If you have done a bit of research on buying cryptocurrency in Australia, you will have noticed that there are a lot of options out there. How can you tell which ones are legitimate and which ones are at risk of collapsing and taking your money with them? We have tested out as many crypto exchanges as we could, and compiled this list of legitimate and trustworthy platforms that you can feel confident using.
To determine which exchange you should ultimately choose, weigh up what you find important in an exchange. Is it ease of use? Plenty of cryptocurrencies? Live Chat customer support? Advanced trading tools and markets? Have a look at our list of the best exchanges for Aussies and pick one that you think suits your needs best.
CoinSpot – Best in Australia
CoinSpot is the #1 crypto exchange in Australia. They have been around since 2013, and has the largest customer base in Australia of more than 2.5 million users. CoinSpot is extremely secure, with the most external audits of any Australian crypto exchange, and hold the ISO 27001 certification to support their claim.
CoinSpot has over 360+ cryptocurrencies on offer, that you can easily buy or sell with AUD. They offer three different ways that you can purchase cryptocurrency, which are:
1. Instant Buy: Purchase coins straight from CoinSpot
2. Market Trade: Buy your cryptocurrency from another seller
3. OTC (Over the counter): a method of buying that is recommended for transactions of $50k+
CoinSpot offers staking on 23 coins, which earns users bonus crypto by storing their coins with CoinSpot. It works in a similar way to storing AUD in your bank account and receiving interest. If you are a long-term investor, you will enjoy the benefits of staking, as your crypto works for you while you invest.
CoinSpot has introduced a marketplace to buy and sell NFTs. They have a wide variety of NFTs, even including extremely popular collections such as Bored Yacht Ape Club (BYAC). The standout features of CoinSpot's NFT marketplace are that you don't need to set up and link an external wallet, and also you can buy an NFT using any cryptocurrency you like. This saves you time and money as you don't need to deal with converting from one coin to another before purchasing your NFT.
CoinSpot has a large range of 360+ coins, and is the most secure and trusted exchange in Australia, but this comes at a price, with higher trading fees compared to many other Aussie exchanges. For example, an Instant Buy will incur 1% fee. While you can get around this by using the Market Trade option (0.1% fee), the problem is that there is a limited selection of coins that you can buy this way. This might not be an issue if you want to buy and trade the bigger coins like BTC and ETH, but if you want to get a smaller altcoin, you’ll have to Instant Buy and pay the higher fee.
If you are a beginner, CoinSpot is a fantastic exchange as it has a simple, easy dashboard that’s ideal for getting started. They have certainly made sure that users have an experience that is seamless and they offer an excellent live chat customer support for any times that you run into issues. Along with this, if you need an exchange that you can trust in terms of security, CoinSpot certainly offers peace of mind that your account and investments are safe.
- The most trusted and secure cryptocurrency exchange in Australia
- Easy to use with a straightforward registration process
- Over 360 cryptocurrencies are on offer that you can buy with AUD instantly
- Staking on 23 coins so you can earn crypto
- NFT Marketplace to easily purchase NFTs
- Supports a wide range of deposit methods including bank transfer with OSKO, POLi, cash deposit, PayID, and BPAY.
Read full CoinSpot review
Swyftx – Best for Demo Mode
If you are looking for a crypto exchange that is well-established, popular in Australia, and great for beginners, then Swyftx is an ideal choice. It is easy to use and has an intuitive design, and even features Live Chat support plus a demo mode to ensure newcomers will feel at home. For experienced traders, they will enjoy the huge range of more than 320 different cryptocurrencies which you can trade for only 0.6%, and staking is even available on 21 coins, so you can earn interest on your coins.
When registering on Swyftx, the process is fairly easy and straightforward, and accounts are usually verified quickly. If you are new to the cryptocurrency market, you can take advantage of the unique demo account that can easily be switched on and off at any time, as a way to learn how to buy, sell, and trade cryptocurrency without any real financial risk. Swyftx is one of the best exchanges out there when it comes to the user experience, offering tutorials to help you get started, an extensive FAQ database, and Live Chat.
You can use bank transfer along with several alternative deposit options to make a deposit, including credit and debit card payments, which are all free of charge. Swyftx has some of the lowest spreads in the Australian cryptocurrency market with an average of 1.7% and just 0.45% on Bitcoin due to their access to large international trading volume pools that allow them to pass benefits on to their huge user base.
Swyftx enables users to buy and sell crypto immediately at the market rate, or set a price they want using Limit orders. Other useful options include Stop orders, and Recurring buy orders, which is a great way to DCA (dollar cost average) your cryptocurrency.
- Based in Brisbane and registered with AUSTRAC
- The live chat customer support is also based in Australia
- Over 300 cryptocurrencies available to purchase with AUD
- Low fees and low spread; flat rate fee of 0.6% and they are transparent about fees
- A range of options when it comes to deposits including bank transfer, PayID, POLi, and credit/debit cards
Digital Surge – Lowest Spreads
Digital Surge Exchange is another one of Australia's best crypto exchanges. It deserves to be on this list because it is super simple to use, has over 300+ coins, and a live chat customer support team. They are a legitimate exchange registered with AUSTRAC and ASIC, and they offer the lowest fees and spreads on any Australian platform.
