Best Crypto Exchanges in Australia in 2024

By Ben Knight February 14, 2024
Best overall exchange:
*Get $20 free BTC
Most altcoins offered:
10% Off on Trading Fees
biggest global exchange:
600+ cryptocurrencies

In summary?

In 2024, there are many available options for Aussies looking for a safe, secure and easy to use crypto exchange.

Swyftx is our pick for the best crypto exchange in Australia. The platform pairs competitive trading fees with ISO27001 certification and excellent customer support renowned among the crypto community.

Coinspot, Coinjar and Independent Reserve are all great Australian options, whilst international exchanges like Binance and Bybit offer the lowest trading fees.

 

Best Australian cryptocurrency exchanges

  1. Swyftx
  2. Gate.io
  3. Coinbase
  4. OKX
  5. Crypto.com
  6. Binance
  7. Coinspot
  8. Bybit
  9. Coinjar
  10. Independent Reserve

1. Swyftx

Trading fees
0.6%
Cryptocurrencies
320+
Fiat currencies
3

About Swyftx

Swyftx is an Australian-based crypto exchange that launched in 2018. Founded by Alex Harper and Angus Goldman, the trading platform has seen massive growth over the last couple of years and has built a 600,000+ strong customer base. It’s considered a beginner-centric exchange due to its easy-to-navigate interface, great learning resources and features like demo mode.

Pros

  • Australian-based
  • Strong customer reviews
  • Great features for crypto trading
  • Easy to use
  • Well-optimised and sleek mobile app
  • Wide range of supported cryptocurrencies
  • Fully functional demo mode
  • ISO27001 certified
  • Supports SMSF
  • Integrated tax reports

Cons

  • Fees are a bit high for day-traders, compared to international trading platforms (like Binance or Bybit)
  • No advanced trading options like derivatives

Exchange details

Trading fees:

0.6%

Deposit fees:

Bank transfer: $0
POLi: $0
PayID: $0
Credit card: 1.99%

Withdrawal fees:

0%

Website:

swyftx.com/au/

Cryptocurrencies:

320+

Headquarters:

Brisbane, Australia

Fiat currencies:

3

Australian based customer support:

Demo mode:

Full learn platform:

Swyftx burst onto the Australian crypto scene in 2018 and quickly amassed an excellent reputation among the community. The platform offers a flat transaction fee of just 0.6%. Swyftx is also transparent with its spreads, which range between 0.2 and 0.8%. Most competitors – especially in the Australian market – do not disclose their spreads, and investors can easily incur fees of over 2% per trade without even knowing it.

Swyftx is registered with the Australian regulatory body AUSTRAC. This means they abide by all financial frameworks, including KYC and AML policies. The company also supports advanced security measures such as 2-Factor Authentification (2FA) and breached password detection.

In conjunction with its top-tier security measures and cost-effective trading fees, Swyftx supports several excellent features perfect for traders of all skill levels:

Swyftx Features

  • AUD deposits and withdrawals. Swyftx supports fast and free AUD deposits and withdrawals using bank transfer, Osko or PayID. This makes the platform perfect for Australian residents looking to build a crypto portfolio. Swyftx also supports USD and NZD.
  • Low fees. Swyftx charges a flat trading fee of 0.6% on almost all transactions. This is extremely competitive for an exchange that offers AUD deposits and withdrawals – most others charge over 1% per trade.
  • Live chat and mobile support. Swyftx employs a local customer service team that can be accessed with an average response time of under 10 minutes (during work hours).
  • ISO27001 Certification. ISO27001 Certification is the industry standard for security among fintech companies. Swyftx is one of only two Australian-based exchanges to have secured this certificate. 
  • Demo mode. Swyftx users new to the crypto scene can use the platform’s crypto demo to “try before they buy”. It is an excellent tool for learning about the crypto industry and making practice trades without risking any money.
  • Supported assets. The Australian exchange supports 310+ crypto assets, ranging from big guns like BTC and ETH to more obscure tokens like AUDIO and RVN. Users can also convert their cryptocurrencies on the platform (e.g., swap BTC for ADA).

Related: Swyftx review

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2. Gate.io

Trading fees
0-0.1%
Cryptocurrencies
1700+
Fiat currencies
15

Gate.io is one of the world’s biggest cryptocurrency exchanges, packed to the brim with advanced trading features and earning opportunities. The platform has been operational for over a decade after being founded in China in 2013 and has helped 14M+ people build their digital currency portfolios. As a primarily crypto-to-crypto exchange, Gate.io is renowned among the community for perhaps the largest list of supported altcoins on the market.

