Best Crypto Exchange In Australia In 2023

Page Summary

In this article, we share our findings on the best crypto exchanges in Australia. We have searched and tested 133 exchanges based on 8 distinct categories. We analyzed all characteristics of their service, including costs, platforms, apps, assets, deposits & withdrawals, customer service, security, and liquidity. 

The best-rated crypto trading platforms are in the list below. 

Top 5 Crypto Exchanges In Australia

  1. Binance – Well-established cryptocurrency trading platform with large trading volumes and liquidity.
  2. Coinbase – Great trading platform and low trading fees.
  3. eToro – Great copy trading tool, regulated by top tier one authorities.
  4. Kraken – Great Bitcoin exchange founded in 2022. Sophisticated trading tools for experienced investors.
  5. CEX IO – Great assets coverage and crypto margin trading.

Best Crypto Exchanges In Australia – List

ExchangeOverall ScoreGeneral infoFees (Maker/Taker)Spot Volume (BTC)
#1Binance4.3Best altcoin portfolio0.1% /0.1%$806,899,070
#2Coinbase4.4Best crypto trading platform1.99%/1.99%$451,706,550
#3eToro4.9Best overall crypto exchange1%/1%$2,739,612
#4Kraken4.5Most trusted exchange0.16%/0.26%$53,964,331
#5CEX IO4.6Most asset classes0.01%/0.00%$808,571

This section below breaks down the best crypto trading platforms in Australia, beginning with the best-rated Binance.

1. Binance – Best Overall Crypto Trading Platform In Australia 

binance-logo

Rating: 3,1/5

Min Deposit:

Fees: 4.9

Assets available: 5.0

Total Fees:

Binance is a leading crypto exchange in Australia with secure services and high-volume trading platforms. It offers access to an excellent crypto trading app with a competitive fee structure and professional order types. Binance offers high spot trading volumes and a comprehensive portfolio. 

This exchange offers premium account features, including staking rewards. Traders receive bonuses based on the assets they hold in their accounts. Binance has an advanced trading app suitable for experienced crypto enthusiasts. 

Pros

  • The best daily trading volume for both spot Crypto trading and for Crypto derivatives
  • The best choice of different assets to trade
  • Great choice of saving and stalking options
  • Very competitive trading fees
  • Very good trading platform with lots of advanced features
  • Easy sign-up process
  • Very good choice for mobile trading
  • Great deposit and withdrawal options

Cons

  • Exchange has been hacked in the past
  • Considerable withdrawal fees
  • Customer support is sometimes hard to

Key features

  • Spot and derivative crypto trading
  • P2P (Peer-to-peer) crypto trading available
  • Trading platform integrated with tradingview; automated trading available
  • Savings, staking, crypto loans, Binance smart pool
  • Binance liquid swap
  • Binance Visa Card

2. Coinbase – Best Exchange With A Straightforward Interface

Coinbase logo

Rating: 2,6/5

Min Deposit:

Fees: 2.7

Assets available: 3.6

Total Fees:

Coinbase is a trustworthy crypto exchange with a straightforward platform interface. It offers secure crypto exchange services for traders at all levels. The Coinbase main platform offers 101 assets, rewards, and fast trade execution. 

This exchange offers an FDIC insurance of up to $250,000 for each account holder. Coinbase stores 98% of users’ funds in cold storage and uses industry-leading safety protocols. It offers many funding methods, including Visa card deposits.

Pros

  • Strong selection of supported digital currencies
  • Great trading volume
  • Easy to use trading platform
  • Great security standards
  • Very good deposit and withdrawal options
  • Great option for mobile trading

Cons

  • No margin trading (Crypto derivatives)
  • Customer service is sometimes hard to reach
  • Fees are higher than average
  • Your account can be closed depending where you send your cryptos

Key features

  • Spot crypto trading
  • Opportunity to earn cryptocurrencies through crypto learn
  • Saving, staking, crypto borrow
  • Coinbase Visa Card
  • Built their own stable coin (USDC)

3. eToro – Best Exchange With Social Trading Services

eToro logo

Rating: 4,9/5

Min Deposit: $200

Fees: 4.8

Assets available: 4.8

Total Fees:

Open account Read review

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD

eToro is a well-known social trading broker with access to excellent proprietary platforms and exchange services. It offers industry-leading crypto services with the eToroX exchange. This exchange provides premium tools and features, fast execution, and APIs. 

This broker has user-friendly platforms and access to 42 digital coins. eToro has top-tier licenses and follows strict rules. It has low withdrawal fees and a minimum deposit requirement of $200. 

Pros

  • Access to over 4000+ tradable symbols
  • Great overall market coverage
  • Easy to use mobile trading app and platforms
  • Industry leading social/copy trading app
  • Great cryptocurrency trading features
  • Responsive customer support

Cons

  • Algorithmic trading not available
  • Forex and CFD fees above industry average
  • Education and research tools missing

Key features

  • Sophisticated social-copy trading features
  • Multiple different payment options
  • Crypto exchange and brokerage services on the same dashboard
  • Super fast registration and KYC on-boarding process
  • Zero commission stock trading
  • Great ease of use level

4. Kraken – Best Exchange For Bitcoin Trading 

Kraken logo

Rating: 2,6/5

Min Deposit:

Fees: 3.9

Assets available: 4.5

Total Fees:

Kraken is a top crypto exchange with an excellent reputation and secure services. It uses industry-leading technology and offers access to outstanding Bitcoin trading features. Kraken has a good coin selection and offers popular coins, including Litecoin, Ethereum, and Bitcoin. 

