Best crypto exchanges in Australia 2022 | Illawarra Mercury

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With cryptocurrency growing in demand across Australia, the number of exchanges that you can choose from if you want to get started is on the rise. Before you start buying and selling crypto, one of the main questions that you probably have is how to choose the right exchange.

With so many choices out there, how can you tell which ones are legit and which are best avoided? Even if you have some ideas for trustworthy exchanges in mind, how do you decide which one is going to meet your needs best?

Here is a list of the top ten cryptocurrency exchanges in Australia, as selected by Daniel Chan of Marketplacefairness.org, with more detailed info on each platform below.

Digital Surge is the #1 cryptocurrency platform choice in Australia. They come in at the top of the list with outstanding results in third-party testing by Marketplace Fairness, one of the most trusted Australian crypto review sites. During tests, Digital Surge showed the lowest fees and spreads combined with an average of just 0.71%. Since the trading fee charged is 0.5%, the spread can be calculated to be extremely low, at just 0.21%.

Along with low fees, Digital Surge is an ideal choice for beginners who are interested in getting started with trading cryptocurrency. It is registered with ASIC and AUSTRAC and is very easy to use. It has been in operation since 2017 and has more than 300 cryptocurrencies to choose from. You can use AUD to directly purchase your cryptocurrencies.

They offer a simple and clean mobile and desktop interface that’s easy to get used to. When you choose a cryptocurrency to trade, all you need to do is click on Buy or Sell. If you are new to crypto, there are no complicated graphs to check before you decide to buy. However, for people with more trading experience that want to take advantage of more advanced trading options, you can find advanced features like placing limit orders.

Another interesting feature is the option to use Bitcoin to pay your bills. Any bill or credit card that accepts BPAY as a payment option, can be paid using Bitcoin from your account. This can be very convenient as there’s no need to sell the BTC and withdraw AUD first. Digital Surge offers excellent customer support with round-the-clock availability and the option to get in touch with the team via email or live chat. You can use either the mobile app or the desktop version which makes it easy for you to trade anywhere and at any time that you like.

While there has been some criticism of Digital Surge for not having staking available on the platform, this may be something that you can expect to arrive in the future as there are always improvements being made. Overall, Digital Surge is the best choice of cryptocurrency exchange in Australia, particularly for beginners who do not have a huge amount of trading experience.

Visit Digital Surge website

Swyftx is another Australian cryptocurrency exchange with a massive range of more than 310 coins to choose from, along with a low combination of fees and spreads. In-depth testing found that the average combined fee and spread here is just 1.11%. With the trading fee of 0.6%, this means the spread is calculated to be 0.51%. It is a great choice for beginners as the platform is very easy to use including a demo mode that you can use to practice trading. Staking, low fees, and live chat support are just some of the other great features on offer, along with $20 worth of free Bitcoin just for signing up.

It can be quite daunting if you are new to trading crypto, however, Swyftx has put in a lot of work to make sure that your experience is as hassle-free as possible. The user interface is very easy to navigate, and you can buy or sell cryptocurrency instantly. There are no complicated or confusing graphs, and it’s not essential to place limit orders, although those who prefer them do have this option.

Swyftx has over 310 cryptocurrencies on offer and they regularly add more coins. It’s not uncommon for beginners to struggle to determine the best prices or times to buy cryptocurrencies, however, you can easily switch to Demo Mode where you have access to $10,000 free virtual money to practice with and test your strategies. In Demo Mode, trades are as close to real-life as possible with prices reflecting the live crypto prices at the time.

Another reason to consider Swyftx if you are considering trading at an Australian crypto exchange is the low fees. When you use AUD to deposit or withdraw cryptocurrency, it is always free of charge regardless of the payment method that you choose. At just 0.6% of the transaction, fees are low and there are low spreads and no hidden surprises. If you run into any issues or have any questions, there is a live chat customer support that is always responsive. Their customer service advisors are highly knowledgeable and happy to help people who are new to cryptocurrency.

