Get $20 in BTC when you make a deposit. T&Cs apply.
CoinSpot is one of Australia's longest-running exchanges and has over 2.5 million registered users. It's an excellent choice for beginner investors looking to dip their toes into the world of cryptocurrencies. CoinSpot won the 2023 Finder Awards for Best for Beginners and Best Value.
This Australia-based exchange has a user-friendly interface, making it easy for newcomers to navigate the platform and start trading over 380 cryptocurrencies.
One of the stand-out features of CoinSpot is its fast and straightforward purchasing process, which earned CoinSpot another Finder Award for Instant Purchases. The platform supports various payment options for AUD, including POLi payments, BPAY, and PayID, making it easy for investors to purchase cryptocurrencies quickly and efficiently.
In addition to speedy purchases, CoinSpot offers great value fees at just 0.1% for market and OTC trades. Instant buys, sells and swaps incur a 1% charge.
Pros
Registered with AUSTRAC
Easy to navigate UI, with prices displayed in AUD
AUD payment methods include POLi, PayID, BPAY and cash deposits
Buy crypto bundles – a group of projects in a specific niche
Inbuilt NFT marketplace
Holds ISO 27001 security certificate and completed a successful External Statutory Financial Audit
Cons
Advanced trading features are not as comprehensive as some competitor exchanges
Crypto borrowing and lending aren't available
Instant swap fees of 1% can be costly for large orders
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,PayID
Deposit Fees
Bank transfer and PayID: None BPAY: 0.9% Cash: 2.5% Card: 2.58%
Withdrawal Fees
AUD: None
Trading Fees
1%
What our users are saying about CoinSpot
A common theme among CoinSpot users is praise for how easy the platform is to use and its beginner-oriented features. Customer support is also well regarded.
As for criticisms, they tend to focus on issues with account verification and security measures that some users find inconvenient.
As a novice and home investor who is just getting started, CoinSpot has simplified and demystified the process for me. The interface is clear, and support has been quick and clear when I've needed it. I'm having fun with it too!
KS Math, VIC, Finder Member
This is a great platform for beginners, very easy to use. The desktop site has many more features than the app. The app is still great. But with the desktop, you are able to set prices for buy and sell. If a coin reaches this price you've input you will receive a notification via email or text or both. Low fees.
Jay, QLD, Finder Member
I registered with CoinSpot when I didn't know much. There are better ones out there. They have an authentication process that takes a couple of days so it takes a little while if you want to get started urgently (not really possible with this exchange). However, I did have someone crack into my emails and try to steal my Bitcoin and CoinSpot was excellent in blocking them/passing on the details to me.
With over 280 USD trading pairs, Kraken is widely regarded as one of the best exchanges for trading crypto against USD. The platform features a professional trading interface, an NFT marketplace and an education hub.
Kraken regularly exceeds a daily trading volume of US$500 million and is renowned for its deep liquidity across high market cap trading pairs. Traders utilising Kraken Pro can take advantage of various order types such as stop-loss, market and limit orders with inbuilt TradingView charts.
Trading fees work on a volume system, meaning users trading in high volumes are rewarded with fee discounts, which go as low as zero for maker orders and 0.1% for taker orders.
Pros
Registered with AUSTRAC
Advanced order types
Customisable charting features
Wide range of fiat currencies and forex trading
Founded in 2011, one of the longest-running crypto exchanges
Over 280 USD trading pairs
Cons
Fewer assets than some competitors
Sued by ASIC for it's margin lending product in September 2023
Limited AUD pairs on the spot market
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,Osko,PayID,Apple Pay,Google Pay,SWIFT
Deposit Fees
Bank transfer, PayID or OSKO: Free Cryptocurrency: Fees vary Credit and debit card: Fees vary Apple Pay or Google Pay: Fees vary
Get $20 in BTC when you verify your account. T&Cs apply.
Swyftx is an Australia-based crypto exchange that features more than 310 assets and boasts over 600,000 users. In Finder's 2023 customer satisfaction awards it was the most recommended brand, with 90% of users saying they would recommend the platform.
With thousands of 5-star reviews on Trustpilot and a local Australian customer support team it's no surprise Aussies rated the brand so highly.
The platform has an easy-to-navigate and beginner-friendly UI and features an education hub where you can take crypto courses to learn new skills and test your knowledge with quizzes.
The Swyftx mobile app offers a comprehensive user experience with all the same features supported on the desktop exchange. It is available for download via the App Store or Google Play.
Swyftx is AUSTRAC-registered, independently audited and holds all customer balances on a 1:1 basis. Once you've signed up and completed the KYC verification process, you're ready to start trading.
