Best crypto exchanges in Australia for 2024 (2024)

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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?

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, low fees of 0.1% for Spot Trading, and extremely competitive fees for Derivatives Trading (0.02% for makers and 0.055% for takers).

With more than 330+ 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.

Bybit 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.

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 per cent 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 479.43 per cent.

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.

#2. CoinSpot exchange

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 460+ cryptocurrencies. Even a complete beginner will be able to deposit money and instantly buy or sell crypto on this exchange.

CoinSpot offers 24/7 Live Chat so there is always someone to help you if you are struggling with anything on your account. This may not seem like an important feature, but if you are new to crypto and you are trying to find an answer to a question yourself, you will quickly realise how valuable this support is.

We have experienced problems on other crypto platforms before, where there is no live chat support, and it is a headache trying to resolve any issues.

The introduction of the free CoinSpot Mastercard has made it extremely easy for Australians to spend their crypto like cash, either online or in-store. You can add your digital CoinSpot debit card to your Apple Pay or Google Wallet, and when you make purchases, it will automatically convert your crypto of choice to AUD.

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 like OpenSea 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. We tried out this feature, and we were able to buy an NFT using BTC from our account in under 2 minutes.

#3. Swyftx exchange

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 350 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 per cent, according to our personal tests.

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

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 experienced traders who prefer to do this also have that option.

Swyftx is committed to educating their customers, and they have added a useful Learn & Earn section to their site. This is a helpful section where you can complete short online courses to learn about crypto, and receive free crypto rewards in return!

They have also partnered with educational providers such as CollectiveShift and Investified to give more value to their users.

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 true 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.

#4. Digital Surge exchange

Digital Surge stands out as an ideal crypto exchange tailored for both novices and intermediate crypto enthusiasts. Praised for its seamless and intuitive interface, the platform also boasts 24/7 live chat support to resolve any user issues.

A wide range of over 300 coins means you can easily invest in the most popular cryptocurrencies as well as newer altcoins.

One of the main reasons why Digital Surge makes this list is its competitive fee structure, characterised by low fees and tight spreads. The base trading fee is 0.5 per cent, but this is reduced as your monthly trade volume increases.

We conducted a real-world test, comparing Digital Surge with CoinSpot, Swyftx, and Crypto.com, and Digital Surge demonstrated the lowest combined fees and spread. Have a look at our method and results here.

Digital Surge offers a unique feature among Australian crypto exchanges. They enable their users to pay Australian bills or credit cards with Bitcoin from their account. As long as the bill has a BPAY biller code, you can make payment using BTC.

This is a great way to encourage the adoption of crypto as a mainstream payment method. If you want to sign up with Digital Surge, use this link to receive $10 Bitcoin for free.

#5. eToro Australia

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 access a demo account with $100k in virtual money to practise trading with no financial risk before you get started for real.

Other features include crypto staking (earn interest on your coins) and Copy Trading (make the exact trades as successful investors).

If you are looking to buy and sell cryptocurrencies as well as diversify into other investments such as stocks, eToro Australia is a great platform that is easy to use, with reasonable fees of 1 per cent. You can also download the mobile app for Android or iOS, so you can conveniently manage your investments at all times.

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

#6. MEXC exchange

MEXC 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, users tell us that the top reasons they like MEXC is the huge range of 2,300 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 spot trading!

Not only that, but makers for futures trading also pay 0 per cent fees! The only trading fees incurred are by takers when futures trading, and it is an extremely low 0.01 per cent. 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.

#7. Binance exchange

Binance is a comprehensive crypto trading platform and is well-known for being the largest in the world based on trading volume. There is plenty to explore at Binance including spot trading, NFT marketplace, Launchpad, mining pool, trading bots and educational content.

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 fiat deposits and withdrawals, so you can easily withdraw money to your bank when you want to realise your profits. With so much on offer, you need to explore the site yourself to fully appreciate all the features. You can also read our comprehensive review here.

#8. KuCoin trading platform

KuCoin is one of the most popular crypto platforms, with more than 30 million users around the globe. It is so widely used because of the large offering of 700+ cryptocurrencies, low trading fees of 0.1 per cent, 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 where 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. Many crypto trading bots require ongoing paid subscriptions, so the fact that KuCoin includes them for free on their platform is a massive bonus.

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 individual's needs will vary. This story may include affiliate links with Marketplacefairness.org partners who may provide compensation. ACM advises readers to consider their own circ*mstances 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.