Some traders prefer to look overseas for exchanges, but in various countries, there are regulation laws in place so the population can trade crypto safely; one of these places is Australia.

If you’re an Australian trader looking to see where you can start trading crypto, in this article, we’ll introduce you to the best Australian crypto exchanges. You’ll learn all about how crypto exchanges work and the pros and cons.

Table of Contents:

• What Is a Crypto Exchange
• Pros and Cons of Using Australian Exchanges
• Reviews
• 1. CoinSpot
• 2. Swyftx
• 3. Coinstash
• 4. Binance AU
• 5. eToro Crypto
• 6. Coinbase Australia
• 7. KuCoin
• 8. Bybit
• 9. Kraken
• 10. Cointree
• 11. Gemini
• How to Choose the Best Crypto Exchange
• The Verdict
• FAQs

What Is a Crypto Exchange? 🔎️

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A crypto exchange is a platform that facilitates trading of cryptocurrency and digital currencies. Crypto exchanges work similarly to stock exchanges; they are used in the same way but with digital assets. Companies or entities host a crypto exchange. Cryptocurrency exchanges don’t come in a one-size-fits-all solution. Different types of exchanges are designed for different levels and types of traders.

There are two types of crypto exchanges:

• Centralised crypto exchanges (CEXs): Centralised exchanges act as a third party to help conduct transactions. Buyers and sellers trust the platform to handle their assets. Like a bank account, a centralised exchange offers security and monitoring and holds assets. Centralised exchanges execute transactions and find trading partners for users. CEXs tend to have simple trading tools, so they are ideal for beginner traders. Some advanced traders still choose to use CEXs to buy and sell crypto.
• Decentralised crypto exchanges (DEXs): A decentralised exchange is a peer-to-peer marketplace that connects crypto traders. Decentralised platforms are non-custodial, so each trader controls their assets and private keys when trading on a DEX. Advanced traders tend to lean towards DEXs, as it gives them more control of their trading, and they often come with advanced trading features.

The key difference between centralised and decentralised exchanges is the involvement of a third party. You can trade cryptocurrency on both; it’s just a matter of whether you want to control the funds exchanged on the platform altogether.

Pros and Cons of Using Australian Exchanges

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As a trader, you can use most crypto exchanges around the world. But if you’re from Australia and looking for an exchange closer to home, there are specific pros and cons of using an Australian crypto exchange.

Pros ✅️

• Australian compliance: Exchanges in Australia are registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and comply with the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006.
•  Use Australian dollars: Using an Australian-based crypto exchange means you don’t have to do any currency conversion as you can usually with the Australian dollar.
• Support local payment methods: Australian exchanges tend to support local payment methods.
•  Subject to local laws: The crypto laws may vary between each Australian state, so wherever you’re trading, the exchanges and trades may be subject to local law.
• Local support team: Most Australian crypto exchanges will have a local support team you can contact at appropriate times.

Cons ❌️

• You can’t trade anonymously: As part of AUSTRAC regulatory compliance, any registered crypto exchange must ask traders for personal details and proof of ID. So, you can’t trade anonymously like you’re able to on other exchanges.
• Better liquidity overseas: You may find overseas trading platforms have better liquidity than Australian exchanges.
•  Not all trading is available in Australia: With AUSTRAC-registered crypto exchanges, there are trading limits. For example, margin trading, some altcoins, and DeFi features are unavailable.

Best Crypto Exchanges in Australia: Reviews 🔝️

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All crypto exchanges in this list are based or operate in Australia. Remember to check your state laws to see which crypto regulations should be complied with.

1. CoinSpot: Best Crypto Exchange for Beginner Investors

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CoinSpot has over 2.5 million registered users and is one of the longest-running exchanges in Australia. When trading with CoinSpot, there are 411 supported cryptocurrencies, including popular coins like BTC, ETH, XRP, SOL, and more. You can deposit Australian dollars, the fiat currency it allows on the platform

CoinSpot is registered with AUSTRAC and is a certified member of Blockchain Australia, so you use the platform knowing it meets regulatory compliance.

The feature we liked the most when trying out CoinSpot was the speedy, straightforward purchases. The platform supports various payment methods such as BPAY, PayID, and POLi payments, making the platform more accessible to people who prefer to make payments outside of bank transfers.

