9 Best Crypto Exchanges in Australia for 2023 – A Detailed Buying Guide

If you are looking to find the best cryptocurrency exchanges in Australia, you will need to make sure you find a crypto exchange that works for your location, target currency, payment methods, etc. As such you will need to identify your needs and the type of crypto currency you require.

If you are already an experienced trader in the cryptocurrencies market, then you should already know that you will have the option to select between two types of trades: crypto to crypto or fiat to crypto exchanges.

If you lack experience in crypto trading, we suggest sticking to fiat to crypto trading first for ease of use, at least until you purchase enough cryptocurrencies. That said, it’s best if you learn how to buy bitcoin in Australia.

What are Cryptocurrencies?

Cryptocurrencies are a type of digital asset which can be used by its holders as a source of payment method or medium of exchange. They are secured using a cryptographic proof which is also a known method used to generate new coins and to verify cryptocurrency transactions that are publicly recorded and stored on digital ledgers called the blockchain.

What are Crypto Exchanges?

Crypto exchanges are platforms that are available online where keen investors who are looking to dabble in cryptocurrencies are able to buy,sell, transfer or store such digital assets in Australia.

Before you make a decision on the type of crypto exchanges you are going to use, you should decide between using a centralized (traditional) exchange or a decentralized (peer to peer) crypto exchange.

Centralized or traditional crypto exchanges are called as such because they are the first types of exchanges to be ever available on the market for digital currency trade. You will find that they are similar to how a traditional bank functions, with their main responsibility being overseeing all their customers’ transactions and offering escrow services.

One of the main reasons you will want to be using centralized exchanges is that these cryptocurrency exchanges offer much higher liquidity due to the reason that they only buy and support cryptocurrencies that have high trade volumes such asEthereum and are relatively risk free.

The top cryptocurrency exchanges also invest a lot of money into high-level security methods in order to comply with certain regulatory body’s criteria and to stay in business, thus the preference for lower risk

One downside to trading on centralized exchanges is that they are less private due to the crypto exchange requiring you to provide some level of personal identification for verifying purposes.

If you are not very comfortable with this. You could always opt to go for a decentralized exchange which is more of a free market. These types of digital currency exchanges directly connect buyers and sellers and let them agree on the trading terms that they both set on their own.

How to Choose the Best Cryptocurrency Exchanges in Australia

Before you make your final judgement, you should go through the below points and criteria to ensure that you would select the best type of trading platform for your uses.

• Are you a crypto trading beginner or an experienced trader? If you are a beginner we advise you to stick to user-friendly platforms with easily-navigable interfaces.
• Is the cryptocurrency exchange trusted in the industry and have great reviews? You should always look for digital currency exchange which is reputable.
• Have you purchased any cryptocurrencies in Australia before? If you have not, it should be easier for you to use fiat to crypto exchange.
• Is the target crypto you are targeting to invest in listed on the exchange?
• Do you have an online wallet that you could use for storing crypto? If you don’t you could go for an exchange that provides a free bitcoin wallet in Australia.
• Are transaction charges reasonable or unreasonably high? Does the cryptocurrency exchange charge deposit or withdrawal charge? This can be a decisive factor if you can’t make up your mind between two different platforms.
• Are you satisfied with the payment methods the cryptocurrency exchanges are offering you?
• Are the exchange rates quoted reasonably for you in Australia?
• Are you required to complete a KYC check to register for an account? If you do not like sharing your private data, you would be better off using a decentralized exchange.
• How secure are the cryptocurrency exchanges that you are using? Do they offer two-factor authentication and address whitelist on your account?
• The best crypto exchanges should have some form of insurance or segregation of client funds to prevent theft. A reliable crypto exchange should have some form of “Cold storage” for maximum security
• What kind of customer support is available?
• The cryptocurrency exchanges you are selecting should be supported in Australia?

