Best Crypto Exchanges in Australia Updated September 2023

Cryptocurrency exchanges work a lot like other trading platforms you may be familiar with. They provide you with accounts where you can create different order types to buy, sell and speculate in the crypto market. The exchange also offers Australian-based customer support, ensuring that users can get the help they need when they need it. Additionally, Swyftx has an iOS and Android app that is user-friendly and provides almost all of the features of the main web app, making it convenient for users to trade on-the-go. Overall, Swyftx is an excellent option for both new and experienced traders looking to invest in cryptocurrencies.

• A key characteristic of cryptocurrencies is that they are highly decentralized, which means that no central bank launches them.
• Swyftx is registered and regulated by AUSTRAC, which is why you will need to verify your identity before being allowed to actively trade on the platform.
• There are also pre-selected portfolios that cover a variety of risk levels and financial goals.
• You can also trade 16 digital currencies and over 250+ ETFs (exchange-traded funds).
• Gate.io is a crypto exchange tailored for those seeking spot trading, NFT trading, crypto lending options, and interest-earning opportunities.

But before you jump into the crypto market, you need to find a reliable and trustworthy crypto exchange to buy and sell your cryptos. If you want to find a suitable crypto exchange, you should analyze its features and compare them to your investment strategy. Due to local regulations, some exchanges are banned from certain countries and conversely, there are exchanges that don’t allow access to users from particular territories. The personal experiences of users are the most reliable source where you can learn a lot about the platform’s real drawbacks and perks. Rating systems are really helpful in deciding whether the platform can be trusted.

How much money do I need to buy a Bitcoin?

One of the main advantages of Crypto.com is called Crypto.com Earn, which is a way for you to earn interest on your digital assets while ‘hodling’ them. There are more than 40+ cryptocurrencies available for staking, and the interest is released every week in the coin that you have a stake on. In fact, you can even increase your interest rate or yield on your staked crypto based on how much CRO coin you’ve staked. You can also employ ByBit’s trading bots to trade your favourite coins on your behalf. Binance is always the first choice for international crypto services, and I’ll tell you why.

• With the Fight Out platform, users can monitor their physical activity and earn cryptocurrency as a reward.
• Quantum AI algorithmic trading software supports both automated trading and manual trading.
• Of the about 1 billion supply, just 25% have been made available for presale.
• If you trade crypto with fiat money, you should also double-check whether the exchange has listed your local or preferred currency in the available fiat-to-crypto trading pairs.
• Easy Crypto Australia is a non-custodial cryptocurrency exchange, which means neither your crypto assets or AUD are stored on the Easy Crypto Australian platform.

Others have features like crypto staking or lending that allow you to earn interest on your crypto holdings. The best exchanges feature educational offerings to keep you up to – date on all things crypto. International platforms typically answer to additional regulatory bodies which is why some features might not be available for Australian traders.

Kraken

These platforms adhere to the regulations set by ASIC and AUSTRAC, ensuring a safe trading environment. They also provide a wide range of deposit options, making it easy for investors to start their crypto journey. Remember, while cryptocurrencies offer exciting investment opportunities, they are subject to Capital Gains Tax, and it’s essential to stay informed about the tax implications.

By holding 16 coins in their Swyftx account, crypto investors can earn interest on them. Newcomers and advanced investors can use this method to increase their crypto holdings without taking any risk. This could be problematic if you are an advanced day or swing trader, as there is no support for MT4, MT5, or any third-party platform for that matter. Once you upload your Australian ID – which is usually verified straight away, you only need to meet a minimum deposit of $100. For example, Skilling does not charge any commissions on any of its markets, and spreads are often industry-leading.

Top 5 Crypto OTC Trading Platforms in Australia

Even on a small screen, you can buy, sell, and trade crypto seamlessly. It is generally compatible with iOS and Android platforms if your chosen crypto trading platform offers an app. You will always need to pay some type of fee when buying and selling digital currencies online, as discussed throughout this guide to the best crypto trading platforms of 2023.

• On top of stocks, ETFs, and cryptocurrencies – you can also trade CFDs in the form of hard metals, energies, forex, and indices.
• These require each user to divulge their identity, much as you would when you apply for a bank account, to combat money laundering and fraud.
• You can easily trade crypto with up to 100x leverage and copy other traders.

If you are acting personally, all of your gains, losses, fees, and other costs will be subject to capital gains tax. If you are conducting these same actions as a business entity, you will be subject to business income tax. To ascertain what market your immediate edge activity falls into, it is advised that you consult with an accountant. Many techniques and strategies that apply to other trading domains are also utilized in crypto. Margin trading in crypto is one of the popular techniques utilized by crypto traders.

Main Factors to Consider when choosing a Crypto Exchange

Even though the creators of Quantum AI say that the software is highly effective and secure, it is necessary that we analyze it on our own before we try it out. As per our list, Binance provides the highest leverage with minimum fees and the best features for margin traders in Australia. In P2P margin, traders can borrow funds at interest instead of paying them entirely and suffering a substantial loss.

• Despite the limited choice, I also noticed a handful of other promising altcoins like EOS, XLM, BAT, GNT, REP, OMG, 0x, and PLA.
• Furthermore, if you are someone who does not know how to buy cryptocurrencies, the platform has a specific section with educational content for all kinds of users who want to learn.
• It will take a few minutes for the registration process to complete and then you will be able to access your account on the official website of Quantum AI.
• Currently, SelfWealth has over 78,000 Australian investors using its platform, allowing traders to trade both Australian and US shares.

