The 8 Best Crypto Exchanges in Australia of September 2024

With cryptocurrency market in Oceania growing quickly, selecting the best crypto exchange in Australia is crucial for those interested in trading or investing. Finding a platform that suits your level of expertise and objectives can greatly impact your experience. 

Kraken stands out as the number-one option due to its security features and sophisticated trading tools. Meanwhile, Coinbase, Binance, and CoinSpot provide solid alternatives, catering to various user preferences.

Furthermore, in this guide, we will delve into the top Australian crypto exchanges for 2024 taking into account important aspects like fees, available cryptocurrencies, security measures, and user-friendliness.

Whether you’re looking for the securest crypto exchange in Australia or seeking a platform with fees to purchase Bitcoin, this article will assist you in exploring your choices.

How we chose the best crypto exchanges in Australia

We analyzed Australian crypto exchanges using criteria functionality,  number of assets available, security, and fees. Our expert reviewers also used their own experience with the platform to judge subjective qualities like ease of use and customer service. Read more about how we rank crypto exchanges in Australia in our full methodology below.

An in-depth look at the best exchanges Australia

Let’s now explore  some deeper analyses of these platforms, showcasing their advantages disadvantages, and distinctive characteristics.

1. Kraken – Best overall for advanced trading features

Why we chose Kraken

Kraken is widely recognized as the premier exchange for Australian traders thanks to its sophisticated features and competitive fees. Its offerings of margin trading, futures, and high security make it a preferred choice among users looking for versatile trading opportunities and ample liquidity.

Review of Kraken

Kraken stands out as a prominent player in the cryptocurrency exchange arena, providing a platform tailored to meet the needs of both high-volume traders and institutional clients. With support for over 200 cryptocurrencies such as Bitcoin, Ethereum, and various altcoins, it has become a preferred choice for seasoned traders.

Renowned for its fees, Kraken employs a fee structure that ranges from 0% to 0.26% based on trading activity. The platform’s advanced trading functionalities, including margin trading, futures, and staking offer opportunities, for users seeking more than just trading.

The platform is also registered with AUSTRAC, guaranteeing that it complies with Australian regulations, which provides users with an additional level of trust. Kraken prioritizes security through audits, encryption, and keeping the majority of its assets in cold storage. However, newcomers may find Kraken’s interface and features a bit intimidating. The lack of AUD withdrawals could be a downside for certain users in Australia.

Kraken coins, fees, payment methods & more

Cryptocurrencies	200+
Payment methods	Bank transfer, Debit card, PayID
Trading fees	Maker: 0.16% – 0.26%Taker: 0.10% – 0.26%Instant purchases: Up to 4%
Customer service	24/7 web chat, email, phone support
Regulation	AUSTRAC-registered
KYC required?	Yes

Pros and cons of Kraken

2. Coinbase – The Best exchange for user experience

Why we chose Coinbase

Coinbase is recognized for its user-friendly platform and reputation as a reliable cryptocurrency exchange. Its straightforward design appeals to casual investors and those exploring the realm of digital currencies for the first time.

Review of Coinbase

Coinbase is a well-known and trusted cryptocurrency exchange platform known for its user-friendly design catering to newcomers. With a variety of over 150 cryptocurrencies, including Bitcoin and Ethereum, it offers a range of trading options.

Moreover, through its Coinbase Learn initiative, the platform offers resources to help educate novice investors on the complexities of cryptocurrency trading.

Coinbase charges fees that vary, between 0.4% and 1%. While this is higher compared to some competitors, the exchange makes up for it by offering robust security measures. This includes insuring digital assets and adhering to AUSTRAC regulations for users in Australia. In addition, Coinbase provides a user-friendly experience for converting fiat currency into cryptocurrency, an app with smooth functionality, and a range of payment options.

On the other hand, traders might feel that the platform falls short in offering features such as margin trading and futures. These advanced options are exclusively available on Coinbase Advanced Trade’s platform.

Coinbase coins, fees, payment methods & more

Cryptocurrencies	150+
Payment methods	PayID, Bank transfer, Debit card
Trading fees	Maker: 0.4%Taker: 0.6%Instant purchases: Up to 4%
Customer service	24/7 support via web chat, email, phone
Regulation	AUSTRAC-registered
KYC required?	Yes

Pros and cons of Coinbase

3. eToro – Best for social trading and copy trading

Why we chose eToro

eToro shines in the world of trading thanks to its copy trading function that allows users to automatically replicate the trades of successful investors. This feature distinguishes eToro as a platform catering to beginners and those who prefer a more involved style of trading.

