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Top Crypto Exchanges in Australia in 2024

12 mins
Updated by Maria Petrova
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If you’re searching for the top crypto exchanges in Australia in 2024, look no further. This guide sets out the top eight options for users looking to buy crypto with Australian Dollars. We also detail the best way to narrow down potential exchanges and choose the platform most suited to you. Here’s what you need to know in 2024.

Methodology

Top 9 crypto exchanges in Australia

1. Swyftx

Best crypto exchange in Australia
Fees
0.1%-0.6%
Crypto
373
Payment methods
Bank transfer, POLi, PayID and debit card
Min. purchase
$1 AUD

2. Bullish

Best for leverage trading
Fees
0.1% (no maker fees)
Crypto
37
Payment methods
Bank transfer and crypto
Min. purchase
No minimum

3. Independent Reserve

Best for tax preparation
Fees
0.5%
Crypto
30+
Payment methods
Bank transfer, debit/credit cards, PayPal, and SWIFT
Min. purchase
No minimum

4. Bitaroo

Best for low fees
Fees
0.19%
Crypto
Bitcoin
Payment methods
PayID and bank transfer
Min. purchase
N/A

5. Coinspot

Best for OTC trading
Fees
0.1%
Crypto
440+
Payment methods
PayID, BPAY, direct deposits, cash and card
Min. purchase
$1 AUD

6. Elbaite

Best for wallet-to-wallet trading
Fees
1%
Crypto
28
Payment methods
Apple/Google Pay, card, and PayID
Min. purchase
N/A

7. CoinJar

Best for issuing crypto card
Fees
0.1%
Crypto
50+
Payment methods
Apple/Google Pay, card, PayID, and 3+
Min. deposit
$10

8. AmberApp

Best for referral program
Fees
0.99%
Crypto
Bitcoin
Payment methods
EFT and PayID
Min. purchase
N/A

9. HardBlock

Best for purchasing Bitcoin
Fees
1.2%
Crypto
Bitcoin
Payment methods
PayID, EFT, and POLi
Min. purchase
N/A

Top crypto exchanges in Australia compared

PlatformFeesCryptoPayment methodsMobile
Swyftx0.6%330+Bank transfer, POLi, PayID and debit cardAndroid and iOS
Bullish0.1%37Bank transfer and cryptoNo
Coinspot0.1%440+PayID, BPAY, direct deposits, cash and cardAndroid and iOS
Independent Reserve0.5%30+Bank transfer, debit/credit cards, PayPal, and SWIFTAndroid and iOS
Bitaroo0.19%BitcoinPayID and bank transferAndroid and iOS
Elbaite1%28Apple/Google Pay, card, and PayIDNo
CoinJar0.1%50+Apple/Google Pay, card, PayID, and 3+Android and iOS
AmberApp0.11%BitcoinEFT and PayIDAndroid and iOS
HardBlock1.2%BitcoinPayID, EFT, and POLiNo

How do you choose a crypto exchange in Australia?

Whether you are new to crypto or an expert, it is best practice to choose an exchange or platform that suits your personal needs. Not all crypto exchanges are created equally, and you will need a way to separate the best from the rest. Here are a few ways to tell the difference.

Platform type

We often use the term exchange loosely, but not all platforms are exchanges. Most platforms that allow you to buy cryptocurrency fall into a few categories:

  • Exchange
  • Brokerage
  • Money transmitter/payments platform
  • Instant exchange

Exchange: A crypto exchange is a platform where buyers and sellers can trade crypto on a peer-to-peer basis based on current market prices. Exchanges in Australia are required to register with AUSTRAC (Australian Transaction Reports and Analysis Centre) and comply with AML and CTF regulations.

Brokerage: A crypto brokerage acts as an intermediary that facilitates the buying and selling of cryptocurrencies on behalf of its clients. Brokerages set the price at which they are willing to buy or sell crypto, often adding a margin or fee for their services.

