5 Best Crypto OTC Services In Australia (Jul 2022)

May 16, 2022
Blog

As a long-time crypto aficionado, I constantly keep up with the latest and greatest OTC trading platforms coming out every day, always looking for the lowest fees and best features. I’m confident these recommendations are currently the best exchanges available for Aussies.

Overall, our top pick for OTC crypto service in Australia is Swyftx: It supports over 310 of the largest cryptocurrencies and offers a lot of extra features like crypto staking and a demo environment. For those reasons and its low entry barrier to using the OTC services, I can’t recommend Swyftx enough.

Here’s something you may not realize: the OTC Trading platform you choose matters. Your choice will impact how profitable your trades are, and can be the difference between easily trading your crypto and making a profit, and paying high fees when you shouldn’t – or, at worst, getting scammed out of your crypto because the OTC Trading platform didn’t screen for any potential bad actor.

So if you’re looking for a safe and secure Australian OTC platform that’s highly responsive and holds itself accountable. I’ve been investing in crypto for over 8 years now, and I make tweaks to the list below almost every day.

Without further ado here’s my list of the best OTC crypto trading platforms Australia has to offer.

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.
My top pick →

1. Swyftx

Swyftx is an Australian cryptocurrency exchange founded in 2018 by Angus Goldman and Alex Harper. In 2021 it won the prestigious High Growth Business of the year award and it has more than 500,000 monthly users, just in Australia. 

Swyftx supports over 310 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and FTX (FTX). All 310 cryptocurrencies are available through Swyftx’s Over-The-Counter (OTC) trading desk, as long as the order surpasses the minimum amount of $50,000, or $34,000 USD.

Swyftx uses Biometric and Two-Factor Authentication (2FA) to secure accounts, and on top of an OTC platform, it supports Crypto Staking and a Demo Environment. Most new accounts are verified instantly, and Swyftx is registered and regulated with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Features

  • Supports 310 cryptocurrencies
  • Two-Factor Authentication (2FA)
  • Biometric Authentication
  • Crypto Staking platform
  • Demo Environment
  • Instant account verification for most users
  • Mobile app available on iOS and Android
  • OTC Trading

Cost

  • Minimum Investment To Access OTC: $50,000
  • Trading Fees: 0.6% (high volume discount may apply)
  • Spreads: From 0.41% to 1.70%
  • Deposit Fees (AUD): Free
  • Withdrawal Fees (AUD): Free
  • Deposit Fees (Crypto): Free
  • Withdrawal Fees (Crypto): Depends on the crypto (For Bitcoin 0.003 BTC)

Signup Bonus

$20 worth of BTC when you sign up using this link.

Best For

Investors who want low limits to access OTC trades, instant trades, and very low response times.

2. CoinSpot

CoinSpot is an Australian cryptocurrency exchange that aims to make it simple for Aussies to buy and sell a variety of cryptocurrencies. CoinSpot was founded in 2013, and it supports over 360 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Luna (TERRA), and Solana (SOL).

CoinSpot is one of Australia’s largest and most well-known cryptocurrency trading platforms, providing a diverse range of features for its clients, including a Multicurrency Wallet, Bundles of diversified crypto, and access to DeFi and NFT projects. They also have an Over-The-Counter (OTC) trading desk.

CoinSpot’s OTC trading desk is available for high net-worth individuals looking to make an order of over $145,000, or $100,000 USD. Some of the perks of using CoinSpot’s OTC include access to a professional broker that will answer all questions, instant settlements, and locked-in prices, to minimize slippage.

Features

  • Supports 360+ cryptocurrencies
  • Multi-Currency Wallet
  • CoinSpot Bundles
  • OTC Trading platform
  • Two-Factor Authentication (2FA)
  • ISO 27001 Security Certification
  • Instant account verification for most users
  • Mobile app available on iOS and Android

Cost

  • Minimum Investment To Access OTC: $100,000
  • Market Orders: 0.1%
  • OTC: 0.1%
  • Instant Buy/Sell: 1%
  • Deposit Fees (PayID, POLi, Direct Deposits): Free 
  • Withdrawal (AUD): Free
  • Deposit Fees (Crypto): Free
  • Withdrawal Fees (Crypto): Depends on the crypto (For Bitcoin 0.003 BTC)

Signup Bonus

$10 bonus when you sign up using this link.

Best For

High net-worth investors who want access to crypto bundles, instant trades, and OTC trades, all in one place.

3. Independent Reserve

Independent Reserve was founded in 2013 by Adrian Przelozny and Adam Tepper, and it is one of the largest and most established cryptocurrency exchanges in Australia. Registered with the Australian Digital Commerce Association, and insured through Lloyd’s of London, Independent Reserve is one of the most secure crypto exchanges available for Australians.

Independent Reserve supports 4 fiat currencies and 29 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Tether (USDT). Some of Independent Reserve’s best features include an AutoTrader, and an Over-the-Counter (OTC) platform.

All supported cryptocurrencies are available on Independent Reserve’s OTC trading desk; the minimum amount to use the trading desk is set at $100,000, but traders can purchase over $10 million worth of crypto. Independent Reserve’s OTC team is comprised of expert traders that will guide you through the process. Over 97% of crypto assets are in cold storage, in geo-diverse data centers.

