Best crypto exchanges in Australia for 2022 | The Canberra Times

Cryptocurrency has become increasingly popular throughout Australia, which has led to many different cryptocurrency exchanges to choose from. If you want to get started with trading crypto, how do you figure out which exchanges are legitimate, which are a scam, and which one is the right fit for you?

Digital Surge is the top choice for Australians when it comes to cryptocurrency exchanges. It is the ideal choice for regular Australians who are considering getting into crypto. You can be assured that this exchange is safe and legitimate as it is registered with both ASIC and AUSTRAC.

It’s been around since 2017 and offers users access to over 280 different cryptocurrencies that you can purchase with AUD directly. Along with this, Digital Surge offers the lowest fees in the Australian market, starting at just 0.5 per cent. Depending on the trading volume, they can go as low as 0.1 per cent. The spread is also quite tight, so you know that you are getting the most value for your money.

Digital Surge have worked hard to create a very easy to use user interface when both buying and selling. All you need to do is click on buy or sell and there are no complicated graphs or charts to worry about. It’s also ideal for more experienced traders who prefer to place limit orders, with the option to do this available.

Another interesting feature that you can take advantage of when using this cryptocurrency exchange is using Bitcoin to pay your bills. If you have an Australian credit card or bill that accepts BPAY, you can pay with Bitcoin directly from your Digital Surge account. This is really handy and convenient since you don’t need to sell your BTC and withdraw it as AUD to make the payment.

Customer support is friendly and easy to reach either via email or Live Chat 24/7. You can use the desktop website or Digital Surge mobile app to make trading easier than ever no matter where you are.

• Very intuitive interface with not much learning needed
• Over 280 different cryptocurrencies available to buy and sell with AUD
• iOS and Android mobile apps available
• Lowest fee Australian exchange
• Deposit with bank transfer, POLi, PayID, and cryptocurrency

If you are looking for an Australian cryptocurrency exchange to use, Swyftx is a great choice, with lots of different features for both beginner and advanced traders alike. This is one of the best exchange options for beginners as it offers an interface that is easy to use, demo mode, low fees, Live Chat, and even $20 worth of Bitcoin for free once you sign up, without the need to make a deposit.

Being new to trading crypto can sometimes be a daunting experience, but Swyftx has put in a lot of work to make the experience as simple and easy as possible for new traders. They offer a clean, easy to navigate user interface, and you can easily buy or sell crypto instantly whenever you like. There’s no need to place limit orders or make sense of complicated graphs, although more advanced traders who prefer to do this also have the option.

Swyftx offers more than 280 cryptocurrencies available to trade and the number is always increasing as more coins are added on a regular basis. If you are a beginner, it is not uncommon to struggle when figuring out which price is the best one or when you should buy, but with this exchange, you can easily switch to Demo mode by clicking the button located in the top right hand corner of the site where you will get access to $10,000 play money to try out different strategies without any financial risk. The prices in the demo mode reflect the real-time crypto prices, allowing you to get a real sense of how it works.

If you run into issues while trading, you can easily and quickly get help and advice from the Live Chat customer support. The support team is very knowledgeable and responsible, which is great for newbies who might need some guidance.

Low fees are also offered, which is another excellent reason for both new and experienced traders to consider Swyftx. Depositing and withdrawing AUD is always free of charge regardless of the payment method that you use, and trading fees are just 0.6 per cent of the transaction, with low spreads.

Another highly-sought-after feature that you can use with this exchange is staking, which allows you to earn interest on the coins that you hold in the account. Rather than just letting your crypto sit in the account while you wait for the value to increase, staking allows you to increase the amount of cryptocurrency that you own.

You can easily use this feature in Swyftx with just a couple of clicks, so it’s easy for beginners too. On the downside, more experienced or serious crypto traders might be disappointed with the lack of advanced markets such as margin traders or future, as Swyftx is built more for beginner and intermediate traders.

• Easy to use with live chat support available
• Practice risk-free with $10,000 virtual money in the demo account
• Over 280 cryptocurrencies available to buy and sell using AUD
• Brisbane based and registered with AUSTRAC
• Low fees at 0.6 per cent that are clearly displayed when trading with no hidden costs
• Several deposit methods including bank transfer, OSKO, PayID, credit card, debit card, POLi, and cryptocurrency.

CoinSpot came on the scene in the Australian crypto market in 2013 and they have shown no signs of slowing down since. Since then, they have grown to have the most users and the highest number of transactions of all cryptocurrency exchanges in the country.

