Best cryptocurrency exchanges in Australia

Best cryptocurrency exchanges in Australia

Robert McDougall

December 5, 2022

Cryptocurrency

At Marketplace Fairness, we publish the most up-to-date information based on real testing and research, to give our readers the best advice regarding cryptocurrency exchanges. Here are the top 3 crypto exchanges in Australia, with more options below for those who are looking for something different.

#1 Exchange
9.9

✔️ Best for frequent traders, with rapid trade speed and 220 cryptocurrencies

✔️ Lowest fees - spot trading: 0%, derivatives trading: 0.01% (maker), 0.06% (taker)

✔️ Margin trading with up to 100x leverage

✔️ FREE $10 BTC when you sign up here

Most Secure
9.7

✔️ 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

Demo Mode
9.6

✔️ Well-designed platform, perfect for beginners

✔️ Unique Demo mode - practice trading risk-free with play money

✔️ 320 coins available, and you can earn interest on 20 coins

✔️ Generous welcome offer, free $20 BTC when you sign up here

Since cryptocurrency has cooled down from the heights of the last bull run, now is an excellent time for new crypto investors to enter the market. Prices are much more affordable, and if you stock up now in the crypto winter before the next bull run arrives, 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? At MarketPlace Fairness, we have done our diligent research to help you find the right crypto exchange for your needs. Please note that our recommendations are based on real test results and not market noise. For example, we conducted our own in-depth test to work out the lowest combined fees and spreads, which you can see here.

We hope we can help you begin your journey into crypto investing and trading, and we always aim to provide you with 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 fits your needs the most. It is also a wise 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.

Best Crypto Exchanges in Australia: Updated December 2022

  1. Bybit Exchange - Best overall for Australians, lowest fees
  2. CoinSpot Exchange - Most trusted and secure in Australia
  3. Swyftx Exchange - Best for practising with demo mode
  4. Binance Exchange - Best for serious traders
  5. MEXC Trading Platform - Deepest liquidity and 1,520+ coins
  6. Luno Exchange - Best sign-up offer of $30 FREE BTC
  7. Crypto.com App - Best mobile app for beginners
  8. KuCoin Trading Platform - Best for huge range of 700+ coins
  9. eToro Australia Broker - Best for copy trading
  10. CoinJar Exchange - Use CoinJar card to spend your crypto like cash
  11. Independent Reserve Exchange - Best for crypto insurance
  12. Kraken Exchange - Compliant with US regulation
  13. Easy Crypto Exchange - Best for purchasing quickly

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What is the best crypto exchange?

Bybit takes the title of the #1 best crypto exchange in Australia, and the main reasons are low fees, wide range of 220+ cryptocurrencies, and numerous trading options available. Bybit is easy for beginners to use, yet has plenty of features that advanced users want, 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 are interested in signing up to Bybit, use our unique link here to receive $10 FREE BTC without even having to make a deposit.

  • Best for frequent traders, with 220+ coins
  • Spot trading fee: 0%
  • Derivatives trading fee: 0.01% / 0.06%
  • $20 FREE BTC when you sign up here
  • Demo mode: trade with $10,000 play money
  • Over 320+ coins, earn interest on 20
  • More than 600+ coins to buy, sell, and trade
  • Low trading fees of 0% - 0.1%
  • Largest trading volume in the world
  • Trade huge range of 1,520+ cryptocurrencies
  • Much higher liquidity compared to others
  • Free crypto trading bots included

Best Australian Cryptocurrency Exchanges of 2022

#1. Bybit - Best overall in Australia, lowest fees, best for frequent traders

MarketPlace Fairness SPECIAL OFFER

Receive FREE $10 BTC by clicking here to register

SUMMARY

Bybit is the best choice for frequent traders, with extremely low fees, and wide range of coins. 

PROS:

  • More than 220+ coins to trade
  • Spot trading fee: 0%
  • Derivatives trading fee: 0.01% / 0.06%

CONS:

  • Cannot deposit or withdraw AUD
  • Strictly a crypto trading platform only

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.

Bybit is aimed at those who are interested in trading crypto often, especially day traders. However, if you are a newcomer who is looking to buy crypto and hold it for a few years and see if it increases in value, this is also available. You can purchase crypto directly using Visa/Mastercard, Apple Pay, Google Pay, or PayID, and if you decide you want to trade it, it is easy to do so on Bybit.

Bybit offers spot trading on more than 220+ coins, and has derivatives markets (USDT Perpetual contracts, Inverse Perpetual contracts, and Inverse Futures contracts) for the serious traders. The trading fees are the lowest in Australia, at just 0.01% / 0.06% (maker/taker) for derivatives traders. To celebrate reaching 10 million customers, Bybit is offering FREE spot trading for a limited time! Take advantage of this offer now before it runs out.

