Quick Take: The best cryptocurrency exchange in Australia is widely considered to be CoinSpot, who are Australia's largest platform boasting over 2 million active users. Their exchange offers low fees, instant AUD deposits and over 350 different cryptocurrencies.
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.
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.
Digital Surge Key Features:
Digital Surge Fees: Trading fees on Digital Surge are 0.5% per transaction.
ID Requirements: Full AML/KYC to onboard an account.
Trade Limits: $10,000 AU per day in Australian Dollar deposits. Contact support to raise your daily limit.
Fiat Currencies: Australian Dollars only
Deposit Methods: Bank Transfer and PayID/Osko
Supported Assets: Bitcoin, Ethereum, Cardano, Monero, Polkadot, Cosmos (ATOM), Polygon and 200 more.
All of the cryptocurrency exchanges mentioned above are 'centralised exchanges'. This means that they are centralised corporate entities in Australia that have a real business and are regulated by relevant authorities such as AUSTRAC or ASIC.
Decentralised exchanges are trading platforms that are unregulated and are built on top of Layer 1 smart contract networks like Ethereum, Avalanche or Solana. Decentralised trading platforms pose some risks as they are governed by code and smart contract that is controlled by a small group of anonymous developers in Web3.
Best Decentralised Exchanges
That said, there are some popular and relatively safe decentralised exchanges that offer low trading fees and great yields to deposit assets. The most notable decentralised trading platforms include:
Uniswap (Built on Ethereum)
Trader Joe (Avalanche)
If you are interested in testing out a decentralised exchange or 'DEX' - we would recommend UniSwap as the safest and most battle-tested platform.