In this article, I publish the most up-to-date information based on real testing and research, to present my readers with the best advice regarding cryptocurrency exchanges. Here are the top 3 crypto exchanges in Australia in 2023, with more options below for those who are looking for something different.
✔️ Best for frequent traders, with rapid trade speed and 280 cryptocurrencies
✔️ Lowest fees - spot trading: 0.1%, derivatives trading: 0.01% (maker), 0.06% (taker)
✔️ Margin trading with up to 100x leverage
✔️ FREE $10 BTC when you sign up here and deposit at least $100
✔️ Most secure and trusted crypto exchange, est. 2013
✔️ Largest crypto exchange in Australia, with 2.5 million customers
✔️ 370+ cryptocurrencies, and earn interest on 21 coins
✔️ $20 FREE BTC when you sign up here
✔️ Well-designed platform, perfect for beginners
✔️ Unique Demo mode - practice trading risk-free with play money
✔️ 320 coins available, with low trading fees of 0.6%
✔️ Generous welcome offer, free $20 BTC when you sign up here
Since cryptocurrency has been off to a hot start in 2023, now is an excellent time for new crypto investors to enter the market. Prices are trending upward, and if you stock up now before the next All Time Highs arrive, there is an opportunity to make decent profits.
But how do you pick which crypto exchanges are legitimate, which ones are scams, and which is the best for you? I have done countless hours of diligent research, testing hundreds of exchanges, to help you find the right crypto platform for your needs. For example, I conducted my own in-depth test to work out the lowest combined fees and spreads, which you can see here.
I hope that I can help you begin your journey into crypto investing and trading, and I always aim to provide the most accurate, useful, and up-to-date information based on solid research and testing.
The best way to pick the right crypto exchange is to determine which category is most suitable for your needs. It is also a good idea to try out several different exchanges - what works well for someone else may not be ideal for you. You can also take advantage of several unique sign-up offers, and it is sensible to spread out where you store your cryptocurrency so you minimise the chance of losing your assets.
Best Crypto Exchanges in Australia: Updated June 2023
- Bybit Exchange - Best overall for Australians, lowest fees
- CoinSpot Exchange - Most trusted and secure in Australia
- Swyftx Exchange - Best for practising with demo mode
- Bitget Exchange - Best for frequent traders
- MEXC Trading Platform - Zero spot trading fees
- BYDFi Exchange - Highest leverage (200x)
- Crypto.com App - Best mobile app for beginners
- Binance Exchange - Best for serious traders
- KuCoin Trading Platform - Best for huge range of 700+ coins
- eToro Australia Broker - Best for copy trading
- CoinJar Exchange - Use CoinJar card to spend your crypto like cash
- Independent Reserve Exchange - Best for crypto insurance
- Kraken Exchange - Compliant with US regulation
- Easy Crypto Exchange - Best for purchasing quickly
What is the best crypto exchange?
Bybit takes the title of the #1 best crypto exchange in Australia, and the main reasons are because it has low fees, a wide range of 280+ cryptocurrencies, and numerous trading options available. I find that Bybit is easy for beginners to use, yet has plenty of features that advanced users desire such as spot trading, margin trading, and futures trading. With 24/7 Live Chat support, a user-friendly interface, and industry-leading security, you can't go wrong with Bybit. If you would like to sign up to Bybit, use my unique link here to receive $10 FREE BTC when you deposit at least $100.
Best Australian Cryptocurrency Exchanges of 2023
#1. Bybit - Best overall in Australia, lowest fees, best for frequent traders
SUMMARY
Bybit is the best choice for frequent traders, with extremely low fees, wide range of coins, and plenty of trading markets.
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Bybit is the best crypto exchange in Australia, and especially for frequent traders, due to the reliability and trust they have built since their establishment in 2018. Bybit has attracted more than 10 million customers, and reaches more than $10 billion trading volume daily. This crypto trading platform has deep liquidity, 99.99% system functionality, and rapid trade speed of 100,000 trades per second.
