5 Best Decentralized Crypto Exchanges In Australia (Feb 2024)

May 16, 2022
Blog

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

Overall, our top pick for the best Decentralized Exchange (DEX) is Uniswap. It supports over 390 ERC-20 tokens and cryptocurrencies, 10 fiat currencies, and it offers a staking platform and collateralized flash loans – while maintaining low fees for buyers and sellers.

1. Uniswap

Launched in 2018 by Hayden Adams, Uniswap (UNI) is a Decentralized Exchange (DEX) and Automated Market Maker (AMM) protocol based on the Ethereum blockchain. DEXs have gained a lot of traction in the last couple of years as a way to automate and decentralize trades.

Uniswap uses Liquidity Pools to maintain liquidity, and all trades are executed using smart contracts. Uniswap supports over 390 ERC-20 tokens, a yield farming and staking platform, flash loans, and more. 

Trading fees are based on a tiered system; the more rarely traded the coin is, the higher the fees. This is because tokens that have low trading volume tend to be more volatile, and the lending pools tend to be smaller – fees for these start at 1%. Stablecoins on the other hand are the least volatile and have the lower fees, starting at 0.01%.

Features

  • Non-custodial exchange
  • Supports ERC-20 tokens
  • Supports 392 cryptocurrencies
  • 8,000+ crypto pairs to choose from
  • Integrated with 300+ DeFi apps
  • 100% decentralized 

Cost

  • Token Listing Fee: Free
  • Swapping Fees: From 1% to 0.01% (based on the trading volume of the pair)

Best For

Investors looking to access crypto staking and yield farming in one of the largest decentralized exchanges.

2. Changelly

Changelly is a non-custodial crypto exchange service based in Prague, Czech Republic. Established in 2016, it doesn’t offer services as a wallet – you’ll need to link a wallet before you can purchase crypto – but rather it finds you the best deals for your crypto by indexing a number of exchanges.

With over 3 million monthly users, Changelly is partnered with crypto giants like Binance and crypto wallets like Trezor and Exodus and offers very low fees starting at 0.25%. It supports 200 of the largest cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin, and to start trading you don’t have to complete a KYC verification, you can sign up and start trading just with your email

Changelly offers many payment methods, including Visa, Mastercard, Apple Pay and bank transfers. If you refer a friend you can receive 2% on all fiat-to-crypto transactions and 0.125% on all crypto-to-crypto transactions

Features

  • Integration with various crypto wallets
  • Supports 200 cryptocurrencies
  • 24/7 customer support available via live chat or email
  • Accepts Visa, Mastercard, Apple Pay and bank transfers

Cost

  • Account Opening: 
  • Floating Rate Fee: 0.25%
  • Fixed Rate Fee: 0.25%
  • Withdrawal Fees: Free
  • Account Management Fees: Free

Signup Bonus

2% back on fiat-to-crypto transactions and 0.125% back on crypto-to-crypto transactions

Best For

Investors looking for the lowest deals on crypto and no KYC verification requirements.

3. KyberSwap

KyberSwap is Kyber Network Crystal’s flagship decentralized crypto exchange. KyberSwap was launched in 2017 by Victor Tran, Yaron Velner, and Loi Luu, and the network’s goal was to build a versatile liquidity pool that could eventually expand beyond the network, to other blockchains.

Some innovations that the Kyber Network brings are the wrapped coins: an indirect way to trade Bitcoin and Ethereum by instead trading Wrapped Coins, like WBTC and WETH. KyberSwap’s fee system is very complex – it is calculated dynamically based on the trading volume and volatility of assets, but users can expect it to be around 0.1%

KyberSwap is integrated with 12 of the largest blockchains, including Avalanche, Ethereum, BNB Chain, and Fantom, and is completely insured by Unslashed Finance. KyberSwap conducts regular audits with Chainsecurity.

Features

  • Rainmaker Yield Farming
  • Staking platform
  • No KYC or ID verification required
  • Instant token listings
  • Insured by Unslashed Finances
  • App available on mobile

Cost

  • Trading Fees: Depends on the volatility of assets (Dynamic fees)
  • Maker’s Fees: 0.1%
  • Taker’s Fee: 0.1%
  • Withdrawal Fees: Free
  • Deposit Fees: Free

Best For

Experienced investors looking for the lowest deals on crypto and no KYC verification requirements.