Pros
Registered with AUSTRAC
Simplified dashboard – quickly view your assets and their performance
310+ cryptos available to buy, sell and trade
Demo account available – test set-ups and strategies on the go
Thousands of 5-star reviews on Trustpilot
Australia-based customer support
Cons
Mobile charting is less comprehensive than some competitor apps
Limited range of order types
Beginner-oriented UX – advanced traders may prefer a tier-1 global exchange
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,Osko,PayID
Deposit Fees
Bank transfer: $0 Card: Fees vary PayID: $0 Cryptocurrency: $0
Withdrawal Fees
AUD: $0 Cryptocurrency: $0 (network fees apply)
Trading Fees
0.10—0.60%
What our users are saying about Swyftx
Swyftx users consistently praise its customer service team, with many users saying how quick they were to respond. Beginner cryptocurrency investors appear to have an easy time using the platform.
Criticism of Swyftx appears to revolve around accounts being banned and users struggling to retrieve funds.
Always super fast in addressing any issues I've had. Customer support is 100% Great for beginners or experienced, really easy to navigate.
Nick, WA, Finder Member
I've been with Swyftx for a few years now and everyone has been helpful as a newbie back then my experience has been great along with the constant updates and platform expansions im happy.
Dean, QLD, Finder Member
Old one was good. This is clunky slow and all over the place. Changed to sms verification. Problems if overseas or don't have mobile phone. 4 times doing kyc after already doing it last year. Changed for the worst.
Finder exclusive: Get up to $200 BTC when you complete certain steps on sign up. T&Cs apply.
Coinstash offers a more extensive range of cryptos than any other Australia-based exchange. With over 1,000 coins and tokens available to trade, it's the 2023 winner of the Finder Award for Altcoin Trading.
Cryptos are available for purchase via the platform's DeFi Connector, which allows traders to buy and sell popular high-cap cryptos and lesser-known altcoins. This feature saw Coinstash qualify as a finalist in the 2022 Finder Innovation Awards.
Coinstash and its DeFi Connector use decentralised finance aggregators to source cryptos with the lowest prices and gas fees available at the time of purchase. Once you've confirmed a purchase order, your Australian dollars are instantly converted and the cryptos are deposited into your Coinstash wallet.
Trading through the DeFi Connector means you don't have to interact directly on-chain or worry about smart contracts or non-custodial wallets. You can purchase altcoins that are often unavailable through other exchanges.
Coinstash is integrated with 6 blockchains including Ethereum, BNB Chain, Avalanche and Polygon. All transactions are verifiable on-chain and secured by Fireblocks.
Pros
Registered with AUSTRAC
1,000+ cryptos available
DeFi Connector – purchase on-chain cryptos with AUD
Advanced order types and charting tools
Offers thematic bundles of cryptos for simplified investing
Secured by Fireblocks
Cons
Must complete KYC to trade on Coinstash, unlike true DeFi exchanges
No USD or stablecoin spot market
Some coins and tokens available on DeFi platforms may have higher risk & volatility
Deposit Methods
Bank transfer,Cryptocurrency,Osko,PayID
Deposit Fees
None
Withdrawal Fees
Cryptocurrency: Fees vary AUD: None
Trading Fees
0.85%
What our users are saying about Coinstash
Coinstash users have a lot of positive things to say about the exchange, typically focusing on the ease-of-use and access to exotic cryptocurrencies.
Criticisms are few, with only one user taking aim at the quality of customer service.
An Australian exchange that offers some of the harder to get cryptos' so you are able to get in early. This is what drew me to Coinstash, as well as the ease of use. Highly recommended.
Shaus, QLD, Finder Member
Fees high but easy to use if new to crypto
Butters, NSW, Finder Member
Service is poor. Very difficult to communicate with if there is an issue to resolve. Especially with their high fees.
Mitch Wan, QLD, Finder Member
Great set of coins to select from with a good interface and very good customer support.
Bybit is a cryptocurrency exchange founded in 2018 and headquartered in Singapore. It's best known for its expansive range of features, in-depth trading experience and a best-in-class mobile app for trading on the go.
The Bybit app features a user-friendly interface that makes navigating and placing trades simple. It includes advanced trading tools such as real-time charts, order book depth and price alerts to help you make informed decisions and stay updated with market trends.
Bybit's uses industry-standard security measures to protect user data and funds. It has 2-factor authentication (2FA) and biometric authentication (fingerprint and face recognition).
The mobile app is available for download via the Apple store and Google Play and supports multiple languages including English, Chinese, Japanese, Korean and Spanish.
