In a world where cryptocurrencies are becoming increasingly significant, investors must find secure and reliable platforms to buy, sell, and store their assets. The crypto market is risky, volatile, unregulated, and often lacks consumer protection. Moreover, there is a growing number of exchanges available, which makes selecting the right one a daunting task.
To choose the ideal platform, investors need to be wary of scams and understand the differences, unique strengths, weaknesses, and reliability of the different platforms, considering that there is no investor protection in case the exchange goes bust. Since we have the experience and the expertise to help you, we tried to summarize the information you need to make an informed decision when choosing the best crypto exchange in Australia.
In this article, we will compare and review the best cryptocurrency exchanges in Australia to help you find the perfect match for your needs.
Best Cryptocurrency Exchanges in Australia for 2023
Social trading platform established in 2007, with almost 30 million users. The platform offers traditional financial instruments and cryptocurrencies (60+).
With over 250 types of cryptocurrencies, Crypto.com offers diverse financial services related to cryptocurrencies, such as a crypto debit card and a comprehensive NFT marketplace.
American crypto exchange, founded in 2012 with over 89 million users. The exchange is known for its simplicity. It allows you to buy and sell over 100 different cryptocurrencies.
Kraken is the fifth-largest Bitcoin exchange globally, according to trade volumes. The exchange is regulated by the FinCEN in the USA and is operational in over 200 countries.
Best Cryptocurrency Exchanges in Australia Reviewed
eToro at a glance
eToro was founded in 2007 and expanded into the crypto market in 2013, having today one of the best crypto trading platforms in Australia. It is the leading social trading platform in the world, allowing investors to discuss the world of crypto and copy other traders’ strategies, including professional traders.
The broker offers a selection of 60+ crypto assets which include the most popular cryptocurrencies, such as Bitcoin, Ethereum, or BNB. One benefit of using eToro to trade crypto is the possibility to stake investments and receive monthly rewards for holding assets, earning a passive income while investing in crypto. According to the eToro staking program rules, it is possible to stake Cardano, Tron, and Ethereum. The reward is paid out in the same token that is being staked, and its yield will vary based on the monthly sum of the new tokens received by all eligible staking users.
Its web-based and mobile-based apps are very intuitive and easy to use. There are great educational resources, webinars, and the social trading features can be great for investors of all levels. However, it is important to note that clients of the Australian subsidiary cannot acquire crypto assets directly, you can only have indirect exposure to crypto via CFDs, which can be leveraged or not. This means that you will never own the asset when trading crypto on eToro Australia.
eToro is licensed and regulated by the Australian Securities & Investments Commission which guarantees compliance with anti-money-laundering rules and enhanced customer protection. But please note that, when trading a crypto CFD, you are not protected by any investment scheme, which means that if the broker goes bankrupt, there is no guarantee that you will recover your investment. However, the nature of eToro’s business puts it under the regulators’ scrutiny and mitigates the risk of bankruptcy, therefore making it a safer place to trade cryptocurrencies.
If you want to know more about the broker, don’t forget to read our eToro review!
eToro AUS Capital Ltd. ACN 612 791 803 AFSL 491139. OTC Derivatives are leveraged financial products. Trading OTC Derivatives does not result in the ownership of the underlying assets. Trading in OTC derivatives carries a high level of risk and can result in the loss of all of your investment. As such, OTC derivatives may not be suitable for all investors. You should not invest money that you cannot afford to lose. You should seek advice from an independent and suitably licensed financial advisor and ensure that you have the risk appetite, relevant experience, and knowledge before you decide to trade. This information is general only and has been prepared without taking your objectives, financial situation, or needs into account. You should obtain independent advice and consider our Product Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding whether to trade with us.
Crypto.com at a glance
Crypto.com is a platform founded in 2016 with more than 80 million users from 90 different countries. It is a popular choice among Australian users due to its variety of services that allow investors to earn passive income and access financial services in its vast crypto ecosystem, which makes it one of the best crypto exchanges in Australia even though if you are a beginner, you may be overwhelmed by the platform’s interface.
Among the many services offered by the exchange, Crypto.com allows you to earn interest on your crypto holdings, gives you access to a safe crypto wallet, allows you to create a crypto savings account, and uses a visa card to use your cryptocurrencies to pay for products and services on your day-to-day while earning rewards for it. The platform is also famous for its NFT marketplace, which is developed and easy to navigate. Moreover, if you hold the platform’s native utility token Cronos (CRO), you can lower your fees and earn higher rewards when using your crypto debit card.
The exchange is regulated by the ASIC with a license to provide financial services. Therefore, the exchange is compliant with anti-money-laundering rules and has high standards of consumer protection, but there is still no protection for your investments in case it goes bust. Crypto.com also allows Australian customers to join their Account Protection Programme, designed to protect eligible investors when third parties gain unauthorized access to their accounts and steal their funds.
