Best Crypto Exchanges in Australia
A comprehensive review of Australia's leading crypto platforms. Unlock your trading potential with our detailed guide.
Summary: In Australia, buying Bitcoin and other cryptocurrencies is safe and well-regulated, thanks to ASIC and AUSTRAC, who diligently oversee crypto exchanges. Investors have several options such as bank transfers, PayID, Osko, BPAY, credit cards, debit cards, and more to deposit Australian Dollars (AUD) into these platforms to safely trade digital assets.
Our analysts have carefully researched and assembled a list of the five leading cryptocurrency platforms in Australia to aid your initiation into the world of digital assets. These are the best and most reliable options:
Best Crypto Exchanges for Australia
After conducting an extensive review of over 20 digital currency exchanges, we have pinpointed the leading platforms suitable for Australian investors. Our assessment incorporated adherence to the Australian Securities and Investments Commission (ASIC) regulations, variety of cryptocurrencies on offer, intuitive interfaces, Australian Dollar (AUD) deposit capabilities, and transaction fees. Following our rigorous exploration, we are pleased to deliver a selection of the top five platforms in Australia.
1. eToro
eToro is ranked as the top crypto platform in Australia, providing investors with access to over 3,000 assets across multiple sectors, including cryptocurrencies, stocks, commodities, currencies, indices, and ETFs. The platform sets itself apart with cutting-edge social trading features, such as Copy Trading, and a Virtual Account that allows users to sharpen their skills with AUD 100K in demo funds.
eToro is particularly popular among Australian investors, thanks to its seamless and cost-effective Australian Dollar (AUD) deposit options through bank transfers, PayID, POLi Payments, Debit Card, and other widely used methods. Moreover, eToro boasts competitive fees, with no initial commissions and market-leading spreads on assets.
- Fees: Variable trading fees depending on the spread and 0 up-front commissions.
- Supported Assets: 70 cryptocurrencies, 3000+ stocks, 18 indices, 27 commodities, 49 fiat currencies and 300 ETFs.
- Regulation & Licensing: Regulated & licensed by ASIC.
- AUD Deposit Methods: Bank Transfer, Credit/Debit Card, PayID, POLi & more.
2. Kraken
Kraken, a leading force in Australia's cryptocurrency market, has secured its position as the second-best exchange. Serving over 9 million clients across 190 countries, it boasts an impressive $207 billion in quarterly trading volume. With a minimum investment of just $10, Australians can access over 200 cryptocurrencies, including major and emerging assets like Bitcoin, Ethereum, Solana, and more. The platform supports a variety of AUD payment methods, including Bank Transfer (EFT), PayID, Osko, and credit cards, enhancing user convenience.
Dedicated to providing a user-friendly experience, Kraken facilitates effortless crypto purchases through mobile apps available on both the App Store and Google Play. Its standout staking services offer clients the chance to earn up to 24% in rewards annually, with both flexible and bonded options available for a broad range of assets. Complementing this, Kraken Pro, the platform's professional trading environment, offers low spreads, deep liquidity, and high rate limits, complete with a mobile app for trading on the move.
- Fees: 0.01% Maker Order and 0.02% Taker Orders.
- Available Assets: 200+ spot markets and 100+ markets available with 5x margin.
- Regulation: Kraken is registered as a Digital Currency Exchange (DCE) by AUSTRAC.
- Deposit Methods: PayID, Osko, Bank Transfer, RTGS, Debit Card, Credit Card and more.
3. CoinSpot
CoinSpot, hailing from Melbourne, is a distinguished player in the Australian cryptocurrency landscape. With support for over 360 cryptocurrencies and 30 stakable tokens, it comfortably clinches the third spot among the top platforms in Australia. The exchange offers various features, including a crypto card, Non-Fungible Tokens (NFTs), and Bundles (resembling Crypto ETFs). Although it may not lead the pack, CoinSpot has garnered a robust reputation for its unwavering commitment to security.
In the competitive landscape of cryptocurrency exchanges, CoinSpot distinguishes itself further with its user-friendly interface. After conducting a comprehensive review of various platforms, we found CoinSpot to offer the most seamless user experience. The intuitive nature of the platform makes it an optimal choice for those venturing into the digital asset market for the first time. Our team confidently recommends CoinSpot to newcomers and seasoned investors who value security and ease of use.
- Fees: 1% for instant trading or 0.1% for market orders.
- Supported Tokens: 365 cryptocurrencies.
- Regulation & Licensing: Regulated & Licensed by AUSTRAC.
- AUD Deposit Methods: Bank Transfer, Credit/Debit Card, POLi, PayID, BPAY, Osko & Cash Deposit.
4. Bybit
Securing the fourth spot among Australia's top cryptocurrency exchanges is Bybit. This Dubai-based platform focuses on derivatives trading, offering futures and perpetual contracts for prominent cryptocurrencies like Bitcoin, Ethereum, Solana, Arbitrum and 770 others. Despite its global operations, Bybit maintains a formidable foothold in Australia, courtesy of its intuitive platform, easy AUD deposit options, advanced trading tools, and unique features, including options for derivatives trading.
