Best Crypto Exchanges Australia 2023

Swyftx

Swyftx is an AUSTRAC registered, Australian cryptocurrency exchange based in Brisbane that is considered one of the very best crypto trading platforms in the country. Launched in 2018, Swyftx has grown incredibly quickly in its few years of existence. According to Swyftx, the exchange platform has now over 400,000 users and that number is growing significantly by the day. 

The crypto trading platform lists over 280 cryptocurrencies for buying, selling and trading. 

Swyftx has some of the most competitive trading fees and spreads in the industry. They charge a flat 0.06% fee per trade and their spreads range between 0.2% and 0.8% which is considerably lower than the industry average in Australia. In addition to its competitive fees, Swyftx is also able to offer low spreads as they have access to a network of liquidity providers with a large pool of trading volume.

Swyftx is a secure exchange with an advanced security framework. Given that it is a fully licensed exchange, it complies with AML and KYC policies. This means that Swyttx carries out identity checks for all its new customers. Additionally, the platform has a number of advanced security features that provide an extra layer of protection to users accounts. Advanced security features include Two Factor Authentication (2FA) and breached password detection. 

Swyftx has a number of useful features and trading tools that make for an improved trading experience for beginner, intermediate and advanced cryptocurrency traders. Features include:

• Portfolio tracking: Enables users to view their profit or loss percentage from the digital currency assets they own in real time.
• Interest earning (previously staking): Users can earn interest on eligible cryptocurrencies they hold in their Swyftx wallet. Earn interest on 20+ crypto assets including Bitcoin, Ethereum, Solana and stablecoins such as USDT, USDC and TAUD.
• AUD deposits and withdrawals: Swyftx allows free AUD deposits and withdrawals. The trading platform also supports other fiat currencies including NZD and USD. 
• Local-based customer service: Swyftx is considered to have the best customer support out of all the Australian exchanges. This is particularly important for people looking to first get into the market. You can ask a question via their online live chat and typically get a response within 10 minutes. 
• Demo mode: The platform’s demo mode is a great tool for learning and practicing different trading techniques and strategies with zero financial risk. This crypto trading demo simulates real trade volume and liquidity of 320+ cryptocurrencies. 
• Coinswap: Also, known as crypto to crypto trading, The Swyftx coin swap feature gives users the opportunity to exchange different digital assets. For instance, you can buy Ethereum using Bitcoin and vice versa without selling back into AUD. 
• Fees: Swyftx has zero withdrawal and deposit fees. There is a standard network mining fee for crypto withdrawals. Trading fees for buy and sell orders are below the industry average. 

Read our comprehensive Swyftx review for 2023.

Coinspot

Coinspot is a top Australian crypto and Bitcoin exchange that is based in Melbourne and launched in 2013. Having been a top trading platform for so many years, Coinspot has amassed a huge customer base, the largest out of all the available crypto exchanges in the country. They’re an AUSTRAC registered exchange with an easy to use trading platform that features a sleek interface and a number of handy features. 

The exchange supports a wide range of cryptocurrencies allowing users to buy, sell and swap Bitcoin, Ethereum, Cardano, XRP, Dogecoin and 300+ other assets. 

Coinspot is a suitable trading platform for beginners looking to make their first BTC and cryptocurrency investment due to its simple dashboard. It’s clear Coinspot has spent a lot of time simplifying their crypto exchange platform. 

Though Coinspot is considered a great trading cryptocurrency platform for beginners due its easy to navigate interface, it does have its drawbacks. One significant drawback is it is one of the more expensive exchanges with 1% trading fees for instant buy/sell orders. These fees also apply to stop and limit orders. This trading fee is above the industry average, and these fees could add up if you’re considering trading regularly. 

Find out more in our Coinspot review 2022.

Crypto.com

Crypto.com is a Crypto one-stop shop that has a diverse range of offerings including trading on 100+ crypto assets, a Crypto.com Visa card, interest earning and gift cards on their app, available for both iOS and Android users. They currently boast a customer base of more than 10 million users and operate with a basic maker and taker trading fee of 0.10% and 0.16% respectively, which is subject to change based on the 30 day trade volume of the user and use of the CRO coin (Crypto.com Coin) staking facilities. 

The Crypto.com platform itself is relatively easy to navigate once the user has had a chance to familiarise themselves with the different options. The Crypto.com app has all the features of the desktop trading platform and is extremely convenient for when you’re looking to trade crypto or check your portfolio on the go. 

Australian users have the option of depositing AUD using standard bank transfer, PayID or BPAY, with standard bank transaction fees applying. Crypto deposit options are also available for any of the assets listed on the platform. 

