Australian Cryptocurrency Exchanges: The Best of 2021
As the cryptocurrency world continues to heat up, the process of choosing a cryptocurrency exchange is becoming more and more complicated. Of course, there are the well-known platforms to choose from, though with a tonne of newcomers on the scene, you might want to consider some of these too.
One thing to keep in mind is that over the past year or so, regulation and taxation of crypto assets have become more developed and important to keep in mind than ever before. No longer can investors scoot by regulation or make investments without declaration, for example – whether they meant to do so or not.
With these regulations in mind, it is key to know that now a majority of exchanges are now well-regulated; it is becoming more and more difficult to make accidental mistakes when it comes to declaring assets like Bitcoin, for example. And this cuts back on your risk of breaking the law.
Added to this, when it comes to finding a cryptocurrency exchange in Australia, you will want to make sure you’re looking for those supported or in line with AUSTRAC and other regulators to ensure you’re in the green when investing on the blockchain.
The good news when it comes to nailing down that ‘best’ crypto exchange in Oz is the fact that there are a lot to choose from, and you’re getting fantastic security and a great trading experience on just about all of the major players in the industry, which is great for beginners. Your experience is likely to be safe, secure, simple and problem-free – especially with the list of exchanges we have below for you.
One final key point to note is that finding an exchange with KYC or Know Your Customer protocols in place, as well as AML or Anti-money Laundering protocols is a good place to start. With these in place, you’re going to join a well-vetted and respected exchange.
All of that out of the way; let’s get into our best cryptocurrency exchanges of 2021.
A Few Things to Keep in Mind
Before we dive into all of our favourite crypto-asset exchanges, we have a list of things to keep in mind before diving right into an exchange. Of course, everyone’s requirements for an exchange are going to be different. However, with the following points noted and abided by, you’re going to be less likely to experience problems down the line.
ID Verification and Documentation
Off the top, we’re going to ask that you keep ID and documentation in mind at all times. To be legally compliant with Australian law, exchanges must follow a set of rather intricate rules, and these will often require you to hand over a little or a lot of personal ID documentation.
With that in mind, we suggest keeping to only exchanges that follow Australian law as well as ask for correct verification documents.
Legal Compliance
As we noted at the start of our article, Australia has since cracked down on the ‘free for all’ crypto asset marketplace and slammed a tonne of compliance measures in place. Though this may seem a little frustrating, it is key to creating a system in which we are able to trade crypto assets without the worry of our tokens being stolen, for instance.
Added to this, depending on your circumstances, you may be required to provide crypto asset documentation for taxation purposes.
In all, it is good to take a look online at the regulations required for your county or state and take a look at your chosen crypto trading service’s compliance. In most cases, you will find that the big players are always compliant and sometimes go above and beyond what’s required, though some may not. And this will leave you at risk of breaking the law, or accidentally not declaring investments correctly.
Local Currency Support
Another point to keep in mind is that a lot of exchanges out there still fail to accept local currency or any fiat currency at all.
With that, you may have no other choice but to buy and trade entirely in crypto, without AUD or USD on hand — which can majorly complicate things. However, this isn’t an option for many of us, and so we suggest that you work to assess which exchanges offer the currency you’re most likely to trade within and work to create an account with one of these.
A final thing to make a note of is that some exchanges will charge fees for certain currencies and transactions, and these may be higher or lower depending on what these currencies are, so be sure to take a look at fee structure before committing to an exchange.
History of Operations
For our readers concerned about whether they can trust a particular trading platform, we highly suggest you take a look at their past performance and determine whether they have been hacked or are at risk of hacking in the future.
You’re able to do this by finding some information on whether an exchange was hacked, for example, or working to determine risks based on the size of the exchange. Larger exchanges will almost always be a target for hackers, though they are more likely to have insurance to cover any losses due to hacking and may also have more robust encryption solutions.
Trading Limits
To our final point, it is important to take a look at any trading limits or restrictions that may come into place when you’re utilising a platform.
Though most cryptocurrency exchanges have few limits, some will have a maximum daily trading volume that you are unable to exceed, for example. Added to this, you might notice that other platforms don’t allow you to invest in smaller currencies or have higher fees for a specific currency.
We outline this as a major concern or deciding factor for us given that you might want to run a last-minute trade to catch a climbing asset, though when you’re stung with a trading limit you could potentially miss out on hundreds or even thousands of dollars gained. That kept in mind, we always suggest you keep a close eye for trade limits, or the services that have adaptable trade limits.
