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Best Bitcoin Exchanges in Australia 2024
Although it is a global currency, Bitcoin regulation and availability changes around the world. Some applications may be available in some countries but not others, which can make it tricky to find what you’re looking for.
As part of our mission to make crypto accessible to all of our readers, in this guide we will take a look at the best Bitcoin exchanges in Australia.
Each of the platforms that we discuss is available to Australian traders who want to buy and sell crypto in 2024. We will also share how to find the best platform for you and how to use an exchange to buy Bitcoin.
A List of the Best Bitcoin Exchanges Available in Australia
After reviewing several platforms, 7 Bitcoin exchanges stood out as the best options for Australian investors.
Here is our list of the best Bitcoin exchanges to consider in 2024.
Best for: | Bitcoin trading fees | Exchange type | |
Binance | Building a diverse portfolio with over 500 cryptos | 0.1% | Centralized |
Coinspot | Beginner investors who want to trade on a local exchange | 0.1% | Centralized |
Plus500 | Day trading crypto CFDs | 0.3% | Centralized, CFD trading |
Digital Surge | Beginner investors who are looking for a simple platform | Up to 0.5% | Centralized |
Cointree | 24/7 crypto trading | 0.75% | Centralized |
Coinjar | Buying Bitcoin on mobile | 1% | Centralized mobile app |
Swyftx | Autoinvesting | From 0.1% | Centralized |
What Should I Look for in an Australian Bitcoin Exchange?
So, how did we pick out the best exchanges for Australian investors?
Finding the top platforms requires an understanding of what makes a Bitcoin exchange good. There are hundreds of options on the market, but not all of them will be suitable for you.
The exact requirements to consider will vary depending on your investing strategy, experience and long-term goals. Experienced investors may want to find a platform that offers advanced strategies and charting tools. Where as beginners may want to prioritise customer service and educational resources.
Nevertheless, there are a few key features that every top Bitcoin exchange should offer. Here’s what to look for:
Reputation
First and foremost, pay attention to a platform’s reputation before signing up. Steer clear of exchanges that have received a significant number of negative reviews – there is probably a reason for these!
It is also a good idea to search for any recent news about an exchange. It is normal for Bitcoin exchanges to run into regulatory problems that could affect your experience with the platform. Look for a clean track record.
Intuitive Interface
The best Bitcoin trading platforms should be easy to use, especially if you are new to cryptocurrency trading.
Look for platforms that have a simple interface, clear instructions and easy navigation. The best way to test this is to sign up for a free demo account.
Fees
Most Bitcoin exchanges charge fees for buying Bitcoin. The higher these fees are, the more expensive it will be to buy Bitcoin.
Try to look for exchanges that offer lows fees – during our research we found several top platforms that charge as little as 0.1% commission per trade.
As well as trading fees, pay attention to deposit/withdrawal fees, account management fees and inactivity fees. If you plan on holding your crypto long-term, inactivity fees can easily catch you out.
Minimum deposit
To avoid putting too much of your money at risk, look for a platform that offers a low minimum deposit. For example, Coinspot offers a minimum deposit of just $1.
This means that you can test the exchange with a small amount of money before committing to a larger trade.
Trading Volume
High trading volume is a sign of good liquidity, which will make it easy to buy and sell Bitcoin as and when you want to.
High volume is also a sign that an exchange is popular amongst crypto investors, which speaks volumes for its credibility.
You can find this information on sites such as Coinmarketcap. Look for exchanges that have a steady volume.
Demo account
It is difficult to determine the suitability of a Bitcoin exchange without testing it. For this reason, the best Bitcoin exchanges should offer demo trading accounts that can be used to test the platform without needing to deposit any money.
Demo accounts are a simulation of the real trading environment that allows you to place trades with virtual funds. The best platforms should provide a demo account that accurately reflects the main trading platform so that you can get a good understanding of how it works.
What Exchanges Are Available to Trade Bitcoin in Australia?
In the following section, we will take a closer look at 5 Bitcoin exchanges that are available to use in Australia. We will cover the main features of each platform, why we like it and the main pros and cons to be aware of.
1. Binance – Best for Convenient Bitcoin Trades
Binance is one of the biggest crypto exchanges in the world. It has also managed to secure a robust reputation amongst traders, despite facing some regulatory hiccups along the way. You can start trading immediately after you verify your account.
