15 Best Crypto Exchanges in Australia for 2024

One in four Australians own crypto, as per a Statista survey conducted from 2019 to 2022. This shows that there is a lot of demand for cryptocurrency among Australian investors, which has led to a proliferation of crypto trading platforms in the country. So, how do you find the best crypto exchange that is legitimate and the right fit for you? 

In this comprehensive guide to the best crypto exchanges in Australia we’ll look at the top exchanges and assess them considering several criteria, such as regulatory status, fee structure, and customer support. 

So, irrespective of your experience level in crypto trading, this article is designed to assist you in discovering the most suitable crypto exchanges in Australia for 2024 that cater to your varied requirements.

Reviewing the Top 15 Australian Bitcoin Exchanges 

After research and analysis, we’ve identified the top cryptocurrency exchanges in Australia. So, read on and choose the one that fits your specific needs the best.

1. eToro: The Best Cryptocurrency Exchange in Australia

eToro is our pick for the best crypto exchange in Australia for providing watchlists with real-time insights, customized risk management, staking service, advanced analysis tools, and copy trading features.

Unlike many on the list, the (ASIC)-regulated eToro also offers access to a diverse range of not just cryptos but also forex, stocks, and ETFs, making it a complete platform.

In addition to these, the innovative social trading platform also gives you access to a community of successful investors with whom you can copy and discuss strategies. You can further try its demo account with AUD 100,000 to practice your trading strategy. 

Aussie traders will find eToro’s options for depositing AUD both straightforward and economical. When it comes to its fee structure, the platform is known for its competitive edge, applying variable trading fees that depend on the spread, and notably, it does not impose any commissions on initial trades. 

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

2. Margex: High-Leverage Exchange With A Competitive Fee Mechanism

Margex is a popular crypto futures trading platform catering to new and experienced traders. It allows up to 100x leverage in derivative trading, boosting potential gains. It’s worth noting that this can also increase risks for less experienced traders.

A key platform feature is the MP Shield System, which protects against price manipulation by sourcing rates from over 12 entities, ensuring reliable trading. Additionally, Margex offers a demo account for beginners to practice risk-free.

The platform prioritizes security with advanced measures safeguarding user funds and data. Margex’s user-friendly interface offers various educational resources, making it suitable for all levels of trading expertise.

For less active traders, Margex includes options like copy trading and crypto staking, offering attractive returns on assets like USDC and ETH. It also provides alerts for various market indicators to help Aussie traders make informed trading decisions.

Margex supports a range of fiat and popular cryptos like Bitcoin, Ethereum, EOS, and Litecoin, ensuring diverse trading options. Its affiliate program and API access for third-party trading bots further show its adaptability to various trading styles and institutional needs.

3. Bybit: Get up to $30,000 in Deposit Rewards

Bybit is another popular crypto exchange in Australia. Users can trade, lend, and earn a wide range of crypto, in addition to enjoying its NFT marketplace, launchpad, and Bybit Card. It offers one of the biggest bonuses of all crypto exchanges, with up to $30,000 up for grabs.

By allowing users to trade with a margin of up to 100x, Bybit has made itself known in derivatives trading. Additionally, Bybit users have the option to copy-trade other traders on the platform as well as earn passive income through flexible savings programs, liquidity provision opportunities, dual-asset investment options, and innovative financial products like Shark Fin. 

To make it convenient for users, Bybit supports AUD deposits through credit/debit cards, and for security, Bybit uses features like Triple-Layer Asset Protection and offers competitive fees that go as low as 0.1%. And for those with substantially high trading volumes, Bybit offers a VIP Program, which provides exclusive rate advantages and entry to special events and promotional activities.

4. MEXC: Leading Exchange With 0% Spot Trading Fee, 200x Leverage, And 1,600+ Cryptos

MEXC is a leading crypto exchange in Australia offering high security, a user-friendly interface, and a diversified selection of over 1,600 cryptos. It has expanded globally in more than 170 countries, with over 10 million users since its launch in 2018.