Along with this, they are the most externally audited cryptocurrency exchange in Australia and the only exchange to receive the ISO 27001 certification, which backs up their claim of being the most secure and trusted exchange.

CoinSpot is an exchange that is very easy to use, which is good news for anybody who is trying out trading crypto for the first time. They offer over three hundred different cryptocurrencies that you can instantly sell and buy on the platform, with the largest range in an Australian exchange. Some of the coins that you can buy here are not listed anywhere else.

On the downside, however, there is a high transaction fee of 1 per cent for instant buys and sells on CoinSpot. Although, you can access lower fees on the market where you will only pay 0.1 per cent to trade a coin.

But, if you want to do this, it’s important to bear in mind that the range of coins available through market trades is limited. You can get access to the major cryptocurrencies such as Bitcoin and Ethereum, however, if you are looking to buy a smaller altcoin, you will need to use the Instant Buy feature and pay a 1 per cent fee.

CoinSpot is an ideal choice for beginner traders since they offer a simple, easy-to-use interface with both desktop and mobile options available. They have done a lot of work to make sure that users enjoy an experience that is seamless and free from clutter. And, you can easily get in touch with the support team via live chat if you run into any problems.

• The most trusted and secure exchange in Australia
• Simple registration and easy to use platform
• More than 330 crypto coins available to purchase with AUD
• Supports a range of deposit methods including cryptocurrency, cash deposits, bank transfer, PayID, POLi, and BPAY
• Live chat support available

eToro is a broker rather than a cryptocurrency exchange. It offers a range of trading instruments including cryptocurrency and has been built from the ground up as a social trading platform that allows you to interact with other users through making posts and comments on the news feed. You can even set your account to automatically copy the exact trades of the most successful traders using eToro.

While it might not be a dedicated cryptocurrency exchange, eToro is worth a mention as it offers a wide range of excellent features to compete with the other exchanges. You can get access to a demo account with $100k in virtual money to use when practicing trading with no financial risk before you get started for real. Other features include crypto staking and you can even purchase crypto CFDs which allows you to make money on crypto prices without actually owning any cryptocurrencies.

On the downside, eToro only offers thirty of the most popular cryptocurrencies to trade on their platform, so it might not be the right choice for you if you want to purchase smaller altcoins. However, it is a good choice if you are looking to buy popular cryptocurrencies since there is no commission charged on trades and the fees are reasonable and all included in the spreads. You can also download the mobile app for Android and iOS.

For Australians, another drawback to eToro is that it operates in USD, meaning that you will need to pay a fee for currency conversion whenever you deposit and withdraw.

• Margin trade cryptocurrencies
• Staking available to earn interest on your cryptocurrencies
• Invest in thirty coins either by directly purchasing or using CFDs
• Demo account available where you can practice trading with $100,000 virtual money

Binance offers a cool crypto trading platform, although it might not be the best option for beginners. It is not Australian, but it is definitely worth a mention as one of the best and most popular cryptocurrency exchanges around the world today. There are plenty of options available to you when you sign up and log in to Binance including margin trading, futures, p2p, and more, with access to more than three hundred cryptocurrencies.

You can easily deposit AUD with no fees into Binance using Osko or PayID and start trading instantly. This exchange is definitely recommended to anybody who is serious about trading crypto, with highly competitive fees at just 0.01 per cent. Along with this, Binance integrates well with a wide range of third-party trading bots making it easy for traders to automate their strategy.

On the downside, it’s worth bearing in mind that since Binance is not Australian, your bank may charge fees for making deposits and withdrawals. Along with this, some Australian users have run into problems when depositing from Australian banks or verifying their Australian-issued ID.

• Flat fee of 0.1 per cent when trading crypto-to-crypto
• Access to Binance Lite, a simpler version of the platform that is a better option for beginners
• Ideal for serious traders with access to over three hundred cryptocurrencies and low fees
• Take advantage of Binance Coin to reduce your trading fees further

Independent Reserve is an Australian exchange with a trusted record in comparison with other exchanges in the country. It offers lower fees than Swyftx at just 0.5 per cent, and if you are a large investor, you can reduce the trading fees that you pay based on trade volume, with fees reducing when you trade at least $100,000 per month. Huge investors who trade $20m per month pay extremely low fees at just 0.02 per cent.

