7 Best Crypto Exchanges In Australia (Feb 2024)

January 16, 2024
Blog

Choosing the best crypto exchange in Australia isn't easy, given all the options and the different features each offer. As an avid cryptocurrency investor, I diligently keep up with the movements of the best crypto exchanges in Australia and make my selections below based on years of research and personal experience.

Kraken is the favorite among knowledgeable Australian investors, both for its high level of security and for its ease of use. Kraken's fees are also extremely low, so if you’re looking for a secure, cost-effective way to buy and sell crypto in Australia, I can’t recommend Kraken highly enough.

Here's something you may not realize: the cryptocurrency exchange you choose matters. Your choice will impact how profitable your trades are, how easily you can buy and sell coins, and in some cases, whether you get your money back at all.

There are many crypto exchanges available for Australians, but with so many options available, choosing one can be difficult. So if you're looking for a safe and secure cryptocurrency exchange that's very easy to use, supports the Australian dollar (AUD), and has full compatibility with all major financial institutions in Australia, you've come to the right place. I've been investing in crypto for over 8 years, and I tweak the list below almost every day.

Here are my expert picks for the best crypto exchanges in Australia:

  1. Kraken – Best Overall
  2. Swyftx – Best For Altcoin Investors
  3. Independent Reserve – Best Trading Library
  4. CoinSpot – Best For Diversification
  5. CoinJar – Best Crypto Debit Card

Without further ado, here's my breakdown of the best crypto exchanges Australia has to offer.

What Is The Best Crypto Exchange In Australia?

1. Kraken — Best Overall + $10 Signup Bonus

Best Overall
Kraken

Fees: 0.16%
Security: Best in class
Customer Support: Excellent

Top-notch security + lowest fees.

★★★★★

Rated 4.9/5

Based in the United States, Kraken is a highly transparent exchange with a longstanding history of reliability. As one of the largest crypto exchanges in the world, Kraken outperforms smaller exchanges for a number of reasons.

For starters, Kraken's fees are far lower than most other exchanges, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with other exchanges—which routinely charge up to 2% in trading commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.

Kraken also has better customer support than most other exchanges, and is one of the only exchanges out there that still offers telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.

If that wasn't enough, Kraken's trading platform is professional and robust, offering features like NFT trading, staking and support for a wide range of fiat currencies including USD, EUR, and more.

Overall, Kraken is an excellent fit for many crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto, we strongly recommend Kraken.

Features

  • Extremely low trading commissions (0.16%)
  • Extremely low spreads (0.0003%)
  • Trade 100+ cryptocurrencies
  • Stake 100+ cryptocurrencies
  • Simple, intuitive user interface
  • Kraken Crypto Watch allows you to keep track of the crypto market
  • NFT trading inside the Kraken app
  • 24/7 customer support via phone, email and live chat
  • Plenty of free educational resources available to users
  • 95% cold storage policy

Cost

  • Trading Fees: 0.16% (spot trades cost 0.26%)
  • Spreads: 0.0003%
  • Fiat Deposit Fee: 0%
  • Fiat Withdrawal Fee: $0 – $5 USD

Signup Bonus

  • $10 when you use our referral link below

Best For

Cryptocurrency investors looking to trade with extremely low fees.

2. ZenGo

#1 In Australia
ZenGo

Account Opening: Free
Security: Best in class
Customer Support: Excellent

Top-notch security + low fees.

★★★★★

Rated 4.5/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free

Best For

Crypto investors looking for the most secure trading experience + low fees.

SECURE MY CRYPTO FOR FREE
Sign up by February 22, 2024.

3. Swyftx – Best For Altcoin Investors

Registered and regulated by AUSTRAC, Swyftx is both a crypto exchange and a staking platform for various cryptocurrencies. It supports 320+ coins and offers a demo account where users can test their strategies with paper money before making actual investments.

Swyftx is rated 4.7/5 across more than 4,000 reviews on Trustpilot, and it offers fiat currency pairs for every coin it supports, which helps keep fees low. However, it's also relatively closed about its security practices (for example, it claims to have a cold storage policy but doesn't disclose what that policy is), which is generally not a good sign.