Review of eToro

eToro is known for its trading features that let users copy the strategies of other traders. This platform provides a practical and educational experience, helping beginners learn by watching how traders operate. 

Besides cryptocurrencies such as Bitcoin, Ethereum, and Cardano, eToro also offers options for investing in stocks, commodities, and exchange-traded funds (ETFs).

eToro’s fee structure is straightforward. The platform imposes a 1% fee on each trade, along with the market spread. Although this may be pricier than alternatives, the user-friendliness, adherence to regulations, and distinctive social features offer substantial benefits for beginners in trading.

Furthermore, eToro is registered with AUSTRAC ensuring a safe and regulated trading atmosphere for Australians. Besides its web-based platform, eToro also offers a mobile app, catering to users who enjoy trading while on the move.

eToro coins, fees, payment methods & more

Cryptocurrencies	20+
Payment methods	Credit/Debit card, PayPal, Bank transfer
Trading fees	Maker: Flat 1% (plus market spread)Taker: Flat 1% (plus market spread)Instant purchases: N/A
Customer service	Live chat, email
Regulation	AUSTRAC-registered
KYC required?	Yes

Pros and cons of eToro

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4. Binance – Best for low fees and altcoin variety

Why we chose Binance

For altcoin enthusiasts, Binance stands out as a popular choice, offering a wide  range of cryptocurrencies and appealing trading fees. This presents an opportunity for individuals to broaden their investment portfolio by delving into various coins while minimizing expenses.

Review of Binance

Binance, the leading cryptocurrency exchange globally in terms of volume, provides Australian traders with a selection of more than 500 digital currencies. These include well-known options such as Bitcoin and Ethereum, as well as more obscure altcoins.

With fees beginning at 0.1%, Binance stands out for its pricing, making it a preferred platform for active traders and those dealing in volumes.

Apart from its range of coins, Binance offers trading features like futures and margin trading, a thriving NFT marketplace, and a variety of decentralized finance (DeFi) opportunities. Seasoned traders are attracted to the platform’s array of tools, such as detailed charting and technical analysis capabilities.

Although Binance has encountered challenges limiting AUD deposits for users, it still allows trading through crypto deposits. The platform is not presently registered with AUSTRAC, which may be a factor for users who prioritize adherence to regulations.

Binance coins, fees, payment methods & more

Cryptocurrencies	500+
Payment methods	Crypto only (no AUD deposits)
Trading fees	Maker: 0.1%Taker: 0.1%Instant purchases: 4%
Customer service	Live chat
Regulation	Not AUSTRAC-registered
KYC required?	Yes

Pros and cons of Binance

5. CoinSpot – Best local exchange for simple purchases

Why we chose CoinSpot

CoinSpot has emerged as the preferred platform for purchasing cryptocurrency in Australia thanks to its user-friendly interface and exceptional support. This approach simplifies the process for beginners exploring the world of cryptocurrencies.

Review of CoinSpot

CoinSpot stands out as a favored and reliable cryptocurrency exchange in Australia, recognized for its user-friendly platform and strong security measures. Boasting a range of over 460 cryptocurrencies, it offers users a diverse choice encompassing well-known coins such as Bitcoin, as well as lesser-known altcoins. 

What makes this service appealing to newcomers is the particularly easy navigation of its interface and responsive customer support, which includes options for chat and email assistance.

The exchange offers a competitive 0.1% trading fee for market orders, though instant buy/sell orders incur a higher fee of 1%. Besides trading, CoinSpot allows users to stake certain cryptocurrencies and access an NFT marketplace, giving both new and experienced traders a versatile platform to meet their needs.

The platform is also registered with AUSTRAC, ensuring compliance with local regulatory standards, making it a secure option for Australian traders. You can read more about its features in our detailed CoinSpot review.

CoinSpot coins, fees, payment methods & more

Cryptocurrencies	460+
Payment methods	PayID, Bank transfer, BPAY, Cash
Trading fees	Maker: 0.1%Taker: 0.1%Instant purchases: 1%
Customer service	Live chat, email
Regulation	AUSTRAC-registered
KYC required?	Yes

Pros and cons of CoinSpot

6. OKX – Best for instant purchases and low fees

Why we chose OKX

OKX stands out for its low trading fees, appealing to budget-friendly traders. Moreover, it offers a variety of cryptocurrencies and advanced features catering to both novice and experienced traders. This versatility makes it a great platform for users in Australia.