There are several factors that make Binance one of the most convenient Bitcoin exchanges to trade in Australia:
Key Features
Binance operates in Australia under InvestbyBit Pty Ltd, a registered cryptocurrency trading platform that is regulated by the Australian Transaction Reports and Analysis Center (AUSTRAC).
Binance Australia also offers lower trading fees, provided you upgrade your account to join the VIP program.
It is possible to deposit money to your trading account via Australian Dollars (AUD) and no fees are charged for deposits.
Additionally, you can use the Binance crypto wallet to store your digital assets.
The exchange is known for being user-friendly and simple to navigate. However, experienced investors can find a good range of advanced products such as staking and lending tools.
- Trade Bitcoin across several devices, including Windows, Android, iOS, and macOS.
- Zero-fee deposits via Osko or PayID.
- Supports over 100 NPP-enabled banks in Australia.
- Offers both Instant Buy and Regular Trading options.
- Trading is available for personal and corporate accounts on-boarding.
- Ironclad security, including SAFU fund protection.
- Several deposit methods, including AUD, Credit Cards, and Debit Cards.
- Charges as much as 4.5% for debit card deposits.
- Binance has run into regulatory troubles over the last few years and could attract more.
Our Opinion on Binance
While Binance has been consistent with providing quality Bitcoin trading services to Australians, we think that the platform needs to have more on-the-spot trading, and this is because it is not primarily an Australian cryptocurrency exchange.
Despite that, the crypto exchange has done well to offer several ways to trade Bitcoin and other cryptocurrencies. The platform also has excellent liquidity.
Binance vs. Other Bitcoin Exchanges in Australia
Binance Australia favorably competes with the other Bitcoin trading platforms in Australia because of the wide range of trading options, including Classic, Advanced, and Peer-to-Peer (P2P) trading options.
The crypto exchange also offers research services. This is an “institutional-grade analysis and reports” of the crypto exchange. The research is done to help the crypto trading platform offer advanced Bitcoin exchange services to the users.
2. CoinSpot – The Best for Beginner-Friendly Bitcoin Trades
CoinSpot has been serving Australian cryptocurrency investors since 2013. In the last eight years, CoinSpot has built a reputation as a user-friendly cryptocurrency exchange.
It is used by both beginners and professional Bitcoin traders and it also has a mobile app which makes it possible to manage your trading on the go.
Key Features
CoinSpot is a local cryptocurrency exchange. Therefore, the platform accommodates Australia’s regulatory requirements, which means that the platform is unlikely to run into any trouble.
The platform is also registered with the Australian Transaction Reports and Analysis Center (AUSTRAC). This gives the crypto exchange legitimacy to offer a wide range of cryptocurrency trading options in Australia.
- High trading limits
- A wide range of cryptocurrencies to trade, including Bitcoin.
- Several trading options, including Over-the-Counter (OTC) trading.
- The exchange is suitable for beginners and advanced traders.
- Convenient trading via the Instant Buy & Sell feature.
- 24/7 customer support services via Live Chat.
- Covers several cryptocurrency markets, such as Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi).
- Mobile application.
- Limited privacy features.
- ID verification is required before deposits can be made.
Our Opinion on CoinSpot
As an indigenous Bitcoin exchange in the country, it has performed exceedingly to create inclusive cryptocurrency opportunities.
However, CoinSpot needs to be more flexible with the verification process since users are not allowed to deposit funds and test the platform before verifying their profiles.
CoinSpot vs. Other Bitcoin Exchanges in Australia
CoinSpot has an edge over other platforms due to the fact that it is native to Australia. The platform is also very user-friendly which makes it a great option for beginners.
3. Plus500 – The Leading CFD Trading Platform in Australia
Plus500 is a Contract for Difference (CFD) service provider in Australia. As a CFD provider, the platform focuses on offering Australian Bitcoin investors the opportunity to speculate on the price of Bitcoin— whether the price of BTC would go up or down.
Plus500 has been in the CFD market for many years, serving Australia and many other countries. Through this CFD trading platform, you will have instant access to trade crypto and some of the most popular financial assets in the country. These assets include AUD/USD, S&P/ASX 200, and Bitcoin.
