6 Best Crypto Exchanges And Trading Platforms Australia

This article will feature the top 6 best crypto exchanges in Australia for buying and trading crypto. The featured platforms are either regulated in Australia or have an outstanding reputation in the country.

Our professional team of crypto exchange reviewers consists of Michael, Edward, and Sofia who together have over 25 years of experience in crypto, blockchain, cyber security, and data analytics.

Best crypto exchange Australia list

We have reviewed over 30 of the top Australian crypto exchanges and trading platforms. Our professional team of testers has created a list that consists of the most reputable and regulated platforms:

BYDFi - Best crypto exchange Australia overall (Regulated)
Bybit - Best crypto copy trading platform Australia
Binance - Best altcoin exchange Australia
Phemex - Good alternative with all features
CoinSpot - Best local Australian exchange
Coinbase - Best exchange to buy crypto in Australia

Our team’s view of each exchange should not be seen as financial advice. Some parts of this article have affiliate links where we might earn a commission, at no extra cost for you.

Top crypto exchanges and trading platforms Australia reviewed

During our the review period of each platform, our team looked at specific features that are beneficial to Australian traders and investors, these features include:

Australian payment methods
Australian regulations
Australian trading fees and features
Australian withdrawal limits
Available assets for Australians
Australian KYC and sign up process

1. BYDFi - Best crypto exchange Australia overall

BYDFi rating 9.8/10

BYDFi landed the number 1 spot as the best crypto exchange in Australia based on user reviews, platform functionality, and cost of trading for Australians. Some popular payment methods in Australia that BYDFi offers are POLi, BPAY, and PayID.

BYDFi is also fully compliant with Australian regulations, adhering to AML and KYC standards. On top of that, the platform is regulated as a Money Service Business by FinCEN in the United States.

Trading fees on BYDFi are highly competitive, especially for high-volume traders. For example, the fee for spot trading is as low as 0.05%, significantly lower than many competitors.

When Michael was reviewing the contract trading on BYDFi, he found that BYDFi had a 10% lower trading fee than most other competitors. This saved on average $2 per trade on a position size of $20,000 in the perpetual futures market.

The crypto trading platform itself is user-friendly yet feature-rich. Advanced order types such as stop limit orders, stop loss orders, and take profit orders can be found in all trading interfaces of the platform. This robust feature set sets BYDFi apart from exchanges with limited functionalities.

When it comes to coin selection BYDFi did great during our testing. Michael found nearly 250 coins listed on the exchange and among these coins were many low market cap coins such as DOME, PKT, SFM, and KMON.

BYDFi has one of the fastest registration processes out of all platforms that we tested. It took Michael less than 4 minutes to sign up, buy crypto, and start trading.

Fees

Trading fee: 0.02% - 0.3%
Withdrawal fee: 0.0002 BTC
Deposit fee: Free

BYDFi features

Australian banking integration
Margin/leverage trading
Fast KYC verification
Secure cold storage wallets
Competitive fees
High-speed order execution
Diverse crypto assets
Mobile trading app
Instant withdrawals

Pros and cons

Pros:

Frequently lists new coins
Instant customer support
Risk management tools
Good online user reviews
Demo trading option

Cons

No institutional services
Newer exchange
Limited OTC services

(The list of pros and cons has been acquired during our review period of the platform by Michael, Edward, and Sofia who are professionals in the field of crypto and blockchain technology)

Sign up with BYDFi>>

2. Bybit - Best crypto copy trading platform Australia

Bybit rating 9.6/10

Bybit came in as the second best Australian crypto trading platform thanks to Australian payment methods, such as bank transfers and credit/debit cards, and being compliant with Australian regulations.

In terms of trading fees, Bybit boasts competitive rates, with makers enjoying a 0.02% fee and takers at 0.075%, providing cost-efficient trading options. Its advanced trading features, including leverage up to 100x, diverse order types, and a user-friendly interface, cater to both novice and experienced traders.

Withdrawal limits on Bybit are ample, allowing traders to access their funds efficiently. The number of listed coins is at the top end among all the platforms according to Edward. He found nearly 300 coins listed on the exchange during his testing period of Bybit.

