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With cryptocurrency rising in popularity across Australia, there's a growing number of exchanges to choose from if you want to start trading.
One of the main questions that you might have before you get started buying and selling crypto is, "How do I choose the right exchange"? With all the options out there, how can you tell which ones are legitimate and which ones aren't?
Even if you know which ones to trust, how do you decide which is best for your needs? Keep reading to learn more about the top ten Australian cryptocurrency exchanges. These have all been tested by Marketplacefairness.org, the author of this article.
Bybit is the #1 crypto exchange for Australians thanks to its huge range of features, low trading fees, and wide range of markets. They proudly state that they have an extremely reliable platform, so we did some research to back this up. What we found was that Bybit frequently exceeds $10 billion of trading volume per day, with deep liquidity and 99.99% system functionality. The trade speed is lightning-quick, with 100,000 trades executed per second. If you trade on Bybit, you can rest assured that your orders will be filled easily, and your funds will be safe.
Bybit offers several trading markets, such as spot trading on over 220+ cryptocurrencies, along with derivatives (USDT Perpetual contracts, Inverse Perpetual contracts, Inverse Futures contracts and Options) for experienced traders. Bybit's trading fees are the lowest you will find in our list, offering absolutely ZERO fees for spot trading, and for derivatives trading it is only 0.01% for makers and 0.06% for takers. We have seen many large-volume traders flock to Bybit since they started offering zero fee trading, as it makes a big difference when you are trading hundreds of thousands of dollars.
While Bybit is best-suited for frequent traders, they do also cater to crypto newbies who want to buy Bitcoin or other cryptocurrencies and invest for the long-term. It is easy to buy crypto directly with AUD using the fiat gateway, using a Visa/Mastercard, Apple Pay, or Google Pay. To give you a jumpstart to your crypto investing journey, you can receive $5 Bitcoin FREE without making a deposit, and claim up to $30,000 bonuses once you meet the deposit and trading requirements found on Bybit Rewards Hub. To claim this offer, sign up with this link.
Serious crypto traders enjoy the numerous options and features on Bybit, such as advanced charts, technical analysis tools, and margin trading, with up to 100x leverage. When we compared this to other exchanges, we found that it is amongst the highest available in Australia. Some other crypto platforms only offer 5x or 20x leverage to their customers. However, do keep in mind that margin trading is extremely risky and is not recommended for the inexperienced.
Another reason why Bybit is the best crypto exchange in Australia is its testnet feature, or demo mode. It tracks actual market movements but uses virtual play money, allowing both novice and experienced users to practise trading and try out various strategies before investing their own money. We found this to be really easy to use, and many Bybit users that we surveyed have found this to be a handy and useful educational tool.
If you are interested in crypto trading but not quite sure how it works, or where to begin, Bybit's copy trading is an excellent tool. This is an automated trading strategy that allows beginners to mimic the trades of an experienced and successful trader. Beginners can quickly assimilate into the crypto space and reap the rewards of crypto trading without having to study all the technicalities for themselves. Meanwhile, experienced traders sign up to become principal traders and earn commissions from the trades of their followers. We did some research to find out how much they can earn, and found the highest weekly income by a principal trader was more than US$10,000!
Finally, Bybit has 24/7 live chat customer support in case you encounter any problems. Many of the larger international exchanges don't offer this level of customer service, but Bybit surprised us in this department. We found them to be responsive, polite, and very helpful each time we have contacted them.
CoinSpot is Australia's largest crypto exchange, packed with features, and a massive range of 370+ coins. They state that they are the most secure crypto platform in Australia, so we decided to do some research to either back up or debunk this claim. We found that CoinSpot has been in the industry since 2013, and since then has gained trust and loyalty from over 2.5 million Australians. It is a certified member of Blockchain Australia, is registered with ASIC, and regulated by AUSTRAC, fulfilling strict KYC and AML requirements. CoinSpot is also the first Australian exchange to receive the ISO 27001 certification, making it the most regularly audited crypto site.
We can confidently say that anyone who registers with CoinSpot can be assured that it is a trusted and legitimate platform that will keep your funds and information secure. If you are a new user, you can also claim $20 Bitcoin for FREE simply by registering with this link.
CoinSpot has a simple user interface, perfect for beginners to crypto. It is intuitive, and easy to use on both the computer and mobile app. When we first tested it out, we were able to locate every feature within seconds, as the menu is laid out very clearly. If you do happen to get stuck on CoinSpot, their live chat support team is ready to help 24/7. We tried out the live chat function, and were greeted almost immediately by a friendly and knowledgeable real person. If you require the assistance of specialised teams, you can also reach out via email.
One of the biggest drawcards of CoinSpot is the range of more than 370 cryptocurrencies, more than almost any other Australian exchange. We were impressed by the selection of small altcoins that are not found at other exchanges. If you want to invest in a coin that is not yet widely available, CoinSpot is a great place to look for it. If you plan on holding your crypto for the long term, you can even earn interest on 21 coins, with this number likely to increase in the future.