Swyftx also offers staking on 16 coins; a great feature that allows you to earn interest on the cryptocurrency held in your account. The best part is, this is a very simple feature that anybody can use in just a few clicks. Bear in mind that Swyftx is an exchange that is mainly designed with beginners and intermediate traders in mind, so you will not find advanced features or markets like futures or margin trading.

Coinspot is an exchange that first came on the Australian cryptocurrency market in 2013, and they have continually improved since then. This exchange has been operating for close to a decade, and they have grown to become the Australian crypto exchange with the highest number of users and transactions. As of 2022, there are 2.5 million people using CoinSpot.

Along with this, Coinspot is also the most externally audited crypto exchange in the country. They are the only ones to receive the ISO 27001 certification, giving them the credentials to back up these claims.

Since it is very easy to use, CoinSpot is an excellent choice for beginners. There are more than 350 cryptocurrencies available to instantly buy and sell, offering one of the biggest ranges on offer from an exchange in Australia. However, although you can find coins here that are not listed anywhere else, you will face a rather high transaction fee of 1% for instant buys and sells.

On the upside, it is possible to access lower fees when using Coinspot by trading on the market. Here you can find lower fees for trading crypto at just 0.1%. However, bear in mind that unlike with the instant buy and sell, the range of coins available using market trading is more limited. This may not cause any issues if you are interested in trading major coins like BTC, ETH, and ADA, however, you’ll need to use Instant Buy and pay a higher fee if you are looking for smaller altcoins.

Whether you use desktop or mobile, the dashboard is simple and easy to use, which makes CoinSpot a good option for beginners. They have put a lot of effort into ensuring that users have an experience that is easy and clutter-free. The customer support team is available to get in touch with via live chat if you experience any issues.

Since late 2021, staking has been available on this platform. This is a great way to increase how much crypto you own while holding onto your coins for the long term. You can currently take advantage of the staking feature on 22 coins, which is the largest number available for staking on any crypto exchange in Australia.

eToro Australia is a broker that offers a range of different trading instruments that includes cryptocurrencies. This social trading platform allows you to comment or post on the News Feed and interact with other users. There is also the option to automatically copy the exact trades of the most successful traders on the exchange.

Although it is not a dedicated cryptocurrency exchange, eToro is definitely worth considering with a range of excellent features that ensure it is competitive with other exchange options. You can use a demo account when you first start out with $100k in virtual money to begin practicing trading which can be helpful for those who are new to it. You can choose to buy crypto like on other exchanges, or alternatively you can invest by purchasing crypto CFDs, which allow you to make money on the price fluctuations of crypto without needing to own the underlying assets. This also means you can short sell crypto, and make profits from the price of a coin going down, if you believe a bear market is coming.

On the downside, you will only find the thirty most popular cryptocurrencies available on this platform. However, the fees are reasonable and included in the spreads, so the price you see is what you receive. You can either use the mobile app for iOS and Android or the desktop site to place trades wherever or whenever is the most convenient for you.

Before you get started on this platform, it’s important to bear in mind that it operates in USD, which means that you will need to pay currency conversion fees when you deposit and withdraw.

Visit eToro Australia website

Binance Australia is a crypto trading platform that is rich with features. However, the plethora of options can mean that this platform can be confusing for beginners. Binance Australia is definitely worth mentioning as it is well-loved by experienced traders, and is the largest exchange in the world based on trading volume. There are lots of different features to choose from including futures trading, margin trading, P2P and more along with access to more than 300 different cryptocurrency coins.

You can deposit AUD instantly using OSKO or PayID with no charges and get started with trading immediately. If you are serious about trading, Binance is definitely a recommended option as they offer very competitive fees at just 0.1%, which can be reduced when you pay using Binance Coin (their native token). The platform integrates well with various third-party trading bots that make it easy for you to automate your strategy.

On the downside, some users report issues when trying to get verified with Binance. There can be problems with identity verification, and there is no customer support available to assist, which is very frustrating.

