Interested in trading cryptocurrencies in Australia? Find out which Australian crypto exchange best fits your trading needs in this guide.
With the current boom in crypto trading, Australians have also been eagerly joining the scene. As the regulatory structure improves with investor confidence, there's never been a better time to explore the exciting world of digital assets. However, choosing the right platform can be challenging given the growing number of Australian crypto exchanges. We'll explore the top Australian crypto exchanges in 2024, comparing features, security measures, and fees.
Quick Look: 5 Best Australian Crypto Exchanges in 2024
- Best Overall: eToro
- Best for Low Fees: Plus 500
- Best for Wide Range: CoinSpot
- Best for Reliability: Swyftx
- Best for Learn and Earn: Coinbase Australia
Top 5 Best Australian Crypto Exchange Platforms
Here is the list of the 5 best crypto exchanges in Australia:
1. Best for Overall: eToro
eToro Australia offers access to stocks and cryptocurrencies, allowing portfolio diversification on a single platform. As a “social trading platform,” it enables users to interact with a community of successful investors, sharing insights and strategies. With a 1% fee on transactions and fewer than 100 cryptocurrencies available, eToro Australia also provides access to stock trading, enhancing its appeal to diverse investors.
Pros
- Access to around 100 cryptocurrencies and a wide range of stocks.
- Offer copy trading.
- $0 fees for Australian stocks.
Cons
- Charges currency conversion a monthly inactivity fee.
- Offers less than 100 cryptocurrencies.
2. Best for Low Fees: Plus500
The ASIC-regulated platform Plus500 is one of Australia's top crypto trading platforms, offering simple money deposits via multiple global payment methods and a demo account for beginners. As a member of the FTSE 250 index and publicly traded on the London Stock Exchange, Plus500 allows crypto trading through CFDs, letting you speculate on major crypto assets' price movements without owning them or needing a specific wallet. The platform provides price alerts, risk management stops, 24/7 customer service in multiple languages, and segregated bank accounts for user funds, supporting over 15 cryptocurrencies with a spread-based pricing structure.
Pros
- Offers major cryptocurrencies
- Easy to use
- Reasonable fee
Cons
- CFD trading
- Lack of crypto variety
3. Best for Wide Range: CoinSpot
Founded in 2013, CoinSpot is one of Australia's oldest and most established cryptocurrency exchanges. The platform supports over 2.5 million users and offers more than 440 cryptocurrencies. It charges a 0.1% fee on spot trading.
Pros
- User-friendly and facilitates beginners.
- Secure and regulatory compliant.
- Low fees of just 0.1%.
Cons
- No margin and derivative trades.
4. Best for Reliability: Swyftx
Founded in 2018, Swyftx is a cryptocurrency exchange focused on the Australian market. The platform supports over 370 cryptocurrencies and has 660,000 users. Swyftx charges fees ranging from 0.1% to 0.6% depending on trading volume.
Pros
- Offers 24/7 live support.
- Registered with AUSTRAC and complies with KYC regulations.
Cons
- Charges relatively high fees compared to some competitors.
- Does not support margin and derivative trades.
- No earning and staking options.
5. Best for Learn and Earn: Coinbase Australia
Coinbase Australia is the local version of Coinbase, one of the world's largest and most respected exchanges. The platform offers more than 250 different cryptocurrencies. Fees range from 0% to 1% on Coinbase, though they can be higher depending on various factors, including market conditions.
Pros
- Beginner-friendly with a simple and easy-to-understand interface.
- Coinbase's Learn and Earn program allows you to earn cryptocurrency by completing educational modules.
- One of the world's most trusted exchanges.
Cons
- Inadequate customer support.
- Relatively higher fees than other exchanges. 'Instant purchases' come with fees of up to 4%.
- No support for advanced transaction types — such as margin and derivative trading.
How to Choose the Best Crypto Exchange in Australia
When selecting a crypto exchange in Australia, consider the following factors to ensure a safe, efficient, and user-friendly experience:
- Regulation: Ensure the exchange is registered with AUSTRAC. This compliance guarantees that the exchange operates legally and adheres to stringent anti-money laundering and counterterrorism financing laws, providing users with security and peace of mind.
- Tradable Cryptos: Look for an exchange that offers a wide range of cryptocurrencies, including major assets like BTC, ETH, and XRP, as well as various altcoins.