The instant buy and sell fee on CoinSpot is 1%, which is a little higher than other crypto exchanges. However, this is a small price to pay for the security of using the most trusted and audited exchange in Australia. If paying lower fees are very important to you, you can access lower fees of 0.1% on CoinSpot when you trade on the market, or using the OTC desk.
Swyftx is the #3 option for crypto exchange in Australia, with a huge range of over 320+ coins, and low spreads. We conducted our own in-depth test to verify Swyftx's claims of low spreads, and found that the average combined fee and spread is only 1.11%. This makes it an ideal choice for beginners, along with an easy to use platform, a great demo mode to practise trading, 24/7 Live Chat support, and $20 FREE Bitcoin when you sign up here.
Being new to crypto trading can be quite a daunting experience, but Swyftx has done a lot to make sure that it is as straightforward as possible. It has a user interface that is easy to navigate and allows you to instantly buy or sell cryptocurrency. Through our tests, we managed to buy cryptocurrency using Swyftx's simple interface in under 60 seconds, on average. There are no complicated graphs to study, and features like placing limit orders are not essential, although they are available to experienced traders who prefer that.
Swyftx has more than 320 cryptocurrencies on offer and they are regularly adding more coins. As a beginner, you may not know which crypto to buy, or when is a good time to trade. Swyftx has added a Demo mode to make things easier for newcomers. You can switch to the Demo mode with a click of a button, and you are given $10,000 free virtual money to play with, and test out your strategies. The trades are as close to real-life as possible, with the prices reflecting the current live prices of crypto. Once you have learned what you need in the Demo mode, you can easily switch back to trade crypto using your real money.
Swyftx is known as Australia's low-fee cryptocurrency exchange. Depositing and withdrawing AUD is always free of charge, regardless of the payment method. Trading fees are only 0.6%, whether trading on the market, or using instant buy/sell, and there are no hidden fees. If you run into issues or have any questions that you want answered, the 24/7 Live Chat customer support is always responsive. When we trialled the live chat, we found the staff to be very knowledgeable and happy to help.
The one thing to bear in mind when using Swyftx is that it is mainly designed for beginners and intermediate traders, so there are no advanced markets like margin trading or futures available. If you are looking for advanced derivatives trading, look at our #1 option, Bybit.
Luno is an extremely user-friendly option for Australians looking to enter the world of cryptocurrency. The exchange claims to be very secure, making it an ideal place for newcomers, so we thought we would investigate this claim, before we recommend it to our readers.
From our research, we found that Luno stores 95% of their crypto assets in cold storage, ensuring user funds are secure from hacks. They are also registered with AUSTRAC, and follow the same compliance protocols as traditional banks for KYC and AML. Luno even works in close conjunction with Australian regulators and industry bodies to establish effective regulations for the crypto industry.
You may be worried about keeping your funds in a crypto exchange ever since the FTX saga, but you can rest easy when you sign up with Luno. Luno ensures the safety of users' assets through 1:1 proof of reserves and independent audits, as well as industry-leading security protocols. This means that you will always be able to withdraw your AUD or crypto at any time.
Luno's fees are very reasonable, with low trading fees of 0% for makers and 0.1% for takers. If you prefer to use the instant buy or instant sell feature, you only pay 2% for the convenience. Depositing and withdrawing amounts above $50 AUD are free, otherwise there is a small charge of $1.30.
In addition to buying, selling and trading, Luno offers an interest earning option on BTC, ETH and USDC, providing an opportunity for passive investment growth over time. We have been earning interest on BTC on Luno for some time now, and it is a great way to increase the amount of Bitcoin you own, without spending more money. For another way to boost your investment, new users can receive a bonus of $30 BTC by signing up, entering the promo code MPFLUNO under the 'Rewards' section, and purchasing $30 worth of crypto.
If you are an experienced crypto trader, MEXC is an excellent crypto exchange that will suit your needs. It supports more than 1,520 cryptocurrencies across 2,114 trading pairs, and has spot trading, margin trading (up to 125x leverage), derivatives trading, copy trading, and even automatic trading bots.
The fees on MEXC are also extremely competitive, and we have noticed plenty of traders switching from other exchanges to MEXC since they introduced fee-free trading. That's right, MEXC does not charge any fees for Makers when spot or futures trading! If you are a Taker, the spot trading fees are 0.2%, and for futures trading, it is only 0.06%. To reduce your fees by 10% and also receive $30 USDT FREE, you can sign up with this link, which is a limited time offer.
Another point that makes MEXC stand out is the deep liquidity found on the platform. It has almost ten times the liquidity of other huge crypto exchanges like Bybit, Binance, and KuCoin, and even its nearest competitor Bitget has only half the liquidity. This is a huge advantage, because when trading high volumes on MEXC, orders will be completed almost immediately. We have found this to be true when we tested out large orders on MEXC versus other crypto trading platforms.