I find that Bybit is particularly suited for those who are interested in trading crypto often, especially day traders. However, even if you are a newcomer who is looking to buy crypto and hold it for a few years, Bybit caters for your needs. I tested this out by purchasing crypto directly using PayID. You can also use Visa/Mastercard, Apple Pay, and Google Pay. I also tested out how to trade the crypto I just purchased, and it was very straightforward.
Bybit offers spot trading on more than 280+ coins, and has derivatives markets (USDT Perpetual contracts, Inverse Perpetual contracts, and Inverse Futures contracts) for the serious traders. The trading fees are some of the lowest in Australia, at just 0.01% / 0.06% (maker/taker) for derivatives traders, and 0.1% for spot trading.
Experienced traders will love using Bybit for their advanced charts, technical tools, and trading options like margin trading, with up to 100x leverage. With such a high leverage, you can maximise the amount of profits you can make from your investment. Please also remember that you need to be careful of the risks of margin trading, since a small change in price in the other direction can result in a loss of your entire investment. Do not margin trade unless you are experienced, and are aware of the risks.
Bybit also allows access to a testnet (demo) platform, which works just like the main website, but with play money. New and experienced traders can utilise this testnet platform to optimise their trading strategies before committing with their own money. Once you are comfortable trading on the testnet platform and you are ready to trade for real, you can easily transition to the normal site. Bybit offers 24/7 Live Chat support in case you ever need assistance from them, and there is even an insurance fund to protect traders from negative equity and being held accountable for excessive loss. With everything that Bybit offers, serious Australian crypto traders should consider using Bybit. If you use this link, you can also receive $10 FREE Bitcoin when you deposit at least $100.
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#2. CoinSpot Exchange - Most trusted and secure platform
SUMMARY
CoinSpot is the most secure exchange in Australia, established in 2013, and trusted by over 2.5 million users. With more than 370+ coins available, you won't need to look elsewhere.
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CoinSpot is another one of the top crypto exchanges in Australia, due to its range of features, a huge range of 370+ coins, and trust it has built up since its establishment in 2013. It is a certified member of Blockchain Australia, registered with ASIC, and regulated by AUSTRAC, meeting all KYC/AML obligations. When you sign up with CoinSpot, you know that you are dealing with a legitimate and reputable exchange that is not going to disappear with your money, plus you receive $20 FREE Bitcoin when you use this link.
CoinSpot is very easy to use, which is excellent for newcomers to the crypto market. The dashboard is simple and intuitive, both on desktop and mobile app. CoinSpot has put in a lot of effort to make sure users get a clutter-free experience. If you encounter any issues, you can easily contact customer support via Live Chat, where you can speak to a real person 24/7. If that is not enough, you can email Support to speak to specialised teams, and there is also a Help Centre with regular articles and tutorials to assist users.
CoinSpot offers more than 370+ coins, which is the largest range of any Australian crypto exchange. CoinSpot also allows users to earn interest on 21 coins, which is a fantastic way to earn passive income as you hold your coins for the long term, and you will be surprised how quickly your compounded rewards add up.
CoinSpot has released their own CoinSpot Mastercard, a free crypto debit card that allows you to spend your crypto as if it's cash, either in person or online. I tested it out by adding it to Apple Pay, and had no issues using crypto to make purchases in store and online. If you have an Android phone, you can add the CoinSpot Mastercard to Google Pay and pay with crypto when you tap your phone. This feature really brings crypto mainstream, and I hope to see more crypto payment services in Australia in the near future.
Some customers complain about CoinSpot's 1% fee for Instant Buys, since it is higher than competitors. While that is true, it's a small trade-off for the peace of mind you receive when using Australia's most secure exchange. Additionally, you can access much lower fees of 0.1% if you trade on the market, or make OTC trades. For a detailed review of CoinSpot, click here.
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#3. Swyftx Exchange - Best for demo mode practice trading
SUMMARY
Swyftx is one of the best crypto exchanges, with a demo mode, low spreads, and more than 320 coins to buy, sell and trade.