The Kraken platform is simple to use. It offers fast buy and sell services with the lowest trading fees in the industry. Kraken has many learning tools and a quick buy feature. High-net-worth traders receive access to management services. 

Pros

  • Great offer of different crypto trading instruments
  • Very competitive trading fees
  • Very good trading platform
  • Highest security standards
  • Very good trading volumes
  • Very good mobile trading application
  • Wide range of educational materials

Cons

  • Not beginner friendly
  • Slow customer support

Key features

  • Spot and margin crypto trading
  • Crypto earn, staking, crypto bank
  • Kraken account management
  • Serve corporations, wealth managers, investment funds

5. Cex.io – Best Exchange With A Good Coin Selection

Cex.io logo

Rating: 2,8/5

Min Deposit:

Fees: 3.9

Assets available: 3.5

Total Fees:

CEX IO is a top choice for traders searching for a reliable and intuitive crypto exchange platform. It has a good coin selection and offers access to 91 crypto asset classes. CEX IO has excellent availability worldwide. 

This exchange has advanced features and collateral loans. CEX IO has high trading costs for debit/credit card transactions. We recommend this exchange for advanced traders. 

Pros

  • Regulated and licensed
  • Very good deposit and withdrawal options
  • Very good customer support
  • Great choice for mobile trading
  • Very good Crypto wallet

Cons

  • Low security ratings, being hacked previously
  • Low trading volumes
  • Limited educational content

Key features

  • Spot and derivative crypto trading
  • Automated trading available
  • Provides opportunity to earn cryptos (staking, saving)
  • Crypto backed loans are available
  • CEX.IO credit card

How To Select A Crypto Exchange? 

The main factors to consider when selecting a crypto exchange include trading costs, apps, platform availability, assets, deposits & withdrawals, customer service, liquidity, and security. 

Fees: You shouldn’t use an exchange that has high fees on trades, overnight commissions, and hidden costs. 

Trading Platforms: Choose a platform with an intuitive interface and easy-to-use services. 

Mobile Trading: Australian crypto exchange apps have to offer the same tools and services as their other versions. 

Deposit & Withdrawal: Look for an exchange that provides access to your preferred deposit and withdrawal methods. 

Assets: Coverage of the leading asset classes is a must for a good trading experience. Avoid crypto exchanges that don’t offer popular altcoins. 

Customer Support: New crypto traders should search for reliable and responsive customer service available in their language. 

Liquidity: Search for a crypto exchange platform with high trading volumes and liquidity. This will guarantee you will manage to sell your assets. 

Security: Choose a regulated exchange with proof of funds and penetrations tests. Australian crypto exchanges with top-tier licenses follow strict rules and use industry-leading safety protocols. 

*Safety Risks For Australian Citizens

A trustworthy cryptocurrency exchange for Australian citizens is government-regulated and has a trading license. Larger exchanges have a banking history.

Regulation Of Cryptocurrency Exchanges in Australia

The Australian Securities and Investments Commission (ASIC) manages the regulation of cryptocurrency exchanges in Australia. All crypto exchanges registered in Australia must follow strict AML and CFT standards and obtain a license from the Australian Transaction Reposts and Analysis Centre (AUSTRAC). The ASIC oversees all crypto exchange activities in the country and ensures all providers follow strict rules. Unauthorized exchanges might face charges and penalties. 

Is Cryptocurrency Trading Legal in Australia?

Trading cryptocurrencies in Australia is legal. The ASIC is the main financial regulatory body in the country and ensures Australian traders receive access to secure crypto trading services. Crypto coins are treated as consumer goods and might be subject to capital taxation. 

How to Start Trading WithBinance

Binance is a secure cryptocurrency exchange with professional platforms and an attractive mobile app. It offers excellent services with rewards and bonuses for all Binance users. The main steps to follow to trade with Binance are below. 

Step 1: Go to the Binance official website 

Access the Binance main website under this link here –  https://www.binance.com/en

Step 2: Find and click on the “Register” button 

Click on the “Register” button and choose a method to open a new account. Binance offers many account opening solutions, and traders can choose between an email or a phone number. 

Step 3: Pass account verification 

Binance is a secure exchange that requests all users to verify their accounts. You’ll have to submit personal information and upload a copy of your official ID to verify an account. 

Step 4: Buy digital assets with Binance 

You can start buying, selling, or holding fractions of an asset after you pass account verification. You don’t have to buy a whole coin to own it.  

Conclusion

We recommend Binance as the best crypto exchange in Australia. It offers industry-leading exchange services with a secure app, a comprehensive portfolio, and intuitive interfaces. Coinbase is our second choice because of its professional customer service and portfolio.

FAQ

What Is A Centralized Exchange? 

A centralized exchange is a secure private company that offers crypto trading platforms. Centralized exchanges follow strict rules and use industry-leading safety protocols. These exchanges request verification and identification under the Know Your Customer rule.

What Is A Decentralized Exchange?

A decentralized exchange (DEX) is an exchange services provider that doesn’t follow the rules of any regulatory body. It works as a server and keeps a copy of the entire exchange on different computers. A DEX uses an “automated market maker protocol.” It relies on liquidity pools managed by users, and it is risky. DEXs don’t use a central trading desk or order book.

How To Buy Cryptos Through An Exchange? 

Centralized exchanges allow users to deposit fiat money from a credit/debit card or a bank account. These exchanges allow users to swap fiat currency into crypto coins.

Can You Own Cryptos In Australia? 

You can buy and hold cryptos in Australia with a trusted crypto exchange platform.

Is Crypto Trading Legal Tender In Australia? 

Bitcoin and other digital coins cannot be used for commercial purposes and are not considered legal tender.

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Disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.

Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

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