With a big focus on security, Crypto.com is considered one of the safest crypto exchanges as it has never suffered  a hack. This aligns with some of its additional security practices, being one of the only exchanges that are insured for up to $360 million USD in the case of damage or theft. Additionally, they partner with Ledger, a cold wallet storage solution company, to store users’ crypto balances in cold storage. 

Crypto.com is a great platform that offers a range of diverse services and products for users, however, the platform’s navigation can take some time to get used to and is limited in its capacity to facilitate trades. The low fees, competitive offerings and advanced features such as staking, allows users to take advantage of some handy investment options. It is a suitable platform for those who are looking to do more than just buying and selling cryptocurrency. Users can partake in tasks typically done through traditional financial institutions such as spending, investing, lending and earning interest. Crypto.com is a great crypto platform for more experienced crypto investors and traders  looking to further explore the crypto markets.

Find out more in our Crypto.com review Australia

Teds Button

Digital Surge

Though Digital Surge was only founded in 2017, it has done well to become a trusted and popular Australian exchange. Based in Brisbane, Digital Surge has a clear focus on being beginner-friendly and educating its users about cryptocurrency and blockchain. Coinware considers Digital Surge to have one of the best cryptocurrency trading platforms for beginners.

It’s simple and quick account verification process means users can almost immediately deposit money to start buying and selling listed assets on the exchange. The portfolio tracking feature within the app allows users to easily track the progress of their crypto holdings.

In addition to being beginner-friendly, Digital Surge also prioritises customer support, assisting customers with questions and concerns. We consider this particularly important for beginners as navigating the different functions of a cryptocurrency exchange can be difficult and overwhelming.

The Digital Surge trading fee is 0.05% per trade, which slightly pips Swyftx’s trading fee. This trading fee is below the national average and is one of the lowest fees out of all the Australian-based exchanges. Deposit and withdrawal fees are also free and the minimum deposit amount is $20. Due to this competitive fee model, we consider Digital Surge to be one of Australia’s top crypto exchanges.

Read our 2022 Digital Surge review.

Binance

Binance is the largest cryptocurrency exchange in the world. Though it’s not Australian-based, Binance still has a huge customer base in Australia due to its extensive range of cryptocurrencies, advanced features, derivatives and renowned reputation. 

it must be noted in 2023, Binance was debanked by their banking partners, meaning you can no longer deposit AUD into your account. This makes it increasingly more difficult for Australian users to use Binance as they now need to onramp AUD onto another exchange, buy cryptocurrency and then send it to Binance. This makes for a rathe unpleasant experience.

However, when it comes to Binance’s cryptocurrency trading platform, it is unmatched compared to other crypto exchanges in Australia. It’s a feature-rich platform designed for intermediate and advanced traders. It also offers a number of financial products, like margin trading, leverage trading, futures trading, staking, liquidity pools and more. 

These features and products may be a dream come true for short term and experienced traders . However, for beginners looking to delve into the crypto market and make their first investment into Bitcoin or Ethereum, navigating the Binance app and trading platform is overwhelming and confusing. The ever-changing buy and sell prices and the candlestick charts that are on display within the platform are enough to turn crypto beginners away from trading for good. 

If you have had some experience in the crypto market and you’re serious about trading, then Binance may be the right crypto exchange. It has the lowest trading fees out of all the exchanges listed here. Binance charges 0.1% on all trades (buying and selling) meaning you can save on costs and maximise your profits in the long term.

Read our in depth Binance Australia Review.

Coinbase

Coinbase is one of the biggest exchanges in the world and is a publicly listed company on the NASDAQ. Operating out of the US, Coinbase has expanded its platform to users in over 100 countries including Australia. It was officially launched in 2012 and has grown into a household name as it is popular among beginner and retail crypto investors. It is registered as a Money Services Business and has reliable financial licenses in a number of countries. 

Coinbase has a very aesthetic and simple design with an easily navigable app interface to suit traders with a range of experiences. It is often considered to be an exchange popular amongst beginners.

Although Coinbase is a huge exchange with great features and design, there are a few negative factors, particularly for Australian users. The fees associated with trades can range between 1.49%-3.99% which is significantly higher than the industry average.  

Read our comprehensive Coinbase Australia Review.

Independent Reserve

Independent Reserve is a trusted Australian cryptocurrency exchange based in Sydney. Founded in 2013, Independent Reserve has built an outstanding reputation for being a safe and secure exchange. Having grown its customer base to over 200,000 users, Independent Reserve has expanded its services offshores into countries such as New Zealand and Singapore. 

Independent Reserve lists significantly less cryptocurrencies than that of Swyftx, Coinspot and Digital Surge. This may be a drawback for people who are looking to trade more frequently and are interested in lower cap coins. 

