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Since the day that cryptocurrency has come to be popular, there have been so many exchange and trading platforms for investors and traders. For someone who wants to get into the crypto space and start investing or trading, especially in Australia, there are lots of options, as well. That is why making a choice might be difficult. In this article, we will check the best crypto exchanges in Australia, and explore their advantages and help you choose one.
A Quick Preview:
Highlights
- 0.6% Fees for trading.
- Supporting more than 230 Cryptocurrencies.
- Great features such as dashboard customization.
There are lots of things that make Swyftx deserve being the number one crypto exchange on our list. The first one is that it is only available in Australia and New Zealand, so it is very customized for the citizens of the two countries. The second thing is that the support is absolutely amazing, because from the moment you sign up, you can talk to your very own account manager.
Another great thing about Swyftx is that they have exceptionally low fees and support lots of cryptocurrencies. Even though you cannot buy crypto with any currency other than AUD, they allow for deposit via PayID, POLi, and bank transfer. The platform is so simplified and great that it makes it easy to use both for beginners and professionals who want to take part in regular day trading.
Best for Beginners — CoinSpot
Highlights
- Trading fee of 1%.
- Supporting more than 200 Cryptocurrencies.
- Almost no withdrawal or deposit fees.
One thing that makes CoinSpot very beginner friendly goes back to the main problem that beginners have. Most people give up when trying to make their first transaction. However, CoinSpot optimized the process of finishing the first trade to the point that any beginner can do it and feel good about it to the point that they don’t get repelled from investing or trading.
CoinSpot offers lots of ways to deposit with almost no fees from your bank account, BPAY, POLi, or PayID. Believe it or not, even cash deposit is an option.CoinSpot has been around for a long time, that’s why they started to support the trading of DeFi tokens, as well [1]. They support NFTs, too, which is a rare feature among Australian cryptocurrency exchanges.
Best for Day Trading — Binance AU
Highlights
- Very low trading fee of 0.1%.
- Supporting more than 400 Cryptocurrencies.
- Great features for professional traders, such as margin trading.
Binance is a global crypto exchange that cannot be ignored for the citizens of Australia. Binance supports more than 400 cryptocurrencies, the fees are absolutely low, and you can even use their own tokens on the Binance Smart Chain network, called BNB.
The vast number of coins that you can trade using Binance makes it the ideal platform for day traders. Beginners should take some time to learn what Binance is all about, but it will definitely be worth it in the long-term, since it is not just an exchange anymore, but one of the leaders of the crypto technology advancement. Lots of great features for trading, such as margin trading and futures trading are provided by Binance to improve the trading experience.
Most Secure — Digital Surge
Highlights
- Trading fee of 0.5%.
- Supporting more than 260 Cryptocurrencies.
- Follows AUSTRAC policies for making the platform very secure.
One thing that makes this platform ideal for Australians is that it follows all the AUSTRAC policies for security. That is why it is one of the most secure cryptocurrency exchanges in Australia at the moment. Even though they do not support credit cards as a payment method to make deposits or withdrawal. However, you can use PayID or POLi for this purpose.
Digital Surge comes with its own built-in wallet, as well, which adds to the security. The platform is very user-friendly and it is growing due to its simplicity. The number of cryptocurrencies that they support makes them a great platform to invest and trade. The fees are actually not that high, either. All of these makes Digital Surge a worthy competitor to the rest of the options on this list.
Most Experienced — CoinJar
Highlights
- Supports more than 40 Cryptocurrencies.
- Offers Reward Points.
- 9 years of experience in the Australian crypto market.
CoinJar is one of the oldest and most experienced exchanges among Australian ones. They launched in 2013, and since then, they have been very innovative with their features. For example, they have different fees depending on the trader being a maker or taker through the past 30 days of their trading. They also provide a digital currency card to make purchases in exchange for goods.
They don’t have as many cryptocurrencies available and don’t support most altcoins. To many people Altcoins are very important, but for the rest who choose to join CoinJar, they have the option to buy crypto with AUD or GBP, via PayID, BPAY or a cash deposit. Besides having lots of innovations, they have their own wallet and a user-friendly mobile app to help simplify the exchange functions.
How to Choose a Cryptocurrency Exchange in Australia
For beginners, it is not an easy job to choose among the existing cryptocurrency exchanges. There are several things to keep in mind, which will save you lots of time and trials.
Verification
When you first sign up on a cryptocurrency exchange, you need to pass verification levels. The first level is obviously just verifying your email, and then you can see the features of your account. However, most of them will remain unlocked until you verify your identity. This is mandatory for centralized exchanges to know their customer. This verification process might take a long time. Therefore, if you are in a hurry, better avoid the platforms that take up to several days to verify your identity. The best ones are the ones that have the option of instant verification.
Number of Supported Cryptocurrencies
When you are looking for a crypto exchange, you definitely have some cryptocurrency in mind. First of all, you need to make sure that the target exchange supports your desired cryptocurrency’s pairs with other ones. There are more tokens than imaginable. This means that centralized crypto exchanges will not be able to list all of them. So, if the crypto exchange that you are looking at doesn’t support your desired coin or token, forget about them and try others.
Transaction Fees
Exchanges affect the market more than you think. Sometimes, exchange will finalize the price by which a trade has taken place. The transaction fees considered for trades by a specific exchange can mean a lot to beginners, however, that is not all that there is to their policies. Sometimes the fees and the spreads need to be both investigated. This is the case with CoinJar. For example, a maker has to pay 0.1% of fees and a taker 0%.