The platform features high future leverage of up to 200x and other margin trading options great for beginners or experienced traders and even an exclusive copy trading feature.

MEXC has a very competitive 0% fee on spot trading and low fees on future trading, including a 0.02% taker fee rate. In addition, the platform offers the user fast transaction execution, processing 1.4  million transactions per second. MEXC also has advanced charting tools and several indicators for in-depth market analysis.

MEXC also offers attractive APYs on staking to users with flexible lock-up options that provide liquidity to account holders’ deposits. It is worth noting that the native token of MEXC ‘MX’ gives its holders access to some governance rights, such as voting on business decisions, trading fee discounts, and free airdrops.

5. Kraken: Promising Crypto Exchange in Australia With Competitive Fees

Kraken is another of the top 10 crypto exchanges in Australia and offers low fees, low spreads, fast deposits, up to 5x leverage, crypto staking, and high security. Professional traders can use Kraken Pro to leverage a range of trading orders, such as stop-loss, market, and limit, all integrated with TradingView charts. As for fees, it is based on volume, which means if you trade in high volumes, you can enjoy discounts.

The exchange serves a global client base, has a low minimum deposit of $10, features an NFT marketplace and an education hub, and supports multiple AUD-friendly payment methods, such as Bank Transfers, PayID, Osko, and RTGS.

6. Bitget – Popular Crypto Exchange with Low Fees and 25M+ Users

Another popular crypto exchange in Australia is Bitget. It launched in 2018 and is now used by over 25 million people in 100+ countries. The exchange charges 0.1% for spot trades. However, if you pay with BGB, the spot trade transaction fee will go down by 20%. If you have BGB in your account, the spot trading fees will be reduced immediately.

They also have a copy trading feature— where beginners can automatically copy strategies of experienced traders to save a lot of time and effort.

Bitget accepts a wide range of cryptos—more than 900 trading pairs. It also offers many new products for the futures market, such as USDT-Margined futures and Quanto Swap Contracts, which let you trade on margin in several different cryptos.

It has a multi-tier system of cold and hot wallets to protect assets and a large user safety fund worth over $300 million to back it up. Bitget is licensed in many places, such as the US, Canada, and Australia, and follows strict regulatory rules.

7. Binance: The World’s Largest and Feature-rich Crypto Exchange Serving Aussies

Binance is a popular crypto exchange offering spot, margin, and P2P trading with several options and advanced tools. While it may not be the biggest crypto exchange in Australia, it is the largest in the world.

It offers a vast selection of crypto assets and trading pairs. You can customize your trading interface with multiple charts, indicators, and data feeds, as well as enjoy trading bots with preset strategies for DCA, grid trading, rebalancing, and TWAP.

At this comprehensive crypto trading platform, one can further explore spot trading, NFT marketplace, Launchpad, mining pool, staking, BNB Chain, and tons of educational content. 

8. KuCoin: Popular Automated Crypto Trading Platform in Australia

KuCoin is widely known for its huge selection of cryptocurrencies and relatively low fees and is among the most widely used crypto exchanges, not only in Australia but globally.

This exchange not only offers standard spot trading but also diversifies into futures and margin trading, along with a peer-to-peer marketplace. The platform further enriches its offerings with services like crypto lending and borrowing, an NFT marketplace, and options for staking cryptocurrencies.

Moreover, the crypto exchange offers several free trading bots and has a competitively low trading fee of 0.1%.

9. Prime XBT: One of the Top Crypto Exchanges for High Leverage

PrimeXBT is a promising crypto exchange serving over 1 million users across 150 countries. The offers several trading options, including crypto futures, copy trading, global market trades, and the unique PrimeXBT Turbo feature.

A key feature is the leverage of up to 1:200, allowing traders to increase their trade size significantly. While this presents opportunities for higher profits, it’s crucial to remember that it also increases risk.