Best Crypto Exchanges Australia

1. Coinjar

Coinjar is an online bitcoin exchange that provides traders in Australia the option to buy, sell, store and spend cryptocurrency such as Bitcoin. Coinjar is one of the best crypto exchanges out there as it is a simple to use platform which allows beginner traders in Australia to enter the crypto scene.

Coinjar’s products have made cryptocurrency trading readily accessible to traders in Australia with Coinjar boasting more than 400,000 users worldwide.

Not only does Coinjar support crypto wallet to wallet transactions but also allows its traders to trade in fiat currency for ease of use.

Coinjar has a referral program which allows them to invite friends or family to join Coinjar, and will be rewarded with 500 CoinJar Reward Points which can be used to be exchanged for rewards on the CoinJar Rewards store with gift cards and other rewards.

Trading Features

Coinjar supports the exchange of cryptos with Fiat money and is a registered crypto currency exchange with AUSTRAC and AML and also KYC compliant in Australia. Coinjar also accommodates both individual and institutional investors and traders with an emphasis on providing the best service to traders in Australia.

Coinjar supports cryptos including Australian Bitcoin, Ethereum, Litecoin, Ox, CRP, Stellar’s Lumen, Basic Attention Token, DAI and USD Coin. Additionally, Coinjar accepts fiat currencies which include the Australian Dollar and British Pound.

This cryptocurrency exchange allows transfers of supported cryptos to compatible wallets that are provided on their platform.

In order to buy cryptocurrency, traders would first need to get their account details verified on the home page.Their registration process is fairly quick and easy to perform with the AML and KYC requirements that are expected on a regulated platform.

Coinjar is a multi-product exchange in Australia delivering CoinJar Exchange, CoinJar’s Knowledge Base: which provides comprehensive articles to assist users, and also accepting digital credit card transactions and trading through mobile apps on the go.

Fees

Deposit Fees

Conversion Fees

Coinjar WIthdrawal Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coinjar’s dynamic fees are calculated once every 15 minutes and is dependent upon how congested the blockchain is and also the amount of your transaction

Security

CoinJar delivers top of the line security features to protect its investor assets on the platform with the below features:

• 2- Factor Authentication to increase level of security.
• Account limits for bank deposits/withdrawals, any internal transfers and all digital currency payments.
• Cold storage facility that stores at least 90% of all digital currencies in geographically secure locations.
• CoinJar utilises muulti-sig technology to protect its assets.
• All personal and financial information are stored in cloud services that meet the strictest infrastructure security requirements.

Pros

• Customer support is only available during business hours but contain a comprehensive base platform with enough details to support its users
• Allows deposits and withdrawals of fiat money and cryptos
• Deposits take less than 5 minutes using fiat currencies to reach into the COinJar account
• Simple and easy to use trading platform supporting both the newer investor and experienced investor
• Strong emphasis on security to protect internal assets and confidential information
• Reward points system
• Strong support for mobile compatibility

Cons

• Regulated and is KYC and AML compliant meaning less anonymity
• Does not offer demo account
• Limited number of cryptos for users who wish to access a broader spectrum of cryptocurrency trading.

2. Independent Reserve

 

Independent Reserve (IR) is a bitcoin exchange in Australia that claims to be committed to making strides in the Digital Currency industry. They are Gold certified members of the Australian Digital Commerce Association (ADCA) and have worked with both ADCA and AUSTRAC to develop a regulatory framework for the cryptocurrency trading industry.

One feature that makes Independent Reserve stand out from other crypto exchanges is its very own Airmarshal platform which allegedly provides a secure, robust and scalable system for trading.

Trading features.

Independent Reserve offers a “hack insurance” to all of its users which insures against “theft or loss of any cryptocurrency that is held in an Independent Reserve trading account” however, it does not cover any losses resulting from market volatility or unauthorized access to trading accounts.

This cryptocurrency exchange also provides two noteworthy features which stand out from its competitors, the Cryptocurrency Tax Estimator and the Independent Reserve OTC-Desk.

