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Best Crypto Exchanges in Australia

Best Crypto Exchanges in Australia

Adrian Graham
Fact Checked
Jan 1, 2023

With so many crypto exchanges available for Australians, it can be difficult to find the right option that provides the best overall user experience.

To help you cut through the noise, we have put together a list of the 5 best crypto trading platforms in Australia.

  1. CoinSpot - Best overall for Crypto Trading, NFTs Wallet & Staking
  2. Independent Reserve - Best for Institutional Investors and High-Net Worths
  3. SwyftX - Best for Low Fee Instant Swaps
  4. Binance Australia - Best for Futures Trading and other Advanced Features
  5. Coinbase Australia - Best for Beginners, but Expensive

Table of Contents

Best Cryptocurrency Exchange in Australia

Platform Highlights

  • CoinSpot is Australia's largest digital currency platform with over 2 million users
  • Trade over 370 cryptocurrencies with fees starting at 0.1% per trade (lowest in Australia)
  • NFT Marketplace, NFT Wallets, Cryptocurrency Staking, Crypto ETFs, SMSF support and more features

Top 5 Crypto Trading Platforms in Australia

The list below provides a detailed breakdown of the top 5 AUSTRAC-licensed cryptocurrency platforms in Australia. Our ranking criteria is based on usability & features, trading fees, available assets, security and staking rates.

1. CoinSpot Australia - Best Overall Exchange

CoinSpot is Australia's largest digital assets trading platform with over 2 million users across the country. They are Australia's oldest and most trusted trading platform, founded by Russell Wilson back in 2013 when the digital asset ecosystem was still a nascent technology.

The exchange is widely regarded as the best and easiest to use for beginner and advanced investors in Australia. They offer the widest variety of payment methods and banking support, enabling users to deposit Australian Dollars (AUD) via any local bank, debit card, credit BPAY, PayID, cash and many more methods.

CoinSpot - Australia's Best Crypto Exchange

The CoinSpot boasts Australia's widest range of crypto-products which include:

  • Most Cryptos: Over 370 cryptocurrencies to buy, sell and swap.
  • Crypto Staking: A crypto staking product that allows you up to earn 70% APY on coins.
  • NFT Marketplace: Australia's best NFT Marketplace and NFT Wallet for Ethereum digital collectibles.
  • OTC Desk: An award-winning OTC Desk for high-net worth investors and institutions.
  • Best Fees: Low fees starting at 0.1% for Market Orders on the CoinSpot exchange.
  • Secure Crypto Wallet: A secure Crypto Wallet for users to custody their tokens.
  • Deposit Methods: Bank Transfer, Credit Card, Debit Card, POLi, PayID, Osko, BPAY, Cash and more.

The main advantage of CoinSpot over other cryptocurrency exchanges in Australia is that they are a true all-in one crypto platform. It is one of the only exchanges in Australia that offers over 370 coins, crypto staking and even an NFT Marketplace all on one platform.

It is for that reason we believe that CoinSpot is the best cryptocurrency exchange in Australia. For more information, read our CoinSpot Review.

Visit: www.coinspot.com.au

2. Independent Reserve

Independent Reserve is Australia's most trusted exchange that was awarded Australian cryptocurrency exchange of the year in 2019. Most notably, they offer a simple user interface, competitive fees and the best cryptocurrencies including all of the latest DeFi tokens.

Independent Reserve's exchange is available to customers worldwide, however their key focus is in Australia, New Zealand and Singapore. In terms of fiat deposits, they also accept AUD, USD and NZD as shown above.

Their exchange offers one of the widest rangest of deposit methods available in Australia including PayID/Osko, EFT, POLi and SWIFT. This makes it easy for Australians and New Zealanders to quickly onboard and buy Bitcoin and other cryptocurrencies due to their great range of on-ramps.

Independent Reserve Australia
  • 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.

Another important thing to note is that Independent Reserve has one of the best track records in the world in terms of being a cryptocurrency exchange that has never been hacked. They are well known in Australia for their security and are one of the only cryptocurrency exchanges around the world that offer insurance on crypto assets.

Independent Reserve are also considered one of the best exchanges for Over the Counter (OTC) trades and Self Managed Super Fund clients that are interested in diversifying into cryptocurrency.

Visit: www.independentreserve.com

3. SwyftX

Swyftx is a cryptocurrency exchange based in Brisbane Australia that offers a simple platform for Australians to buy, sell, trade and invest in over 100 different cryptocurrencies. Their exchange is designed for simplicity and is focused of making it easy for new users to invest in crypto.

Their platform offers an extremely wide range of features including automated dollar cost averaging, instant buys, rapid verification, buy with a Credit Card or Debit Card and much more.

SwyftX Australia
  • Features: 300+ Cryptos, Cryptocurrency Staking and SMSF support.
  • Trading Fees: 0.6%
  • Fiat Currencies: AUD and NZD.
  • Deposit Method: Bank Transfer, Debit Card, Credit Card and PayPal.

The SwyftX managed wallet enables clients to safely store all of the differency crypto assets that are listed on the SwyftX platform. Although the SwyftX Wallet, or any other exchange wallet for that matter is secure - we would still recommend that users withdraw their assets into cold storage. For more information, read our SwyftX Review.

