As you might have guessed, cryptocurrency has come a long way since its inception back in 2009 with Bitcoin. Not only are there a tonne more coins on offer, but there are a myriad of exchanges too.
It’s never been easier to get into the cryptocurrency trading game than in 2020 and with more regulation finding its way into crypto, it is also getting safer and more trustworthy to trade too, right up there with fiat currency.
From a handful of exchanges just a few years ago, there are now plenty to choose from with a range of features that have been designed for investors and cryptocurrency traders of all skill levels. Whether you need in-depth and accurate indicators, real-time support and pricing metrics or anything else, there’s a cryptocurrency exchange for you.
Let’s have a look below at the cryptocurrency exchanges in Australia that are safe, easy to use and trustworthy.
For those looking to get the overview, take a look below at our top 5.
Swyftx – AUD – Bitcoin, Ethereum and more – 0.6% Fee
Independent Reserve – AUD, NZD and USD – Bitcoin, Ethereum, Ripple and more – 0.5% Fee
CoinSpot – AUD – Bitcoin, Ethereum and more – 1% Fee
Binance – AUD and USD – Bitcoin, Ethereum, Ripple and more – 0.1% Fee
CoinJar – AUD – Bitcoin, Ethereum, Ripple and more – 0.5% Fee
With a secure service, plenty of great features and an interface that’s designed to be easy to use for investors of all skill levels, the above cryptocurrency exchanges are ideal for all Australian’s looking to kickstart their investment in crypto.
A Quick Point About Choosing a Cryptocurrency Exchange
Our top tip for choosing an exchange is to have a look at how well it works explicitly for your needs. Of course, reliability and security must remain top-notch, but if the platform doesn’t suit your style of trading then it might be time to consider something else when trading on the blockchain.
The cryptocurrency exchanges we’ve outlined below boast all of their own strengths and weaknesses and it’s always a great idea to see how these align with your requirements for an exchange. Importantly, be sure to check that an exchange supports the coins you’re looking for, such as LiteCoin or Bitcoin, as some Australian cryptocurrency exchanges only support one or two.
If you’re looking to see more in-depth technical data and real-time updates for your crypto assets, then be sure to choose a platform that offers this, above some other features that you’re not too sure you’ll need.
And with that said, let’s take a look at the cryptocurrency exchanges you can use in Australia.
Topping the list, and many other lists online is the Swyftx exchange, which is widely regarded as the best exchange thanks to its well-rounded service.
This exchange features some of the lowest fees in the crypto landscape so far, has a great design and trading system for beginner investors plus it also features a mobile app (in beta) that’s easy to use too.
You’ll find nearly all coins supported here too, along with a fund withdrawal process that’s so effortless it makes investing fun, rather than a chore.
The Swyftx platform has a great online wallet that ensures you’re able to see exactly what’s going on in your account, and they also give you the option to keep your coins in the Swyftx wallet, rather than migrating them to third-party wallets for storage. Seasoned investors in crypto will greatly appreciate this and know the security benefits it has.
To note, a good portion of the other exchanges on the market today still require you to buy through their exchange but require you to offload your coins to wallets elsewhere. Though this might be good for security on a poor trading platform, it comes an issue when you just want to buy and sell smoothly.
Swyftx’s smooth day trading solution is effortless too, in that you’re able to sell, buy and swap coins almost instantly.
To add, the customer support with the Swyftx is top-notch as there’s always someone there to help out when you have an issue or a question about how a trade is going to work.
On top of all the great usability features, the fees are incredibly low and from current analysis seem to be the lowest on the market for a blockchain-friendly exchange of this calibre.
If you’re someone who’s more partial to working with an exchange that really does want to help you with your trading activities, the Swyftx platform is for you. There’s even an assigned account manager here, so you can ask them for some help if something is a bit confusing or you’re a newbie to day trading.
To end, because of Swyftx’s unmatched focus on a great experience, low fees and an onboarding experience that reaches the likes of Apple, it’s fast becoming one of the leading exchanges in the world. No other exchange in Australia or across the globe offers a platform that provides a similar experience.
Coming in second, the Independent Reserve exchange is the option for you should you be interested in simply making your trades, or buying and selling cryptocurrency and leaving quickly after.
