Best crypto exchanges in Australia for 2022

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Cryptocurrency has become increasingly popular throughout Australia, which has led to many different cryptocurrency exchanges to choose from. If you want to get started with trading crypto, how do you figure out which exchanges are legitimate, which are a scam, and which one is the right fit for you?

In this guide, Daniel Chan of Marketplacefairness.org goes through some of the best cryptocurrency exchanges in Australia to help you find the right one for your needs.

Top three exchanges in Australia:

Bybit is the #1 cryptocurrency exchange in Australia and ticks off every box on a crypto trader's checklist. With more than $10 billion daily trading volume, Bybit is ideal for users who want to frequently trade crypto. It is particularly suited for day traders, with low fees of 0.1% for Spot Trading, and even lower fees for Derivatives Trading (0.01% for makers and 0.06% for takers).

If you have a large asset balance in your Bybit account or a high monthly trading volume, do apply to join Bybit's VIP Program so that you can gain access to not only preferential rates, but also attend VIP events and campaigns.

With more than 220+ cryptocurrencies to trade, via spot trading or derivatives (USDT Perpetual contracts, Inverse Perpetual contracts, Inverse Futures contracts and Options), experienced users will love Bybit.

The platform is well-suited to serious traders, with 99.99% system functionality and a super-fast trade speed of 100,000 trades per second. There are a variety of key features on Bybit, for example advanced charts, technical analysis tools, and also Margin Trading, with up to 100x leverage.

Beginners to crypto can also use Bybit easily, by purchasing cryptocurrency directly using AUD. Bybit supports popular payment methods such as Visa/Mastercard and Apple Pay. If you find yourself having any trouble trading on Bybit, their customer support is just a click away and the 24/7 live support will get your queries answered.

With such a user-friendly interface, it's no wonder that Bybit comes to mind as the best crypto exchange in Australia.

After purchasing crypto, beginners can make use of Bybit's Copy Trading platform to copy the trades of successful traders. This process is automated and it serves as an excellent method for novice traders to potentially profit off of crypto trading right from the get-go.

Furthermore, they can pick up insights from experienced traders and replicate their trading strategies on their own in the future. Those who are experienced in crypto trading can choose to register themselves as Principal Traders and earn 11% commissions from the trades executed by their followers.

This creates a win-win situation for both novice and experienced traders.

Another way for Bybit users to earn passive income is through Bybit Earn products such as Flexi Savings, Liquidity Mining, Dual Asset and Shark Fin. With these products, Bybit users can enjoy competitive annualised percentage yields of up to 311.66%.

Those who have a lower risk appetite can also rest assured that these products would be a safe investment choice, especially Flexi Savings and Shark Fin as they are both principal-guaranteed.

Security is an important factor to consider when choosing a crypto exchange, and Bybit excels in this department. It uses all of the standard security protocols that you would expect from crypto exchanges, such as 2FA, encryption, an industry-leading HD cold wallet for asset storage, as well as a review of each withdrawal to ensure they are legitimate and authorised.

However, what sets Bybit apart from others is that it goes one step further and incentivises hackers to find and report bugs and vulnerabilities through its Bug Bounty Program, in return for a monetary reward. If you trade on Bybit, you can rest assured that your funds and personal data are secure.

Another feature worth mentioning is Bybit's Testnet, also known as the demo mode. This is a brilliant way for users to practise trading, and learn how everything works without risking any of their funds.

The testnet follows the exact prices of the actual market, so your simulations are accurate and in real-time. Once you gain enough confidence to try your hand at crypto trading, it becomes easier to execute it on the actual trading interface.

Excited to start crypto trading? Take advantage of Bybit's exclusive welcome offer now, where new users receive $10 FREE BTC without having to make a deposit. All you have to do is sign up with this unique link.

Copy Trading for beginners to trade like an expert and for experienced traders to earn passive income

Bybit Earn to earn a passive income with competitive annualised percentage yields

If you are looking for an Australian-based cryptocurrency exchange, Swyftx is the best choice, with lots of different features for both beginner investors and advanced traders alike. Swyftx offers an easy-to-use interface, demo mode, low fees, Live Chat, and crypto staking options.

Swyftx supports more than 320 cryptocurrencies which can be easily bought using AUD, and the number of coins is always increasing as they are added on a regular basis. The fees to buy, sell, or trade are only 0.6% per transaction, and this is combined with low average spreads of just 0.51%.

Depositing and withdrawing AUD is free of charge, regardless of which payment method you use, which means more money for you to purchase crypto.

Another highly-sought-after feature on Swyftx is the Earn product, which lets users gain interest on the coins that they hold in the account. Rather than just letting your crypto sit in the account while you wait for the value to increase, Earn enables you to increase the amount of cryptocurrency that you own.