Key Features
Plus500 offers over 2,000 financial instruments, including Bitcoin, AUD/USD, ASX 200, and many others. It backs this up with tight spreads and leverages up to 1:30. If you are experienced with leverage trading and effective risk management, it will be an intuitive platform.
- Dedicated round-the-clock customer support.
- Legally backed by the AFSL authorization and the licensing by the Australian Securities and Investment Commission (ASIC).
- Clients’ funds are held in a segregated account, per the legal requirements in Australia.
- Offers mobile CFD trading via Android app, iOS app, WebTrader, and Windows 10 Trader.
- Several deposit methods, include MyBank, VISA, iDEAL, MasterCard, giroPay, Bank Transfer, Klarna, and PayPal.
- Limited account options.
- Doesn’t offer copy trading.
Our Opinion on Plus500
Through the Plus500 platform, you can speculate on the future price movements of Bitcoin. You can also leverage that opportunity to trade several other financial assets, including commodities, indices, ETFs, shares, and FOREX.
Plus500 vs. Other Bitcoin Exchanges in Australia
Plus500 is not a cryptocurrency exchange. Instead, it is a CFD platform. Therefore, it is operating on a different market segment that allows you to speculate on the price movement of Bitcoin.
4. Digital Surge – The Best Bitcoin Trading Platform for AUD Transactions
Digital Surge offers trading opportunities via a wide range of cryptocurrencies using the Australian Dollars (AUD).
Like Coinspot, the platform is native to Australia and has an Australian-based support team.
Key Features
Digital Surge is the one-stop spot for AUD-centric Bitcoin transactions. This is because of the dominance of AUD trading pairs for most of the financial assets.
Digital Surge allows you to add money to your trading account directly from your local bank account. You can use several payment channels to do this, including POLi Pay, Osko, and PayID.
The exchange offers multi-layered security and prioritises user protection, making it a relatively reliable option.
- Transparent fees.
- A majority of the assets are held in safe, offline storage.
- Price alerts and customized notifications.
- Client Manager interface to help you develop an excellent trading strategy.
- Regulated by ASIC & AUSTRAC.
- Fiat deposits are limited to AUD.
- Doesn’t support large amounts of cryptocurrency trades.
Our Opinion on Digital Surge
Digital Surge simplifies the process of buying Bitcoin or any other cryptocurrency for that matter. With the support for AUD transactions, you can now conveniently buy Bitcoin using the funds in your bank account.
The platform also secures your funds via offline storage, as well as the strict compliance with the regulations by ASIC and AUSTRAC.
Digital Surge vs. Other Bitcoin Exchanges in Australia
Digital Surge is ahead of some Bitcoin exchanges in Australia and this is because of the localization of the accepted payment methods.
Unlike the other platforms that require deposits from several payment methods, Digital Surge prioritizes the AUD as the primary deposit method.
5. Cointree – Australians’ Favorite Cryptocurrency Exchange
Cointree has been in existence since 2013. With entry-level access and sophisticated trading tools, Cointree is another leader in Bitcoin trading.
Key Features
Cointree offers several trading options cutting across Personal (for beginners), Institutional (for OTC trades), and Self Managed Super Fund (SMSF). The platform can also be tailored to cryptocurrency trading and investment services for wealth managers, accountants, and financial planners.
- Low Bitcoin and cryptocurrency trading fees.
- Bank-level encryption.
- Offers up to 160 top-performing cryptocurrency portfolios.
- Dedicated account managers for providing expert consultation and personalized services to clients.
- Up to 70% referral bonus.
- Only ideal for beginners.
- It has a high-point trading fee.
Our Opinion on Cointree
Cointree has many years of experience serving the needs of Australian cryptocurrency investors. The tailored solutions for cryptocurrency traders, the multiple cryptocurrencies supported and the easy signup process makes it one of the best.
Cointree vs. Other Bitcoin Exchanges in Australia
Cointree helps the average user unlock and tap into the awesome opportunities in the cryptocurrency industry. It does this relatively better than most cryptocurrency trading platforms because of the customer-centric approach.
How to Get Started with Bitcoin Exchanges in Australia
The processes involved in trading cryptocurrencies at any of the Australian Bitcoin exchanges start from the signup process. Be sure that you create and set up your account correctly.
