How to choose a reliable and safe cryptocurrency exchange in Australia in 2021? This question worries many novice investors and traders. There are a lot of characteristics to rely on. In the age of active use of cryptocurrencies to pay for various goods and services, users may be interested in cryptocurrency exchanges in Australia that provide exchanges in local currency. The search can take a lot of time and effort.
Fortunately, our researcher of blockchain and everything related to cryptocurrencies, Alex, has kindly agreed to compile a ranking of the top ten crypto-exchanges that support the Australian dollar and other fiat currencies. These exchanges are specifically geared towards users living in Australia.
- Top Australia Cryptocurrency Exchanges in 2021
- Best Cryptocurrency Exchanges Australia: Reviews 2021
- 1. Swyftx Exchange
- 2. Independent Reserve Exchange
- 3. CoinSpot Exchange
- 4. CoinJar Exchange
- 5. Digital Surge Exchange
- 6. Binance Exchange
- 7. Coinbase Exchange
- 8. eToro Exchange
- 9. Bittrex Exchange
- 10. Coinmama Exchange
- Everything You Need to Know About Cryptocurrency and Bitcoin Exchanges
- The Best Bitcoin Exchanges
- The Most Popular Cryptocurrency Exchanges
- Cryptocurrency Exchange With Lowest Fees
- The Best Cryptocurrency Exchange App
- Cryptocurrency Exchanges That Don’t Require ID
- The Safest Cryptocurrency Exchanges
- The Largest Cryptocurrency Exchanges
- The Best Decentralized Cryptocurrency Exchanges
- The Best Cryptocurrency Exchange for Altcoins
- Cryptocurrency Exchanges That Let You Pay With Cash
- Best Cryptocurrency Exchange For Beginners
- What’s next?
Top Australia Cryptocurrency Exchanges in 2021
Our ranking is based on many factors, but the main ones are ease of use for professional and novice users, commission fees, trading features, number of cryptocurrency pairs, and technical support. The companies of choice use high-tech security methods and have prompt technical support for their clients.
Let’s move on to a directly closer review! Below you can see more details and reviews of each cryptocurrency exchange in Australia in 2021.
Best Cryptocurrency Exchanges Australia: Reviews 2021
1. Swyftx Exchange
Swyftx is currently the most recommended exchange in Australia. This Queensland-based exchange was conceived in 2017, but it wasn’t until 2019 that the platform was launched. Swyftx promises the best cryptocurrency liquidity among all Australian crypto exchanges. It does this by scanning several other exchanges to find the best spreads, liquidity, and prices for the target cryptocurrency/currency pair.
It is an example of a secure exchange, as they use encryption protocols for all sensitive data and conduct regular external penetration testing. For added security, Swyftx offers two-factor authentication.
Trading on Swyftx will give you access to over 220 different cryptocurrencies, and the list is continually growing. In addition to the most popular cryptocurrencies such as Bitcoin, Ethereum, and Ripple, you can also trade more obscure coins such as Civic, Filecoin, or Mithril.
2. Independent Reserve Exchange
Cryptocurrency exchange Independent Reserve is a recognized player in the Australian cryptocurrency industry. When you enter independentreserve.com, you can immediately see the work of professionals. The main advantage of the company is a strong security system and Australian regulation. Founded in 2013, the Independent Reserve exchange is a centralized platform.
The exchange has an average reliability rating. As of February 2021, 26 cryptocurrencies are traded on the exchange; the most active trading pair is XBT/AUD. The maximum trading volume for the last 30 days was reached on January 22 in 833 BTC.
The exchange does not require mandatory verification, has several payment methods, and accepts fiat. The disadvantages of this exchange include high trading fees and a lack of margin trading.
3. CoinSpot Exchange
CoinSpot is one of Australia’s most popular cryptocurrency exchanges, allowing users to buy, sell, and exchange dozens of various cryptocurrencies. The main reason for this is probably its local orientation. CoinSpot is designed to be easily accessible and user-friendly for beginners and experienced users alike. It also has a good reputation.