KYC (Know Your Customer) compliance is diligently maintained, fostering a secure trading environment. Bybit’s registration process was also very smooth and didn’t take long at all.

Bybit is a truly diverse crypto exchange in Australia with many features such as social trading, options trading, and staking protocols which the other platforms don’t offer.

Fees

Trading fee: 0.03% - 0.1%
Withdrawal fee: 0.0005 BTC
Deposit fee: Free

Bybit features

Social and copy trading
Deep liquidity
Multi-coin support
Market depth visualization
Auto-deleverage mechanism
Transparent liquidation process
Responsive mobile app
Risk control tools
Trading tips written in the community forum
Customizable trading interface

Pros and cons

Pros:

Regulatory compliance in australia
Scalability for high-volume trading
Fast order execution and low latency
Futures contracts for crypto
Advanced charting, order types
Good educational material on the website
Stablecoin support

Cons

Withdrawal limits with KYC
Not regulated by any government
Lack of insurance fund
Not all countries are allowed to trade

(The list of pros and cons has been acquired during our review period of the platform by Michael, Edward, and Sofia who are professionals in the field of crypto and blockchain technology)

Sign up with Bybit>>

3. Binance - Best crypto exchange for altcoin trading in Australia

Binance rating 9.5/10

Binance is the top crypto exchange for altcoin trading in Australia thanks to a massive list of over 600 altcoins offered, low trading fees, great user-interface, and compliance with local regulations.

Binance accommodates popular local payment methods like POLi, allowing seamless AUD deposits, promoting user convenience. Binance adheres to Australian regulations, prioritizing user security and compliance. Its Australian arm, Binance Australia, operates under AUSTRAC registration, ensuring a trusted environment. With competitive fees as low as 0.1%, Binance offers one of the most cost-effective trading experiences, empowering users to maximize their gains.

During our review period, Sofia found nearly 1000 different trading pairs in all markets combined including the spot market, futures market, margin-trading market, and the ETF market.

The exchange supports advanced order types and when Sofia reviewed the platform she could find some very advanced order types such as OCO, GTC, IOC, and FOK.

Binance offers great withdrawal limits for people who have passed the KYC verification process. Verified users can withdraw up to 100 BTC daily, ensuring scalability. Binance boasts an extensive range of cryptocurrencies, including popular assets like BTC, ETH, and ADA, as well as lesser-known altcoins for diversified investment.

Registering on Binance is straightforward, requiring basic user information, and it’s also very fast.

For example, the availability of AUD deposits through POLi, compliance with AUSTRAC regulations, and the comprehensive range of trading options, combined with low fees and stringent security measures, make Binance the optimal platform for trading and buying crypto in Australia.

Fees

Trading fee: 0.05% - 0.1%
Withdrawal fee: 0.00005 BTC
Deposit fee: Free

Binance features

Easy AUD fiat deposits
Crypto VISA card
Binance NFT marketplace
Crypto loans
Spot market
Futures market
Crypto savings
Trading app for crypto
Liquidity pool access
Binance smart chain

Pros and cons

Pros:

Security is top
600+ cryptocurrencies listed
International user base
Launchpad access: new projects
Responsive support: 24/7 help
Options and derivatives: advanced trading

Cons

Token delisting
Restricted locations: some countries excluded
Slippage for OTC trading

(The list of pros and cons has been acquired during our review period of the platform by Michael, Edward, and Sofia who are professionals in the field of crypto and blockchain technology)

Sign up with Binance>>

4. Phemex - Top crypto trading platform Australia

Phemex rating 9.4/10

Phemex is a great alternative top crypto trading exchange in Australia thanks to plenty of different markets, legal licenses, and a modern user-interface. Australian payment methods are seamlessly integrated, allowing users to fund their accounts with ease using bank transfers, POLi, and even popular options like BPAY.

Phemex strives to offer one of the safest crypto exchanges in Australia and is compliant with Australian regulations and the platform operates under strict AML and CTF guidelines.

Phemex offers competitive trading fees, with a maker fee as low as 0.10% and a taker fee as low as 0.10% in the spot market. The trading fee for contract trading is 0.01% for maker trades and 0.06% for taker trades.