Visit Binance Australia website

Independent Reserve is an Australian cryptocurrency exchange that has a trusted record, and is very popular with large investors, since they can lower their fees based on high trading volume. When you trade $100k or more monthly, you can reduce your fees. Traders who make frequent and large trades totalling over $20 million each month will see their fees drop to just 0.02%.

Independent Reserve is the only cryptocurrency exchange in Australia that offers insurance on cryptocurrency assets with cover up to $5m. In addition to this, they offer KPMG-powered tax reports and an excellent OTC desk that is ideal for high-net-worth traders, family offices, SMSFs and businesses. It is the perfect choice for traders that trade large volumes of more than $100k.

While Independent Reserve only supports 27 cryptocurrencies, these are the most popular coins that are traded around the world.

Visit Independent Reserve website

Kraken is very similar to Binance, especially when it comes to providing a ton of services and coins at low fees. The main differences between the two exchanges are that Kraken is more highly focused on security, and does not offer as many coins as Binance.

Kraken is US-based, which means that it is compliant with heavy regulation. Because of this, it is generally considered to be one of the most secure players in the crypto scene around the world. It offers a decent and easy to use interface for advanced trading along with maker/taker fees of 0.16/0.26% that are very competitive.

Traders also have the option to instantly buy or sell crypto with fees of 1.5%, along with a range of additional features such as futures, margin trading, and staking.

However, on the downside, this exchange can be very limiting for Australian investors with only sixteen cryptocurrencies that can be traded with AUD. However, if you only want to trade the most popular coins, this should not be an issue for you.

Easy Crypto Australia is an exchange that is ideal for those who want to buy crypto immediately. It is different to other exchanges as there are no crypto or fiat funds held on the exchange. All you need to do is click buy when you want to purchase a coin. This will take you straight to the purchase page where you can directly send the money from your bank without the need to make a deposit beforehand.

After making your purchase, your crypto will not be stored on the Easy Crypto platform. Instead, it is sent directly to your wallet. This makes this exchange a great choice if you want the safest option for your coins without worrying about losing them if the exchange is hacked. They also offer a 100% funds guarantee on all orders, which allows you to trade and invest in cryptocurrency with peace of mind. As nothing is stored on the exchange, you can take full control of your assets.

Visit Easy Crypto Australia website

Coinstash exchange is a basic cryptocurrency exchange that is designed to be easy for beginners to use and get used to. There are more than 340+ cryptocurrencies available to buy and sell with AUD. Staking is also supported on Coinstash, which is a welcome addition, as this feature is not always available on basic exchanges.

If you run into any issues or need some advice, you can use the live chat function or open a support ticket. Coinstash is registered as a cryptocurrency exchange in Australia and control an Australian Financial Services Licensee. They have featured in a variety of mainstream media channels and are always looking for ways to improve their popularity and user base.

If you want to use peer-to-peer trading to buy and sell cryptocurrency, Elbaite is the best exchange to consider. There are zero fees for sellers and fees of just 1% for buyers. This non-custodial marketplace allows users to buy and sell cryptocurrencies, and transfer directly from one cryptocurrency wallet to another.

The coins are never stored on the exchange and are always kept in your personal wallet. This means that there is no need to worry about your assets being stolen if Elbaite is hacked. Payment is held in an escrow account until there is verification from the Blockchain that the coins that you have purchased have been sent to your wallet. This provides buyers with peace of mind that they will always get the crypto they buy, and sellers will always get the fiat currency they are paid in exchange for it.

Elbaite can be an ideal crypto platform for just about anybody, but it works particularly well for large volume traders who want as much control over their assets as possible, with high levels of security.

Disclaimer: Marketplacefairness.org has written this content for informational purposes only. This should not be taken as financial advice to buy, trade, or sell cryptocurrency or use any specific exchange. This is not intended for use as investment, financial or legal advice as each individuals need will vary. This story may include affiliate links with Marketplacefairness.org partners who may provide compensation to Marketplacefairness.org. ACM advises readers consider their own circumstances and obtain their own advice. You should also verify the nature of any product or service, and consult with the relevant regulators’ website before making any decision.