The Cryptocurrency Tax Estimator is a digital tool that is available on the user interface allowing traders to estimate tax obligations on their own portfolio. The tool covers all cryptocurrencies that are supported on Independent Reserve.

The OTC-desk is a premium feature for the more higher net worth and institutional clients that requires the execution of large volume trading of cryptocurrencies. Its features include deep global liquidity, premium support, guaranteed pricing, reliable execution and fast secured settlement.

The exchange offers wire transfer as a deposit method but credit card is not supported as a payment option. Independent Exchange also offers deposits via the SWIFT-transfer which would be helpful to a lot of traders.

Fees

This cryptocurrency exchange in Australia does not charge different fees for takers and makers. Instead the trading platform is structured around something called a “Flat fee model” at 0.5%.

Independent Reserve also provides incentives to trade in higher volumes which are set out in the below picture

 

For Withdrawals, This cryptocurrency exchange in Australia charges a fee amounting to 0.0003 BTC which is substantially below the global industry average of around 0.000812 BTC so it is set at a very competitive price.

Security

Independent Reserve takes ensuring its customers’ digital assets remain secure and available at all times very seriously by having cold storages in secure locations. Each of the vaults is secured by multiple levels of physical security as well as requiring biometric authentication of all persons accessing the vaults.

They have core servers securely located at two different Tier 3 data centers which allows them to synchronously replicate all data across both locations in real time which prevents data loss should disaster strike. Data received by Independent Reserve is signed and encrypted using geographically dispersed keys.

Any emails sent out from Independent Reserve is PGP signed which means Independent Reserve has authenticated the message.

Pros

• Regulated exchange with ADCA and AUSTRAC
• Offers additional features such as Cryptocurrency Tax Estimator and Independent Reserve OTC-Desk
• Low Trading Fees
• Easy Bank transfer for deposits and supports fiat currencies
• Simple user interface for ease of use for beginner investors

Cons

• Regulated Exchange so prevents anonymity
• Not a broad range of cryptocurrency available
• High trading volume requirement to avoid 0.5% trading fees
• No official app on Mobile

3. Swyftx

Swyftx is one of the most popular and trusted cryptocurrency exchanges in Australia. Swyftx is regulated and is registered with AUSTRAC that offers an easy and transparent way for traders to buy and sell cryptocurrency in Australia.

Swyftx prides itself in providing an exchange website that eliminates any concerns such as deception,manipulation, high spreads and hyper inflation by other greedy cryptocurrency exchanges in Australia.

Trading features

Swyftx is a broker that finds the best crypto prices in AUD by searching for an exchange that provides the most liquidity on an asset in Australia.

Swyftx works by optimizing your crypto orders across several cryptocurrency exchanges to find the best prices and liquidity on a single trading platform. The advantage of this is that Swyfts has considerably higher liquidity compared to other cryptocurrency exchanges in AUstralia.

Swifts provides charting tool services which are smooth and intuitive. Traders are able to utilise this feature for advanced trading to maximise profits and minimise risk. The char offers a wide range of time frames that are available against several fiat currencies including the Australian Dollar and US Dollar.

As a result, Swyftx offers over 100 different types of cryptocurrencies against AUD,USD or BTC which include Bitcoin, Ethereum and Ripple. Their deposit methods include PayID,POLi and OSKO. However, Swyftx does not allow purchases of cryptocurrency using a cash deposit, credit card or Paypal – which is the option that most traders prefer.

Their user interface is easy to use with the Bitcoin live price in AUD and other cryptocurrency assets displayed on top of the exchange website. In order to buy cryptocurrency such as Bitcoin, users are required to fill in a simple order-entry form which provides an estimate of the 1 BTC to AUD price. The exchange website offers features such as Market order, limit order and stop orders which are great advanced order execution types for traders who are not beginners which allows for easier risk management and faster order execution.

Fees

Swyftx offers a flat trading fee of 0.6%, with its deep liquidity providing spreads as low as 0.2% between the buyer and sellers with reduced slippage. There is however a minimum $30 deposit amount and any deposits under $200 will attract a fee of $2.