Sofia tested the trading fee system on Phemex and confirms that the taker fee for contracts is one of the lowest in the industry. Over a sample size of 200 trades, she saved on average 12% per trade when trading on Phemex compared to other similar platforms. This resulted in an average cost reduction of nearly $1,20 with a position size of $15,000.

Withdrawal limits are generous on Phemex, allowing users to access their funds conveniently and at very high levels.

Edward can confirm that Phemex lists nearly 400 coins and tokens available for Australian traders which many of which are available with contract trading. While it lists most popular coins such as the top 100 on Coinmarketcap, Phemex also lists many altcoins with smaller market caps. During the review period of the market section on Phemex Edward found coins such as YFI, ANKR, ACH, and POND.

The KYC process on Phemex is straightforward and compliant with Australian standards, making it easy for users to get verified and start trading quickly.

Signing up with Phemex takes less than 1 minute and can be done by all beginner traders.

Fees

Trading fee: 0.06% - 0.1%
Withdrawal fee: 0.00057 BTC
Deposit fee: Free

Phemex features

AUD trading pairs
2 factor verification
Support in several different languages
User-owned insurance fund
Advanced order types: FoK, OCO, Iceberg
Fast customer support
Social trading
Perpetual futures contracts
Token airs drops
Tight spreads

Pros and cons

Pros:

Lightning-fast order matching engine
Market data and analytics
Decentralized finance (DeFi) access
Institutional-grade services
Mobile trading app
Educational webinars

Cons

Limited fiat pairs
Withdrawals limits can vary
Limited fiat withdrawal methods

(The list of pros and cons has been acquired during our review period of the platform by Michael, Edward, and Sofia who are professionals in the field of crypto and blockchain technology)

Sign up with Phemex>>

5. CoinSpot - Best Australian crypto exchange

CoinSpot rating 9.4/10

CoinSpot comes in fifth spot as the best Australian crypto exchange with several features available only for Australian traders.

Some of the most popular payment methods are available on CoinSpot including POLi, BPAY, PayID, credit cards, debit cards, and Bank transfers.I

Regulation is a top priority for CoinSpot, as it is registered with AUSTRAC, the Australian government's financial intelligence agency which is why it is considered a top crypto trading platform in Australia. The AUSTRAC regulation cements its reputation as one of the best local Australian crypto exchanges.

Michale did research on the trading fees on CoinSpot and this is what he found:

Market orders = 0.10%
OTC = 0.10%
Instant Buy, Sell & Swap = 1%
Take Profit, Stop & Limit Orders = 1%
Recurring Buy = 1%
POLi, PayID, Direct Deposits = Free
BPAY = 0.9%
Cash = 2.5%
Card = 2.58%
Withdraw AUD = Free

In regards to the number of listed coins on the platform, Michael did a full review of the asset pages and found nearly 400 coins. Many of these coins are available to trade with the feature “Instant Trade” while analyzing real-time data, order depth charts, and with advanced order types such as stop-limit, take prof, and stop loss.

Both the KYC process and the sign up process have been streamlined to perfection on CoinSpot. It took Michael less than 30 minutes to sign up, send in identification documents, deposit, and start trading.

Fees

Trading fee: 0.1%
Withdrawal fee:
- Crypto: Depends on the blockchain
- AUD: Free

Deposit fee:

- POLi, PayID, Direct Deposits: Free
- BPAY: 0.9%
- Cash: 2.5%
- Card: 2.58%

CoinSpot features

Instant buy
Staking
Mobile trading app for crypto
Instant deposits
User-owned insurance fund
Fiat pairs
Low slippage order matching
Regular airdrops
Fiat withdrawal methods

Pros and cons

Pros:

Australian dollar support: AUD trading
Bank transfers, PayID, BPAY
Low trading costs for Australians
AUSTRAC regulated
Customer support: 24/7
Low withdrawal fees

Cons

Tax reporting complexity
Fees on certain actions
Market illiquidity for some coins
Withdrawal delays may occur

(The list of pros and cons has been acquired during our review period of the platform by Michael, Edward, and Sofia who are professionals in the field of crypto and blockchain technology)

Sign up with CoinSpot>>

6. Coinbase - Best exchange to buy crypto in Australia

Coinbase rating 9.3/10

Coinbase stands out as the best exchange to buy crypto in Australia thanks to local payment methods such as POLi, credit cards, debit cards, and PayPal. Coinbase also has an outstanding reputation in Australia and most of the online reviews about the platform that comes from Australian traders are positive.

