Best cryptocurrency exchanges in Australia

Best cryptocurrency exchanges in Australia

Daniel Chan

June 27, 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 when it comes to cryptocurrency exchanges. These are the top 3 crypto exchanges in Australia, with more options below for those who are looking for something different.

#1 Best Exchange
9.9

✔️ Australia's most popular crypto exchange (over 2 million Aussies)

✔️ Highly trusted (est. 2013), AUSTRAC registered & ISO 27001 certificate

✔️ FREE $20 BTC sign-up bonus with this link

✔️ Huge range of 360 coins, earn interest on 21

Demo Mode
9.7

✔️ Well-designed platform with access to over 320+ different coins

✔️ Average fee including spread: 1.11% as per our test results

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

✔️ Best value right now with free $20 BTC, performed remarkably well in our test

Lowest fees
9.6

✔️ Best for frequent traders, with rapid trade speed and 160 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

As cryptocurrency has cooled down from the heights of last year, now is a good time for many new crypto investors to enter the market. Prices are much more affordable, and if you stock up now before the next bull run, there is a chance to make decent profits.

How do you pick which ones are legitimate, which ones are scams, and which is the best for you? At MarketPlace Fairness, we have done our research to help you find the right crypto exchange for your needs. Keep in mind 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 aim to provide you with the most accurate, useful and up-to-date information that is based on solid research and testing.

The best way to pick the right crypto exchange is to determine which category best fits you, and deciding what you want from the exchange. It is a wise idea to use a range of different exchanges - not only can you take advantage of the unique perks of each, but it is also sensible to spread out where you hold your cryptocurrency.

Best Crypto Exchanges in Australia: Updated June 2022

  1. CoinSpot Exchange - Best overall for Australians, most trusted and audited
  2. Swyftx Exchange - Best for practising with demo mode
  3. Bybit Trading Platform - Lowest fees, best for frequent traders
  4. Digital Surge Exchange - Lowest spreads, winner of our test
  5. eToro Australia Exchange - Best for copy trading
  6. Binance Exchange - Best for serious traders
  7. Independent Reserve Exchange - Best for crypto insurance
  8. Kraken Exchange - Compliant with US regulation
  9. Easy Crypto Exchange - Best for purchasing quickly
  10. Coinstash Exchange - Best for easy staking
  11. Elbaite Marketplace - Best peer-to-peer marketplace
  12. Cointree Exchange - Best for ease of use

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What is the best crypto exchange?

CoinSpot takes the title of the best crypto exchange in Australia, and the main reason behind this is the trust and security it has attained from over 2.5 million customers since 2013. CoinSpot is the only Australian exchange to hold ISO 27001 certification, making it the most externally audited and secure crypto exchange in Australia. They also offer customisable security settings, such as 2FA, SMS security token, session timeout, anti-phishing phrase, disable withdrawals, geo-lock logins and phone verification. On top of this, CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations. You can also claim FREE $20 BTC when you use our link to sign up.

  • $20 FREE BTC when you sign up here
  • Demo mode: trade with $10,000 play money
  • Over 320+ coins, earn interest on 20
  • Best for frequent traders, with 160+ coins
  • Spot trading fee: 0.1%
  • Derivatives trading fee: 0.01% / 0.06%
  • Invest in 50 coins, as well as stocks and forex 
  • You can short crypto using a CFD
  • Copy Trading: copy successful investors' trades

Best Australian Cryptocurrency Exchanges of 2022

#1. CoinSpot Exchange - Best overall in Australia

MarketPlace Fairness SPECIAL OFFER

Receive FREE $20 BTC by clicking here to register

SUMMARY

CoinSpot is the #1 exchange in Australia, established in 2013, and trusted by over 2.5 million users. With more than 360+ coins available, you won't need to look elsewhere.

PROS:

  • Most secure and trusted exchange
  • Over 360+ cryptocurrencies available
  • Earn interest on 21 coins

CONS:

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

CoinSpot is the #1 crypto exchange in Australia, due to plenty of features, a huge range of coins, and the 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 very simple and easy to use, both on desktop and mobile app. They have 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 360+ 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.