Not as whole-featured as Swyftx, the Independent Reserve exchange does still support 13 of the most popular coins, which includes Bitcoin, Ethereum, BCH, XRP and the less commonly traded GNT, REP, OMG, 0x, LTC, EOS, XLM, BAT and PLA coins.
The main reason this exchange is climbing so high on our list is that it is the exchange that comes with lower fees. At just 0.5 per cent there’s little to argue about here, especially when it comes to traders who make a lot of small, frequent trades.
As we mentioned above, the wallet solution is simple with Independent Reserve too. The exchange does offer their own online wallet, so you’re able to buy, swap and sell your coins and keep them in the wallet with Independent Reserve, taking out an extra step.
To end, the Independent Reserve platform is incredibly secure, as is clearly stated on the service’s website. The exchange may not be the over-all winner for design or ease of use, but it is a great solution for the investor looking to remain as secure as possible when trading cryptocurrency.
For a fluid experience like Swyftx, the CoinSpot exchange is a great alternative. It’s one of the easier to use on the list, and it’s a secure and relatively low-fee option too.
With fees of 1 per cent, some may argue that it’s a little high, however, we’d be hard-pressed to find a reason to shutter the CoinSpot exchange. It may charge a little extra for the well-curated live-trading features, which pay off in the long term when you can see a little more of what’s happening in the market.
Back to the experience, and this platform is fantastic for Australians looking to get into digital currency trading without the confusion. All tools and options are laid out on the site in a way that’s easy to understand and with all major coins from Bitcoin, XRP and Ethereum supported, there’s a coin for everyone’s budget and investing skill level.
A lot of users on CoinSpot have mentioned that the platform was an incredible starter exchange and left them with a lot of skills and prowess in investing, but they ultimately parted with the platform because of the fees.
In all, we’d suggest CoinSpot for the beginner investor looking for an easy-to-understand technical experience that will teach you the ropes quite quickly. You may then want to move on to a lower-fee trading platform following your run with CoinSpot.
For the day trader, this cryptocurrency trading exchange is the best for you.
If you’ve kept up to date on the news around crypto or altcoin trading you’ll know that Binance is experiencing exponential popularity growth and for good reason. It’s only just launched in Australia in July of 2020 and is a winner for the more advanced traders out there.
There’s plenty of technical stats and real-time feedback on trades and market movements, and there are pairings for all of the major coins on Binance. That said, it’s easy to get right into trading once you’ve signed up.
To add to the recent launch in Australia, there are now instant withdrawals and depositing solutions in AUD or Australian Dollars. A fantastic feature for those who don’t want to lose out on a Bitcoin fall or jump while waiting for a transfer to take place.
When it comes to the ‘tried and true’ cryptocurrency exchanges, the long-running CoinJar exchange is a winner.
It’s been in Australia for longer than almost all other exchanges barring maybe a couple of niche ones back in the day. The CoinJar platform is also an international player too, so getting the freedom to trade in other currencies with ease is possible here.
The fees are relatively low too, making it a good starting digital currency exchange for beginners. To add to this, there are a lot of smart features that make an appearance here, however, not as well-developed as Swyftx they are still great to have.
Good to keep in mind is the smaller list of supported currencies here. With just 13 supported for trading, it may or may not be an ideal solution for you should you want to branch out to buy cryptocurrency or other coins down the line.
With the leading cryptocurrency exchanges out of the way, it’s time to take a look at some of the smaller exchanges that should stay on your watchlist. These all still accept digital assets from BTC, ETH and other major coins however they may lack a little in the feature set when it’s time to start trading.
The Digital Surge Exchange is one of Australia’s smaller exchanges and only allows users to buy Bitcoin and none of the other major coins.
What the Digital Surge platform does boast, however, is a small 0.75 per cent fee and an interface that’s been developed carefully to be as simple and easy to use as possible, making it a great Bitcoin exchange for newbies.
For beginners, there’s nothing too confusing here, and you’re certainly going to be in good hands when it comes to staying safe and compliant as there’s AUSTRAC registration.