For example, if you are trading GBP/AUD at a stake of $500 – and the platform charges a commission of 0.1%, you’ll pay $5. For example, UK stocks can be traded from just 0.10%, while US stocks cost $0.02 per share CFD. All other asset classes can be traded commission-free, albeit, your fees are built into the spread. This includes everything from the US, UK, Europe, Asia, and of course – Australia. This gives you ample opportunity to build a diverse portfolio of international shares from several stock markets.

Trading Platform Fees

The trading fee is a nominal 0.6% and there are no fees on deposits and withdrawals. Compared to the industry average spread of 5.2%, Swyftx charges between 0.2% and 0.8%. We regularly update our top exchanges list to reflect the ever-changing crypto market.

• Swyftx says it is one of Australia’s most trusted crypto exchanges and has an official deal with AUD withdrawals and deposits.
• The provider usually cannot accept fiat currency because they don’t have the legal authority.
• Apart from state-of-the-art security measures, Swyftx has the advantage of being Australian-based.
• A crypto OTC trader needs to be able to quickly and automatically open and close multiple positions.

In Australia and New Zealand and throughout Asia-Pacific, it is one of the largest and most prominent financial institutions. This fee is fixed, unlike some stockbrokers that increase their fees when you buy more. Trading CFDs does not involve the actual purchase of the underlying asset and only involves speculating on whether the price will rise or fall. Australia’s stockbroker was founded in 2011 and works slightly different from the other brokers on the list.

Can the Australian government track your crypto on Exchanges?

At the start of 2021, investors weren’t particularly interested in Dogecoin. Polkadot also features a unique consensus mechanism called “Nominated Proof-of-Stake” (NPoS), which allows token holders to nominate validators to secure the network and earn rewards. Validators are selected based on their reputation and the number of tokens backing them.

• Other useful features include rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, low trading fees, a demo account mode to practice trading, and price alerts.
• EToro accepts an assortment of Australian payment methods – including debit/credit cards, bank transfers, and even e-wallets like Paypal, Skrill, and Neteller.
• Additionally, you can earn crypto interest payments up to 78% APY on 21 digital currencies such s Polygon (MATIC), Ethereum (ETH) and Binance Coin (BNB).
• The software is designed for anyone who wants to do trading in cryptocurrency and earn profits daily.
• Compared to other exchanges of this type, the IR fees are incredibly low, starting from 0.5%, and can decrease to 0.05% depending on your trading volume.
• But how do you know which crypto exchanges are legitimate, which ones are scams, and which is the best for you?

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. 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. Bybit offers spot trading on more than 280+ coins, and has derivatives markets (USDT Perpetual contracts, Inverse Perpetual contracts, and Inverse Futures contracts) for more experienced 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.

eToro – Overall Best Australian Crypto Trading Platform

Due to its bank-like safety measures, CoinSpot is regarded as one of the most secure exchanges in Australia to buy, store and sell crypto. CoinSpot is a long-established and reputable crypto trading platform based in Melbourne that was established in 2013. It is currently the largest crypto exchange in Australia with more than 2.5 million customers. Based on 1,940 existing customer reviews at the time of writing, CoinSpot has been rated with 4.4/5 stars on Trustpilot which is a testament to being a top crypto platform. When it comes to using leverage, there are plentiful derivatives trading markets supported, and multiple ways to use leverage up to 100x on its futures trading platform.

On the other hand, users will be allowed to advertise exchanges for the payment method they prefer. LocalBitcoins allows users to purchase Bitcoins via an in-person meeting while the transaction is being facilitated and secured by LocalBitcoins. The advantage of using LocalBitcoins is that private and in-person exchanges require no personal information. However, among the disadvantages are that you have to beware of scammers and it is more difficult to purchase larger amounts of Bitcoin compared to larger exchanges. Before we begin, these trading sites are not a definitive list of all sites, and they are chosen based on determining factors such as site performance, security, fees, support, etc.

List of Best Crypto Exchanges Australia in 2023

I do believe that it can take some getting used to for beginners, which is why Swyftx is the most recommended exchange for beginners. Copy Trading by eToro is the way to go if you like the sound of automated crypto trading. By – doing this, you’ll be able to choose a successful crypto trader who uses eToro – based on their past performance and average monthly return. You can then copy the trade like-for-like in a transparent and regulated environment.

• Even though eToro is not a dedicated crypto exchange, it has a lot of excellent features to keep up with the competition.
• Swyftx are currently running a promotion for new users, you can get $20 BTC credit when you sign up.
• With a sleek UI that makes it simple to navigate on both mobile and PC apps, Swyftx provides an excellent user experience.
• This, in turn, can mitigate systemic centralization risks within the cryptocurrency ecosystem.

However, all major coins and tokens are supported such as Bitcoin, Ether, Solana, Cardano, Tether, and DAI. If you’re an altcoin investor who is interested in the more exotic coins then you will need to find an alternative place to buy them. Founded in 2013, CoinJar is one of Australia’s oldest crypto platforms with more than 500,000 active users. The platform is more orientated towards beginner and novices through it’s beginner-friendly interface, streamlined crypto purchasing processes and innovative features.