Pros
Bybit's platform is easy to navigate even for new users
Advanced trading tools such as real-time charts, order book depth and price alerts
Bybit markets typically have deep liquidity
Fully functional mobile app makes trading on the go easy
Advanced security measures include multi-signature wallets, cold storage and 2FA
Cons
Not registered with AUSTRAC
Not all features are available to Australian users
Foreign exchange fees for AUD deposits
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,PayID,Moonpay,Fiat currencies,P2P,Banxa,Apple Pay,Google Pay,Mercuryo,Revolut,Wise
Deposit Fees
AUD: Fees vary Cryptocurrency: None
Withdrawal Fees
Fiat: Fees vary Cryptocurrency: Fees vary ATM Withdrawal: 2% (after the first 100 USD monthly)
Get a US$50 bonus when you buy at least US$500 in crypto. T&Cs apply.
eToro pioneered the concept of copy trading back in 2010. Since then, the platform has expanded to include various social features, with a Facebook-style newsfeed that lets you engage directly with other traders.
eToro's copy trading feature allows you to view and mirror trades made by experienced investors. Getting started is easy – simply choose a trader you want to copy and then set your account to follow their trading set-ups.
With a minimum of US$200, you can automatically repeat trades from some of eToro's top-performing crypto traders. There is no additional fee charged for this service.
Beyond copy trading, eToro provides a comprehensive social experience, making it just as much a social media platform as a broker. Traders can discuss strategies, speculate on prices and share important news.
Pros
Registered with ASIC
Supports copy trading for crypto and stocks
Pioneers of copy trading
Strong community and social focus
Offers an insurance fund
Cons
Picking the right trader to copy can be difficult
Foreign exchange fees for AUD deposits
Limited range of cryptocurrencies
Fees and spreads can be higher than on crypto exchanges
Deposit Methods
Bank transfer,Credit card,Debit card,Neteller,PayPal,Skrill,eToro Money
Deposit Fees
Fees vary
Withdrawal Fees
AUD $5 (minimum withdrawal of US $30)
Trading Fees
1%
What our users are saying about eToro
eToro users praise the platform for its ease of use, social trading features like copytrading, and its customer support which includes a phone-based option.
However, it's crystal clear what users dislike – the fees. Users complain about withdrawal fees as well as spreads.
As a first time user, the layout is easy to use, responsive. Setting up an account is quite intensive due to being a formal trading house. There are various investment choices but most have a minimum investment cost too.
Michael, QLD, Finder Member
ease of use for beginners, no additional fees when closing trade but high % fees on spreads to open trades. has only major and limited range of crypto coins to trade with no leverage options.
Jay, NSW, Finder Member
The team reached out to me via phone to ask if I needed any help within 10 mins of asking for help via their online chat.
Calum, WA, Finder Member
When sending or converting coin fees and charges are incurred its not worth it for small transactions.
Simons99, WA, Finder Member
One of this apps greatest features is actually the community. It consists of professionals, complete beginners all those in between. This makes it easy to get started. This app also has a simple UI packed with features and offers a wide range of stocks outside of crypto.
Huge Euge, VIC, Finder Member
7. Binance: Best crypto exchange for advanced trading
January, 2024: Google and Apple's App Stores in India removed several cryptocurrency exchange apps, including Binance, following a noncompliance notice from the Indian Financial Intelligence Unit (FIU). This notice, issued in December last year, accused these exchanges of operating illegally in India and failing to comply with regulatory requirements.
November, 2023: Binance and it's owner Changpeng Zhao (CZ) have settled criminal charges with the US Department of Justice for a fine of US $4.3 billion. Binance will remain open, under the supervision of US regulators and CZ will leave the business. It's not clear how this will impact its Australian services, which are operated by Binance Australia.
Earn up to US$100 in rewards by completing welcome tasks within 7 days of signup. T&Cs apply.
With low spot market fees, a feature-rich trading platform and a vast selection of cryptocurrencies and trading pairs, Binance is the 2023 Finder Award winner for the Best Exchange for Advanced Trading in Australia.
You can customise your trading interface with multiple charts, indicators and data feeds. There is a desktop app available for Windows and Mac which offers greater customisation and immersion.
There are also trading bots with preset strategies for grid trading, rebalancing, dollar-cost averaging and TWAP.
Binance users can benefit from using BNB to pay for trading fees, which results in a 25% discount on spot trades.
Boasting around 30 million registered users and more trading volume than any competitor, Binance is the world's largest exchange.
Pros
Registered with AUSTRAC
Low spot market fees
Huge range of supported cryptocurrencies
Comprehensive earning features
Smartphone app offers Lite mode for beginners
Zero-fee Bitcoin spot trading for select pairs
Cons
Website can be overwhelming for beginners
Poor customer service score on Trustpilot
Ongoing regulatory issues in the US, the UK and Japan
Target of an on-going civil enforcement action by the US CTFC
Reviews of Binance praise the smartphone app in particular, which offers all the features of the desktop exchange in a compact format. Users also enjoy the wide range of coins available as well as the extra features like staking.
Binance users appear to critique it for two main reasons – poor customer service and an overwhelming user interface that is not well suited for beginners. A small number of users expressed issues when trying to withdraw funds, which is hampered by poor customer support.
Really easy and intuitive platform. Has a quick start tutorial to get you going with easy to follow steps.
Anurag, NSW, Finder Member
Very advanced and overwhelming. Too many charts and numbers, I required something more easy to use with features less difficult.
