Best Crypto Exchange Australia

Best Bitcoin exchange Australia

The price of one Bitcoin hit an all-time high of $96,550 AUD on Australian cryptocurrency exchanges in 2021, equivalent to just under seventy thousand US dollars. The largest and most popular crypto then went into a correction and sideways consolidation - currently trading at a 30% discount.

Many Australian crypto traders and financial analysts around the world expect Bitcoin to continue its bullish uptrend in 2022 and hit mid six-figure price targets, raising the total market capitalization of crypto - including all altcoins - along with it.

Cryptocurrency exchange owners and Bitcoin billionaires the Winklevoss twins once told CNBC they see Bitcoin as ‘digital Gold’ that will replace physical Gold as a better store of value and inflation hedge, overtaking its marketcap - currently fifteen trillion Australian dollars. 

If their prediction is correct that would put Bitcoin at a price of almost one million Australian dollars per coin.

If you’re looking to invest down under in the best performing asset class of the last decade, you may currently be doing your own research (DYOR) into the best Bitcoin exchange Australia based investors can use, or the overall best crypto exchange Australia is open to.

Best Cryptocurrency Exchanges in Australia - Top List

  • eToro - Australian licensed and regulated
  • ByBit - Free crypto trading with maker rebates
  • Binance - Highest trading volume crypto exchange

All three of these crypto exchanges have mobile apps, staking, and a Bitcoin wallet Australia based clients can take advantage of.

Open an eToro exchange account today.

Coinbase Exchange Australia Withdrawals

You may have heard that Coinbase - the most popular crypto exchange in terms of number of registered users - does not currently allow withdrawals to Australian banks. 

For that reason it doesn’t make our top list of the three best crypto exchanges Australia based investors can use, however it is still a legitimate option if you don’t mind transferring your coins to another exchange in order to withdraw your funds into AUD.

Australians can still open a Coinbase account and use AU debit cards to buy Bitcoin or other cryptos on the platform, and trade the market swings. 

Before taking profit on their investment back into AUD however they’ll need to transfer their crypto to another exchange, e.g. eToro.

Best Crypto Exchange Australia - Full Reviews

eToro crypto exchange Australia

eToro - ASIC Regulated

eToro is one of the most long-established crypto exchanges, in fact it was founded in 2006 before Bitcoin and crypto was invented. At that time it was a stock exchange and forex broker - it still supports trading of those assets alongside crypto, as well as commodities and ETFs.

eToro is regulated by ASIC, the Australian Securities and Investments Commission. It also has an Australian financial services license. One of eToro’s offices is located in Sydney, New South Wales.

eToro is open to Australian customers, as well as New Zealand and most of the world. It is also regulated by the FCA and CySEC. Currently 120+ crypto coins are listed to buy and sell.

eToro has social trading features - all users that open an account receive their own social media style profiles that they can post their thoughts on the markets to, and see what other people think about every crypto asset.

Some professional investors are welcomed into eToro’s copytrading platform - you can choose to copy the trades of one or several traders with a proven track record of success. Without paying any management fees, eToro will automatically use however much of your portfolio you choose to replicate the trades of other people.

Alternatively there’s a ‘copy portfolio’ feature where rather than copying trades you can copy the portfolio allocation, ideal for long-term holders of altcoins who prefer holding as an investment strategy rather than trading - ‘it’s about time in the market, not timing the market’, as the saying goes.

eToro also provide a free crypto wallet - the eToro Money Wallet. It has industry-leading security standards to safeguard your funds and protect against DDos attacks and unauthorized access. Users can also get a crypto debit card to use their crypto funds for retail purchases.

eToro also pay out staking rewards - as with many crypto exchanges you can earn passive income by holding certain coins. On eToro that’s Ethereum (ETH), Cardano (ADA) or Tron (TRX).

eToro uses a spread system instead of charging maker and taker fees. It also has fewer technical indicators to use when charting the price action than Bybit or Binance.

For these two reasons active swing traders and day traders may prefer to only use eToro for its social trading and copy trading features, and for trades and scalping of their own use Bybit or Binance.

eToro supports the widest range of deposit options of any cryptocurrency exchange Australia clients can use - including bank transfer, debit and credit cards, Paypal, Neteller, Skrill, and more.

Another downside for some is that eToro requires KYC (know your customer) verification - you’ll need to upload a picture of your government-issued ID such as a passport or driving license. Some traders prefer that however, considering that exchanges that do not ask for this information could be more likely to face regulatory crackdowns.

Pros

  • Australian regulated exchange
  • Copy trading & Social trading
  • Wide range of deposit options
  • Free crypto wallet with unlosable private key 

Cons

  • Scalpers and day traders Binance and Bybit
  • Requires ID verification
  • No leverage for crypto, only other asset classes

Visit eToro exchange.

Bybit crypto exchange

Bybit - Free Crypto Trading on Futures

Unlike eToro, ByBit exchange has both spot trading and margin trading for crypto, also known as futures trading. 

That means you can long or short the price direction of Bitcoin and other cryptos, purchasing contracts (aka CFDs, contract for differences) rather than owning the underlying asset.

