G'day Crypto Lover!

You’ve probably noticed that everyone’s getting into crypto these days. Like everyonneee... I went to three family dinners in the last 2 months and there was random highschool kids talking about their Fantom wallets and how they just made 2x minimum wage trading some memecoin. Australia’s absolutely crackin’ when it comes to crypto adoption. With over 4.6 million Aussies diving into digital assets, it’s not just a niche thing anymore - it’s basically mainstream.

Now, before you chuck your hard earned money into some dodgy platform, picking the right crypto exchange is by far the most important step... Trust me, although important, it’s not just about fees or fancy apps. It’s also about security, ease of use, crypto purchasing options and making sure you don’t get hit by scams. So, let’s dive into it, shall we?

Why Choosing the Right Crypto Exchange Matters

The Rise of Crypto in Oz

Look, Australia’s is obviously punching above its weight in the crypto world. We’re the 55th most populated country BUT we're somehow sitting third globally for crypto adoption rates - sheesh. Millennials are leading the charge in this too, with 35% of them owning some crypto. Gen Z's also grew their crypto holdings by 11% this year.

Bitcoin’s the favourite, no surprises there, but meme coins like Dogecoin are doing crazy numbers too. Doge is somehow hanging in seventh most valued crypto of them all (it was like 4th a month ago).

Risks of Picking the Wrong Exchange

Here’s the deal: if you pick the wrong exchange, you’re setting yourself up for a world of pain. I’m talking about:

• Scams: There are fake exchanges out there that look legit but are just after your dosh.

• Security Issues: Some platforms have been hacked, and trust me, that’s not the kind of drama you want.

• High Fees: Some exchanges gouge you with sneaky costs that make you go, “What the heck happened to my profits?”

Australian Regulations

The good news? Australia’s crypto scene is one of the safest in the world. Exchanges must be registered with AUSTRAC (basically the watchdog for dodgy money stuff). Plus, by next November, ASIC will make sure exchanges have proper financial services licenses. That’s a win for us everyday users.

Factors to Consider When Choosing a Crypto Exchange

1. Security and Regulation

If it’s not AUSTRAC-registered, don’t even think about it. You should try your best to look for exchanges that have two-factor authentication (2FA) set up so you don't log in one day with your money gone because some guy guessed your password. Exchanges that hold their assets in cold storage or have insurance are also A class.

2. Fees & Costs

Some exchanges are cheap as hell - like 0.1% trading fees on Binance (my personal favourite) - but others can sting you with 1% or more. Make sure you’re across deposit and withdrawal fees, too because on almost every trade, if you're paying 2% in trading fee and 2% in conversion or withdrawal fee you might be eating into a big chunk of your profits.

3. Supported Cryptocurrencies

If you’re just after Bitcoin, no worries. But if you’re keen on altcoins, go for platforms like CoinSpot, which has 490+ options.

4. User Experience

Absolutely no one wants to deal with a clunky platform voluntarely. If you’re new, go for something simple like Swyftx. For seasoned traders, or people who are okay with a slight learning curve: Binance or Crypto.com will have the tools you seek.

5. Payment Methods

PayID, bank transfer, credit card - whatever works best for you. Just make sure the exchange supports AUD deposits because converting USD or EUR can be a hassle. I am with Binance Aus and because I can't deposit AUD, I have to go through a P2P (peer to peer) network where I transfer money to someone and they give me funds within Bitcoin.

The Top Crypto Exchanges in Australia for 2024

Now unfortunately... when it comes to picking the best crypto exchange in Australia, there's no one-size-fits-all (as you might've already guessed). Each platform has its strengths and drawbacks, so picking the right one depends on your specific needs & wants.

Although I will say, for the BANG for your BUCK seekers, there is a dynamic duo of two exchanges that I think will have you covered in most areas/ cases. Alright, here’s a detailed breakdown of the top players in the game.

