Cryptocurrency trading is becoming more and more popular all over the globe each day (Australia is no exception). In fact, based on Roy Morgan's research published in April 2022, over 1 million Australians own cryptocurrencies. To acquire and manage these assets, traders surely want to find the best crypto exchange Australia.
However, a lot of countries tend to impose certain regulations on crypto assets and cryptocurrency exchanges due to the fact that they lay in the financial investment field and are prone to being involved in malicious activities. Thus, for an exchange to be accessible in Australia, it must comply with its crypto regulations.
The biggest exchanges like Binance, Coinbase, Kraken, and others surely do that. However, then another question arises: How to decide if it is the best crypto exchange in Australia? Don’t worry, in this article, I’ll address all points that should be considered when searching for a great Australian crypto exchange!
The exchanges that will be discussed in this article include:
But first, let’s talk about cryptocurrency regulations in Australia.
Australian Cryptocurrency Regulations
Before jumping into the list of the best crypto exchanges in Australia, let's discuss the situation with cryptocurrencies in this country. Is crypto trading legal here? The answer is: yes, it is. It is legal to store, send and receive, use as a payment method, and, of course, trade a variety of crypto assets.
Australia always welcomes new innovations, including those from the cryptocurrency and blockchain world. When cryptocurrencies and exchanges gained full legal status in 2017, Australian regulations barely intervened with the sector.
However, due to the fact that transferring value in digital currencies may aid illegal acts, AML and CTF safeguards have been taken into account in Australian crypto legislation as of 2018. As a result, the AML / CFT framework began to include digital currencies under the Financing Act of 2006.
These formal names make it seem very complicated but, simply put, the Act requires exchanges to confirm their client's identities, keep track of transactional activity, and report to AUSTRAC any transactions or activity that appears suspicious or involves large sums of money (exceeding $10,000).
Speaking of it, the government of Australia requires all cryptocurrency exchanges to register with AUSTRAC, which oversees and protects a Digital Currency Exchange Register. Besides that, all exchanges must adhere to Australian Securities and Investments Commission (ASIC) regulations.
However, while these are required, some exchanges that can still be legally used in Australia are not registered with AUSTRAC. I’ll tell you how that is possible later.
Lastly, if you're looking for the best site to buy Bitcoin in Australia, it's also worth noting that all cryptocurrencies in Australia are treated as investment assets by the Australian Taxation Office (ATO). Therefore, they are subject to the Capital Gains Tax (CGT), which a tax applied when buying goods or services using crypto, trading crypto, selling crypto, converting it to AUD, or even gifting it to someone else.
Besides that, any other process involving crypto assets (like staking or mining) is also considered to be a taxable event.
That’s basically all you need to know about crypto regulations in Australia. Now, we should determine what makes an exchange worth the title of “the best crypto exchange Australia.”
Best Crypto Exchange Australia: Evaluation Criteria
So, the last thing you need to know before proceeding with this best crypto exchange in Australia list is the criteria that make them the best.
First things first, since Australia does have pretty strict regulations regarding everything related to crypto, for an exchange to be considered the best, it must be compliant with those regulations. There are some great exchanges you can legally use in Australia that are not registered with AUSTRAC, though. Despite that, they still comply with the necessary regulations.
Moreover, features are always a criterion you should consider. Do note that even the most feature-packed exchanges could limit their services in certain countries. So, if you want to use a specific feature of an exchange, you have to make sure you can access it in Australia.
Another important factor is Australian Dollar (AUD) support. Trading is so much easier on exchanges that accept fiat money. And, if you are an Australian, you surely want to be able to buy crypto using your national currency.
The last thing is the fees charged by the exchange. It doesn’t matter in what country you live, this is a factor that could often make it or break it, especially if you're searching for the best site to buy Bitcoin in Australia. So, before picking an exchange, make sure to figure out how much you’ll have to pay for its services.
That's it, now that you are aware of Australian crypto laws, as well as the standards by which an exchange is judged to be the best in the country, it's time to discuss the exchanges that can and should be used in Australia.
1. Binance - A Global Exchange With an Australian Version
Ranks #1 out of 7 Crypto Exchanges
- + A very well-known crypto exchange platform
- + More than 500 different cryptos available
- + Two-factor authentication
- + P2P trading option
- + Emphasis on security and KYC
- + Supports fiat-crypto acquisitions
- - Might be a bit difficult for beginners
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Without a doubt, Binance is one of the best crypto exchanges in the world. However, Binance Australia, Binance’s region-specific exchange that is compliant with Australian regulations, is one of the best crypto exchanges in Australia.