Features

  • Supports 4 fiat currencies (AUD, USD, NZD, SGD)
  • AutoTrader
  • 97% of crypto assets are held in cold storage
  • Crypto assets insured through Lloyd’s of London
  • Instant account verification for most users
  • Mobile app available on iOS and Android
  • OTC Trading
  • Supports 29 cryptocurrencies
  • Available in Australia, New Zealand, and Singapore

Cost

  • Minimum Investment To Access OTC: $100,000
  • Spreads: 0.41%
  • Staking Fees: Free
  • Deposit Fees (Fiat): Free
  • Withdrawal Fees (Fiat): Free ($100k AUD max.)
  • Deposit Fees (Crypto): Free (network mining fees may apply)
  • Withdrawal Fees (Crypto): Free (network mining fees may apply)
  • Exchange Trading Fees: 0.6% (high volume discounts apply)

Signup Bonus

50% fee rebate when you sign up using this link.

Best For

Investors who want to use a fully insured exchange and access one of the most liquid OTC platforms.

4. Kraken

Kraken is a cryptocurrency exchange and bank originally founded in 2011. Based in the US, Kraken supports 7 fiat currencies including AUD, US, EUR, and GBP, and over 160 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Monero (XMR), and Augur (REP).

The minimum value of a trade to access Kraken’s Over-the-Counter (OTC) trading desk is $145,000, or around 100,000 USD. All users using the OTC platform will gain access to 1-on-1 expert market insights from experienced investors who’ve worked at companies like JP Morgan and Morgan Stanley, and access to 24/7 customer support worldwide.

Thanks to its partnership with the Bloomberg Terminal, Kraken provides its users access to real-time data and insights, all accessible from the Kraken dashboard.

Features

  • Supports 161 cryptocurrencies
  • Supports 7 fiat currencies
  • Simple and intuitive user interface
  • Kraken Crypto Watch feature that allows you to keep track of the crypto market
  • A plethora of information and educational resources on crypto for its users
  • 24/7 customer support through a variety of methods

Cost

  • Minimum Investment To Access OTC: $100,000 USD
  • Trading fees: Between 0% and 0.26% per trade
  • Crypto credit card purchases: 3.75% + €0.25
  • ACH crypto purchases: 1.5%

Signup Bonus

20% fee rebate when you sign up using this link.

Best For

Investors looking for one of the largest and most established crypto exchanges.

5. HiveEx

Founded in 2018 by Fred Schebesta, HiveEx is an Australian crypto exchange aimed at high-net-worth individuals. It is one of the few exchanges that have a hard minimum for transactions: in order to use HiveEx the order has to be for at least $50,000, or $34,000 USD. Thanks to partnerships with other exchanges, HiveEx is one of the most liquid exchanges in Australia.

HiveEx supports over over 60 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS (EOS) and 13 fiat currencies, including AUD, USD, and EUR. All transactions are Over-The-Counter (OTC), and HiveEx has experts available 24/7 to aid users with their trades.

Account verification for HiveEx takes less than 24 hours, and the exchange is registered and regulated by the AUSTRAC and complies with all KYC/AML regulations. All digital assets are kept securely in cold storage at all times.

Features

  • Supports 60 cryptocurrencies
  • Regulated by the AUSTRAC
  • 100% of crypto assets are held in cold storage
  • Supports 13 fiat currencies
  • Very high liquidity
  • Customer Support available 24/7
  • Account verification in less than 24 hours

Cost

  • Minimum Investment To Access OTC: $50,000
  • Trading Fees: From 0.5% to 1.7% (includes spreads)
  • Deposit Fees (Fiat): Free
  • Withdrawal Fees (Fiat): Free 
  • Deposit Fees (Crypto): Free 
  • Withdrawal Fees (Crypto): Free

Best For

Investors who want to trade large amounts of crypto.

What To Look For In The Best OTC Trading Platforms In Australia

The most important factors to consider when searching for the best OTC Trading Platforms in Australia are:

  • Trustworthy platform: If you’re looking for an OTC platform, chances are you’re trading large amounts of crypto – in that case, you want a very secure platform that holds itself accountable for screening potential bad actors, whether it is using a KYC form or another form of verification.
  • Minimum listing requirement: Most OTC Trading platforms are part of larger crypto exchanges and have a minimum to start using OTC services. Make sure you reach the minimum amount – before making any deposit.
  • Fees: How much does it cost to buy and sell? If trading fees are high, your profits will be negatively impacted. For reference, OTC trading should be considerably cheaper for both parties than trading on regular exchanges.
  • Privacy: The OTC platform you pick should always keep your information encrypted and not share it with anybody. The platform has to balance KYC verifications to ensure funds sent and received are legitimate while also maintaining the privacy of the traders.
  • User interface: New traders should avoid crypto OTC trading platforms that are exceedingly difficult to use. While these platforms provide additional freedom, that could be intimidating if you’re new to cryptocurrency.
  • Regulation: Check whether they are licensed to operate, as well as the types of asset protection available. 
  • Account security: You’ll want to be able to move your coins off of the platform and into a secure crypto wallet for maximum protection. Confirm that the exchange or OTC service provider uses cold storage to protect users’ coins and find out what their policies are when it comes to privacy, account security, and insurance.

FAQs

Is It Legal To Buy And Trade Crypto 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, and the Australian government shows no indication of accepting it as such any time soon.

Is Crypto Trading Taxable In Australia?

Yes. Even though the Australian Tax Office (ATO) doesn’t consider crypto as money, it is regarded as property, a CGT asset for all tax purposes. When a capital gain or loss is realized from cryptocurrency, the market value of the asset, in AUD, is used to calculate the tax. 

Are Crypto OTC Services Regulated In Australia?

Yes. In Australia, cryptocurrency, digital currencies, and cryptocurrency exchanges are legal. The sale of crypto assets is regulated by Australia’s Financial Services Regulatory Regime.

Conclusion

As a long-time crypto aficionado, I constantly keep up with the latest and greatest Crypto OTC Services coming out every day, always looking for the lowest fees and best features. I’m confident these recommendations are currently the best bots available in Australia. 

The Best Crypto Exchanges In Canada

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5