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 


#2. 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 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.

One criticism I have heard from extremely serious crypto traders is that there are no advanced markets such as futures or margin trading. While that is the case, Swyftx is built more for beginners and intermediate crypto investors. If you are a very 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


#3. Bybit - 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. Not suited for those who are looking to simply buy and hold crypto.

PROS:

  • More than 160+ coins to trade
  • Spot trading fee: 0.1%
  • 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 for frequent traders, due to the reliability and trust they have built since their establishment in 2018. Bybit has attracted more than 2 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 targeted at those who are interested in trading crypto often, especially day traders. It is not really for newcomers who are looking to buy Bitcoin and hold it for a few years and see if it increases in value. This is because with Bybit, you cannot deposit AUD (or any fiat currency) to purchase crypto, but rather you deposit crypto and use that to trade, and make profits that way. If you are set on purchasing crypto on Bybit, you can use the fiat gateway, where you can purchase crypto using Visa/Mastercard or Apple Pay, and then use that crypto to begin trading.

Bybit offers spot trading on more than 160+ 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 0.1% for spot trading, and just 0.01% / 0.06% (maker/taker) for derivatives traders. 

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


#4. Digital Surge - Lowest spreads

MarketPlace Fairness SPECIAL OFFER

Receive FREE $10 BTC by clicking here to register

SUMMARY

Digital Surge is a great choice for users that want a simple buy/sell platform with low fees and spreads. Very easy to use, and perfect for beginners to crypto.

PROS:

CONS:

Digital Surge is another secure choice for the everyday Australian who wants to get started with crypto. It is ASIC and AUSTRAC registered, so you can trust that they are legitimate and safe. Digital Surge offers more than 300+ cryptocurrencies at a low fee of 0.5% and tight spreads. To test out their claims, we conducted an in-depth crypto buying test which highlighted the difference in fees and spread for Digital Surge, Swyftx, CoinSpot and Crypto.com. Digital Surge came out as the clear winner, averaging just 0.71% in combined fees and spread per transaction.

Digital Surge have put a lot of effort into creating an interface that is very easy for users to buy and sell and we certainly agree with that. It was one of our favourite aspects of the platform, you can simply click on Buy or Sell, without having to worry about complicated graphs. If you have a bit of experience with trading, and prefer to place limit orders, you can also easily do that in Digital Surge. If you ever have any issues on your account, you can easily contact customer support 24/7, who are available via Live Chat or email.

A really interesting feature that Digital Surge offers, that is not found on any other Australian cryptocurrency exchange, is the ability to pay bills using Bitcoin. If you have an Australian bill or credit card that accepts BPAY, you can use Bitcoin directly from your Digital Surge account to pay it. This is extremely convenient, saving you time since you don't need to sell your BTC, then withdraw it before you can use your AUD. It also marks a growing acceptance and adoption of cryptocurrency in Australia, which is a big plus for crypto investors.

A criticism I sometimes hear about Digital Surge is that they don't have staking available to earn crypto interest. While this is true at the time of writing, this may change in the near future, as Digital Surge is constantly making improvements to their platform. If you are interested in earning interest on your crypto, you can try out CoinSpot, which added the functionality in late 2021.

Related articles: Digital Surge vs SwyftxDigital Surge vs CoinSpot


#5. eToro Australia Exchange - Best exchange 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 50 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 not specifically a cryptocurrency exchange, but rather it 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 other exchanges. 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 50 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


#6. 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.

PROS:

  • More than 600+ cryptocurrencies
  • Low trading fees of 0.1%
  • Advanced trading markets

CONS:

  • No customer support
  • 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 0.1%, integration with trading bots, and advanced features, such as futures, P2P, NFT marketplace, and margin trading.

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. In addition, there is no customer support via live chat or email, so if you find yourself in trouble, you're on your own. 

However, if you're serious about trading, then Binance is an excellent platform for you. Their fees are extremely competitive at 0.1%, and you can even reduce your fees by 25% if you pay using their own native coin (BNB). Those who like to automate their trades using bots will find that most of the best trading bots integrate seamlessly with Binance, and its massive liquidity makes it attractive to use.

