5 Best Crypto Exchanges in Australia
Today I will break it all down. What are the 5 best Australian Crypto exchanges? And why is it essential for you to carefully select a fair exchange?
Often I get asked how do I buy cryptocurrencies in Australia? I’m crypto, Joe; I’ve been trading on exchanges and writing expert reviews for several years. I can’t count the number of times I’ve been asked my thoughts on Bitcoin by a newbie. Quickly they then become interested in Shiba Inu, ICP, and DIA. Well, to purchase any of these coins or tokens in Australia, you’ll need to select a trusted exchange.
Selecting a suitable Australian exchange for crypto trading is critical to maximising profits. Why? The purpose of the exchange is to facilitate transactions. Exchanges earn commissions each time:
- A deposit/withdrawal is made
- Each time a user completes a buy or sell transaction
Furthermore, beware of hidden fees in the spread. Have you ever noticed the difference between the buy and sell price on an Australian exchange?
5 Best Crypto Exchanges in Australia – Reviews (Updated April 2022)
(AU Best Exchange overall)
Established in 2013, Coinspot is one of the most popular choices for Aussie Crypto traders. Traders can buy, sell and swap. A few coins I’ve purchased over the last 5 years on Coinspot include:
As mentioned in my coinspot Review, the things I love and that are unique to coinspot include:
- The ability to create a watch list and see your portfolio grow from the dashboard
- Its interface is designed to make it easy for both beginner and expert traders
- Competitive Fees
My Watchlist on Coinspot (Best Overall Australian Crytpo Exchange Feature)
- Here I show a screenshot of my watchlist as I use this exchange regularly. Now check this out.
- I have all the coins I’m watching. It shows the percentage they have gone up or down over 24 hours. For example, BTC has gone up 0.72% today.
- I can set price alerts to be notified if a token has gone up or down.
- I can buy or sell my coin at the click of a button. See the tabs below the buy and sell price.
- If I’m no longer interested in a particular coin, its easy to remove by clicking the star button
- Quick access to daily, weekly and monthly charts to check on the performance of my coin or token.
1. Create “watchlists” 2. Easy-to-use interface includes a brand new (2022) mobile app 3. The ability to swap tokens with low fees 4. Coinspot offers two-factor authentication for security. 5. No major hacks 6. Speedy withdrawals. 7. AUSTRAC regulated, and ISO certified
1. Live chat is only offered during business hours, and during busy times can be slow. 2. Deposits can only be made in AUD
2. Digital Surge
Best Australian Exchange for the Lowest Fees
Digital Surge is considered the most affordable exchange in terms of its trading fees. Deposit and withdrawal on this cryptocurrency exchange platform are free for traders. This helps to maximise profits instead of money going back to the exchange in fees.
For those who trade crypto, a total cost of about 0.5% is charged per trade, and they also offer a discounted rate of as low as 0.1% per trade for traders who tend to trade more than AUD 1 million every month. Since Digital Surge offers a considerably low trading fee while trading, they have made it quite possible for traders to use the BTC available in their wallet to make payments for any Australian bill or even credit cards that are compatible with BPAY. Although Digital Surge does not support staking, it still offers traders a quick and easy way to purchase and sell over 270+ cryptocurrencies. Some other features available on Digital Surge are:
- Easy to understand user interface
- Extremely low transaction fee
- 24/7 customer support system
- Regulated by ASIC and AUSTRAC
A new account can be successfully created in less than 2 minutes for beginners. Also, it has a mobile app that enables you to buy, sell, and swap your coins on the go.