Coinbase is regulated as a Money Service Business in the United States which is something that benefits Australian traders as they get the benefit of a $250,000 insurance fund. Also, the platform is abiding by local AML and CTF requirements.

Coinbase has trading fees ranging from 0.5% spread fees to 3.99% per credit/debit card transaction.

Trading features on Coinbase are designed with user experience in mind and are mostly directed towards long-term investors as there is a lack of short-term trading tools.

Withdrawal limits on Coinbase are tailored to user verification levels. As you progress through the KYC (Know Your Customer) process, your withdrawal limits increase.

Coinbase does not list as many coins as most other popular platforms but all of the standard legacy cons such as Bitcoin, Ethereum, Tron, and Cardano are on the list. Other smaller altcoins that Sofia found during her review period of Coinbase are Flow, Rocket Pool, Klaytn, and Frax Share.

Coinbase has optimized its KYC process to be as fast and easy as possible. The only thing you need to provide is a government-issued ID and other standard identity verification documents. Signing up is a fast process and only requires your email address.

Fees

Trading fee: 0.2% - 3.99%
Withdrawal fee: 1% + standard network fees
Deposit fee: USD10 - 3.99%

Coinbase features

Bank transfers (POLi)
Mobile trading app
Cold storage wallet
Instant card withdrawals
Recurring buys
High staking yields
Debit card integration
Institutional services

Pros and cons

Pros:

Crypto tax services
AUD fiat deposits
Insurance coverage up to $250,000
Ease of use for beginners
Custodial services
Fiat withdrawal methods

Cons

Limited coin selection
Somewhat slow customer support response time
No leverage trading
Lack of advanced features

(The list of pros and cons has been acquired during our review period of the platform by Michael, Edward, and Sofia who are professionals in the field of crypto and blockchain technology)

Sign up with Coinbase>>

What is an Australian crypto exchange?

An Australian cryptocurrency exchange serves as a digital marketplace where individuals can engage in various cryptocurrency-related activities within the Australian context. They allow you to buy, sell, and trade crypto with other individuals or directly from the exchange.

Most exchanges in Australia offer this:

Buy Crypto: Buy cryptos such as Bitcoin and Ethereum with Australian payment methods like POLi, PayPal, and BPAY.
Sell Cryptocurrencies: Users can sell their existing cryptocurrencies for AUD or exchange them for other cryptocurrencies.
Cryptocurrency Trading: Users can engage in active trading, taking advantage of price fluctuations in the cryptocurrency market. They can buy when they anticipate a price increase or sell when they expect a decline, aiming to profit from these price movements.
Portfolio Management: Many exchanges provide tools for users to manage their cryptocurrency portfolios, monitor market trends, and set up alerts for specific price points.
Security and Storage: Reputable exchanges offer secure storage options for cryptocurrencies, and some provide hardware wallets or other security measures to protect users' assets.

Different types of crypto exchange in Australia

The two main exchanges in Australia are centralized and decentralized exchanges.

Let’s take a closer look:

Centralized Exchanges: These exchanges are the most popular kind and operate with a centralized authority that provides storage of customer funds. Here are the biggest benefits of a centralized exchange:
- User-Friendly Interface: Most centralized exchanges have had a large budget to put on their interface to make them easy to navigate.
- High Liquidity: Centralized exchanges typically have higher trading volumes and liquidity, making it easier to execute large trades.
- Wide Range of Cryptocurrencies: Many CEXs offer a diverse selection of cryptocurrencies for trading.
- Fiat-to-Crypto Trading: CEXs often allow users to deposit fiat currencies (such as AUD) and convert them into cryptocurrencies.

Some well-known centralized exchanges in Australia include CoinSpot, Swyftx, and Independent Reserve.

Decentralized Exchanges: These exchanges have no central authority and are driven purely by blockchain transactions. No funds are stored on the platform and users have more privacy and control over their funds. These are the main advantages of decentralized exchanges:
- Decentralization: The decentralized component decreases the chance of hacking since users transact with each other directly over the blockchain.
- Privacy: DEXs often offer greater privacy for users, as they may not require extensive identity verification.
- Limited KYC: Some DEXs may require minimal identity verification, while others operate with no KYC requirements.
- Less Intermediation: Users maintain control of their private keys and funds throughout the trading process.