Experienced traders will love using Bybit for their advanced charts, technical tools, and trading options like margin trading, with up to 100x leverage. This level of leverage is the highest you will find in the Australian crypto market, with other exchanges only offering up to 20x, or even 5x. 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 real 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 after completing KYC, even before you deposit.

Related articles: Best margin trading exchanges, Best copy trading platforms, Bybit referral code, Bybit vs Margex, Bybit vs KuCoin, Bybit vs Binance, Bybit vs Bitget, Bybit vs FTX, Best no KYC crypto exchangesBest crypto trading bots


#2. CoinSpot Exchange - Most trusted and secure platform

MarketPlace Fairness SPECIAL OFFER

Receive FREE $20 BTC by clicking here to register

SUMMARY

CoinSpot is the 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.

PROS:

  • Most secure and trusted exchange
  • Over 370+ cryptocurrencies available
  • Earn interest on 21 coins

CONS:

  • No advanced trading markets
  • Cannot deposit with credit/debit cards

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.

There is also a crypto debit card that is offered free to customers. It is a CoinSpot Mastercard, that you can use to spend any of your crypto as if it's cash, either in person or online. You can easily add it to Google Pay or Apple Pay and tap using your phone! It is really bringing crypto mainstream in this way.

Some customers complain about CoinSpot's 1% fee for Instant Buys, saying that 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 lower fees of 0.1% if you trade on the market, or make OTC trades. For a detailed review of CoinSpot, click here.

Related articles: CoinSpot vs SwyftxCoinSpot vs Independent ReserveCoinSpot vs BinanceCoinSpot vs Coinbase, CoinSpot vs Digital Surge, How to stake crypto on CoinSpot, CoinSpot referral code


#3. Swyftx Exchange - Best for demo mode practice trading

MarketPlace Fairness SPECIAL OFFER

Receive FREE $20 BTC by clicking here to register

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.

PROS:

  • $20 FREE BTC when you sign up here
  • Demo mode: trade with play money
  • Earn interest on 20 coins

CONS:

  • No advanced trading markets
  • Only available in Australia and NZ

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 knowing how to navigate the buy and sell process, so Swyftx has implemented a Demo mode, which you can switch to easily (in the top right corner of the site) and receive $10,000 FREE play money to test out your trading strategies! The trades mimic real life, as the prices in the demo mode reflect the current live prices of crypto, so you can really get a sense of how it works. If you ever run into any issues, you can quickly receive help via 24/7 Live Chat customer support. They are always responsive and very knowledgeable, and are a lifesaver for beginners to the crypto industry.

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. The spreads are low, as evidenced by our detailed test here.

Swyftx offers an Earn feature, where users can earn interest on 20 different coins. Instead of just leaving your crypto idle while you wait for the value to increase, you can earn interest on your crypto so you grow the amount you own over time. This is easy to do, and only takes a couple of simple clicks - you can follow our guide here.

One criticism I have heard from extremely serious crypto traders is that Swyftx does not have advanced markets such as futures or margin trading. While that is the case, Swyftx is aimed more at beginners and intermediate crypto investors. If you are a serious cryptocurrency trader, I would suggest a dedicated trading platform such as Bybit.

Related articles: Swyftx vs CoinspotSwyftx vs BinanceSwyftx vs Digital SurgeSwyftx vs CoinbaseSwyftx vs Independent Reserve, How to stake crypto on Swyftx, Swyftx referral code


#4. Binance Exchange - Best for serious traders

MarketPlace Fairness SPECIAL OFFER

Receive up to $100 cashback vouchers by clicking here to register

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.

PROS:

  • More than 600+ cryptocurrencies
  • Low trading fees of 0% - 0.1%
  • Largest trading volume in the world

CONS:

  • No margin trading in Australia
  • Not user-friendly for beginners

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 BinanceCoinSpot vs Binance, Binance vs KuCoin, Binance vs Bybit


#5. MEXC Trading Platform - Deepest liquidity & huge range of 1,520 coins

MarketPlace Fairness SPECIAL OFFER

Receive FREE $25 USDT and 10% off fees by clicking here

SUMMARY

MEXC is the best option for advanced cryptocurrency traders who value 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.

PROS:

  • Deepest liquidity 
  • Highest range of coins to trade
  • Crypto trading bots and copy trading

CONS:

  • No fiat withdrawals supported
  • Limited coins for instant purchase

MEXC is our 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 make profits on. With low spot trading fees of 0.2%, futures trading fees of 0.02/0.06%, and 10% off all your trading fees with our link, you'll be able to maximise your profits.

Experienced traders 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 our link, as you will receive $25 FREE USDT as well as 10% discount on all your trading fees! 