Independent Reserve list only 25 cryptocurrencies including BTC, ETH, XRP, AAVE, USDT, BAT, BCH, COMP, DOGE, DOT, EOS and more.

Independent Reserve is the only Australian exchange to date to offer insurance cover on crypto assets up to $5 million. Additionally, users can generate tax reports powered by KPMG, one of Australia’s leading audit and tax service providers. These are two key reasons why Independent Reserve is one of the most popular exchanges among high-value clients and institutions. 

Independent Reserve offers an Over the Counter (OTC) service for large volume orders. This involves executing large Bitcoin and cryptocurrency orders ‘off exchange’ to avoid slippage.

Coinjar Exchange

Coinjar is the oldest Australian-based crypto exchange, having launched in 2013. Headquartered in Melbourne, Coinjar have built a large customer base in the Australian market and have also broken into the UK market. The exchange has 400K+ users. 

In 2021, Coinjar made headlines by launching their very own crypto card which is powered by Mastercard and allows holders to spend crypto like cash. 

The Coinjar mobile app and desktop trading platform has an elegant interface and is easy to navigate. Users can manage their portfolios and trade a range of digital currencies. 

Compared to other exchanges like Swyftx and Coinspot, Coinjar lists minimal cryptocurrencies. It currently provides trading on 30 digital currencies. 

Coinjar’s fees are very competitive using the maker/taker model. These fees can vary between 0.1% – 0.25%. However, for making instant crypto trades with AUD, the fee is 1%.

Read our in-depth Coinjar Review 2022.

Kraken

Kraken was founded just 2 years following the creation of Bitcoin and has become one of the most well respected crypto exchanges in the world.  Based in San Francisco, California, Kraken now operates multiple countries around the world such as the US, the UK, Australia, Canada and more. Kraken is an AUSTRAC registered exchange meaning it complies with laws and regulations set by the Australian government. 

Kraken claims to have industry leading security, stating that 95% of all deposits are kept offline, in air-gapped cold storage wallets.They also have security teams internally that test their own systems. For their users, they offer Two-Factor Authentication (2FA) for a variety of actions, including when logging in, when executing withdrawals and staking/unstaking assets. They also have a number of other in-built security measures to protect their users accounts.

In December 2021, Kraken noted that it is now available in over 175 countries and has 95 different cryptocurrencies listed for trading on their platform. The current trading fee on a base level verification account is 0.9% for stablecoins (USDT, USDC, etc.) and 1.5% for all other cryptocurrencies (BTC, ETH, BNB, etc.). However if you complete the highest level of verification and upgrade to Kraken Pro, you’ll onlypay 0.16% in maker fees and 0.26% in taker fees. These fees are also subject to a further discount based 30 day trade volume, where the higher the volume traded during this period, the lower the fee that will be incurred.

Due to their stringent compliance policy with local government regulations and guidelines, KYC (Know Your Customer) verification is required for all users and on kraken there are 4 verification levels:

Starter:Where you complete the 2FA account protection set up, verify your email and provide your full name, DOB, phone number and address.

Express level: This is for US-based residents Only; 

Intermediate: This involves the enhanced customer due diligence requirements for selfie and ID verification, as well as a valid proof of address document; and

Pro level: Please provide description

Additionally, Kraken offers multiple different services for crypto investors from all walks of life outside of conventional buy and sell orders. This includes account management, staking and margin trading , although some features are only available at certain verification levels. 

Finally, when depositing AUD, Kraken offers you the ability to either deposit using Bank Transfer or PayID. You can also deposit and purchase via credit or debit card if your card issuer is able to process currency conversions, as all purchases are charged in Euros (EUR). Although Kraken does not charge any deposit fees for bank transfer or PayID, a 3.75% charge is incurred for any credit card deposits. Trades using a stablecoin trading pair (USDT & USDC) incur a trading fee of just 0.9% and the fee for standard crypto trades is 1.5% which is much higher than a lot of the crypto exchanges listed on this page. 

In summary, Kraken offers an easy to navigate platform that has a big focus on security of customer funds and data. They offer a range of different investment options for investors and traders, however, they’re trading fees are higher than most of the other cryptocurrency exchanges listed here, so it’s important to keep that in mind.

Nexo

Nexo is a cryptocurrency finance platform where users can get crypto-backed loans and earn interest on cryptocurrencies they hold.

Nexo’s crypto-backed loans are referred to as instant crypto credit lines. Users can borrow money using their cryptocurrency as collateral. The interest payable on these loans will depend on how much you’re borrowing but also how much of the NEXO token the user holds. NEXO is the native token on the Nexo platform. The more of the token the user holds, the less their interest rate will be.

One of the best features of the Nexo wallet app is its interest-earning capabilities. Users can earn up to 12% on cryptocurrencies they hold in their Nexo wallet.