Best Crypto Exchanges in Australia 2023 We Tested 11 Platforms

Centralised exchanges offer a convenient way to store cryptocurrencies, but users place their trust in a third party to safeguard their assets. If the exchange experiences any issues, as was the case with FTX, the user’s crypto could be at risk. There have been numerous instances of exchanges being hacked, resulting in the loss of investor tokens.

Firstly, its bank-grade security features have enabled it to keep an outstanding track record of no hacks since its establishment in 2013. Secondly, CoinSpot maintains the very best standards in information security by upholding the requirements of its internationally recognised ISO accreditation. Simply put, CoinSpot has been operating for a long time and has rightfully developed a strong reputation as a reliable crypto services provider. Getting started can be confusing if you are new to crypto, while on the other hand, more experienced traders may want a platform that offers more advanced features.

Best Crypto Exchange Australia for 2023

Additionally, this top-rated crypto exchange offers a trading facility in addition to enabling you to buy and sell cryptocurrencies. With Coinbase Pro, you can trade digital currency pairs at lower commissions. Initially, it charges 0.50% per slide, which is still high, but much less than the 1.49% it charges for – buying and selling. With all this, Coinbase is one of the best crypto exchanges Australia for you. When it comes to fees, Binance is one of the cheapest platforms to buy, sell, and trade crypto. The fees are between 0% and 0.1% with zero crypto trading fees across 13 stablecoins and fiat currency combinations.

• So if you set a buy limit order at 90 pence, it would only be executed if the price was 90 pence or lower.
• Then, with a minimum stake of just $25, you can make a deposit using your debit/credit card or e-wallet.
• The best place to buy cryptocurrencies in Australia should also make it possible for you to buy, sell, and transfer crypto or simply monitor active trades on the move.
• But, it’s calculated as a percentage, so the more you stake, the more you will pay.
• One of the main reasons we picked Coinbase for our list of best crypto exchanges in Australia is because it offers a wide range of tradable cryptocurrencies.

This means that if you are searching for an obscure altcoin to invest in, there is a good chance you can find it on CoinSpot before it lists on other Aussie crypto platforms. CoinSpot is another one of the top crypto exchanges in Australia, due to its range of features, a huge range of 370+ coins, and trust it has built up since its establishment in 2013. It is a certified member of Blockchain Australia, registered with ASIC, and regulated by AUSTRAC, meeting all KYC/AML obligations. MEXC has extremely high liquidity and boasts the highest level of liquidity of any cryptocurrency trading platform that includes crypto giants like Bybit, Binance, KuCoin and Huobi. When you examine the below graphs of liquidity for BTC/USDT and ETH/USDT you’ll notice that MEXC is far ahead of its nearest rival Bitget and the rest of the competition is nearly insignificant. That means, even are a very large quantity trader, you transactions will be processed immediately.

Best Australian Cryptocurrency Exchanges of 2023

The trading fees here are drastically lower than the brokerage market, starting from 0.1%. With various crypto assets and blockchain-related products available, Crypto.com is a prominent crypto exchange. An extensive list of currencies is available for users to trade, and trading fees are relatively low. In addition, the company provides cryptocurrency credit cards, a decentralized exchange, a standalone crypto wallet, and a marketplace for NFTs. You can also earn up to 14.5% interest by holding your cryptocurrency in a Crypto.com wallet for a set period.

• Gemini is a user-friendly cryptocurrency exchange that is ideal for those just getting started with investing in digital assets.
• However, their customer service is somewhat lacking in comparison to other providers.
• The platform is easy to use and has a lot of helpful information and support.
• Like most modern-day crypto exchanges, CoinSpot has two-factor authentication (2FA).
• AvaTrade is particularly well known for its forex trading options, with a huge range of currency pairs available, but it also offers cryptocurrencies, shares, ETFs, indices, commodities, and bonds.

