Cryptocurrency has gained impressive popularity in Australia despite the industry’s difficulties in the last 18 months. The adoption in Australia is fantastic, especially considering Chainalysis ranked 40th globally. As per a Swyftx survey, Australians holding cryptocurrency are anticipated to number 4.5 million overall, up from 3.2 million in 2022 to 3.4 million in 2021.
Due to recent industry shocks, the crypto exchange in Australia is undergoing specific regulatory changes. Hence, it is essential for those looking for the best crypto exchange in Australia to keep an eye on this and learn from the experience. Let’s have an elaborate look at the best crypto exchanges in Australia.
Comparing the Best Crypto Exchanges in Australia
Several factors are usually considered when comparing the top crypto exchanges in Australia. Let’s look at the comparison below.
|
Exchanges |
Listed Coins |
Maker Fees |
Taker Fees |
Payment Method |
|
Binance |
500+ |
0.00%- 0.02% |
0.10% |
Debit card, credit card and in-person cash payments, bank transfer |
|
ByBit |
500+ |
0.04% |
0.01% |
Credit/Debit Card, Banxa, Simplex, and P2P Trading |
|
XT Exchange |
131+ |
0.20% |
0.20% |
Visa / Mastercard and Wire Transfer |
|
WhiteBit |
277+ |
0.1% |
0.1% |
Visa and Mastercard, Advcash, Qiwi, Mercuryo, Geo-Pay, Interkassa, monoband, and Perfect Money |
|
CoinJar |
60+ |
0.1% |
0.1% |
Credit Card, Wire Transfer |
|
Bitget |
840+ |
0.02% |
0.06% |
Debit/Credit Card, Cryptocurrency and P2P Transactions |
|
Coinspot |
430+ |
0.10% |
1.00% |
PayID, BPAY, Direct Deposits, Cash Deposits and Card Deposits |
|
Swyftx |
350+ |
0.1% to 0.6% |
0.1% – 0.6% |
Bank transfer, POLi, PayID and debit card |
|
Kraken |
215+ |
0.20% |
0.4% to 0.1% |
Payment card, Apple Pay or Google Pay |
9 Best Crypto Exchanges Australia For 2024
We will now examine the top eight crypto exchanges in Australia for 2024 and guide you to the most suitable platform for managing your cryptocurrency investments efficiently and safely.
Binance is a worldwide pioneer in blockchain technology, thus providing the best crypto trading platform in Australia. Its primary purpose is to build the infrastructure for the future of crypto. Binance is the world’s most prominent digital asset exchange by trade volume. It is also the most trusted financial service provider, offering various financial products.
Binance is concerned about user protection and has introduced advanced security measures and strict data privacy controls. The platform also has educational resources in Binance Academy, market analysis in Binance Research, and an NFT marketplace in Binance NFT.
Pros
- An extensive range of cryptocurrencies is available to trade.
- Instant and free deposit methods are available for AUD.
- $1 billion insurance fund for assets on the platform.
Cons
- No email or phone support is available
- It doesn’t offer a crypto credit card
- No derivatives trading in Australia
ByBit is a leading cryptocurrency exchange that focuses on derivatives trading. It offers a user-friendly trading platform, designed mainly for experienced traders who are comfortable with advanced financial tools. ByBit supports leveraged trading up to 100x, allowing users to maximise potential gains. It also integrates with TradingView for seamless market analysis and offers copy trading for both derivatives and spot markets.
Pros
- Intuitive proprietary trading platform accessible via browser.
- Integration with TradingView for simplified market analysis and trade execution.
- Supports trading in both futures and perpetual contracts.
- Provides a detailed order book for assessing market depth and trading volumes.
- Low entry cost for BTC/USD futures contracts (USD 1).
- Allows long and short positions with efficient recalculations.
Cons
- Complex futures trading conditions, make it challenging for beginners.
- Lacks adequate protection mechanisms in case of disputes between traders.
