Best crypto exchanges in Australia
Compare cryptocurrency exchanges on things like fees, coins and payment methods.
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Best crypto exchanges in Australia for 2022
Each year, we conduct a comprehensive review of crypto exchanges available in Australia. To arrive at these picks, we've compared more than 30 platforms on things like user experience, fees, payment methods and selection of coins.
- Binance – Best exchange overall
- Crypto.com – Best exchange for beginners
- Digital Surge – Best exchange for value
- Binance – Best exchange for altcoins
- Kraken – Best exchange for trading
- Binance – Best exchange for features
Best crypto exchanges and platforms
Keep in mind that the following picks are suggestions and that the exchange that is best for you will depend on your individual needs. You may also want to use multiple exchanges in order to benefit from their unique combination of services, such as using one for its range of altcoins and another for access to staking or earning products.
Best Overall: Binance
Binance is one of the most innovative exchanges in Australia, giving you access to an enormous range of services that cater to both beginners and veteran traders. In addition to buying and selling over 500 different cryptocurrencies, you get access to yield-bearing accounts, lending and borrowing, NFTs and decentralised finance (DeFi) with a single account.
- Purchase an enormous range of cryptocurrencies in AUD with a bank transfer or card.
- Deposit your assets into yield-bearing accounts and earn rewards.
- Enjoy a smartphone app with a Lite Mode to make things even easier for beginners.
- Explore the more experimental corners of crypto like NFTs and DeFi.
- Use advanced trading features like stop-loss, leverage tokens and automated strategies.
Best for Beginners: Crypto.com App
Crypto.com's smartphone app gives you straightforward access to buying and selling cryptocurrency. It makes it easy to then put those assets to work in yield-bearing accounts, or spend them with a Crypto.com debit card.
- Simple and clean app interface with access to over 200 cryptocurrencies.
- Set up a recurring purchase to take advantage of dollar-cost averaging.
- Earn yield on your cryptocurrency holdings with Crypto.com Earn.
Best for Value: Digital Surge
Digital Surge only charges 0.5% to buy and sell cryptocurrencies instantly, with an average spread of less than ~0.4%, making it one of the best value brokers in Australia.
- Instantly buy or sell over 250 cryptocurrencies with a fee of only 0.5% using Osko or PayID.
- Pay your bills with cryptocurrency or set up a self-managed super fund.
Best for Altcoins: Binance
Australians looking for a wide range of cryptocurrencies will feel at home with Binance's list of more than 500 tokens that can be traded on the spot market. Users can also trade forex and access an NFT marketplace.
- Trade over 500 altcoins against AUD, BTC, ETH, BNB and US-dollar stablecoins.
- Explore unique soccer fan tokens with special perks.
Best for Trading: Kraken
Kraken is one of the oldest cryptocurrency exchanges in the world and offers a sophisticated trading experience for Australians. Experienced traders have access to margin trading, futures contracts and OTC services on a wide range of cryptocurrencies with deep liquidity.
- Trade with up to 5x margin on over 30 cryptocurrencies.
- Bet on the long-term performance of cryptocurrencies with futures contracts.
- Use a pro trading interface with customisable charts and API support.
- Trade forex or fund your account with foreign currencies in addition to AUD.
Best for Features: Binance
Binance is an industry leader in innovation, constantly bringing new products and services to the market. Australians have access to features such as NFTs, yield-bearing accounts, DeFi services, a Launchpad for investing in new projects and an extensive learning hub to better educate users about cryptocurrency.
- Enjoy an all-in-one cryptocurrency platform that takes the experience beyond just buying and selling and into the realm of "crypto banking".
- Earn yield on your existing assets or deposit them into DeFi pools for additional rewards.
Compare cryptocurrency exchanges you can use in Australia
Use our table to compare crypto exchanges or platforms on fees, fiat currencies, deposit methods and more. Once you've found the right fit, select Go to site to get started.
How to choose a cryptocurrency exchange
It's important to research a wide range of platforms and compare the pros and cons of each option. The best crypto exchange for you depends on what you're looking for.
Consider the following factors when comparing crypto exchanges.
How to use a cryptocurrency exchange
For the sake of our example, let's assume that you have AUD$500 that you want to use to buy Bitcoin.
- Compare cryptocurrency exchanges to find one that offers the right service for you.
- Register for an account on the platform, including providing any personal details and proof of ID required.
- Navigate your way to the "Buy" screen.