Related articles: MEXC referral code, Best margin trading platforms in Australia, Best no KYC crypto exchanges, Best crypto trading bots, Best copy trading platforms


#6. Luno - Best sign up bonus of $30 FREE BTC

MarketPlace Fairness SPECIAL OFFER

Receive FREE $30 BTC by clicking here & using promo code MPFLUNO

SUMMARY

Luno is an excellent choice for users who want a simple buy/sell platform where you can also earn interest on your crypto

PROS:

  • User-friendly, perfect for beginners
  • Buy $30 crypto and get $30 FREE BTC
  • Earn interest on BTC, ETH, USDC

CONS:

  • Only 10 coins available in Australia
  • No advanced trading markets

Luno is another secure choice for the everyday Australian who wants to get started with crypto. It is registered with AUSTRAC, and follows the same KYC and AML compliance framework that your local bank does. Luno is dedicated to working with regulators and industry bodies in Australia to develop effective regulations for the Australian crypto industry.

Luno has proof of reserves, and holds their assets 1:1 so you never have to worry about not being able to withdraw your crypto. This is regularly verified by independent auditors so you can trust they are legitimate, and they use industry-leading protocols to ensure the highest level of security.

It is so easy to use Luno, with the instant buy/sell feature on mobile or desktop, and if you prefer you can also trade your crypto on the market. Luno has low trading fees of 0% for makers, and 0.1% for takers. Depositing and withdrawing AUD is free of charge for amounts over $50, and one of the best things about Luno is their generous welcome offer of FREE $30 BTC. When you sign up here, after you have created an account, go to "Rewards" to enter this promo code: MPFLUNO. After that, when you buy $30 worth of crypto, you will receive $30 BTC for free!

Besides buying, selling, and trading crypto, you can also earn interest on BTC, ETH, and USDC, which is a great way to increase your investment passively, as you HODL for the long term. 

Related articles: Luno promo code


#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:

  • Convenient and simple to use
  • More than 250+ cryptocurrencies
  • 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 available 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 (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 our full review, or sign up here to get started.

Related articles: Crypto.com vs CoinSpot vs Swyftx, Best crypto apps in Australia


#8. 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.

PROS:

  • More than 700+ coins available
  • Spot, Margin, Futures, P2P trading
  • Free crypto trading bots included

CONS:

  • Cannot withdraw fiat currencies
  • Poor customer service

KuCoin is an extremely popular exchange around the world, with over 11 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.

Related articles: KuCoin vs Binance, KuCoin vs Kraken, KuCoin vs CoinSpot


#9. 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:

  • Invest in 75 coins, as well as stocks and forex 
  • You can short crypto using a CFD
  • Copy Trading: copy successful investors' trades

CONS:

  • Currency conversion fee (USD/AUD)
  • Limited range of cryptocurrencies

"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. There is a mobile app for iOS and Android so you can always keep an eye on your assets and trade whenever you want. 

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 CoinSpoteToro vs Swyftx


#10. 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.

PROS:

  • CoinJar card lets you spend crypto
  • Supports Apple/Google Pay deposits
  • Simple interface, easy to use

CONS:

  • Higher trading fees of 1%
  • Only 50+ coins available

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, when you want to purchase 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 their trading fees are 1%, which are higher than most of their competitors, and there is a limited range of 50+ coins. To learn more about this exchange, read the full review of CoinJar.


#11. 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.

PROS:

  • Offers insurance on crypto assets
  • Strong focus on security
  • Excellent OTC desk for large investors

CONS:

  • Outdated user interface
  • Limited range of 27 coins

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 ReserveCoinSpot vs Independent Reserve


#12. 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.

PROS:

  • 24/7 Live Chat support
  • Staking, futures and margin trading
  • Compliant with heavy US regulation

CONS:

  • Limited to 19 coins with AUD
  • High instant buy/sell fee of 1.5%

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 commonly found on more advanced platforms. For example, you can stake your crypto to earn interest, as well as trade futures and even 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.


#13. 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.

PROS:

  • Instantly buy crypto: no depositing
  • 100% funds safety guarantee
  • No assets are stored on exchange

CONS:

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. 

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.

User-friendliness & trading tools

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.

Payment Methods

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.

Trade type

Consider whether you want to trade fiat-to-crypto, crypto-to-crypto, or a combination of both. 

Fees

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.

Limits

Be aware of any deposit and withdrawal limits that you may be subjected to when using the exchange. Minimum and maximum limits may apply.

Access

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?

Loyalty programs & discounts

Does the exchange offer any discounts or rewards for those who meet certain guidelines, such as keeping up a certain trade volume each month?

Exchange rates

Compare cryptocurrency exchange rates across a variety of different exchanges - you may be surprised to see just how much they can fluctuate.

Liquidity

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.

Account verification

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?

Processing times

When you deposit money into or withdraw money from the exchange, how long can you expect to wait for your transaction to complete?

Security

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. 

Regulation

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. 

Customer support

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?

Reputation

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)

Is it safe to store crypto on an exchange?

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.

How do I buy crypto using a cryptocurrency exchange?

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.

How do I pay for cryptocurrency?

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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