How to buy crypto in Australia

Here is a quick guide on how to buy crypto in Australia:

Select a well-established and reputable Australian crypto exchange that supports the cryptocurrencies you want to buy. Some popular exchanges in Australia include CoinSpot, Swyftx, Independent Reserve, and BTC Markets.
Sign up for an account on the chosen exchange. You'll typically need to provide your email, create a password, and verify your identity.
Go through the KYC check to verify your identity. Keep your passport or driver's license nearby.
Deposit Australian dollars (AUD) into your exchange account using POLi payments, bank transfers, BPAY, PayPal, or with crypto.
Once your account is funded, navigate to the trading interface of the exchange and choose the trading pair you want to trade.
Select order type. The two common types are:
- Market Order: Buy the cryptocurrency at the current market price.
- Limit Order: Specify the price at which you want to buy the cryptocurrency. The order will be executed when the market reaches that price.
Once your order is executed, you'll receive the purchased cryptocurrency in your exchange wallet. You can choose to keep the crypto on the exchange or transfer it to a private wallet for added security.

Factors that make a crypto exchange good for Australian traders

Below are some factors that make Australian crypto exchanges preferred over others:

First of all, Australian traders should look for crypto exchanges with an AUSTRAC regulation for maximum security. CoinSpot, a prominent Australian exchange, is registered with AUSTRAC.
Pick an exchange like Binance or CoinSpot that offers a large amount of listed coins.
A user-friendly interface goes a long way and can make things such as depositing, trading, and withdrawing your money much easier..
Exchanges like BYDFi and Bybit had relatively high liquidity, allowing traders to execute trades with minimal price slippage.
BYDFi and Bybit had transparent fee structures, displaying trading fees on their websites.
Reputable exchanges like CoinSpot, BYDFi, and Coinbase implemented security measures such as two-factor authentication, cold storage, and regular security audits to safeguard user funds.
CoinSpot and BYDFiwere known for their responsive customer support teams, providing assistance to users when needed.
CoinSpot and Bybit allowed convenient deposits and withdrawals in Australian dollars (AUD), providing a direct fiat-to-crypto on-ramp for Australian traders.
CoinSpot, Bybit, and Phemex had positive reputations within the Australian crypto community, with a history of reliable services.

Pros and cons of buying crypto

Here are some pros and cons to consider:

Pros:

Potential for High Returns: Cryptocurrencies have historically shown the potential for significant price appreciation over a short period, leading to the possibility of substantial profits for early investors.
Diversification: Since crypto is not correlated with any other market it is a good way to diversify your portfolio.
Accessibility: You can transact directly with others across borders.
Ownership and Control: You can store, send, and receive crypto without relying on third parties.
Hedge Against Inflation: Some view cryptocurrencies, particularly Bitcoin, as a hedge against fiat currency devaluation or inflation due to their limited supply and decentralized nature.

Cons:

High Volatility: Cryptocurrencies are known for their extreme price volatility.
Regulatory Uncertainty: The regulatory environment for cryptocurrencies varies by country and is evolving.
Security Risks: Holding cryptocurrencies requires careful security measures as exchanges have been hacked before and it’s easy to lose your digital keys.
Lack of Regulation: Most centralized exchanges are not regulated by a government authority which means that your coins might not be 100% safe.
Limited Use Cases: Despite the potential, cryptocurrencies are still relatively new, and their full range of use cases is not yet realized.
Market Manipulation: Cryptocurrencies with low float, or liquidity, are often victims of price manipulation which can cause a lot of problems for beginners.