On top of that, Swyftx's fees are relatively high compared to other exchanges: it charges a 0.6% trading commission plus spreads of 0.41% and up, which means you pay at least 1% on every trade. Compared with no-fee, low-spread platforms like Kraken (where the fee + spread tends to be 0.1% – 0.3%), you could pay as much as 10x more in fees with Swyftx.

All in all, Swyftx is a solid platform, and its minimal user interface makes it easy to use, even for beginners. However, I still can't wholeheartedly recommend Swyftx due to its high overall fees and lack of transparency about its security measures.

Features

  • Supports 320+ cryptocurrencies
  • Well-rated on TrustPilot (4.7/5)
  • Well-rated mobile app (4.7/5 on iOS, 4.4/5 on Android)
  • Regulated by AUSTRAC
  • Fully functional demo account
  • Deposit methods include debit/credit cards, bank transfers (PayID), OSKO, POLi, and cryptocurrency
  • Support via live chat and email

Cost

  • Trading Fees: 0.6%
  • Spreads: 0.41% and up
  • Deposit Fees (Fiat): Free
  • Withdrawal Fees (Fiat): Free (maximum AUD 100,000)
  • Deposit Fees (Crypto): Network fees
  • Withdrawal Fees (Crypto): Network fees

4. Independent ReserveBest Trading Library

Independent Reserve supports 39+ cryptocurrencies, serves 200,000+ active users, and is registered with the Australian Digital Commerce Association (ADCA). It has a 97% cold storage policy, and institutional investors who prefer a higher-touch approach can capitalize on its over-the-counter (OTC) trading service, ideal for investments of $100,000 or more.

One of Independent Reserve's unique features is AutoTrader, which allows users to leverage a library of trading strategies to easily buy crypto on a schedule, buy an entire basket of cryptocurrencies, or dollar cost average into the market. Employing these strategies doesn't cost users any more than making individual trades, and they can keep the strategies running for as long as they want.

Independent Reserve's trading commissions start at 0.6% plus a 0.41% spread, making the overall cost to transact on the platform at least 1%. You can get a discount on these fees if you trade $100,000 or more per month, though that's well out of reach for most individual investors.

Another thing I don't like about Independent Reserve is that you need a Premium account to capitalize on its insurance policy and telephone support, two features that come standard with many other exchanges. Premium accounts cost at least $300 per year, which makes trading securely an expensive endeavor.

When you contrast all this with Kraken—which offers tight spreads on all order sizes and much better customer support—Independent Reserve doesn't compare. It's more expensive than it needs to be, with all the small fees adding up over time.

Features

  • Supports 39+ cryptocurrencies
  • 97% cold storage policy
  • Insurance up to $5 million (only for Premium users)
  • 24/7 email support + phone support (only for Premium users)
  • Access to a library of trading strategies through AutoTrader
  • OTC trading desk for high-volume investors ($100,000+)
  • Free fiat deposits and withdrawals (AUD, USD, NZD, SGD)
  • Deposit methods include bank transfer (PayID), OSKO, SWIFT and POLi
  • Registered with the Australian Digital Commerce Association (ACDA)

Cost

  • Trading Fees: 0.6% (high volume discounts apply)
  • Spreads: 0.41% and up
  • Deposit Fees (Fiat): Free for deposits above AUD 100
  • Withdrawal Fees (Fiat): $0 – ~$30 
  • Deposit Fees (Crypto): Network fees
  • Withdrawal Fees (Crypto): Network fees + ~$10

Best For

Investors seeking to set up investing rules once and passively invest over the long-term.

5. CoinSpot – Best For Diversification

Best For Diversification

Trading fees: 0.1% – 1%
Security: 10/10
Customer support: Excellent

OpenSea integration + 24/7 live support.

★★★★★

Rated 4.8/5

CoinSpot is Australia's largest crypto trading platform with over 2.5 million users, a beginner-friendly desktop platform, and a highly functional mobile app rated 4.8/5 across 10,000+ reviews on the iOS App Store. Since launching in 2013, CoinSpot has become a certified member of Blockchain Australia and registered with both the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC), abiding by all KYC and AML requirements.