XT.com is a versatile cryptocurrency exchange that offers a wide range of services, including P2P exchange, margin trading, and derivatives. The platform supports both fiat and cryptocurrency transactions and provides access to over 120 trading pairs. XT.com also issues its token, XT, which offers benefits such as fee discounts. The platform provides a secure trading environment, with cold storage for cryptocurrencies and advanced security protocols.
Pros
- A wide range of cryptocurrencies and fiat pairs
- High leverage options up to 125x
- Proprietary mining platform
- Competitive trading fees
- High liquidity with large trading volumes
- Secure cold storage for digital assets
Cons
- Lack of investment programs (only deposits are available)
- No educational or training resources for beginners
WhiteBIT is a leading cryptocurrency exchange based in Europe, launched in 2018 by Volodymyr Nosov. Originally founded in Ukraine, it later relocated its headquarters to Lithuania. With over 4 million users globally, WhiteBIT boasts a daily trading volume of $2.5 billion, making it the largest Europe-based exchange. The platform supports over 270 cryptocurrencies, including Bitcoin, Ethereum, and a variety of altcoins. WhiteBIT is ideal for users who want to diversify their digital asset portfolios while enjoying low trading fees. The platform also offers advanced features like margin trading and staking, alongside its native token, WhiteBIT Token (WTB).
Pros
- Intuitive interface
- Various security measures
- Over 270 supported cryptocurrencies
- Advanced trading options
Cons
- Limited fiat currency support
- Geographic Restrictions
CoinJar is one of Australia’s oldest and most trusted cryptocurrency exchanges. Launched in 2013, it offers a secure platform for buying, selling, storing, and even spending digital currencies. With over 600,000 users globally, CoinJar supports a wide range of cryptocurrencies, including Bitcoin and Ethereum. It also offers portfolio management tools to help users track their investments efficiently.
Pros
- Easy-to-use interface, making it beginner-friendly
- Low trading fees compared to many competitors
- Decent liquidity for major cryptocurrencies
Cons
- Limited selection of coins compared to other platforms
- Lack of advanced trading features for professional traders
- Limited customer support options, which could impact user experience during issues.
Bitget is a versatile cryptocurrency exchange offering a wide range of products and services. Users can trade over 840 cryptocurrencies, benefiting from low trading fees and multiple payment methods. The platform is beginner-friendly, featuring an instant buy option and copy trading, where users can follow the strategies of over 180,000 traders. Bitget supports Web3 integration, allowing users to buy and sell NFTs and trade tokens through its smart wallet. Additionally, it offers crypto staking for over 100 popular assets like Ethereum and Solana.
Pros
- Copy trading with over 180,000 traders to follow.
- Web3 compatibility with NFT trading and token exchange via the smart wallet.
- Staking support for more than 100 cryptocurrencies.
- 24/7 customer support through live chat.
Cons
- No direct AUD markets; users must convert AUD before spot trading.
The well-known Australian platform CoinSpot has been in operation since 2013. It puts the trust and security of its users at the forefront. Cryptospot is certified by Blockchain Australia and Sustainable Certification, so it is a safe and secure environment for users entering the cryptocurrency world. Features such as two-factor authentication and a community of 2.5 million show that the platform is reliable and trustworthy.
CoinSpot is devoted to standards providing a reliable platform for crypto enthusiasts.
Pros
- Simple, flat fee for OTC and market order trades
- Direct integration with OpenSea allows for NFT trading
- Instant AUD deposits via PayID
- A large number of available currencies
Cons
- Limited advanced trading features are available.
- Higher fees on instant buys and sells.
Tech lovers Alex Harper and Angus Goldman initiated the Swyftx project to make financial freedom available to all. Swyftx is the best cryptocurrency exchange in Australia, and it helps over 700,000 customers in Australia and New Zealand access more than 350 digital currencies.
Swyftx’s main emphasis is on providing a personalized experience. At the same time, the security measures are the best in class, the fees are low, the platform is easy to use, and customer support is available 24/7.
Pros
- User-friendly interface, suitable for beginners.
- Australian-based customer support via chat and phone.