CryptoIntro, NSW, Finder Member
The fees are quite low, there also is a massive selection of cryptocurrencies available to purchase as well. The staking options are also neat.
D@D, WA, Finder Member
Been trying many times to get my crypto off this exchange. The amount of loops you have to jump through is utter ridiculous. I mean videos, pictures and all manner of credentials I've had to supply in order to get access to my own crypto is ridiculous. After hours of mucking around I have a huge disdain for the platform. Absolutely disgusting customer service. Not worth a star.
Launched in 2012, Coinbase is one of the longest-running and most reputable crypto exchanges. It has over 110 million verified users and over 200 coins and tokens listed, including most major trading pairs.
Coinbase emphasises its goal to help bring Web3 to the masses and educate and onboard beginners. As part of this, the platform offers a learn-to-earn hub, which we've recognised as the best in its class.
Coinbase Learn is easy to use and provides a gamified experience, which makes it engaging and accessible for users of all levels.
After signing up and verifying your Coinbase account, you can start trading, earning and learning. The platform is easy to use and markets typically offer deep liquidity.
Coinbase also has 24/7 customer support and a robust security system, protecting users' funds and personal information.
Pros
Registered with AUSTRAC
Simple sign-up process
Beginner or advanced trading options
Incentivised learn-to-earn feature
Includes trade, earn and NFT platforms
Hundreds of markets and several trading pairs, including USDC, BTC and ETH
Cons
Derivatives trading is not supported in Australia
Advanced trading features are not as comprehensive as some competitor exchanges
Crypto borrowing and lending are not available in Australia
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,PayID
Deposit Fees
AUD: None using bank transfer or PayID Cryptocurrency: None
Withdrawal Fees
AUD: None Cryptocurrency: Fees vary
Trading Fees
Maker fee: 0.00-0.40% Taker fee: 0.05-0.60%
9. KuCoin: Best crypto exchange for emerging altcoins
Sign up and earn 500 USDT + bonus gift of 200 USDT in trading coupons + limited time offer of 7,500 USDT in futures trial funds. T&Cs apply.
KuCoin lists an impressive array of up-and-coming altcoins compared to other centralised crypto exchanges, which is why it's our winner for this category.
Usually, to buy trending altcoins, you must purchase them through a decentralised exchange (DEX) like Uniswap or PancakeSwap, which requires learning how to use a Web3 wallet and a blockchain.
With KuCoin, all you have to do is create your account and you'll have access to over 700 digital assets.
Many of these assets are brand new, untested and much riskier than coins like BTC and ETH, so tread carefully.
Pros
Provides access to 700+ crypto assets
No Know Your Customer (KYC) process required to trade crypto-to-crypto
Offers altcoin staking
Relatively low trading fees
Cons
Not registered with AUSTRAC as a digital currency exchange
Numerous poor customer service reviews
Emerging assets can be higher-risk investments
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,Neteller,POLi,PayID,Skrill,P2P,TransferWise,Apple Pay,Google Pay,Prepaid card,Revolut
Cointree offers 7-day customer support, low trading fees and comprehensive tax tools, which is why it's our pick for the best exchange for self-managed super funds (SMSFs).
Cointree allows SMSF-eligible customers to add Bitcoin, Ethereum and other cryptocurrencies to their retirement portfolio. It supports over 280 assets on its platform with fees as low as 0.5%.
The process of opening and managing an SMSF can be complex and time-consuming. Cointree can assist with the process in several ways, including setting up a trust deed. The platform also provides digestible performance overviews to help review investment strategies. Users can compare their SMSF accounts to other top-performing investors and copy their portfolios.
The exchange is partnered with ExpertSuper and integrated with BGL Simple Fund 360 to meet your SMSF needs. It's always a good idea to consult a financial advisor before opening an SMSF.
Our investment experts have analysed more than 25 cryptocurrency exchanges available in Australia to make it easier for you to select the right one. Our best crypto exchange picks are based on the 2023 Crypto Trading Platform Awards and 2023 Finder Customer satisfaction Awards. We have only included exchanges that are registered with AUSTRAC or ASIC. Keep in mind that these picks are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in our picks.
Why you can trust our research
25
Crypto exchanges analysed
1,500
data points
300+
hours of research
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
Which crypto exchanges accept AUD?
The following exchanges allow you to deposit AUD or buy crypto using Australian dollars:
CoinSpot
Kraken
Coinbase
Swyftx
Coinstash
Why you can trust Finder's crypto experts
We're free
Our comparison tables are completely free to use. We link you directly to the platform's secure sign-up page and we'll never ask you for personal details. Better still, we regularly have exclusive offers that you won't find anywhere else.
We're experts
We've researched and rated dozens of crypto exchanges as part of our Finder Crypto Trading Platform Awards. We've published hundreds of guides and our in-house experts are regularly called upon for commentary in Nasdaq and The Street.
