Best Crypto Exchanges in Australia

Top Crypto Trading Platforms in Australia

In the burgeoning realm of digital finance, the following list comprehensively elucidates the top five AUSTRAC-licensed cryptocurrency platforms operating in Australia. These platforms are lauded for their secure, user-friendly, and diverse trading options, making them the preferred choices for traders and investors alike.

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1. Binance Australia

Binance Australia, a part of the renowned global Binance network, sets the standard for digital asset exchanges in the country. Its spot trading platform provides a vast array of major digital assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and 350 more. In addition to this, it offers derivative trading options, a feature-rich NFT marketplace, and rewarding staking opportunities. Binance, headquartered in Dubai and with a strong presence in Australia, is known for its stringent security measures such as two-factor authentication and a Secure Asset Fund for Users (SAFU) providing insurance for user assets.

Binance was founded in 2017 by Changpeng Zhao and Yi He. The platform supports AUD transactions and offers several convenient deposit methods including bank transfer, PayID, Osko, credit card, and debit card payments. Due to its comprehensive offerings, top-notch security, and excellent customer service, Binance Australia stands out as the premier cryptocurrency exchange in Australia.

• Features: 350+ Cryptos, Derivatives Trading, NFT Marketplace, Staking & more.
• Trading Fees: 0.1% Maker and Taker orders.
• Fiat Currencies: AUD, EUR, GBP, SGD, NZD, USD & 20 more.
• Deposit Methods: Bank Transfer, Debit Card, Credit Card, PayPal, Osko and PayID.

2. CoinSpot

As Australia's oldest and most robust digital asset trading platform, CoinSpot caters to over 2 million users. CoinSpot, established by Russell Wilson, offers a variety of payment methods for seamless AUD deposits and supports a wide range of crypto-products, including over 370 cryptocurrencies, crypto staking, an award-winning OTC desk, and an NFT marketplace. However, its holistic offering as a crypto platform is what truly distinguishes CoinSpot in the Australian market.

CoinSpot ranks second on our list of the top 5 platforms in Australia due to the fact that they offer much higher fees than Binance for Aussie investors. Their instant swap fee is currently 1% with an additional 1% spread between the buy and sell price. This makes their exchange nearly 10x more expensive per trade than Binance.

• Features: 370+ Cryptos, Crypto Staking, OTC Desk, NFT Marketplace and more.
• Trading Fees: 1% swap fee.
• Fiat Currencies: AUD Only.
• Deposit Methods: Bank Transfer, Credit Card, Debit Card, POLi, PayID, Osko, BPAY, Cash and more.

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3. Independent Reserve

Awarded Australian cryptocurrency exchange of the year in 2019, Independent Reserve offers a user-friendly interface, competitive fees, and an array of cryptos including the latest DeFi tokens. It accepts AUD, USD, and NZD, and offers various deposit methods. Known for its security and being unhacked, it's suitable for Over the Counter trades and Self Managed Super Fund clients.

Independent Reserve earns the 3rd spot on our list due to its competitive fees, OTC services for institutional investors and their tight spreads. As noted earlier, it is a platform that is tailored for high-net worth and institutional investors, but may be slightly confusing to use for new investors.

• Features: 30 + Cryptos, OTC Desk, SMSF Support, Institutional Investor Onboarding.
• Trading Fees: 0.5%.
• Fiat Currencies: AUD, NZD, USD and SGD.
• Deposit Method: Bank Transfer, PayID or SWIFT.

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4. SwyftX

SwyftX, a Brisbane-based crypto exchange, presents a streamlined platform facilitating the buying, selling, and trading of over 330 diverse cryptocurrencies. Known for its ease of use, particularly for newcomers to crypto investment, SwyftX offers a range of attractive features including automated dollar cost averaging, rapid account verification, and the convenience of instant buys via credit or debit card. It also provides a managed wallet service for secure asset storage, though we recommend cold storage for superior safety.

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5. Coinbase Australia

Coinbase, founded in 2012, is a leading global cryptocurrency exchange with a significant presence in Australia. The platform allows the purchase, sale, and storage of over 40 cryptocurrencies, including Bitcoin and Ethereum. Special features include the Coinbase Wallet for DeFi applications. Coinbase primarily supports AUD and USD, and transactions are facilitated exclusively through credit or debit card, with a trading fee of 2%. Notably, Coinbase's secure and user-friendly platform has made it a popular choice among Australian cryptocurrency investors.

• Features: 40+ Cryptos and Coinbase Wallet for DeFi Applications
• Trading Fees: 2%.
• Fiat Currencies: AUD and USD.
• Deposit Methods: Debit Card or Credit Card only.

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Is Cryptocurrency Investing Legal in Australia?

The Australian Taxation Office (ATO) treats crypto assets as property for tax purposes. This means that if you buy and sell crypto assets as an investment, you may be required to pay capital gains tax on any profits you make. However, if you use crypto assets to pay for goods or services, the transaction may be subject to goods and services tax (GST).

The ATO has issued guidance on how it views and treats crypto assets for tax purposes, which you can find on its website. It is always a good idea to consult a tax professional if you have specific questions about how your crypto asset transactions may be taxed.

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What is the Safest Exchange in Australia?

Recognized globally, Binance shines as the safest cryptocurrency exchange in Australia. It's fortified with advanced security features including two-factor authentication (2FA), withdrawal whitelist, and robust encryption technology. Binance also utilizes a Secure Asset Fund for Users (SAFU) as an emergency insurance fund. Compliant with the Reserve Bank of Australia and AUSTRAC regulations, Binance pairs top-notch security with a wide selection of cryptocurrencies, user-friendly interfaces, and competitive fees, marking its position as the go-to crypto exchange in Australia.

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Best OTC Desk in Australia

Independent Reserve stands as the top choice for over-the-counter (OTC) crypto transactions in Australia, especially for purchases exceeding $200,000 AUD in cryptocurrencies like Bitcoin, Ethereum, Polkadot, or Cardano. It offers deep liquidity and personalised service, with an account manager to guide users. As a licensed entity under ASIC and regulated by AUSTRAC, Independent Reserve ensures a secure and compliant trading environment.

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Final Thoughts

In summary, Australia is home to several reliable, AUSTRAC-compliant crypto exchanges. Binance Australia is the top choice due to its vast digital asset selection, superior security, and user-friendliness. CoinSpot and Independent Reserve are also commendable, with the latter known for its OTC trading services. SwyftX and Coinbase Australia offer solid platforms, especially for beginners. Cryptocurrency investing is legal in Australia, but be aware of associated tax implications. Binance Australia is recognized as the safest crypto exchange in the country, and for sizable transactions, consider Independent Reserve's OTC Desk. Always remember to conduct your own research and seek professional advice when investing in digital currencies.