Pros

  • 1,700+ cryptocurrencies available for trading
  • Credit/debit card purchases available through a third-party provider
  • Low trading fees
  • Earning opportunities such as liquid staking and lending
  • Plenty of features for advanced traders including bots and derivatives

Cons

  • Limited fiat support – users cannot withdraw AUD
  • The feature-heavy layout may be overwhelming to beginners
  • Not registered with AUSTRAC

Trading fees:

0-0.1%

Deposit fees:

Crypto: None
Third-party fiat deposit: Varies between 1-5%

Withdrawal fees:

Varies

Cryptocurrencies:

1700+

Headquarters:

Cayman Islands

Fiat currencies:

15

Demo mode:

Full learn platform:

Important: You cannot deposit AUD into Gate.io. To do this you will need to use an Australian exchange like Swyftx to onboard AUD and then purchase an asset like BTC or USDT to then send to your Gate.io wallet.

Gate.io is one of the crypto industry’s longest-running exchanges, serving millions of customers since its creation over a decade ago. The platform is a popular choice for professional traders due to its low fees and advanced features – Gate.io often boasts AUD $8B+ of 24-hour trading volume.

Gate.io is flush with features, including ample earning possibilities, a new project launchpad and even social media elements. Experienced customers can take advantage of a modern trading interface with TradingView integration and order book depth, while beginners will enjoy the “Express Buy” function.

A huge appeal of Gate.io is its massive list of cryptocurrencies, with 1,700 and counting currently available for trade. While investors on competing platforms often have to wait months (sometimes years!) for obscure altcoins to be listed, Gate.io customers can often access such tokens before they’ve pumped beyond reach.

Gate.io Features

  • 1,700+ cryptocurrencies. There is perhaps no other centralised crypto exchange that lists as many tokens as Gate.io. For more intricate traders who wish to access obscure altcoins, Gate.io is an excellent choice.
  • Low fees. Gate.io’s fees cap out at 0.1% for using the advanced trading interface, which is very competitive. Such fees can be reduced to 0% depending on volume and whether you’re a maker/taker.
  • Beginner zone. Gate.io offers rewards to first-time users for signing up and learning about the crypto industry, various tokens and how to conduct spot trading.
  • Advanced trading. Experienced traders can leverage TradingView integration, bots, copy trading, derivatives and margin up to 10x leverage.
  • Earning. Gate.io has a suite of earning products, including liquid staking, lending and liquidity mining.

Gate.io Fees

Gate.io’s fees vary depending on what asset you’re using, your trading volume and more.

Accounts with minimal trading volume and asset value can trade on the spot market for 0.1% per transaction. This fee can fall as low as 0% for high-net-worth individuals on Gate.io.

Deposit fees for all cryptocurrencies are free, while withdrawal fees vary. Withdrawing USDT and ETH incurs a cost of approximately AUD $0.75, while BTC costs $1.65 per withdrawal.

3. Coinbase

Cryptocurrencies
250+
Fiat currencies
20+

About Coinbase

Created by Brian Armstrong in 2012, Coinbase is one of the United States’ oldest and most popular cryptocurrency exchanges. The platform is renowned for its excellent user interface, wide range of useful features and superb security measures. Coinbase also manages one of the industry’s leading smartphone apps, which boasts millions of downloads and lets investors manage their crypto portfolios on the go. Coinbase is registered with AUSTRAC and complies with all relevant financial requirements.

Pros

  • Widely trusted and secure exchange
  • An excellent learn-to-earn system that lets new investors start building their portfolios for free
  • Can connect advanced users with popular decentralised applications
  • Supports an NFT marketplace (note that this is a separate platform)
  • Clean and simple user interface, perfect for beginners

Cons

  • Trading fees are ambiguous and can be quite expensive (1%+)
  • Minimal advanced trading features – like derivatives – for Australian customers
  • Australian investors can’t trade certain assets that are available to US customers

Exchange details

Deposit fees:

PayID: $0
Bank Transfer: $0
Osko: $0
Credit/debit card: 3.99%

Withdrawal fees:

0%

Website:

https://www.coinbase.com/home

Cryptocurrencies:

250+

Headquarters:

San Francisco

Fiat currencies:

20+

Australian based customer support:

Demo mode:

Full learn platform:

Of particular note is Coinbase’s Earn hub, which allows customers to lock up their hard-earned crypto tokens in exchange for up to 10% APY. It’s worth noting that Coinbase isn’t the most cost-effective platform, with its flat trading fee of 1% made worse by anecdotes of expensive spreads. More experienced traders can work around these costs by using the Coinbase Advanced Exchange, which charges trading fees as low as 0.4%.

