Selecting the ideal platform to purchase crypto in Australia is becoming increasingly important. IBTimes US
As digital currencies continue to gain momentum in Australia, selecting the ideal platform to purchase crypto is becoming increasingly important.
The top exchanges in the country stand out for their combination of low fees, robust security, and a broad selection of cryptocurrencies. Here, we will guide you in choosing the best crypto exchange in Australia, focusing on key factors such as trading fees, the range of supported coins, AUSTRAC registration, and available payment options for AUD.
Introducing the top five crypto exchanges in Australia for 2025.
1. Swyftx
Swyftx, launched in 2018, has become a top choice for Australians and New Zealanders. With over 700,000 users, it offers more than 400 cryptocurrencies. It has competitive fees, with a flat 0.6% trading fee, which lowers for high-volume traders. Meanwhile, AUD deposits via bank transfers are free.
The platform prioritizes security with features like two-factor authentication and offline cold storage for 90% of funds. It also offers a demo mode for beginners, 24/7 customer support, and recurring buy options. Swyftx is registered with AUSTRAC, ensuring trustworthiness.
2. Binance
Binance is a global cryptocurrency exchange with low fees of 0.1% for spot trading, which can be reduced further by using Binance Coin (BNB) to pay the fees. Although it stopped bank transfers for AUD deposits, users can still trade using credit/debit cards or peer-to-peer options.
Binance offers over 350 cryptocurrencies, along with advanced tools for trading, though it has faced regulatory challenges in Australia. Despite this, spot trading services remain available.
3. CoinSpot
Founded in 2013, CoinSpot has over 2.5 million users. It offers more than 490 cryptocurrencies and features a flat 1% trading fee. CoinSpot provides free deposit methods like PayID and bank transfers, though card and cash deposits incur fees.
It’s also known for crypto staking, where users can earn returns on their assets, and an NFT marketplace for buying popular NFTs.
4. OKX
OKX, launched in 2017, offers spot trading, futures, and DeFi products. It supports over 350 cryptocurrencies with fees as low as 0.08% for makers. The platform also offers passive income opportunities like staking and savings accounts.
Security features include multifactor authentication and cold storage for assets. OKX also provides advanced tools like copy trading and trading bots.
5. Coinbase
Coinbase, founded in 2012, supports over 240 cryptocurrencies. It offers features like a user-friendly interface and educational tools. However, Coinbase’s fees are higher, ranging from 0.4% to 4.5% per transaction.
It supports AUD deposits via PayID and credit/debit card purchases with a 3.99% fee.
When selecting a crypto exchange in Australia, consider these key factors:
Regulatory standards
- Multi-layered security, including encryption and cold storage.
- Two-factor authentication (2FA) and biometric verification.
- AUSTRAC registration for anti-money laundering compliance.
- Regular third-party audits and bug bounty programs.
Trading fees
- Fees range between 0.1% and 1% for trading.
- Free bank transfer deposits, but credit card deposits may incur 2-4% fees.
- Withdrawal fees vary by cryptocurrency.
- Watch out for fee-free promotions or high spread fees on instant trades.
Better liquidity
- Higher liquidity means tighter spreads and better price execution.
- Peak trading times (10 AM – 2 PM AEST) offer the highest liquidity.
- Global exchanges often have better liquidity but ensure AUD pairs are supported.
Cryptocurrencies available
- Leading exchanges offer a range of 50 to over 400 cryptocurrencies, including popular altcoins.
- Look for options like initial coin offerings (ICO) participation and staking for extra returns.
Usability and design
- Intuitive design with customizable dashboards and real-time tools.
- Mobile apps with features like price alerts and biometric login.
- “Lite” versions for beginners and advanced tools for experienced traders.
AUD payment methods
- Bank transfers are cost-effective, but instant transfers like PayID are gaining popularity.
- Credit/debit card payments often incur 2-4% fees.
- Some platforms offer reduced fees or instant transfers via specific Australian banks.
Customer support
- 24/7 support via live chat, AI chatbots, and forums.
- Quick response times for simple queries, with VIP service for high-volume traders.
Advanced trading features
- Advanced order types like OCO (One-Cancels-the-Other) and trailing stops.
- API access for algorithmic trading and bots.
- Features like staking, leverage trading, and an NFT market.
Check reputation
- Check reviews, ratings, and past security incidents.
- Platforms with a solid reputation, like Swyftx and CoinSpot, are more trustworthy.