To start trading, you create an account, deposit funds and begin trading crypto. Anyone over the age of 16 can open an account with CoinSpot. You need an email address, a valid ID to verify your account and an Australian mobile number.

Another feature we appreciated is that CoinSpot has a locally based support team; combined with Live Chat and Help Desk, you can reach out 24/7. The average reply rate is less than 30 seconds, so if you need any help, you can talk to a member of the team whenever you need.

We found that the platform doesn’t have comprehensive, advanced trading features like other competitor exchanges. However, it is easy to navigate and ideal for beginner investors. You can buy, sell and swap cryptocurrency on the platform. There is no option for cryptocurrency borrowing or lending with CoinSpot. On their platform, you can see how well certain coins perform, indicating whether the value increases or decreases.

You can trade on their online platform or exchange via the CoinSpot app, which is available on Google Play and Apple Store. As well as hosting a crypto exchange, CoinSpot also has an NFT marketplace and offers Crypto OTC trading services.

2. Swyftx: Best Exchange With Additional Learning Feature

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If you’re looking for an Australian-owned and operated crypto exchange, we recommend Swyftx. The platform has a simplistic dashboard that gives you quick access to your assets, and you can track their performance at any time just by logging into your account.

There are over 310 cryptocurrencies for you to diversify your trading portfolio with, and there are over 600,000 users who trade on the platform. Swyftx is registered with AUSTRAC and is regulated according to Australian law.

What we liked best about Swyftx’s trading platform is that you can use a demo account to test setup and strategies on the go; this is ideal if you plan your investment strategy. You can get to know the platform and test new strategies without risking any of your funds.

The UX of the platform is beginner-orientated, so advanced traders may find it too basic; there is also a limited range of order types. But if you’re a beginner investor, you may find comfort in trading crypto from a simplistic platform until you become more confident. Swyftx also aids new traders with its education hub that provides a wealth of knowledge with crypto courses to learn new skills, and you can test your knowledge with quizzes.

Whether you’re a desktop user or prefer to trade from your smartphone, the Swyft mobile app and online platform offer a comprehensive user experience with all of the same features supported so you can trade in a way that best suits your lifestyle.

3. Coinstash: Best Exchange for Extensive Support Cryptocurrencies

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If you’re looking for more variety in cryptocurrencies to buy, sell, and trade, Coinstash has over 1000 available. The trading platform has a DeFi Connector to purchase on-chain cryptocurrencies with AUD. We were impressed with the platform’s different features, such as advanced order types and charting tools, and the platform offers thematic bundles of coins for simplified investing.

Trading on Coinstash differs from an actual DeFi exchange, as you must complete KYC to trade. There is no USD or stablecoin market, and some tokens may have higher risk and volatility. The platform’s De-Fi Connector exposes traders to high-cap cryptocurrencies and lesser-known altcoins.

The platform uses decentralised financial aggregators to locate crypto tokens with the lowest prices and fast fees available at the point of sale. Once a purchase order has started, your Australian dollars will automatically convert, and the cryptos will enter your Coinstash digital wallet.

Coinstash is integrated with six blockchains: BNB Chain, Ethereum, Polygon, Avalanche and more. All transactions are verified on-chain and secured by Fireblocks. Cointsash also offers SMSF exposure to crypto and OTC, allowing users to grow their portfolio through rewards.

4. Binance AU: Best Crypto Exchange for All Traders

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If you’re an advanced trader, you’ll appreciate the crypto exchange Binance AU as it has comprehensive earning features and a wide range of supported cryptocurrencies of over 350. If you’re a beginner trader, Binance AU has a Lite mode on their smartphone app that can aid you in trading. The platform is registered with AUSTRAC and follows all the needed compliance policies.

We liked that there is zero-fee Bitcoin spot trading for select pairs, making traders always appreciate trading being more accessible and having low fees. Traders using the Binance AU platform can customise their trading interface with data feeds, indicators and multiple charts.

Traders all gain access to trading bots that provide strategies for rebalancing, dollar-cost averaging, grid trading and TWAP. Binance Australia has a proof of reserve system to prevent users from losing their crypto in case of a collapse; all assets are held on a 1:1 basis.

