Top 10 Best Crypto Exchanges in Australia

I'm CEO David Wabinz, founder of DavidWabinz.com.

We dedicate our platform to provide leading cryptocurrency exchange referral codes. It also provides detailed comparisons and reviews of many cryptocurrency exchanges.

I have 6 years of experience in the cryptocurrency industry. I entered the market in 2018. I look forward to using my expertise to help you. You can seize the opportunity in this field!

Follow this article. It takes an in-depth look at the 10 most reputable trading platforms in Australia.

Are Crypto Exchanges Safe in Australia?

Centralized exchanges offer a convenient option for storing and trading cryptocurrencies. But, Australian users keep their crypto on these platforms. They trust a third party to guard their assets. This means the exchange gains control over their assets instead of the users. If any issues arise with the exchange, users' cryptocurrencies could be at risk. This is because the exchange holds their private keys. This underscores the common saying in the crypto world: “not your keys, not your coins”.

Statistical data shows that hackers have breached many exchanges. This led to the loss of investors' money or the exchange disappearing. In the past 18 months, cryptocurrency investors have seen several exchanges take risks. These risks led to bankruptcies, such as with FTX Australia. Its investors now face big losses.

You can reduce risks by holding cryptocurrencies on exchanges. Do this by choosing established, regulated, and reputable companies. But, there's always some risk unless the company's financial status is clear. Unlike traditional bank deposits, cryptocurrency deposits aren't insured. Yet, some exchanges have insurance funds. They compensate for losses from unforeseen events.

For cryptocurrency traders, prioritizing security and diligence is key. I offer some vital advice:

• Pick Reliable Exchanges. Choose reputable exchanges. Their security and reliability are well-known.
• Use Cold Storage. Store most of your crypto in cold wallets, not on exchanges. This reduces risks from hacks.
• Activate Two-Factor Authentication (2FA). Boost your exchange account security by enabling 2FA. It adds an extra layer of protection.
• Stay informed. Keep up with the latest cryptocurrency news and security trends. This will help you make smart decisions and avoid risks.
• Diversify Investments. Spread your money across different cryptocurrencies and platforms. This limits exposure to market swings and security risks.
• Exercise Caution with Third-Party Services. Be wary when using them, such as trading bots or wallet providers. research and opt for trusted ones.
• Secure Your Private Keys. Guard them well. They are crucial for accessing and managing your cryptocurrency.

By following these guidelines and staying watchful, crypto traders can protect their investments. They can also navigate the changing world of digital asset trading with confidence. Use this article as your guide. It will help you make the best choice from the top 10 exchanges in Australia.

Why can you trust DavidWabinz.com's crypto experts?

DavidWabinz.com consists of a team of seasoned professionals who have thoroughly assessed numerous cryptocurrency exchanges. Throughout our cryptocurrency trading journey, we've encountered various challenges, and we're eager to share our insights to help you steer clear of similar pitfalls.

We maintain our independence: Unlike many other crypto media outlets, DavidWabinz.com operates independently, free from any affiliation with exchanges or investment firms. Our viewpoints are unbiased, and our foremost priority is serving our readers and aiding you in discovering the most suitable cryptocurrency trading platform.

Assistance is at hand with DavidWabinz.com: Our team comprises crypto enthusiasts with extensive backgrounds in investment, trading, and decentralized finance. However, we haven't forgotten the uncertainties faced by beginners. We offer firsthand reviews of these products in plain language, devoid of unnecessary jargon, to facilitate your understanding and decision-making process.

Best Crypto Exchanges in Australia

1. BingX

BingX is the top cryptocurrency exchange. It serves both new and experienced traders. It supports most countries, including Australia. BingX offers over 600 cryptocurrencies, including popular ones like Bitcoin, Ethereum, and Tether. It has features for spot trading, margin trading, futures trading, and copy trading.

