Best Crypto Exchange in Australia

What is the best crypto exchange in Australia?

With several scary stories out there of hacks and crashes, such as the highly publicized one regarding a certain, ahem, Sam Bankman-Fried, you want to ensure that the one you eventually opt for won’t make off with your funds out of the blue.

So, as you’d rightly expect, choosing the right crypto exchange can be daunting. 

With so many options, how do you know which one to trust with your money? Fear not! We’ve got you covered. 

In this article, we will explore the best crypto exchanges in Australia. We’ll guide you through the factors to consider, compare the top crypto exchanges, and provide tips to ensure you make an informed decision. 

Our Experience – Why Trust Us

Why should you trust our advice on choosing the best crypto exchange in Australia? The answer’s simple!

We’ve got tons of extensive experience in the cryptocurrency industry. Plus, our team has spent countless hours researching, testing, and reviewing various crypto exchanges.

We’ve also read hundreds of reviews, analyzed user feedback, and conducted thorough tests on each platform. Our goal is to provide you with accurate and unbiased information to help you make the best choice!

How the Exchanges Were Selected

Selecting the best crypto exchanges in Australia wasn’t a simple task. We considered multiple factors to ensure you get the best options. Here’s what we looked at:

• Security: How well does the exchange protect your digital assets? We examined their security measures, including encryption, two-factor authentication, and insurance policies.
• Fees: What are the transaction, withdrawal, and deposit fees? We compared the fee structures of each exchange to find the most cost-effective options.
• User Experience: We also tested the interface, sign-up process, and customer support to ensure a smooth user experience.
• Trading Options: We checked the variety of coins and trading pairs offered by each exchange.
• Reputation: What do other users say? We read reviews and feedback from real users to gauge the overall reputation of each exchange.
• Regulation: Regulation is a big deal these days, so we ensured the crypto exchanges are compliant with Australian laws and regulations.

Buyers Guide – Advice for Choosing the Right Exchange

There’s plenty to consider when choosing the best crypto exchange:

• User Interface: The platform should be easy to navigate. A user-friendly interface ensures that you can quickly execute trades and manage your digital assets without confusion.
• Security: Always prioritize security. Look for crypto exchanges with robust security measures such as two-factor authentication, cold storage for funds, and encryption protocols.
• Fees: Pay attention to the fee structure. Different crypto exchanges have varying fees for transactions, withdrawals, and deposits. Choose an exchange that offers competitive rates without hidden charges.
• Supported Cryptocurrencies: Ensure the exchange supports the cryptocurrencies you’re interested in. You should note that some platforms offer a wide range of coins, while others are more limited.
• Customer Support: You should also check if the exchange offers timely and effective support through multiple channels such as live chat, email, or phone.
• Regulatory Compliance: Make sure the exchange complies with local regulations. This adds a layer of safety and trustworthiness to the platform.
• Liquidity: Higher liquidity means you can buy and sell assets quickly at market prices. So, look for crypto exchanges with high trading volumes to ensure liquidity.
• Payment Methods: Check the available payment methods. Some crypto exchanges offer multiple options, including bank transfer, credit cards, and PayPal.
• Mobile Access: If you prefer trading on the go, choose an exchange with a reliable mobile app that offers all the features of the desktop version.

Top Crypto Exchanges in Australia

Without further ado, we get right into the meat of the matter:

1. Binance Australia: Best for High-Volume Traders 

Binance Australia offers a comprehensive range of cryptocurrencies and competitive trading fees. It provides robust security measures such as two-factor authentication and cold storage for funds. 

The platform is user-friendly and includes a mobile app for trading on the go, ensuring you can access your account anytime, anywhere.

Binance stands out for its high liquidity and extensive range of trading pairs. This makes it suitable for both beginners and experienced traders. 

Also, its advanced trading tools, like futures and margin trading, offer more opportunities to profit, while educational resources help users enhance their trading skills.

Pros

• There are low trading fees compared to other platforms
• There’s a wide range of supported cryptocurrencies, so you can trade with several altcoins and BTC
• There’s high liquidity to facilitate quick trade
• Advanced trading tools

Cons

• Customer support can be slow
• Complex interface for beginners

Compared to other products, Binance offers more cryptocurrencies and better trading tools than many other Australian exchange. 

However, its interface may be overwhelming for beginners.

Why is it the Best

Binance Australia is best for Aussie traders due to its low trading fees, extensive range of cryptocurrencies, and advanced trading tools. Plus, its high liquidity ensures quick and efficient trades, making it a top choice for serious traders.