- Fees: Evaluate the fee structure, including trading, staking, deposit, and withdrawal fees.
- Wallet: Check if the exchange offers a secure and user-friendly wallet. Hot wallets provided by exchanges are convenient but more vulnerable to hacking.
- Tools & Features: Opt for exchanges that offer advanced trading features like leveraged trading, and reduced fees for high-frequency trading, staking, and lending services.
- Payment Methods: Choose an exchange that supports various payment methods, including bank transfers, eWallets, credit cards, PayPal, and local payment options.
- Customer Service: Strong customer support is crucial for resolving issues promptly. Look for exchanges with robust customer service options like email, phone, live chat, and 24/7 availability.
Crypto Regulation in Australia
Here is an overview of the current state of crypto regulations in Australia:
Legal Status
Cryptocurrencies are legal in Australia and explicitly recognized in different legal frameworks. For instance, capital gains tax (CGT) applies to crypto assets under the country's tax regime. This means that investors must report their crypto transactions and pay tax on any profits made.
Regulatory Framework
The Australian government has taken a progressive and balanced approach to integrating crypto asset trading with the traditional economy. The country has implemented a robust anti-money laundering and counterterrorism financing (AML/CTF) framework for cryptocurrency exchanges and other digital currency service providers.
Key Legislation
Several key pieces of legislation have been introduced or proposed to regulate the crypto sector in Australia.
These include:
- Digital Assets (Market Regulation) Bill 2023: This bill aimed to introduce robust disclosure norms for banks and implement licensing systems for crypto exchanges, custody services, and stablecoin issuers. However, it was rejected by the Senate Economics Legislation Committee in September 2023.
- Token Mapping Exercise: The government has initiated a token mapping exercise to help explain how various crypto assets could fit into existing regulatory frameworks.
- Regulatory Framework for Crypto Regulation: The Treasury released a long-awaited regulatory framework for crypto regulation in October 2023, which included extending the AML/CTF regime to digital asset service providers and introducing a licensing framework for crypto exchanges and other digital asset service providers.
Government Agencies
Several government agencies are involved in regulating the crypto sector in Australia.
These include:
- Australian Securities and Investments Commission (ASIC): ASIC requires entities operating a financial services business in Australia to hold an Australian Financial Services License (AFSL) or be exempt. It also provides guidance on regulatory obligations for various crypto participants.
- Australian Transaction Reports and Analysis Centre (AUSTRAC): AUSTRAC requires digital currency exchange service providers to be registered with it and undertake stringent AML/CTF measures. It also champions AML/CTF best practices for digital currency regulation.
Professionals Pick of the Best Crypto Exchanges for Australian Investors
In 2024, the best crypto exchanges in Australia include eToro, Plus500, CoinSpot, Swyftx, and Coinbase Australia, each offering unique features tailored to different trading needs. When choosing an exchange, it is crucial to consider factors such as AUSTRAC regulation for legal compliance and security, the range of tradable cryptocurrencies, and the fee structure, including trading, staking, deposit, and withdrawal fees. Wallet options are also important, with a preference for exchanges offering secure external wallets and convenient hot wallets. Advanced trading tools, diverse payment methods, and robust customer service are key to enhancing the trading experience. By evaluating these aspects, you can select an exchange that ensures a secure, efficient, and user-friendly trading environment.
Frequently Asked Questions
What crypto exchange is legal in Australia?
Swyftx is one of the legal crypto exchanges in Australia. It is registered with AUSTRAC and complies with KYC regulations.
Which bank is best for crypto in Australia?
ING is considered the most crypto-friendly bank in Australia, offering a balance between security and customer convenience.
Is Bybit safe in Australia?
Bybit is not fully safe or legal for crypto trading in Australia due to its lack of AUSTRAC registration and proper licensing for crypto derivatives. Despite robust security measures, the absence of regulatory oversight makes it a high-risk option for traders. Additionally, the Bybit Card is not accepted in Australia and cannot be added to digital wallets like Apple Pay.
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About Ishan Jain
Ishan Jain is a technical enthusiast with a knack for financial analytics and trading. Ishan primarily works on AI algorithms, business development, and software engineering for his ventures and side projects, and he produces Web3 content for Benzinga. Ishan has been involved in DeFi in a variety of ways, including heading a project at a crypto asset investment firm along with leading a blockchain security research project.