Best Crypto Exchanges in Australia for 2024

Australia's investment scene is shifting fast, now stretching beyond traditional assets to include cryptocurrencies. You can trade big names like Bitcoin and Ethereum, all while staying within AUSTRAC’s strict guidelines, so you know your trades are safe and compliant.

But it’s not just about buying and selling anymore—these platforms are rolling out features like staking, lending, and borrowing, showing just how serious Australia is about staying ahead in the global crypto market. Whether you're just starting out or a seasoned trader, these exchanges have something for everyone.

For investors in Australia and users on HotCopper, I've put together a list of the top regulated platforms in the country, so you can find the best exchange to suit your needs.

Best Crypto Exchanges in Australia

Here is a quick overview of the best 5 digital asset platforms in Australia, known for their diverse AUD deposit options, compliance with AUSTRAC and simple interfaces:

1. eToro - Best Overall Crypto Exchange in Australi
2. Bybit - Top Choice for Derivatives and Futures Traders
3. CoinSpot - Best Exchange in Australia for Beginners
4. Kraken - Good Alternative for Futures and Derivatives
5. Uphold - Good Alternative for Beginners

1. eToro

eToro is the preferred choice for beginners in the Australia seeking a reliable crypto exchange, known for its ease of use and efficiency. With a minimum deposit of $10, users gain access to an extensive selection of over 4,500 assets, including more than 90 cryptocurrencies, stocks, commodities, and ETFs. Here are the key highlights:

• Quick Account Setup: Open an account and start trading within minutes using various payment methods, including PayID, credit cards, bank transfers, debit cards and e-wallets.
• Unique Features: eToro’s CopyTrader and Smart Portfolios allow for hands-off trading and strategic asset management, ideal for newcomers to crypto and investing.
• Cost-Effective Trading: A straightforward 1% fee for crypto transactions and a modest currency conversion fee for AUD deposits enhance its affordability.
• Versatile Platform: Beyond crypto, eToro supports trading in stocks, ETFs, and CFDs, offering a comprehensive trading environment.
• Additional Perks: Users can earn interest on unused balances and enjoy the convenience of eToro’s intuitive mobile app.

The platform's commitment to user satisfaction is underscored by its 30 million registered users and excellent Trustpilot rating. eToro is a great entry point into the world of cryptocurrency and broader financial markets.

2. Bybit

Bybit distinguishes itself as a leading derivatives trading platform, catering to those interested in futures and perpetual contracts with up to 25x leverage and featuring innovative risk management tools like "Auto Deleveraging." It provides traders access to an expansive catalog of over 1100 cryptocurrencies across spot, derivatives, and options markets. Key highlights include:

• Extensive Asset Range: Trade from a vast selection of over 1,100 cryptocurrencies on various markets, including spot, derivatives and options trading.
• Risk Management: Benefit from advanced features such as "Mutual Insurance" to protect against potential losses.
• Technical Analysis Tools: Utilise TradingView charts for comprehensive technical analysis, alongside a customisable trading interface.
• Market Integrity: The "Dual Price Mechanism" safeguards against market manipulation, and proof of reserves ensures a 1:1 asset holding, giving Australian investors peace of mind regarding the security of their funds.
• Flexible Funding Options: Supports a wide range of AUD funding methods, including PayID, credit/debit cards, Wise, bank transfers, and more, ensuring easy and accessible account funding.

Bybit's fusion of a comprehensive trading suite with robust security measures and a user-friendly interface makes it an attractive choice for Australian traders seeking depth in their trading strategy and assurance in their investments.

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3. CoinSpot

CoinSpot is the leading Australian digital asset exchange, renowned for its extensive range of cryptocurrencies tailored specifically for the Australian market. It accepts Australian dollars (AUD) and provides a variety of local payment methods, making it exceptionally user-friendly for Aussie investors. Key highlights include:

• Wide Cryptocurrency Selection: Offers over 450 cryptocurrencies from stablecoins to altcoins and meme coins, catering to a diverse range of trading preferences.
• Unique Range of Features: Designed with rich features, such as an OTC desk, a crypto debit card, an NFT marketplace, staking services, DCA investing and more.
• Strong Security: Implements robust security protocols like two-factor authentication and cold storage to protect user assets.
• Regulatory Compliance: Adheres to regulations, being licensed by AUSTRAC, ensuring a secure trading environment.
• Convenient Funding Options: Supports multiple AUD funding methods such as PayID, credit cards, BPAY, debit cards, POLi, and cash deposits, facilitating easy transfers and withdrawals.