Wallet Offering
Not all cryptocurrency exchanges offer a wallet, however, the ones that do seem to be more secure with their services. You don’t have to use several services and platforms and verify on all of them to be able to trade and store your funds at the same time. Thankfully, most crypto exchanges have already thought of that, and have that feature built-in for themselves.
Security Features
A secure cryptocurrency exchange is a good exchange. Nowadays, it is not even safe to keep your funds on the internet. Now, if there was a change at the breach of the exchange’s security, there would be no way for you to recover your funds. Most crypto exchanges have two-step verification as their most important security feature. They also offer seed phrases and private keys. Make sure about your desired exchange’s security features before you put any funds in it.
Learning Curve
If you are a beginner, we suggest starting from a platform that doesn't require too much experience or knowledge about crypto. You would think that such a platform would fail at delivering a healthy trading experience. However, a platform with beginner-friendly UI and process not only makes it easier for beginners to comprehend different features and learn in the process, but also helps professionals manage their trades with less effort.
Liquidity
Liquidity means that the money is flowing in the market. In other words, it means that the cryptocurrency exchange of choice has enough trading volumes to match you with a buyer or seller that matches your price. This means that no matter how long it takes for the order to be processed, there will not be any fluctuations or losses in your trades. Taking a look at the order logs of the cryptocurrency exchange that you choose to invest or trade on can help a lot to understand whether there is enough liquidity provided by that exchange.
Terms and Methods of Deposit and Withdrawal
Sometimes, right after you verify your account, you are not allowed to deposit or withdraw more than a specific limit. In most cases, your withdrawal access will be disabled for a few days. However, this differs among different exchanges. Some crypto exchanges don’t support bank transfers or credit card purchases either, so if you are counting on that, make sure to choose an exchange that supports it. Another thing that you will have to check in the documentations of the target exchange is whether they have a deposit limit or not. Make sure about these terms so later on you won’t be surprised by a notification telling you that you have to wait before transferring your funds. In Australia, common payment methods are POLi, PayID, BPAY, bank transfers and cards.
Customer Support and User Experience
Customer support is a critical aspect when choosing a cryptocurrency exchange, especially for beginners. An exchange with prompt and helpful support can save you from a lot of unnecessary frustration. Some platforms offer 24/7 live chat support, while others might only have email-based assistance with delayed responses. In Australia, exchanges like Swyftx and CoinSpot are known for their responsive customer service. Additionally, ensure that the platform’s user interface (UI) is intuitive and beginner-friendly, as a complicated UI can deter users from making the most of their trading experience.
Regulation and Licensing
In Australia, it’s essential to ensure that the cryptocurrency exchange you choose is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). Registered exchanges are more reliable and adhere to strict compliance measures, reducing the chances of fraud or security breaches. Furthermore, compliance with Australian laws ensures transparency and accountability, which is critical for building trust among users.
Educational Resources
Some platforms provide educational resources, such as tutorials, webinars, and market analysis, which can be extremely helpful for new investors. Learning how to analyze markets and make informed decisions can significantly improve your trading success. Platforms like Binance and Swyftx offer extensive educational content tailored to different levels of expertise.
Advanced Trading Features
For experienced traders, having access to advanced tools and features can make a big difference. Some platforms provide features such as margin trading, futures, stop-limit orders, and API integration for automated trading. If you’re looking for sophisticated trading options, ensure that the exchange you choose offers these features without compromising on security or usability.
Best Crypto Apps in Australia
Applications that help you achieve all that you can do from your desktop device on your mobile are truly great features. You don’t have to be sitting behind a computer screen all day. However, you should make necessary research on the app. Some of the best crypto apps include Binance App, Swyftx App, CoinSpot App, and CoinJar App. The only service among the ones on our list that doesn’t have an app is Digital Surge. However, the best crypto app in Australia would be Swyftx, due to being optimized for Australian citizens.
Best Cryptocurrency Trading Platforms
Among the cryptocurrency exchanges mentioned on our list, Binance, CoinSpot, Digital Surge, and Swyftx have great platforms for trading. The reason for this is that they support lots of cryptocurrencies compared to the last option on our list, and they have fair trading fees. They support lots of deposit and withdrawal methods, as well.
F.A.Q.
Do you have to pay taxes on cryptocurrency in Australia?
Yes, cryptocurrency is taxed in Australia. However, based on certain conditions and the frequency by which you trade, you might have to pay different amounts of tax. All crypto should be reported anyhow.
Do all cryptocurrency exchanges offer wallets?
No, not all cryptocurrency exchanges offer wallets. The ones mentioned in this article do offer wallets, though.
Can you buy cryptocurrency with credit cards?
Yes, many global and Australian cryptocurrency exchanges allow deposit via bank cards. However, cases may differ with different banks and exchanges.
Conclusion
Among the best crypto exchanges in Australia, Swyftx is our recommended choice. The reason behind this choice is that not only is this platform specialized for Australians and offers both an app and a wallet, but it is also the best crypto trading platform in Australia, as well, because of its exceptionally low trading fees, large number of supported cryptocurrencies, and a wide range of payment and withdrawal methods.
Thank you for reading this article, and hope it has provided you with useful information to make a choice. Feel free to share your thoughts and experience with us in the comments.
References:
- Decentralized Finance (DeFi). Retrieved from https://ethereum.org/en/defi/
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