Visit: www.swyftx.com

4. Binance Australia

Binance is a digital asset exchange with offices in multiple countries, including Australia. Binance offers a spot trading platform for major digital assets including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and more. Binance also offers margin trading and has a futures platform. Binance was founded in 2017 by Changpeng Zhao and Yi He. Binance is headquartered in Malta.

Binance Australia
  • Features: 700+ Cryptos, Derivatives Trading, NFT Marketplace, Staking & more.
  • Trading Fees: 0.5%.
  • Fiat Currencies: AUD, EUR, GBP, SGD, NZD, USD & 20 more.
  • Deposit Methods: Bank Transfer, Debit Card, Credit Card, PayPal, Osko and PayID.

Binance Australia is a subsidiary of Binance and is based in Sydney, Australia. Binance Australia allows users to buy and sell cryptocurrencies with Australian dollars (AUD). Binance Australia offers a secure and easy-to-use platform for buying and selling cryptocurrencies.

Binance has a strong focus on security. Binance uses two-factor authentication (2FA) to help protect user accounts. Binance also offers a Secure Asset Fund for Users (SAFU), which provides insurance for user assets in the event of a hack. To date, Binance has not been hacked.

Visit: www.binance.com

5. Coinbase Australia

Coinbase is one of the most popular exchanges in the world . They offer a platform for buying, selling and storing cryptocurrencies. Coinbase is headquartered in the United States and has offices in Europe, the UK, Canada, Australia and Singapore. Coinbase offers a variety of services including a Coinbase wallet, a GDAX exchange, merchant tools and a Coinbase Pro exchange.

Coinbase Exchange Australia
  • 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.

Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase allows you to buy and sell Bitcoin, Ethereum, Litecoin and other cryptocurrencies. You can also use Coinbase to store your cryptocurrencies. Coinbase is one of the most popular exchanges online and has over 10 million users. Coinbase has received over $200 million in funding from investors including Andreessen Horowitz, Union Square Ventures and Ribbit Capital.

Coinbase is available in 32 countries and supports fiat currencies including USD, EUR, GBP, CAD and AUD. Coinbase allows you to buy cryptocurrencies with a credit card or debit card. Coinbase also has a Coinbase wallet that you can use to store your cryptocurrencies.

Visit: www.coinbase.com

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.

How to Buy Crypto in Australia

If you are a new investor and you're not sure how to use a cryptocurrency exchange to start buying digital assets, our guide has you covered. You can follow this simple 4-step guide to start buying crypto assets in Australia with a trusted and regulated exchange like CoinSpot:

  1. Sign up to CoinSpot Australia and verify your identity. You can register as a Personal, Company, SMSF or Family Trust account.
  2. Select the 'Deposit Funds' button once your account is verified. You can deposit via bank transfer, PayID, debit card, credit card and 5 other payment methods.
  3. Once the AUD hits your account, select the 'BUY/SELL' button and find the crypto you want to buy.
  4. Input the AUD amount of the token you want to buy (eg. Ethereum) and execute your order.
Buying Cryptocurrencies in Australia.

What is the Best Crypto Exchange for Altcoins?

If you are an altcoin trader, you will need to find an exchange that has a wide variety of cryptocurrencies and are fast to list new coins. If this sounds like you, the cryptocurrency exchange with the most altcoins is CoinSpot. They offer over 350 different assets, with SwyftX coming in at second with 300 in total.

If you are comfortable trading on global exchanges, Gate.io is a great platform for very long-tail altcoins. You can read our extended Gate.io Review for more information.

What is the Safest Exchange in Australia?

It is generally recommended to use a reputable and well-established cryptocurrency exchange, as these tend to have stronger security measures in place to protect against hacking and other types of fraud.

In Australia, some of the larger and more well-known cryptocurrency exchanges include CoinSpot, Independent Reserve and SwyftX. These exchanges have been around for a while and have a good track record when it comes to security.

However, it is important to keep in mind that no cryptocurrency exchange is completely risk-free, and there is always a possibility of losing your funds due to hacking or other types of cyber attacks. Therefore, it is important to take steps to protect your own account and assets, such as enabling two-factor authentication and using strong and unique passwords. You should also be careful about which exchanges you use and only use ones that have a good reputation and a track record of security.

Best OTC Desk in Australia

Independent Reserve is the best Crypto OTC Exchange if you are looking for deep liquidity to buy over $200,000 AUD worth of a cryptocurrency like Bitcoin, Ethereum, Polkadot, Cardano or other coins. They are Australia's premier over-the-counter (OTC) desk that provides a white-glove service for high net worth and institutional investors.

They will provide you with an account manager to oversee your entire OTC crypto buying experience. Their platform is a licensed company under ASIC and is under the regulatory purview of AUSTRAC.

Final Thoughts

Overall, our research concludes that CoinSpot is the best exchange for a majority of investors looking to get access to the digital asset ecosystem in Australia. That said, there are some edge cases. If you are an institutional investor looking to fill large orders with white-glove service, we recommend Independent Reserve.

For advanced traders looking to get access to complex crypto derivatives products like perpetual futures contracts or crypto options, we would recommend the Binance exchange.

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Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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