One drawback of Binance is that since it is not an Australian exchange, users occasionally run into issues verifying their identity and depositing from Australian banks. 

Related articles: Swyftx vs BinanceCoinSpot vs Binance


#7. 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 my full detailed review of Independent Reserve.

Related articles: Swyftx vs Independent ReserveCoinSpot vs Independent Reserve


#8. 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.


#9. 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. 


#10. Coinstash Exchange - Best for easy staking

SUMMARY

Coinstash is an Australian crypto exchange that is great for beginners, with 340+ coins on offer, and it is very easy to stake on their platform. 

PROS:

  • More than 340+ cryptocurrencies
  • Staking available to earn interest
  • Beginner-friendly platform

CONS:

  • Trading fees of 0.85% are high
  • Limited deposit options available

Coinstash is a basic crypto exchange that is very easy for beginners to use. There are over 340+ different cryptocurrencies that you can easily buy and sell using AUD, and there is also staking available on several coins, so you can earn interest while you invest. Many simple crypto exchanges don't include staking as an option, but Coinstash has added this attractive feature to benefit their users. If you are worried about the volatility of crypto, you can still earn interest on your crypto by staking XAUD. XAUD is a stablecoin pegged to the Australian dollar, and you can receive 6% interest on it on Coinstash. 

Coinstash offers Live Chat customer support to their users, or if you prefer, you can also leave a ticket and await an email reply. Coinstash is a registered crypto exchange in Australia, and they also control an AFS Licensee (Australian Financial Services Licensee) to keep everything safe and sound. The exchange is gradually growing its user base, and have recently allowed the public to invest in their platform, to raise some capital.

The main disadvantage of Coinstash is the trading fee of 0.85% is quite high compared to the industry-average. Swyftx offers 0.6% fees, and Digital Surge just 0.5%, which makes a big difference in the long run.


#11. Elbaite Exchange - Best peer-to-peer marketplace

SUMMARY

Elbaite is a non-custodial P2P crypto marketplace, perfect for those who want to remain in control of their assets at all times, and not have to trust an exchange.

PROS:

  • 0% fee for sellers, 1% for buyers
  • No funds are stored on the exchange
  • Personal info hidden from other users

CONS:

Elbaite is the best P2P crypto marketplace available for Australians. It is non-custodial, so users can buy and sell crypto directly from other traders, with no crypto or fiat funds ever held on Elbaite. The crypto that is sold is transferred from one crypto wallet to another, so you don't need to worry about your funds being stolen if Elbaite is hacked.  

Elbaite charges only 1% fee for buyers, and there is 0% fee for sellers, which is an excellent incentive to use this platform if you are looking to sell your crypto. Elbaite uses an escrow account to hold payment until the Blockchain verifies that the coins you purchased have arrived into your wallet, so buyers always receive their crypto, and sellers always receive their fiat currency with no risk. 

Elbaite is especially suited for large volume traders who prioritise security, safety and control of their own assets. While you can only buy and sell a limited range of crypto on this P2P exchange, these are the most popular and widely-traded coins.


#12. Cointree Exchange - Best for ease of use

SUMMARY

Cointree is by far the easiest-to-use crypto exchange in Australia. It is designed specifically for complete beginners, with an extremely basic user interface.

PROS:

  • Very basic interface: great for newbies
  • Pay BPAY bills using crypto
  • Over 280+ coins on offer

CONS:

  • High trading fee of 0.9%
  • No mobile app

Cointree is the best Australian exchange for ease of use. It is perfect for newcomers to the crypto market, with its barebones easy-to-use interface. There are over 280+ cryptocurrencies supported, with the feature to trade coin-to-coin, something not found on all exchanges. Another exciting feature is the option to pay BPAY bills with Bitcoin that you hold in your Cointree account.

It was a finalist in the Australian Blockchain Industry Awards 2019, for best digital currency exchange, and it is still growing in popularity. Unfortunately it has higher than average trading fees of 0.9%, and the lack of mobile app limits its usability.

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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