PrimeXBT also stands out for its competitive pricing. Crypto futures trades incur a 0.01% fee for makers and 0.02% for takers. A flat rate of 0.05% applies to global markets and copy trading. The platform charges no deposit fees, but withdrawal fees vary depending on the crypto and network.

Moreover, the platform uses advanced cybersecurity measures, including two-factor authentication, cold storage with multi-signature technology, Bitcoin address whitelisting, and hardware security modules. These features collectively provide a strong defense against potential threats.

Traders can access over 50 markets, including cryptos and traditional markets. Deposit options are versatile, including fiat, cash, and third-party services. However, direct bank card deposits are not supported.

10. Gate.io: Trade Over 1,700 Cryptos With Low Trading Fees

The next top Australian crypto exchange to use in 2024 is Gate.io. This popular crypto trading platform has over 17 million registered customers. Boasting a 24-hour trading volume of more than $10 billion, Gate.io gives crypto users trading access to 1,700+ digital assets. 

The platform features crypto spot trading at a starting cost of just 0.09% per transaction. Depending on your trading volume, the cost reduces to just 0.02% per transaction. Advanced traders can engage in margin trading and apply up to 10x leverage to their trades. 

Notably, Gate.io offers unique features such as crypto loans. Gate.io locks your digital assets as collateral, and offers crypto-based loans. 

Beginners can start using Gate.io’s copy trading tool and copy the exact trades of senior traders on the platform. The platform has introduced a new ‘Startup’ feature, which is a token launch platform for innovative projects. Thus, Gate.io users get early access to new crypto platforms with this exchange. 

Investors can also stake their tokens with ‘Gate.io Earn’, and get high annual yields. For instance, you can earn up to 16.65% APYs by staking USDT on Gate.io. 

11. Pionex: Popular For Auto-Trading Bots, Offering 16 Free Built-in Bots And A 0.05% Trading Fee

Pionex is a popular crypto exchange in Australia known for its auto-trading bots. It offers 16 free built-in trading bots, which include ‘AIgrid-Binance Grid Trading Bot’ and ‘BTC/ETH Moon’ that use artificial intelligence to optimize trading strategies.

The platform has become one of the most preferred choices for traders looking for an automated solution in Australia. More than 100,000 customers from over 100 countries use Pionex. It also offers a demo account to trade virtual funds, allowing new investors to trade without risk.

Pionex handles a volume of billions of dollars monthly, with more than 100 million trades daily on average. It has one of the cheapest fee structures in the industry at 0.05% and supports trading for almost 400 cryptos.

Customers can stake Bitcoin and many other cryptos to get APYs from their idle investments while earning up to 50% commissions on new referrals through its rebate policy. The platform also recently launched its PionexGPT, allowing customers to create trading strategies using AI.

12. CoinSpot: Aussie Owned Crypto Exchange & Based in Victoria 

Instant buy and sell, 24/7 available live chat, and local support are what make this Blockchain Australia Certified crypto exchange one of the best in the market.

Founded in 2013, CoinSpot is one of the most established exchanges based in Australia, which supports hundreds of cryptos. This Australia-based exchange has a user-friendly interface and a fast and straightforward purchasing process.

Additionally, the platform supports various payment options, including POLi payments, Bank Transfers, Credit/Debit Cards, BPAY, Osko, and PayID, making it convenient for users to access its services. 

CoinSpot also offers unique features such as a crypto card, NFTs, and Bundles, while its 0.1% fee rate for market orders further adds to its appeal.

13. Paybis: User-Friendly Platform With Low Fees

Launched in 2014, Paybis is a promising crypto trading platform that is user-friendly, catering to both new and seasoned traders within Australia. The exchange supports many cryptos, including prominent ones like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), and Ripple (XRP), as well as a range of lesser-known digital currencies.