CoinSpot was founded in 2013 and has long been known for its reliability. CoinSpot Exchange is registered under the Australian Business Number (ABN) and is a member of the Australian Digital Commerce Association.
CoinSpot offers an exceptionally diverse selection by any standard. The exchange also has a habit of offering new coins as soon as they become available to invest at the most entry-level. Each buy/sell order has a maximum limit of 5,000 AUD (just over $3,900) per transaction. There are no restrictions on one-time withdrawals on this exchange.
4. CoinJar Exchange
CoinJar is a cryptocurrency exchange that started operating in 2013 in Australia. Here you can trade cryptocurrencies such as Bitcoin, Ripple, Litecoin, Ethereum, Zcash. To make various financial transactions through a bank account at the moment can only residents of Australia.
To ensure a high level of security, the creators of Coinjar have provided two-factor authentication, storage of customer funds in cold accounts, the use of Multi-sig to store personal data, and end-to-end SSL encryption. The disadvantages of this exchanger the users often name the limited opportunities for residents of other countries and the customer support service’s slow response time.
5. Digital Surge Exchange
Digital Surge is a cryptocurrency exchange from Australia that provides fast and easy user connectivity and a secure trading environment. The exchange is also very progressive because it was one of the first exchanges to implement identification service from the national postal service. This is a Digital ID service with which its customers will buy bitcoin and other cryptocurrencies on its partner exchanges. Digital Surge has proven to be reasonably reliable and secure, so it is worth looking into.
6. Binance Exchange
Binance is the most reliable cryptocurrency exchange and a true example of good cryptocurrency exchange: safe, convenient, and multifunctional. Created in 2017, the company managed to win the support of major Chinese investors.
Today this platform is the undisputed market leader in terms of trading volume and stands out against its competitors due to low commissions and fast transaction processing. The average daily trading volume is more then $2 billion, and the platform’s technology allows for up to 1.4 million orders per second.
It is worth noting that the cryptoplatform can not only trade. Binance has issued two of its altcoins and even issues bank cards for convenient payments in cryptocurrencies. It supports more than 150 cryptocurrencies, as well as more than 30 fiat currencies. The lowest commissions on the market: only 0.1% or even less when using BNB tokens, no withdrawal fees for any of the cryptocurrencies.
There is no mandatory user verification, but there are convenient mobile and desktop applications. The platform is translated into eight languages, and support is available 24/7.
7. Coinbase Exchange
Coinbase is often seen as the best place to buy cryptocurrency, regardless of what the currency is. Coinbase is very easy and straightforward to use. The registration and verification process is quick, and although you need to verify your identity, it doesn’t take long either.
The platform is very secure. Although there have been several attempts to breach the security of the exchange, Coinbase has yet to survive a significant hack.
The problem that many users have with the platform is that it lacks some cryptocurrencies. This means that you can only buy specific cryptocurrencies on the site; even if they are represented, they may not be available.
In terms of fees, Coinbase is not the best cryptocurrency exchange. Fees on the platform will range from 1.49% to 3.99%, depending on your country of residence, the amount traded, and so on. Those are some pretty decent amounts! Nevertheless, Coinbase does guarantee optimal security and is highly trusted among the community.
8. eToro Exchange
The platform was launched in 2007. Unlike other platforms, eToro has tools that help users adopt the experience of professional traders. Within its walls, you can find training materials and various tools for earning. Including stocks, exchange-traded funds, indices, and other assets are available to eToro users.
The platform offers a total of 34 cryptocurrency pairs. To work with the assets, you will need to register. To create an account, enter your email address. To get access to all the functionality and withdrawal limits, you will need to be verified. eToro uses a spread-based commission scheme. The minimum spread is set for bitcoin (0.75%), the maximum – for MIOA (4.5%).
Also, the behavior of the asset’s rate affects the level of commissions. Other commissions for eToro include a withdrawal fee (about $5), as well as penalties for inactivity (if there has been no activity on the account for a year, its owner may be required to pay $10 a month). There are no commissions for trading stocks and working within the management service, allowing trades to be copied by professionals.