You can easily use this feature in Swyftx with just a couple of clicks, so it's easy for beginners too. At the time of writing, 20 different coins are available to earn interest on.

Being new to trading crypto can sometimes be a daunting experience, but Swyftx has put in a lot of work to make the experience as simple and easy as possible for new traders. It has a clean, easy-to-navigate interface, and you can easily buy or sell crypto instantly whenever you like.

There's no need to place limit orders or make sense of complicated graphs, although more advanced traders who prefer to do this also have that option.

Swyftx also offers a demo mode which is easily accessed by clicking a button, and you can access $10,000 play money to test out different strategies without any financial risk. The prices in the demo mode reflect real-time crypto prices, giving you a real sense of how it works.

If you run into issues while trading, you can easily and quickly receive assistance through Live Chat customer support. The support team is very knowledgeable and responsive, which is great for newbies who need some guidance.

#3. Digital Surge exchange

Digital Surge is the best choice for Australians who want to instantly buy crypto at low cost. This is because of two main reasons:

1) Digital Surge has the lowest combined fees and spreads in a test performed by Marketplace Fairness (spreads of just 0.21%), and

2) The exchange is safe and legitimate as it is registered with both ASIC and AUSTRAC.

There are more than 300+ cryptocurrencies on offer at Digital Surge, and you can purchase any of them at a low fee of just 0.5%, with discounts available based on your monthly trading volume. With spreads of less than half of what Swyftx charges, you can save a lot in the long run, which means more crypto in your pocket.

Digital Surge has worked hard to create a very easy to use interface when buying and selling crypto. All you need to do is click on buy or sell, with no complicated graphs or charts to worry about. It's also ideal for more experienced investors who prefer to place limit orders, with this option easily accessible.

Another interesting feature that you can take advantage of when using Digital Surge is using Bitcoin to pay your bills. If you have an Australian credit card or bill that accepts BPAY, you can pay with Bitcoin directly from your Digital Surge account.

This is really handy and convenient since you don't need to sell your BTC and withdraw AUD before making payment, and is a great step towards mainstream crypto adoption.

Customer support is friendly and easy to reach 24/7, either via email or Live Chat, so you never have to worry about being left in the dark. If you want to get started with Digital Surge today, sign up here to receive an exclusive welcome offer of $10 FREE BTC.

CoinSpot came on the scene in the Australian crypto market in 2013 and they have gathered momentum, growing their user base to more than 2.5 million users. CoinSpot's security is industry-leading, as the most externally audited exchange in Australia, and holding ISO 27001 certification. This backs up their claim of being the most secure and trusted platform in Australia, and users can trade with peace of mind on CoinSpot.

CoinSpot's popularity comes from the fact it is so simple to use, and offers a huge range of more than 360+ cryptocurrencies. Even a complete beginner will be able to instantly buy or sell crypto on this exchange, as well as earn interest on 21 coins, which is an excellent way to accumulate crypto while you wait for the price to increase.

CoinSpot also offers 24/7 Live Chat so there is always someone to help you if you are struggling to figure out an issue on your account. This may not seem like an important feature, but if you are new to crypto and you are trying to solve an issue by yourself, you will quickly realise how valuable this support is.

CoinSpot has also introduced an NFT marketplace where you can easily buy and sell NFTs straight from your account, using any cryptocurrency you prefer. You don't have to deal with a separate platform and connect a third-party wallet to get your hands on some digital artwork.

You can easily find NFTs you like straight on CoinSpot's platform, and purchase it quickly with no need to waste time and fees on converting your cryptocurrency first.

#5. KuCoin trading platform

KuCoin is one of the most popular crypto platforms, with more than 11 million users around the globe. It is so widely used because of the large offering of 600+ cryptocurrencies, low trading fees of 0.1%, and an array of advanced features.

Besides the standard spot trading market, KuCoin also has futures trading, margin trading, and even a P2P marketplace. There is also crypto lending, crypto borrowing, NFT marketplace, and staking so you can earn interest on your crypto. The opportunities for crypto investors on KuCoin are almost endless.

Another popular feature on KuCoin is the FREE trading bots that all their users can access. Trading bots are an extremely useful tool for automating your trades, and can help you maximise your profits 24/7, even while you are offline.

Several options of bots are available, such as Spot Grid, Futures Grid, Smart Rebalance, Infinity Grid, and DCA. Often investors will pay for a crypto trading bot, so the fact that KuCoin includes them for free on their platform is a massive bonus.

eToro is a broker rather than a cryptocurrency exchange. It offers a range of trading instruments including cryptocurrency and has been built from the ground up as a social trading platform that allows you to interact with other users through making posts and comments on the news feed. You can even set your account to automatically copy the exact trades of the most successful traders using eToro.