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Swyftx is an excellent choice especially for newcomers to crypto. It has an easy-to-use interface, a demo mode, Live Chat, low fees and $20 FREE Bitcoin even before you make a deposit! You will find over 320+ cryptocurrencies to trade, and this range is continually increasing as Swyftx adds more coins on a regular basis.
As a beginner, you may struggle with how to buy, sell, and trade crypto, so Swyftx implemented a Demo mode which you can activate easily (in the top right corner of the site) and receive $10,000 free play money. The prices in the demo mode reflect the current live prices of crypto, so you get a real sense of how it works. I found it useful for testing out various trading strategies before investing real money.
The low fees are another excellent reason to sign up with Swyftx. It is free to deposit and withdraw AUD, no matter what method you choose, and trading fees are only 0.6% of the transaction. I also conducted a detailed test to determine the spreads, and Swyftx is among the lowest of Australian crypto exchanges.
One criticism I have heard from experienced crypto traders is that Swyftx doesn't have advanced markets such as futures or margin trading. I agree with this observation, as Swyftx is aimed at beginners and intermediate crypto investors. If you are a serious trader, I suggest a dedicated trading platform such as Bybit.
Related articles: Swyftx vs Coinspot, Swyftx vs Binance, Swyftx vs Digital Surge, Swyftx vs Coinbase, Swyftx vs Independent Reserve, How to stake crypto on Swyftx, Swyftx referral code
#4. Bitget Exchange - Best for frequent traders
SUMMARY
Bitget is an extremely secure crypto trading platform that is perfect for those who trade daily. It offers more than 450+ coins, and has plenty of trading markets and other features.
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Bitget is my next recommendation in this list of the best cryptocurrency exchanges in Australia. Bitget is the platform I suggest for frequent traders, for several reasons. It supports over 450 cryptocurrencies, has many advanced trading tools and features, and has low trading fees. For spot trading, the fees are only 0.1%, while futures trading fees are 0.02% for makers and 0.06% for takers.
Experienced traders can take advantage of the vast array of markets available on Bitget, including spot and futures trading, as well as the Copy Trade function, which allows users to follow profitable traders and have identical orders executed automatically. This feature not only saves time on researching profitable coins but also enables traders to stay on top of market fluctuations even while sleeping.
Bitget has an Earn section dedicated to helping their users earn interest on their crypto. With various methods available, Bitget can help you grow your holdings if you plan to keep your crypto for the long term.
Bitget has also developed the Bitget Academy, an online platform that provides comprehensive information on the exchange's functionalities. This resource is particularly beneficial for crypto newbies, who can easily familiarise themselves with the diverse features and trading interface. Additionally, users can stay informed about the latest developments in the cryptocurrency industry.
Visit Bitget's official website to explore their full range of offerings, or refer to our detailed review for more information.
Related articles: Bitget vs Bybit, Bitget vs Binance, Best copy trading platforms
#5. MEXC Trading Platform - Zero Fee Spot Trading
SUMMARY
MEXC is the best option for advanced cryptocurrency traders who value low fees, deep liquidity and a massive range of trading pairs. With more than 1,520 coins and 2,110+ pairs, you are bound to find a market suited for you.
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MEXC is my top recommendation for those who are focused on a comprehensive trading experience. With more than 1,520+ coins, and 2,110+ trading pairs, you will be able to spend endless hours finding markets that you can profit from. MEXC has the lowest fees in Australia, with FREE spot trading, and futures trading fees of 0.0/0.01% (maker/taker). Not only that, but you will receive 10% off all your trading fees as well as $30 USDT free using this link! If you are new to cryptocurrencies and you want to learn how to trade for FREE, see my crypto trading course for beginners. I run through everything from the basics to technical analysis, and use screenshots from my MEXC account to explain how it works. I have received lots of positive feedback from my readers.
If you have some experience trading, you will understand the importance of liquidity, and will be pleased to know that it is much higher on MEXC compared to other top trading platforms, such as Bybit, Binance, KuCoin, and Huobi. Have a look at the graphs below, which show the liquidity of ETH/USDT and BTC/USDT, and you can see that MEXC has more than twice the liquidity of its nearest competitor Bitget, and 10x more than the rest of the exchanges.