2. Coinbase Australia: Best For a Fully Regulated Experience

Coinbase Australia is fully regulated Australian crypto exchange, offering a secure trading environment. It features robust security measures like two-factor authentication and insurance against breaches, protecting your investments. Also, the platform’s user-friendly interface and mobile app make trading accessible and convenient.

Coinbase is renowned for its regulatory compliance, making it a safe choice for new traders. Its straightforward interface is designed to simplify the trading process, while its educational resources help users understand the crypto market better.

Pros

• It’s a highly secure platform, meaning you can be reasonably sure of the safety of your funds
• User-friendly interface
• The platform is regulated and insured
• There are several educational resources to guide newbie Australian investors

Cons

• There are higher trading fees compared to other crypto exchanges
• Compared to platforms like Binance, Coinbase has a rather limited range of cryptocurrencies

Coinbase offers a more regulated and secure experience compared to many other crypto exchanges. However, its fees are higher, and it supports fewer cryptocurrencies.

Why is it the Best?

Coinbase is ideal for those who prioritize security and regulatory compliance. Its ease of use makes it a great option for beginners who want a straightforward trading experience.

3. Kraken: Best For Extensive Trading Pairs with AUD

Kraken’s standout feature is its wide array of trading pairs, including many with AUD. It boasts strong security measures such as two-factor authentication and cold storage. 

The platform is designed to be intuitive, with a mobile app that allows trading on the go.

Its extensive range of cryptocurrencies and trading pairs makes it ideal for traders looking to diversify their portfolios. Even more, its advanced trading features, such as futures and margin trading, are a boost for experienced traders.

Pros

• Wide range of trading pairs
• Competitive fees, compared to other trading platforms
• Strong security
• Advanced trading features

Cons

• It can be complex for beginners
• Customer support can be slow

Kraken offers more trading pairs than many other exchanges, but its interface can be complex for new users.

Why is it the Best?

Kraken is best for traders looking for a wide range of trading pairs and strong security. Its competitive fees and advanced trading features make it an attractive option for serious traders.

4. Swyftx: Best for Low Fees

Swyftx offers low fees and a wide range of supported cryptocurrencies. The platform is designed to be user-friendly, with a mobile app that provides access to trading on the go.

It also has strong security measures, including two-factor authentication and cold storage. 

Swyftx is known for its low fees and ease of use, making it a popular choice among Australian traders. It also provides features like demo mode, which allows users to practice trading without risking real money.

Pros

• The fees are some of the lowest in the market
• A wide range of cryptocurrencies
• User-friendly interface
• Demo mode for practice

Cons

• Customer support can be slow
• There aren’t a lot of advanced trading features

Compared to other platforms, Swyftx offers lower fees and a more user-friendly interface. However, it may lack some advanced features.

Why is it the Best?

Swyftx is best for traders looking for low fees and a wide range of cryptocurrencies. Its user-friendly interface and demo mode make it accessible for beginners.

5. Independent Reserve: Best for Security

As far as being trustworthy goes, Independent Reserve offers a secure trading environment with strong security measures and insurance. It also has the enviable reputation of never having suffered a hack.

It supports a moderate range of cryptocurrencies and has a user-friendly interface. The platform also includes a mobile app for trading on the go.

Independent Reserve is known for its trustworthiness and regulatory compliance, making it a safe choice for Australian traders. 

Pros

• It’s highly secure, giving traders peace of mind
• The interface is user-friendly
• Regulated and insured
• Good customer support

Cons

• The fees are only moderately low
• There’s a limited range of cryptocurrencies

Independent Reserve offers a more secure and regulated experience compared to many other platforms but has higher fees and supports fewer cryptocurrencies.

Why is it the Best

Independent Reserve is best for those who prioritize security and regulatory compliance. Also, its user-friendly interface and strong customer support make it suitable for newbie traders.

6. CoinSpot: Best for Newbie Traders

As a newbie trader, you may find some of the bigger exchanges scary, with clunky interfaces and other complexities. That’s where CoinSpot comes in.

On the platform, you enjoy low transaction fees and a simple interface. There are also strong security measures, including two-factor authentication and cold storage. The crypto exchange includes a mobile app for convenient trading on the go.

CoinSpot stands out for its ease of use and low fees, making it a popular choice for new traders. It provides a straightforward trading experience with a wide range of cryptocurrencies.

Pros

• Low transaction fees
• User-friendly interface
• A wide range of cryptocurrencies

Cons

• Customer support could be more responsive
• Limited advanced features

CoinSpot offers a simpler interface and lower fees compared to many other platforms, but it lacks some advanced features.

Why is it the Best?