Many commentators online highlight eToro as an exchange that is suitable for beginners. Among the arguments – a large number of training materials, the simplicity of the interface, and the presence of a unique, in its way, service Copy Trading.
9. Bittrex Exchange
The exchange was founded in 2014 in the US. The founders of this exchange are experienced cybersecurity specialists who once worked for such “monsters” as Microsoft, Blackberry, Amazon. Therefore, this platform has the reputation of a reliable crypto exchange with a massive set of tools. In 4 years of its existence, this service has never been hacked.
The exchange stores up to 90% of all crypto assets in cold storage; in other words, cryptocurrencies are stored offline, with no possibility for hackers to access them as quickly as with some other platforms.
Bittrex also offers users around 200 different cryptocurrencies to choose from; the exchange also provides access to reasonably rare coins, with fees set at 0.25%. However, users note that the exchange lacks popular payment systems, which is a significant disadvantage.
10. Coinmama Exchange
Coinmama is one of those names that pops up quite often whenever you need the best cryptocurrency exchange.
Coinmama has one of the best customer support services on the market. The exchange is also user-friendly, with all the features being easy to find and use. Even if you’re a complete beginner in this field, you shouldn’t have a hard time understanding Coinmama’s interface.
The biggest problem that people have with Coinmama is the commissions. The platform charges users a commission of up to 5.5%.
Everything You Need to Know About Cryptocurrency and Bitcoin Exchanges
New trading platforms appear almost every day, and some of them have decent trading volumes. Young crypto platforms can be inferior to older ones, but a strong argument in favor of the site will be the test of time. An exchange can exist no more than two years, but it proves itself a reliable exchange and win customers’ trust.
Over the past year, the market has changed dramatically. Many well-known crypto exchanges have retreated into the background and made way for crypto exchanges that are better adapted to the continually changing market conditions. Most of the outdated platforms’ problem is that they still don’t provide the tools for convenient fiat exchange. Younger players have pulled ahead by providing flexible terms and a wide range of devices, including fiat currency trading.
The Best Bitcoin Exchanges
Today, the best exchange for buying or selling bitcoin is BitLio. Because the founders followed and supported their exchange, it was able to work even in times of crisis. After some time, the platform offices were able to open in the Netherlands, Slovenia, Singapore, and even in the UAE.
Bitlio is highly functional and user-friendly, working with digital coins and fiat money. Users can deposit and withdraw funds in a variety of ways. Most traders prefer the payment system “BPay”, which has a reliable reputation and cooperates only with proven services.
This exchange has several account verification; by them, you can determine the degree of your involvement in this platform. In general, it is a perfect platform because it has been operating for several years and has earned a good reputation among users.
The Most Popular Cryptocurrency Exchanges
Well, the most popular cryptocurrency exchange in Australia can be called ACX. ACX belongs to the largest exchange in Australia because most trading on this continent takes place there. It was founded in August 2015, and for several years managed to become the most popular exchange.
The project has a low commission (0.2%) and a vast segment of users. The company is so huge that it has a mobile application for IOS devices. Users note that the site has cold storage of funds, which is protected with the support of 2fa. Of the disadvantages of this exchange can be noted only that the site has few trading pairs.
Cryptocurrency Exchange With Lowest Fees
The amount of trading commission depends on:
- the type of exchange (fiat, cryptocurrency, margin);
- the strategy for developing and attracting clients;
- the kind of order that a maker or taker creates;
- many exchanges set an individual commission, which depends on the trader’s trading turnover over the past 30 days. On average, the fee is 0.1% – 0.2% of the transaction amount.
It has recently become popular to set separate commissions for different types of traders. There are takers and makers on cryptocurrency exchanges. These are two categories of speculators who perform various functions on the trading floor, so the commissions for different groups of traders are not the same.