There are plenty of trading markets available, to suit every type of trader. Spot trading, derivatives trading, P2P market, and margin trading (up to 125x leverage) are all supported on MEXC. If you are interested in automating your trading processes, you can use MEXC's free trading bots to take advantage of market fluctuations even while you sleep. Also, if you are new to trading, or simply don't have time to research the markets and continually watch them, you can use copy trading; this is where you find successful investors and copy their exact trades automatically.
To sign up to MEXC, don't forget to use my link, as you will receive $30 FREE USDT as well as 10% discount on all your trading fees!
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#6. BYDFi Trading Platform - Highest leverage for futures trading (200x)
SUMMARY
BYDFi is perfect for those who like to trade futures with high leverage, as it offers 200x, the highest I have seen on any exchange. With low trading fees and more than 400 coins available, BYDFi is definitely suited to advanced traders.
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BYDFi emerges as the top-tier cryptocurrency exchange for enthusiasts of leverage trading, distinguishing itself through its exceptional features. The most notable aspect is its unparalleled leverage for futures trading, at an impressive 200x. In contrast to most other exchanges that cap leverage at 100x or 125x, BYDFi surpasses the competition by a significant margin. This empowers traders to maximise their profits and enjoy unparalleled flexibility in their trading endeavours.
Beyond leverage trading, BYDFi also presents a diverse array of trading options, catering to various types of users. Spot trading is available for over 400 coins, with low fees of 0.1 to 0.3%, depending on the asset. Furthermore, BYDFi offers a demo account, providing traders with a risk-free environment to practice and refine their strategies. An additional noteworthy feature is Copy Trading, which enables users to follow successful traders on BYDFi. This functionality ensures that every time the followed trader places an order or executes a trade, BYDFi automatically replicates the same trade on the user's account, even if they are offline or asleep.
Furthermore, BYDFi offers distinct user interfaces that cater to the specific needs of both beginners and experienced traders. The 'Classic' UI is tailored for newcomers, presenting a simplified layout that delivers essential information in a less overwhelming manner. This user-friendly interface is ideal for individuals embarking on their trading journey, ensuring a smooth and intuitive experience.
In contrast, the 'Advanced' UI is specifically designed for experienced traders, providing a comprehensive set of technical indicators, charting options, and tools. With these powerful features at their disposal, users can effectively analyse market trends, identify favourable entry and exit points, and make informed trading decisions based on their expertise.
Whether one is a novice or a seasoned trader, BYDFi accommodates diverse skill levels by offering tailored user interfaces that optimise usability and enhance trading efficiency. To learn more, read my full review of BYDFi, or visit the official website.
Related articles: Best leverage trading platforms
#7. Crypto.com App - Best mobile app for beginners
SUMMARY
Crypto.com is an incredibly easy-to-use mobile app that allows users to instantly buy and sell 250+ coins from their phone, earn interest, and spend funds using the free Visa card.
PROS:
- Earn crypto while you spend fiat
CONS:
- Only available on mobile app
- Higher spreads compared to others
Crypto.com is the best crypto mobile app for beginners. It is convenient and easy to use, and features a wide range of 250+ coins which can be easily bought or sold at the click of a button, without having to deal with confusing graphs or markets. The fees are all included in the spread, so whatever price you see for the coins is what you will pay, with no additional commission.
Besides buying and selling cryptocurrencies, Crypto.com offers a range of other features that new and experienced crypto investors will enjoy. For example, there is an NFT marketplace, interest earning options, 'Supercharger' (where you are rewarded with new coins), and 'Missions', which add a gaming aspect to your crypto investing, allowing users to earn diamonds which can be exchanged for crypto and NFTs.
Crypto.com also offers a unique crypto Visa debit card, which is free for any customers who stake at least $500 of CRO (Crypto.com's own token). You receive various benefits depending on the amount of CRO you stake, and these include Netflix rebates, Spotify rebates, Airbnb rebates, and even complimentary airport lounge access. Not only that, but when you use your Visa debit card to spend AUD or crypto (which you pre-load beforehand), you receive up to 5% cashback paid in CRO on every purchase.