For starters, do note that Binance Australia is registered with AUSTRAC and complies with all AML/CTF policies. Besides that, traders on Binance Australia have to undergo a strict KYC process to confirm their identities and prevent any malicious acts.
However, it is worth noting that, as of April 2023, Binance Australia doesn’t have an Australian derivatives trading license anymore. It was revoked by the Australian Securities & Investments Commission (ASIC). Thus, even though derivatives trading was supported on Binance Australia, it will not be anymore.
Now, speaking of the unavailability of derivatives trading, what kind of trading is allowed? Well, you can participate in spot trading, P2P trading, OTC trading, Swap Farming, as well as conversion between fiat and cryptocurrencies.
Apart from these trading features, you can also generate passive income through the Binance Earn program. While it is a bit more limited compared to the original Binance Earn program, it still offers some cool earning methods. This includes the Simple Earn features, Auto-Invest, ETH staking, BNB Vault, and the Binance Pool.
Now, what about AUD support? Don’t worry, it’s intact! Binance Australia allows users to utilize their national currency to buy and sell crypto. They can use their credit / debit cards or buy from one another through P2P trading.
Initially, traders were also able to buy crypto using third-party payment channels and bank transfers, as well as deposit and withdraw AUD for free through PayID or OSKO bank transfers. However, in May 2023, the exchange ceased AUD operations through these channels. It is working on finding alternative ways for that, though.
Besides that, there are over 20 fiat-to-crypto trading pairs with AUD currency. As for crypto assets, though, Binance Australia users can trade over 350 cryptocurrencies, including Bitcoin, Ethereum, and others. So, if you're searching for where to buy Bitcoin in Australia, Binance is one of the best options you have.
The last thing left to discuss is fees. Binance employs a maker-taker fee model for spot trading. Besides that, there are different tiers that depend on your monthly trade volume and your Binance Coin (BNB) balance. Maker fees range from 0.1% to 0.02%, while taker fees range from 0.1% to 0.04%.
However, you can make these fees even lower with the help of BNB. When covering your fees with BNB, you get a 25% discount. That surely is a great offer!
So, I just went through all the main criteria I’ve established in the beginning, and I can boldly say that Binance Australia is one of the best crypto exchanges in Australia. It complies with all requirements considering crypto regulations, supports AUD, provides various features, and offers very competitive fees.
2. Coinbase – Fully Regulated Crypto Exchange
Ranks #2 out of 7 Crypto Exchanges
- + Fiat currencies - accepted
- + Simple to use
- + Accepts only the most trustworthy cryptocurrencies
- + Very secure
- - Not available in all countries
- - Some of the less-known coins aren't supported
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Coinbase is by far one of the most secure exchanges out there and one of the largest ones in the USA. It provides users with strong security measures and boasts years of experience in the crypto space. The good news is that it also has a subsidiary company for Australians called Coinbase Australia, which is definitely worth being on this best crypto exchange in Australia list.
Regarding regulations, Coinbase is registered with AUSTRAC, and it works in accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. So, it does check all the boxes here. Though it’s not licensed or regulated by any other Australian regulators.
Now, when it comes to AUD, Coinbase Australia supports this fiat currency. You can use AUD to buy other currencies or deposit and store it in Coinbase’s fiat digital wallet. Thus, if you're searching "Where to buy Bitcoin Australia using fiat?" Coinbase is a great choice! However, do note that you cannot withdraw AUD to your Australian bank account, which is a minus for sure.
In terms of supported cryptocurrencies, Coinbase Australia users can trade over 250 crypto assets.
Talking about features, Coinbase Australia provides users with the Coinbase Earn program, which allows them to generate income from their crypto assets through Staking and DeFi Yield programs. Also, the platform offers a way to earn while learning, which is great for beginners.
Though, it doesn’t end here, if you are an experienced trader, you can use the Advanced Trade platform to access advanced trading options, charts, orders, and so much more.
Now, fees are not the strongest point of Coinbase as they are considerably high compared to other crypto Australia platforms. Coinbase taker fees go from 0.6% to 0.05%, while maker fees go from 0.4% to 0%. Besides, to buy crypto using your credit card, you have to pay 3.99% plus a 0.5% base fee. That is quite a lot.