4. 0x

0x is an Ethereum-based decentralized exchange and liquidity aggregator protocol that tackles the growing need for faster transactions of digital assets. Like most decentralized exchanges, 0x uses smart contracts and its own ERC-20 native token, ZRX, to power transactions. 

At its core, 0x is an aggregator: it compares prices from the biggest decentralized exchanges looking for the best prices, and matches buyers with sellers. This aggregator software is called Matcha, and some of the exchanges it scours include Uniswap, Oasis, Balancer, and Mooniswap.

0x has a somewhat complex fee system: fees are proportional to the gas cost of completing an order, and they scale with the price of the gas. All fees are paid in ZRX.

Features

  • Supports ERC-20 and ERC-721 tokens
  • Choose from 5+ market orders
  • Supports NFT marketplaces
  • Integrated with businesses and projects
  • Smart contracts through an extensible API

Cost

  • Trading Fees: Depends on the volatility of assets (Dynamic fees)
  • Maker’s Fees: 0.1%
  • Taker’s Fee: 0.1%
  • Withdrawal Fees: Free
  • Deposit Fees: Free

Best For

Experienced investors looking to use market orders and APIs to boost their profits.

5. Bisq

Bisq is somewhat different from other non-custodial decentralized exchanges. Founded in 2014 by Manfred Karrer, Bisq is only accessible through a downloadable app, which doubles as a node and allows users to exchange cryptocurrencies with other investors directly, Peer-to-Peer (P2p).

Bisq supports 120+ cryptocurrencies, but since it's a P2p exchange what users can purchase depends on the offers other users make. This exchange doesn’t require any kind of verification and uses a very secure multi-signature escrow protocol coupled with a security deposit to make sure all trades are secure.

Bisq has its own native token, BSQ. Users who pay using it get rebates for up to 50% of all trading fees.

Features

  • Secure Multi-Signature escrow protocol
  • Supports 120+ cryptocurrencies
  • Very secure protocols
  • Non-custodial exchange
  • No verification required

Cost

  • Maker’s Fees: 0.1% (lower fees if you pay with BSQ)
  • Taker’s Fees: 0.7% (lower fees if you pay with BSQ)
  • Mining Fees: Depends on the crypto (0.003 BTC for Bitcoin)

Best For

Experienced investors looking for a lightweight P2p crypto-trading platform.

What To Look For In The Best Decentralized Crypto Exchanges In Australia

There are many important factors to consider when you’re looking for the best decentralized exchanges to use in Australia. Some of these factors include:

Supported coins: There are tens of thousands of cryptocurrencies in existence, but cryptocurrency exchanges will only support a fraction of these coins. With that in mind, the more supported crypto coins an exchange offers, the better.

Data Analysis: Bots are designed to scan raw market data from various sources – before you make a choice make sure the bot has diverse sources of information to interpret, so it makes the best decision. Choosing a bot that allows users to customize data sources might be beneficial.

Risk Prediction: One of the most important features of trading bots: is risk prediction. The bot you choose has to be able to accurately estimate the risk of an investment, and this is closely tied to the data analysis and the data that is being fed to the bot.

Buying/selling crypto assets: Crypto trading bots rely on API keys to execute buy or sell orders on your behalf. This makes buying and selling assets very easy for the bot – but keep in mind that It’s important to keep your API key secure.

Customer support:  Last but not least, make sure to check out the customer support options that are available at an exchange. If you have questions or need help with something, can they get back to you quickly? Is there a live chat feature where you can ask your question immediately and receive answers in real-time?

In Summary

As a long-time crypto aficionado, I constantly keep up with the latest and greatest crypto exchanges coming out every day, always looking for the lowest fees and best features. I’m confident that the best Decentralized Exchange (DEX) in Australia is Uniswap. It supports over 390 ERC-20 tokens and cryptocurrencies, 10 fiat currencies, and it offers a staking platform and collateralized flash loans – while maintaining low fees for buyers and sellers.

On the other hand, if you're looking for the best overall crypto exchanges in Australia, the best choices are VirgoCX, ZenGo, eToro and Swyftx.

Decentralized Crypto Exchanges In Australia 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 Exchanges Regulated In Australia?

Yes, Australian crypto exchanges are regulated, as are all digital currencies and cryptocurrencies in the country. The sale of crypto assets is regulated by Australia's Financial Services Regulatory Regime.

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