Bybit outshines other platforms when it comes to derivatives trading in Australia, primarily due to its deep liquidity and competitively low fees on over 770 crypto assets. These attributes have catapulted Bybit into the league of top contenders, trailing closely behind market leaders like CoinSpot. This competitive edge in the derivatives trading space has ensured Bybit's position as a favourite among Australian crypto traders, reinforcing its appeal and standing in this competitive market.
- Fees: 0.1% fees for spot trading and 0.01% maker or 0.06% taker fees on derivatives.
- Supported Assets: 770+ cryptocurrencies.
- Regulation & Licensing: Regulated in Dubai and Seychelles to operate globally.
- AUD Deposit Methods: Credit Card, Debit Card, Bank Transfer, POLi, PayID & Google Pay.
5. SwyftX
SwyftX, a cryptocurrency exchange based in Brisbane, Australia, holds the fifth position in our ranking of top crypto platforms. Since its inception in 2017, SwyftX has rapidly grown its user base to over 600,000 Australians. This growth can be attributed to its user-friendly web and mobile app, a wide selection of over 300 cryptocurrencies, reasonable trading fees, and round-the-clock customer support. Additionally, SwyftX's popularity is further enhanced by the ability to stake more than 20 cryptocurrencies, a feature that sets it apart even as it competes fiercely for the fifth rank.
For Self Managed Super Funds (SMSFs) in Australia, SwyftX stands out as the platform of choice. It offers extensive features and tax reporting specifically designed for SMSFs, coupled with strong security measures. Users praise SwyftX for its reliability and the wide range of investment options it provides. These factors contribute to SwyftX's reputation as the top cryptocurrency exchange for SMSFs in Australia.
- Fees: Deposits and withdrawals are free and trading fees are a flat 0.6%.
- Supported Assets: 310+ cryptocurrencies.
- Regulation & Licensing: Regulated and Licensed by AUSTRAC.
- AUD Deposit Methods: Bank Transfer, Credit/Debit Card, POLi & PayID.
Is Crypto Legal in Australia?
Cryptocurrency is legal in Australia. The Australian government has implemented regulations to prevent money laundering and terrorist financing through the use of digital currencies. These regulations require digital currency exchanges to register with the Australian Transactions and Reporting Analysis Centre (AUSTRAC) and comply with certain record-keeping and reporting obligations. Individuals and businesses are also able to use cryptocurrencies for transactions, and are subject to taxes on any capital gains from buying and selling of cryptocurrencies.
How is Crypto Taxed in Australia?
The Australian Taxation Office (ATO) has set clear rules for taxing digital assets. Within this framework, cryptocurrencies are classified as a type of property and are considered assets subject to Capital Gains Tax (CGT). This means if you're an Australian resident, you are liable to pay tax on any profit you make from cryptocurrency or NFT investments, just as you would from other types of property investments. This tax applies regardless of whether the income was earned within Australia or internationally. In other words, all global income from cryptocurrency investments is taxable in Australia.
Here are some examples of how cryptocurrencies could be taxed:
- Capital Gains Tax (CGT): Cryptocurrency and NFTs are considered assets. When sold or traded, any profit is subject to CGT.
- Income Tax: If you receive cryptocurrency or NFTs for services or goods as part of your business, it's part of your income and taxable.
- Goods and Services Tax (GST): Business purchases using cryptocurrency can claim deductions based on the item's value.
- Mining and Staking: Income from mining or staking cryptocurrency may be taxable. If it's a business activity, income is assessable and expenses are deductible.
- Business-held Assets: If your business holds cryptocurrency or NFTs for sale or exchange, the trading stock rules apply, not CGT rules.
For the most up-to-date information, visit the official ATO Digital Assets guidelines for investors and business owners.
How to Buy Crypto in Australia
If you're interested in acquiring Bitcoin or other cryptocurrencies in Australia, here's a comprehensive, step-by-step guide for a secure and legal purchase:
- Choose a platform: Select an exchange regulated by ASIC or AUSTRAC.
- Account setup: Register with your email, create a strong password, and finish the KYC process.
- Deposit AUD: Use EFT, online banking, bank transfers, PayID, Osko or cards to fund your account.
- Buy crypto: Select your preferred cryptocurrency, specify the amount, and confirm.
- Asset security: Transfer your crypto assets to a secure wallet for increased safety.
By following these steps and using a trustworthy, regulated platform, you can safely and efficiently purchase cryptocurrencies in Australia.
Bottom Line
In conclusion, investing in cryptocurrencies in Australia is a secure and regulated process, with a variety of reliable platforms available for both beginners and seasoned investors. Our comprehensive review has identified eToro, Kraken, CoinSpot, Bybit, and SwyftX as the top five exchanges, each offering unique features and benefits to cater to different investment needs.
These platforms adhere to the regulations set by ASIC and AUSTRAC, ensuring a safe trading environment. They also provide a wide range of deposit options, making it easy for investors to start their crypto journey. Remember, while cryptocurrencies offer exciting investment opportunities, they are subject to Capital Gains Tax, and it's essential to stay informed about the tax implications.
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