Either way, Coinbase is surely worth being on this “best crypto exchange Australia” list, especially if you’re looking for a very secure and compliant crypto exchange. Besides, it offers great features for both beginners and experienced traders.
3. Bybit - Crypto Derivatives Giant
Ranks #3 out of 7 Crypto Exchanges
- + Very low trading fees
- + Exceptional functionality
- + Mobile trading app
- + Helpful customer support
- + Up to 100x leverage
- - Might have a steep learning curve
Bybit is one of the biggest derivatives trading exchanges in the industry. It is also one of the best crypto exchanges in Australia that provides traders with margin and derivative trading opportunities.
In terms of regulations, Bybit is a global cryptocurrency exchange that is not registered with AUSTRAC or ASIC. However, it did acquire the appropriate licensing to operate legally in Australia. Overall, Bybit is sort of in a grey area with most regulatory jurisdictions, not only when it comes to Australia.
Though, the fact that Bybit is not regulated in the country doesn’t mean it’s untrustworthy or unsafe. It does have strict security measures, it complies with the AML/CFE policy, and it requires its users to pass the KYC verification process.
The sphere in which the lack of regulation does poke through is the limited use of AUD. While you can use the One-Click Buy feature of Bybit and purchase crypto using AUD, you cannot make AUD deposits into your account. As for the Bybit One-Click Buy feature, you can choose from various payment methods, including Wise or bank deposits.
Okay, you might be wondering now - if Bybit is not regulated in Australia and it has limited AUD support, why is it on this "best crypto exchange Australia" list? The answer is simple: because it offers one of the best derivatives and margin trading options on the market with up to 100x leverage for BTC and ETC trading pairs.
Though, what is derivatives trading? In essence, it’s an exchange of derivatives contracts (futures, options, and so on) that bind buyers and sellers to sell or purchase an asset at a specific date and price. So, it’s more like a gamble on the asset's future. As for trading with leverage, it allows you to borrow funds to make bigger traders than your own funds allow you to.
So, Bybit can definitely be considered one of the best sites to buy Bitcoin in Australia, especially if you want to do that through futures contracts.
Of course, you have to keep in mind that derivatives trading and trading with high leverage are not for beginners. While it can bring high returns, it can also bring great losses. Thus, you really have to be experienced to participate in this kind of trading.
If you are a beginner, you could aim for other features offered by Bybit, such as spot trading, various earning programs (Bybit Savings, Liquidity Mining, and so on), P2P exchange, or use the copy trading feature. It will allow you to copy the strategies of experienced traders.
The last thing left to discuss is Bybit fees. It employs a tiered maker-taker fee structure for both spot and derivatives trading. Your tier depends on your asset balance, BIT holdings, monthly trade volume, and monthly average net borrowing. For spot trading, fees go from 0.1% to 0.005%, while for derivatives trading, they go from 0.06% to 0%.
So, overall, Bybit is surely one of the best crypto exchanges in Australia for experienced users who want to participate in derivatives trading. Besides, it offers many great features for beginners as well.
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4. Kraken – 13 Trading Pairs With AUD
Ranks #4 out of 7 Crypto Exchanges
- + Secure and reliable
- + Low fees
- + A good amount of fiat currencies accepted
- - Not the most helpful customer service
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Operating since 2011, Kraken is one of the oldest exchanges in the industry. It was founded in the UK but then spread its services globally, including Australia. Thus, Kraken undoubtedly should be on this list of "the best crypto exchange Australia".
Beginning with regulations, Kraken is registered as a Digital Currency Exchange (DCE) with AUSTRAC. Besides that, it takes all necessary precautions for AML/CFE and requires its Australian users to go over a thorough KYC process providing their Australian IDs and proof of address. So, Kraken is fully regulated in Australia.
Speaking of features offered for Australian users of Kraken, they can buy and sell crypto using fiat, use the spot trading feature, access the educational Kraken platform, as well as choose from advanced trading features such as margin trading (with up to 4x leverage), various order types, OTC trading, APIs, and so on.
What they cannot access, however, is futures trading. Though, Kraken is working on fixing this in the future.
Besides, do note that Australians can access both the basic Kraken version and the Kraken Pro version for advanced users.
Now, what about AUD support? It’s more than satisfactory, as Australians can deposit and withdraw AUD for free! To do that, they can use either PayID or make OSKO bank transfers. However, there is a minimum deposit amount of $5 AUD.