Crypto.com is definitely an app you want to investigate if you want the world of crypto easily accessible from your pocket. Click here to read my full review, or sign up here to get started.
Related articles: Crypto.com vs CoinSpot vs Swyftx, Best crypto apps in Australia
#8. Binance Exchange - Best for serious traders
SUMMARY
Binance is a massive crypto exchange with the largest trading volume in the world. With low fees, more than 600+ coins, and additional features, it is very popular with serious crypto traders.
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Binance is the largest cryptocurrency exchange in the world based on trading volume. The reason this platform is so incredibly popular is due to the massive range of 600+ coins, low trading fees of 0% - 0.1%, integration with trading bots, and advanced features, such as P2P and an NFT marketplace.
Binance is not recommended for beginners, since it is not very intuitive for those who have never dabbled with trading before. There are complicated graphs, and order books that can turn away a newcomer to crypto investing. However, if you do run into trouble, there is a 24/7 customer service team focused on the Australian market only.
If you're serious about trading, then Binance is an excellent platform for you. Their fees are extremely competitive, at 0% for BTC and BUSD trades, and 0.1% for all other trading pairs. You can even instantly reduce your fees by 25% if you pay using Binance Coin (BNB). As an additional bonus, new users who sign up with our link can receive $100 in cashback vouchers, depending on trading volume in the first week of registration.
If you are interested in automated trading to maximise profits even when you're offline, Binance is an excellent choice, since it integrates seamlessly with most of the best trading bots, and its massive liquidity makes it attractive to use.
Related articles: Swyftx vs Binance, CoinSpot vs Binance, Binance vs KuCoin, Binance vs Bybit
#9. KuCoin Trading Platform - Best for huge range of 700+ coins
SUMMARY
KuCoin is an advanced crypto trading platform. With more than 700+ coins, low trading fees of 0.1%, and plenty of markets, experienced traders will love KuCoin.
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KuCoin is an extremely popular exchange around the world, with over 20 million users, and this is because it offers so much to advanced crypto traders. A massive range of 700+ coins, low trading fees of 0.1%, and plenty of markets and trading options, such as spot trading, margin trading, futures, and P2P marketplace.
KuCoin has included FREE trading bots on their platform, which you can use to automate your trading strategy. The bots currently available are Spot Grid, Futures Grid, Smart Rebalance, DCA, and Infinity Grid. These are excellent ways to make trades without letting emotion get in the way, and allows you to profit from market volatility when you are away from your devices, and even while asleep. Crypto trading bots can cost hundreds of dollars, so being able to access them for free on KuCoin is a great feature.
KuCoin offers plenty of options for crypto enthusiasts, such as spot trading, margin trading, derivatives trading, crypto lending, crypto borrowing, crypto interest, and even NFTs. Read our full review of KuCoin to learn all that this feature-packed exchange has to offer.
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#10. eToro Australia Broker - Best for copy trading
"eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. eToro offers both real crypto assets as well as crypto assets as OTC Derivatives.
Real crypto assets are unregulated & highly speculative. Being unregulated, there is no consumer protection. Your capital is at risk.
Leveraged positions are OTC Derivatives, which are regulated financial products. OTC Derivatives are considered risky financial products, speculative and include leverage. Not suitable for all investors. Capital at risk. See PDS"
SUMMARY
eToro Australia allows users to invest in cryptocurrencies, stocks, forex and even commodities. There is a strong focus on social trading, where you can interact with other investors and even copy successful traders.
PROS:
CONS:
"eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. eToro offers both real crypto assets as well as crypto assets as OTC Derivatives.
Real crypto assets are unregulated & highly speculative. Being unregulated, there is no consumer protection. Your capital is at risk.
Leveraged positions are OTC Derivatives, which are regulated financial products. OTC Derivatives are considered risky financial products, speculative and include leverage. Not suitable for all investors. Capital at risk. See PDS"
eToro is a broker offering many trading instruments, including cryptocurrency. It is built from the ground up as a social trading platform, meaning you can interact with other users, by posting and commenting on the News Feed, and even automatically copy the exact trades of the most successful investors.