Another benefit of Independent Reserve is that it is the only Australian exchange to offer cryptocurrency asset insurance that can cover up to the value of $5m. Along with this, they offer features to make tax reporting easier with a KPMG-powered tax report. They offer an excellent Over-The-Counter desk, which is ideal for family offices, SMSFs, businesses, and sophisticated investors that want to execute trades of more than $100,000. It is recommended to traders who plan to deposit and trade large volumes of cryptocurrency.

While the exchange only supports 27 cryptocurrencies, most of these are the top thirty globally traded coins.

• Security is a top priority and insurance is offered for premium accounts
• A range of features including tax reports, instant deposits, and automatic dollar-cost averaging
• 27 cryptocurrencies that you can trade with 0.5 per cent starting fees that reduce based on trade volume

Kraken is a cryptocurrency exchange that works similarly to Binance in that it provides a wide range of services and cryptocurrencies with low fees. However, one main way that it is different is that Kraken offers fewer coins compared to Binance and has a heavier focus on security. It is based in the US rather than Australia, but this is a good thing for people who are looking for a secure exchange since it means that it must be compliant with heavy regulation. It is considered to be one of the most secure cryptocurrency exchanges worldwide.

Advanced traders have access to a decent interface on Kraken and there are competitive maker/taker fees at 0.16 per cent/0.26 per cent. Instant buy and sell are also available at a fee of 1.5 per cent, and you can use a wide range of additional features including margin trading, futures, and staking.

One of the downsides to this exchange is that there are only sixteen cryptocurrencies that can be traded against AUD, which can be quite limiting for some Australian traders. However, this might not be an issue for you if you are planning to only trade the most popular coins such as BTC and ETH.

• Well-designed platform for traders who want access to advanced features
• Highly focused on security with US regulation compliance
• Live Chat support available 24/7 from a real person
• Mobile app available

If you want to buy cryptocurrency immediately, Easy Crypto Australia might be the best exchange option for you. It operates slightly differently to other exchange options as none of your crypto or fiat assets are actually held in the exchange.

All you need to do to purchase a coin is click buy, and you can then make your purchase on the next screen with the money sent directly from your bank like making any other regular online purchase, without the need to deposit beforehand.

Once you have purchased your crypto, it is then sent to your external wallet directly rather than being stored on the exchange. The main benefit of this is that your coins are always secure and there is no risk of them being stolen should the exchange be the victim of a hacking attack or breach. The exchange also offers a 100 per cent funds guarantee on all orders, allowing traders to invest with peace of mind.

• Nothing is stored on the exchange allowing you full control of your crypto assets
• No need to deposit before buying crypto directly with AUD
• 100 per cent funds safety guarantee for each order
• No hidden costs

If you want to buy and sell cryptocurrency peer-to-peer, Elbaite is a great exchange to consider. It has a fee of just 1 per cent for buyers and zero fees for sellers. The crypto marketplace is non-custodial meaning that buyers and sellers send crypto directly from one crypto wallet to another, with nothing stored on the exchange meaning that there is no risk of losing your coins if the exchange is hacked.

If you are worried about the prospect of sending fiat currency and crypto between users, you have peace of mind when using Elbaite as they use an escrow account, which holds the payment until the coins you have purchased arriving in your wallet has been verified by blockchain.

This makes sure that there is no risk and buyers will always receive their crypto, while sellers will always receive their fiat currency.

Elbaite is an ideal platform choice for large volume traders who want an exchange that is safe, secure, and offers them full control over their assets. This type of platform is likely to increase in popularity in the future as the risk of crypto exchange hacking grows.

• No fees, commission, or hidden costs for sellers
• Low 1 per cent fee for buyers
• Full control over your assets with no funds stored on the exchange
• Transaction fulfilment guaranteed with escrow account
• Personal information is hidden from other users

If you are looking for an Australian crypto exchange that is easy to use, Cointree might be the best bet for you. It is designed to be used by traders who are completely new to the crypto market and offers an interface that is very simple and easy to use. It supports over 160 different altcoins and offers crypto-to-crypto trading, which is not always an option on all cryptocurrency exchanges. Another great feature is the option to use Bitcoin from your Cointree account to pay your BPAY bills directly.

• Finalist for best digital currency exchange in the Australian Blockchain Industry Awards
• More than 160 cryptocurrencies
• Simple and easy interface that is ideal for new users
• Use Bitcoin in your account to pay BPAY bills