It supports 370+ cryptocurrencies, one of the most diverse coin offerings among any crypto exchange in Australia. It also offers a multi-coin wallet, early access to DeFi and NFT projects, an SMSF platform, and OTC trading for larger clients. 

With CoinSpot Bundles, you can buy several cryptocurrencies in a single transaction, minimizing fees and diversifying their portfolios. For example, current Bundles include the Top 10 Market Cap Bundle, the DeFi Bundle, the NFT Bundle, and the Green Bundle (of environmentally-friendly crypto projects).

CoinSpot Bundles make it easy to buy multiple cryptocurrencies in a single transaction.

CoinSpot is compatible with most deposit methods in Australia: POLi, direct deposit, cash deposit, BPAY, bank transfer (PayID), and BlueShyft. It charges reasonable fees both for trading and depositing/withdrawing crypto, with Instant Buy/Sell fees of around 1%.

CoinSpot's desktop platform is intuitive and user-friendly, and its mobile app has an overall rating of 4.8/5 on iOS and 4.1/5 on Android. It offers 24/7 customer support via live chat and email, and CoinSpot Earn allows you to earn annual interest up to 78% APY on their crypto holdings.

One of CoinSpot's more unique features is its integration with NFT marketplace OpenSea, which allows you to purchase NFTs directly from your CoinSpot wallet. One major benefit of this integration is that CoinSpot users can buy NFTs using any cryptocurrency (at a 0.9% fee), not just Ethereum, sidestepping the prohibitively expensive gas fees that often accompany Ethereum transactions. To mint an NFT of your own, you'll need to do so off the CoinSpot platform.

Features

  • Supports 370+ cryptocurrencies
  • Easy to use multi-coin wallet
  • CoinSpot Bundles make diversifying your portfolio easy
  • Deposit methods include POLi, bank transfers (PayID), BPAY, OSKO, cash deposit (Blueshyft), and cryptocurrency 
  • 24/7 customer support via live chat and email
  • Well-rated mobile app (4.8/5 on iOS, 4.1/5 on Android)
  • ISO 27001 certified for meeting extremely high information security standards
  • Integrated with NFT marketplace OpenSea
  • Earn interest up to 78% APY on 23 cryptocurrencies
  • Registered with AUSTRAC and ASIC

Cost

  • Market Orders: 0.1%
  • Instant Buy/Sell: 1%
  • NFT purchases: 0.9%
  • Deposits & Withdrawals (Fiat): Free 
  • Deposit fee (BPAY): 0.9%
  • Deposit fee (cash at a physical newsagent): 2.5%
  • Deposit fee (Crypto): Free
  • Withdrawal fee (Crypto): Depends on the crypto (e.g., Bitcoin is 0.003 BTC)
  • Advanced trading tools: 1%
  • CoinSwap: 1%

Best For

Investors looking for an extensive coin offering and a variety of deposit methods.

6. CoinJar

Launched in 2013, CoinJar is one of Australia's oldest crypto exchanges. It charges a 1% commission on spot trades, though if you use its advanced platform, maker fees are just 0.1% and taker fees are 0%.

The CoinJar Crypto Debit Card makes spending your crypto on everyday purchases easy; it's accepted everywhere Mastercard is, and exchanges your crypto for fiat at the moment you make a purchase. However, the card charges a 1% fee on transactions (which can be received back in rewards), 1% on ATM withdrawals, 2.99% on foreign currency transactions, and $27.50 per transaction dispute, making it quite an expensive card to use.

One feature I appreciate about CoinJar is Bundles, prepackaged sets of diversified crypto assets, which make dollar cost averaging easy. Some of CoinJar's most sought-after bundles are its DeFi Bundle, Stablecoin Bundle, and Green (eco-friendly) Bundle

One of the things I don't like about CoinJar is its limited cryptocurrency support: you can only buy and sell 52 cryptocurrencies, though you can store 45+ other ERC-20 tokens in your CoinJar wallet. If you're looking to purchase coins aside from Bitcoin or Ethereum, you're better off with another exchange.