Security

Swyftx is regulated and so new users are required to verify their identity but this process is quick and simple. The information required to be provided by new users for an exchange account are an email address, a mobile phone number and an ID document number.

Swyftx also imposes deposit and withdrawal limits. The exchange website allows its users to deposit and withdraw a maximum amount of AUD $20,000 per day and can be increased to AUD $100,000 with enhanced verification. The amount is automatically converted into USD based on the conversion rate for the day. This is done to allow the exchange website to search for deeper liquidity partners using USD pairs to provide reduced spreads and cheaper crypto prices in AUD.

Accounts are also kept safe using 2FA (Two Factor Authentication), and most assets is stored on a mix of cold and hot wallet storage

Pros

• Beginner friendly
• Quick verification process
• Mobile app supported
• Low spread and Dollar cost averaging
• Great customer support
• Generates reports to assist with preparing for Australian crypto tax

Cons

• Regulated exchange which reduces anonymity
• Deposit options only allow bank transfer. Does not support cash deposit, credit card and Paypal.

4. Coinmama

Coinmama is a crypto exchange that supports the purchase of crypto such as Bitcoin in Australia. It was amongst the first cryptocurrency exchanges to support its users to buy Bitcoin using debit and credit cards and since then has continued to add additional cryptos alongside Bitcoin Ethereum not to mention increasingly diverse payment methods.

Coinmama is one of the cryptocurrency exchanges in Australia with an emphasis of having a user friendly easy to use interface that supports both investors who are new to the crypto scene and seasoned investors. There is a wide range of cryptos available which are also amongst the more popular cryptos and supports these purchases with multiple fiat money options.

Trading Features

Cryptos that are offered include Bitcoin, Bitcoin Cash, Cardano’s ADA, EOS, Ethereum, Ethereum Classic, Litecoin, Qtum Ripple’s XRP and Tezos. These cryptos can be purchased using fiat money via debit card,credit card or via fund transfers.

An important to note is that while traders using Coinmama can buy most popular cryptos, only Bitcoin is available to sell. There is no delay time when purchasing cryptos and will be all transferred to the purchaser’s specified wallet upon completion of transaction. Coinmama also provides users their own crypto wallets in order to store cryptos.

Other than debit and credit cards, which incur a 5% momentum fee, Coinmama allows several other payment methods which include Faster Payments in Australia with delivery up to 1 business day with 0 additional fees. ApplePay is also allowed via the mobile app.

Coinmama has a loyalty program which is featured around the more crypto you buy or sell the lesser you pay. This loyalty program has 3 levels of savings and will require a cumulative minimum purchase amount over a 90-day period to maintain this status. The breakdown of the loyalty structure is as below.

Level 1 – Crypto Curious. For new users.

Level 2 – Crypto Enthusiast: When users have reached this level, they are able to save 12.5% on Coinmama fees. Customer support is also more focused for level 2 users compared to level 1. To achieve this level you are required to have a cumulative purchase amount of 5,000USD over a 90-day rolling period to maintain this status.

Level 3 – Crypto Believer. Traders who achieve this level will enjoy savings of about 25% on Coinmama fees and queueless customers support. To qualify however, you are required to have been purchasing cryptos for at least 30-days. To maintain this level you are required to make a cumulative purchase amount of 18,000 USD over a 90-day rolling period. Another option is to make a lifetime purchase amount of 50,000 USD.

Fees

Coinmama uses a service called TradeBlock XBX to determine crypto prices. This program works by listing the average of known provider rates. Coinmama uses these rates and adds a 2%(Std Dev) and includes Coinmama’s commission fees of up to 3.9%.

Their fees structure is as below.

