The biggest issue with cryptocurrency is safety and security. Therefore, we have compiled a list of trusted crypto exchanges in Australia that you can open an account with. This list takes into account factors such as ease of use, fees and overall user experience. 

Before we cover these exchanges, we think it’s best that we first explain what an exchange is for those of you that might be new to trading and investments. 

What is an Exchange?

An exchange is a marketplace where commodities, securities, derivatives and other financial instruments (this is where cryptocurrency falls) are traded. 

The primary purpose of an exchange is for the transparent sale of financial instruments and the efficient dissemination of price information to both buyers and sellers.

Why Do You Need a Сrypto Exchange?

Investing in cryptocurrency can be a complex task for beginners. Cryptocurrency is still relatively new and as such, the adoption of this alternative currency system is still largely in its infancy. The news is riddled with stories about people being scammed by unscrupulous characters. 

A lot of people have indeed fallen victim to crypto scams. It must also be said that there’s never been a better time to invest in cryptocurrency as it’s increasing in popularity right now. 

While there may be other ways to trade cryptos, such as peer-to-peer trading and Bitcoin ATMs, exchanges are the easiest way to trade fiat currencies such as Australian dollars for cryptocurrency. 

What’s excellent about crypto exchanges in Australia is that the fees associated with exchange transactions are lower than using Bitcoin ATMs. 

The best cryptocurrency is dependent on your individual needs. For instance, if you exchange Ethereum for Australian dollars, you’ll benefit from low transfer fees from your exchange to your bank account. Likewise, if you are looking to diversify your portfolio with digital assets, your focus will be finding an exchange with great spreads and liquidity.

Best Crypto Exchanges in Australia

We’ve covered all our basics, suffice it to say that we think that you have a working understanding of cryptocurrency and exchanges. Without wasting any more of your precious time, let’s get right on our list of best crypto exchanges in Australia.

1. Swyftx

Swyftx is a crypto exchange platform that is registered with AUSTRAC. You can buy and sell cryptocurrency with Australian dollars on this platform. The team behind this exchange wanted to create a beginner-friendly platform but robust enough for seasoned investors to find useful as well.

Swyftx has been built to eliminate typical frustrations associated with other Australian crypto exchanges. The main frustration most cryptocurrency exchange users face is verification and the waiting period associated with account approval. 

With Swyftx, account verification is instant, and there is no need to upload verification documents (ID and proof of residency) or take selfies. 

Website	www.swyftx.com.au
No. of Cryptocurrency Assets Available	228
Fiat Type	AUD
Payment Type	Bank transfer, PayID, POLi, Credit card
Trading Fees	0.6%
Deposit Fee	$2 on deposits less than $200
Withdrawal Fee	None
Mobile App	Yes

Swyftx doesn’t exactly operate like a traditional exchange. Instead, it acts as a broker (intermediary) between retail investors and exchanges from around the world. 

2. Binance

Binance is one of the largest cryptocurrency exchanges in the world, with over 250 digital trading pairs listed on the exchange. The exchange platform offers instant withdrawal and deposits in Australian dollars and supported by over 100 Australian banks and financial institutions. 

Website	www.binance.com
No. of Cryptocurrency Assets Available	250+
Fiat Type	AUD, EUR, USD, GBP, UGX, SGD
Payment Type	Bank transfer, PayID, Credit card
Trading Fees	0.1%
Deposit Fee	Bank Transfer: None. Bank Card (Visa): 1%
Withdrawal Fee	None
Mobile App	Yes

3. CoinSpot

CoinSpot was founded in 2013 to help Australians buy cryptocurrency safely online. The company has a good reputation and is among the trusted brands in Australia when it comes to cryptocurrency exchange. 

CoinSpot supports multiple payment methods for users who wish to open an account with them. The most popular deposit method is bank transfer. You do not incur deposit fees if you deposit using an Australian bank account. 

What’s great about this exchange is that they bundle digital assets for their users so that when you purchase crypto on this exchange, you can buy it in a bundle format instead of purchasing individual coins. 

Website	www.coinspot.com.au
No. of Cryptocurrency Assets Available	260+
Fiat Type	AUD
Payment Type	Cash deposit, PayID, POLi, BPAY
Trading Fees	0.1% and 1%
Deposit Fee	BPAY: 0.9%. Cash deposit: 2.5%
Withdrawal Fee	None
Mobile App	Yes

4. Digital Surge

Digital Surge is a crypto exchange based in Brisbane, and it provides a fast and easy way to buy and sell digital currency using Australian dollars. The exchange’s mission is to offer a beginner-friendly cryptocurrency exchange platform for Australian citizens. 

The exchange focuses on simplicity which begins with the automated verification process. 

Features

• Best rated exchange for beginners. 
• Regulated cryptocurrency exchange account.
• Dedicated support team available 24/7.

Website	www.digitalsurge.com.au/
No. of Cryptocurrency Assets Available	230+
Fiat Type	AUD
Payment Type	PayID, POLi
Trading Fees	0.5%
Deposit Fee	POLi: $2 to $3.30
Withdrawal Fee	None
Mobile App	Yes

5. eToro

This exchange platform is great for beginners that want to speculate on cryptocurrency prices. The cryptocurrency exchange, therefore, provides a simple platform to speculate on various cryptocurrencies and crypto CFDs. eToro works on a spread cost instead of a fixed fee. 

eToro operates more like a broker than an exchange. eToro also has a social aspect to it as users can copy trades from profitable traders on the platform. 

No. of Cryptocurrency Assets Available	16
Fiat Type	AUD, USD, EUR, GBP
Payment Type	PayPal, Debit Card
Trading Fees	Spread fee only
Deposit Fee	None
Withdrawal Fee	$5
Mobile App	Yes

Conclusion

Cryptocurrency is the future of currency globally as the current financial fiat system has too many bottlenecks. Investing in a few cryptocurrencies for your future is a smart move and choosing the right exchange platform to do this is important. We hope that our list of best crypto exchanges in Australia will help you make an informed decision but always consult your financial advisor for financial advice.