Features

  • Supports 52 cryptocurrencies
  • Very low maker (0.1%) and taker (0%) fees
  • Dollar-cost average easily with CoinJar Bundles
  • Debit card that allows you to spend your crypto like cash (with a 1% fee)
  • iOS app is rated 4.7/5 (Android app is rated 3.8/5)
  • Deposit methods include bank transfers (PayID), OSKO, NPP, credit/debit cards, Apple Pay and Google Pay
  • Registered with AUSTRAC

Cost

  • Currency Conversion (Fiat & Crypto): 1%
  • Instant Buy (credit card & Apple/Google Pay): 2%
  • Maker Fees: 0.1%
  • Taker Fees: Free
  • Deposit Fees (Fiat): Free
  • Withdrawal Fee (Fiat): Free
  • Deposit Fees (Crypto): Free
  • Withdrawal Fee (Crypto): <1% (dynamic fee)
  • CoinJar Debit Card Transaction Fee: 1%

Best For

Investors looking for a crypto debit card that converts crypto into fiat currency at the point of purchase.

Why you should trust me

  • Experienced
    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
  • Deep Research
    My team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.

How I Choose The Best Crypto Exchanges In Australia

There are a number of factors I consider when selecting the best crypto exchange Australia has to offer. Here are just some of them:

  • Supported coins: The best Australian crypto exchanges offer a wide range of coins to trade, allowing investors to maximize their profits by trading a variety of crypto assets.
  • User interface: A seamless trading interface that's easy to understand and navigate is essential, especially for beginners. However, if you are a more seasoned crypto investor, you may want to look for crypto exchanges with more advanced features.
  • Fees: All crypto exchanges charge a fee for their services, so it's crucial to find exchanges that offer competitive rates. Otherwise, you'll lose a significant portion of your profits to fees.
  • Regulation: One of the most important factors to consider when choosing a crypto exchange is its regulation since a well-regulated exchange is much safer to use than an unregulated one.
  • Deposit & withdrawal options: Crypto exchanges should offer a variety of payment methods so that investors can quickly transfer funds in and out of their accounts.
  • Account security: Look for an Australian crypto exchange that's implemented multiple layers of security, such as two-factor authentication and cold storage of 95% or more.
  • Customer support: The best crypto exchanges always have excellent support so users can get help if they encounter any problems. Consider how many channels you can use to reach their support team, their response times, and how helpful those responses are.

In Summary

Kraken is the favorite among knowledgeable Australian investors, both for its high level of security and for its ease of use. Kraken's fees are also extremely low, so if you’re looking for a secure, cost-effective way to buy and sell crypto in Australia, I can’t recommend Kraken highly enough.

Best Crypto Exchange Australia FAQs

Which Australian crypto exchange has the lowest fees?

The Australian crypto exchange with the lowest fees is Kraken, which has low trading fees (0.16%) and remarkably narrow spreads (0.0003%), making it the ideal fit for fee-conscious investor who wants to maximize their profits.

What's the best altcoin exchange in Australia?

The best altcoin exchange in Australia is Kraken. Kraken supports 100+ coins today and regularly add more of the altcoins Australians are looking for.

What's the safest Australian crypto exchange?

The safest cryptocurrency exchange in Australia is Kraken. They have bank-level security protocols and servers hosted in secure locations worldwide and undergo frequent financial and security audits to ensure all of their users' assets are safe. On top of that, they charge low trading commissions and are known for being a reputable, trustworthy crypto exchange in Australia, ideal for advanced traders.

How can I buy cryptocurrency in Australia?

You can buy cryptocurrency in Australia using a platform like Kraken or Zengo. Global exchanges like Kraken provide a premium crypto trading experience for Australian users, and they're a reliable way to start trading cryptocurrency.

What's the best way to buy cryptocurrency in Australia?

The best way to buy cryptocurrency in Australia is to use a secure, regulated exchange, especially those at the top of this list. For the best crypto trading experience, pay special attention to exchanges with low or no trading commissions and well-reviewed customer support teams.

Is cryptocurrency legal in Australia?

Yes, cryptocurrency is legal in Australia, and you can buy, sell and use crypto without breaking the law. However, cryptocurrency is not currently considered legal tender in Australia, so the Australian government and businesses are not legally obligated to accept it as payment for goods and services.

What crypto exchange is best for beginners in Australia?