There is a commission fee of up to 3.9%. This would vary depending on the payment method.
Transactions including a locked crypto rate and instant deliver will incur a 5.0% momentum fee.
Transactions by bank transfer will not incur a momentum fee and no hidden fees.
Transactions using SWIFT will require a minimum order amount of 1,000 USD and a flat fee $40 is charged for users wishing to make an order below 1,000USD.

For selling fees, they will be tiered and are correlated with a user’s loyalty program level. These rates are calculated by the XBX index average +2% (STD dev) with additional Coinmama sales fee of between 0.1% and 0.9%.

Security

Coinmama has a strong emphasis on protecting its users with a high level of security. Coinmama does not hold any cryptos for users on their exchange and includes a KYC process to protect all user accounts and minimize fraud. Any user debit/credit card info or bank details are also not stored by Coinmama.

Since Coinmama does not hold any cryptos or store any customer information they do not have a 2-factor authentication but they do recommend that users enable 2-factor authentication on any wallet apps being used.

Pros

• No additional fees incurred to withdraw coins
• Friendly interface supporting both new and experienced users
• Wide array of cryptocurrencies available to its users.
• Reliable and fast delivery of coins within minutes of purchases.
• User assets are protected from theft.

Cons

• No advanced tool for trading cryptos
• No telephone line or call support available
• Anonymity is removed due to users having to complete a confirmation process to trade cryptos.

5. Kraken

Kraken is one of the best crypto exchanges in the world and is consistently rated the best and safest Bitcoin exchange rated by independent news media. It is a good trading platform in Australia as they have the highest euro volume of Bitcoin trading of any exchange out there.

Historically, Kraken has been one of those platforms that is considered good but not without its flaws. Its trading software that investors use to trade has been known to encounter downtime problems during peak times and high traffic peaks.

Other than traditional trading crypto currency, Kraken also offers additional services such as margin trading with up to 5 times the leverage and option for its crypto traders to take a short position

Kraken is a digital currency platform which has continuously increased value-added market data and trading tools to improve trader’s experience on the platform.

Trading Features

Deposits and withdrawals can be made through cryptocurrencies that are traded on the exchange. However they can currently only be made via bank or wire transfer and they do not allow credit and debit cards to be used. Skrill or Paypal are also out of the option. The reason that Kraken has such limiting payment options is due to the near-instant and risky nature of crypto transactions to prevent fraudulent transactions.

Kraken offers quite a number of cryptocurrencies which include Ethereum, Bitcoin Cash, Monero, Dash, Litecoin, Ripple, Stellar/Lumens, Ethereum Classic, Augur REP token (REP), ICONOMI, Melon, Zcash, Dogecoin, Tether, Gnosis and EOS.

Fees

Fees and charges can be broken down into making deposits and withdrawals and those incurred in the trading process in Australia

Deposit and option fees
EUR Bank Wire Deposit (10 Euros) – Outside US Only
USD Bank WIre Deposit ($10 USD) – Outside US Only

Withdrawal options and fees
USD Bank Wire Withdrawal ($60USD) – Outside US only
EUR Bank Wire Withdrawal (60 Eur) – Outside US Only

The trading fee is tiered so they will drop as trading volumes increase and also vary between the type of currency that the pair is being traded and also the kind of trading ie. Standard, margin-based etc.

The exchange has a trading fee that is generally considered to be towards the lower end of the scale when it comes to exchanging averages.

Security

Kraken considers its security levels to be quite high, however they do require higher amounts of personal identity confirmation for its account holders in comparison to other crypto exchanges. This does largely depend on whether its users wish to be able to make transactions in both fiat currencies as well as cryptocurrencies as Kraken is operating in line with general banking standards.

Kraken has several tiers of accounts which are based on the personal identity verification provided and also the highest amount of deposit and withdrawal values will be related to this due to theft and money laundering considerations.

A tier 1 account requires users to provide personal information such as their full name, date of birth, country of residence and phone number verification. Tier 1 accounts only allow crypto denominated deposits and withdrawals with a ceiling set at about $2,500 a day or $20,000 a month.