Besides depositing, you can simply use AUD to quickly purchase crypto through such payment methods as credit / debit cards, Apple / Google Pay, and Etana Custody.
As for the amount of supported crypto assets, Kraken allows its traders to buy and sell over 200 cryptocurrencies. Besides that, there are 13 trading pairs with AUD, out of which 10 are crypto-crypto pairs, and 3 are fiat-fiat pairs.
The last thing left to discuss is Kraken fees. When buying crypto through the Instant Buy feature on the basic Kraken version, the fees differ based on the asset in question, the amount you buy, as well as the payment method you choose. For example, with credit / debit cards and Apple / Google Pay, an additional fee of 3.75% + 25c is imposed alongside the primary fee.
Thus, if you're searching for the best site to buy Bitcoin in Australia, do keep in mind that it's important not only to choose a great platform, but also to pick the best payment method.
Now, talking about spot trading on the Kraken Pro version, fees are based on the maker-taker model and differ according to your monthly trading volume (counted in USD). Maker fees go from 0.16% to as low as 0%, while taker fees go from 0.26% to 0.1%. Talking about margin trading fees, there is an opening fee of 0.02% and a rollover fee of 0.02% as well (paid every 4 hours).
To summarize, Kraken definitely is one of the best crypto exchanges in Australia because it checks all the boxes! Besides, it’s great for both newbies and seasoned traders.
5. KuCoin - Over 700 Supported Cryptocurrencies
Ranks #5 out of 7 Crypto Exchanges
- + Anonymous trading
- + Secure
- + Supports a variety of cryptocurrencies
- - Low trading volume
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KuCoin is a cryptocurrency exchange that supports over 700 crypto assets and caters to the needs of over 11 million users all over the world. This also includes Australian users, which is why KuCoin is on this list of the best crypto exchanges Australia.
To start things off, KuCoin is not registered as a Digital Currency Exchange (DCE) by AUSTRAC. However, it still has many Australian users as it can be legally used in the country either way. “How?” you might ask.
Well, for one, KuCoin still complies with the AML & CFT policy, even if it does not report to AUSTRAC. Besides that, it complies with worldwide law enforcement requests, including that of ATO.
In addition to that, KuCoin supports third-party tax calculators and allows downloading CSV transaction history. Thus, users can easily file their crypto taxes. In fact, KuCoin even provides a guide on how to do that.
What makes KuCoin a great exchange for Australians, and global users overall, is that it offers a huge variety of crypto assets and many features for advanced and beginner users. Apart from the usual spot trading, it offers futures trading, margin trading, and P2P trading. Besides that, it also offers crypto lending services.
Now, talking about AUD support, it allows users to purchase crypto using it through third-party payment channels such as Banxa or BTC Direct. However, you cannot deposit or withdraw AUD into (or from) your KuCoin account. Though, this is the case not only with AUD, but will all other fiat currencies as well, because KuCoin is a crypto-only exchange that has no fiat markets.
So, if you only care to find out how and where to buy Bitcoin in Australia, KuCoin is an option you should consider.
Lastly, let’s discuss KuCoin fees. Spot and futures trading fees on KuCoin follow a tiered maker-taker model. Your tier changes based on your KCS (KuCoin native token) holdings or your spot / futures 30-day trading volume.
Spot trading fees for makers go from 0.1% to -0.005%, while for takers, they go from 0.1% to 0.025%. As for futures trading, maker fees go from 0.02% to -0.015%, while taker fees go from 0.06% to 0.03%. Besides, if you cover your spot fees using KSC tokens, you get a 20% discount.
Now that I have gone through all criteria, you can see that KuCoin, indeed, is one of the best exchanges in Australia. Even though it is not registered with AUSTRAC and does not allow AUD deposits and withdrawals, it compensates for that with a variety of advanced features, over 700 supported crypto assets, and great fees.
6. CoinSpot – Great for Beginners
Ranks #6 out of 7 Crypto Exchanges
- + More than 380 supported assets
- + User-friendly interface
- + NFT trading through the OpenSea integration
- - Limited advanced trading options
- - Considerably high fees
Now, there is no “best cryptocurrency exchange Australia” list without CoinSpot mentioned in it. And the reason for that is pretty obvious – it is, after all, an Australian-based centralized exchange. It’s known for its strong security, simple-to-use interface, NFT trading support and a crypto credit card.