Review of OKX

OKX is a worldwide crypto exchange that has gained popularity for its trading fees, which range from 0.005% to 0.1% based on user trading volume. This cost structure appeals to budget-minded traders, particularly those engaged in frequent transactions.

The platform offers support for more than 350 cryptocurrencies,including well-known options like Bitcoin and Ethereum as well as a wide array of altcoins.

This exchange isn’t registered with AUSTRAC, which could raise concerns among Australian. However, OKX remains popular due to its user-friendly app and features such as margin trading, futures trading, and staking that appeal to both new and experienced investors.

A notable feature is the demo trading mode that allows beginners to test their strategies before using real money. OKX also offers resources to help users become familiar with trading. 

Despite these advantages, the absence of support for AUD deposits and withdrawals may be a drawback for Australian users who prefer using currency to fund their accounts.

OKX coins, fees, payment methods & more

Cryptocurrencies	350+
Payment methods	Bank transfer, credit/debit card, P2P transfers
Trading fees	Maker: 0.005% – 0.1%Taker: 0.005% – 0.1%Instant purchases: N/A
Customer service	24/7 support via live chat and email
Regulation	Not AUSTRAC-registered
KYC required?	Yes

Pros and cons of OKX

7. Swyftx – Best for Beginner-Friendly Tools and Support

Why we chose Swyftx

Swyftx was chosen for our list due to its easy-to-use interface and excellent support, making it an attractive choice for Australians venturing into cryptocurrency trading. The platform offers fees and high-quality customer service to help beginners build their confidence.

Review of Swyftx

Swyftx, an Australian exchange, stands out for its smooth interface and dedication to customer satisfaction. Offering a range of 320 cryptocurrencies, it caters to novice and experienced traders alike.

One noteworthy feature of the platform is its demo mode allowing users to hone their trading skills without risking real money. This functionality is especially valuable for those venturing into the complex world of cryptocurrencies.

When it comes to fees, Swyftx stands out with trading charges of 0.6% and spreads starting at 0.41%. The platform accommodates payment options, such as PayID, bank transfers, and credit/debit cards, offering flexibility for Australian customers. Moreover, Swyftx is registered with AUSTRAC ensuring adherence to regulations.

For those looking for tools, Swyftx provides features like orders that enable users to automate their cryptocurrency purchases. The platform’s emphasis on education and customer support further cements its reputation as a choice for newcomers.

Swyftx coins, fees, payment methods & more

Cryptocurrencies	320+
Payment methods	PayID, bank transfer, credit/debit card, BPAY
Trading fees	Maker: 0.6%Taker: 0.6%Instant purchases: 0.6% + as low as 0.41% spread
Customer service	Live chat, email, phone
Regulation	AUSTRAC-registered
KYC required?	Yes

Pros and cons of Swyftx

8. Independent Reserve – Best for high-volume traders and tax features

Why we chose Independent Reserve

Independent Reserve is a platform suited for traders who require robust tax reporting capabilities. With its features and tax integration it stands out as a preferred option for Australian investors, aiming to enhance their trading strategies and streamline their tax reporting.

Review of Independent Reserve

Independent Reserve, an established cryptocurrency exchange in Australia, serves both individual traders and institutional investors. Its notable feature is the advanced tax tools that enable users to monitor their transactions and create tax reports effortlessly.

The platform offers support for more than 25 cryptocurrencies including popular ones such as Bitcoin, Ethereum, and Litecoin, although this is a smaller selection compared to many other exchanges.

Regarding fiat currencies, it supports AUD, NZD, and USD, with payment options like bank transfers and SWIFT.

The platform operates on a maker-taker fee model, and stands out by its security, storing the funds in cold storage and providing insurance for assets. It’s registered with AUSTRAC, ensuring regulatory compliance, and offers protection against theft or hacking. On the other hand, the fees can be less competitive for smaller trades compared to other exchanges.

With customer support options like chat and email, Independent reserve is a dependable platform for both novice and seasoned traders. However, its more limited currency offerings and lack of beginner-friendly features may not appeal to everyone.