We're independent
Unlike other crypto media, we're not owned by an exchange or investment firm. Our opinions are our own and we put our readers first to help you find the crypto trading platform that's right for you.
We're here to help
We're a team of crypto nerds with extensive experience in investing, trading and decentralised finance but we also remember how it feels to be a beginner. We give you first-hand reviews of what it's like to use these products – without jargon.
How to choose the best crypto 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.
If you're a cryptocurrency novice, getting started buying and selling coins and tokens can be complicated and confusing. On the other hand, experienced traders may want a platform with special features like advanced charting and order types as well as the option to trade on margin.
If you're a crypto-trading beginner, look for a platform with a straightforward user interface that's easy to understand from the beginning.
Can you deposit funds into your account via bank transfer, credit card and/or PayPal? The more payment options an exchange has, the more convenient it will generally be to use. Make sure your exchange has deposit and withdrawal options that work for you, and remember to check the fees associated with different methods.
First, consider the type of trades you want to place. There are exchanges available that offer the following:
Fiat-to-crypto trading
Crypto-to-crypto trading
Both fiat-to-crypto and crypto-to-crypto trading
For example, if you want to buy BTC with AUD, you'll need to find a cryptocurrency broker that allows you to buy coins via bank transfer or credit card. Alternatively, if you want to exchange your BTC or ETH holdings for another cryptocurrency, you'll want a platform that offers direct crypto-to-crypto trades.
Consider which currencies you want to trade and which platforms list those currencies in one or more trading pairs:
Cryptocurrencies. There are thousands of different cryptocurrencies in existence, so don't expect to find them all listed on any single platform. Major cryptos like BTC, ETH, XRP and others in the top 20 coins by market cap are listed on an extensive range of exchanges but rarer altcoins may be much harder to find.
Fiat currencies. If you want to buy crypto with fiat currency, check which currencies the platform accepts.
From deposit through to trading and withdrawing funds, how much will it cost you to buy and sell crypto on each platform from start to finish? Remember to consider your payment method, the currencies you want to use and any discounts you may be entitled to when completing these calculations.
Are there any limits on the amount you can deposit into your account or the amount of cryptocurrency you can buy or sell per transaction or per day? Also check whether there are any restrictions on how much you can withdraw from your account.
Remember, minimum and maximum limits may apply, so check the fine print to be sure the platform is a good fit for the size of trades you want to place.
How can you access your trading account? Many platforms offer web browser trading only, but some also offer mobile and even desktop trading apps. If trading on the go is important to you, it's worth reading up on the user-friendliness of the platform's mobile app.
Is there any way you can access reduced trading fees? Are you entitled to fee discounts simply because you hold an exchange's native currency or use those tokens to pay transaction fees? Is there a tiered fee structure that rewards high-volume traders with reduced fees?
Some crypto exchange loyalty programs will even offer additional benefits, such as access to exclusive events and even a share of the platform's trading fee revenue, so this feature is well worth investigating.
There is no such thing as an official Bitcoin price – it's determined by whatever people are willing to pay. Compare exchange rates across a handful of different crypto exchanges and you might be surprised to find just how much they can differ from one platform to the next. The variation can be as much as 10% in some cases, which can obviously make a big difference to the success of a trade.
The level of liquidity on an exchange affects the ease and speed with which you can complete trades. If there's a high level of liquidity – in other words, if the exchange has a high trading volume – then trades should be completed quickly and easily.
One of the biggest benefits of trading on larger crypto exchanges is that they get enough orders to be able to match buyers and sellers without any difficulty. However, low liquidity can lead to substantial price fluctuations.
You can check crypto exchange trading volumes by looking at its order books prior to signing up.
If privacy is important to you when trading cryptocurrency, there are some platforms that allow you to transact anonymously. Of course, if it's too easy to create an account and start trading, consider whether there's anything to stop a platform from disappearing (hopefully not with your funds) overnight.
Many other platforms will require you to verify your account before allowing you to trade. This step is designed to ensure that the exchange meets its obligations under anti-money laundering and counter-terrorism financing (AML/CTF) regulations.
Verification requirements vary between exchanges, but you may need to provide some or all of the following:
Your name
Your email address and phone number
Your address
Proof of ID
Proof of address
A photo of yourself holding a signed declaration
If you need to provide a wide range of personal information, it's important to be sure you're dealing with a trusted exchange. It's also a good idea to research how long you can expect the verification process to take.
Finally, be aware that some exchanges will require you to complete additional verification tasks in order to unlock full account features and higher transaction limits.
How long will it take for your transaction to be completed? How soon are account withdrawals processed?
Being forced to miss out on a trading opportunity because your trading funds took too long to arrive into your exchange account can be a frustrating experience. Spending day after day waiting for a withdrawal to arrive in your bank account or crypto wallet can also be extremely stressful, so check average processing times before you register.