CoinSpot is ideal for beginners due to its low fees and easy-to-use interface. It also supports a wide range of cryptocurrencies, providing a good starting point for new traders.

7. ByBit: Best for Leverage Trading

ByBit is one of the best crypto exchanges in Australia and is ideal for leverage trading. It also has a mobile app with strong security measures, including two-factor authentication and cold storage. The platform includes a mobile app for trading on the go.

ByBit is known for its leverage trading options and advanced tools, making it suitable for experienced traders. It also offers high liquidity, ensuring quick and efficient trades.

Pros

• Low fees compared to other exchanges
• Advanced trading tools
• Strong security
• High liquidity

Cons

• Complex for beginners
• Limited range of crypto tokens

Compared to other exchanges, ByBit offers more advanced trading tools and leverage options compared to many other exchanges, but it can be complex for new users.

Why is it the Best/Why You Use It

ByBit is ideal for experienced traders looking for leverage trading options and advanced tools. Its low fees and high liquidity are also major advantages.

8. CoinJar: Best for Instant Buy

CoinJar is one of the best crypto exchanges in Australia, offering competitive fees and a user-friendly interface. With a wide range of payment methods available to customers, it’s quite easy to transfer both fiat and cryptocurrency. 

Its best feature is the instant buy option, where you can use your debit or credit card or Apple Pay or Google Pay to purchase digital currencies directly. It also offers features like a digital wallet for easy storage and management of cryptocurrencies.

Pros

• The fees are competitive 
• User-friendly interface
• Strong security
• Digital wallet feature
• Instant buy feature for quick crypto purchases

Cons

• Limited range of tokens
• Customer support can be slow

CoinJar offers a simpler interface and competitive fees compared to many other exchanges, but it supports fewer cryptocurrencies.

Why is it the Best?

CoinJar is best for those looking for a simple and user-friendly trading experience, as well as a quick way to purchase crypto.

9. KuCoin: Best for A High Variety of Cryptocurrencies

KuCoin offers low transaction fees and a wide range of supported cryptocurrencies. 

As such, it’s one of the best crypto exchanges in Australia and is a popular choice for investors looking to diversify their portfolios. It also offers features like staking, lending, and a trading bot, which can enhance the trading experience.

Pros

• User-friendly interface
• Low transaction fees
• A wide range of cryptocurrencies
• Additional features like staking and lending

Cons

• Partially regulated
• Customer support can be slow

KuCoin offers more cryptocurrencies and lower fees compared to many other exchanges. However, it is only partially regulated, which may concern some users.

Why is it the Best?

KuCoin is ideal for traders looking for a variety of cryptocurrencies with low fees. Its user-friendly interface and additional features like staking and lending are significant advantages, making it a versatile platform for various trading needs.

Decentralized Exchanges: An Alternative Approach

Decentralized exchanges (DEXs) offer several benefits that make them an appealing alternative to traditional centralized exchanges:

• Since DEXs do not hold users’ funds, they reduce the risk of hacking and theft. Your assets remain in your control until you trade.
• DEXs usually do not require extensive personal information for trading. This ensures higher privacy levels for users.
• Anyone with an internet connection can use DEXs, regardless of their location. There are no restrictions based on geographic regions.
• Transactions on DEXs are recorded on a blockchain, providing transparency and traceability.
• Users have full control over their funds and private keys, reducing dependency on third parties.

Best Decentralized Crypto Exchanges in Australia

Here’s an overview of the best decentralized exchanges in Australia

• Uniswap: Uniswap is one of the most popular DEXs globally. It operates on the Ethereum blockchain and allows users to trade various ERC-20 tokens. Its automated liquidity protocol ensures a smooth trading experience.
• SushiSwap: Although it’s similar to Uniswap, SushiSwap offers additional features like staking and farming, allowing users to earn rewards. It also operates on the Ethereum blockchain.
• PancakeSwap: Operating on the Binance Smart Chain, PancakeSwap offers lower transaction fees compared to Ethereum-based DEXs. It supports a wide range of BEP-20 tokens and provides features like staking and lotteries.
• 1inch: 1inch is an aggregator DEX that searches multiple DEXs for the best prices and liquidity. It helps users get the best rates for their trades.
• Balancer: Balancer allows users to create and manage liquidity pools with multiple tokens. It offers flexible trading and liquidity provision options.
• Kyber Network: Kyber Network integrates liquidity from various sources, providing users with competitive prices and seamless trading experiences.

How to Sign Up and Start Trading

Are you an Aussie thinking about how to sign up on a crypto exchange and try their hands at trading?