I holds BingX in high regard due to its reliability and robustness. It has over 13 million monthly visits. Its user base is growing. BingX has become a trustworthy platform. Also, it has kept a clean record. It has had no involvement in transaction security scandals. This has further boosted its reputation in the crypto community.

New user rewards at BingX are up to 5125 USDT. You get them when opening an account and trading. The rewards are large. You get them when you register through DavidWabinz.com. Use referral code IMOIJ1. You will get an exclusive reward of 25% off trading fees.

2. MEXC 

MEXC secured second place. It is a cryptocurrency exchange founded in 2018 and based in Seychelles. Global exchange MEXC has risen to prominence in the growing cryptocurrency landscape.

MEXC is present globally. It stands out by providing a powerful trading platform. It serves millions of users. It allows the exchange of many digital assets. It meets the growing needs of traders. DavidWabinz.com appreciates MEXC for the value it brings to users. Spot Trading Fee is free.

MEXC offers new users a reward of up to 5000 USDT. They get it after they open an account and make transactions with referral code 1huHd.

3. Bybit

Bybit is a top cryptocurrency exchange in Australia. It meets all the items on a crypto trader's checklist. It boasts a daily trading volume over 10 billion USD. Bybit offers low fees of 0.1% for Spot Trading and very low rates for Derivatives Trading. These are 0.02% for originators and 0.055% for takers.

Bybit offers over 330 cryptocurrencies for trading. You can trade them through spot or derivatives trading. Bybit meets the needs of experienced traders seeking diverse options. Its platform is for serious traders. It has a system uptime of 99.99% and trading speeds of up to 100,000 transactions per second.

Bybit offers many advanced features. These include advanced charting and technical analysis tools. They also include Margin Trading with leverage of up to 100x. These features make Bybit appealing. It is a good choice for seasoned traders. They want a comprehensive and efficient platform to execute their strategies.

Bybit exchange stands out from other exchanges. It offers big rewards for new users, reaching up to 30,000 USDT. For people starting to trade cryptocurrency in Australia, this is worth considering.

4. Bitget

Bitget is fourth on the list. It is a famous global cryptocurrency exchange. It was established in 2018. Bitget has over 20 million users across 100 countries, including Australia. It is a big player in the industry.

Bitget has boosted its reputation. It did this by working with notable figures, such as football icon Lionel Messi. In October 2022, Bitget entered a two-year partnership with Messi. The deal gives his fan community access to Web3. They can trade cryptocurrency on the platform. In 2023, Bitget has done well. TokenInsight Crypto CEX 2023 Q2 Highlights showed this. They show Bitget's continued market dominance. It has sustained its position in the top 4 for trading volume and increased its market share to an impressive 8%. These achievements are remarkable. They show why I have included Bitget in its list of the best crypto exchanges in Australia.

5. Kucoin

People like KuCoin. It is a cryptocurrency exchange. Its easy interface and many trading features are well-known. KuCoin established itself in 2017. It has gained a loyal user base among traders in Australia and globally.

KuCoin is easy to use. It also offers incentives to new users. This makes it a great choice for those new to cryptocurrency trading.

New users who sign up for a KuCoin account are eligible to receive rewards of up to 700 USDT. When registering through DavidWabinz.com, users get an exclusive 40% discount on fees.

6. OKX

Next is OKX. People knew it as OKEx. It is a reputable cryptocurrency exchange. It provides a complete trading platform for both new and experienced traders. Operating since 2014, OKX has established a robust presence in the Australian market.

OKX has been in the cryptocurrency space for a long time. It offers a lot and commits to security. This makes it a noteworthy option for traders. They want a reliable platform to execute their trading strategies.

OKX offers many types of trading. These include spot, margin, and futures trading, as well as other investment products. The exchange has many digital assets. It includes major cryptocurrencies and many altcoins. Trading fees on OKX range from 0.08% to 0.2%, depending on trading volume and products. The fee is higher than at other exchanges. But, OKX is on DavidWabinz.com's list because of its strong reputation as a secure Web3-based exchange.