Coinbase supports a range of useful features, including:

Coinbase Features

  • NFTs. Coinbase hosts a detached NFT marketplace for digital collectors or blockchain-based gamers.
  • dApps. Coinbase users can find a Web3 tab that helps them navigate the exciting world of decentralised applications.
  • Recurring buys. Investors on Coinbase can place a recurring order to employ a dollar-cost averaging strategy.
  • UX. Coinbase is renowned among the community for its streamlined user interface, perfect for beginners.
  • Security measures. Coinbase has been operating for over a decade and has not faced any significant security or privacy breaches. 2FA is required for all exchange accounts, and customer funds are backed up 1:1 by Coinbase reserves. 
  • Learn to earn. Coinbase’s Learn hub is engaging and insightful, allowing new investors to learn about the industry while making a few dollars on the side. 

4. OKX

Trading fees
0.005-0.1%
Cryptocurrencies
350+
Fiat currencies
30+

OKX is an advanced cryptocurrency exchange with modern trading features perfect for investors on the cutting edge. The platform was founded in 2017 by Star Xu in China, but relocated amid the nation’s crackdown on crypto-related products. OKX is often used to trade derivatives, but also has an in-depth spot market for less experienced crypto traders. Users can choose from hundreds of trading pairs, including all major tokens like BTC, ETH, USDT, etc. OKX is not officially registered with AUSTRAC, but the company plans to pursue this over the coming years.

Pros

  • Supports trading over 300 cryptocurrencies
  • Excellent trading fees with a maximum of 0.1% per transaction (and less for high-volume users)
  • A swathe of trading features perfect for advanced investors
  • Clean user interface
  • Supports buying crypto directly with a credit card
  • Highly-rated smartphone app available on iOS and Android

Cons

  • Minimal support for fiat deposits and withdrawals
  • Most trading features are intended for experienced users
  • Not yet registered with AUSTRAC

Exchange details

Trading fees:

0.005-0.1%

Deposit fees:

Payment gateway (Banxa/MoonPay): Varies, typically 1%+
P2P Bank transfer: Free
Credit/debit card: 3.5-5%

Withdrawal fees:

P2P marketplace: Free
Payment gateway (Banxa/MoonPay): Varies, typically 1%+

Website:

https://www.okx.com/

Cryptocurrencies:

350+

Headquarters:

Victoria, Seychelles

Fiat currencies:

30+

Australian based customer support:

Demo mode:

Full learn platform:

OKEx came onto the scene in the late 2010s before officially rebranding to the simpler OKX. This change in style reflects the cryptocurrency exchange’s modus operandi – offer a sleek, clean and modern trading platform. At its heart, OKX is for the more experienced crypto traders. The exchange offers impressive features, including bots, copy trading and derivatives trading. All of this is available with a maximum transaction fee of just 0.1%, which can drop as low as 0.005%. High-volume traders can see savings in the thousands by using a low-fee platform like OKX over a local but more expensive alternative.

The crypto novices can find a home at OKX, too. Buying Bitcoin or 20+ other major tokens through the platform’s Quick Buy scheme is incredibly easy and convenient. Investors can attach their credit/debit card, Apple or Google Pay accounts, and instantly add new coins to their portfolio. Such a purchase method requires third-party providers, which makes it much more expensive than trading crypto on the spot market. However, as OKX doesn’t support AUD deposits – outside of using the P2P marketplace – it is likely more cost-efficient for new investors to start building a portfolio elsewhere. Then, once more experienced, they can move across some of their assets and benefit from OKX’s range of trading features.

OKX Features

  • Industry-leading fees. A maximum fee of 0.1% is incurred when trading on the spot market, which is on par (or better) than most other international crypto exchanges.
  • Trading bots. Experienced users can set up algorithms to execute trades on their behalf and automate their investment strategy. This can be as simple as setting up a recurring order, or implementing an arbitrage plan.
  • Derivatives and margin trading. These advanced trading tools are a great way for experienced investors to make the most of the crypto market. Be warned though, novices should stay well away from trading with leverage.
  • Earn hub. Investors can earn 10+% on crypto assets with several earning and staking features. Prominent coins including Bitcoin, USDT and Ethereum are supported.
  • OKB Chain. The team at OKX has developed its own blockchain – OKB Chain. This scaling solution for Ethereum allows users to navigate EVM dApps with lower fees and congestion.
  • Mobile app. OKX’s smartphone app has received plaudits from the community, boasting a 4.5-star rating on both the Apple and Google Play stores.  

5. Crypto.com

Trading fees
0-0.075%
Cryptocurrencies
250+
Fiat currencies
30+

Crypto.com emerged in 2016 as a Hong Kong-based exchange founded by Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo. After a few formative months, the platform became one of the industry’s most popular trading hubs for new and experienced crypto users. Much of its newfound status came from an intensive and targeted advertising campaign, including partnerships with Matt Damon, the Australian Football League, and purchasing naming rights to Los Angeles’ top sporting stadium.

