Best Crypto Exchanges in Australia 2022

1. Coinspot (Our Pick)

Coinspot is an Australian crypto currency exchange that offers a simple way to buy, sell and secure your bitcoins, ethers and litecoins. Coinspot allows you to easily complete purchases with the available payment methods including Bpay, cash or electronic transfer. The Coinspot website interface is easy to use for beginners but also caters well to experienced traders.

Pros: Coinspot has some of the lowest fees compared to other exchanges while still offering fast, secure trading. The interface is simple and straightforward for beginners while also being engaging for more advanced traders. No account sign-ups are required making trades fast and easy without compromising security. Security features include SMS 2 factor authentication on login and trade activities as well as Google Authenticator for withdrawals and API trading. Coinspot also offers insurance on cryptocurrency deposits for additional peace of mind.

Cons: At the moment, Coinspot does not offer margin trading or any other advanced order types which may be problematic for experienced traders who are used to these features. There is also no mobile app available for Coinspot, though there is a mobile site which offers most of the same features.

Deposits & Withdrawals: Coinspot supports all major fiat currencies and cryptocurrencies accepted by other exchanges including AUD, USD, EUR and BTC. No account sign-ups are needed to trade on Coinspot using Bpay or cash deposits. Withdrawal/deposit limits are determined by your Coinspot account level which can be increased by providing more information about yourself.

Trading Fees: 0.1% trading fee for market takers and 0% for market makers.

Security: Google Authenticator code required to withdraw funds, SMS 2 factor authentication on login, email encryption, hot wallet cold wallet storage. Coinspot also offers insurance on cryptocurrency deposits for additional peace of mind.

2. Swyftx

SwftX is an Australian based cryptocurrency exchange that provides trading of major coins, plus access to a peer-to-peer marketplace where you can buy and sell goods using digital currencies. SwftX has many advanced trading features and allows for margin trading with up to 3:1 leverage for some cryptocurrencies.

Pros: Swftx supports most of the major fiat currencies and cryptocurrencies. Margin trading with up to 3:1 leverage for some coins is available. Swftx offers a peer-to-peer marketplace where you can trade digital currency for goods and services from other users around the world, all on the one platform. You will pay a small transaction fee on any completed trades in the marketplace.

Cons: SwftX has a somewhat confusing fee structure and can be hard to understand for beginners. Some advanced trading features such as stop-loss, margin trading and lending are only available on the sister platform Swyftx Pro which requires a separate account. Fees vary depending on your country of residence and what services you use in the marketplace.

Deposits & Withdrawals: Swftx supports most major fiat currencies and cryptocurrencies including AUD, USD, EUR, BTC, ETH and more. Fees vary depending on what you deposit or withdraw.

Trading Fees: Market takers pay 0.28% of trade value while market makers get 0%. There are no withdrawal fees.

Security: Google Authenticator required for withdrawals, SSL encryption and cold storage of coins. Coins stored in hot wallets and Swftx Pro margin balances are also insured.

3. Binance

Binance is one of the fastest growing exchanges in the world, now handling $1.5 billion per day (yes, you read that right). Based out of China but now open to most countries around the world, Binance has some of the highest trading volume available on an exchange and supports many cryptocurrencies including Bitcoin, Litecoin, NEO, GAS and more.

Pros: Binance offers some of the highest trading volumes available on an exchange meaning your trades will always go through even during times of high volatility when other exchanges may not be able to keep up with demand. This can result in lower fees for trading. The platform is well suited towards beginners who are looking to buy/sell their first coins. However, it is not recommended to store cryptocurrencies on exchanges for any length of time due to security reasons which are outside the scope of this article.

Cons: Binance has a number of advanced trading options including stop-loss orders and margin trading that may be intimidating for beginners or those who aren't willing to learn how to use them. The platform has also experienced some lag issues in the past when trading volumes are high, although this appears to have been fixed at the time of writing.

Deposits & Withdrawals: Binance supports all major fiat currencies and most cryptocurrencies with many currency pairs including AUD, USD, EUR, BTC, ETH and more. Deposit fees depend on your country of residence and what currency you deposit - fiat currencies are typically 1% while cryptocurrency withdrawals are charged a network transaction fee which is set by the coin developers.