Here is an overview of how to get started:
Step 1: Create an Account
Create a new trading account using your email address, and telephone number, and create a password.
Step 2: Verify the Account
The account verification processes vary by the platform you are using. The verification starts by clicking on the link sent to the registered email address, confirming your telephone number via voice call or entering a code, and uploading your government-issued documents to confirm your identity.
Step 3: Deposit Funds
Add money to your account. Take note of supported payment methods. You can deposit money via credit cards, debit cards, PayPal, and VISA. MasterCard, bank transfers, and PoLi Pay might also be supported. Make sure that you add up to the minimum deposit amount.
Step 4: Trade Bitcoin
You can do this by either using the Limit Order format to set a price you want to pay for Bitcoin or use Market Order for instant purchase.
What Options Do I Have to Buy and Sell Bitcoin in Australia
You have 2 major options to trade crypto and also to trade Bitcoin in Australia. These options are:
Brokerages:
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You can buy and sell Bitcoin in Australia from a brokerage. What the brokerage does is aid you in the buying and selling process. Ideally, the platform allows you to use the services it offers to own Bitcoin or any other cryptocurrency.
CFD Trading Platform:
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You may want to speculate on the price of Bitcoin instead of owning the coin. In that case, use a Contract for Difference (CFD) trading platform. Through this platform, you will take advantage of the fluctuations in the crypto market to make quick gains from Bitcoin trades.
Are Australia-Based Exchanges the Best Choice for Australian Traders?
Using an Australian-based exchange is a good idea for several reasons.
Firstly, these platforms will offer an Australian-based support team, which means that you should be able to access support during core trading hours. Furthermore, local exchanges prioritise compliance with Australian regulations, which means that the platform is less likely to run into any trouble here.
However, you are not tied to using Australian-based exchanges and some global exchanges may offer a better experience. It is also important to be aware that just because an exchange is based in Australia doesn’t mean that it is safe.
Do I have to Pay Tax When Selling Bitcoin for Profit in Australia
Cryptocurrency trading is well-regulated in Australia. This is one of the reasons for the proliferation of Bitcoin exchanges in Australia. According to the Australian Taxation Office (ATO), profits made from cryptocurrency trading are taxable.
The conditions for taxation include:
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Using Bitcoin or any other cryptocurrency to pay for goods and services.
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Taxing the capital gains made on cryptocurrency trades.
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Gifting cryptocurrencies.
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Converting cryptocurrency of any kind to the Australian Dollars (AUD).
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Taxes are applied when you make ordinary income from airdrops and staking rewards.
Final Thoughts and Next Steps
Trading Bitcoin in Australia is convenient due to its relaxed regulations and the wide selection of cryptocurrency trading and investing services on offer. Although Binance is the largest crypto exchange, our top pick for Australian investors is Coinspot.
Coinspot is a user-friendly Australian exchange that is available on mobile for convenient portfolio management. We were impressed with the platform’s low minimum deposit requirements, beginner-friendly interface and customer support options.
It’s important to remember that your needs may vary from other Bitcoin traders. You should consider your strategy and goals before looking into different exchange options. After reading this guide, take some time to asses your individual needs and conduct your own research into different Bitcoin exchanges.
These guides might help you:
FAQs
What is an Exchange?
A cryptocurrency exchange is a website where you can buy and sell different kinds of cryptocurrencies.
Are Exchanges Legal in Australia?
Australia has relaxed laws that allow for the trading of cryptocurrencies in the country.
What is the difference between an Exchange and a Broker?Bitcoin Exchanges in Australia
An exchange is an online marketplace through which traders can buy and sell cryptocurrencies on their own terms. On there other hand, brokerages provide expert guidance and additional services to assist you through the trading process.
What is the best Bitcoin exchange in Australia?
The best Bitcoin exchange in Australia is Coinspot which has been around since 2013 and offers a beginner-friendly experience on both mobile and desktop.
What is the best site to sell Bitcoin in Australia?
Coinspot is a good option for selling Bitcoin in Australia because it charges low fees and provides a seamless user-interface.
Is Binance or CoinSpot better?
Binance is one of the largest Bitcoin exchanges in the world, which means that it isa go-to option for many people. However, the exchange has run into regulatory trouble over the years which makes alternatives, such as Coinspot, appealing.