The transaction fee whether you choose to instant buy/sell, or trade on the market is just 0.5%, and there is an option to reduce the fees if you are a high volume trader. Besides looking at just the fee, you need to compare the spreads. Digital Surge has the lowest fees and spreads combined when comparing Australian exchanges, as seen in this test from a serious reviewer.
The interface on Digital Surge is easy to understand and use, which makes it a great option for those who are beginners to crypto investing and perhaps using a cryptocurrency exchange for the first time. They also offer a unique feature that you can take advantage of which is the option to use the exchange to easily pay your bills with Bitcoin. You can use this for any bill that accepts BPAY as a payment method.
- Over 300 different cryptocurrencies that you can buy and sell with AUD
- Lowest fees and spread compared to other Australian cryptocurrency exchanges
- The interface is very easy to use and intuitive, and the mobile app makes buying crypto even easier
eToro Australia – Best for Copy Trading
eToro is not a dedicated cryptocurrency exchange as such, but rather a broker offering a range of different trading instruments including cryptocurrency. It has been designed as a social trading platform where you have the option to interact with other users through posting and commenting on the News Feed. One of the best features offered by this exchange is that you can set your account to automatically copy trades made by some of the most successful investors.
eToro isn’t a dedicated cryptocurrency exchange, and offers other markets such as stocks, indices and even CFDs for crypto so you can go long or short. You can also trade cryptocurrency like normal if that is what you're interested in, and staking is on offer too. If you want to practise trading, you will love the demo account that includes $100k in virtual money so that you can try out your strategy without risking your funds.
One downfall of eToro is that the range of cryptocurrencies on offer here is rather limited with only 50 coins available to buy. If you are planning on trading the most popular coins, this will not phase you too much. eToro Australia charges 1% trading fee on all crypto transactions. If you are also interested in trading stocks and commodities, the fees are included in the reasonable spreads, with no commission charged on top. You can also easily download the mobile app, which is available for iOS and Android, making it easy for you to trade on the go.
A point to note is that eToro operates in USD rather than AUD, so you will need to consider the currency conversion fees whenever you make a deposit or withdrawal.
- Invest in 50 cryptocurrencies with options to either buy directly or invest in a CFD
- Use CFDs to profit from the price of cryptocurrencies whether they rise or fall, without the need to buy the underlying asset
- X2 leverage when margin trading cryptocurrencies
- Earn interest on your cryptos as you hold them with crypto staking
- Practise crypto trading if you are new, thanks to the demo account that comes with $100k of play money
Binance - Best for Serious Traders
When it comes to trading cryptocurrency, Binance has created one of the most feature-rich platforms available, with margin trading, futures trading, a Peer-to-peer exchange, staking just to name a few. Alongside this, they offer access to over 600 different cryptocurrencies to trade at a very low fee of just 0.1% which you can reduce if you pay using their own coin BNB.
Although Binance is not recommended for beginners, it is definitely worth considering if you are serious about trading or have some previous experience with buying and selling cryptocurrencies. It is hard to go past their very competitive fees of just 0.1%, plus easy integration with trading bots, if you are looking at automating your trading. If you are still a crypto beginner but you still like what Binance has to offer, you can click a button to use Binance Lite, which is a basic and more user-friendly version of the platform.
One issue that some users find with Binance, is that there is no customer support available, either by email or live chat. If you have any issues, you will have to figure it out on your own, using the automated bot and the help articles.
- A flat fee of just 0.1% when you trade crypto to crypto with Binance
- Reduce your trading fees even further when you use the exchange’s native currency, Binance Coin (BNB)
- Binance Lite is a simpler version of the platform that is a better choice for beginners
- Access to more than 600+ coins
- An ideal option for serious traders who are looking for low fees and plenty of features
Independent Reserve – Cryptocurrency Insurance Cover
Independent Reserve is an Australian cryptocurrency exchange with low trading fees of 0.5%, which you can reduce with large trade volume. They are also the only platform to provide optional insurance on cryptocurrency, up to $5 million value.
Independent Reserve is ideal for large investors, SMSFs, or businesses that want to execute trades worth $100k or more, as they have an excellent OTC service, plus they partner with KPMG to provide a tax report each year. The insurance of up to $5 million shows how dedicated they are to attracting and retaining large investors. Although they only have 27 coins on their exchange, they offer most of the popular and frequently-traded coins.
- Insurance offered for premium accounts with security being a top priority
- Supports 27 cryptocurrencies with 0.5% trading fees, which you can reduce with large volume trading
- A range of features including tax reports, instant deposits, and automatic dollar-cost averaging
Kraken – Best for Staking
Kraken is a US based exchange, that offers its services to Australians. Because they are located in the USA, they comply with heavy regulation and therefore you can trust that they are legitimate and very secure. Kraken offers features such as spot trading, futures and margin trading but their best feature is the ability to stake 12 cryptocurrencies and even 2 fiat currencies (USD and EUR). This is a great way to generate some passive income while you invest.