Paybis allows trades in more than 45 different fiat currencies, including but not limited to GBP, USD, EUR, and AED. The platform offers a variety of payment modes, such as credit/debit cards, Skrill, and Neteller, and it strictly adheres to KYC norms.

The platform’s service extends its reach internationally across 180 countries and is multilingual. Also, customer support is available round the clock through live chat, email, and various social media channels.

Fee Structure:

• A transaction fee of 2.49% is applied to payments made via credit and debit cards.
• Bank transfers and card payments are often the go-to choices due to their higher purchase limits and generally lower fees.
• The network fees are subject to change depending on the crypto.

14. Crypto.com: The Best Crypto Trading Platform in Australia for Rewarding Perks

Crypto.com is a regulatory complaint trading platform that offers recurring buys, staking, insurance coverage, DeFi Wallet, and a Visa card. It is a simple yet feature-filled platform that you can use to buy and sell tons of cryptocurrencies as well as earn rewards on several coins. 

This Singapore-headquartered crypto exchange is renowned for its attractive rewards for debit card users. Eligible users, who stake the required minimum of CRO tokens, can receive Visa debit cards at no cost.

These cards, which can be loaded with AUD, function like standard debit cards and are welcomed at any outlet that accepts Visa. Additionally, cardholders enjoy cashback on all purchases made using the card. Furthermore, extra benefits include complimentary airport lounge access and rebates on services like Netflix and Spotify.

15. Coinbase: A Leading US-based, Publicly-traded Crypto Exchange Popular Among Aus Traders

This is one of the top Australian crypto exchanges, offering both simple and sophisticated charting capabilities and enabling users to conduct transactions between different cryptocurrencies.

Launched in 2012, Coinbase is one of the longest-running crypto exchanges, with more than 110 million verified global users. Adding to its user-focused approach, the platform enables the execution of various types of orders, including market, limit, and stop, and provides an exciting experience through Coinbase Learn.

Coinbase’s dedication to user experience extends to its trading platform, too, as the crypto exchange offers a lot of altcoins to trade, is easy to use, and markets typically offer deep liquidity. It also offers its own Coinbase Wallet and layer 2 blockchain Base. 

Coinbase’s robust security system contributes to its popularity even further as it protects users’ funds and personal information.

What is a Cryptocurrency Exchange?

These exchanges work pretty much like traditional trading platforms, offering accounts that enable you to execute various types of cryptocurrency trading orders. 

Many Aussie crypto exchanges are equipped with several advanced trading features that enhance the depth of trading strategies. Additionally, some platforms diversify their offerings with options like cryptocurrency staking and lending services.

There are different types of crypto exchanges:

Centralized Exchanges (CEX): These exchanges are managed by a centralized organization and make it easy to start trading crypto by facilitating the purchase of crypto directly with Australian dollars (AUD). It may, however, require users to adhere to Know-Your-Customer (KYC) protocols, which means divulging their identity.

Decentralized Exchanges (DEX): These platforms use smart contracts to facilitate direct trading between users, bypassing central intermediaries. Instead of an order book, DEXs make use of Automated Market Makers (AMMs) for trades, which creates instant access to liquidity. 

DEXs provide transparency in regard to the movement of funds and the exchange mechanisms, as well as mitigate counterparty and systemic centralization risks. However, DEXs are much less user-friendly and do not provide support for fiat currencies. 

Crypto Brokers: Much like a traditional broker, crypto brokers act as a financial intermediary for those who want to exchange their fiat money for cryptocurrencies. In exchange for its services, a broker charges users a premium for using the platform. 

Buying cryptocurrency at a broker without much knowledge is extremely easy, and due to this convenience, the fees charged can be a bit higher compared to a crypto exchange. However, brokers often don’t offer advanced trading options such as margin trading.

P2P Exchanges: A P2P exchange facilitates direct trading of crypto assets between users, giving individuals the freedom to select their trading partners. It gives the user the freedom to choose the person they want to trade with. In this way, such platforms give traders the freedom to establish their own trading terms, offering them more privacy, transparency, asset control, and security.