- Select Bitcoin as the cryptocurrency you want to buy.
- Select your payment currency, which in this case is AUD, and specify the amount you want to spend as $500.
- Select your payment method, such as a credit card payment or bank transfer.
- Enter your payment details, such as your account number and BSB if sending a bank transfer or your card number and CVV if paying by credit card.
- Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
- If you're happy to proceed, click "Buy BTC".
- Once the transaction has been processed, the BTC will be deposited into your exchange wallet. However, please note that some brokers will automatically send your purchased BTC to an external wallet address nominated by you.
How to pay for your cryptocurrency
You'll need to deposit funds on your cryptocurrency exchange or otherwise make a transfer. Bitcoin exchanges accept all sorts of deposit methods, including the following:
- Prepaid cards
- Cryptocurrency transfers
- PayID, Osko and other NPP payments
- Wire transfers
The payment types accepted will vary between exchanges though, so it's worth checking to ensure your preferred payment method is supported before signing up.
The different types of cryptocurrency exchanges
The term "exchange" can be used to refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared towards beginners or experienced users.
- For beginners - cryptocurrency brokers. Buy directly from cryptocurrency dealers for simple, quick and easy purchases. Many beginners use brokers for their first purchase. CoinSpot is an example of a cryptocurrency broker.
- For intermediates - cryptocurrency trading platforms. Buy and sell cryptocurrency on an open market for competitive fees, a wide selection of cryptocurrencies and optional extra features like margin trading. While a bit trickier than brokers, these platforms can still be quite beginner-friendly. Binance is an example of a cryptocurrency trading platform.
- For advanced users - cryptocurrency derivatives platform. These trading platforms don't sell cryptocurrency outright. Instead, they let you trade cryptocurrency derivatives. They're for advanced traders who want high speed, high leverage, deeply liquid platforms with a full range of features.
Is it safe to store your cryptocurrency on an exchange?
Cryptocurrency is held in digital wallets. Some exchanges will give you your own wallet, which lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired, while others will require you to have your own wallet at the time of purchase.
However, using an exchange for long-term storage is not recommended. As the exchange controls the private key to your wallet, you don't have total control of your funds. And with exchanges regularly (and sometimes successfully) targeted by hackers, storing crypto on an exchange long-term is very risky.
Not all crypto exchanges are created equal, and not all crypto buyers and sellers have the same trading needs. The best exchange for one person might not necessarily be the right choice for someone else, so it's essential that you do your own research.
Check out our reviews on a range of leading cryptocurrency exchanges in Australia and around the world. Compare the features, fees and pros and cons of each Bitcoin exchange and consider how they align with your trading requirements.
Frequently asked questions
Does every exchange list every possible cryptocurrency?
No. The list of currencies available varies widely from one exchange to the next. Some Bitcoin exchanges will only offer Bitcoin or a select few currencies while others support hundreds, but there's no guarantee that all the cryptos you want to buy and sell will be available on any one platform.
How do I avoid scams on cryptocurrency exchanges?
While regulators are gradually implementing laws and guidelines to help protect consumers against fraud, there are still plenty of dodgy exchange operators out there. Falling victim to theft is a major concern for any crypto buyer.
Read our guide to cryptocurrency scams for a checklist to help you avoid falling victim to fake or disreputable exchanges.
What if I want to place large-volume crypto trades, for example, trades worth $50,000 or more?
You may want to consider using the services of an over-the-counter (OTC) broker in order to avoid slippage. Check out our guide to OTC services for more details.
Are there any exchanges that allow leverage trading of cryptocurrencies?
Yes. Take a look at our cryptocurrency margin trading guide for more information.
Where can I find a list of the world's biggest crypto exchanges?
You can view 24-hour trading volume for crypto exchanges on sites like CoinMarketCap, but be aware that the information is not always correct, and many unscrupulous exchanges try to cheat the rankings with fake trading volume.
You can find a more in-depth selection of the world's biggest cryptocurrency exchanges here.
Why do some crypto exchanges ask me to verify my identity?
Exchanges in Australia and several other countries are subject to anti-money laundering and counter-terrorism financing (AML/CTF) regulations. In order to comply with these regulations, exchange operators must gather certain details about their customers – which is why you may be asked to provide proof of ID. This process is typically referred to as "know your customer" or KYC.
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Read our full methodology that explains how we analyse and score cryptocurrency exchanges in Australia.
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