Money transmitter/Payments platform: Platforms facilitate the transfer of money, including fiat to crypto transactions, fall under money transmitters or payment platforms. These services must also comply with AUSTRAC’s regulatory framework.

Instant exchange: An instant exchange or crypto swap site offers a quick and straightforward way to swap one cryptocurrency for another without the need for traditional exchange order books. These platforms typically provide a more user-friendly experience but usually incur higher fees.

Fees

An obvious factor to consider is fees, as users naturally want low costs. There are some nuances to consider regarding fees. For example, exchanges profit from a combination of spreads and sometimes transaction fees. The spread is the difference between the buy and sell price of a cryptocurrency on the platform.

Brokerages, on the other hand, often make their profit primarily through transaction fees and sometimes markup on the price of the cryptocurrency. Whether exchanges are cheaper than brokerages depends on various factors, including the specific services used, the volume of the transaction, the payment method, and many other factors.

Payment platforms typically charge fees for the transfer of funds, which can include sending, receiving, and converting fiat to cryptocurrencies and vice versa.

These platforms facilitate payments and remittances and sometimes allow direct purchases of goods and services with crypto. The fees can be structured as a percentage of the transaction amount, a flat fee, or a combination of both.

Instant exchanges, however, include a spread and or a transaction fee, which is usually a percentage of the swap amount.

Security

Platform security can mean a lot of things to different users. Ideally, custodial crypto platforms should hold the majority of crypto in cold storage. Some platforms will employ crypto custodians with enhanced security protocols like Fireblocks or Coinbase Custody.

Cold storage is the safest option for users to store their cryptocurrency. Needless to say, this does not apply to non-custodial platforms like instant exchanges.

Beyond the normal security protocols, such as SSL/TSL data encryption for connecting to websites, platforms should also offer customers multi-factor authentication, biometric verification, and other features for accounts and mobile apps. Security certifications and audits are another benefit for customer assurance.

Segregated assets show a commitment to putting the customer first. This means that in the event of a bankruptcy, customers’ assets are separated from the bankruptcy. Lastly, it should go without saying that all platforms, regardless of type, should adhere to legal compliance.

Remember it is not safe to leave crypto on centralized exchanges long term. Instead, choose a hot or a cold wallet and ensure to maintain crypto wallet security best practices to protect your private key.

Is Australia a good location for crypto?

Australia’s sentiment towards crypto is more forward-looking than many other parts of the world. The government has taken a proactive approach with a regulatory framework aimed at protecting consumers while allowing innovation.

Cryptocurrency trading and exchanges are legal in Australia and are regulated under existing financial services and anti-money laundering laws. This includes identifying and verifying users, maintaining records, and fulfilling government reporting obligations.

However, Australian exchanges tend to have higher fees than many parts of the world. In 2022, Australians spent an estimated $50.9 million in fees to trade crypto, according to Finder App survey-generated data.

Despite this, adoption in Australia continues to grow. According to the 2024 Independent Reserve Cryptocurrency Index (IRCI) for Australia, crypto ownership increased to 27.5% in 2024, with notable growth among the over-55 age group. Bitcoin also remains the top choice for investment, with 63% of investors holding the original crypto ahead of the Bitcoin halving.

Despite the challenges the crypto industry faced in 2023, such as the fallout from the FTX saga and the collapse of Signature Bank, this year’s IRCI data demonstrates that Australians’ interest and investment in crypto remain high and continue to gain momentum. Sentiment has demonstrably shifted, and we’ve entered a phase of renewed optimism and growth.

Adrian Przelozny, Group CEO at Independent Reserve: IRCI

Choose the exchange that suits you best

If you are in Australia and part of the growing number of users who want access to crypto and web3, you have a range of options to choose from. Remember to prioritize safety and security when interacting with decentralized ecosystems. Crypto is a volatile asset; never invest what you cannot comfortably afford to lose.

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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