How do Crypto Exchanges in Australia Work?

Cryptocurrency exchanges give you the tools to buy and sell crypto assets. The best crypto exchanges in Aus make it easy for you to buy and sell digital currencies while offering you competitive fees and robust security measures to ensure a safe trading environment. 

As for how they work, crypto exchanges operate like traditional stock exchanges. These platforms help investors to buy and sell virtual currencies and offer a variety of trading and investment services for users. 

To cover the costs of their extensive range of services, crypto exchanges typically impose fees on their users. However, in contrast to traditional exchanges, which operate within specific trading hours, crypto exchanges function continuously and remain active 24/7.

To get started on a crypto exchange;

1. First, select a reliable crypto exchange that aligns with your trading preferences and requirements.
2. Then, sign up with the exchange you’ve picked and set up your trading account.
3. Next, add funds to your account or digital wallet, either by depositing traditional currency such as AUD or by moving cryptocurrency into it.
4. Now, decide on the specific cryptocurrency you wish to acquire and determine the quantity.
5. Proceed with the required actions to execute the purchase and finalize the deal.

How We Ranked the Best Bitcoin Exchanges in Australia

We conducted a comprehensive evaluation of the features and options presented by these cryptocurrency exchanges to find the best platform to buy crypto in Australia. We took several factors into consideration, which are as follows:

Regulation

In Australia, crypto exchanges are required to be registered with AUSTRAC, Australia’s agency responsible for financial intelligence and monitoring of illicit activities, to legally provide digital asset exchange services. Having an AUSTRAC-registered crypto exchange means it is compliant with Australian law, which ensures an exchange’s legitimacy and gives users peace of mind. 

Tradable Cryptos 

There are thousands of crypto assets available in the market today, so, of course, not every altcoin will be listed on one or all crypto trading platforms. Major crypto assets like BTC, ETH, and XRP are listed on a large number of exchanges, but you want to be able to trade other altcoins as well. Moreover, the ability to buy crypto with fiat currency, like AUD, further adds to the user experience. 

Fees

Crypto exchanges charge fees for every transaction, and depending on your activity, fees can become very expensive. The fees charged by exchanges include trading fees, which are incurred when you buy or sell cryptocurrencies on a platform. Many exchanges also charge staking, deposit, and withdrawal fees in addition to trading fees.

Wallet

Wallets play a crucial role in the accessibility, control, and security of your crypto assets by storing the private keys that grant access to your funds. To facilitate easy trading, exchanges typically provide hot wallets; however, these internet-connected wallets have increased vulnerability to hacking. Additionally, some Aus exchanges offer proprietary wallets but they might support a limited range of cryptocurrencies, unlike more versatile external wallets.

Tools & Features

Some crypto exchanges provide basic trading features, but if you want to take full advantage of the vibrant crypto sector, you need a platform that also offers sophisticated trading functionalities such as leveraged trading, reduced fees for high-frequency trading, and more. When deciding where to buy crypto in Australia, you should also look at what other services are offered such as the ability to stake certain crypto assets and earn interest payments, or even the ability to lend out your cryptocurrency.

Payment Methods

The best crypto exchange supports a wide range of payment methods so that you can choose the mode that best suits your needs in terms of speed and fees. The more payment options an exchange has, the more convenient it is to use. Besides popular methods like bank transfer, eWallets, credit cards, and PayPal, the optimal exchange must also support your local payment method and currency as well.

Customer Service

The reputation of a crypto exchange can be gauged by examining the opinions and comments of its users about the platform. In addition to evaluating the platform’s historical performance, we have also analyzed customer support options. The best crypto trading platform Australia has robust customer service to help you should you run into issues, offering several options such as email, phone, and live chat. Also, the 24/7 availability of the support and how quickly and well the team responds are equally important.

