A detailed review outlining the top five best crypto exchanges in Australia. Learn about the premier platforms and compare their fees, features, security, customer support options, and more.
Summary:
In Australia, experts advise opting for exchanges regulated by the Australian Securities and Investments Commission (ASIC) for purchasing and trading Bitcoin and other cryptocurrencies. By utilizing bank transfers or credit cards to deposit Australian dollars, individuals can legally buy, stake, and trade digital assets.
For novices embarking on their crypto ventures in Australia, we’ve assessed the top exchanges prevalent in the region:
- Independent Reserve – Best Overall Crypto Exchange in Australia – https://independentreserve.com/
- BTC Markets – Best for Security Measures – https://btcmarkets.net/
- Swyftx – Ideal for Newbies (Easiest to Use) – https://swyftx.com.au/
- Coinspot – Top Choice for Institutional Investors – https://www.coinspot.com.au/
- ACX – The Cheapest Exchange – https://acx.io/
- Binance Australia – Best Australia-based Exchange – https://www.binance.com/en/australia
Independent Reserve Overview
Rated as the premier crypto exchange in Australia, Independent Reserve is known for its wide range of over 50 cryptocurrencies available for trading, including major coins like Bitcoin, Ethereum, and Litecoin. Some key features include:
- Fees: Trading fees range from 0.5%-1.5%, lower than industry averages. Deposits are free while withdrawals have nominal network fees.
- Limits: Minimum AUD deposit is $20 with no maximum limit. Withdrawals have a $100 minimum and over-the-counter limits of up to $500k per day.
- Payment Methods: Bank transfers, PayID, BPAY.
- Security: Independent Reserve holds 98% of assets in cold storage for enhanced protection
Why we like it: Reputable platform regulated by ASIC, and has high buying limits and low fees.
BTC Markets Overview:
Emerging as the leading security-focused crypto exchange, BTC Markets implements bank-grade security protocols like two-factor authentication and personal encryption keys. Some key aspects include:
- Coins Available: Supports major coins like Bitcoin, Ethereum, Litecoin and over 10 others.
- Fees: Variable maker-taker fees from 0%-0.5%, averaging 0.2%. Withdrawal fees range from 0.0005-0.005 BTC.
- Limits: AUD deposits have a $10,000 weekly limit, while withdrawals are unlimited.
- Payment Methods: Bank transfers, BPAY, POLi.
- Security: 98% of crypto assets are stored in cold wallets with audited financials and ISO 27001 certification.
Why we like it: Strong security practices make it best for those prioritizing protection.
Swyftx Overview
As one of the most user-friendly platforms, Swyftx is ideal for newcomers entering the crypto space. Some key details:
- Coins Available: Over 320 cryptocurrencies including BTC, ETH, XRP, SOL, DOGE, and more.
- Fees: Flat 0.6% per trade. Deposits are free while withdrawals have network fees between 0.0005-0.002 BTC.
- Limits: No deposit or withdrawal limits. $25,000 daily limit for unverified accounts.
- Payment Methods: Bank transfers, PayID, BPAY, POLi, credit/debit cards.
- Features: Demo trading mode, recurring buys, Crypto Rewards program, 24/7 live chat support.
- Security: 2FA authentication, ISO 27001 certified infrastructure, dedicated security team.
Why we like it: Intuitive interface, diverse payment options, excellent educational resources.
Coinspot Overview:
With over 2.5 million users, Coinspot is among the largest crypto exchanges in Australia.
- Coins Available: Over 420 cryptocurrencies including BTC, ETH, XRP, LTC, BCH, ALGO and more.
- Fees: 0.1% standard fee or 0.05% for market makers. Withdrawal fees from 0-0.0005 BTC.
- Limits: No deposit or withdrawal limits. $10,000 weekly limit for unverified users.
- Payment Methods: Bank transfers, PayID, credit/debit cards, POLi.
- Features: Recurring buys, staking, CoinSpot Wallet, OTC desk, 24/7 live chat support.
- Security: 2FA authentication, transaction signing, reserved wallet addresses.
Why we like it: Huge selection of coins, great for beginners, active referral program.
ACX Overview
Operating out of Melbourne, ACX stands out as one of the most affordable options in Australia.
- Coins Available: Over 20 cryptocurrencies including BTC, ETH, ADA, LINK, XLM, XMR and more.
- Fees: Flat 0.1% per trade with 0.2% maker rebate. Withdrawal fees from 0-0.0005 BTC.
- Limits: $10,000 daily deposit limit. No withdrawal limits.
- Payment Methods: Bank transfers, PayID, POLi.
- Features: Advanced order types, margin trading, futures, 24/7 customer support.
- Security: Bank-grade security infrastructure, multi-signature wallets, cold storage.
Why we like it: Extremely low fees making it best for frequent traders.
How to Purchase Cryptocurrencies in Australia
For beginners aiming to invest in digital currencies within Australia, adhere to this detailed, step-by-step guide for lawful and secure transactions:
- Select a reliable exchange: Choose a platform that is approved by ASIC, as highlighted in our guide.
- Registration: Use your email for registration, establish a strong password, and complete any necessary KYC procedures.
- Deposit Australian dollars: Fund your account using domestic bank transfers or credit/debit cards.
- Buy Crypto: Select the desired cryptocurrency and quantity, then confirm the purchase.
- Secure Your Assets: Transfer your digital currencies to a secure crypto wallet to enhance security.
Legality and Regulation of Crypto Investing in Australia:
Is Crypto legal in Australia?
Yes, cryptocurrency investing is legal in Australia. However, exchanges must be registered with ASIC to operate lawfully in the country.
How is Crypto taxed in Australia?
In Australia, cryptocurrencies are classified as assets for capital gains tax purposes. Any profits from selling crypto assets held for over 12 months are subjected to a 50% CGT discount. Profits from selling within 12 months are taxed as normal income at the individual’s marginal rate.
Conclusion:
In conclusion, by choosing reliable crypto exchanges regulated by ASIC like Independent Reserve or BTC Markets, Australians can comfortably invest in this emerging digital asset class. For those starting their crypto journey, focusing on trusted platforms with robust security, as highlighted in our guide, is important to ensure cryptocurrency assets are well protected.
FAQS
What is the best Cryptocurrency exchange in Australia?
Independent Reserve is often considered the best overall crypto exchange due to its wide range of coins, competitive fees and ASIC regulation.
Is crypto platform legal in Australia?
Yes, cryptocurrency investing is legal in Australia if exchanges are registered with ASIC.
What is the most popular crypto in Australia?
Bitcoin is typically the most popular and widely traded cryptocurrency in Australia.
What is the best way to buy Cryptocurrency in Australia?
The best way is usually to sign up for a reputable Australian exchange like Independent Reserve or BTC Markets, deposit funds via bank transfer and purchase your desired cryptocurrency.