Binance offers access to advanced trade types, such as margin trading and spot markers. If you’re ever in need of assistance, you can reach out to the customer support team via live chat. Some traders are wary of Binance Australia as back in 2019, a group of hackers stole more than $40 million of cryptocurrency. However, security has been updated, and the platform has tighter procedures to protect its users.

5. eToro Crypto: Best Exchange for Copy Trading

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If you’re interested in copy trading, eToro is a pioneer of copy trading and supports copy trading for crypto and stocks. The copy trading features allow you to view and mirror trades by experienced traders. eToro prides itself on a strong community and social focus with a Facebook-style news feed. If you want to connect with a network of traders whilst trading, you can do so with eToro’s exchange.

eToro Crypto isn’t an Australian-based exchange, so there are foreign exchange fees for AUD deposits. Fees and spreads may be higher on this platform than on crypto-only exchanges, and there is only a tiny selection of crypto with only 80 supported cryptos. However, if you want to trade in other currencies, the platform supports 22 fiat currencies.

Using advanced charts and analysis tools, you can build your crypto portfolio with coin trend tracking. You can create a custom watchlist to stay informed with real-time updates to take advantage of potential market movements.

eToro also offers staking services to excel your crypto whilst you HODL. The feature that stood out to us the most was the customised risk management features that allow you to set Stop Loss and Take Profit parameters to suit your trading strategy and automatically protect investments. Stop Loss and Take Profit are not guaranteed.

6. Coinbase Australia: Best Learn-to-Earn Features

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Coinbase Australia offers crypto trade, learn and earn, and NFT platforms and markets if you want access to multiple markets from one trading platform. Coinbase Australia aims to help introduce Web3 to the masses and educate new traders.

The platform has a learn-to-earn hub that incentivises traders to use it to expand their Web3 knowledge. Coinbase Learn is user-friendly and gives users of all trading levels a gamified, engaging experience. Once you’ve signed up and verified your CoinBase account, you can start trading, earning and learning.

Derivatives trading isn’t supported on the platform in Australia alongside crypto borrowing and lending. Additionally, advanced trading features are less extensive than those of some competitor crypto exchanges.

Coinbase is considered one of the world’s most trusted exchanges, with a robust security system protecting users’ funds and personal information. Coinbase is one of the largest Aussie exchanges, with over 2.5 million users.

Trade on the CoinBase platform online or via their mobile app so you can always be ready to buy and sell wherever you are. The mobile app has the same features as the desktop version, so you don’t have to worry about missing out.

7. KuCoin: Best Exchange for Altcoins

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If you want to gain exposure to altcoins, KuCoin has 745 supported coins and 50 fiat currencies on the platform. You can find up-and-coming altcoins and don’t need to use a DEX to access them. With KuCoin, you can create an account and gain access. No Know Your Customer (KYC) policies or processes are required to trade crypto on the platform so you can trade anonymously.

The feature we liked best for this exchange is that you can use multiple deposit methods to deposit funds from a bank transfer, debit card, credit card, TransferWise, Neteller, PayID, Revolut, Prepaid card, Apple Pay, Google Pay and more.

KuCoin isn’t registered with AUSTRAC as a digital currency exchange. Many of the digital assets on the platform are brand new and untested, so they could be seen as riskier than established coins like Bitcoin and Ether.

8. Bybit: Best Exchange for Extensive Features

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Bybit isn’t registered with AUSTRAC, so the platform can offer additional features, such as crypto lending, that other Australian-based platforms can’t. Bybit is based in Singapore but offers services worldwide, and its platform supports multiple languages. The platform gives traders access to numerous trading types like derivatives trading, margin trading, leveraged tokens, and more.

We found Bybit to be a feature-rich platform, especially with the tools. You can share your trading preferences on the platform, and it will analyse your investment portfolio and recommend the right trading tools to help you excel in your trading.

Whether you’re new to crypto or an expert, you can use various tools, such as copy trading, leveraged AI-power trading with TradeGPT, intelligent trades with a Trading Bot, Position Builder and more.

Bybit’s markets tend to have deep liquidity. However, there are foreign exchange fees for AUD deposits. Although the platform isn’t AUSTRAC registered, it has advanced security measures that include 2FA, cold storage and multi-signature wallets.

Whether you prefer to trade on the go or in the comfort of your home, both the desktop and mobile are fully functional, so you can trade wherever without missing out on any of Bybit’s extensive features.