A maker improves liquidity; hence, the fee for him is more minor (usually up to 0.1%). On the contrary, takers reduce it, so they pay the exchange a higher percentage of the transaction (0.1% – 0.2%). Among the variety of trading platforms, many crypto exchanges have attractive commissions for traders. It is worth paying attention to the media:
- Binance: a reputable and most popular cryptocurrency exchange with acceptable commissions from 0.1% and below. This figure is even lower when using interexchange currencies.
- Exmo: tickers and makers give 0.2% of the transaction fee. Depending on the trading activity, up to 75% of the commission paid may be refunded in a month.
- LocalBitcoin: only the person who creates a buy or sell ad pays the commission.
- Crex24: there are no fees for makers, and takers pay a 0.1%-0.06% commission depending on the volume of trades for the last 30 days.
The Best Cryptocurrency Exchange App
Bitcoin trading has become an indispensable way for many people to earn money. However, this way of getting Bitcoins has its limitations: in particular, the need to continually monitor the rate of cryptocurrencies. Not every crypto exchange can boast of rich functionality for such opportunities.
Let’s consider several popular trading platforms that allow you to directly exchange transactions from your cell phone. The functionality of mobile applications, as a rule, is not too different from the web version. The cryptocurrency trading program is also equipped with a quotation chart to deposit/withdraw funds from the balance to make a buy or sell order.
It is also essential to keep in mind the two-factor authentication system, which will indeed be required to confirm your identity. You will need to enter an SMS code from the linked phone number or approve it with an e-mail. Below we look at four, in our opinion, the most convenient and relevant mobile applications for trading cryptocurrency:
Cryptocurrency Exchanges That Don’t Require ID
Legislation may vary slightly from region to region, but the basic requirements are similar. Any organization doing business internationally must comply with the KYC standards of the jurisdictions with which it operates. Gradually, compliance with KYC and AML requirements is becoming the norm even in industries that traditionally did not require it.
Nevertheless, cryptocurrency exchanges understand their users’ penchant for anonymity because that is one of the meanings of cryptocurrency. Therefore, many of them have relaxed the rules, forcing only large customers with large sums of money to be verified.
The rest can freely use the functionality without disclosing confidential information. Below is a list of cryptocurrency exchanges where you can still trade freely without verification, as long as you do not exceed certain limits.
- Bitmex: verification is optional, full functionality is available, but in some cases verification may be required.
- Binance: verification is not required, but there is a daily withdrawal limit (2 BTC).
- Livecoin: no verification.
- Crex24: verification is optional for non-EU customers, there is no possibility to withdraw money in fiat.
- Cryptolocator: verification is optional, but there is a limit on transactions.
The Safest Cryptocurrency Exchanges
There are few cryptocurrency exchanges left in the world that hackers have not attacked, so it is also worth relying on how the exchange handled the attacks and their consequences.
The proud title of one of Australia’s safest exchanges belongs to the American resource Bittrex, which has existed since 2014. The largest exchange with a simple registration, which requires the verification of users. If the procedure is not passed, it is not possible to withdraw the digital currency. For additional security, the account can be secured with two-factor authentication.
The Largest Cryptocurrency Exchanges
Bitpanda is considered to be the largest cryptocurrency exchange in Australia. This service was founded in the fall of 2014 by a small group of developers, and in the beginning, it was called Coinimal.
The project almost instantly received attention from users, and two years later became the winner of the startup competition. Unfortunately, the company decided to rebrand itself and became known under its current name – BitPanda.
The exchange is aimed at the European market, so it has only one currency for replenishment. Also on the platform can not trade the U.S. residents, which is undoubtedly a minus. There are three levels of verification on the exchange: bronze, silver, and gold. You can register with your email address and create a strong password, but to start trading, you will need to verify your email address, set up two-factor authentication, and then provide a valid ID form.
The Best Decentralized Cryptocurrency Exchanges
The goal of DEX is to eliminate intermediaries and a single point of failure by conducting transactions directly between users on the identical blockchain that underpins the platform, bypassing the trading platform. Thus, the main goal of DEX is to provide buyers of an asset with the infrastructure to find sellers and vice versa.