Pros

  • Crypto.com’s desktop exchange has low fees and high liquidity, making it a cost-effective choice
  • Fast and free deposit options for AUD
  • A $750m+ insurance policy in case of hack or liquidation 
  • A huge list of rewards for holding and staking the platform’s native token, CRO
  • In-built NFT marketplace on mobile app

Cons

  • Crypto.com’s mobile app and desktop exchange offer two different services which may confuse some
  • Crypto.com mobile transactions are noted for high spreads
  • High minimum withdrawals ($100 AUD) 
  • Crypto.com was hacked in 2022

Trading fees:

0-0.075%

Deposit fees:

Bank transfer: $0
Osko: $0
PayID: $0
Credit/debit card (instant purchase): 3.5%

Withdrawal fees:

None (can vary)

Website:

https://crypto.com/

Cryptocurrencies:

250+

Headquarters:

Singapore

Fiat currencies:

30+

Australian based customer support:

Demo mode:

Full learn platform:

Crypto.com is an interesting exchange, as it comes with two distinct platforms. The first is the smartphone application, intended for beginners to start building their crypto portfolios. The application offers several basic services, including the ability to instantly buy/sell crypto with a card, earn passive income on certain assets, and receive rewards for holding CRO. 

Australians can also benefit from the Crypto.com credit card, which allows them to spend their crypto holdings at EFTPOS machines as though it were fiat currency. The card also comes with cashback and subscription promotions, which can vary from month to month.

On the other side of the coin we have the Crypto.com desktop exchange. This platform is intended for more advanced traders and offers significantly improved fees compared to its instant buy option on mobile (which can charge 3.5% on purchases). The exchange also supports derivatives trading and the use of bots.

Crypto.com Features

  • Separate exchange and app. Crypto.com’s mobile app is more of a beginner-friendly introduction to cryptocurrency, whereas the desktop exchange is more like your average trading platform such as OKX or Binance.
  • NFT marketplace. Mobile and desktop users can access the Crypto.com NFT marketplace with ETH holdings.
  • Zero-fee swaps. The Crypto.com app allows customers to swap between cryptocurrencies with no fees attached. Note that conversions will likely make up for the lack of a fee with a high spread, so compare buy/sell rates if possible.
  • Earn hub. Crypto.com lets investors of all experience level yield passive income from their crypto holdings. Interest rates offered here aren’t as high as some other platforms unless the user is staking lots of Cronos (CRO).
  • Excellent rewards system. Crypto.com offers its users a slate of rewards for locking up CRO tokens or using their Visa card. This includes free Spotify/Netflix subscriptions, cashback and free ATM withdrawals.

6. Binance

Trading fees
0.1%
Cryptocurrencies
400+
Fiat currencies
10+

Binance launched in 2017 and has quickly catapulted to prominence and now sits as the world’s most popular cryptocurrency platform. Binance regularly leads the industry in terms of trading volume and liquidity. The exchange is renowned for its list of altcoins, features, and international presence. Recently, Binance was debanked by its Australian banking partner, meaning they can no longer accept AUD deposits.

Pros

  • One of the leading exchanges with possibly the most advanced features in the crypto exchange market
  • Low trading fees for market orders (0.1%)
  • NFT marketplace for buying, selling and minting digital assets
  • Ranked #1 globally for liquidity, trading volume and average customer visits
  • Strong support for multiple fiat currencies

Cons

  • User interface is a little cluttered and can take some getting used to
  • The huge range of features and altcoins while beneficial for experienced crypto traders, can be confronting for crypto newcomers
  • The leading exchange has run into regulatory issues with various nations (the U.S., the UK and China)
  • Live chat support can leave a lot to be desired
  • No longer accepts AUD deposits

Exchange details

Trading fees:

0.1%

Deposit fees:

Cannot deposit AUD

Withdrawal fees:

Cannot withdraw AUD

Website:

binance.com/en

Cryptocurrencies:

400+

Headquarters:

Caymen Islands

Fiat currencies:

10+

Australian based customer support:

Demo mode:

Full learn platform:

Binance isn’t the oldest exchange in the crypto scene after being founded in 2017 by Changpeng Zhao (CZ). But what the exchange lacks in duration, it makes up for in popularity. Binance is by far the world’s most popular cryptocurrency exchange, beating out all competitors in terms of 24-hour trading volume. The website is renowned for its massive list of features – Binance is more of a decentralized ecosystem than a simple trading platform. Users can trade over 700 crypto assets, earn passive income on hundreds, support up-and-coming blockchain projects or mint their own NFTs. Binance’s low fees, industry-leading range of features and immense global liquidity make it a great choice for crypto investors of all skill levels. 

View our full Binance review.

Why does Binance no longer accept AUD deposits?

Unfortunately, the Binance platform’s efficacy for Australians was harmed significantly in June 2023, when the business stopped supporting AUD deposits and withdrawals. Alongside this development, Binance ceased all trading pairs that used AUD. Major banking institutions such as Westpac had “barred clients from trading on Binance”. At the same time, payment providers PayID also ceased support for transferring AUD to Binance. 