Even though eToro is not a dedicated crypto exchange, it has a lot of excellent features to keep up with the competition. eToro offers a demo account with $100,000 virtual money to practise trading, it has crypto staking, margin trading with 2x leverage, and even crypto CFDs (Contracts For Difference), allowing you to make money on crypto prices without owning the underlying assets. Crypto CFDs allow you to short crypto, which means you can make money when the price goes down, if you think we are entering a bear market.
eToro only offers 75 popular cryptocurrencies on their platform, but they also offer global stocks, forex, and commodities to invest in. It is an excellent broker if you plan on expanding your investments beyond crypto, and they currently have a promotion of $10 bonus when you buy $100 worth of ASX shares.
A downside is that eToro operates in USD, so you will need to pay a currency conversion fee when you deposit and withdraw. To learn about all the features and trading options available on eToro, click here.
Related articles: eToro vs CoinSpot, eToro vs Swyftx
#11. CoinJar Exchange - Use CoinJar card to spend your crypto like cash
SUMMARY
CoinJar is one of the longest-running crypto exchanges in Australia, established in 2013. Its unique CoinJar card lets you spend your crypto like cash.
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CoinJar is a simple cryptocurrency exchange, that has been around for a long time. It has built up its reputation and trust in the Australian crypto industry, and the best feature is the CoinJar card, that operates like a debit card for your cryptocurrency. It is powered by MasterCard, and you load it with any cryptocurrency you like in your CoinJar account. After you have pre-loaded it, you can spend it on any purchases where MasterCard is accepted, whether online or in a store. It is free to set up the card, and there are no monthly fees. In fact, you actually earn CoinJar Rewards each time you spend! For additional convenience, you can add the card to your Google Pay or Apple Pay, so you can pay using your crypto on your phone, without needing to carry the physical card.
Speaking of Google Pay and Apple Pay, CoinJar also accepts these methods of payment for buying cryptocurrency. Besides this, they also support Visa/MasterCard, NPP, and Blueshyft, which are payment methods not often found on most other crypto exchanges.
The downside of CoinJar is that there is a limited range of 50+ coins. To learn more about this exchange, read our full review of CoinJar.
#12. Independent Reserve Exchange - Best for crypto insurance
SUMMARY
Independent Reserve is a crypto exchange that focuses on security, with optional insurance cover on your cryptocurrencies. It is ideal for large-volume traders like SMSFs.
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Independent Reserve is an extremely secure crypto exchange, and the only one in Australia to offer insurance on crypto assets, up to $5 million. This combined with their excellent OTC desk makes it an attractive option for SMSFs, family offices, sophisticated investors, and businesses who want to execute large trades of over $100,000.
The trading fees start at 0.5% and begin to reduce after surpassing $100,000 trading volume over the past 30 days, so high-volume investors can definitely take advantage of this. Independent Reserve also offer a tax report powered by KPMG, to make reporting easier at the end of the financial year.
The biggest downfall of Independent Reserve is that only 27 cryptocurrencies are supported. However, most of these are top 30 globally traded and trusted coins. Click here to read our full detailed review of Independent Reserve.
Related articles: Swyftx vs Independent Reserve, CoinSpot vs Independent Reserve
#13. Kraken Exchange - Compliant with US regulation
SUMMARY
Kraken is a crypto exchange that beginners will find easy to use, yet it still offers more advanced features such as futures, margin trading, and staking.
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Kraken is a US-based cryptocurrency exchange, which means it is a top choice when it comes to security and trust. This is because it has to comply with heavy regulation in the USA, unlike many other crypto exchanges that are based in Asia or the Cayman Islands.
Kraken has an intuitive interface, easy for beginners to navigate, and also comes with additional features that are usually found on more advanced platforms. For example, you can stake your crypto to earn interest, as well as trade futures and margin trade with up to 5x leverage. The trading fees on the market are low, at 0.16% for makers and 0.26% for takers, although if you prefer to instant buy or sell, the fee is significantly higher, at 1.5%.