CoinSpot's commitment to providing a secure, accessible, and comprehensive trading platform is evidenced by its impressive base of over 2.5 million registered Australian users, solidifying its position as a preferred choice for cryptocurrency trading in Australia.

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4. Kraken

Kraken caters to professional and institutional traders with its OTC trading desk for high-value trades exceeding $100,000, positioning itself as a platform for serious trading endeavours. It supports a wide range of over 200 cryptocurrencies for spot trading and offers futures contracts with leverage up to 50x. Highlights of Kraken include:

• Professional Trading Tools: Advanced order types such as stop-loss, take-profit, and trailing stops cater to sophisticated trading strategies.
• Staking Services: Allows users to earn returns on idle cryptocurrency assets, adding value to long-term holdings.
• Stringent Security Measures: Majority of user funds are stored in cold storage, with mandatory two-factor authentication and regular external audits to ensure a 1:1 backing of assets.
• Wide Range of Cryptocurrencies: Offers trading in over 220 cryptocurrencies, providing a rich selection for diversified investment portfolios.
• Regulatory Compliance: Kraken is fully regulated and licensed with AUSTRAC, ensuring a trustworthy and secure trading environment.

Kraken's combination of high-grade security, comprehensive trading tools, and commitment to regulatory compliance makes it a premier choice for those seeking advanced trading capabilities and peace of mind regarding asset security.

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5. Uphold

Uphold distinguishes itself through a steadfast commitment to transparency, providing real-time insights into its reserves to affirm financial stability for its users. The platform is not limited to cryptocurrencies; it also encompasses commodities and fiat currencies, facilitating a multifaceted trading environment. Highlights of Uphold include:

• Comprehensive Asset Selection: Supports an extensive range of over 250 cryptocurrencies and more than 100 other assets, offering broad diversification opportunities.
• Transparent Fee Structure: Features a clear and straightforward fee system, devoid of hidden charges, for full clarity on transaction costs.
• Minimum Deposit: Allows traders to start with a low minimum deposit of $10 AUD, making it accessible to a wide audience.
• Regulatory Assurance: Fully regulated and licensed with AUSTRAC, Uphold prioritises user security and trust.
• Versatile Funding Options: Offers diverse funding methods, including debit/credit cards, Google Pay, Apple Pay, and bank transfers, for convenient account management.

Uphold's focus on transparency and a wide asset range positions it as a preferred platform for traders who prioritise openness, ease of use, and a comprehensive trading experience.

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What is a Cryptocurrency Exchange?

A cryptocurrency exchange serves as a marketplace for trading digital currencies, typically offering low transaction fees. These platforms often feature advanced trading interfaces, including a variety of trade options and detailed performance charts, which can be overwhelming for those new to cryptocurrency investing.

Exchanges provide both intricate trading tools for experienced traders and simplified purchasing methods to accommodate beginners. For Australian users, several local exchanges enable the purchase of cryptocurrencies in Australian dollars (AUD), offering convenient payment methods like bank transfers.

Before committing to an exchange, it's crucial to evaluate several factors, including the platform's fee structure, its security protocols, the storage of digital assets in secure wallets, the quality of customer support, the diversity of available cryptocurrencies, and the terms of service.

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Who Regulates Crypto Exchanges in Australia?

In Australia, the Australian Transaction Reports and Analysis Centre (AUSTRAC) oversees the regulation of cryptocurrency exchanges. These authorities ensure that exchanges adhere to strict legal requirements, particularly focusing on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) rules. The objective of this regulatory oversight is to safeguard investors, uphold the integrity of the crypto market, and thwart illegal financial activities.

AUSTRAC is instrumental in establishing the guidelines and regulatory standards for the crypto sector, including granting operation licenses and continuous monitoring of exchanges. Exchanges must conduct comprehensive customer verification procedures to mitigate risks associated with money laundering and terrorism financing. With such detailed regulatory practices, Australia strives to foster a secure and trustworthy setting for cryptocurrency trading.

Closing Thoughts

After reviewing Australia's cryptocurrency exchange market, it's clear that each platform caters to different investor needs. eToro, Bybit, and CoinSpot stand out for their respective focuses on user experience, asset diversity, and advanced trading tools.

However, the optimal choice of an exchange depends on your specific investment goals, security requirements, and desire for a seamless trading experience.