Most Trusted Australian Exchange
Swyftx is a wonderful option for pretty active cryptocurrency traders, as it offers an easy-to-use and adequately built crypto platform. It is an excellent choice for both novice and professional traders with its intuitive design for its mobile app and desktop site. One fantastic feature that Swyftx offers is the unique demo account settings that enable traders to learn and have an in-depth understanding of how to buy, sell, and swap cryptocurrencies without using their own money. The exchange offers traders a unique user experience containing tutorials to assist users, live chat support, and an understandable FAQ database, making them the most trusted crypto exchange in Australia. Another feature that makes Swyftx considered the most trusted exchange is that it has no hidden fees or charges for depositing with any of its various deposit methods. Some of the features associated with Swyftx include:
- Availability of over 310+ cryptocurrencies to be purchased directly with AUD
- Wide range of payment options such as bank transfer, debit & credit cards, PayID, and various other
- Reduced combined fee and spread of 1.11%
- 24/7 Live Chat
Best for advanced AU trading features
Binance exchange is considered one of the most popular exchanges in the crypto world as it has been able to create a unique trading platform, even though it is not quite convenient for novices. With the availability of a P2P market, an NFT marketplace, and margin trading, it has become the most suited exchange for advanced crypto traders. Binance offers its users unrestricted access to about 600+ cryptos, enabling them to use their most convenient payment methods, such as PayID or bank transfer. For individuals who want to take trading quite seriously.
- It offers low flat fees of about 0.1% when it deals with crypto-to-crypto trading
- Makes use of Binance coin to reduce the trading fee to a more considerable extent
- A simpler version of the platform is available and is referred to as “Binance Lite.”
- Advanced charts and trading features for more experienced traders.
5. CoinJar Exchange
Best Australian Exchange for beginners
Due to its simplicity, the CoinJar exchange is considered the best exchange for beginners in the world of cryptocurrency.
It offers traders a wide range of payment options when making their deposits; users can decide to use a bank transfer, debit or credit card. For those who want to begin their trading experience as soon as possible, they are offered the feature of making an instant deposit, which can be either in AUD or GBP.
The only challenge associated with this exchange is that only 50 major cryptocurrencies are accessible to traders. However, this might not be an issue for those interested in the popular cryptocurrencies. The presence of an in-house Australian support team that is ready to help customers in times of need and their competitive fee of between 0.1% and 0.25% are some of the fantastic features that make it the best exchange for beginners.
- Since it is an Australian-based exchange, there is zero need for currency exchange fees.
- Availability of various deposit methods
- CoinJar enables traders to make payments for cryptocurrencies in places that support EFTPOS using their CoinJar Swipe debit card.
The CoinJar exchange was the first crypto exchange to be established in Australia, launched in 2013.
How to create an account on an Australian Crypto Exchange?
Even if you are a beginner in crypto, creating an account is simple: If you too want to buy some of the most popular cryptocurrencies, such as ICP or Shiba Inu, this tutorial will guide you through the account creation process.
Let us run you through our top pick for the best crypto exchange in Australia – Coinspot
7 Most common Payment methods on Australian Crypto Exchanges
1. Bank Transfer 2. Poli 3. Credit card 4. Debit card payments 5. Depositing with Crypto 6. Cash 7. Bpay
Checklist: 10 things to consider before signing up to an Australian crypto exchange
1. Fees 2. The Spread 3. Trading Tools 4. Exchange Loyalty/VIP programs 5. The time it takes to process a withdrawal 6. Reviews and reputation 7. Exchange security features 8. Deposit and Withdrawal limits 9. Types of customer support offered 10. Cryptocurrencies available to trade
What Are The Most Popular Tokens To Trade In Australia?
Some of the most popular tokens to trade in Australia include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), and others.
Each week Coinspot (which in my opinion is the best crypto exchange in Australia) adds new coins. Adding to the 350 already available to trade. The most recent coin added was Multivac.
How Do You Get Verified On A Crypto Exchange In Australia?
Various steps need to be taken to get verified on a crypto exchange in Australia, and different means of identification must be submitted. Firstly, you will be required to complete your KYC check, as, without that, you will be unable to gain full access to your account. Taking Binance, for example, in order to get verified, you need to log in to your account and click on “Get Verified”, then click on “Verify”, select your country, which is Australia, input your personal information, and upload the necessary documents. After completing all that, your information will be reviewed, after which your account will be verified.