The trading volume on all DEX for October 2020 was $16.46 billion. This is 23% less than in September ($26 billion). The main volume falls on decentralized exchanges Uniswap, Curve, 0x, Balancer, Sushiswap.
The concept of DEX is still evolving. Against the background of centralized exchanges, users are paying more and more attention to decentralized exchanges, recognizing their advantages.
It is possible that in a few years, these exchanges will leave CEX far behind. It can also be noted that, in general, DEX fits much more logically into the ideology of blockchain and cryptocurrencies, which are initially based on decentralization and independence.
The Best Cryptocurrency Exchange for Altcoins
How to determine the best Australian cryptocurrency exchange for altcoins? Of course, by looking at their number presented on the exchanges and the number of trading pairs they form. And the winner becomes obvious.
Bitlio is an Australian platform, established in 2013. It has offices in many countries worldwide, including Singapore, the Netherlands, and the UAE.
The exchange is user-friendly, works with digital coins and fiat money, offers multiple deposit and withdrawal methods, and easy registration. The hardest part here is the three-level verification, which, although it makes it challenging to create a verified personal account, dramatically increases traders’ reliability and safety.
You need to upload your document photo (passport or ID-card), your photo, and bank statement at the last level of verification. In some cases, the administration may ask for additional documents. The resource allows trading in various types of altcoins, including:
- Bitcoin Cash
- Ethereum Classic
Also worth paying attention to exchanges such as Swyftx, Binance, Bittrex, and Kucoin. They offer their users more than 100 altcoins and several types of payments, which will suit anyone.
Cryptocurrency Exchanges That Let You Pay With Cash
Wanting to remain anonymous, many traders seek to buy a cryptocurrency for cash. While not all platforms support this, it is still possible to do so. Cryptocurrency can be purchased as follows:
- In person: you arrange with the seller and transfer money to him, the seller sends you the cryptocurrency. The disadvantage of this exchange is the probability of getting caught by a fraudster.
- Bitcoin ATMs: The first bitcoin-ATMs appeared in Canada in 2013. Bitcoin-ATMs are connected to a centralized exchanger, which sends the buyer the cryptocurrency.
- Online exchangers: Online exchangers exchange cryptocurrency for fiat money. To exchange, you need to enter personal information: phone number, email. Exchangers with strict KYC procedure may ask for full name or passport photo.
- Cryptocurrency exchanges: an intermediary between sellers and buyers. On the exchange you buy cryptocurrency from other users at the market price. Commission – from 0.1% for exchange, from 2.5% or a fixed amount for fiat withdrawal via payment system.
Using credit and debit cards, you can buy cryptocurrency through Coinbase Pro, CEX.io, LocalBitcoins, and LocalEthereum. These are proven cryptocurrency exchanges, but you should always keep in mind that commissions for such purchases can be high.
Best Cryptocurrency Exchange For Beginners
How can a beginner choose the most secure and at the same time easy to learn cryptocurrency exchange? You should pay attention to the interface, logic, understandability, and good tools. Next, the localization in your country and the conditions for deposit and withdrawal of funds.
Also, you should pay attention to supported trading pairs and additional functionality. It would help if you read the feedback from the users. We have highlighted the five most suitable for beginners crypto exchanges:
Choosing the best cryptocurrency exchange for a beginner can be a difficult task. But if you pay attention to the criteria we have listed, you will succeed. Remember that you are not tied to one marketplace and can use several at once, each for its purposes. The purpose of our review was to take a look at the most beginner-friendly platforms and their advantages.
At Artex Global, we really hope that this detailed guide helped you understand and helped you decide which of the crypto exchanges in Australia you should pay your attention to. If you’re interested in markets other than Australia, you can check out our full guide to the best cryptocurrency exchanges in the UK, the best Canada cryptocurrency exchanges, the best New Zealand cryptocurrency exchanges and the best cryptocurrency exchanges in the US.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.