TLDR:

If you’re short on time or just want the highlights, here’s the quick rundown:

1. Budget Option: Binance Australia

   • With trading fees as low as 0.1%, Binance is the cheapest option around.

   • Ideal for experienced traders who don’t mind a more complex interface.

2. Most Secure Option: Independent Reserve

   • AUSTRAC-compliant with 98% of assets stored in offline cold storage.

   • Perfect for SMSFs and those prioritizing top-tier security.

3. Best Bang for Your Buck: Swyftx

   • User-friendly, demo trading mode, and 400+ cryptocurrencies.

   • Fees are slightly higher at 0.6%, but it’s packed with features that are worth it.

4. Most Coins Option: CoinSpot

   • Supports over 490 cryptocurrencies, making it the best choice for altcoin enthusiasts.

   • Great for beginners and even offers an integrated NFT marketplace.
     
     

But, I think the best way to go about crypto in Australia has to be by using two of these together. For the main cryptos found on Binance, Binance is the best because of the crazy low fees. Swyftx on the other hand is easier to use and has more cryptos, so as you get more advanced you can switch over the Binance platform (which you will already have set up if you go with both from the beginning). For users who are already advanced, this combo still works really well because Binance only lists a fraction of the projects/ tokens/ coins etc. that exist so Swyftx gives you the range and variety Binance is missing.

1. Swyftx (Best Bang for Your Buck)

• Covers ease of use, demo trading, and a wide range of cryptocurrencies (400+).

• Perfect for day-to-day trading, beginners, and those who want a well-rounded platform.
  

2. Binance Australia (Budget Option)

• Extremely low fees (0.1%), making it ideal for frequent traders or those working with smaller margins.

• Offers advanced tools for experienced users and access to a massive liquidity pool.

Why This Combo Works

• Beginner to Advanced Coverage: Swyftx is beginner-friendly, while Binance offers tools for more advanced traders.

• Affordable Trading: You get the best of both worlds with Swyftx’s intuitive design and Binance’s low fees.

• Variety of Coins: Between them, you have access to 750+ cryptocurrencies, including niche altcoins and major players.

• Balanced Strengths: Swyftx handles simplicity and ease of use, while Binance delivers on cost-efficiency and depth of features.

+

TLDR: best bang for your buck pick is a combo of Binance + Swyftx

Deeper dive...

Let’s still dig a little deeper into each platform to give you a rundown on how I came to this conclusion when picking a platform for myself.

1. Independent Reserve

Why it’s great:

They are a a solid choice for Aussies looking for a secure and reliable exchange. The trading fees are competitive, because they start at 0.5% and go even lower for traders that do higher volumes. Plus you know you're in safe hands because they’re AUSTRAC-registered and strictly follow local regulations. They seem popular with folks managing Self-Managed Super Funds (SMSFs), because they are offering tailored features to support long-term investment strategies. Another win: They keep 98% of their assets in offline cold storage, which is a huge tick for security-conscious traders.

The downside:

While it’s great for security and SMSF support, Independent Reserve only supports about 30 cryptocurrencies. That’s perfectly fine if you’re sticking with big names like Bitcoin or Ethereum, but can become lacking if you’re keen to trade niche altcoins. The interface feels a little clunky for beginners too so it’s not the most user-friendly option out there.

2. Swyftx

Why it’s great:

Swyftx is one of the most beginner friendly exchanges in Australia. They have a very clean, intuitive interface that makes trading super easy (which can be handy for both new and seasoned investors). Their demo mode is also a handy feature for those of you who are looking to learn because it lets you practice trading without risking your real funds. When it comes to real money stuff, Swyftx supports over 400 cryptocurrencies, which is more than enough for most traders. Their their mobile app is top-notch too which is great because I actually find that I trade crypto on my phone a lot more than my PC (and is true with my friends who are into crypto). Fees are competitive too: a flat 0.6% trading fee across the board.