Trading Fees: Binance charges 0.1% for market takers and no fees for market makers. There are also many advanced trading options such as stop-loss orders that can result in reduced trading fees.

Security: Google Authenticator required for withdrawals, SSL encryption and cold storage of coins. Coins stored in hot wallets are also insured.

4. Cointree

Cointree is Australia's leading cryptocurrency exchange and one of the first to support automated purchases for everyday Crypto transactions. Cointree also markets itself as "the PayPal for cryptocurrencies" with many simple, fast and low-cost ways to buy and sell your favourite coins.

Pros: Cointree's user interface is very beginner friendly without sacrificing many advanced trading options that more experienced traders want. It's also one of the simplest exchanges to use while still offering some advanced features such as stop-loss orders and lending. Cointree offers a number of simple ways to buy cryptocurrencies with fiat including Flexepin, POLI and cash deposits at a range of banks.

Cons: The user interface can be a little laggy when trading volumes are high. The withdrawal limit is relatively low compared to the bigger exchanges listed above. While Cointree does store most coins in cold wallets, some smaller coins may be stored in hot wallets, so it's best not to leave any coins on the exchange for too long.

Deposits & Withdrawals: Cointree supports AUD deposits via bank transfer, BPay and POLi payment. Users looking to buy with cash can do so through Flexepin vouchers or at their local newsagency which sells Cointree's own Flexepin vouchers. Cryptocurrency withdrawals are free although you may incur withdrawal fees from third party blockchain networks.

Trading Fees: Trading fees are 0.5% for market takers and 0.1% for market makers, however this is reduced to just 0.05% by using your own cryptocurrency as 'maker' orders (placing on order that isn't fulfilled immediately). When you withdraw cryptocurrencies from Cointree there may also be withdrawal fees imposed by the third party coin network.

Security: Cointree's security consists of SSL encryption, cold storage and 2FA. However, they do not offer Google Auth yet, so be aware that your withdrawals are not 100% secure until you enable 2FA.

5. Independent Reserve

Independent Reserve is another Australian based exchange that supports fiat deposits and withdrawals via bank transfer, BPay and POLi. The exchange also has low trading fees at 0.5% for both market takers and makers.

Pros: Independent Reserve's user interface is simple to use while still offering advanced features such as stop-loss orders, lending and instant sell options. It's also straightforward to link bank accounts and verified users can withdraw up $20,000 per day.

Cons: The user interface is a little laggy when trading volumes are high and there have been complaints about long withdrawal times (tied to the banking network). While Independent Reserve does store most coins in cold wallets, some smaller coins may be stored in hot wallets, so it's best not to leave any coins on the exchange for too long.

Deposits & Withdrawals: Independent Reserve supports AUD deposits via BPay and POLi. Cryptocurrency withdrawals are free although you may incur withdrawal fees from third party blockchain networks.

Trading Fees: Trading fees are 0.5% for market takers and 0.1% for market makers, however this is reduced to just 0.05% by using your own cryptocurrency as 'maker' orders (placing on order that isn't fulfilled immediately).

Security: Independent Reserve's security consists of SSL encryption, cold storage and 2FA. They also protect withdrawals with a withdraw 2FA, however it's important to note that this is sent via email so is not 100% secure.

How to Pick the Best Crypto Exchange in Australia?

There are actually many exchanges that you can use to buy Bitcoin and other cryptocurrencies. The main thing you want to consider is if the exchange has good reviews for security, fees, liquidity and ease of use. The most important factor for this will be your own trading activities so choose an exchange where its features suit your requirements. For example, if you are a US citizen you will have to use GDAX for your trading activities, but if you are an Australian citizen the choices open up to Cointree, Independent Reserve and BTC Markets. Of course these exchanges vary in terms of security, liquidity and ease of use so choose the one that best fits your trading style.

You should also check for exchanges that have a high daily trading volume. This is since you might get better prices if there are a lot of people buying and selling the coin at any point in time. Also, it's always better to use an exchange with low fees when possible, though these can vary depending on the currency. When picking an exchange, you should also consider if it supports fiat currencies or whether you will have to use a different exchange for your fiat transfers.

In addition, make sure the exchange has a good reputation and customer service as this is essential when dealing with any problems. This is because you want to be able to resolve any issues quickly instead of having to wait weeks for a solution.