Tier 3 will allow fiat currency deposits and withdrawals from nationals of all countries meaning providing a valid government-issued ID and proof of residence and address. Tier 4 which is more beneficial for higher volume traders which require the same kind of documents as would be expected by a bank of a regulated financial institution.

Pros

• High digital and financial security
• No geographical restrictions on account holders
• Varied range of tradeable cryptocurrencies
• Tradeable fiat currencies
• Low fees

Cons

• Improvable customer service response times
• Debit and credit cards and e-payments not supported.
• Fees and withdrawal + Deposit options not too friendly for Australian users

6. CEX IO

Started business in 2013, the company has gradually evolved over the years into a multi-functional cryptoy exchange. In addition, Cex IO provides trading of cryptocurrencies on its web trading portal, via mobile apps and also using API applications, and is loathed in London, UK.

CEX IO gives the options to its traders of selecting different types of accounts which they can then trade cryptocurrencies based on the conditions attached to the account types which match their style.

Trading Features

One thing to note about Cex IO is that trading is usually betweenETH, DASH,XRP, Bitcoin Gold, ZEC, Bitcoin Cash and BTC on one side with several other fiat currencies on the other. Fiat currencies that are supported on CEX IO include the British Pound, US Dollar, Euro, Ruble and many others.

As such, only Bitcoin and Ethereum can be bought or sold. For those who wish to engage in online trading of Bitcoin and Ethereum, traders will need to trade the various pairings between Bitcoin and fiat currencies or ethereum and fiat currencies – which can be cumbersome

There are a few options for deposits and withdrawals on Cex IO in Australia. Each option comes with their respective deposit and withdrawal limits. The account type used by the user determines the limits for depositing or withdrawing funds.

Depositing or withdrawing funds on CEX IO, use the following channels:
Credit/Debit cards issued by MasterCard and Visa
Wire transfer using Swift
Cryptocapital

Fees

Transaction fees (Maker-taker fees)
Deposit/withdrawal fees (Specific to each payment method)
Margin trading fee

Transaction fees are a percentage of the trader’s 30-day trade volume for all pairs. Open fees for margin trades are capped at 0.2% of the invested amount, while rollover fees are capped at 0.01% while no fees are charged to close trade. The below photo should illustrate this clearly.

Security

The exchange has deployed several security features to ensure that it is a secure place for traders to buy and sell cryptocurrencies without fear of theft of cash, coins or IDs. Security features are as below:

• Two-Factor Authentication
• Encrypted Data
• PCI DSS Certificate
• SSL Certificate
• Internal AML/KYC policy and procedures

The platform provides an email address for business enquiries at: webmaster@cex.io and also any accounts and cardholder issues at: support@cex.io

Pros

• Relatively low fees
• Cex IO provides few levels of security for clients to trade safely.
• A cold storage wallet protects funds of clients
• Cex.IO is a registered cryptocurrency exchange
• Cex.IO provides more options of cryptocurrencies for exchange and trading

Cons

• Deposit limits are strict for Basic account holders
• Lengthy transaction processing time during peak hours due to number of traders and volume of requests.

7. Bitcoin Australia

Bitcoin.Com.AU or Bitcoin Australia is a popular cryptocurrency exchange in Australia that allows traders of all levels of experience to buy and sell Bitcoin. It is one of the first crypto exchanges that popped up to support Bitcoin investing in 2014.

Bitcoin Australia provides an online exchange website to purchase Bitcoin and Ehtereum through several deposit methods. Bitcoin Australia is also a registered member of Blockchain Australia.

Trading features

Bitcoin Australia is considered a premium platform to allow traders in Australia to invest in Bitcoin. The exchange provides an easy to use website to create an account in order to start investing immediately. Investors are able to immediately buy Bitcoin or Ethereum in minutes and support a wide variety of deposit methods which include bank transfer and cash deposit.