Security is a crucial factor to consider when choosing a crypto exchange. History is littered with many famous examples of exchanges being hacked and unsuspecting users falling victim to theft and fraud, so make sure you do your research into what security measures are in place to protect your funds. Questions you should ask include the following:
Is 2-factor authentication supported?
Are customer funds stored in online or offline wallets?
Do I control my private key or does the exchange? If it's the latter, where and how is my private key stored?
What level of verification is required to open an account?
Is there 24/7 security monitoring?
Will you receive email and SMS alerts regarding account activity?
Does the exchange use email encryption?
Does the exchange provide proof of reserve?
Though authorities around the world are starting to catch up to the rapid growth of crypto exchanges, the industry as a whole is still lightly regulated. How an exchange is regulated depends on where it is based, so do your research to find out whatever information you can about the platform operators.
Australian cryptocurrency exchange operators must be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and meet the government's anti-money laundering and counter-terrorism financing (AML/CTF) compliance and reporting obligations.
It's also worth noting that due to regulatory requirements, users from certain countries will not be allowed to access some exchanges. As always, check the fine print to find out whether any of these geographical restrictions apply to you.
This is a crucial but often overlooked factor when comparing crypto exchanges. If you ever have a problem with an individual transaction or with your account, how will you be able to access a platform's customer support team?
You'll need to consider the following:
How can you contact customer support? Are they available through email, phone and live chat?
Is there an online support centre where you can submit a support ticket?
Is support available 24/7 or only during specific hours?
How quickly does the support team respond to inquiries?
If the exchange is based overseas in a country where English isn't the first language, will you be able to access English-language support whenever you need it?
Does the site's support centre feature answers to a range of frequently asked questions and perhaps instructional guides and/or videos that explain how to trade?
In short, does the platform have a good reputation for providing prompt and helpful support to users?
Does the exchange have a reputation as a secure and reliable platform? Read independent online reviews from other users to find out all about their experiences, both positive and negative, with the platform. Where does it excel and where does it fall short? Would they recommend the exchange to friends and family?
It's also a good idea to consider how long an exchange has been operating before deciding which platform is right for you.
Using an AUSTRAC-registered exchange to buy cryptocurrency
There are plenty of places to buy crypto, including platforms founded here in Australia or based in locations all around the world. Exchanges headquartered locally are required to register with AUSTRAC and comply with requirements that don't apply to global platforms. Depending on your goals, this may have some benefits or drawbacks.
Pros
Australia-based exchanges must comply with AUSTRAC's Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy crypto with Australian dollars.
Exchanges in Australia typically support local payment methods.
You may be able to access local customer support.
Subject to local laws.
Cons
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
AUD-to-crypto prices are sometimes slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Australian dollars.
Some features are simply not available on AUSTRAC-registered exchanges. For example, margin trading, DeFi features and some altcoins.
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.
Disclaimer: General information only. All forms of investments (and in particular, trading CFDs, commodities and forex) carry significant risk, including the risk of losing more than the invested amounts, market volatility and liquidity risks. Past performance is no guarantee of future results. Such activities are not suitable for most investors.
Finder survey: What assets do Australians invest in?
Response
None
36.47%
Individual stocks
34.39%
Real estate
19.13%
Bitcoin
18.33%
Index funds (e.g. ETFs)
17.74%
Ethereum
11.4%
Other cryptocurrencies
11%
Forex
5.05%
Other
4.96%
Commodities
4.26%
Stablecoins
2.58%
Source: Finder survey by Pure Profile of 1009 Australians, December 2023
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:
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.
Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
Not your keys. "Not your keys, not your crypto" is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than in a non-custodial wallet, you're relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralised philosophy of crypto.
Lack of consumer protection. While crypto exchanges are increasingly regulated in Australia and may be registered with AUSTRAC, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
Proof of reserves. Since the widely publicised collapse of FTX, many traders and investors have demanded centralised exchanges provide proof of reserves and user deposits. This may be done by a third-party auditor or through the use of on-chain data. Proof of reserves is still an evolving concept, and it's not clear yet what the best practices are or how reliable it will prove to be.
Transaction limits. Most crypto trading platforms have daily deposit and withdrawal limits. This means that even though you may have, for example, 10,000 AUD available, you may not be able to access and withdraw the total balance. Transaction limits depend on the exchange and AUSTRAC stipulations and typically increase as you provide additional KYC information.
Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
Asset delistings. Centralised exchanges can opt to delist a cryptocurrency at any time. This can happen for numerous reasons, including poor asset performance, security concerns or anti-money laundering (AML) breaches. If delisting is taking place, you will be notified by the exchange and forced to sell your assets or remove them from the platform.
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.
We polled 40 specialists in the fintech industry to get their opinion on how Bitcoin would perform during 2024, all the way through to 2030.
All prices mentioned in this report are denominated in US dollars.