While it might not be a dedicated cryptocurrency exchange, eToro is worth a mention as it offers a wide range of excellent features to compete with the other exchanges.

You can get access to a demo account with $100k in virtual money to use when practicing trading with no financial risk before you get started for real. Other features include crypto staking and you can even purchase crypto CFDs which allows you to make money on crypto prices without actually owning any cryptocurrencies.

On the downside, eToro only offers 75 of the most popular cryptocurrencies to trade on their platform, so it might not be the right choice for you if you want to purchase smaller altcoins.

However, it is a good choice if you are looking to buy popular cryptocurrencies since it is easy to use, and the fees are a reasonable 1%. You can also download the mobile app for Android and iOS.

For Australians, another drawback to eToro is that it operates in USD, meaning that you will need to pay a fee for currency conversion whenever you deposit and withdraw.

Binance is a comprehensive crypto trading platform, and is well-known for being the largest in the world based on trading volume. There are plenty of options available on Binance including margin trading, futures, P2P, staking and more, with access to more than 600 cryptocurrencies.

You can easily deposit AUD with no fees into Binance using Osko or PayID and start trading instantly. This exchange is definitely suited to anybody who is serious about trading crypto, with highly competitive fees at just 0.1 per cent. Along with this, Binance integrates well with a wide range of third-party trading bots making it easy for traders to automate their strategy.

Unlike some other crypto trading platforms, Binance allows AUD deposits and withdrawals, so you can easily convert your crypto back to AUD and withdraw it to your bank if you are happy with your profits. With so much on offer, you need to explore the site yourself to fully appreciate all the features. You can also read a full review here.

Kraken is a cryptocurrency exchange that works similarly to Binance, providing a wide range of services with low fees, but it is delivered in a much more user-friendly interface. Kraken also has a heavy focus on security. Since it is based in the USA, it needs to comply with heavy regulation, which means that you can trust it is a legitimate and secure exchange.

For newcomers to crypto, Kraken offers an easy way to instantly buy and sell crypto, with a 1.5% fee. However, if you have a bit of experience with crypto, and you want to save on fees, you can trade on the market, where the fees are much lower, at 0.16% for makers and 0.26% for takers. There are also many additional features to access, including margin trading, futures, and staking.

One of the downsides to this exchange is that there are fewer than 20 cryptocurrencies that can be traded against AUD, which can be quite limiting for some Australian traders. If you are only planning to trade the most popular coins, then this won't be an issue for you.

Well-designed platform for traders who want access to advanced features

If you want to buy cryptocurrency immediately, Easy Crypto Australia is the best exchange for you. It operates slightly differently to other exchanges since none of your crypto or fiat assets are actually held in the exchange.

All you need to do to purchase a coin is click buy, and you can complete the transaction on the next screen, with the money sent directly from your bank account. There is no need to deposit your money beforehand, and this experience makes it similar to making a regular online purchase of an item.

Once you have purchased your crypto, it is sent straight to your external wallet rather than being stored on the exchange. The main benefit of this is that your coins are always secure and there is no risk of them being stolen should the exchange be the victim of a hacking attack or breach. The exchange also offers a 100 per cent funds guarantee on all orders, allowing traders to invest with peace of mind.

If you want to buy and sell cryptocurrency peer-to-peer, Elbaite is a great exchange to consider. It has a fee of just 1 per cent for buyers and zero fees for sellers. Elbaite is non-custodial, meaning buyers and sellers send crypto directly from one crypto wallet to another, with nothing stored on the exchange. This ensures there is no risk of losing your coins if the exchange is hacked.

If you are worried about the prospect of sending fiat currency and crypto between users, you can rest assured, since Elbaite uses an escrow account.

The payment is held until the crypto you have purchased has arrived in your wallet, as verified by the blockchain. There is no risk involved: buyers will always receive their crypto, and sellers will always receive their fiat currency.

Elbaite is an ideal platform choice for large volume traders who want an exchange that is safe, secure, and offers them full control over their assets. This type of platform is likely to increase in popularity in the future as the risk of crypto exchange hacking grows.

Disclaimer: Marketplacefairness.org has provided this content for informational purposes only. This should not be taken as financial advice to buy, trade, or sell cryptocurrency or use any specific exchange. This is not intended for use as investment, financial or legal advice as each individuals need will vary. This story may include affiliate links with Marketplacefairness.org partners who may provide compensation. ACM advises readers consider their own circumstances and obtain their own advice. You should also verify the nature of any product or service, and consult with the relevant regulators' website before making any decision.