Bitcoin Australia also has SMSF support to invest superannuation into both Bitcoin and Ehtereum and also OTC(Over the Counter) desk for trades that are greater than $30,000. In addition, Bitcoin Australia also provides a crypto-index fund to participate in a professionally managed portfolio. Last but not least, their Melbourne based team provides top tier customer support in Australia.

Bitcoin Australia provides a few methods to invest in cryptocurrency in Australia. They allow the conversion of Australian Dollars to Bitcoin and the deposit options available are PAY ID which is supported by most investors in Australia with a bank account. This method is generally processed immediately and credited to your Bitcoin wallet with no additional fees.

Bitcoin Australia also supports BPAY which is a secure and reliable way of funding your cryptocurrency account. However the downside is that it may take 1 to 3 business days for funds to be processed but there are no additional costs involved.

Investors can also use POLi which directly connects to your online bank account and are processed immediately with a limit of $1,000 a day. Bitcoin.Com.AU also supports cash deposit to fund your account at supported newsagents or Australia Post.

Fees

BTC markets charge a flat 5% commission fee for each deposit method and a 2% surcharge is applied to the purchase amount after the commission has been added.

Each trade is also subjected to GST tax.

One downside of Bitcoin.com.AU is that its trading fees are one of the highest in the country so you may opt for other crypto exchanges if the fees are a deciding factor for your investment choices.

Security

Bitcoin.com.au requires identity verification before you can start trading. Bitcoin.com.AU is AUSTRAC regulated, AML compliant and one of the founding members of Blockchain Australia. It is stated in their website that personal information could be accessed by those who require access to perform their tasks and duties(Financial institutions to perform payments, fraud detection and prevention services and third party exchange partners and service providers.. They do however state that they will not sell or rent out any personal information provided to them.

Pros

• Trust and well respected cryptocurrency exchange in local Australian community
• Regulated exchange in Australia
• Several payment methods to buy and sell Bitcoin
• Supports SMSF Investors
• Bitcoin is sent directly to wallet
• Great support team

Cons

• High fees
• No charting tools available
• Regulated exchange reduced anonymity

8. Coinspot

Coinspot is an Australia cryptocurrency exchange based in Melbourne. This cryptocurrency exchange website supports Bitcoin, Ethereum, Litecoin a, Ripple and 100+ more cryptocurrencies available.

Trading Features

Users are required to get verified when creating an account with the exchange for cryptocurrency trading. You are required to provide your full name, address, mobile phone number, some form of photo identification and also a utility bill to prove the physical address. After that a two factor identification needs to be set up.

All these steps are to ensure that Coinspot protects its users from scammers and hackers and will take about 48 hours to be completed.

Buying or selling cryptocurrency there is a Buy/Sell option on the top panel and the panel will automatically calculate the cost of the coins that you wish to buy or sell. An example is shown below.

Users investing in Bitcoin will have the option of a bank transfer will make it easier to make deposits from your bank account into your CoinSpot account with Australian dollars.

Coinspot supports the following features when traders wish to buy or sell cryptocurrency

POLi Pay : An option owned by the Australia post and charge free.
BPAY: An E-wallet system that processes payment within a day
Blueshyft Cash Deposit : Depositing cash in any of the 1,200 branches in Australia at selected news-agencies
PayID: Similar to POLi Pay, deposits are completely free but you are required to check with your banking provider for daily limits.
Osko deposit: This direct bank transfer deposit is great if your bank supports it as transactions are instant and there are no feed to get your funds into CoinSpot

There are no limits to how much you buy or sell in a day but there are limits for each transaction which can be broken down as below.

Fees

When you want to buy or sell coins, there will be a 1% fee charged. Buying coins in the market sections will cost you a 0.1% fee per transaction but not all of the coins are available. Currently there are only 12 pairs available on the market which are BTC,LTC,ETH,DOGE,NEO,POWR,XRP,TRX,EOS,XLM,RHOC and GAS with AUD.

Overall, Coinspot’s fees are reasonable and are easy to understand.

