If you’re searching for the top crypto exchanges in Australia in 2024, look no further. This guide sets out the top eight options for users looking to buy crypto with Australian Dollars. We also detail the best way to narrow down potential exchanges and choose the platform most suited to you. Here’s what you need to know in 2024.
Methodology
In order to select with top crypto exchanges in Australia, BeInCrypto’s product teams assessed a multitude of options over a six month period. We selected the top exchanges based on a variety of factors, including:
- Fees
- Features
- Security
- Compliance
- Assets available
- Payment methods
Here’s a small insight into why each platform made the list:
Swyftx performs high in the area of security. It is ISO 27001 certified for robust security measures and has collaborated with TRM Labs to enhance protection against frauds.
Coinspot also scores high marks in the area of security, offering similar security assurances. It also has the added benefit of offering more than 400 cryptocurrencies that users can purchase and trade with.
Independent Reserve is one of the oldest crypto exchanges in Australia. It supports a variety of payment methods and has many features like tax preparation and leveraged trading.
Bitaroo is one of the largest Bitcoin only exchanges for Australian users and hos low fees for an Australian exchange. The exchange also has low withdrawal fees and supports the Lightning Network.
Elbaite is a non-custodial instant exchange which gives customers security assurances not typical to centralized exchanges. The exchange provides more security by escrowing user’s funds for safe trading.
CoinJar is one of Australia’s oldest cryptocurrency exchanges. It has a very low trading fee of 0.1% and offers its customers a Mastercard to spend their crypto at acceptable locations.
Amber is a Bitcoin only exchange. With multi-signature vaults, encryption, and KYC, it has improved security. Hardblock is another Bitcoin only exchange that has been around since 2014 and allows users to trade crypto ina non-custodial way.
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Top 8 crypto exchanges in Australia
Swyftx
Payment methods
Bank transfer, POLi, PayID and debit card
Swyftx is a beginner-friendly cryptocurrency exchange based in Australia. Newcomers can receive free crypto by completing Swyftx’s Learn and Earn courses. Users can even take advantage of the demo mode offered by the platform for hands on learning. The exchange has over 300 cryptocurrencies for users to choose from.
Additionally, the platform has worked with TRM Labs to improve fraud defences and is ISO 27001 certified, indicating security is water tight. The Swyftx sign-up process is quick and does not require uploading documents or selfies. Finally, Swyftx can help you establish a Self Managed Super Fund within 24-hours.
- Over 330+ cryptocurrencies to buy
- 24/7 customer support
- Trustpilot score of 4.7
- Registered with AUSTRAC
- Certified member of Blockchain Australia
Cons
- Fees are relatively high compared to competitors
Coinspot
Payment methods
PayID, BPAY, direct deposits, cash and card
Coinspot is a leading crypto exchange in Australia. It offers a variety of cryptocurrencies, more than 440 for buying and selling. In addition to spot trading crypto, you can also take advantage of the vast selection of NFTs. OTC trading is another option for users who require high volume trading services.
Beyond its trading features, Coinspot has 24/7 customer support and ISO 27001 Certification, emphasizing its dedication to security and customer support. Customers can use MFA for an added layer of security on their accounts, using Android or iOS on mobile.
- Over 440+ cryptocurrencies available for trading
- Blockchain Australia Certified
- 24/7 customer support
- ISO 27001 Certification
Cons
- Limited features outside of buying and selling
Independent Reserve
Payment methods
Bank transfer, debit/credit cards, PayPal, and SWIFT
Independent Reserve is one of the oldest crypto exchanges in Australia. It was founded in 2013 and allows customers to buy and sell crypto with four different fiat currencies, and even more payment methods. Independent Reserve is registered with AUSTRAC and accredited by the Australian Do dedo Currency Association (ADCA).
Some of the platform’s features include auto-trading, up to 2x leverage, tax preparation, and aids customers in Self-Managed Super Funds (SMSF). High net worth individuals can also utilize the exchange for specific features like OTC trading and more personalized services.
- ISO 27001 and has never been hacked
- More than 95% of crypto held in cold storage
- Crypto and fiat held in segregated accounts
- 24/7 customer support
Cons
- High fees compared to competitors
Bitaroo
Payment methods
PayID and bank transfer
Bitaroo is one of the largest Bitcoin only exchanges for Australian users. The exchange has advanced trading features for more experienced users, such as Stop Market Orders, Trailing Stop Orders, Auto DCA, Hidden orders and TIF instructions.