DOT holders can participate in the network’s governance and decision-making processes, such as proposing and voting on changes to the protocol. «79% of retail CFD accounts lose money. You will never lose more than the amount invested in each position.» By adopting $FGHT, users can enjoy various benefits such as a Fight Out gym membership, healthcare savings, complimentary items, and free one-on-one training sessions. Fight Out is an innovative cryptocurrency project aimed at revolutionizing the fitness industry through the integration of web3 technology. Many investors grasp the opportunities that come with cryptos that help address critical issues like climate change.

Can the Australian government track your crypto on Exchanges?

His other love is digital marketing and has over 15 years of experience. The interface is simple and basic which allows you to easily use cash to purchase crypto. There are a number of ways you can fund your Independent Reserve account for free including bank transfers, however, OSKO and PayID will complete the transaction near-instantly. Although the interface is a bit outdated, it still performs and is highly functional. Before choosing an exchange, it’s important to research a variety of platforms and compare their features.

Swyftx has gained a huge amount of popularity just in the last 2 years but they show no signs of stopping. Binance also offers a broader range of tools than other trading platforms as a specialized cryptocurrency trading platform. As a day trader, you will analyze patterns and spot trading opportunities with the help of several charting and analysis tools.

Step 4: Identify crypto invest in

The best cryptocurrencies are projects that bring something different to the market. So far, $WSM has experienced exponential growth and created a top spot among its competitors. Although it may be too early to make long-term predictions, the fact that it adopts a roadmap that is socially enriching and prioritizes community engagement suggests strong potential. And since it might continue on this path, investors in Australia and worldwide can consider it a worthy investment.

• Instead, DEXs use blockchain-based smart contracts to enable the exchange of assets, effectively replacing traditional intermediaries such as banks, brokers, and CEXs.
• Personally, the most tempting feature of Binance is their super-affordable fees.
• That said, there is no platform fee for holding shares or trading fees for funds.
• The trading platform will charge you a 0.6% trading fee and 2 AUD for withdrawals and deposits under AUD 200 — there is a zero fee for deposits and withdrawals above this amount.

It has an effective compliance program that keeps users’ accounts and funds safe and secure. You can also join other traders and copy their trading strategies with the social trading features. Patrick McGimpsey is a freelance writer passionate about crypto and its impact on the financial world. Currently working as the content lead for Australian startup CryptoTaxCalculator, Patrick has also covered the crypto industry for Canstar and The Chainsaw.

Best Trading Platform Australia – Conclusion

All in all, these fees are very economical and comparable to other altcoin exchanges of similar reputation. Like most modern-day crypto exchanges, CoinSpot has two-factor authentication (2FA). Due to its bank-like safety measures, CoinSpot is regarded as one of the most secure exchanges in Australia to buy, store and sell crypto.

• Compared to well-known crypto exchanges, you’ll notice that eToro has a small range of supported cryptocurrencies, but that’s understandable as they are not a specialized crypto broker.
• Your assets and funds are protected through multi-layer technology and advanced security frameworks.
• Remember that crypto trading is quite risky, and you should only invest what you can afford to lose.
• Kraken is a user-friendly and easy-to-use cryptocurrency trading platform that is well-suited for beginners.
• It is also essential to check the platform’s security measures to ensure your personal information and assets are protected.

It also has “social” and “copy” trading options to allow beginner investors to interact with more experienced investors. Overall, IG is likely to appeal to more confident traders who want a wide range of more complex investments, together with advanced trading tools. Interactive investor does not offer a fee reduction for frequent traders although clients receive one free trade a month under the Investor plan (£11.99 per month). If you like to buy overseas shares, you’ll pay a £9.99 trading fee for non-US shares plus the highest foreign exchange fee of 1.5% (for transactions under £25,000). Trading platforms provide software programs that allow investors to buy and sell shares, funds and other investments directly, rather than indirectly through a financial adviser.

Trading Platform Fees

There are a multitude of crypto exchanges that are available in Australia, with both Australian and international options. The above list of crypto exchanges lays out our best picks for crypto – exchanges in Australia and why we picked them. When looking for a crypto exchange to use in Australia, be sure to research and compare the options to find the exchange that suits you best.