Independent Reserve coins, fees, payment methods & more

Cryptocurrencies	25+
Payment methods	Bank transfer, SWIFT, Osko
Trading fees	Maker: 0.05% – 0.5%Taker: 0.1% – 0.5%Instant purchases: N/A
Customer service	Live chat, email
Regulation	AUSTRAC-registered
KYC required?	Yes

Pros and cons of Independent Reserve

The best crypto exchanges in Australia compared

Exchange	Cryptos	Payment methods	Trading fees	Customer service	Regulation	KYC
Kraken	200+	Bank transfer, PayID, Debit card	Maker: 0% – 0.16%Taker: 0.10% – 0.26%Instant purchases: up to 4%	24/7 web chat, email, phone	AUSTRAC	Yes
Coinbase	150+	PayID, Bank transfer, Debit card	Maker: 0.4%Taker: 0.6%Instant purchases: up to 4%	24/7 support via web chat, email, phone	AUSTRAC	Yes
eToro	20+	PayPal, Debit card, Bank transfer	Maker: 1%Taker: 1%Instant purchases: N/A	Live chat, email	AUSTRAC	Yes
Binance	500+	Crypto (no AUD)	Maker: 0.1%Taker: 0.1%Instant purchases: 4%	Live chat	Not AUSTRAC	Yes
CoinSpot	460+	PayID, Bank transfer, BPAY, Cash	Maker: 0.1%Taker: 0.1%Instant purchases: 1%	Live chat, email	AUSTRAC	Yes
OKX	350+	Bank transfer, Credit/Debit card, P2P transfers	Maker: 0.005% – 0.1%Taker: 0.005% – 0.1%Instant purchases: N/A	Live chat, email	Not AUSTRAC	Yes
Swyftx	320+	PayID, Bank transfer, Credit/Debit card, BPAY	Maker: 0.6%Taker: 0.6%Instant purchases: N/A	Live chat, email, phone	AUSTRAC-registered	Yes
Independent Reserve	25+	Bank transfer, SWIFT, Osko	Maker: 0.05% – 0.5%Taker: 0.1% – 0.5%Instant purchases: N/A	Live chat, email	AUSTRAC-registered	Yes

Which cryptocurrency exchange in Australia is the cheapest?

If you’re a trader looking to keep costs down, OKX and Binance are the go-to platforms for spot trading. With fees as low as 0.005% OKX stands out for its affordability while Binance also offers rates at 0.1% making it a strong contender.

Another option for the Australian crypto community is CoinSpot, which charges a fee of 0.1% for orders. However, its instant buy/sell option comes with a higher fee of 1% which may not be ideal for traders in terms of cost efficiency. For more details on how some of these compare, check out our CoinSpot vs Binance breakdown.

Which cryptocurrency exchange in Australia is the safest?

In Australia, the cryptocurrency exchanges that prioritize security measures like AUSTRAC registration, two-factor authentication (2FA), cold wallet storage, and insurance for digital assets are considered the safest.

Notable platforms such as CoinSpot, Swyftx, and Independent Reserve stand out for their ISO 27001 certification which guarantees adherence to industry security standards.

Kraken, Binance, and Coinbase also hold ISO certification, solidifying their reputation as trustworthy platforms for secure trading.

It’s important to note that centralized exchanges come with risks. Therefore, utilizing a hardware wallet is advisable for enhanced protection.

What is the best site to buy Bitcoin in Australia?

All of the exchanges mentioned in our guide allow you to purchase Bitcoin. However, Coinbase shines as the choice for newcomers and those prioritizing security.

With its history, AUSTRAC registration, and robust security features such as digital asset insurance and cold storage, Coinbase provides a reliable and user-friendly platform.

Its straightforward interface and educational resources cater to beginners seeking a smooth introduction to buying Bitcoin.

Advanced traders might prefer other platforms for their comprehensive tools. If you’re interested in broader trading platforms, see our guide on the best Australian day trading platforms.

Different types of crypto trading platforms in Australia

In Australia, individuals looking to invest in cryptocurrencies have platforms at their disposal for buying selling, and trading digital currencies. Familiarizing yourself with these options can assist you in selecting the platform that aligns with your preferences:

• Centralized Exchanges (CEX): Users can exchange cryptocurrencies through platforms such as Kraken, CoinSpot and Binance. These platforms provide options, for trading, staking, and futures. Nevertheless, users must depend on the platform, for handling their assets.
• Decentralized Exchanges (DEX): These platforms function without a middleman, enabling users to exchange assets directly. Examples include Uniswap and SushiSwap. Although they provide enhanced privacy and security by removing a governing body, they tend to be challenging for newcomers to use.
• Brokerages and Trading Apps: Platforms like eToro and Revolut provide users with the chance to trade cryptocurrencies in addition to traditional assets such as stocks. These platforms serve investors by offering an interface, for managing their diverse portfolios, although fees might apply.