Binance is searching for new suppliers to bridge the gap between Australian customers and the popular trading platform. Until then, access for AUD users will be limited. Australian traders can still benefit from using Binance, however, they now must deposit cryptocurrency or use the rather expensive bank/credit card “instant buy” feature. 

Binance Features

Binance is regarded as the industry’s most feature-laden exchange. And for the most part, the platform lives up to this reputation.

  • Beginner and advanced trading options. Beginners can use Binance’s Instant Buy feature, while more experienced traders can take advantage of the platform’s spot trading and derivatives markets.
  • Binance Launchpad. Binance’s Launchpad is perhaps the most prestigious among the community, having incubated several prominent projects like Axie Infinity and Polygon. This lets investors get in early on opportunities they might otherwise miss.
  • Binance Earn. The Binance Earn hub is one of the industry’s most comprehensive, with hundreds of earning options for investors.
  • Decentralized wallet. Binance offers a custodial wallet to security-conscious investors who want complete control over their assets.
  • NFT marketplace. A sprawling NFT marketplace built on BNB allows investors to mint their own digital collectibles.
  • Binance Learn. Binance Learn is an excellent resource for newcomers learning some of the more difficult blockchain-related concepts.

7. CoinSpot

Trading fees
1% for instant buy and sell orders
Cryptocurrencies
400+
Fiat currencies
1

CoinSpot is Australia’s biggest exchange with over 2.5 million users nationwide. Founded in 2013, CoinSpot is also one of Australia’s oldest and most established exchanges. Similar to Swyftx, the platform takes a beginner-friendly approach with its sleek interface and simple navigation.

Pros

  • User-friendly interface
  • Lists 400+ cryptocurrencies for trading
  • Earn interest in 21+ cryptocurrencies
  • Features an NFT market
  • Lower trading fees compared to Swyftx
  • Allows staking on 22 cryptocurrencies
  • Strong, local customer support

Cons

  • High fees for instant buy and sell orders
  • No demo mode
  • High spreads
  • Lack of learning resources

Exchange details

Trading fees:

1% for instant buy and sell orders

Deposit fees:

Bank transfer, POLi, PayID: None
BPAY: 0.9%
Cash: 2.5%
Card: 2.58%

Withdrawal fees:

$0 on AUD withdrawals

Website:

coinspot.com.au

Cryptocurrencies:

400+

Headquarters:

Melbourne, Australia

Fiat currencies:

1

Demo mode:

Full learn platform:

CoinSpot was one of the first cryptocurrency exchanges on the Australian scene. The platform was founded in 2013, and in a decade of operation has built a reputation as a trustworthy and feature-rich exchange. The smooth user interface and easy-to-use buy/sell mechanism make CoinSpot a beginner-targeted exchange, although there’s plenty for intermediate crypto investors too. The CoinSpot developers have steadily added new features to the site, including an NFT marketplace and an earning hub. As an Australian-based exchange with an eye to simplicity, CoinSpot is an excellent choice for crypto newcomers looking to build the foundations of a portfolio. However, there are some drawbacks – notably, some CoinSpot customers are wary of the exchange’s relatively high “instant buy” fees (1%) and spreads (1-4+%).

CoinSpot Features

  • NFT Marketplace. CoinSpot is one of the only Australian-based exchanges to offer an NFT marketplace. Customers can browse hundreds of popular digital collectibles, including blue-chip investments like Bored Ape Yacht Club (BAYC).
  • OTC orders. High-net-worth individuals can order large sums of cryptocurrency through CoinSpot’s over-the-counter hub. This lets investors “perform high-volume transactions” without worrying about liquidity and high spreads.
  • Earn. CoinSpot customers can earn a solid return on 20+ crypto assets, although the exact tokens available change. 
  • ISO 27001 certificate. CoinSpot is among the few Australian exchanges to hold ISO 27001 certification. This achievement means the platform is up to the modern standard for information security.
  • Bundles. CoinSpot offers crypto bundles that act a bit like ETFs or index funds. Essentially, users can choose a “themed bundle” that buys a weighted amount of several tokens. For example, a Metaverse bundle comes with AXS, MANA, SAND and more.

Caption: CoinSpot’s Metaverse bundle

8. Bybit

Trading fees
0.1%
Cryptocurrencies
150+
Fiat currencies
0

Bybit was founded in 2018 by experienced trader and broker Ben Zhou. The platform aimed to bring advanced trading tools to the young and underdeveloped crypto market. For years, investing in crypto was limited to simply buying, selling and swapping digital currencies. Bybit was one of the first platforms to offer its customers a wide range of crypto derivatives, who can trade them with up to 100x leverage. Bybit is not registered with AUSTRAC, meaning Australian customers cannot directly deposit AUD.