The best cryptocurrency exchange for beginners in Australia is Kraken. Kraken is ideal for beginners because they verify accounts instantly, have easy-to-use trading platforms and provide great customer support in case you need any help along the way.

What's the best crypto app in Australia?

The best crypto app in Australia is either Kraken or Zengo. Both companies' apps are rated well in both the iOS App Store and the Google Play Store, and Australians love their ease of use, robust security, and low fees.

What's the most trustworthy crypto exchange in Australia?

The most trusted crypto exchange in Australia is CoinSpot, given its ratings of 4.8/5 on the App Store and 4.1/5 on the Play Store and impressive customer support ratings overall. CoinSpot is regulated by Australian authorities and follows all Australian laws, making it an extremely trustworthy exchange.

What is the best crypto exchange for day trading in Australia?

The best Australian crypto exchange for day trading is Kraken, since it has very low trading commissions, extremely good spreads, and updates prices multiple times per second, giving day traders an upper hand over the rest of the market.

What is the best app to buy Bitcoin in Australia?

The best app for buying Bitcoin in Australia is Kraken since it charges very low trading commissions and offers Bitcoin at a very tight spread.

How do you avoid tax on cryptocurrency in Australia?

There are many ways to lower the tax burden on your cryptocurrency profits in Australia, including:

  1. Holding your crypto for more than 12 months to make use of the Capital Gains Tax discount available to long-term asset holders
  2. Holding your crypto for a short amount of time to make use of the personal use asset Capital Gains Tax exemption (only valid for purchases under $10,000)
  3. Tracking, reporting, and harvesting unrealized losses
  4. Taking advantage of tax loss harvesting (while avoiding the wash sale rule)
  5. Investing in a tax-efficient crypto ETF

As you can see with #1 and #2 above, these methods can be contradictory, so you'll need to be smart in deciding which of them may be right for you.

Which is better: Swyftx or CoinSpot?

CoinSpot is a better exchange than Swyftx for a variety of reasons: it runs a highly secure platform, offers users the ability to buy a basket of assets in a single purchase (CoinSpot Bundles), and is compatible with most deposit methods. Swyftx has some good things going for it as well, but I'm confident in recommending CoinSpot over Swyftx for most Australian investors.

Can I buy crypto on eToro Australia?

Yes, you can buy cryptocurrencies using eToro in Australia, and it's one of the platforms I recommend. With its unique CopyTrader feature and tight spreads, eToro is a great platform for buying and selling crypto in Australia.

Should I use Coinbase in Australia?

I don't recommend using Coinbase in Australia for several reasons: it charges high trading commissions, only allows users to fund their accounts with a debit card, and processes transactions in US dollars, which means your Australian bank will charge you a foreign exchange fee on top of the transaction itself. Instead of using Coinbase, you're better off choosing one of the exchanges at the top of this list.

What's the best crypto wallet in Australia?

The best cryptocurrency wallet in Australia is Kraken, which offers better-than-bank-level security with its free account. Its easy-to-use mobile app supports dozens of crypto assets at a given time and works seamlessly with the Australian crypto exchanges mentioned above.

You can also buy crypto directly with ZenGo and take advantage of its low trading fees.

What is the safest crypto wallet in Australia?

The safest crypto wallet in Australia is Kraken, which is why it's built such a name for itself over the past 10+ years. No one else (including hackers) can access your Kraken wallet, so you know that your coins are always safe.

Can the ATO track cryptocurrency?

Yes, the Australian Taxation Office (ATO) can track cryptocurrency trades and transactions—and not only when your digital assets interact with real-world institutions like banks or crypto exchanges.

All Australian exchanges are required by law to register with AUSTRAC. Exchanges are also required to provide all information about their users' transactions, including purchase price, purchase date, sale value, and all associated KYC data. If your tax returns don't match the data the ATO receives from AUSTRAC, you may get slapped with a fine. 

Another important fact to consider is if you qualify as a Crypto Investor or Crypto Trader. The former can declare their profits as capital gains and take advantage of the 50% Capital Gains Tax reduction for long-term gains. Remember that to qualify for the Crypto Investor 50% tax rebate, crypto assets must be held for at least 12 months.

On the other hand, crypto traders must declare all profits as income and pay the total amount in taxes.

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