Take all of these metrics into consideration when choosing an exchange and go from there to ensure you’re finding the best cryptocurrency exchange of 2021.
Some of the Best Cryptocurrency Exchanges in 2021
Now that we’ve introduced you to all of the essentials to know about crypto-asset exchanges, we have compiled a list of all the best Australian cryptocurrency exchanges that check just about everything off our list.
With these services, you’ll have the assurance that you’re trading safely, getting charged low fees and able to make use of a range of trade-focused features that give you the upper hand when it comes to investing in cryptocurrency. Some of these digital currency exchanges also have mobile app support to make getting a trade-in on the go quick and easy.
We’ve kept in mind transaction fees, deposit fees and trading fees too, which means all of the great user-friendly platforms below are going to be an excellent choice for both beginners and experienced traders.
Swyftx.com [Top Rated]
A relatively new exchange hitting our list was introduced to the public in 2019 and has since become one of the fastest and best-reviewed out there. Oftentimes new services to the crypto market are half-baked, though with Swyftx waiting longer than a lot of the other services and really developing a curated interface for their users, the service now offers one of the best solutions out there to date.
One of our favourite perks of the Swyftx service is the fact it has been developed explicitly to be easy to use and frustration-free. Just about every feature, tool, and perk on the service ensures simplicity and a lack of confusion for all users, beginner and expert.
You will find AUSTRAC certification here, and there are more than 30,000 Aussie users on the service already, making it a go-to for many in the country. For reference, this makes the service one of the more popular out there for its age, and many reviewers tout just how fast and simplified the service’s user interface and trading features are. For the new investors in crypto assets out there, you’re in good hands with Swyftx.
As we noted above, there are a few aspects to keep in mind, and so we’ve broken these down for you below.
ID Verification and Documentation
We’re glad to say that when compared to just about all other platforms out there, Swyftx offers some of the fastest documentation and ID solutions. You can have your account set up and verified essentially in an instant if you’re an Australian resident. This means there’s little wait time, and you can get right to trading. All you’ll need is an email, an ID and a phone number, and you’re good to go.
Local Currency Support
It is good to know that the service supports AUD by default, which means little or no hassle for those trading in local currency. This also means finding trading pairs with an AUD base currency is going to be effortless, as is making use of all the expert-focused trading features.
Trading Limits
If you’ve had your account verified and are an Australian resident, you will have trade limits up to $20,000 a day implemented on your account.
Deposit Methods
A lot of our readers make a range of different payment platforms their default solution, and we’re happy to say that Swyftx accepts just about all major payment solutions. For both withdrawal and deposit, you can find support from POLi, PayID and Osko.
Supported Cryptocurrencies
To make trading across the board a lot easier, Swyftx accepts all major crypto assets, which means over 100 tokens are supported at the time of writing. This means easily trading Ripple, BTC, EOS, NEO, XLM, XTZ and more are easy.
Trading Fees
Swyftx also offers some of the lowest fees in the country when it comes to cryptocurrency trading, and this means you see an average fee of 0.6% per trade, and all fees are waived for both deposits and withdrawals of over $200. Keep in mind that exchange rates will also be waived given you will trade cryptocurrencies in local currency.
CoinSpot [Close Second]
A crypto exchange based in Australia, right here at home in Melbourne, is another fantastic exchange to consider for those looking to break into the crypto asset investment scene. You’re going to find that being launched back in 2013 has given the service a lot of time to refine its user interface and feature set, and this is certainly visible.
The solution is one of the most well-designed out there, and you will find that swapping and selling is effortless.
One of our favourite perks offered by CoinSpot is the service’s multi-coin wallet that allows for the storage of a range of different assets in one place, making it easier than ever to quickly sell or purchase more without missing a price swing.
As for compliance, the service meets all criteria and is also integrated into the Aussie banking system, which means you’re going to find bank transfers and withdrawals happen instantly in almost all cases!
AUSTRAC and CTF/AML compliance are also a given here too, so you’re in good hands on CoinSpot.
ID Verification and Documentation
One of the more ‘heavy’ ID requirements comes into play here. You will need a lot of ID to start trading on CoinSpot, which means a phone number, date of birth, your full name, a fair bit of ID documentation as well as your address, an ID card, and a selfie to verify your account on the service.
