Since the crypto boom in 2017, Australia has become one of the most cryptocurrency crazy nations around the world. As it stands, there are over 300 digital currency exchanges registered with Australia's local governing body AUSTRAC - which highlights the demand for digital assets in the country.
Best Crypto Exchanges in Australia
As of 2021, the following are the 5 best crypto exchanges in Australia:
Below is a more detailed breakdown of each of the best 5 cryptocurrency exchanges and what makes them unique and gives them a competitive advantage over other exchanges.
1. CoinSpot Australia (Overall Best)
CoinSpot is without doubt the largest crypto exchange in Australia with over 1 million users and a lucrative sponsorship deal with the Western Bulldogs. Their platform provides the most user friendly experience for beginners to start buying, trading and investing in digital assets in Australia.
As of 2021, CoinSpot offers over 250 different cryptocurrencies for Australians to invest in all in one easy to use interface. These include Bitcoin, Ethereum, Dogecoin, Shiba Inu, AAVE, XRP, Cardano and many more.
We recommend CoinSpot as the best exchange in Australia for new users looking to quickly get started investing in digital assets.
CoinSpot Australia Key Features:
CoinSpot Fees: CoinSpot offer flat marker order fees starting at 0.1% - while their instant buy and trade feature is a 1% fee per trade.
ID Requirements: As a fully regulated and licensed exchange, CoinSpot require full identity verification which include your name, residential address, birthday, government-issued ID card, selfie ID and much more..
Trade Limits: The CoinSpot exchange does not limit trades as you can use their OTC feature to buy over AU$100,000 worth of crypto. It is important to note they do limit POLi deposits to $10,000 per day.
Fiat Currencies: As at this date, CoinSpot only supports Australian Dollar (AUD) deposits
Deposit Methods: CoinSpot users can deposit AUD with a PayID/Osko, Bank transfers, POLi, Blueshyft, cash and more.
Supported Assets: Bitcoin, Ethereum, Cardano (ADA), XRP, Litecoin, EOS and 250 more.
Since its inception in 2013, Independent Reserve has grown to be the go-to solution for high-net worth investors and institutional investors. The Independent Reserve exchanges offers a highly liquid order book style trading platform, which provides a similar experience to traditional stock trading like Commsec.
Independent Reserve is the best solution for investors looking to buy over $25,000 AUD worth of Bitcoin or any other crypto asset listed on their platform. They offer low fees starting at 0.5% and deep liquidity on their order book, which means you can fill very large orders without any price impact.
Independent Reserve Key Features:
Independent Reserve Fees: The Independent Reserve fees to trade range from 0.02% - 0.5% depending on your 30 day volume. For their liquidity, Independent Reserve have very low fees as an order book exchange.
ID Requirements: As a fully licensed exchange, users need full AML/KYC identification to onboard to Independent Reserve.
Trade Limits: Independent Reserve starts with a daily deposit limit of AU$20,000 - however if you contact their support team this can be raised.
Fiat Currencies: Independent Reserve is a multi-currency order book that supports Australian Dollars (AUD), New Zealand Dollars (NZD), US Dollars (USD) and Singapore Dollars (SGD).
Deposit Methods: You can deposit fiat to Independent Reserve via Bank Transfer, PayID/Osko or SWIFT.
Founded in 2017, SwyftX is the new kid on the block that has quickly become a favourite amongst crypto investors in Australia. They provide a very similar platform to CoinSpot with slightly lower fees at 0.6% on their instant buy feature. However, it is pertinent to note that while CoinSpot fees are 1% for their instant buy feature, you can use their market buy product that starts at 0.1% in fees.
The main reason you would use SwyftX vs CoinSpot as an exchange would be if you only like to use the instant buy feature and you want to pay lower fees. If that sounds like you, we would definitely recommend SwyftX as the exchange for you in Australia.
Binance Australia is the Australian arm of the multi-national cryptocurrency exchange Binance Global. Binance Australia enables Australians to deposit Australian Dollars (AUD) directly onto their platform via a Bank Transfer, Credit Card, Debit Card and various other deposit methods to trade all of the top digital assets.
Binance is a safe and regulated exchange in Australia as they fall under the regulatory purview of AUSTRAC. Much like CoinSpot and SwyftX, Binance offers over 250 different cryptocurrencies for users to invest and exchange in. For more information about Binance, be sure to read our Binance Australia Review.
Binance Australia Key Features:
Binance Australia Fees: Binance offers the lowest fees in Australia at 0.1%.
ID Requirements: To deposit Australian Dollars onto Binance, users must complete full KYC/AML. You can fund your account with Crypto on Binance and only register with an email address and passwrod.
Trade Limits: $20,000 AU per day (deposits)
Fiat Currencies: AUD, USD, NZD, EUR, GBP and more.
Deposit Methods: Bank Transfer, SWIFT, Credit Card or Debit Card
Supported Assets: Bitcoin, Binance Coin, Pancake Swap, Ethereum, Litecoin, XRP and 200 more.
Digital Surge is a new Australian crypto exchange that provides an easy to use interface for users to instantly buy, sell and trade crypto. Their product offering is similar to that of CoinSpot, however they charge lower fees for their instant swap feature at 0.5% per trade. Digital Surge are also an AUSTRAC and ASIC registered business and are ultimately a secure way to start trading.
The Digital Surge iOS and Android trading app is a very under-rated feature of this exchange. They boast one of the intuitive user interface designs when compared to other Australian exchanges. While Digital Surge may not have as many users as CoinSpot or SwyftX, they are definitely a great and reputable exchange to get started with.
Crypto Ranking Australia is built to deliver the best cryptocurrency comparisons and reviews for traders and investors in the country. All content on www.cryptoranking.com.au is provided solely for informational purposes only and should not be misinterpreted as an endorsement to buy, sell or trade any cryptocurrency or product we recommend.