Best Crypto Exchanges Australia

Top Crypto Apps in Australia

Through our evaluation, we have identified the best-in-class cryptocurrency applications and trading platforms for Australian investors. We scrutinize every platform's assortment of digital currencies, handling of Australian dollar deposits through local payment options like BPAY and PayID, ease of use, costs, and security protocols. We also consider adherence to regulations imposed by the Australian Securities and Investments Commission (ASIC). From this extensive review, we've curated a selection of the top five exchanges in Australia.

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1. eToro

eToro is the most secure trading platform for Aussies and is regulated by the ASIC. It is a multi-asset exchange that specialises in Cryptocurrencies, Stocks, Commodities, and various other financial instruments. Renowned for its user-friendly interface and social trading features, eToro allows investors to follow and replicate the strategies of top traders on the platform. It also maintains stringent security measures and adheres to strict regulatory compliance in Australia. Apart from trading it offers staking, copy trading and a virtual trading platform.

• Minimum Deposit: $20 AUD.
• Supported Tokens: 92 Cryptocurrencies & 4000+ other assets.
• Regulatory Compliance: Regulated and licensed with ASIC.
• AUD Funding Method: Credit/Debit Card, PayPal, Bank Transfer & POLi.

2. CoinSpot

CoinSpot is the largest Australian-based cryptocurrency exchange that caters specifically to the local market. Known for its intuitive interface and ease of use, CoinSpot enables users to trade and invest in a wide variety of digital assets. The platform takes security and regulatory compliance seriously, ensuring that users can confidently trade within a secure environment, and is licensed with both Australian regulatory bodies. In addition to trading Crypto, it also offers staking services, Bundles (Crypto ETFs), a Crypto Card, an NFT marketplace, and more.

• Minimum Deposit: $10 AUD.
• Supported Tokens: 370+ Cryptocurrencies.
• Regulatory Compliance: Regulated and licensed by AUSTRAC & ASIC.
• AUD Funding Method: PayID, Credit/Debit Card, POLi, Bank Transfer, BPAY, Osko & Cash.

3. Bybit

Bybit is a global crypto platform that focuses primarily on providing a private trading experience for its users as it doesn't require KYC. It also offers an extensive range of Crypto to trade and stake, plus a variety of advanced trading features, such as leverage trading with up to 100x leverage. Bybit is a feature-rich platform that offers multiple staking options, lending and borrowing services, an NFT marketplace, copy trading services, a DeFi hub, and more. It also provides proof of reserves that shows users' assets are held on a 1:1 basis.

• Minimum Deposit: $10 AUD.
• Supported Tokens: 400+ Cryptocurrencies.
• Regulatory Compliance: Not regulated with ASIC or AUSTRAC.
• AUD Funding Method: PayID, Credit/Debit Card, Wise, Bank Transfer, Zen, POLi, Neteller, Revolut, Google Pay & Maestro.

4. Uphold

Uphold is a versatile platform that allows Aussie investors to buy, sell, and hold an extensive range of assets, including Cryptocurrencies, precious metals, and other commodities. With a commitment to security and regulatory compliance, Uphold ensures that its users can trade confidently and safely in a regulated and transparent trading environment. The platform provides complete transparency in its holdings and provides regularly audited proof-of-reserves showing that they hold users' funds 1:1, it is the only exchange in Australia that does this.

• Minimum Deposit: $10 AUD.
• Supported Tokens: 250+ Cryptocurrencies & 100+ other assets.
• Regulatory Compliance: Regulated and licensed with ASIC.
• AUD Funding Method: Debit/Credit Card, Google Pay, Apple Pay & Bank Transfer.

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5. Binance

Binance is one of the largest and most well-known cryptocurrency exchanges globally, offering a vast selection of digital assets for trading and staking. It is recognised for its advanced trading features and multiple trading options which include spot, futures, options, and margin trading, catering to both beginner and professional traders. We selected Binance as the fifth best option for Aussie investors because it offers a variety of features and trading methods, a wide range of cryptocurrency, several staking options and much more.

• Minimum Deposit: $10 AUD.
• Supported Tokens: 350+ Cryptocurrencies.
• Regulatory Compliance: Not regulated by ASIC or AUSTRAC.
• AUD Funding Method: Debit/Credit Card, PayID, Bank Transfer & Google Pay.

Is Crypto Taxed in Australia?

In Australia, the taxation of cryptocurrencies is overseen by the Australian Taxation Office (ATO). Instead of being classified as currency, cryptocurrencies are treated as property, thereby subjected to capital gains tax (CGT), and in certain situations, income tax. Maintaining precise records and comprehending the distinct tax liabilities linked to different kinds of cryptocurrency transactions are essential to adhere to Australian tax legislation. If the process of tax reporting appears complex, we suggest consulting with a tax expert in your respective state.

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Is Crypto Trading Legal in Australia?

Engaging in cryptocurrency trading in Australia is entirely legal and subjected to governmental oversight. Participation in this digital asset market typically demands the usage of a licensed cryptocurrency exchange. Selecting a reputable and regulation-compliant platform is paramount for a secure and smooth investment journey. The regulation of cryptocurrency within Australia falls under the jurisdiction of two key entities - the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Securities and Investments Commission (ASIC).

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The Bottom Line

The landscape of cryptocurrency investment in Australia is not only legal but also subject to stringent regulatory practices, providing a trusted environment for prospective investors. Based on our comprehensive analysis, the best overall platforms for Australian digital asset investors include eToro, CoinSpot, Bybit, Uphold, and Binance. Each of these exchanges offers unique features and varying degrees of regulatory compliance, promising a broad spectrum of digital assets and trading strategies tailored for novice to expert investors.

Furthermore, given the oversight of the Australian Tax Office, cryptocurrency transactions are subject to taxation, necessitating meticulous record-keeping for investors. Ultimately, prior to delving into the vibrant realm of cryptocurrency trading, it's essential to comprehend local regulatory standards, grasp each platform's offerings, and select an exchange that aligns effortlessly with your unique investment goals and risk profile.