Users who register an OKX account through DavidWabinz.com can use referral code 69809443. They will get prizes. The prizes can total up to 10,000 USDT. They can also get a bonus of 50% off trading fees.

7. Binance

It has around 30 million registered users. It has more trading volume than any competitor. Binance is the most used exchange globally. Binance offers many ways to earn. These include staking, savings accounts, and yield farming for over 100 coins. Moreover, it hosts an NFT marketplace. For experienced traders, Binance has advanced trading options. These include various order types, automated trades, and charting tools. They make trading better. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has registered the platform. It has a private insurance fund worth USD 1 billion. The fund safeguards users' assets.

Yet, Binance has faced challenges in the past six months. They were both global and specific to Australia.

In April, Binance Australia asked ASIC to revoke its AFSL license. The license lets customers trade complex derivatives. They took this action because of an ASIC investigation. Investors revealed an error that had miscategorized them. This error gave them access to these products by mistake. In May, Binance's Australian banking partner stopped supporting AUD deposits. They also stopped supporting AUD withdrawals to the exchange. But, they have since reversed this decision. In November, Binance admitted guilt to a crime. It consented to USD 4.3 billion in fines. Binance's founder and CEO is Changpeng Zhao. He also admitted to breaking US rules against money laundering. So, Zhao has resigned from his position.

8. eToro Australia

eToro is a broker, not a crypto exchange. It offers many trading instruments, including cryptos. It's a social trading platform. It allows users to interact by posting and commenting on the news feed.

It is for those interested in buying cryptocurrencies. It is also for those interested in diversifying into stocks. eToro offers an easy platform. The fees are reasonable, at 1%. The availability of a mobile app for Android and iOS ensures convenient trading on the go.

eToro operates in USD. This may incur currency fees for Australian users. Still, eToro is a popular choice for traders. They want a platform with many trading options.

9. LBank

Australian traders favor Lbank, a cryptocurrency exchange. The platform offers many services. These include margin, futures, options, and ETF trading in cryptocurrency. Users can trade many cryptocurrencies. These include Bitcoin, Litecoin, Ethereum, Tether, Ripple, and others. Also, the platform supports fiat currencies like the US dollar and Chinese yuan. This allows direct credit card deposits and cryptocurrency purchases. You do not need to deposit funds in advance. Lbank also has a quick trading service. It is convenient for users to trade.

Lbank has notable investment opportunities in third-party blockchain projects. It offers flexible deposits and attractive interest rates. The exchange also runs a one-level referral program. It lets users earn rewards by inviting others to join. Moreover, Lbank has a low fixed commission rate of 0.1% on trades. This gives traders cost-effective options. Lbank presents itself as a platform. It is good for both new and experienced traders.

10. Kraken

Kraken is one of the oldest cryptocurrency exchanges. It started in 2011 during the early stages of crypto. This platform boasts a diverse selection of coins coupled with competitive trading fees.

Kraken provides users with two distinct trading platforms: Kraken and Kraken Pro. For those starting to invest in cryptocurrency, use Kraken. It is a basic exchange. Instant Buy may not have the lowest fees. But, its simple interface is great for beginners. Kraken Pro caters to experienced traders. It offers many advanced tools. These include margin trading, various order types, and futures trading. Additionally, it provides discounts for traders engaging in higher-volume transactions.

Finding the best crypto exchange in Australia

DavidWabinz.com's investment specialists have reviewed over 25 cryptocurrency exchanges. The exchanges are accessible in Australia. The goal is to simplify your selection process. Our top cryptocurrency exchange recommendations come from the 2023 Crypto Exchange Awards. They also come from the 2023 Finder Customer Satisfaction Awards. We only feature exchanges approved by AUSTRAC or ASIC. Remember, these suggestions are guidance. The best choice for you depends on your needs. Also, other products exist in the market. They aren't on our roster.