One disadvantage of Kraken for Australian users, is that you can only trade 19 cryptocurrencies against the Australian Dollar, which is quite limiting. If you want to trade only the most popular coins, this will not be an issue, but if you want to diversify your assets, you will need to choose a different exchange.
#14. Easy Crypto Exchange - Best for purchasing quickly
SUMMARY
Easy Crypto Australia is a non-custodial crypto exchange, which means it never holds your crypto or fiat funds. You do not need to worry about the exchange being hacked because your assets are always in your control.
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Easy Crypto Australia is the quickest way you can buy crypto instantly, as it operates differently to other exchanges. Instead of depositing AUD into the exchange, and then making your purchase, with Easy Crypto Australia, you simply choose the coin you want to buy, and you pay for it directly from your bank account.
After your purchase, the crypto is sent straight to your external wallet, it is not stored on the exchange. This means that your coins are always safe; there is no fear of them being stolen if the exchange is hacked. Easy Crypto Australia also offers a 100% funds guarantee on all orders, which allows you to invest and trade with peace of mind.
The fees are higher than competitors, but remember that this includes the transferral of crypto to your wallet. You do not need to pay an additional fee to send it from the exchange, like you do on other platforms.
Main Factors to Consider when choosing a Crypto Exchange
When you are trying to decide on a crypto exchange to use in Australia, there are several key criteria to consider. These include regulation and compliance, security measures, fees and spreads, user experience, and liquidity. Let's discuss each point in further detail.
Regulation and Compliance
With cryptocurrency becoming more widely adopted, it is essential that there is regulatory oversight to protect Australians, and to maintain the integrity of the crypto industry. In Australia, the regulatory body that is responsible for crypto exchanges is the Australian Transaction Reports and Analysis Centre, commonly known as AUSTRAC.
Choosing a crypto exchange that is registered with AUSTRAC, such as CoinSpot and Swyftx means that it is adhering to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws. You can also be sure that your funds and private information are kept secure.
Security Measures
Security is a paramount concern when talking about cryptocurrencies, and you would have heard of many security breaches over the years, even of large crypto exchanges. Cyberattacks and hacks can lead to millions of dollars being stolen, leading to potential significant losses for crypto exchange users.
When evaluating a cryptocurrency exchange, you need to consider the security measures they have in place to protect users' funds and data. Some of the main security features that the exchange should have include:
- Two-factor authentication (2FA) for login and withdrawal requests
- Secure cold storage of user funds offline
- Encryption of user data and communication
- Regular security audits and penetration testing, including ISO 27001 certification
Fees and Spreads
The fees charged by a crypto exchange can have a significant impact on your profits when investing in or trading crypto. Trading fees vary greatly across crypto exchanges, but usually range from 0.1% to 1% per transaction. Some crypto exchanges, such as MEXC Global have zero fees for makers, which is an excellent way to keep more money in your pocket.
You also need to take into account the spread, when comparing crypto exchanges. This is the difference between the buy and sell prices of a cryptocurrency that you are purchasing. Some exchanges have wider spreads, which effectively increases the fee you pay per transaction.
Besides trading fees, some crypto exchanges also charge for depositing and/or withdrawing crypto, while others have no cost for these services. It is important to do your research and compare all the various charges that may be incurred before selecting an exchange.
User Experience and Customer Support
A user-friendly platform with an intuitive interface is essential for both beginners and experienced traders. When you decide on a crypto exchange, look at the ease of use, variety of trading tools, and usability of the mobile app. Also look for customer support avenues, in particular live chat and email. CoinSpot and Swyftx are two Australian exchanges that offer 24/7 live chat support, which we find extremely useful.
Liquidity
Liquidity refers to how easily a coin can be traded on the market with minimal slippage. Exchanges with high liquidity ensure that your orders are executed quickly, as there are many users trading on the platform. Be sure to check the liquidity of any trading pairs that you intend to trade, particularly if they are less common coins. High liquidity for a popular trading pair (eg: BTC/USDT) may not equate to high liquidity across the entire platform.