Mobile App 

Today, almost everyone has a mobile phone, so the most popular crypto exchanges in Australia offer not only web browser trading but also mobile and desktop trading apps. Having user-friendly and intuitive apps ensures that you can enjoy trading on the go and not miss a lucrative opportunity, given that the crypto market never sleeps.

What Type of Trading Can You Do on Crypto Exchanges?

Cryptocurrency exchanges can support a range of different trading options, not just simple buying and selling of crypto. Some examples include:

• Spot Trading: This is the most simple form. You can buy and sell crypto through the exchange to receive it immediately at the normal rate.
• Margin or Leverage Trading: This form of trading involves borrowing crypto funds so you can trade larger amounts to make bigger profits (or losses).
• Futures Trading: In futures trading, you enter into a contract to buy or sell crypto at a predetermined price and time. This allows you to speculate on the future price of assets and make potential losses or gains depending on the actual price.
• Options Trading: This contract gives you the right – or option – to buy or sell crypto at a set price before a specific date.
• Derivatives Trading: This is the trading of financial instruments that are derived from cryptocurrency. For example, you could trade a futures contract. Derivative trading is strictly licensed in Australia and any exchange supporting it will need an AFS license.
• P2P Trading: Many exchanges also offer a peer-to-peer trading option, which allows you to trade cryptocurrency directly with other traders.
• NFT Trading: This allows you to trade a type of cryptocurrency that is non-fungible — not interchangeable with other tokens. Most NFTs are in the form of art, such as the Bored Ape Yacht Club collection.

Exchanges will also support activities that generate passive income, like yield farming, staking, and lending/borrowing.

What Crypto Can You Trade On Australian Crypto Exchanges?

Cryptocurrency has been legal in Australia since 2017. While there are regulations around the marketing, issuance, and selling of these assets, there are little restrictions on which cryptocurrencies you can buy. On the top crypto exchanges in Australia, you’ll find cryptocurrencies like:

• Bitcoin (BTC)
• Dogecoin (DOGE)
• Ethereum (ETH)
• Tether (USDT)
• Binance Coin (BNB)
• Solana (SOL)
• Ripple (XRP)
• Cardano (ADA)

Are Australian Bitcoin Exchanges Safe?

Yes, Australian Bitcoin exchanges are reasonably secure, with Bitcoin being completely legal in Australia. One can freely buy, sell, trade, spend, receive, and store crypto assets in the country, and in terms of taxation, Bitcoin is categorized as property in Australia. Hence, it is subject to capital gains tax unless you’re using it for day-to-day transactions.

In short, Australia has stringent regulations for Bitcoin exchanges to safeguard Aussie consumers and prevent any unlawful transactions involving digital currencies.

It all began in 2018 when AUSTRAC first began regulating Australian crypto exchanges, which ensured that all platforms dealing in Bitcoin within Australia adhere to rigorous Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws. Additionally, these exchanges must conduct user identity verification and keep detailed financial records. 

Conclusion

Crypto is a fast-paced and exciting industry that offers many lucrative investment options. Echoing this dynamism, in Australia, investing in cryptocurrency has been made safer and more accessible with proactive and rigorous regulations.

So, whether you’re a crypto newbie or a seasoned investor, choosing Australia’s best crypto exchange, like Bybit, can lead to a successful trading journey. It offers competitive fees and a user-friendy interface for beginners.

References

• https://www.statista.com/topics/8519/cryptocurrency-in-australia/#topicOverview
• https://asic.gov.au/regulatory-resources/digital-transformation/crypto-assets/
• https://www.austrac.gov.au/business/your-industry/digital-currency-cryptocurrency/digital-currency-exchange-providers
• https://treasury.gov.au/sites/default/files/2023-10/c2023-427004-proposal-paper-final.pdf
• https://treasury.gov.au/media-release/collective-engagement-implement-crypto-asset-reporting-framework
• https://asic.gov.au/regulatory-resources/digital-transformation/crypto-assets.

FAQs on Australian Crypto Exchanges