Best crypto exchanges in Australia for 2023

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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:

#1. Bybit exchange (Claim up to $30,000 bonus)

Bybit is the #1 cryptocurrency exchange in Australia since it ticks off every box on a crypto trader's checklist. It has more than $10 billion daily trading volume, ZERO fees for Spot Trading, and extremely competitive fees for Derivatives Trading (0.01% for makers and 0.06% for takers).

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

It also caters well to those who have a large asset balance or a high monthly trading volume, with a VIP Program so that you can gain access to preferential rates, and attend VIP events and campaigns. You can also claim up to $30,000 in bonuses if you meet the deposit and trading requirements on Bybit Rewards Hub. Sign up here to access this offer as well as $5 FREE Bitcoin.

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 $5 FREE BTC without having to make a deposit, and also receive up to $30,000 bonus. All you have to do is sign up with this unique link.

Visit Bybit Now and Claim Exclusive Signup Bonus

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.

If you are looking for an Australian-based cryptocurrency exchange, Swyftx is a top choice, with loads of different features for both beginner investors and advanced traders alike. Swyftx offers an easy-to-use interface, demo mode, low fees, and 24/7 Live Chat.

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 the average spreads are low, at 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.

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. We have used this demo mode to practise various strategies from trading courses, and learnt many valuable lessons doing so.

If you happen to run into any issues while using Swyftx, you can quickly and easily receive assistance through 24/7 Live Chat customer support. The support team is very knowledgeable and responsive, which is great for newbies who need some guidance. Every time we test out the live chat functionality, we are greeted with support staff within a couple of minutes.

Luno is a user-friendly cryptocurrency exchange with over 10 million users around the world. They claim to be extremely secure, and fully compliant with Australian regulations, so we dug deeper to find out the extent of this. Indeed, Luno really is 100% compliant with AUSTRAC regulations, as well as strict AML (anti-money laundering) and KYC (know-your-customer) requirements that are followed by the traditional banking industry. Not only that, but 95% of their digital assets are held in cold storage, with industry-leading measures to safeguard user funds.

With the fallout from FTX, many cryptocurrency users are now wary of trusting their assets with any centralized exchange. However, through our research, we have found that Luno will not face similar issues to FTX. They keep a transparent 1:1 proof of reserves, and are regularly audited by external auditors. This means that you have assurance that you can always withdraw your funds at any time you wish.

Luno's interface is super easy to navigate, on both desktop and mobile, making it perfect for crypto beginners. To show how easy it really is, we timed how long it would take to buy BTC using Luno. From depositing money to making a direct purchase of BTC, it took just over one minute! The instant buy and sell feature is really so convenient, but it does come with a fee of 2% per transaction. If you are trading larger amounts and want to save money on fees, you can trade on the market. If you are a market maker (the person placing the order), you pay ZERO fees whatsoever! If you are a market taker (someone who is accepting an existing trade), the fees are still very low, at 0.1%.

Luno also has a very generous signup offer, where new users can claim $30 in BTC for free. All you have to do is sign up with this link, activate the promo code MPFLUNO in the "Rewards" section, and make a purchase of $30 or more of cryptocurrency. This is an excellent way to boost your investment in crypto, and is one of the best welcome offers of any Australian crypto exchange.

The only drawback of Luno is the limited number of 10 supported cryptocurrencies. However, these are the most popular and traded coins, like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Solana (SOL), making them great choices for new crypto investors. If you are a beginner to crypto, it is a good idea to stick to the main coins that will be around after each new bear and bull cycle.

MEXC Global is the best crypto exchange for avid crypto traders who want a platform that can do it all. We have found that many serious traders sign up to MEXC, and then continue to use it for all their needs. Through our surveys, MEXC users tell us that the top reasons they like MEXC is the huge range of 1,520 cryptocurrencies, margin trading, futures trading, bot trading, and copy trading.

With such an extensive range of coins, markets and features available, you may think that the fees will be high on MEXC. We were surprised to discover this is not the case, as they actually charge ZERO fees for Makers when spot and futures trading! Takers are charged a small fee of 0.2% for spot trading and 0.06% for futures trading. If you want to access even lower fees, sign up with this link to receive 10% off all trading fees, plus $30 USDT for free!

If you have some knowledge regarding trading, whether in crypto or traditional finance, you will appreciate how important it is to have deep liquidity. MEXC excels in this area, with the highest liquidity among crypto trading platforms around the world. When you compare MEXC's liquidity to Bybit, Binance, KuCoin, and Huobi, it has nearly 10x as much depth, which is incredible considering how large those exchanges are. Even when compared to MEXC's closest competitor Bitget, MEXC has more than twice the liquidity. You can see this for yourself when you look at the liquidity graphs of BTC/USDT and ETH/USDT below. We have noticed this when we trade on MEXC, that trades are fulfilled much faster than on other exchanges, purely due to the increased liquidity available on this platform.

Excellent choice for experienced cryptocurrency traders

$30 USDT FREE plus 10% discount on trading fees with this link

Over 1,500+ coins and 2,110+ trading pairs

Low fees of 0.0/0.2% (maker/taker) for spot trading, and 0.0/0.06% (maker/taker) for futures trading

Crypto.com is a great choice for Australians who want a simple yet feature-filled platform that they can access anytime, anywhere, from the convenience of their mobile. Crypto.com has developed an app that lets users easily buy and sell more than 250 cryptocurrencies, without having to deal with market trades.

When you make a purchase or sale of a coin on Crypto.com app, the price you see is what you will get, with no further commissions taken for the transaction. This is straightforward so users can see precisely how much crypto they are getting for their money.

Besides buying and selling, Crypto.com offers a wide range of 47 coins in their 'Earn' feature, which rewards users for leaving their assets on the app. It is up to you if you prefer to lock in your crypto for 1 month, 3 months, or leave it flexible (unlocked), and you will receive interest paid out in your cryptocurrency.

Perhaps one of the best features offered by Crypto.com is their Visa debit cards that are provided free to any user who stakes at least $500 of CRO (Crypto.com's native token). This card can be loaded with AUD and used as a regular debit card at any store that accepts Visa, with no fees incurred. Each time you make a purchase with AUD, you will receive up to 5% cashback (dependent on your tier) paid in CRO, so essentially you are earning crypto each time you use your card. Moreover, you can receive benefits such as free airport lounge access, rebates on Spotify, Netflix, and Airbnb.

airport lounge access, and rebates on Airbnb, Spotify, and Netflix.

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 offers new users up to $100 cashback vouchers based on the amount you trade in your first week. To claim this offer, you need to sign up with this link.

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.

#8. 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 700+ 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.

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.

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.