Local Currency Support
Being an Aussie-based service, CoinSpot supports AUD deposits only, making it a great service for locals trading cryptocurrency in Oz, though not too seamless for those outside of the country such as those trading in EUR or USD for example.
Trading Limits
There aren’t any trade limits imposed on the service, though you will find that withdrawals are limited to $2,000 every 24 hours if you’re using POLi or bank transfers. A BPAY deposit is capped at $10,000 from local bank accounts.
Deposit Methods
Aside from instant bank transfer, you will find POLi, Osko, PAYiD, and BPAY supported here, along with Blueshyft. With bank transfers, you’re more able to get right to trading, without the fees associated with fast-tracked payment services, saving you a little more each time you trade.
Supported Cryptocurrencies
There are more than 200 currencies supported on the service, and this means you’re getting easy access to all the best performers. Expect access to XLM, BTC, ethereum, litecoin, XRP and many more altcoins.
Trading Fees
One of the better perks of CoinSpot is the low trading fees, with 0.1 per cent coming into play across the board and a 1 per cent fee for instant buys. This means that if you’re a regular trader, you’re not running the risk of piling on the fees per-trade, but rather able to keep things low if you keep away from a lot of instant buys.
Independent Reserve
A leading crypto exchange based right here in Australia is Independent Reserve. With a founding back in 2013 in Sydney, you’re getting the assurance that all features on the service meet local regulation.
Keep in mind that if you’re looking to get trading as fast as possible, then Independent Reserve might be the way to go, given that it has the fastest verification time of any crypto change out there, which means within the hour you’re all ready to go!
There are more than 100,000 users on the service as of writing, and there is customer support for both Australian and New Zealand traders. Both the ADCA and AUSTRAC regulations are met on the service, and that means there isn’t much chance you will see a hiccup here.
One disclaimer to keep in mind is that liquidity is a tad lower on IR; however, there are hack insurance features that come into play here, stopping losses should there be a hack or theft on the Bitcoin exchange.
ID Verification and Documentation
For swift verification on Independent Reserve, all you’ll need to provide is a government-issued ID document or card, your address and some information on your account and reason for trading, along with some information on where your funds are coming from.
Local Currency Support
There are three main currencies supported on the service, and these include AUD, USD and NZD to make transfers and trading as seamless as possible.
Trading Limits
As of writing, there are no trade limits imposed on buyers on the service. However, for those with intentions of a high volume trade, the service will navigate you toward the OTC desk, which is dedicated for high-value trading.
Deposit Methods
All major deposit and withdrawal methods are currently accepted by IR to make trading as fluid as possible. You will see support for Ski, PayID, POLi as well as EFT and SWIFT. Cryptocurrency deposits and withdrawals are also supported.
Supported Cryptocurrencies
There is a range of crypto assets supported on Independent Reserve, though these are fewer than some other services out there. However, all major assets are supported, such as OMG, XRP, BTC, ETH and LTC.
Trading Fees
The IR trading fee process surrounds a 30-day volume structure, and this means fees will kick off at 0.5 per cent for those with volumes of under $100,000 for that given month.
Binance
Another key cryptocurrency exchange to consider is the Australian version of Binance, which offers all compliance with Australian regulators, and this means you’re getting the assurance that you will be trading in accordance with all local taxation and monetary laws.
You will already know that Binance has some of the highest ratings across the globe when it comes to online support and features, as well as the clarity and simplicity of the service. And having said that, you are less likely to run into any issues when trading, though if you do, there is plenty of support service to get you safely back to trading without too much downtime.
One thing to keep in mind is that although Binance is operating from the United States, there is a sub-service or a secondary solution of Binance that offers all Australians top-tier local support and instant deposits and withdrawals.
Lastly, Binance is a popular exchange, given that it holds support for a massive range of cryptocurrencies and the ease of use is top-notch. You will find just about all the assets you’d ever want to invest in on this service, and that means the chance to diversify your tokens as well as buy Bitcoin.
ID Verification and Documentation
The verification process is simple on Binance, though it may not be as swift as some other services out there. You will need to provide an email, a phone number as well as an ID document, among a few other points of personal information.
Local Currency Support
You will find support for AUD natively on the service, which means reduced exchange fees, though there is a broad range of other fiat currencies on offer here. This is down to the fact that Binance is a global crypto trading exchange rather than an Aussie-based one, though it still remains one of the best crypto exchanges out there today.