Another exchange, however, one of the largest cryptocurrency exchanges, is the CoinBase exchange. It’s landing a little further down our list as it’s a fairly expensive choice, and it’s often advised that you don’t leave your coins on this platform because of the slow cash out times.
However, one thing to note is that the fees are higher than most because of the assurance, safety and reliability that the platform brings. You’re getting what you pay for here, and that means a secure and safe experience.
One thing to note is that the service is rather hard to use. It isn’t designed so well, and that means advanced traders will be more comfortable here than beginners, even with the support team’s help.
Lastly, cashing out or withdrawing funds on the CoinBase service is known to be rather poor. Some users have experienced wait times of up to twelve months, something that isn’t ideal.
Making the rounds on social media, eToro is an ultra-massive brokerage that does a whole lot more than just cryptocurrency. In a more traditional vein, there’s stock, commodities, currencies, ETFs and indices investing here as well as crypto.
We find this to be more of a major perk than anything else, thanks to the exchange being well-versed in the world of trading. There will be customer support when you need it, and a solid and reliable trading platform for self-service when you don’t.
The company has also outlined that there are big changes coming to their crypto side of the service, meaning that things might only be getting better.
Again, like the CoinBase service, we would advise against holding your coins on eToro as you’re charged based on how much currency you’re storing — so it’s just cheaper to move them to an external wallet.
For the niche crypto investor looking to get access to the most altcoins in the world, then Bittrex have you covered.
There’s an incredible 190 coins on this service, and there’s an interface that’s designed well enough to make trading easy.
One thing to note however is that some of the coins on the service might not be so credible, so there is a chance if you’re day trading ‘willy nilly’ you could buy into something less than friendly.
In all, Bittrex is a great exchange for anyone looking to get access to more coins than just about anywhere else. We would suggest storing your coins elsewhere though.
And there you have it. A look into some of the most popular cryptocurrency exchanges in Australia. For a little more information for newbies, or even advanced traders for that matter, on choosing which types of exchanges to go with, take a look below.
Choosing the Best Cryptocurrency Trading Platform
To start, it’s imperative you choose larger and more ‘liquid’ trading platforms over the smaller ones on our list and on the market, for example.
Liquidity is incredibly important when it comes to investing in that this is a metric that will allow your trading platform to pay out your investments. If a platform doesn’t have the liquidity, you run the risk of not getting your investments back should an exchange go under.
A second feature or aspect to look for in a trading platform is the feature set or trade tools. You want to select an exchange that has a wide-ranging feature set that gives you the best chance at maximising profits. For example, take a look at the trading tools on a website to gauge whether there’s anything there you can use to make the most of your time investing in cryptocurrency.
In some cases, a trading platform will only cater to the advanced trader, and as a result, there are only a handful of advanced trading tools that you may not know how to use.
Depending on where you’re located and how you like to pay with your AUD deposits, the payment methods accepted by your platform are going to be a big deciding factor too. Of course, there is a tonne to choose from, though we’d suggest looking for an exchange that supports payment systems like PayID, POLi, OSKO either credit cards or debit cards and bank transfers.
These are the more simple methods of payment and will have you trading a little faster than waiting for BPAY or bank account transfers to go through, and bypassing trading fees from these payments is a good perk too.
OTC or Over the Counter investing might also be worth considering if you’re a rather high-net-worth investor or an investor on behalf of a business looking for the assurance of a payout at the end of your trade.
The number of supported currencies should also be on your radar. If you’re looking to invest in more than just Bitcoin or Ethereum, then be sure your chosen trading platform offers you this. Although you might not be interested in investing in a tonne of coins right off the bat, it’s good to know that those options are there down the line.
The user interface might also have to play a part in the selection of your cryptocurrency exchange too. Even though the vast majority of platforms out there have great user interfaces, some are rather lacklustre. And with this in mind, there’s more to lose than just a good UX too. If you’re not sure where tools are, or the platform is generally hard to use, you’re going to lose out on a quick trade, or possibly trade incorrectly, for example.
With those points out of the way, we’re confident you’ll be able to choose a cryptocurrency exchange in Australia that suits your trading volume and style and unique way of trading.
Be sure to double-check a trading platform’s regulatory compliance with Australian law as well as user reviews and any information on liquidity and you’re good to start trading!