6 Best Crypto SMSFs In Australia (Jul 2022)

June 22, 2022
Blog

Choosing the best platform for your SMSF in Australia isn’t easy, given all the options out there and the different features each of them offers. As an avid cryptocurrency investor myself, I diligently keep up with the movements of the top SMSF platforms, and make my selections below based on years of research and personal experience.

CoinSpot is the favourite among knowledgeable Australian crypto investors, both for its diversified Crypto Bundles that make for easy investments, and its EOFY Reporting feature, a must-have for SMSF trustees; for those reasons, I can’t recommend CoinSpot enough.

What Are SMSFs?

Self-Managed Super Funds (SMSFs) are financial instruments and a type of fund available to all Australians. SMSFs are a way to start saving for your eventual retirement and are one of the very few ways Australians can include crypto in their retirement portfolios (even if they’re already investing with an Australian crypto exchange). Another very attractive feature is that SMSFs may be eligible for a preferential tax rate of just 15%, compared to the 30% Capital Gains Tax (CGT) you’d pay otherwise.

The main difference between SMSFs and other types of funds – like Corporate, Industry, or Public Sector funds – is that, for SMSFs, the members of the fund are usually the trustees as well. Trustees have the responsibility to make the SMSF compliant with super funds and Australian Taxation Office (ATO) laws and regulations. Having trustees who have a stake in the fund and are experienced in the financial world can be beneficial. 

Alternatively, SMSFs can be set up with a corporate trustee. In this case, a company acts as the trustee and manages the fund – for a fee. For SMSFs there can be a maximum of six members, and it is very common for close friends and relatives to create one – you definitely want someone you can trust for these. 

Now let’s take a deeper dive into all of our top selections.

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. 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 advanced tax tools for SMSF portfolios like EOFY tax reports and customer support available 24/7 to assist you with onboarding.

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, instant settlements, and locked-in prices. CoinSpot uses Two-Factor Authentication and is available on mobile for both iOS and Android.

Features

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

Cost

  • 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.

2. 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, and they’re all available for SMSF trustees looking for sound investments and tax preferential rates. Keep in mind that you will need an account separated from your personal account – and the trust’s deed, containing the obligations and terms of the trust – to sign up your fund.

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.

3. Digital Surge

Digital Surge is one of the best-rated crypto exchanges in Australia, and for a good reason: it supports over 300 cryptocurrencies, verifies most accounts instantly, and provides extra security for all crypto assets through top-of-the-line cold storage and Two-Factor Authentication (2FA).

Digital Surge’s trading fees range from 0.5% to 0.1% based on trading volume, and fiat deposits start at $2 per deposit. It also supports stop limit and Dollar-Cost Averaging (DCA) market orders and SMSF investments – as long as they comply with ATO and the user provides the corresponding funds’ trust deed.

Digital Surge’s interface is very user-friendly, and the app is available on mobile and desktop. New users get a 50% rebate on all trading fees when they sign up. Customer support is very helpful and has very positive reviews on Trustpilot, and it is available 24/7 through live chat, right from their webpage.

Features

  • Easy to use trading interface
  • Low fees
  • 250+ crypto assets supported
  • 24/7 customer support
  • Instant account verification
  • Price notifications that can be set at any time

Cost

  • Trading fees: From 0.5% to 0.1% (based on trading volume)
  • Instant Buy/Sell Order fees: 0.5%
  • Deposit fees (PayID): Free
  • Deposit fees (POLi): From $2 to $3.30
  • Bank withdrawals: Free
  • Crypto withdrawals: Standard network gas fees

Best For

Australian crypto investors looking for the best overall trading experience and excellent customer support.

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).

Kraken has a platform dedicated for Self Managed Super Funds; trustee’s can sign up their fund by creating an account under the name of the SMSF and verifying the information – make sure to create the account under the name of the SMSF and, when prompted, selected Business Account.

Kraken also has an Over-the-Counter trading desk and access to 24/7 customer support worldwide. Thanks to its partnership with the Bloomberg Terminal, users can now access real-time data and insights, all available from the Kraken dashboard.

Features

  • Supports 161 cryptocurrencies
  • Supports 7 fiat currencies
  • SMSF platform
  • Simple and intuitive user interface
  • Kraken Crypto Watch
  • 24/7 customer support through a variety of methods

Cost

  • 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. 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’s SMSF service is available for all Australians and trusted by thousands – they guarantee compliance with all pertinent laws and offer detailed reports and taxation tools. Their primary tool is called KPMG, and it provides an estimate – updated in real-time – of your tax obligations. Directly from your account dashboard.

Independent Reserve supports 4 fiat currencies and 29 of the largest cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), and you can invest in any crypto using funds from your SMSF. The Independent Reserve team is comprised of expert traders that will guide you through the process.

Features

  • Supports 4 fiat currencies (AUD, USD, NZD, SGD)
  • Supports 29 cryptocurrencies
  • Detailed Tax Reports
  • KPMG tax tool
  • 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
  • Available in Australia, New Zealand, and Singapore

Cost

  • 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.

6. Binance

Launched in 2017, Binance is a cryptocurrency exchange based in the Cayman Islands and the largest exchange in the world by trading volume. It supports over 300 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and PAX Gold (PAXG), and over 50 fiat currencies, on top of its own native token, Binance Coin (BNB).