Security

Coinspot prides itself with its security features which include being members of the Australian Digital Commerce Association and is regulated by AUSTRAC as well. Coinspot also employs two factor authentication.

Pros

• Website is simple and easy to use
• Easy to sign up for quick buy and sell
• Great customer service
• Large base of cryptocurrencies to choose from
• Competitive fees
• Different payment methods offered
• Safe and Secure site with all regulations
• Great support team

Cons

• No mobile app
• Lengthy verification process
• Transaction limitations for new users
• AUD only accepted FIAT currency

9. Binance

Binance is one of the best places to buy and sell crypto due to it having the largest trading volume in the world. Binance is also one of the fastest platforms in the crypto market today.

Trading features

Supported cryptocurrencies on Binance include Ethereum (ETH) Ripple (XRP) Litecoin (LTC) Bitcoin Cash (BCH) EOS (EOS) Stellar Lumens (XLM) Ethereum Classic (ETC) Zcash (ZEC) Augur (REP) Dai (DAI) USD Coin (USDC) 0x (ZRX) Basic Attention Token (BAT) Algorand (Algo) Cosmos (Atom) Civic (CVC) Dash (DASH) District0x (DNT) Golem (GNT) Kyber Network (KNC) Chainlink (LINK) Loom Network (LOOM) Decentraland (MANA) Maker (MKR) Orchid (OXT) Tezos (XTZ) and also BTC

Binance provides their deposit and withdrawal of funds in both crypto and fiat money. You can purchase your cryptocurrencies by debit/credit P2P Trading, cash balances or third party transfers

Binance exchange is easy to navigate making it suitable for nove traders and also experienced investors. Binance has multiple trading platforms for this purpose. Users are able to deposit cryptocurrencies from external wallets or deposit fiat currency using the Binance platform. Foreign exchange risk is removed as Binance supports deposits of all major fiat currencies.

Fees

Binance offers a tiered trading fee structure that is based upon a 30-day cumulative trading volume or 24-hour Binance Coin holdings. Traders are categorized into VIP levels, ranging from Level 0 to Level 9.

The trading fees range from 0.1% for maker and taker to 0.02% / 0.04% depending on the VIP level status. Both makers and takers can also receive a 25% discount by using BNB.

Withdrawal fees would depend highly on the type of crypto and you would need to refer to Binance’s guideline tables for each fee.

Security

Binance is one of the many crypto exchanges that deliver a high-level of security to users to protect personal information and user assets. These measures include 2-Factor Authentication, Google authentication, SMS Authentication and E-mail address authentication.

Pros

• User friend platform providing many tutorials and support to familarise with cryptocurrencies
• Strong emphasis on security
• High trading volume
• Supports deposits and withdrawals of crypto & fiat money
• Binance offers users access to newly launched coins and token using Launchpad
• Can earn interest by saving cryptocurrencies
• Comprehensive, around the clock customer support

Cons

• Lesser privacy due to KYC verification delivering an additional protection for Binance users.
  Novice traders may find the advanced trade platforms more daunting.

Frequently Asked Questions (FAQ)

Q: Which is the best Cryptocurrency Exchange?

CoinJar, Independent Reserve and Swyftx are the best bitcoin exchanges overall

Q: Is cryptocurrency trading legal in Australia?

Cryptocurrencies and exchanges are legal in Australia and is progressive in its implementation of cryptocurrency regulations

Q: Which is the Safest Cryptocurrency?

Bitcoin, Ethereum, RIpple, EOS, Bitcoin Cash and Litecoin are all very safe Cryptocurrencies.

Q: How to reduce tax on cryptocurrency in Australia?

You are able to get an exemption from capital gains tax if you hold cryptocurrency as a personal use asset. If you purchase less than AU$10,000 of crypto to directly buy something else with cryptocurrency, that too over a short time period, you will be eligible for this exemption

Q: Is Bitcoin mining legal in Australia?

Bitcoin mining is legal in Australia as long as you are using you own electricity and processing power.