9. Kraken: Best Platform for Free AUD Deposits and Withdrawals

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When you use PayID to make instant purchases with AUD, they’re free when you use Kraken. The platform is US-based but provides services for traders worldwide, Australia included. The platform is AUSTRAC registered.

Kraken offers advanced order types with Kraken Pro, allowing you to spot AUD funding and more on a customisable interface. The customisable charging features were helpful in strategising trading, seeing past performances and helping see how current investments are doing. Allowing traders to customise the interface makes the platform more accessible to each trader as they can make it work for their individual strategies and preferences.

Traders can benefit from deep liquidity and tight spreads on AUD trading pairs. There are thirteen AUD trading pairs, including ADA/AUD, USDT/AUD, and BTC/AUD. If you wish to trade more pairs, you can exchange AUD for USD to access even more coins on the crypto markets. Kraken offers other products like Kraken NFT, Kraken Pro and the Kraken App.

10. Cointree: Best for Free Deposits on Funds Regardless of Method

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Make deposits with no fees with Cointree, regardless of your method. However, you can’t deposit funds via debit or credit card. If you’re investing in cryptocurrency and want to withdraw in fiat, you will also benefit from no withdrawal fees. The platform supports over 200 coins and even allows SMSF-eligible customers to add cryptocurrencies to their retirement portfolio.

Cointree’s trading platform doesn’t close, unlike stocks and shares markets, so that you can buy and sell anytime. You can also set up auto-trades to prevent missing out on trading opportunities. The platform also offers coin-to-coin trading, so you can seamlessly trade coins with low fees of 0.5%.

A wide range of opportunities are available depending on your needs, such as personal, SMSF, Advisor and institutional trading options. You choose to trade on their online platform or via the mobile Cointree app.

Cointree is AUSTRAC registered and has a comprehensive compliance programme to ensure traders’ accounts and funds are always safe and secure. Support is available 24/7 via helpdesk live chat, phone and email, so you have multiple options if you ever need to speak with the support team.

11. Gemini: Best Trading Platform for Insured Funds

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When using Gemini for your crypto needs, you confidently trade knowing that funds on the platform are insured up to $250,000. Gemini is a global crypto exchange that traders worldwide can use. Due to regulations in Australia, not all features, such as derivatives trading, are available to Australian traders yet. The platform supports multiple fiat and cryptocurrencies.

The platform is simple with an easy-to-use interface, so it’s accessible for new traders who aren’t yet used to trading crypto. Gemini offers a wealth of educational materials on cryptocurrency to help new beginners become experts and expand their knowledge of investing in cryptocurrency so they can become more confident traders.

Even if you’re a familiar trader, Gemini offers extensive features for advanced traders, such as Active Trader, scheduling abilities for recurring buys, a portfolio-building tool, creating price alerts, and more.

The fee structure for this platform can be expensive, especially for debit card deposits. You can trade on the mobile app as well as the online platform.

How to Choose the Best Crypto Exchange ➡️

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Although we’ve shared the best crypto exchanges in Australia, you should decide which exchange best suits your needs. We’ve compiled a list of all the factors to consider when choosing the most suitable crypto exchange:

• Types of trades available: Think about the kinds of trading you wish to do, such as fiat-to-crypto trading and crypto-to-crypto trading. So, if you’re looking to buy crypto with money, look for an exchange that offers fiat currency conversion, and if you want to exchange crypto like Bitcoin and Ether, look for an exchange that offers direct crypto-to-crypto trades.
• Payment method: You should ensure the exchange allows you to withdraw and deposit funds in a payment method that best suits your needs. You may want to see if you can deposit funds via bank transfer, credit card, and PayPal.
• User-friendly interface: Most crypto investors, especially novices, appreciate a user-friendly interface when using a crypto exchange. Platforms that have an easy-to-use interface can make trading crypto a smoother process. If you’re a reasonably new beginner, consider looking for a platform that’s easy to use. Experienced traders may consider looking for trading platforms with advanced trading tools.
• Exchange rates: Each crypto exchange has set exchange rates, so comparing exchange rates for the best deals is a good idea.
• Account verification process: Some exchanges allow you to trade anonymously; if this is important, look for crypto exchanges that don’t require much information to open an exchange account. Equally, keep an eye out if it’s too easy to open an account to avoid scams.
• Trading volume: If a crypto exchange has a high trading volume (liquidity), trades are executed quickly. So, it’s more accessible for large crypto platforms with a high volume to match sellers and buyers. Low trading volumes can lead to more significant fluctuations. You can see a crypto exchange’s trading volumes by looking at its order books before you open an account.
• Fees: With every crypto trade, there are fees. What fees and how much they cost will vary between platforms. It’s a good idea to check how much each trade will cost you from start to finish. You can expect fees for depositing funds, withdrawing, trade executions, and other additional fees.
• Limits: Some crypto exchanges limit how much money you can transfer into an account, and there may also be limits on the amount of cryptocurrency you can trade per day per transaction. Minimum and maximum limits may apply to transactions, so look for these when trading.
• Processing times: If an exchange takes a lengthy time to process withdrawals and deposits, you could miss out on potential trades. Check average processing times before you register to avoid slow trades.
• Security measures: Factor security protocols into your decision to ensure safe and secure trading experiences. Consider whether 2-factor authentication is supported, storing crypto options like online or offline wallets, private key control, and any potential encryptions.