The average peak price our panellists predict Bitcoin will hit by year-end 2024 is US$87,875, with some predicting it will climb as high as US$200,000. The average lowest price our panellists predict Bitcoin will hit by year-end 2024 is US$35,734, with some predicting it will fall as low as US$20,000.
Our panellists also predict BTC will hit US$122,688 by 2025 and US$366,935 by 2030.
They were more bullish than in our most recent survey from October 2023 and in our survey from this time last year. In neither our October 2023 nor January 2023 surveys did our panelists think BTC's price would crack US$100,000 by 2025 or US$300,000 by 2030.
"Bitcoin's potential to reach $80,000 in 2024 can be attributed to several factors," says Kadan Stadelmann, CTO of Komodo.
"First, major companies and institutional investors are showing growing interest in bitcoin, which is likely to drive demand. Second, the approval of spot ETFs makes price exposure to bitcoin more accessible than it was in previous market cycles. Lastly, and most importantly, the 2024 halving will reduce the newly issued supply from 6.25 BTC per block to 3.125 BTC, creating a scarcity that tends to increase its value."
Is now the time to buy, sell or hold Bitcoin (BTC)?
The majority of our panellists believe it's a good time to buy BTC.
To be exact, 57.5% think Bitcoin is a buy at its current price, while 37.5% believe it's a good time to hold the asset. Only 5% think it's time to sell.
Jason Lau, Chief Innovation Officer at OKX, believes it's time to buy BTC.
"Bitcoin continues on its 15-year trajectory of ever-increasing adoption and accessibility," begins Lau. "With the approval of the ETF, we now have cleared a major hurdle from the SEC and major financial institutions. The increased access for retail investors, coupled with alignment from financial institutions to adopt and promote bitcoin is going to kick off a new wave of inflows over time. While short-term volatility is expected as firms and hot money reposition, the longer-term prospects are bright."
Josh Fraser, cofounder of Origin Protocol, also thinks it's time to buy, as he believes quantitative easing (QE) from The US Federal Reserve is coming.
"In order to see a full-blown bull market, we'll likely need some form of QE," explains Fraser. "It's likely we'll see QE by the end of 2024, although it's likely the ramifications of this won't take full effect until early 2025."
Finder surveyed 31 fintech specialists in January 2024. Panellists are able to answer as many or as few questions as they like, meaning the number of responses received varies by question. 30 panellists gave their price prediction for BTC by year-end 2023, 2025 and 2030. Panellists may own some cryptocurrencies, including BTC. All prices are listed in USD per BTC.
Meet the panel
FAQs
The safest exchanges are those that have stringent security measures such as registration with AUSTRAC, 2-factor authentication (2FA), an insurance fund and cold wallet storage in place.
As of January 2023, CoinSpot, Swyftx, Independent Reserve and BTC Markets are the only Australian exchanges to hold ISO 27001 certification. This means they have been thoroughly audited and support industry-standard security measures.
Keep in mind that all centralised cryptocurrency exchanges are vulnerable to hacking, so consider using a hardware wallet for added security.
There are lots of fees to take into account when choosing an exchange. Transaction fees are the most transparent, but it's "spreads" where costs can really add up. Binance Australia and Swyftx are known for having some of the tightest spreads of any Australian exchanges.
It's also important to consider deposit and withdrawal fees. A good place to start is by comparing fees with our table.
Most popular crypto exchanges can be used in Australia. However, global exchanges that aren't registered with AUSTRAC aren't allowed to offer Australian dollar deposits and withdrawals, which can be inconvenient for Aussie customers.
Due diligence and research are incredibly important when choosing a crypto exchange you can trust. As a good rule of thumb, look for platforms that are registered with Australia's industry regulator, AUSTRAC.
A great way to dive deeper is by reading our extended reviews of each crypto exchange and researching customer feedback and industry data on platforms like Trustpilot.
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.
Following the voluntary closure of Binance Australia Derivatives in April 2023, there are no longer any platforms licensed to offer cryptocurrency futures trading in Australia.
To evaluate our 2023 picks for the best crypto exchanges in Australia, we compared over 30 exchanges on a range of criteria, including the following:
Supported assets. Does the platform offer a good breadth of coins, tokens and NFTs?
Payment methods. What account funding options are available? Does the exchange accept bank transfers, credit and debit cards or crypto-only transfers?
Fees. What trading fees, withdrawal fees and other miscellaneous charges are levied by the exchange, and are these rates comparable with competitor exchanges?
User experience. Is the platform simple to use for both beginners and advanced crypto traders?
Platform features. What tools, charts and functionalities are available on the exchange? Is there support for advanced trading features such as derivatives or hedging?
Security. What measures are taken by the exchange to protect its customers' assets and prevent theft or loss? Are additional security features in place, including 2-factor authentication (2FA), cold storage of assets, regular audits and insurance coverage?