Here are the steps to follow:

Step-by-Step Guide to Opening an Account

First, you have to open an account thus:

• Select only the best crypto exchange that fits your needs. For example, you might choose Binance for its low fees or Coinbase for its regulatory compliance.
• Go to the official website of the chosen Australian crypto exchange. Make sure it is the correct URL to avoid phishing scams.
• Click on the “Sign Up” or “Register” button. Fill in your details, such as name and email address, and create a strong password.
• The crypto exchange will send a verification email. Click on the verification link to confirm your email address.
• Most exchanges require identity verification. Provide the necessary documents, such as a government-issued ID and proof of address.
• Once your account is verified, deposit funds into it. You can use a bank transfer, credit/debit card, or other supported payment methods.

Now that the funds are in your account, you can start buying and selling cryptocurrencies. You can use the crypto trading interface to place orders.

Easy, right?

How to Secure Your Investments

It’s one thing to purchase crypto assets; it’s quite another thing to secure them.  To be on the safe side:

• Create strong, unique passwords for your crypto exchange accounts.
• Always enable 2FA to add an extra layer of security to your account.
• For long-term storage, use hardware wallets like Ledger or Trezor. 
• Ensure that your device’s operating system, browser, and any security software are up to date.
• Do not keep all your funds in one crypto exchange. Spread your investments across multiple digital asset exchange services and wallets to reduce risk.

Bonuses and Promotions

Who doesn’t like freebies??!!

Many crypto exchanges offer bonuses and rewards to attract new users and retain existing ones. These incentives can significantly enhance your crypto trading experience and provide additional value. 

• Sign-Up Bonuses: Some exchanges offer new users bonuses upon registration. These can include free cryptocurrency, trading credits, or reduced crypto trading fees.
• Referral Programs: Here, you get to earn rewards by referring friends and family to the crypto exchange. Both you and the referred user may receive benefits such as crypto trading fee discounts or bonus cryptocurrency.
• Deposit Bonuses: Certain platforms provide bonuses when you make your first deposit. These can be a percentage match of your deposit amount or a fixed bonus.
• Trading Competitions: Participate in crypto trading competitions to win prizes. These competitions often reward traders with the highest trading volumes or profits over a specific period.

Best Promotions Currently Available

Here are the platforms offering the best promotions right now:

• Binance Australia
• Coinbase Australia
• Kraken Referral Program
• Swyftx Refer A Friend
• CoinSpot Referrals

Advanced Trading Features

Advanced trading features can significantly enhance your trading experience, strategy, and search for the best crypto exchange.

Let’s check out a few of them:

Technical Analysis Tools

These tools help traders analyze market trends and make informed decisions. They include indicators like Moving Averages, RSI (Relative Strength Index), and MACD (Moving Average Convergence Divergence).

Charting Software

Advanced charting software provides detailed price charts with various time frames and drawing tools. Platforms like TradingView are often integrated into a crypto exchange for comprehensive chart analysis.

Leverage Trading

Leverage allows traders to open positions larger than their actual capital. While this can amplify gains, it also increases risk.

Social Trading

Some platforms offer social trading features, enabling users to follow and copy the trades of experienced traders. This can be a useful learning tool for beginners.

Comparing API Support Across Exchanges

API support varies across different exchanges, impacting the extent to which traders can automate and customize their trading strategies. Here’s a comparison of API support on some of the top crypto exchanges:

Customer Support and Security

Good customer support is crucial for a positive trading experience. Here’s how this feature compares across top crypto exchanges in Australia:

Security Measures and Their Importance

Security is a top priority when choosing a leading crypto exchange. Here are the key security measures implemented by the leading exchanges:

• Two-Factor Authentication (2FA): This adds an extra layer of security by requiring a second form of verification (e.g., a code from your phone) when logging in.
• Cold Storage: Most exchanges store the majority of user funds in cold storage, which is offline and protected from online hacks.
• Encryption: Data encryption ensures that all user information and transactions are secure from unauthorized access.
• Insurance: Some exchanges offer insurance against breaches, providing an extra layer of protection for users’ funds.
• Regulatory Compliance: Adherence to local regulations ensures that the crypto exchange operates within the legal framework, providing additional security and peace of mind for users.
• Regular Audits: Regular security audits by third parties help identify and fix vulnerabilities, ensuring the platform remains secure.

Exchange Security Overview

Wrapping Up

If you’re an Aussie looking for the best crypto exchange to trade your preferred crypto in, you should know that your choice should go beyond merely what pops up most frequently on your timeline. It’s about doing due research and noting all the factors that mean the most to you.

As long as you’ve chosen the right crypto exchange, you can confidently navigate the exciting world of cryptocurrency trading and, hopefully, make more profits than losses!