- Strong security measures are in place.
- Paper trading feature for risk-free practice.
- Mobile apps for convenient trading on the go.
Cons
- More advanced features for experienced traders.
- No cryptocurrency credit card is available.
- Lack of margin trading options.
Kraken is the best crypto app in Australia, famous for its top-notch security measures that keep your funds safe. You can call customer service anytime you want to get help whenever you need it. The Kraken has high liquidity and a significant trading volume so that you can make the best profits. The transaction is based on vision-oriented values, which make the users believe in the company’s trustworthiness through its transparency, which is proved by the proof of reserves. Besides, Kraken provides various funding options, such as cash, cards, and crypto.
Pros
- Large selection of digital assets.
- Industry-leading security measures.
- Low fees for advanced traders.
- 24/7 customer service.
Cons
- Limited options for funding accounts
- The user interface can be complex for beginners
How To Choose A Good Crypto Exchange?
The critical factors for choosing a cryptocurrency exchange are as follows:
Security
When choosing a crypto exchange, prioritise security features like two-factor authentication, cold storage, and regular audits. Ensure the exchange complies with industry standards and regulations for maximum protection.
Cryptocurrencies Available
Choose a crypto exchange with various cryptocurrencies, including popular and emerging tokens. This provides flexibility and enables investments that align with individual preferences and strategies.
Customer Support
Select a crypto exchange with responsive customer support through live chat, email, and phone. Ensure 24/7 availability for account issues, questions, and technical assistance to ensure smooth trading.
Fees
When choosing a crypto exchange, consider fee policies, including maker/taker fees and deposit/withdrawal charges. Opt for platforms with competitive fees that suit your trading volume and frequency to maximise returns.
Trading Volume
High trading volume on a crypto exchange indicates liquidity, ensuring reliable order execution and minimal price slippage. Choose exchanges with high trading volume for optimal trading conditions.
Conclusion
Choosing the best crypto exchange in Australia requires thoughtful analysis of various factors, such as security, available cryptocurrencies, customer support, fees, and trading volume. Users will have a smooth and safe trading experience by selecting platforms with these features.
Moreover, it is crucial to note that cryptocurrency is taxable in Australia, and calculating it using pen and paper can prove to be a mammoth task. This is where KoinX comes in. It is an automated crypto tax report-generating platform that allows you to integrate accounts from over 180 exchanges, wallets, and blockchains. It automatically categorises each transaction based on its nature of occurrence, such as Airdrop, Mining, and Staking, thereby calculating exact crypto taxes.
So, why wait? Sign up for KoinX today and make crypto taxes in Australia more accessible than before.
Frequently Asked Questions
How Do I Know If A Crypto Exchange Is Secure?
It examines features like two-factor authentication, cold storage for funds, and compliance with regulatory standards to evaluate a crypto exchange’s security level. It also investigates the exchange’s security background, which includes past breaches or audits.
The open communication of security measures and the ongoing efforts to improve security are signs of a trustworthy platform that can protect your assets.
Can I Trade All Cryptocurrencies On Every Exchange?
The availability of cryptocurrency differs among exchanges; some have a different selection of digital assets for trading. Though some trades offer a broad collection of cryptocurrencies, others may be limited to a few. It is necessary to check the list of the assets available on the exchange you plan to use to ensure they are the currencies you want to trade.
Are There Any Hidden Fees When Trading On Crypto Exchanges?
Some exchanges have hidden fees, such as deposit or withdrawal charges, for specific transaction types like instant buy or sell. It is of the utmost importance to carefully examine the fee structure of the exchange to get the whole picture of the possible trading costs. Thus, it guarantees transparency and enables you to make well-informed decisions while managing your trading expenses efficiently.
How Do I Contact Customer Support If I Encounter An Issue?
Most exchanges provide customer support channels like live chat, email, and phone support. Go to the exchange’s website to find the contact information and check the available support hours. You can contact the exchange’s customer support team quickly through these channels, guaranteeing a fast solution to all your questions or problems.
