Are you wondering how to buy cryptocurrency or even how to buy bitcoin in Australia and need to find out what some of the top crypto exchanges are out there?
Well, you’re not alone. In Australia 1 in 4 people are invested in cryptocurrency, which is around five million digital currency investors as found by finder.com.au.
And, bitcoin was the most popular cryptocurrency invested in (13% of Aussies had it), followed by Ethereum (6%) and Ripple (5%).
What has been so fascinating about the crypto industry and crypto trading, in general, is how open and accessible it is. Unlike stock exchanges, with crypto, in a couple of minutes, you can buy crypto and sell crypto 24/7.
Due to this, it has seen numerous cryptocurrency exchanges pop-up to capitalise on this increased crypto trading demand.
So, when finding the best crypto exchange for you it is important according to Canstar (Australia’s biggest financial comparison site) to look at their ease of use, selection of coins offered, fees and chargers, liquidity and authenticity and security.
With this in mind, I’ve highlighted some of the top Australian cryptocurrency exchanges in the market.
WANT MORE INFO? Here’s a handy article to help you determine how to choose a cryptocurrency exchange.
But before we do that let’s quickly take a step back and answer some common questions that get asked before selecting a cryptocurrency exchange.
Table of Contents
What is a crypto exchange?
A cryptocurrency exchange (or digital currency exchange) is a platform that matches buyers and sellers to trade crypto for other assets such as fiat money or different crypto coins and tokens.
They operate similar to traditional exchanges eg. stock market, but don’t close and are active 24 hours, 7 days.
Cryptocurrency exchanges accept a variety of payment methods including fiat bank (wire) transfers and instant deposits (eg. PayID and POLi), crypto transfer and payment via a credit card.
Not all cryptocurrency exchanges are the same though. They do provide varying degrees of safety, security, privacy and control over your funds and information.
Also, there are different types of exchanges such as brokerages vs dedicated cryptocurrency exchanges, as well as, centralized exchanges (CCE) vs decentralized exchanges (DEX).
In terms of brokerages like Robinhood and eToro, they allow users to purchase crypto, but don’t let you withdraw your crypto to go into a crypto wallet. However, there are talks that Robinhood will enable withdrawals and deposits of cryptocurrencies including dogecoin.
So much interest in Crypto! To be crystal clear 🔍, we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit.
— Robinhood (@RobinhoodApp) February 17, 2021
The ones that do (dedicated cryptocurrency exchanges) are highlighted in my list of top crypto exchanges in Australia below.
How crypto exchange works?
Crypto exchanges act as intermediaries that connect buyers and sellers.
So, once a user signs up and logs in they first need to deposit into their account typically via bank (wire) transfer, instant deposit (PayID and POLi), crypto transfer or credit card payment. Crypto exchanges can also offer such services as PayPal to do this.
Then a buy order is placed on the exchange to buy bitcoin or other digital currencies (crypto). The exchange then matches this person’s buy order with another person’s sell order to make that transaction happen – thus connecting both parties.
Also, this demand and supply method allows the crypto market to determine what the cryptocurrency exchange rates are, not the exchange itself.
How cryptocurrency exchanges make money is by charging fees for using their platform and service.
The most popular types of fees they charge include commissions, listing fees, market making and fund collection for IEOs (initial exchange offerings), STOs (security token offerings) and ICOs (initial coin offerings).
Are crypto exchanges safe?
As crypto exchanges store a large volume of money on their platform it’s going to always be a target for hackers.
In fact, from 2011 to 2020 there were around 16 major crypto exchange hacks, resulting in more than $15.6 billion dollars being stolen as reported by CoinTelegraph.
So, keeping your digital currency assets on an exchange will always have this risk and it’s recommended long-term to store your crypto on a hard wallet.
With this in mind, crypto exchanges know security must be a top priority for their business, and therefore, should have the latest security standards implemented to avoid such malicious attacks.
Some also have ‘funds recovery plans’ or ‘insurance plans’ in place, in the event of a hack. For instance, Binance has this with their Secure Asset Fund for Users (SAFU) to ensure each person using their exchange and asset is protected. This was extremely useful when the exchange experienced a hack in 2019 when $40 million dollars worth of bitcoin was stolen.
