Top Bitcoin exchanges

A study by Finder found that 18% of Aussies haven't bought cryptocurrency because they don’t know how – so how do you get started?

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The easiest and safest way to buy Bitcoin is from a cryptocurrency exchange.

With 30+ platforms available to buy Bitcoin from in Australia, it can be overwhelming to choose. Our experts have compared exchanges so you don't have to.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

For beginners our experts consider:

  • Ease of use: From the sign-up process through to purchases, we assess which platforms are easiest for beginners.
  • Minimum trades. Unlike traditional investments, some cryptocurrency exchanges don't have a minimum amount of money you need to start with, which is good for beginners dipping their toe in the crypto world.
  • Fees. No one likes fees so we've assessed exchanges with the most competitive fees in the market.

By assessing fees, user experience and a number of other factors, here are our 4 top picks for buying and selling bitcoin.

How we choose these services

These are our top picks but this isn't a complete comparison of every available exchange – so our favourites may not be the best choice for you. Read our full methodology here to see how we decide on our top picks.

Best for beginners: CoinSpot

Why CoinSpot? It's one of the more popular Australian cryptocurrency exchanges, particularly for beginners. With CoinSpot you can deposit fiat currency (AUD) and make a purchase within minutes. There's no need to stress about currency conversion, market making or order limits.

Minimum trades. CoinSpot has a minimum deposit of just AUD$1 and trades have no minimum value. This means you can buy 1 cent worth of Bitcoin if you want.

What we like

  • Simple design.
  • Diverse altcoin range.

If you want to look beyond Bitcoin, you can buy 300+ cryptocurrencies on CoinSpot. These can be purchased with AUD or traded for other cryptocurrencies.

  • Advanced features.

If you wind up deciding that trading cryptocurrencies is for you, CoinSpot will also give you access to a range of advanced trading features to help you grow your portfolio.

What to watch out for

  • Fees.

CoinSpot fees aren't the highest out there, but at 1% for all trades it can quickly add up.

  • Limited fiat currencies.

CoinSpot only supports AUD deposits from an Australian bank account. This means non-Australian residents will need to first send crypto to their CoinSpot account before trading.

  • High spreads.

Some users have reported CoinSpot having high spreads. Spreads are the difference between the price you are able to purchase a cryptocurrency for, versus the price you are able to sell it for.

Best for AUD purchases: Swyftx

Why Swyftx? Swyftx is the ideal exchange for buying Bitcoin with AUD due to its integration with Osko bank transfers and low fees. Users can send money to their Swyftx account instantly using bank transfer and POLi pay methods.

Minimum trades. Swyftx has no trade, deposit or withdrawal limits, meaning you can purchase as much or as little Bitcoin as you like.

What we like

  • Transparent fee structures

Some crypto exchanges hide their fees, particularly when it comes to spreads. Swyftx is transparent, with its average spreads being 1.7%. The 0.6% trading fee also comes with a discount for high-volume traders.

  • Hybrid exchange.

Swyftx is a Bitcoin broker, meaning it sells you cryptocurrency assets directly, instead of matching your order with other users. It also has a number of advanced trading features suitable for experienced investors.

  • Demo account.

Beginners can practice cryptocurrency investing and trading without spending real money by using a demo account.

What to watch out for

  • Limited trading features.

Swyftx does not offer an order book. This means you pay a set price for assets, rather than placing an order on the open market where other users make offers at various prices. A bit like buying something off the shelf, versus haggling at the local market.

  • Ease of use.

While Swyftx user interface is simple, there is a lot of information and tabs that may confuse some novice users. On the other hand, the dashboard can be tailored, so you can customise it to suit your preferences.

  • Limited availability.

Swyftx can only be used by Australian, NZ and UK residents.

Best for low fees: Binance

Why Binance? Binance is the most popular cryptocurrency exchange on the market based on trading volume. It has one of the best reputations in the industry and is available in a wide number of countries. Binance offers some of the lowest trading fees out there, with users able to purchase Bitcoin with fees as low as 0–0.1%.

Binance is suitable for both beginners and experienced traders. So if you find yourself wanting to explore cryptocurrencies further, Binance will accommodate most of your needs.