Pros

  • Bybit offers a huge range of derivatives and professional trading options
  • Up to 100x leverage on margin trades
  • Competitive fees for both spot and derivatives markets
  • 2 million+ registered accounts and excellent global liquidity
  • An in-built NFT marketplace

Cons

  • Does not accept direct AUD deposits
  • ID verification isn’t the smoothest process
  • Crypto cannot be converted to AUD without incurring exorbitant fees
  • Most of the platform is designed for experienced investors

Exchange details

Trading fees:

0.1%

Deposit fees:

Cryptocurrency: $0 (although standard network fees will apply)

Withdrawal fees:

Cryptocurrency: $0 (although standard network fees will apply)

Website:

https://www.bybit.com/

Cryptocurrencies:

150+

Headquarters:

Dubai

Fiat currencies:

0

Australian based customer support:

Demo mode:

Full learn platform:

Bybit is one of the most popular exchanges in the industry for advanced investors. The platform comes with several in-depth trading tools, including customisable charts, a copy trading mechanism and derivatives for most major digital currencies. Investors can also add stop-loss or take-profit triggers to their orders, vital for minimising risk when trading with leverage. Bybit is also packed with useful features, security measures and a pretty well-received smartphone application. The major pitfall of the platform is two-pronged – fiat deposits aren’t directly handled by the Bybit exchange, meaning investors expose themselves to third-party fees and risks. On top of this, the massive range of features and trading options makes Bybit better suited for more experienced traders. 

Bybit Features

  • Derivatives and margin trading. Bybit is a modern, cutting-edge exchange with everything an advanced crypto trader might need. Investors can trade with up to 100x leverage, which is extremely high for the crypto industry.
  • Staking hub. Bybit offers a secure staking option on over 25 cryptocurrencies for investors on the platform. The program includes popular digital assets like Shiba Inu, Solana and Ethereum.
  • Earn. On top of staking, ByBit also boasts an impressive earning program – essentially high-interest savings accounts for cryptocurrencies. These encompass major players in the crypto industry like Bitcoin and Ethereum.
  • Copy trading. Copy trading on Bybit allows investors to “copy” the moves made by experienced investors on the platform. Those who subscribe to the system only have to trade a portion of what their “principal trader” does.
  • NFT Marketplace. Australians who wish to build an NFT collection can begin doing so via the Bybit platform.
  • Bybit Launchpad. Bybit regularly incubates new and exciting DeFi projects and gives investors on the platform a chance to get in on these ventures at the ground floor.

9. CoinJar

Trading fees
1% instant orders
0.1% exchange orders
Cryptocurrencies
50+
Fiat currencies
4

CoinJar is Australia’s longest-running crypto exchange, with the platform bursting onto the scene over a decade ago in 2013. The team has helped over 600,000 Australians begin building their crypto portfolios with all the basics – Bitcoin, Ethereum and Litecoin. The platform is AUSTRAC registered and adheres to all regulatory requirements. In its years operating in Australia, CoinJar has built a reputation as a trustworthy and secure exchange perfect for beginners and intermediate investors.

Pros

    • Offers a debit card that allows Australians to pay with crypto at participating merchants

    • The CoinJar Exchange fees are quite low

    • 90%+ of customer assets held in cold storage

    • Long history and reputation of security and trustworthiness

    • Advanced traders can use multiple fiat currencies (AUD, USD, EUR and GBP)

Cons

    • Relatively small list of tradeable cryptocurrencies

    • Light on features

    • Spot trading fees (1%) are a little high

    • Customer service can be a little slow

Exchange details

Trading fees:

1% instant orders
0.1% exchange orders

Deposit fees:

PayID/Osko: $0
Bank transfer: $0
Cash deposit: 1.5%
SEPA deposit: $0

Withdrawal fees:

$0

Website:

https://www.coinjar.com/

Cryptocurrencies:

50+

Headquarters:

Melbourne

Fiat currencies:

4

Australian based customer support:

Demo mode:

Full learn platform:

CoinJar offers a smaller list of crypto assets than most modern-day competitors, but this is not necessarily bad. It is a simple, beginner-friendly platform that doesn’t tend to bother with speculative altcoins. Customers can choose from the basic CoinJar platform (perfect for getting started) or the dedicated CoinJar exchange (excellent for intermediate traders). The main CoinJar platform can get a little pricey – with spot trading fees a flat 1% – but is a convenient option for a no-frills trading experience. The CoinJar exchange has an excellent fee structure, with costs as low as 0.02% per trade. However, the exchange may struggle with liquidity for high-volume traders compared to international alternatives.