The downside:

Their spreads can be painful during times of high market volatility. This can easily eat into your profits if you’re not paying attention. The 0.6% fee is reasonable but it's still slightly higher than some other options like Binance. But for the level of ease and support Swyftx provides, it’s likely a fair trade-off for many users.

3. Binance Australia

Why it’s great:

For most traders, Binance Australia is a dream. With trading fees as low as 0.1%, it’s almost always the cheapest option out there when coming the big exchanges. This is partly because of the fact that Binance taps into a massive global liquidity pool. Binance also boasts a wide range of advanced trading tools like futures trading and margin trading. The platform supports over 350 cryptocurrencies, which is plenty for most portfolios.

The downside:

Here’s where it gets tricky. Binance no longer accepts AUD deposits. It's a bit of a headache for Aussie users because you’ll need to deposit funds in another currency and convert them. The interface is also not the most beginner-friendly so it’s designed with experienced traders in mind. If you're just starting, it can feel overwhelming and finding certain options or features might take a bit of digging until you remember where everything is and what it does.

4. CoinSpot

Why it’s great:

CoinSpot is an Aussie favourite, and it’s easy to see why. Actually, I almost went with this platform but you'll see later why I didn't. The platform is super beginner friendly. Very clean and intuitive. Makes it so easy to buy, sell or swap crytos. They’ve got the widest range of coins in Australia (over 490) including some pretty out there altcoins that you can't find on places like Binance. One of CoinSpot’s hallmark features is its integrated NFT marketplace. This marketplace lets you trade NFTs without you having to go to a different website to do that. So if you're into NFTs, this might be the best one for you. They are also ISO 27001 certified, so security is top notch.

The downside:

The biggest drawback is the 1% fee for instant buy/sell transactions. That is definitely on the high side. If you’re making market orders, the fee drops to a much more reasonable 0.1%, but most people don't realize that right away. Also, CoinSpot’s spreads can be wider compared to other platforms, so you might not always get the best prices.

5. Crypto.com

Why it’s great:

Crypto.com has a versatile platform. Their crypto Visa card is a game-changer and their main differentiator. It lets you spend your crypto in the real world while earning cashback rewards. They also have pretty decent staking rewards for holding their native CRO token. It's a deal sweetener for long term investors. From my experience, the app was sleek and user friendly. I was able to easily figure out where to go to sell, buy etc.

The downside:

The fee structure on Crypto.com can get a bit confusing, especially for beginners. To get the best rates, you’ll need to stake CRO tokens, which might not be appealing to everyone. Without staking, the fees can creep up, making it less competitive than other platforms like Binance or Swyftx.

Additional Recommendations

• While the five exchanges above cover most needs, there are a couple of honorable mentions:

• eToro: Perfect for social trading and copy trading. Allows you to mimic the strategies of successful traders.

• Kraken: Great choice for those who value security and liquidity. Also an advanced platform.

How to Get Started with a Crypto Exchange

1. Research and Sign Up
   Pick your exchange, make sure it’s AUSTRAC-registered, and create an account.

2. Verify Your Identity
   This is the boring but necessary bit—upload your ID and fill out your details.

3. Fund Your Account
   Use PayID or bank transfer for instant deposits. Some exchanges also take card payments.

4. Place Your First Trade
   Whether it’s Bitcoin, Ethereum, or some random altcoin, check the fees and hit that “buy” button.

Tips for Safely Trading Crypto

• Avoid Scams: If an exchange promises “guaranteed returns,” run the other way.

• Secure Your Assets: Use a hardware wallet for long-term storage.

• Understand Taxes: The ATO will want its cut. Keep records of every trade to make tax time less painful.

Conclusion

So there you have it - Australia’s best crypto exchanges and how to get started. Whether you’re a seasoned trader or just mucking around with your first $50 in Bitcoin, picking the right platform makes all the difference.

Start small, stay safe, and as always, Good onya for diving into the wild world of crypto. Got any questions? Shoot us an email - we’d love to help you out.