Kraken has low maker/taker fees of just 0.16 and 0.26% when trading on the market, and the interface for advanced trading is decent. There is also the option to instantly buy and sell your cryptocurrencies with a flat fee of 1.5%. This is higher than most of the other Australian exchanges, but you can always access lower fees on the market.
One drawback of Kraken is that there are only 19 different cryptocurrencies that can be traded against the AUD, which can be limiting for Australians. The good news is that these include most of the popular coins such as BTC and ETH, and you can easily trade whenever you like, with the user-friendly mobile app.
- You can trade on the go easily by downloading the mobile app
- Staking available on 12 cryptocurrencies and 2 fiat currencies
- 24/7 Live Chat is available for responsive customer support
- The exchange is focused heavily on security and complies with tight US regulations
Easy Crypto – Best for Quick Purchase
Some users want access to cryptocurrency immediately, without wasting time on long verifications, and 24hr delay when depositing AUD. Easy Crypto is the ideal exchange if this sounds like you. It operates slightly differently from other exchanges as none of your fiat or cryptocurrency assets are held in the exchange. Whenever you want to buy a coin, all you need to do is click on the buy option where you will be taken straight to the purchase screen. Here, you can purchase the coin by sending money directly from your bank, with no need to make a deposit to the exchange before buying.
After you have made the purchase, the cryptocurrency is not stored in the exchange at any point. Instead, it will be sent to your external wallet directly. One of the biggest upsides to this is that there is no need to worry about the risk of your coins being stolen if the exchange is attacked by cybercriminals since the hackers will have no access to them whatsoever. Along with this, Easy Crypto offers a 100% funds guarantee on all purchases, giving you more peace of mind when investing and trading. Selling cryptocurrency is just as easy using Easy Crypto. You send your crypto straight from your personal wallet, and you receive AUD right into your bank account in just a couple of minutes.
- Nothing is stored on the exchange giving you more control of your own assets
- No need to deposit beforehand when buying cryptocurrencies instantly with AUD
- 100% funds safety guarantee is offered on every order
- Fees are transparent and there are no hidden costs
Elbaite – Best for Peer-to-Peer Trading
If you want to buy and sell cryptocurrencies with peer-to-peer (P2P) trading, Elbaite is the best exchange to consider. There are no fees for sellers and a low fee of just 1% for buyers. It is a non-custodial P2P marketplace where no funds are held on the exchange and the cryptocurrencies are sent directly between user wallets when buying and selling. This means that if the exchange is hacked, there is no need to worry about the risk of having your digital assets stolen since your coins will always be stored in your personal wallet.
An escrow account is used by Elbaite to hold payments until they get Blockchain verification that the coins you’ve purchased have been deposited into your wallet. This offers peace of mind to buyers who know that they will always receive their crypto, and to sellers, who will always receive their payment with no risks involved.
Elbaite is a great trading platform option that is particularly suitable for large volume traders that want safety, high security, and more control over their assets. Non-custodial P2P platforms such as Elbaite may increase in popularity in the future, if people steer away from centralised crypto exchanges, that come with a risk of being hacked.
- No commission or hidden costs, and no fees for selling
- No funds are stored on the exchange at any time giving you more control over your assets
- The escrow account offers peace of mind that all transactions will be fulfilled
- Your personal information is kept secure and secret from other users
Cointree Exchange – Best for Simplicity
When it comes to simplicity and ease of use, Cointree is the best Australian exchange to use. It is designed for traders who are complete beginners to the crypto market and has an interface that is very simple and easy to use. There are over 280 different coins to buy and sell for 0.9% and users can easily make crypto-to-crypto trades for just 0.25%. An additional unexpected feature of Cointree is the ability to use the Bitcoin in your Cointree account to pay your BPAY bills.
- Ideal for new users with a very simple and easy to use interface
- Supports more than 280 cryptocurrencies
- Allows you to use Bitcoin from your account to pay BPAY bills
- Finalist for best digital currency exchange in the Australian Blockchain Industry Awards 2019
CoinJar – Oldest Australian Exchange
CoinJar was established in May 2013, making it the longest-running crypto exchange in Australia. They accept a wide range of payment methods, namely BPAY, NPP, Blueshyft, and Visa/Mastercard. Instant buy and sell fees are 1% which is higher than some of the other exchanges in this list, but if you use CoinJar Exchange, the taker fees are0% and the maker fees start from 0.1% and can be reduced with high trade volume.
CoinJar also has a Mastercard that is free to set up with no monthly fees. You can load your cryptocurrency onto your Mastercard and spend it like a normal debit card online and in store. This is a unique feature that is bringing crypto spending into your everyday life.
- Based in Australia so no need to worry about international transaction fees
- The Coinjar Swipe debit card can be used anywhere that accepts EFTPOS to convert your cryptocurrencies to cash
- Accepts a large variety of payment methods including credit and debit cards
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