• The trading fees on eToro vary based on the type of digital asset you’re trading and the current market conditions.
• KuCoin is an extremely popular exchange around the world, with over 20 million users, and this is because it offers so much to advanced crypto traders.
• Swyftx also recognizes the importance of mobile trading and has developed a comprehensive mobile app available for download on the App Store or Google Play.
• This allows you to become familiar with the site’s interface, features, and trading pairs before you start actively trading.

While we do go to great lengths to ensure our ranking criteria matches the concerns of consumers, we cannot guarantee that every relevant feature of a financial product will be reviewed. However, Forbes Advisor Australia cannot guarantee the accuracy, completeness or timeliness of this website. Some of our top recommendations are Swyftx and Coinspot as well as Binance, Digital Surge and Coinjar. To rate and rank the exchanges we review, we look at (and test) factors like ease of use, fees, trading features, and support. Keep in mind that we didn’t review every single exchange available, and depending on your situation, the exchange you prefer might be different from the ones we picked.

How to use a crypto exchange

The Australian Taxation Office (ATO) has set clear rules for taxing digital assets. Within this framework, cryptocurrencies are classified as a type of property and are considered assets subject to Capital Gains Tax (CGT). This means if you’re an Australian resident, you are liable to pay tax on any profit you make from cryptocurrency or NFT investments, just as you would from other types of property investments.

• Furthermore, as an AUSTRAC-registered exchange that complies with KYC and AML regulations, Swyftx prioritises the safety and security of its users.
• When it comes to the safety of your funds, eToro is authorized and regulated by ASIC.
• This means that they must collect and verify the identity of their customers.
• Cyberattacks and hacks can lead to millions of dollars being stolen, leading to potential significant losses for crypto exchange users.
• With so many different crypto trading platforms available in Australia, it can be difficult to know which one is the best for you.
• We found some crypto trading platforms that offered a less than favorable user experience during our search for the best platforms on the market.

We recommend investing through the all-popular, low-cost, and highly reputable eToro crypto exchange. Start by confirming the licensing and regulation status of your preferred crypto exchange. Secondly, confirm short term crypto trading the crypto exchange’s reputation by going online reviews by their current and past platform users. The massively popular decentralized exchange also gives you access to the larger DeFi ecosystem.

Binance Australia

Investing in shares can be a good way to produce higher returns than cash-based investments. However, your investment can go down as well as up, and you may not get your money back. Monthly investing allows you to benefit from ‘pound-cost averaging’, which smoothes out the fluctuations of the stock market as you pay the average price of the investment over the period. If the share price is higher than the funds in your trading account, the money will accumulate until it is sufficient to buy at least one share. A ‘stop loss’ can also be a useful tool to limit your downside exposure from investing in shares. This is an order to sell shares if the price falls to, or below, a level you set.

• To further bolster its position as one of the best trading interfaces available to Australians, the maker and taker trading fees of 0.16% and 0.26% are highly competitive.
• People worldwide look to invest in cryptocurrencies as the latest popular asset class.
• More than ever it’s important to do your research before you start trading, exchanges are subject to collapse so make sure you are confident in your choice.
• You will likely lose money with your crypto robot, so starting with a demo account is best.
• Their onboarding process is very simple and the trading interface is easy to use.
• Kane has also written for websites such as MoneyCheck, InsideBitcoins, Blockonomi, Learnbonds, Buysharesand the Malta Association of Compliance Officers.

The trading fees are 0.5%, and this reduces as you increase your trading volume. I conducted a test comparing Digital Surge against CoinSpot, Swyftx and Crypto.com on my personal accounts, and Digital Surge came out on top by a wide margin for fees and spread. Digital Surge is an Australian crypto exchange with 300+ coins, low fees of 0.5%, and extremely tight spreads, according to this independent test. The user-interface is perfectly optimised to make it easy to navigate, and if you encounter any issues, you can access live chat, which is available 9am till 11pm, 7 days a week. The exchange was founded in 2017 and it currently has 5 registered offices across several countries, including Australia.