For those who like to automate their crypto trading, MEXC also caters for your needs. MEXC is one of the best copy trading platforms, where you can set up your account to follow the trades of a successful investor, allowing you to profit from their experience. We found it very straightforward to find a trader to follow, and we managed to make a decent short-term profit when we copied their trades. However, you must remember that past performance does not guarantee future performance, so make decisions carefully, and never invest more than you can afford.
The other option for automated trading is to set up a free trading bot. You input the parameters and conditions you want, which will execute automatically 24/7, without any further input. This is an excellent way to profit from small price swings, but should only be used by experienced traders.
If you are someone who likes to do everything on an app, Crypto.com is an extremely user-friendly platform. It was built from the ground up as a mobile app, so you can easily navigate the intuitive interface on your phone. When we first signed up to Crypto.com, it was easy to find how to instantly buy and sell any of the 250+ cryptocurrencies without needing to trade on the market. The price for each coin was displayed clearly, with no fees taken when you complete the transaction. This makes it easy to understand exactly how much you are paying for a certain cryptocurrency.
The Earn feature is one of the biggest features of the Crypto.com app, where you can earn interest on more than 40 coins with the tap of a few buttons. All you need to do is select the coin you wish to earn interest on, and select whether to keep it flexible, or locked for 1 or 3 months. We have used Crypto.com to earn interest on several cryptocurrencies, such as BTC, ETH, ADA, and SOL, and we found the best option is to lock it for 3 months to receive higher interest rates.
You may have heard of the Crypto.com Visa cards that are free for users who stake at least $500 of CRO (Crypto.com's native cryptocurrency). These are debit cards that you load with AUD, which you can spend anywhere that Visa is accepted, even around the world. There are other benefits included, depending on your tier of card, that include up to 5% cashback on all purchases (paid in CRO), complimentary airport lounge access, and rebates on Airbnb, Spotify, and Netflix. We have used the Crypto.com Visa card to make purchases online and in-store, and each time you spend AUD, you can see the rebate automatically applied to your account. You really receive free crypto on every purchase you make!
Binance is the largest cryptocurrency exchange in the world, when looking at trading volume. It is used by so many traders worldwide because of its huge range of more than 600 cryptocurrencies, various markets, low trading fees, and crypto interest options.
Binance is an excellent option for those that have experience with crypto trading, since it has very detailed graphs and advanced tools that serious users will enjoy. The trading fees are very low, at just 0.1% for spot trading, which can be reduced by 25% if you pay using Binance Coin. If you prefer to trade using an automated strategy, Binance also caters to those users, as most of the best trading bots can sync effortlessly with this exchange.
Binance also has a unique welcome offer when you sign up with this link. You will receive up to $100 cashback vouchers depending on how much you deposit and trade in the first week. This is an excellent deal for users who are already planning on trading.
KuCoin is one of the largest crypto exchanges in the world, and makes our list of the best crypto platforms for Australians. With plenty of trading markets, low fees of 0.1%, and over 700+ cryptocurrencies, it's no wonder there are over 11 million users on KuCoin.
KuCoin has a wide range of features, such as spot trading, futures trading, margin trading, crypto borrowing, P2P marketplace, and NFT marketplace. If you want to earn interest on your cryptocurrencies, you can also stake your coins, or lend them to other users. No matter what type of crypto investor or trader you are, you will find a feature you enjoy on KuCoin.
In recent years, crypto trading bots have become more widely used, and there are many options out there, most of which require a monthly payment. KuCoin spoils its users with FREE trading bots included on their exchange, which is an excellent way to automate your strategy and ensure that you are taking advantage of any price fluctuations that happen 24/7. It doesn't matter if you are asleep, or offline, the bots will still complete your trades for you as determined by the parameters you set.
eToro is a broker offering a range of trading instruments including cryptocurrency. It is a social trading platform that allows you to comment or post on the News Feed to interact with other users. You can also automatically copy the exact trades of the most successful traders on the exchange.
Despite not being a dedicated cryptocurrency exchange, eToro is worth considering due to a range of excellent features that keep it competitive with the other exchanges. There is a demo account that you can use with $100,000 in virtual money to get started with practicing trading if you are new to the scene. You can take advantage of crypto staking features and even buy crypto CFDs which allows you to make money on the prices of crypto without the need to own the underlying assets.
On the downside, you will only find 75 cryptocurrencies available on the platform, which is lower than many other exchanges, but the good news is the most popular ones are supported. The fee for crypto trades is 1% which is a little higher than the industry average, but not unreasonable, for all that the platform offers. Also keep in mind that eToro operates in USD, so you need to pay a currency conversion fee when depositing and withdrawing AUD.
Coinstash is a simple crypto exchange that is easy for anyone to use. With more than 410+ cryptocurrencies, interest earning options, and live chat support, this platform is definitely one to consider.
Coinstash is registered in Australia as a crypto exchange and controls an Australian Financial Services Licensee to make sure that users are kept safe. It has been featured in several mainstream media channels and is continually improving in terms of popularity and the number of users.
The fees on Coinstash are 0.85% which is a little higher than the industry-average, but is still reasonable, considering the range of coins it offers.