CoinJar prides itself on being a streamlined, easily accessible crypto exchange. This means it has done away with many features seen in modern trading platforms. With that said, there is still plenty for investors of all skill levels:

CoinJar Features

  • Cash deposits. Australians can head to their local newsagents and deposit physical cash in their CoinJar trading accounts.
  • Mobile app. CoinJar has a popular smartphone application available for both iOS and Android devices. It’s worth noting that the Google Play reviews for the app are quite poor, whereas it has been well-received on Apple phones.
  • CoinJar Card. CoinJar is one of the only Australian-based exchanges to offer a crypto-based debit card. Customers that want to spend their crypto like cash need to look no further.
  • Cold wallet storage. Approximately 90% of all customers’ assets are stored in cold, hardware wallets. 
  • Crypto bundles. Investors can choose from ten crypto bundles to quickly and easily diversify their portfolios.

9. Independent Reserve

Trading fees
0.2-0.5%
Cryptocurrencies
28
Fiat currencies
4

Independent Reserve is a long-standing exchange that has cemented itself in the Australian crypto industry. Independent Reserve was founded in 2013 by Adam Tepper and Adrian Przelozny as part of the first-wave of Australian crypto platforms. The exchange only supports a handful of digital currencies, but balances this with strong customer support and advanced trading options.

Pros

  • Insurance fund in case of hack or lost customer funds
  • Good fee structure for high-volume traders
  • One of few Australian exchanges to offer PayPal integration
  • Unlimited daily deposit limit
  • ISO 27001 certification
  • Support for SMSF accounts

Cons

  • Base trading fee is high for an intermediate/advanced exchange
  • Supports much fewer digital currencies than competitors
  • Fees for AUD deposits under $100

Trading fees:

0.2-0.5%

Deposit fees:

Bank transfer: Free for deposits of $100
$0.99 charge for deposits under $100
Debit and credit cards: $0
PayPal: $0

Withdrawal fees:

Bank transfer: $0
PayID/Osko/Instant withdrawal: $1.50

Website:

https://www.independentreserve.com/

Cryptocurrencies:

28

Headquarters:

Sydney

Fiat currencies:

4

Australian based customer support:

Demo mode:

Full learn platform:

Independent Reserve is a clean, modern crypto trading platform ideal for higher-net-worth or institutional investors. The platform caters heavily to those who trade professionally or frequently. For example, the base trading fee (0.5%) can be reduced to 0.02% for accounts that trade more than 200 million AUD monthly. The lack of cryptocurrencies available may be off-putting to more speculative investors, but the kind of customer Independent Reserve attracts likely only wants to trade a select few digital assets anyway. Advanced traders will also enjoy the multitude of deposit options, leveraged trading (up to 2x) and Independent Reserve’s integration with the KPMG tax estimator. 

The Independent Reserve platform offers a modern, cutting-edge trading interface without the clutter found when using some competitors. There’s admittedly less on Independent Reserve for the casual investor. Still, businesses, institutions and high-net-worth individuals should enjoy the advantages offered by the long-running Australian exchange.

Independent Reserve Features

  • HNWI and business solutions. Independent Reserve fosters high-volume traders and will go out of their way to accommodate large transactions.
  • Margin trading. Independent Reserve is one of the only Australian-based platforms that support leveraged trading. Investors can trade with margins of up to 2x.
  • Tax estimator. Tax time can become less stressful with Independent Reserve thanks to the exchange’s in-built KPMG tax tool.
  • AUSTRAC registered. Independent Reserve is registered with AUSTRAC and abides by all relevant regulations.
  • Smartphone app. Independent Reserve customers can trade on the go with their well-designed mobile application. 
  • PayPal and card deposits. Independent Reserve supports zero-fee PayPal and credit/debit card deposits, one of the only platforms in the world to do so.

How do I open an exchange account?

Opening a crypto exchange account for the first time can be a little intimidating. However, most modern platforms have straightforward sign-up processes that take less than ten minutes to complete. The most difficult element of registering on a crypto exchange is verifying the new account, which requires government-issued identification like a passport or driver’s license.

To assist newcomers, here is a step-by-step guide to opening an exchange account using Swyftx as an example:

1. Navigate to the exchange’s website

First, head to the exchange homepage being used. Most landing sites will make it extremely easy to begin the registration process – select “Sign up”, “Create an Account” or any other prompt given by the platform. On Swyftx, we can click “Signup” or “Start Trading”.

2. Create an account

Next, we must enter relevant details to create an exchange account. This typically includes email, country of residence, full name and a mobile number. Fill in the form accurately and move on to the next step. Ensure you have access to the quoted mobile and email address, as most platforms require these contact methods to be verified.

Verify the mobile number and email address entered using a unique six-digit code.

Finally, create a secure password to keep the account safe. Some platforms (such as Swyftx) will require passwords to contain unique characters like numbers, capital letters and so on.

Select “Create” and that’s it – the account is ready to rock and roll.