Binance’s native token doubles as a utility token and provides discounts on trading fees for holders: trading fees range from 0.1% to 0.04% based on how many BNB tokens you’re holding. Some of Binance’s best features include Binance Earn, a crypto staking platform, a Crypto Visa Card, which can be used to pay with crypto anywhere Visa is accepted.

For users looking to register their SMSF, Binance offers a quick sign-up process. It’s the same used to create corporate or business accounts, the only difference is that all members of the SMSF must be registered – and only one, designated as the Main Trader, can place orders or make any kind of purchase.

Features

  • Supports 300+ cryptocurrencies
  • Supports 50+ fiat currencies
  • Binance Earn feature
  • Binance Visa Card
  • Advanced charting tools
  • Earn lower fees by using the exchange’s native currency (Binance Coin)

Cost

  • Crypto deposit fees: Free
  • Fiat deposit fees: From 0% to 3.5%
  • Crypto withdrawal fees: From 0% to 2,5%
  • Taker fees: From 0.04 to 0.1%
  • Maker fees: From 0.02 to 0.1%
  • Futures trading maker fees: 0.02%
  • Futures trading taker fees: 0.04%
  • Instant buy/sell trade fees: 0.5%
  • Debit/credit card purchases: 4.5%

Best For

International cryptocurrency investors that are interested in investing in rare or relatively unknown altcoins.

What To Look For In The Best SMSF Platforms In Australia

The most important factors to consider when searching for the best SMSF platforms in Australia are:

  • Fees: How much does it cost to set up an SMSF? All SMSF charge fees, and if trading fees are high, your and your friends’ profits will be negatively impacted. 
  • Historical performance: Despite not being a perfect indicator, it is usually a good way to get an idea. Before choosing an SMSF double-check their performance over the last couple of years. Have they returned a profit? Have they increased the fees?
  • Insurance: There are usually three types of insurance for SMSF members – death cover, disability, and income protection. Before choosing an SMSF check whether they offer any of these and compare the insurance premium rates.
  • Additional services: SMSFs tend to offer additional services that may incur an extra fee. Make sure to read the fine print and take advantage of these services, if available. Some of these services usually include financial advice, split agreements after the SMSF disbands, and more.
  • Regulation: Check whether they are licensed to operate, as well as the types of asset protection available. Make sure they are authorized and have the required coverage.
  • Customer support: Do they offer 24/7 customer support? Is it easy for consumers to contact customer service and get answers?

In Summary

Choosing the best platform for your SMSF in Australia isn’t easy, given all the options out there and the different features each of them offers. As an avid cryptocurrency investor myself, I diligently keep up with the movements of the top exchanges, and make my selections below based on years of research and personal experience.

CoinSpot is the favourite among knowledgeable Australian crypto investors, both for its CoinSpot Crypto Bundles that make for easy investments, and its EOFY Reporting feature, a must-have for SMSF trustees; for those reasons, I can’t recommend CoinSpot enough.

Best Crypto Exchanges In Australia FAQs

What is the best SMSF Provider in Australia?

The best SMSF provider in Australia is CoinSpot, the favourite among knowledgeable trustees, both for its CoinSpot Crypto Bundles that make for easy investments, and its EOFY Reporting feature, a must-have for end-of-the-year tax filing.

Which Australian crypto exchange has the lowest fees?

The Australian crypto exchange with the lowest fees is Capital, which doesn’t charge any fees on trades and has very narrow spreads. Capital also doesn’t charge any deposit or withdrawal fees, making it the ideal fit for the fee-conscious investor who wants to maximize their profits.

What’s the best crypto wallet in Australia?

The best cryptocurrency wallet in Australia is Capital, which offers bank-level security with a completely free account. Its easy-to-use mobile app supports 100+ different crypto assets at a given time, and it works seamlessly all around the clock.

How can I buy cryptocurrency in Australia?

You can buy cryptocurrency in Australia using platforms like Digital Surge, Swyftx and CoinSpot.

What’s the best altcoin exchange in Australia?

The best altcoin exchange in Australia is one of Capital, Digital Surge or Crypto.com. Digital Surge supports an enormous 250+ coins, while Crypto.com supports 100+ coins, and all three are regularly adding more of the altcoins Australians are looking for.

What’s the safest crypto exchange in Australia?

The safest cryptocurrency exchange in Australia is Capital. They have bank-level security protocols, hold your coins offline in a cold storage wallet, and let you move your coins on or off of the exchange at any time. On top of that, they have some of the lowest spreads of any exchange in Australia, and are known for being a reputable, trustworthy crypto exchange.

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, and the Australian government shows no indication of accepting it as such any time soon.

What crypto exchange is best for beginners in Australia?

The best crypto exchange for beginners in Australia is Digital Surge followed by Swyftx. Both are ideal for beginners because they verify most accounts instantly, have easy-to-use trading platforms, and 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 Capital. Its app is rated 4.7/5 on the App Store, and Australians love it for its ease of use, strong security, and low fees.

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

The best crypto exchange for day trading in Australia is Capital, since it has zero trading fees, tight spreads, and its prices update multiple times per second, giving day traders an upper hand over the rest of the market.

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