How to choose the best crypto exchange?

Exploring various platforms and weighing the advantages and disadvantages of each is crucial. The optimal cryptocurrency exchange is contingent upon your specific preferences and needs.

When evaluating crypto exchanges, take into account the following criteria:

User-friendliness and trading tools

For those new to cryptocurrency, buying and selling coins can be overwhelming. Experienced traders might want platforms with advanced features. These include charts. There are many order types. You can also trade on margin.

If you're new to crypto trading, rank platforms with easy interfaces. They simplify the learning curve from the start.

Payment methods

Can you add funds to your account using bank transfer, credit card, or PayPal? Generally, the more payment methods an exchange offers, the easier it is to use. Make sure your chosen exchange has deposit options. They should match your preferences. Also, check for withdrawal options. Also, remember to review the fees for each method.

Type of Trading

Begin by determining the kind of trades you intend to execute. Exchanges vary in the types of trading they ease:

• Trading fiat currency for cryptocurrency
• Trading one cryptocurrency for another
• Supporting both fiat-to-crypto and crypto-to-crypto transactions

For example, if you want to buy Bitcoin with Australian dollars, find a broker. The broker lets you buy with a bank transfer or credit card. Instead, if you want to trade your Bitcoin or Ethereum for a different cryptocurrency, use a platform. It should allow direct crypto-to-crypto trades.

Cryptocurrency selection

Think about the specific currencies you aim to trade and which platforms offer them in trading pairs:

• Cryptocurrencies: There are thousands of cryptocurrencies. Expecting all of them to be listed on any one platform is unrealistic. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and others in the top 20 coins by market cap are usually on many exchanges. But, less common altcoins may be more challenging to locate.
• Fiat currencies? If you plan to buy cryptocurrencies with fiat, check which fiat the platform accepts.

Fees

Consider all the fees involved from deposit to trading to withdrawing funds. Include them when assessing the total cost of buying and selling cryptocurrency. Do this on different platforms. Consider your payment method. Also, consider the currencies and discounts involved in your transactions. By assessing these factors well, you can make better decisions. You can pick the platform that offers the cheapest options for you.

Security features

Security stands as a pivotal consideration when selecting a cryptocurrency exchange. Throughout history, many famous exchanges have fallen to hacking. This led to users losing their funds to theft and fraud. So, you must do thorough research into the security measures of each exchange. They protect your assets.

Key inquiries to pose include:

• Does the platform support 2-factor authentication?
• Are customer funds stored in online or offline wallets?
• Do users maintain control over their private keys, or does the exchange? If the latter, where and how are private keys stored?
• What level of verification is necessary to open an account?
• Is there round-the-clock security monitoring in place?
• Will you receive email and SMS alerts about account activity?
• Does the exchange use email encryption?
• Does the exchange furnish proof of reserve?

By answering these questions, you can better test each exchange's security. Then, you can make informed choices to protect your investments.

Limits

Are there limits on the amount you can deposit? Are there limits on the volume of cryptocurrency you can buy or sell in a single transaction or a day? Also, check if there are limits on how much you can withdraw from your account.

Keep in mind that there may be least and greatest thresholds. Review the terms to ensure the platform fits your trade size.

Customer support

People often overlook this aspect. But, it is very important when evaluating cryptocurrency exchanges. It is important to know how to contact the platform's customer support team. This is for trading or account-related issues.

DavidWabinz.com advises you to consider the following:

• What channels are there to contact customer support? Do they offer email, phone, and live chat options?
• Is there an online support center where you can submit a support ticket?
• Is customer support accessible 24/7 or have specific hours of operation?
• How does the support team respond to queries?
• Does the exchange operate overseas in a non-English-speaking country? Is support available in English?
• Does the support center have a full FAQ? Does it have trading documents or instructional videos?
• Finally, does the platform have a good reputation? Do they provide timely, helpful support to users?