How to choose a Crypto Exchange
Before choosing an exchange, it’s important to research a variety of platforms and compare their features. Know what your requirements and what features you need, to make it easier for you to find a suitable exchange. Here are some of the key things to consider, click on each one to read more information.
Getting started can be confusing if you are new to crypto, while on the other hand, more experienced traders may want a platform that offers more advanced features.
Consider how you want to deposit money to the exchange and make sure that your preferred payment method is available. Most exchanges accept popular options like credit and debit cards or PayPal.
Consider whether you want to trade fiat-to-crypto, crypto-to-crypto, or a combination of both.
How much is it going to cost you to buy and sell crypto from the beginning to the end of the process on the platform? Remember to consider any fees associated with the payment method you plan to use, exchange rates, and any discounts you might be entitled to.
Be aware of any deposit and withdrawal limits that you may be subjected to when using the exchange. Minimum and maximum limits may apply.
Do you want to trade on a web browser, or do you prefer the option to trade from a mobile app? How easy will it be for you to access your exchange account wherever you are?
Does the exchange offer any discounts or rewards for those who meet certain guidelines, such as keeping up a certain trade volume each month?
Compare cryptocurrency exchange rates across a variety of different exchanges - you may be surprised to see just how much they can fluctuate.
The higher the liquidity of the exchange, the easier and faster it will be for you to complete trades. Larger crypto exchanges tend to have high liquidity levels.
Most platforms will require you to verify your identity before allowing you to begin trading. Are you happy to give out this information or would you prefer to use an anonymous platform?
When you deposit money into or withdraw money from the exchange, how long can you expect to wait for your transaction to complete?
Security should be a top priority when choosing a crypto exchange. Platforms without a range of high-security features such as two-factor authentication, strong account verification processes, 24/7 security monitoring, and offline secure storage for customer funds leave you vulnerable to hackers and fraudsters.
The crypto industry is still quite lightly regulated, and how an exchange is regulated will depend on where it is based. In Australia, all crypto exchange operators must be registered with AUSTRAC and meet compliance and reporting obligations for anti-money laundering and counter-terrorism financing.
What is the customer support like on the exchange? Is there Live Chat support? Is a customer service team available at all times? How responsive and helpful are customer service agents?
Overall, you should look for an exchange that has a strong reputation for being reliable and secure. Read independent reviews and find out about as many user experiences as possible - both positive and negative - to find out what the exchange is doing well and where it could do better.
Final Thoughts
Cryptocurrency exchanges are very diverse, with different exchanges to suit different trading needs and preferences. Bear in mind that what might work well for one person might not be the best option for the other, so it’s essential to do your own research before deciding which crypto exchange is the best fit for you. Check out our detailed reviews of several leading crypto exchange platforms both in Australia and worldwide, where we discuss and compare features, pros & cons, and fees to help you decide which one matches your trading requirements best.
Frequently Asked Questions (FAQs)
Cryptocurrency is stored in digital wallets. When you sign up to a crypto exchange, most of them provide you with a wallet that is held in your exchange online. You can either leave your cryptocurrency in the exchange account, or transfer it to an external wallet (either a hot wallet app, or a cold hardware wallet). Some other platforms require you to have your own external wallet at the time of purchase, and any crypto you buy is sent straight there.
It is not recommended to leave your crypto on an exchange in the long-term, since the exchange controls the private key to your wallet, leaving you without full control of your funds. If the exchange is the victim of a cybersecurity attack, your digital assets may be lost or stolen. Click here to read about the best crypto wallets in Australia.
It only takes a few steps to buy crypto using a crypto exchange. You need to create an account, verify your identity, deposit AUD, then purchase the coin you like. For a detailed step-by-step guide with screenshots, read our article on how to buy crypto in Australia.
Each crypto exchange will accept different methods of payment. Some of the most common are bank transfer, PayID, POLi, credit card, debit card, PayPal, and BPAY.
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.
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