Best Crypto Exchange for Australians: The Verdict 💡️

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Using Australian-based exchanges will make trading easier as they work much like the stocks and shares exchanges. Security measures are in place to help you trade safely, and using an AUSTRAC register will guarantee that you’re using a secure exchange.

However, compared to what international exchanges offer, Australian-based exchanges can be limited by coin availability and trading types. So, explore what kind of trading you wish to participate in and see what type of exchange works best for your strategy.

Frequently Asked Questions 📢️

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Is Crypto Trading Legal in Australia?

It is legal to trade cryptocurrency in Australia. However, it is strictly regulated. As part of AUSTRAC regulatory compliance, any registered crypto exchange must ask traders for personal details and ID proof.

So, you can’t trade anonymously like you should be able to on other exchanges. You must declare any earnings you make from investing in crypto, and the crypto laws may differ slightly between Australian states, so wherever you’re trading, the exchanges and trades may be subject to local law.

What Are the Benefits of Using Australian-Based Cryptocurrency Exchanges?

There are benefits to trading crypto locally and internationally. Still, if you’re an Aussie looking to find out why trading from Australia may benefit you, then this list should help you:

• Exchanges in Australia are registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and comply with the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006.
• Using an Australian-based crypto exchange means you don’t have to do any currency conversion as you can usually with the Australian dollar.
• Australian exchanges tend to support local payment methods.
• The crypto laws may vary between each Australian state, so wherever you’re trading, the exchanges and trades may be subject to local law.
• Most Australian crypto exchanges will have a local support team you can contact at appropriate times.

Which Australian Exchange Is Best?

In our list of the best crypto exchanges in Australia, CoinSpot was at the top of the list for being the best crypto exchange for beginner investors. CoinSpot has over 2.5 million registered users and is one of the longest-running exchanges in Australia.

CoinSpot is registered with AUSTRAC and is a certified member of Blockchain Australia, so you use the platform knowing it meets regulatory compliance. When trying out, CoinSpot was a speedy, straightforward purchase. The platform supports various payment methods such as BPAY, PayID, and POLi payments, making the platform more accessible to people who prefer to make payments outside of bank transfers.

Do You Pay Tax on Crypto in Australia?

Cryptocurrency is treated similarly to any other investment asset in Australia, meaning you must declare earnings and pay tax on your investments. You must keep proof of all your transactions when reporting earnings so you don’t pay too much or too little tax.

What Is a Crypto Exchange?

A crypto exchange is a platform that facilitates trading of cryptocurrency and digital currencies. Crypto exchanges work similarly to stock exchanges; they are used in the same way but with digital assets. Companies or entities host a crypto exchange.

What Are the Drawbacks of Using Australian Crypto Exchanges?

There are drawbacks to using an Australian–based crypto exchange, and they are as follows:

• As part of AUSTRAC regulatory compliance, any registered crypto exchange must ask traders for personal details and ID proof. So, you can’t trade anonymously like you should be able to on other exchanges.
• You may find overseas trading platforms have better liquidity than Australian exchanges.
•  With AUSTRAC-registered crypto exchanges, there are trading limits. For example, margin trading, some altcoins, and DeFi features are unavailable.

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