With Bitaroo, you can also buy Bitcoin with your Self Managed Super Fund (SMSF). Bitaroo also allows you to pay bills with Bitcoin. These features bridge the world of traditional finance with cryptocurrency.
- Low trading and withdrawal fees
- Supports the Lightning Network
- Responsive customer support
Cons
Elbaite
Payment methods
Apple/Google Pay, card, and PayID
Elbaite is a non-custodial peer-to-peer cryptocurrency instant exchange headquartered in Melbourne, Australia. It enables buyers and sellers to trade without risking their crypto through a medial exchange wallet. Elbaite allows direct wallet-to-wallet trading, which means it does not keep the user’s cryptocurrency at any time.
The exchange has beginner and advanced courses and guides to aid users in learning about cryptocurrency. Elbaite is registered with AUSTRAC and also uses cash escrow and TX-Hash blockchain verification to verify that users’ deals are fair.
- Non-custodial instant exchange
- Customers can trade peer-to-peer
- Buy and sell from your own wallet
Cons
- Limited cryptocurrencies for trading
CoinJar
Payment methods
Apple/Google Pay, card, PayID, and 3+
CoinJar is one of Australia’s oldest cryptocurrency exchanges, founded in 2013. The exchange supports a variety of cryptocurrencies, fiat currencies, and payment methods. The platform even offers its customers the CoinJar Card, which you can use to spend wherever Mastercard is accepted.
CoinJar is registered with AUSTRAC and secures its assets with BitGo and Fireblocks, both institutional grade security firms. To further secure its platform, CoinJar uses multi-level data encryption, security audits, and machine learning for fraud detection.
- Enhanced security measures for platform and assets
- Low trading fees and minimum purchase
- Advanced trade matching engine
- Supports multiple payment methods
Cons
AmberApp
Payment methods
EFT and PayID
AmberApp is based in Australia and allows users to buy Bitcoin. It has enhanced security, which includes KYC, encryption, and multi-signature vaults. AmberApp uses cold storage for its custodial wallets. Users can earn a percentage of revenue when they refer customers to Amber.
- Enhanced security measures
- Revenue sharing through referalls
- Available on Android and iOS
Cons
HardBlock
Payment methods
PayID, EFT, and POLi
HardBlock is a platform that enables Australians to purchase Bitcoin in Australia with no exchange or deposit fees. Hardblock was founded in 2014. Aside from the 2.4% spread, the exchange does not impose any additional fees.
- Buy Bitcoin without giving up custody
- Personal, business, and SMSF account options available
Cons
- Bitcoin only
- Limited features
Top crypto exchanges in Australia compared
| Platform | Fees | Crypto | Payment methods | Mobile |
|---|---|---|---|---|
| Swyftx | 0.6% | 330+ | Bank transfer, POLi, PayID and debit card | Android and iOS |
| Coinspot | 0.1% | 440+ | PayID, BPAY, direct deposits, cash and card | Android and iOS |
| Independent Reserve | 0.5% | 30+ | Bank transfer, debit/credit cards, PayPal, and SWIFT | Android and iOS |
| Bitaroo | 0.19% | Bitcoin | PayID and bank transfer | Android and iOS |
| Elbaite | 1% | 28 | Apple/Google Pay, card, and PayID | No |
| CoinJar | 0.1% | 50+ | Apple/Google Pay, card, PayID, and 3+ | Android and iOS |
| AmberApp | 0.11% | Bitcoin | EFT and PayID | Android and iOS |
| HardBlock | 1.2% | Bitcoin | PayID, EFT, and POLi | No |
How to choose a crypto exchange in Australia?
Whether you are new to crypto or an expert, it is best practice to choose an exchange or platform that suits your personal needs. Not all crypto exchanges are created equally, and you will need a way to separate the best from the rest. Here are a few ways to tell the difference.
Platform type
We often use the term exchange loosely, but not all platforms are exchanges. Most platforms that allow you to buy cryptocurrency fall into a few categories:
- Exchange
- Brokerage
- Money transmitter/payments platform
- Instant exchange
Exchange: A crypto exchange is a platform where buyers and sellers can trade crypto on a peer-to-peer basis based on current market prices. Exchanges in Australia are required to register with AUSTRAC (Australian Transaction Reports and Analysis Centre) and comply with AML and CTF regulations.
Brokerage: A crypto brokerage acts as an intermediary that facilitates the buying and selling of cryptocurrencies on behalf of its clients. Brokerages set the price at which they are willing to buy or sell crypto, often adding a margin or fee for their services.