Best Crypto Exchanges for Beginners in Australia

Newcomers are venturing into digital currencies. Choosing the right exchange is a key first step. It leads to acquiring your first cryptocurrency. Many exchanges are available. Finding one that fits your needs at the start of your investment journey can feel daunting. Here are key considerations to ponder when selecting an exchange:

• Security is key. Focus on exchanges with strong security. They should have measures like two-factor authentication and cold storage for user funds. Look into the exchange's past hacks or breaches. Also, investigate how they handled the situation.
• User-Friendliness: Opt for an exchange that offers a interface, especially for beginners. A simple platform can reduce confusion. It is easy to navigate. This can ease frustration.
• Look for exchanges that offer educational resources and good customer support. They will guide you through the process.
• Supported Cryptocurrencies: Confirm that the exchange supports the cryptocurrencies you intend to trade.
• Fees: Check the fees charged by the exchange for buying and selling cryptocurrencies. Make sure they are reasonable and manageable for your budget.
• Reputation: Test the reputation of the exchange through user reviews and feedback. Consider factors. These include the exchange's age, history of withdrawals, and support quality.

Consider these factors. They will help you make an informed decision when picking an exchange. Look for one tailored to your needs and preferences. This is important for a beginner in the cryptocurrency market.

If you're still uncertain, DavidWabinz.com suggests considering BingX exchange. It is a well-regarded platform in Australia. You can find more details about the BingX trading platform in our review article.

Frequently Asked Questions (FAQs)

What is the best crypto exchange for Australia?

Choosing the “Best Crypto Exchange” is hard. This is due to each platform's strong and weak points. While one may excel for some, it might not meet the needs of others. We ranked the top eight exchanges in Australia after evaluating 11 factors. BingX and Kraken were the top picks. Do thorough research before deciding, as features vary among exchanges. And always be mindful of the risks in crypto trading – never invest more than you can afford to lose.

What is the safest crypto platform in Australia?

Finding the safest cryptocurrency exchange depends on factors. These include security, transparency, and following regulations. No system can ensure perfect security. But, traders can improve safety by using strong passwords and two-factor authentication. Thorough research and reading reviews are crucial. They help in picking the right exchange.

How does a crypto exchange work?

A crypto exchange is a digital platform for buying, selling, and trading cryptocurrencies. It acts as a middleman. It connects buyers and sellers, allowing them to exchange cryptocurrencies or fiat money. To start trading, users usually register, verify details and deposit funds.

How do you buy crypto in Australia?

Buying cryptocurrency involves several key steps. Step 1 is to choose a Crypto Exchange. Begin by picking a reputable and secure one. Step 2: Create an Account. After picking an exchange, make an account and verify your info. Step 3 is to deposit funds. You can deposit funds into your exchange account using a credit/debit card or bank transfer. Step 4: Buy Crypto. Once funds are in, buy your chosen cryptocurrency. Step 5: Store Your Crypto: After buying cryptocurrency, store it in a wallet. Some exchanges offer built-in wallets, while others need a separate wallet setup. Keep your private keys safe and secure.

Which crypto wallet is best Australia?

Selecting the best crypto wallet for Australians depends on individual needs. The top options are Ledger and Trezor for hardware wallets. And, Safepal and Exodus for software wallets. Consider the differences between software and hardware options. For security, functionality, and cryptocurrency support, choose. View the ranked list of top wallets for Australians for more options.

Why does a crypto exchange need my ID?

Crypto exchanges request your ID for the law. This is for anti-money laundering (AML) and know-your-customer (KYC) laws. These regulations aim to prevent financial crimes by verifying user identities. Providing ID enhances transaction security, shielding both you and the exchange from fraud. It's a vital step to safeguard your account, ensuring exclusive access. It's an extra step. But, it's essential. It's needed to keep a secure and compliant crypto exchange in Australia.