Regulator registration. Is the platform registered as a Digital Currency Exchange (DCE) with the Australian Transaction Reports and Analysis Centre (AUSTRAC) or overseen by the Australian Securities and Investments Commission (ASIC)?
Customer support. How do existing users rate the exchange's customer support? Does the exchange offer various methods of contact, such as email, instant chat, phone or social media?
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.
James Edwards was the cryptocurrency editor at Finder. He led the editorial strategy and reported on the latest industry news to further Finder's mission of helping people make better financial decisions.
A relatively early adopter, James has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in his ability to boil down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think, and he has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq and is frequently called upon for market commentary in Australia and abroad.
I have for several years been informed by email that I have 10.2 Bitcoins. Recently I have also been informed that this balance is worth some $18,000 plus and that I can withdraw the money at any time. Is this likely to be true or is it a scam?
I’m afraid we can’t tell if that is true or a scam. Have you traded bitcoins before or do you have any deals with cryptocurrencies? That could be adverts from the exchanges you’re with. If you didn’t engage in any of the bitcoin trades, then you should have a second thought and start to investigate yourself. You may refer to our guide about bitcoin scams. It has a list of 11 common crypto scams to keep an eye out for.
Now is a large selection of exchangers, but not all of them meet the requirements of users. For example, I used shapeshift earlier, but they made an account. I think you know what kind of hate this has caused among users. Then I used changelly, but they recently delay the execution of applications. This is inconvenient, because I need an exchange in a short time. Now I found changenow, in my opinion it meets the requirements of the crypto community, so I look forward to your review. Thanks!
Let me go and forward your comment over to our publishers. Definitely, this is something that would be checked by the team. Please follow our pages and check for updates regarding this. Again, thanks for your comment.
I will forward your request to our team who publishes these articles and this would be validated. Once we have enough information about this Crypto Exchange, we will have it published on our site. Hope this helps!
Hello
Here is a new cryptocurrency exchange(BITKER which founded in Singapore), we would like to link our information on your cryptocurrency plate. Also as the cooperation exchange condition, we would offer BITKER media resource, BITKER exchange has over 100K user and attention in China market. Now is continue to increase the overseas market. including but not limited to Southeast Asia, Middle East, Africa and North America.
If you are interested for our cooperation.
Please, Email me
Please check our partner with us page. Once there, please fill in the form provided. Once submitted, our client services team will get in touch with you to discuss your proposal.
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I have for several years been informed by email that I have 10.2 Bitcoins. Recently I have also been informed that this balance is worth some $18,000 plus and that I can withdraw the money at any time. Is this likely to be true or is it a scam?
Hi Wisebanc.com
Thanks for your inquiry and sorry for the delay.
I’m afraid we can’t tell if that is true or a scam. Have you traded bitcoins before or do you have any deals with cryptocurrencies? That could be adverts from the exchanges you’re with. If you didn’t engage in any of the bitcoin trades, then you should have a second thought and start to investigate yourself. You may refer to our guide about bitcoin scams. It has a list of 11 common crypto scams to keep an eye out for.
Hope this helps.
Cheers,
May
Now is a large selection of exchangers, but not all of them meet the requirements of users. For example, I used shapeshift earlier, but they made an account. I think you know what kind of hate this has caused among users. Then I used changelly, but they recently delay the execution of applications. This is inconvenient, because I need an exchange in a short time. Now I found changenow, in my opinion it meets the requirements of the crypto community, so I look forward to your review. Thanks!
Hi Emily,
Thank you for reaching out to finder.
Let me go and forward your comment over to our publishers. Definitely, this is something that would be checked by the team. Please follow our pages and check for updates regarding this. Again, thanks for your comment.
Cheers,
Reggie
Agree with Almore. Changenow should rank on this list. Using it recently, I found a service that completely suits me. Hope I will see it here.
Hi Ricko,
Thank you for reaching out to finder.
I have already forwarded your suggestion to our publishers for validation. Thank you for your interest in helping finder.
Cheers,
Reggie
Could you please add changenow to this list? I wanna to compare it with other services. They are writing about their best rates
Hi Almore,
Thank you for reaching out to finder.
I will forward your request to our team who publishes these articles and this would be validated. Once we have enough information about this Crypto Exchange, we will have it published on our site. Hope this helps!
Cheers,
Reggie
Hello
Here is a new cryptocurrency exchange(BITKER which founded in Singapore), we would like to link our information on your cryptocurrency plate. Also as the cooperation exchange condition, we would offer BITKER media resource, BITKER exchange has over 100K user and attention in China market. Now is continue to increase the overseas market. including but not limited to Southeast Asia, Middle East, Africa and North America.
If you are interested for our cooperation.
Please, Email me
Thank you
Mibo
Hi Mibo,
Thank you for your interest in Finder.
Please check our partner with us page. Once there, please fill in the form provided. Once submitted, our client services team will get in touch with you to discuss your proposal.
Hope this helps!
Cheers,
Reggie