Money transmitter/Payments platform: Platforms facilitate the transfer of money, including fiat to crypto transactions, fall under money transmitters or payment platforms. These services must also comply with AUSTRAC’s regulatory framework.
Instant exchange: An instant exchange or crypto swap site offers a quick and straightforward way to swap one cryptocurrency for another without the need for traditional exchange order books. These platforms typically provide a more user-friendly experience but usually come with higher fees.
Fees
An obvious factor to consider is fees, as users naturally want low costs. There are some nuances to consider regarding fees. For example, exchanges profit from a combination of spreads and sometimes transaction fees. The spread is the difference between the buy and sell price of a cryptocurrency on the platform.
Brokerages, on the other hand, often make their profit primarily through transaction fees and sometimes markup on the price of the cryptocurrency. Whether exchanges are cheaper than brokerages depends on various factors, including the specific services used, the volume of the transaction, the payment method, and many other factors.
Payment platforms typically charge fees for the transfer of funds, which can include sending, receiving, and converting fiat to cryptocurrencies and vice versa.
These platforms facilitate payments and remittances and sometimes allow direct purchases of goods and services with crypto. The fees can be structured as a percentage of the transaction amount, a flat fee, or a combination of both.
Instant exchanges, however, include a spread and or a transaction fee, which is usually a percentage of the swap amount.
Security
Platform security can mean a lot of things to different users. Ideally, custodial crypto platforms should hold the majority of crypto in cold storage. Some platforms will employ crypto custodians with enhanced security protocols like Fireblocks or Coinbase Custody.
Cold storage is the safest option for users to store their cryptocurrency. Needless to say, this does not apply to non-custodial platforms like instant exchanges.
Beyond the normal security protocols, such as SSL/TSL data encryption for connecting to websites, platforms should also offer customers multi-factor authentication, biometric verification, and other features for accounts and mobile apps. Security certifications and audits are another benefit for customer assurance.
Segregated assets show a commitment to putting the customer first. This means that in the event of a bankruptcy, customers’ assets are separated from the bankruptcy. Lastly, it should go without saying that all platforms, regardless of type, should adhere to permitido compliance.
Remember it is not safe to leave crypto on centralized exchanges long term. Instead, choose a hot or a cold wallet and ensure to maintain crypto wallet security best practices to protect your private key.
Is Australia a good location for crypto?
Australia’s sentiment towards crypto is more forward-looking than many other parts of the world. The government has taken a proactive approach with a regulatory framework aimed at protecting consumers while allowing innovation.
Cryptocurrency trading and exchanges are permitido in Australia and are regulated under existing financial services and anti-money laundering laws. This includes identifying and verifying users, maintaining records, and fulfilling government reporting obligations.
However, Australian exchanges tend to have higher fees compared to many parts of the world. In 2022, Australians spent an estimated $50.9 million in fees to trade crypto, according to Finder App survey-generated data.
Despite this, adoption in Australia continues to grow. According to the 2024 Independent Reserve Cryptocurrency Índice (IRCI) for Australia, crypto ownership increased to 27.5% in 2024, with notable growth among the over-55 age group. Bitcoin also remains the top choice for investment, with 63% of investors holding the original crypto ahead of the Bitcoin halving.
Despite the challenges the crypto industry faced in 2023, such as the fallout from the FTX saga and the collapse of Signature Bank, this year’s IRCI data demonstrates that Australians’ interest and investment in crypto remain high and continue to gain momentum. Sentiment has demonstrably shifted, and we’ve entered a phase of renewed optimism and growth.
Adrian Przelozny, Group CEO at Independent Reserve: IRCI
Choose the exchange that suits you best
If you are in Australia and part of the growing number of users who want access to crypto and web3, you have a range of options to choose from. Remember to prioritize safety and security when interacting with decentralized ecosystems. Crypto is a volatile asset; never invest what you cannot comfortably afford to lose.
Frequently asked questions
Cryptocurrencies and exchanges are permitido in Australia. Exchanges are regulated under existing financial services like AUSTRAC. However, cryptocurrencies are not viewed as permitido visar in Australia.
Australians have many options to choose from when it comes to buying crypto. Crypto exchanges like Swyftx, Bitaroo, and CoinJar allow users to purchase crypto with ease. These platforms support a variety of payment methods and cryptocurrencies for users to choose from.
It is always best practice to make sure that any crypto platform adheres to government regulation, so users have permitido recourse in the event of malicious activity. Investing is risky in general and users can lose money. Always ensure that websites have proper SSL/TSL encryption and do not use public WIFI when purchasing crypto.
Disclaimer
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