How to choose the right Exchange in Australia

Before selecting a cryptocurrency exchange in Australia, it’s advisable to consider aspects such as security protocols, supported tokens, and other relevant factors. Here are somekey points to keep in mind:

• Security: Make sure that the platform is registered with AUSTRAC and provides two-factor authentication, cold storage, and robust encryption. Well-known platforms such as Kraken and Coinbase are recognized for their security features.
• Fees: When considering fees, it’s important to examine the costs associated with trading, deposits, and withdrawals. Binance and OKX stand out as options, thanks to their low trading fees. Also, CoinSpot may incur higher charges for purchases but offers lower fees for market orders.
• Ease of Use: If you’re a beginner in the world of cryptocurrency, platforms such as CoinSpot or Coinbase can simplify your initial transactions. On the other hand, experienced traders may opt for Kraken or Binance due to their array of features.
• Payment Methods: Make sure the platform accepts your choice of payment, whether its PayID, a bank transfer or a credit card. CoinSpot and Coinbase provide a range of choices.

The importance of using an AUSTRAC-registered exchange

In Australia, cryptocurrency exchanges must register as a Digital Currency Exchange if they wish to serve Australian residents. This subjects them to Australia regulatory framework and laws, which help protect you against fraud and misconduct.

Despite this, some foreign exchanges still allow Australians to use their platform. Cryptocurrency is already a high-risk investment, and using a platform that isn’t registered with AUSTRAC puts you further at risk.

As such, our list mainly includes platforms that have registered with AUSTRAC as a DCE.

Risks of using a crypto exchange in Australia

Typically, cryptocurrency exchanges provide a user-friendly and safe platform for buying and selling digital currencies. However, it is crucial to recognize the risks associated with using these platforms. Let’s explore some key ones:

• Security Breaches: Even with robust measures in place, exchanges continue to be favored targets for cybercriminals. Choosing platforms such as Kraken or Coinbase, known for their storage and insurance coverage, can reduce this vulnerability.
• Custodial Risk: When utilizing exchanges, the platform stores your assets, which means you don’t have complete control over your funds. To mitigate this risk, it’s advisable to move your cryptocurrencies to a wallet after making a purchase.
• Regulatory Uncertainty: The realm of cryptocurrency regulations is in a state of flux. Platforms that fail to register with AUSTRAC may face penalties or shutdowns. Thus, choosing exchanges that comply with guidelines is crucial.
• Market Volatility: The cryptocurrency market is known for its price swings. Traders have the opportunity to boost their profits or losses through strategies like leverage or margin offered by exchanges like Binance and Kraken. While this presents a chance for rewards it also carries an increased level of risk.
• Limited Consumer Protection: Crypto exchanges differ from systems in terms of legal safeguards. If problems arise there might be avenues for seeking justice. Therefore it’s crucial to opt for trustworthy platforms that have established track records.

Do I need a cryptocurrency wallet if I have an exchange?

Absolutely! It’s advisable to move your cryptocurrency to a wallet after buying it on an exchange.

Although platforms such as CoinSpot and Kraken provide storage, keeping your assets on the exchange means they hold your keys. This puts your funds at risk, from hacking or possible exchange bankruptcy.

Transferring your cryptocurrency to a personal hardware or software wallet where you have control over the keys guarantees ownership and reduces the likelihood of losing your assets due to threats or platform-related problems.

Methodology: How we chose the best crypto exchanges in Australia

Our assessment procedure was designed to identify the top cryptocurrency exchanges in Australia considering factors that hold importance, for local investors. Below are the factors we examined:

• Regulation and security: Our emphasis was on utilizing platforms that are approved by AUSTRAC to guarantee adherence to regulations. Additionally, we looked into measures, like verification, cold storage, and asset insurance for added security.
• Trading fees: We examined how fees are set up, looking at aspects like maker-taker fees, price differences, and charges for depositing or withdrawing funds. Our aim was to identify platforms that offer pricing.
• Supported cryptocurrencies: We explored the variety of cryptocurrencies offered by platforms, considering not only major coins such, as Bitcoin and Ethereum but also lesser-known altcoins to discover investment options.
• Ease of use: The evaluation of platforms centered around their usability considering the simplicity of the interface ease of navigation and how effectively they meet the needs.
• Customer support: We assessed the quality of the service by considering the accessibility through chat, email, and phone. Additionally, we factored in their response time and overall level of assistance
• Additional features: Moreover, we looked into offerings like staking incentives, learning resources, referral schemes, and the presence of an application, all of which can enhance user satisfaction.

FAQs