Trading Limits
One area where Binance offers a point of difference is in the service’s adapting trade limits. These will adjust and change based on the markets you’re trading in and also revolve around the level of verification present on your account. This means that some trade limits could be low, or even exceed $50,000 depending on a set of circumstances.
Deposit Methods
Those on the services are able to make deposits and withdrawals through a range of different methods, which includes the rare credit and debit card support, as well as PayID, PoLi, Osko and even bank transfers. All of which makes the service one of the more fluid to begin investing with.
Supported Cryptocurrencies
As you would expect from a global crypto-asset service, there are more coins available here than just about anywhere else. You will see support for over 250 tokens, and this means finding a pair of tokens to trade with one another is rather simple.
Trading Fees
The trade fees on the service depend on the coins used as well as the fiat currency you are investing with; however, the trading fee range is between 0 per cent and 0.1 per cent. On BNB tokens or the exchange’s own token, there are discount fees.
Coinbase
As one of the most popular, or sometimes known as the most popular crypto exchange in the world, Coinbase offers a service that is streamlined, low-fee and able to be a great starting place for beginners in the cryptocurrency world.
Though the service runs out of San Francisco, you will be glad to know that it meets all Australian regulation requirements, so investing in the service from Oz presents no issue at all.
One thing we enjoy most about Coinbase is the service’s simplistic and modern interface which makes it effortless to understand the market’s movements and get on top of your investments without an issue. The simple buy, sell, or swap interface is one of our favourite parts of Coinbase, as well as a lot of other reviewers as well.
To add, there is a Coinbase Pro solution offered here too, which has been carefully curated for those professional or advanced traders looking to get a little more out of the service. You will find excellent expert-tuned features that give you plenty of data on price swings, volume trading and more, and so with this and your crypto-know-how, you’re on track to making some gains here.
ID Verification and Documentation
To verify and launch your account on Coinbase from Australia, all you’ll need is a government-issued ID document to get started. There isn’t all too much else required here for verifying your ID and getting started on the service.
Local Currency Support
Though the service is based outside of Australia, there is Australian Dollar support here by default, which means you’re getting an easy method of investing that doesn’t require that slow and costly AUD to USD exchange.
Trading Limits
There aren’t any strict trade limits in place on the service for Australian customers. However, you are limited to a maximum withdrawal of $25,000 per day regardless of your level of verification.
Deposit Methods
The main form of depositing funds on the service is completed through either bank transfer or credit cards and debit cards for those customers with added verification. There aren’t too many other integrated payment methods, making things a little slower in some circumstances.
Supported Cryptocurrencies
One area where Coinbase may lack for some is in the reduced number of cryptocurrencies supported. All of the currencies are carefully curated on this brokerage and cut back based on their ability to perform in the market, which means you’re getting around 40 different tokens supported here, somewhat lacklustre when compared to the 200+ on other services.
Trading Fees
When it comes to trade fees, you certainly pay for the well-developed service. Fees range from 0.05 per cent up to 0.25 per cent depending on the trade, which can be a lot to stomach depending on the size of your trades.
The Takeaway
With investment in crypto and the popularity of the digital assets booming in Australia and across the globe, there are more exchanges cropping up than ever before, and this means finding one that is going to work best for you can be a real challenge. With that in mind, you shouldn’t rush to find an exchange, but rather take your time and carefully vet all of the features and services available. Some exchanges offer more than just crypto-based perks too, with some partnering with retailers for discounts on clothing, food and more!
Now that we have outlined some of the best exchanges in Australia above for you, we’re confident you’ll able to find something that meets all of your requirements. Be sure to take a look at the requirement for local regulation and whether your chosen exchange meets these requirements. You can typically run a quick Google Search to find all the information you need on local regulation when it comes time to sell cryptocurrency, and so we suggest you do this before creating an account.
Also, consider how you like to trade and which features and tools are going to work best for you on any given exchange and allow these to guide you to choose the best solution for you. You may like the idea of expert-focused trading features, however, they may result in you being a little more confused and unable to trade to your best ability – so always keep this in mind.
With all of the above said, we’re sure you’re on the way to choosing the best cryptocurrency exchanges in Australia that keep you trading smoothly and offer great support teams should you need them in a flash.