Here is how we review and test exchanges

This is how our team finds and reviews different crypto exchanges in Australia:

Defining Review Objectives: Clearly define the goals and objectives of the review. Determine what aspects of the exchanges you want to assess, such as security, user experience, supported cryptocurrencies, fees, customer support, and regulatory compliance.
Initial Selection Criteria: Establish criteria for selecting exchanges to review such as reputation, trading volume, user base, regulatory compliance, and how many coins are offered.
Data Gathering: Gather relevant data about each exchange which may involve visiting the exchange's website, reading user reviews, and checking for recent news or events related to the exchange.
Team Responsibilities. For example:
- Michael: Lead researcher and responsible for doing the initial research.
- Edward: Security expert, focuses on assessing the security measures of each exchange.
- Sofia: User experience specialist, evaluates the platform's ease of use and customer support.
Criteria Assessment: Evaluate each exchange based on predefined criteria. Some criteria might include:
- Security measures (encryption, 2FA, cold storage).
- Supported cryptocurrencies and trading pairs.
- User interface and ease of use.
- Trading fees and withdrawal costs.
- Regulatory compliance (AUSTRAC registration, KYC/AML).
- Customer support quality.
- Reputation and user reviews.
Risk Assessment: Identify potential risks associated with each exchange, such as regulatory risks, security vulnerabilities, or concerns related to customer support.
Comparison: Compare the exchanges based on the collected data and assessments. Rank the exchanges on different criteria to determine their strengths and weaknesses.
Scoring System: Develop a scoring system to quantify the performance of each exchange based on the defined criteria.
Feedback and Collaboration: Have the team members review each other's findings to ensure a well-rounded assessment.
Periodic Review: Periodically review and update your evaluation process to account for changes in the cryptocurrency market, new exchange developments, and evolving regulatory requirements.

FAQ

What is the easiest Australian crypto exchange?

Ease of use can vary based on individual preferences. Some exchanges known for being user-friendly in Australia include CoinSpot and Swyftx.

Is Swyftx or CoinSpot better?

Our preferred choice is CoinSpot due to an easy-to-use interface and lower trading fees.

Is CoinSpot a good exchange?

CoinSpot is considered a reputable exchange in Australia that offers a great trading interface and a lot of listed altcoins. Most of the online reviews about the exchange have been positive.

What is the safest crypto exchange in Australia?

CoinSpot and Coinabse are two very robust exchanges with high security measures for Australian crypto investors.

Should I use Coinbase or Binance?

Both Coinbase and Binance have their strengths and weaknesses. If you prefer security over anything else, stick with Coinbase. However, if you are looking for a great trading interface, pick Binance Choose based on your trading goals and preferences.

Which crypto is popular in Australia?

Bitcoin is the most popular and most invested crypto in Australia.

Is Binance legit?

Binance is a great alternative to the top listed crypto exchanges for Australian traders thanks to a good variety of features, high security, and low transaction costs.

Where can I buy Bitcoin in Australia?

We recommend BYDFi as a top crypto exchange in Australia.

How to buy Bitcoin without fees?

Buying Bitcoin without fees may be challenging, however, some exchanges such as Binance offer p2p trading where the fees are sometimes zero. Some exchanges may offer promotions with reduced fees for a limited time.

Which exchanges has most altcoins?

Exchanges like Binance were known for offering a wide range of altcoins for trading. BYDFI also has a lot of new coins and many of them are available for contract trading.

Conclusion

In this article, we present the top 6 crypto exchanges and trading platforms in Australia, reviewed by our experienced team of Michael, Edward, and Sofia. BYDFi came out on top as the best crypto trading platform in Australia thanks to outstanding trading features, fiat deposits, high security, and low transaction costs.

Every platform offers something different and it all boils down to the priority of the trader, however, we prioritize security, compliance, fees, assets, and user experience.

About the authors

Meet our skilled team of authors: Michael, Edward, and Sofia who together have over 25 years of experience in crypto, blockchain technology, cybersecurity, and data analytics.

With their expertise, we offer you insight into the most popular and top crypto trading platforms in Australia with fact-checked information.

After you’ve read the reviews in this article, you can pick whichever exchange looks best to you knowing that a full review has been conducted by our team.

Affiliate Disclosure

The article has affiliate links attached to some links and if when you click these links and make a purchase, we earn a commission. However, this is at no extra cost to you.

Our recommendations are not affected in any way by the commission we receive from our affiliated partners.

Investment Advice Disclosure

This article is for informational purposes only and does is not financial advice. Crypto trading and investing is a risky activity and can create outsized losses and in some cases even negative funds.

Before investing in crypto, make your own decisions, or contact a financial advisor.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.