Top crypto exchanges in Australia
Now with that covered, let’s look at some of the best crypto exchanges in Australia.
CoinSpot
Referred to as Australia’s most trusted exchange since 2013, CoinSpot based in Melbourne is also one of the most popular crypto exchange platforms out there.
With over a million users, they provide a simple and easy-to-use interface with a variety of features.
They offer easy deposits, their coinspot verification is simple, and the exchange has over 250 coins to trade. This all adds to their appeal, especially for beginners wanting to get into the game. They are also rated the top pick for altcoins by finder.com.au.
| Exchange Details |
|
| Digital Assets | 260+ cryptocurrencies listed |
| Deposit Type |
|
| Fiat Currencies | AUD |
| Trading Fee |
|
| Deposit Fee |
|
| Withdrawal Fee | None for Australian bank accounts |
| Rating Score (TrustPilot) | 4.6 out of 5 |
Swyftx
Another key player in the Australian crypto exchange market is Swyftx. Based in Brisbane, they have been rated a top pick for beginners and demonstrate this with their easy-to-use website and app interface.
They also have a bunch of great how-to guides, low spread fees, offer around 250 cryptocurrencies to trade, as well as, providing a strong focus on Australian-based customer support (telephone and online live chat formats).
| Exchange Details |
|
| Digital Assets | 245+ cryptocurrencies listed |
| Deposit Type |
|
| Fiat Currencies | AUD |
| Trading Fee | 0.6% |
| Deposit Fee |
|
| Withdrawal Fee |
|
| Rating Score (TrustPilot) | 4.8 out of 5 |
Binance Australia
Launching in the Aussie market in July 2020, Binance Australia has some serious game with them being backed by Binance – the world’s leading cryptocurrency exchange that spans an entire ecosystem.
This gives its Australian users access to all the features and functions on Binance.com including high speed, security and deep liquidity. They have standard fee options sitting around 0-0.1%, but with their Binance fee tiers, liquidity and other discounts, this can make the fees more competitive.
Also, the crypto exchange offers advanced trading choices, staking services for more advanced users. Only downside is it can be a little tricky for beginners to understand how to use Binance initially. But once they get more comfortable with crypto trading on the platform, they have more options compared to other exchanges.
| Exchange Details |
|
| Digital Assets | 260+ cryptocurrencies listed |
| Deposit Type |
|
| Fiat Currencies | USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more |
| Trading Fee | 0-0.1% |
| Deposit Fee |
|
| Withdrawal Fee | Fees vary |
| Rating Score (TrustPilot) | 2.1 out of 5 |
BTC Markets
One of Australia’s largest, most liquid and reliable digital asset exchanges is BTC Markets. An early player since 2013, the Melbourne-based Australian crypto exchange has built its operations to cater to individual crypto traders, institutional investors and self-managed super funds (SMSFs).
The exchange boasts cutting-edge technology and a variety of features such as competitive fees, expert support, deep liquidity, powerful APIs, over-the-counter (OTC) options, tax tools and portfolio management.
| Exchange Details |
|
| Digital Assets | 18+ cryptocurrencies listed |
| Deposit Type |
|
| Fiat Currencies | AUD |
| Trading Fee |
|
| Deposit Fee | None |
| Withdrawal Fee |
Australian bank accounts: None Cryptocurrencies: Fees vary |
| Rating Score (TrustPilot) | 2.8 out of 5 |
Independent Reserve
As one of the most trusted Australian cryptocurrency exchanges in the market, Independent Reserve allows its Australian and New Zealand clients to securely trade, invest and hold a variety of digital assets including the ability to buy bitcoin via EFT, Osko/PayID, POLi and SWIFT.
Established in 2013, this Sydney-based institutional-grade Australian crypto exchange caters to retail users, traders, SMSFs and institutions. They have a strong executive team with experience across corporate leadership, financial markets, software engineering, and regulatory compliance.