Minimum trades. Binance's minimum deposit is AUD$50 and the minimum order is AUD$25. If you are trading between cryptocurrencies, the trade minimum is variable and depends on the cryptocurrency.

What we like

  • Huge range of features.

In addition to buying or selling Bitcoin, Binance offers a range of investment options. One popular option is staking, which allows you to earn interest on your cryptocurrencies.

  • Low fees.

Binance has extremely competitive fee spreads, including discounts for users that pay their fees with BNB (Binance's own cryptocurrency). You can also receive fee discounts depending on your trading volume.

  • Reputation.

Binance is probably the most well-known cryptocurrency exchange out there. It has a solid track record and is used by approximately 28 million users each week.

What to watch out for

  • Regulatory issues.

Binance attempts to provide its services in all corners of the globe, which has led to some regulatory issues in certain countries. Despite this, Binance is registered as a separate entity in Australia and is regulated by AUSTRAC, the peak government body in charge of detecting and preventing criminal behaviour in the financial system. As a result, Australian users have access to a more limited range of features, compared to users in other parts of the world.

  • Complex for beginners.

Although buying Bitcoin on Binance is a straightforward exercise, new users may become overwhelmed by the range of features available on the exchange, which cater to more advanced users.

  • Exploit risk.

Binance may be a prominent target for hackers due to the huge amount of money deposited with the platform. Though it's regarded as a very secure platform, Binance lost US$40 million worth of assets in 2019 due to an attack. It's worth noting that every exchange runs this risk and that Binance fully reimbursed users who were affected through its insurance fund.

Best for social trading: eToro

Why eToro? eToro has been around for over a decade now, originally starting as an online exchange for shares and commodities. Since then, it has branched out into cryptocurrency while retaining its focus on trading. eToro has ample support for traders, including advanced buy and sell features.

The feature that separates eToro from the rest when it comes to trading is its social elements. eToro's platform is filled with like-minded investors, where you can discuss trades and share news about crypto events. You can even see what trades other top investors make and copy them.

Minimum trades. eToro accepts AUD deposits which are then converted to USD for trading. Users can make trades greater than US$25 and there is a minimum deposit of US$50 for every time you wish to add money to your account.

What we like

  • Social media platform.

eToro operates as a social trading platform that lets you interact with other traders. This has resulted in a friendly community where users are willing to share their ideas and advice with beginners.

  • Multiple markets.

With just one account, eToro users can invest and trade in global stocks, as well as cryptocurrency.

  • Simple user design.

Though the idea of "trading" tends to be associated with advanced users, eToro's user interface is quite intuitive and makes it easy for first-time traders to learn the basics of trading – or simply purchase Bitcoin.

What to watch out for

  • Fee structure.

eToro has a complex fee structure that can be tricky to understand. Users have to watch out for spreads (which are listed here), as well as a US$5 withdrawal fee.

  • Small range.

Users that are looking to invest in a wide range of cryptocurrencies other than Bitcoin may have to look elsewhere, as eToro only offers access to 27 different cryptocurrencies.

  • High minimums

eToro is intended for higher-volume traders. Along with its relatively high US$5 withdrawal fee, users must start off with a deposit of US$50 and use a minimum of US$25 per trade. This may seem low, but most exchanges aimed at beginners have no limits on minimum deposit and trade.

Our top picks at a glance

Buy Bitcoin in AUDYesYesYesYes
Bitcoin buying processSimpleSimpleSimpleSimple
User interface for beginnersSimpleComplexComplexSimple
Minimum deposit into the appAUD$1NoneAUD$50US$200
Minimum tradeNoneNoneAUD$25USD$25
Trading feeMax 1%0.6%0.1%Fees vary
Complex structure
Withdrawal feeNone for Australian bank accountsNoneFees varyUS$5 (minimum withdrawal of US$50
Available cryptocurrenciesBTC, ETH, LTC, XRP, BCH, BSV, EOS, TRX, ADA, GRT & 295+ moreBTC, BTG, BCH, ADA, ETH, ETC, FIL, LTC, NEO, XRP & 280+ moreBTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO & 260+ moreBTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM & 15+ more
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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