Interested in trading cryptocurrencies in Australia? Selecting the right exchange is crucial for a secure and efficient trading experience. This guide explores the leading platforms available to Australian investors, comparing their features, security protocols, and fee structures to help you make an informed choice.
Quick Look: Best Australian Crypto Exchanges
- Best Overall: Bitget
- Best Demo Accounts: eToro
- Best for Low Fees: Plus500
- Best for Wide Range: CoinSpot
- Best for Reliability: Swyftx
- Best for Learn and Earn: Coinbase Australia
Detailed Review of Top Australian Crypto Platforms
Here is a comprehensive analysis of the six best crypto exchanges for Australian users.
Bitget: Best Overall
Bitget is an advanced trading platform catering to experienced traders. It offers a full suite for spot, futures, and NFT trading, along with a swapping feature. While its extensive toolkit is powerful, it is primarily designed for those with a higher risk tolerance and a clear investment strategy.
Australian traders benefit from over 800 supported tokens, including some unique to the local market. The platform's robust mobile app allows for full trading capability away from the desktop.
Key Advantages:
- Advanced tools for building and managing a diverse portfolio.
- Access to a vast selection of over 800 digital assets.
- Powerful mobile application for trading on the move.
Considerations:
- The platform's professional focus may present a steep learning curve for beginners.
- Some specific tokens may not be supported.
eToro: Best for Demo Accounts
eToro Australia provides a social trading environment where users can access both stocks and cryptocurrencies. Its standout feature is copy trading, which allows users to mirror the strategies of successful investors on the platform. It supports a selection of nearly 100 cryptocurrencies.
Key Advantages:
- Facilitates portfolio diversification across crypto and stocks.
- Unique copy trading feature for strategy sharing.
- Zero fees on Australian stock trades.
Considerations:
- Charges a currency conversion fee and a monthly inactivity fee.
- The number of available cryptocurrencies is less than on some rival platforms.
Plus500: Best for Low Fees
Plus500 is an ASIC-regulated platform that is publicly traded on the London Stock Exchange. It offers trading via Contracts for Difference (CFDs), allowing you to speculate on crypto price movements without owning the underlying assets. The platform is known for its user-friendly interface and spread-based fee structure.
Key Advantages:
- Regulated and easy-to-use platform.
- Offers a free demo account for practice.
- Competitive and transparent spread-based fees.
Considerations:
- Trading is limited to CFDs; you do not own the actual cryptocurrencies.
- The variety of supported crypto assets is more limited.
CoinSpot: Best for Wide Range
Established in 2013, CoinSpot is one of Australia's most veteran exchanges. It boasts a user base of over 2.5 million and offers an impressive selection of more than 440 cryptocurrencies. It is renowned for its user-friendly design, making it an excellent choice for beginners.
Key Advantages:
- Extremely beginner-friendly interface.
- Huge selection of over 440 digital assets.
- Low spot trading fee of just 0.1%.
Considerations:
- Does not support advanced trading options like margin or derivatives.
Swyftx: Best for Reliability
Founded in 2018, Swyftx is an Australian-focused exchange supporting over 370 cryptocurrencies. It is registered with AUSTRAC and emphasizes strong customer support, offering 24/7 live assistance to its users.
Key Advantages:
- Excellent 24/7 customer support.
- Fully compliant with Australian KYC and regulatory standards.
- Strong reputation for reliability.
Considerations:
- Trading fees (0.1% to 0.6%) can be higher than some competitors.
- Lacks staking, earning, and derivative trading features.
Coinbase Australia: Best for Learn and Earn
Coinbase Australia offers a trusted and beginner-friendly gateway into the crypto world. Its major draw is the "Learn and Earn" program, which rewards users with crypto for completing educational modules. It provides access to over 250 cryptocurrencies.
Key Advantages:
- Intuitive and simple platform ideal for newcomers.
- Educational "Learn and Earn" program provides free crypto.
- Globally recognized and trusted brand.
Considerations:
- Fee structure can be complex and relatively high for instant purchases.
- Customer support response times can be slow.
- No support for advanced order types.
👉 Compare trusted exchange features
How to Select the Best Crypto Exchange in Australia
Choosing the right platform requires careful evaluation of several key factors to ensure safety and a good user experience.
- Regulation and Compliance: Always verify that the exchange is registered with AUSTRAC. This ensures it adheres to strict anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
- Available Cryptocurrencies: Look for a platform that offers a diverse range of assets, including major coins like Bitcoin (BTC) and Ethereum (ETH), as well as various altcoins.
- Fee Structure: Understand all applicable fees, including those for trading, deposits, withdrawals, and staking. Transparent pricing is essential.
- Security Features: Assess the security measures in place, including two-factor authentication (2FA), cold storage policies, and insurance funds. Consider using an external wallet for larger holdings.
- Payment Methods: Ensure the exchange supports convenient and low-cost deposit methods for Australians, such as PayID, bank transfers, or debit cards.
- Customer Support: Reliable and accessible customer service is critical for resolving issues quickly. Prioritize exchanges with multiple support channels.
Understanding Crypto Regulation in Australia
Australia has established a clear legal framework for digital assets, providing clarity and security for investors.
Legal Status
Cryptocurrencies are legal and recognized as property by Australian law. This means capital gains tax (CGT) applies to profits made from buying and selling crypto assets.
Regulatory Bodies
The main regulators overseeing the crypto sector are:
- Australian Transaction Reports and Analysis Centre (AUSTRAC): Mandates registration for exchanges and enforces AML/CTF compliance.
- Australian Securities and Investments Commission (ASIC): Regulates exchanges that offer financial products, requiring them to hold an Australian Financial Services Licence (AFSL).
This regulatory environment continues to evolve, aiming to integrate digital assets safely into the broader economy while protecting consumers.
Frequently Asked Questions
Is Swyftx a legal exchange in Australia?
Yes, Swyftx is a legal and compliant cryptocurrency exchange. It is fully registered with AUSTRAC and adheres to all Australian KYC and anti-money laundering regulations.
Which Australian banks are crypto-friendly?
Many major Australian banks allow transactions with registered crypto exchanges. Some are known for striking a better balance between security protocols and customer convenience for crypto-related transactions. It is always best to check your bank's specific policy on digital currency transfers.
What should I avoid when choosing a crypto exchange?
Avoid platforms that are not registered with AUSTRAC, as this lacks regulatory oversight. Be wary of exchanges with opaque fee structures, poor customer reviews, limited security features, or a history of security breaches. Always conduct thorough due diligence.
How are crypto profits taxed in Australia?
The Australian Taxation Office (ATO) treats cryptocurrencies as property for tax purposes. This means profits from selling crypto are generally subject to Capital Gains Tax (CGT). It's important to keep detailed records of all your transactions for tax reporting.
Can I use international exchanges in Australia?
While some international exchanges accept Australian users, it is often safer and more convenient to use a platform that is specifically registered with AUSTRAC and designed for the Australian market, as it will support local payment methods and comply with national laws.
Where can I find more advanced trading tools?
For traders looking to move beyond basic buying and selling, several platforms offer advanced charting, order types, and even derivatives trading. 👉 Explore platforms with advanced trading features to find one that matches your strategy.