Currently serving more than 150,000 customers and 8,000 SMSFs, Independent Reserve aims to be APAC’s most trusted and secure platform for crypto trading, using encrypted, geo-dispersed data centres and top-tier underground vaults to protect their customers’ data and crypto.
| Exchange Details |
|
| Digital Assets | 15+ cryptocurrencies listed |
| Deposit Type |
|
| Fiat Currencies | AUD |
| Trading Fee | 0.05-0.5% |
| Deposit Fee |
|
| Withdrawal Fee |
|
| Rating Score (TrustPilot) | 4 out of 5 |
CoinJar
Operating since 2013 is CoinJar, an award-winning venture capital-backed Australian crypto exchange known for its simple and easy-to-use products. With over 400,000 users, $1.5 billion-plus traded and $100 million assets under custody, this Melbourne-based crypto exchange is making waves in Australia.
Not only are they passionate about crypto trading, but CoinJar are also innovators looking to build valuable applications in the digital currency space. This includes their CoinJar Swipe product being Australia’s first digital currency EFTPOS card.
In terms of their trading platforms, CoinJar’s mobile app allows users to trade on the go, while their exchange and OTC trading desk caters to pro traders, SMSFs, individuals and institutions looking at making larger transactions.
| Exchange Details |
|
| Digital Assets | 15+ cryptocurrencies listed |
| Deposit Type |
|
| Fiat Currencies | AUD, GBP |
| Trading Fee |
|
| Deposit Fee |
|
| Withdrawal Fee | Fees vary |
| Rating Score (TrustPilot) | 3.3 out of 5 |
Digital Surge
Unlike the larger Australian cryptocurrency exchanges, Digital Surge provides a uniquely easy way to buy, sell and store crypto in Australia. Based in Brisbane, they are a small close-knit team passionate about building trust and transparency in the crypto community and are focused on everyday Australians and businesses.
They have built their platform to be simple to navigate, secure, have low fees with no hidden costs and offer personalised customer support.
Easy Crypto Australia
Making their mark across the ditch in New Zealand, Easy Crypto set its sights on the Australian cryptocurrency exchange market in 2019, basing its operations in Brisbane.
As you can tell by their name, Easy Crypto Australia has a strong focus on simplifying the experience of buying cryptocurrencies for all users including the absolute beginner trader, no matter how much they have to invest.
Selling over 120 digital assets, Easy Crypto Australia offers a full OTC trading desk for corporate and SMSF traders, low fees and spreads (with no hidden costs), portfolio tracking, localized customer support, fast verifications and fast and safe selling.
| Exchange Details |
|
| Digital Assets | 100+ cryptocurrencies listed |
| Deposit Type |
|
| Fiat Currencies | AUD |
| Trading Fee | 1.5% |
| Deposit Fee | None |
| Withdrawal Fee | None |
| Rating Score (TrustPilot) | 4.7 out of 5 |
Cointree
Claiming to be “absolutely the easiest cryptocurrency exchange” in the Australian market, Cointree will even give you $100 if proven wrong (T&Cs apply of course).
This Australian crypto exchange has been around since 2013, and provides a fast safe way for users to buy bitcoin, Dash, Ethereum, Golem, Litecoin, Monero, Ripple and other digital currencies (over 130 assets listed).
Operating from Melbourne, Cointree offers instant deposits, transparent quotes and competitive fees between 0.05% to 0.9%.
| Exchange Details |
|
| Digital Assets | 130+ cryptocurrencies listed |
| Deposit Type |
|
| Fiat Currencies | AUD |
| Trading Fee | 0.05-0.9% |
| Deposit Fee |
|
| Withdrawal Fee |
|
| Rating Score (TrustPilot) | 3.3 out of 5 |
So, there you have it, these are some of the top crypto exchanges in Australia.
If you want information on the biggest crypto exchanges in the industry, check out CoinMarketCap’s top cryptocurrency exchanges list. You’ll see it rated by traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported.
WANT MORE CRYPTO? Check out my best places to find the latest crypto news article featuring the top crypto news sites, crypto podcasts and YouTube crypto influencers to follow.
Disclaimer: This article content and links to external third-parties are included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
