC ‘MX’ gives its holders access to some governance rights, such as voting on business decisions, trading fee discounts, and free airdrops.

Number of Cryptos 1600+
Pricing Structure 0% Spot Trading, 0.02% Taker Fee for Futures
Fee for Buying Bitcoin 0% for spot trading
Proprietary Wallet No
Top Features – 200x Leverage

– Copy Trading

– Fast Transaction Execution

Pros pros

  • 0% fee on spot trading.
  • High future leverage up to 200x.
  • Over 1,600 cryptos available.
  • Fast transaction execution.
  • Attractive APYs on staking.

Cons cons

  • Limited availability in some countries.

8. Prime XBT: One of the Top Crypto Exchanges for High Leverage

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

9. Pionex: Popular For Auto-Trading Bots, Offering 16 Free Built-in Bots And A 0.05% Trading Fee

Pionex is a popular crypto exchange in Australia known for its auto-trading bots. It offers 16 free built-in trading bots, which include ‘AIgrid-Binance Grid Trading Bot’ and ‘BTC/ETH Moon’ that use artificial intelligence to optimize trading strategies.

Pionex home

The platform has become one of the most preferred choices for traders looking for an automated solution in Australia. More than 100,000 customers from over 100 countries use Pionex. It also offers a demo account to trade virtual funds, allowing new investors to trade without risk.

Pionex handles a volume of billions of dollars monthly, with more than 100 million trades daily on average. It has one of the cheapest fee structures in the industry at 0.05% and supports trading for almost 400 cryptos.

Customers can stake Bitcoin and many other cryptos to get APYs from their idle investments while earning up to 50% commissions on new referrals through its rebate policy. The platform also recently launched its PionexGPT, allowing customers to create trading strategies using AI.

Number of Cryptos 400
Pricing Structure 0.05% Trading Fee
Fee for Buying Bitcoin 0.05%
Proprietary Wallet No
Top Features – 16 Free Built-in Trading Bots

– Low Fee Structure

– PionexGPT for AI Strategies

Pros pros

  • 16 free built-in trading bots.
  • Low trading fee of 0.05%.
  • Supports almost 400 cryptos.
  • PionexGPT for AI strategies.
  • Up to 50% referral commissions.

Cons cons

  • Limited tools for advanced traders.

10. 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

11. 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 Aussie 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.

12. 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%.

13. 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

14. 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

15. 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 Do I Open A Crypto Exchange Account?

Opening a crypto exchange account is relatively straightforward. However, you’ll need to complete KYC (Know Your Customer) verification for any centralized exchange operating in Australia.

  1. Choose a platform
  2. Head to the platform website and click “Sign-Up” or “Register.”
  3. Next, you will need to provide and verify your email address.
  4. Depending on the exchange, you will also need to complete KYC. This requires you to provide personal information and submit documents for verification (government-issued ID and a utility bill or bank statement).
  5. Set up security features. This might include 2-Factor Authentication, passwords, or biometric verification.

Once verification is complete, you’ll be able to start trading right away.

How We Ranked the Best Bitcoin Exchanges in Australia

We conducted a comprehensive evaluation of the features and options presented by these cryptocurrency exchanges to find the best platform to buy crypto in Australia. 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, like AUD, 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 AUS 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. When deciding where to buy crypto in Australia, you should also look at what other services are offered such as the ability to stake certain crypto assets and earn interest payments, or even the ability to lend out your cryptocurrency.

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 the most popular crypto exchanges in Australia 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.

What Type of Trading Can You Do on Crypto Exchanges?

Cryptocurrency exchanges can support a range of different trading options, not just simple buying and selling of crypto. Some examples include:

  • Spot Trading: This is the most simple form. You can buy and sell crypto through the exchange to receive it immediately at the normal rate.
  • Margin or Leverage Trading: This form of trading involves borrowing crypto funds so you can trade larger amounts to make bigger profits (or losses).
  • Futures Trading: In futures trading, you enter into a contract to buy or sell crypto at a predetermined price and time. This allows you to speculate on the future price of assets and make potential losses or gains depending on the actual price.
  • Options Trading: This contract gives you the right – or option – to buy or sell crypto at a set price before a specific date.
  • Derivatives Trading: This is the trading of financial instruments that are derived from cryptocurrency. For example, you could trade a futures contract. Derivative trading is strictly licensed in Australia and any exchange supporting it will need an AFS license.
  • P2P Trading: Many exchanges also offer a peer-to-peer trading option, which allows you to trade cryptocurrency directly with other traders.
  • NFT Trading: This allows you to trade a type of cryptocurrency that is non-fungible not interchangeable with other tokens. Most NFTs are in the form of art, such as the Bored Ape Yacht Club collection.

Exchanges will also support activities that generate passive income, like yield farming, staking, and lending/borrowing.

What Crypto Can You Trade On Australian Crypto Exchanges?

Cryptocurrency has been legal in Australia since 2017. While there are regulations around the marketing, issuance, and selling of these assets, there are little restrictions on which cryptocurrencies you can buy. On the top crypto exchanges in Australia, you’ll find cryptocurrencies like:

  • Bitcoin (BTC)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Tether (USDT)
  • Binance Coin (BNB)
  • Solana (SOL)
  • Ripple (XRP)
  • Cardano (ADA)

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 Aussie consumers and prevent any unlawful transactions involving digital currencies.

austrac crypto page

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. 

What is the Safest Crypto Exchange in Australia?

The safest exchanges for Australians are those that are licensed by ASIC, including the likes of eToro, Coinspot, and Swyftx.

An ASIC license ensures that the exchanges have appropriate security protocols as well as providing investor protection in the event of a security breach, so that users are protected.

eToro ranks among the very safest crypto exchanges across the world, having never been victim to a hack.

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 the lowest fee crypto exchange on the market may have zero fees, but these exchanges often 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 Bybit, can lead to a successful trading journey. It offers competitive fees and a user-friendy interface for beginners.

References

FAQs on Australian Crypto Exchanges

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?

How do I buy crypto in Australia?

What is the most popular cryptocurrency in Australia?

 

Gaurav Roy
Editor
Gaurav Roy
Editor

Gaurav is a seasoned content specialist and researcher with over 5 years of remote work experience, engaging with clients across the US, UK, Australia, Israel, Germany, Netherlands, Canada, India, New Zealand, Singapore, and more. His expertise spans email outreach, in-depth research, and versatile content creation. He boasts over 600 research projects completed with AskWonder and has successfully led a team of research analysts for two years. He has a diverse portfolio, having supported companies like Casino Tops Online, Sweep Stakes Casino, PayGamble, Odds Scanner US, and Sambafoot UK, demonstrating his proficiency in the iGaming sector. He has contributed as a…