Now, since CoinSpot is one of the first Australian exchanges that was launched in 2013, it is both regulated by AUSTRAC and registered with ASIC. So, it complies with all requirements, including having an extensive KYC verification process and necessary security measures.
In terms of features offered by CoinSpot, it is an exchange more suitable for beginners than advanced users. It does offer an easy buy and sell feature, a swap, NFT trading through the OpenSea integration, and OTC trading. However, it lacks other, more advanced features. Though it does support over 380 cryptocurrencies, which is quite a lot.
Besides that, CoinSpot provides users with a software crypto wallet and a crypto credit card.
Talking about AUD, CoinSpot allows both – purchasing / selling crypto assets with it through the instant buy / sell feature, as well as depositing and withdrawing AUD into (and out of) your CoinSpot account. What is a huge plus is that there are no fees or limits for withdrawing AUD.
As for AUD deposits, there’s a variety of supported channels to do that, including POLi, BPAY, PayID, and OSKO bank transfers, as well as the possibility of making cash and card deposits. While POLi, PayID, and direct bank deposits are free, other methods impose fees of up to 2.58%.
Speaking of fees, market orders and OTC impose a 0.1% fee, while features like instant buy / sell, swapping, take-profit, stop & limit orders, and the recurring buy feature impose a fee of 1%, which is quite a lot, to be honest. Therefore, if you're searching for where to buy Bitcoin in Australia, and you want a lower-cost option, CoinSpot might not be the best one.
To sum up, though, CoinSpot surely is one of the best crypto exchanges in Australia because it is a native exchange that complies with all regulations and offers full AUD support. However, it is more suitable for beginner traders due to its lack of advanced features.
7. Swyftx – Test Out Your Skills With Demo Mode
Ranks #7 out of 7 Crypto Exchanges
- + Advanced trading features
- + Zero AUD deposit and withdrawal fees
- + Demo mode
- - Only available in Australia and New Zeland
Swyftx is a beginner-friendly exchange based in Australia that supports over 310 crypto assets. So, it definitely is worth being called one of the best crypto exchanges in Australia. Though do note that it is only available in Australia and New Zeland, which should not be a bad thing for you if you're looking for an Australian exchange.
Now, obviously, Swyftx is registered and regulated by AUSTRAC and follows all requirements imposed by it. It could not be an Australia-based exchange otherwise. So, this means that it also has a strict KYC verification process that requires users to verify their identities and provide proof of residence.
Moving further, what kind of features does it offer? For one, it provides users with real-time portfolio tracking. Besides that, it offers a swapping feature for exchanging cryptocurrencies.
However, one of the more advertised features of Swyftx is its Demo mode. It provides users with a crypto playground, which simulates real-time liquidity and market depth and allows users to practice trading with fake money. This is definitely a great feature for beginners, but it’s also great for advanced users who want to test out their trading strategies.
Speaking of advanced users, Swyftx also offers such features as advanced charting, Stop, On Trigger, and Market orders, as well as API implementation.
As for the AUD support, Swyftx allows users to buy and sell crypto assets instantly using the currency. So, it surely is one of the best sites to buy Bitcoin in Australia. Besides that, it also allows making AUD deposits and withdrawals through PayID, POLi, OSKO, and bank transfers.
What about Swyftx fees, though? All fiat deposits and withdrawals are free. Besides, there is no limit on withdrawals, while deposits do have a daily limit of up to 100k AUD. As for trading fees, Swyftx charges up to 0.6% on trades. So, when it comes to fiat, its fees are great (because there are none). However, when it comes to trading fees, they might not be the lowest on the market.
To conclude, with its regulation compliance, full AUD support, demo mode, advanced features, and competitive fees, Swyftx surely deserves to be dubbed as one of the best crypto exchanges in Australia.
So, there you have it, the list of the best crypto exchanges in Australia. Which platform is the best for you fully depends on your own needs. However, whether you’ll choose Binance, Bybit, Coinbase, or any other exchange from this list, you can be sure that you’ll be able to use them in Australia.
Though, do keep in mind that there are four main factors you should consider when picking the best Australian crypto exchange – compliance with Australian crypto regulations, AUD currency support, features offered, and, of course, fees.
As a side note, once you pick an exchange, you should also consider getting a secure and reliable crypto wallet for storing all your crypto assets. While most exchanges provide built-in wallets, I strongly recommend getting a hardware wallet. Some of the best hardware wallets for Australians are Ledger Nano X and Trezor Model T.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
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