3. Complete identity verification

Although we now have an account that can browse our exchange of choice, we must still pass KYC protocols before depositing AUD and trading. Most platforms will automatically prompt new users to complete verification. If not, the process can be started via “Account Settings” or a similar tab.

To get started, new accounts need a form of government-issued identification. They may also need to take a selfie or sometimes even record a short video. Completing this process via a smartphone is much easier than a desktop browser. Follow the on-screen instructions and submit all required images and videos. 

Most exchanges automatically verify new users, so the account should be ready to trade within five minutes if everything checks out. In some circumstances, the new account must undergo manual verification. This can take 24-72 hours, so some patience is required.

Either way, users can deposit AUD and begin trading their favourite cryptocurrencies once the account is fully verified.

How to choose a crypto exchange?

Perhaps the hardest part of starting the crypto investment journey is choosing a crypto exchange that suits your needs. While the platforms noted on this list are all excellent options, what might work for one investor might be a poor choice for another. That’s why several factors are worth considering before choosing a crypto exchange.

Location

Australians should always consider using an Australian-based exchange – at least while starting out. There are many advantages to using a local exchange. For starters, they must abide by Australian financial regulations. Australian businesses also offer more relevant deposit options (PayID/Osko, for example), operate in the same timezone and tend to have locally-based customer support.

On the other hand, more experienced traders may want to actually consider an exchange outside of Australia. This is because the nation is a relatively small market, and higher net-worth orders may suffer from poor liquidity and high spreads. Additionally, overseas platforms typically have better support for derivatives and margin trading.

Reputation and reviews

A crypto exchange’s reputation is extremely important. A good resource to use is Trustpilot or Productreview, where independent customers give a rating out of five to various businesses and their associated customer support. New investors should also look at the customer service options available. Exchanges that offer 24/7 support, live chat or a mobile hotline are often preferable to those lacking these options. 

Security

Hacks and exchange attacks are slowly becoming a thing of the past for the crypto industry, but they are still a real threat for now. Australian exchanges are often innately more secure than international exchanges due to their lower turnover – making them less of a target. Other security metrics to consider include:

  • 2FA. This is a non-negotiable. Investors should avoid exchanges that do not offer this function.
  • Cold storage of customer assets
  • An insurance fund in case of hack or privacy breach
  • ISO27001 Certification

Listed coins

Beginner investors likely only need a few cryptocurrencies to start building their portfolios. Nearly every major exchange supports a wide enough range to get their customers started. However, experienced traders interested in more obscure altcoins should always double-check each platform’s listed coins. For example, it wouldn’t make much sense for an investor who wants to purchase ApeCoin to sign up for an exchange that doesn’t offer it.

Payment options

Platforms that do not accept AUD can pose a major inconvenience to investors – especially newcomers to the crypto scene. These exchanges should be avoided by those who want to take a backseat on their investment voyage.

Additionally, certain platforms may offer unique and appealing payment options. An exchange that allows investors to buy crypto with debit/credit card, PayPal or cash could be an advantage over a competitor that only supports bank transfers.

Fees and costs

Fees are rightfully one of an investor’s biggest considerations before selecting a crypto exchange. For some traders, a fee difference of just 0.01% can be the difference between turning a profit and making a loss. While most platforms are fairly transparent with their trading fees, investors should always investigate spreads – the difference between an asset’s buy and sell price. These “hidden fees” can easily make a seemingly cost-effective exchange rather expensive.

Regulation

Crypto regulation still sits in a grey area, but there are still important government protocols for exchanges to follow. Most of these rules act in the consumer’s best interest, so it’s a good idea for beginners to stick to exchanges registered with their local financial authority. For Australian operating platforms, this is AUSTRAC.

Frequently Asked Questions

There are several high-quality exchanges in Australia for crypto enthusiasts to choose from. The “best exchange” will be one that suits each investor’s personal financial goals. Swyftx, CoinSpot, Independent Reserve and CoinJar are all solid options.

Very few Australian exchanges have encountered major issues with liquidity or security. However, only three have acquired ISO27001 Certification, the industry standard for information security – Swyftx, CoinSpot and Independent Reserve.

Swyftx has the highest Trustpilot score of Australian exchanges, with an excellent rating of 4.7/5. Other high-scoring local trading platforms include CoinSpot (4.4), CoinJar (4.1) and Coinstash (4.5).

International heavy-hitters Binance and Bybit have some of the lowest fees on the market. High-volume traders can see fees as low as 0.075%. For Australian exchanges, Swyftx reportedly has the lowest spreads, while Independent Reserve and Coinjar offer the lowest fees for institutional investors.

Performing due diligence on an exchange and the development team behind the company is a great way to ensure the exchange is trustworthy. However, the only way to truly avoid counterparty risk is to eliminate it altogether. Long-term investors should consider moving at least some of their crypto assets off an exchange and into a non-custodial wallet.

Ben Knight
Author

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.