Coinbase at a glance
Coinbase is a cryptocurrency exchange founded in 2012 with more than 100 million users worldwide. The platform combines a user-friendly interface with a large offer of cryptocurrencies for the user to buy and sell. It also provides a massive library of information about cryptocurrencies, focusing on beginner education. Any user with limited knowledge of computers can use both the online website and the apps for Android or iOS, which makes it an excellent choice for beginners. Advanced traders can use Coinbase Pro, which contains advanced features not present in the regular platform.
The company prioritizes security, it is registered as a digital currency exchange with the AUSTRAC and is compliant with anti-money laundering rules. Although it provides for safety and reliability, your crypto holdings will not be protected by any investment scheme. The exchange offers cold storage and multi-signature wallets, which enhances the security of your investments, and crime insurance that protects a portion of your digital currencies against theft and cybersecurity breaches.
The exchange provides “learn & earn” programs that will pay you rewards in crypto to learn about cryptocurrencies and Fintech. It is known for its simplicity and security, but, on the downside, it has slightly higher transaction fees than its competitors. Still, it is a solid option for investors, and its advantages put it in third place on our list of the best crypto exchanges in Australia.
Kraken at a glance
Founded in 2011, Kraken is one of the oldest and most reputable crypto exchanges in the world. You can trade a wide range of cryptocurrencies with low fees (up to 0.26%), have access to 24/7 customer support via live chat, and enjoy high-security standards. It offers educational resources for beginners and experts: there are detailed “Crypto Guides”, videos, and even a podcast, which are excellent tools to help investors make informed decisions.
Kraken provides staking services which are similar to a locked savings account. With the right cryptocurrency choice, you could earn 10%+ in interest, an ideal choice for traders who wish to earn a passive income from their holdings. Kraken can be used by investors of all levels, as it offers features such as derivatives, liquidity pools, account management, good customer care, and educational resources, making it one of the best crypto exchanges in Australia.
The company is committed to transparency and security, and they offer a combination of cold storage and multi-signature wallets that protect user funds. It operates in Australia with a registration as a Digital Currency Exchange with AUSTRAC. But, as usual, your funds invested in crypto will not be protected if the exchange goes bankrupt.
How to choose the Best Crypto App in Australia
There are many aspects you should consider when choosing the best crypto exchange in Australia to make your investments. Some of the features you should consider are the following:
- Safety and Regulation: all the exchanges presented are licensed and regulated in Australia.
- Range of cryptocurrencies available to trade: you must assess whether the platform offers a wide range of crypto assets or only the most established ones.
- Fees: exchanges may charge above-average prices for buying, selling, or swapping cryptocurrencies.
- User interface and ease of use.
- Deposits: how can you top up your wallet in the exchange? Is there a minimum deposit amount?
- Services offered: exchanges offer different types of services. If you want to take on riskier investments, maybe you could consider using exchanges that allow you to trade derivatives. If you need to be able to use your cryptocurrency investments to make payments in your day-to-day life, an exchange that has a crypto debit or credit card may be more useful. If you want to hold your assets for a long period, maybe look for exchanges that will pay you higher rates for staking.
The bottom line
To sum it up, these are our top picks:
Best crypto platforms in Australia
The world of cryptocurrency trading is exciting and filled with opportunities. However, choosing the right exchange is critical to ensuring a positive experience and protecting your digital assets to avoid scams and unsafe platforms. In this article, we reviewed the best crypto exchanges in Australia, and we want to help your decision.
Please consider each of the unique strengths and advantages of the exchanges, always thinking of your needs and preferences. Cryptocurrencies are highly volatile and partially unregulated in Australia, your investment will not be as protected as it would be if you would buy stocks. Also, remember that tax on profits may apply!
Take your time to do more research and evaluate the platforms. Stay informed and stay safe! We hope that this article was informative, and we wish you the best of luck in your investments!
What is a crypto exchange?
A crypto exchange is an online marketplace where you can trade cryptocurrencies for other cryptocurrencies, digital money, fiat money, or many other tokens, such as NFTs. Typically, crypto exchanges are centralized, similar to stock exchanges. These platforms will work as intermediaries that match transactions between buyers and sellers, offering you more safety when selling or purchasing cryptocurrencies. Crypto exchanges may also be decentralized. In this case, the platform will use blockchain technology to facilitate the exchange of your asset with another party without the intervention of the platform.
What are the best crypto exchanges for beginners?
We believe that all options in this list are a few of the best exchanges for beginners, although they have their unique strengths and differences.
Is Binance available in Australia?
In April 2023, Australia’s financial regulator ASIC revoked Binance’s license to provide services in the country.
Can I buy crypto on eToro from Australia?
No, when trading on eToro from Australia, you can only buy CFDs on crypto. This means that you will not own the asset.