The advantage of Bybit is that you are paid a 0.025% maker rebate when you set limit orders on futures trades. Not only is it a form of free crypto trading since you aren’t being charged a fee every time you open and close your position, it’s a way of making money as you are being paid - these profits are small but add up over time.

That maker rebate is larger than Kucoin and Bitfinex, on which it is 0.02%, and Binance does not pay a maker rebate when margin trading - only some high volume spot traders can earn a maker rebate, who have a trading volume of hundreds of Bitcoin per month. The Bybit maker rebate is available regardless of trading volume. 

When you want to sell, you can open a 1x hedge short on futures - a 1x short can not result in liquidation, even if the price moves up. It is equivalent to selling your crypto into cash, but avoids the fees - in fact you will be paid the maker rebate plus funding every eight hours, which usually favours shorts. Typically the funding rate is 0.01%, i.e. longs pay shorts 0.01% interest every eight-hour funding period.

Remember to use a stoploss if you short with over 1x leverage, or open a long - 1x longs can be liquidated. Leverage is a useful tool to increase profits but can also wipe out your account if you use it recklessly or without a stoploss. Scale into positions by layering bids, to get a better average entry.

ByBit does not currently have social trading or a separate wallet with a physical debit card like eToro and Binance. However it does have some staking options, and a mobile app.

Users can withdraw up to 2 BTC daily without providing their government-issued ID - ideal for those that prefer anonymity. 

Bear in mind that Bybit is not regulated, however it does have a good reputation within the crypto community, and has been around since 2018 without any issues of hacking, scams, data leaks, frozen accounts, etc. 

Author’s note - I’ve personally used ByBit for three years, making a PnL of 35 ETH, and experienced no issues trading or cashing out.

Pros

  • Maker rebate on futures
  • More technical indicators - full Tradingview charts

Cons

  • Fewer deposit options
  • Not regulated
  • No social trading

Bitcoin exchange Australia

Binance

Binance is the most popular crypto exchange Australia based clients have access to in terms of trading volume - while Coinbase has more registered users, more people trade large quantities of crypto on Binance.

That makes sense as it has by far the widest range of altcoins, all of which can traded spot or on margin. It has more coins listed than the other exchanges in this review - over 500 coins and DeFi tokens.

Like Bybit it has all the technical indicators you could want, with a classic mode for beginners and casual traders and an advanced mode for professional traders.

Binance supports DeFi staking, locked staking of crypto, mining and yield farming. Visit the Binance Earn section of the website, downloadable desktop client or mobile app to find out more about how those forms of crypto passive income work.

Like eToro, Binance offers a secure wallet - known as Trustwallet - with 10 million users internationally. 

Like Bybit, Binance doesn’t offer social trading and isn’t regulated however it has stood the test of time in the crypto scene, being a popular crypto exchange with a positive reputation since 2017.

Pros

  • Most cryptos supported
  • Margin and spot trading
  • Advanced TA Indicators

Cons

  • Not Regulated
  • No social trading

Instant Crypto Exchange No ID

If you’d prefer not to go to the trouble of opening an account on a major exchange and instead want to simply exchange cryptos in your browser instantly, with no KYC requirements, another option is Changelly

On their site there’s no need to create an account, upload an ID, learn how to trade and set orders - simply follow a set of on-screen instructions to buy crypto or swap one coin for another and have it sent to your crypto wallet.

Best Exchanges for Australians - the Verdict

Most traders today open accounts at several crypto exchanges. It offers peace of mind to split your funds up into several places rather than keeping all your eggs in one basket. 

That also allows investors to take advantage of the different features across trading platforms - you might choose to invest on autopilot using part of your portfolio on eToro, through their copy trading or copy portfolio features. Then allocate another part of your portfolio to trading, on platforms more suited to intra-day trades such as ByBit and Binance

eToro provide free educational courses on learning to trade if you are going to try out crypto trading.

Alternatively you might use several exchanges as you are holding Ethereum for staking rewards on eToro, and smaller marketcap altcoins for speculation on Binance. Or you may want to collect funding fees on ByBit at times when longs pay shorts - like staking that is another source of free money.

It is possible to buy crypto on Coinbase in Australia, although to withdraw it to your AU bank account first you will need to send it to another crypto exchange as Coinbase don’t process withdrawals to Australian banks.

In terms of deciding on the best crypto exchange for Australians, eToro has a financial services license from the Australian Securities and Investments Commission (ASIC). So from a regulatory and safety standpoint, that would be the best crypto exchange Australia based investors can sign up to.

Open an eToro account in five minutes.

FAQ

What is the best crypto exchange in Australia for beginners?

Since eToro have a beginner-friendly UI (user interface) and educational course on getting started in cryptocurrency investing and trading, we recommend them if you’re new to the crypto markets.

Where I can see reviews of Australia crypto exchanges?

As well as this review you can check online comparison sites such as InsideBitcoins AU, and browse Reddit, Twitter, or Trustpilot.

Is Coinbase open to Australia?

Buying crypto, and trading it on Coinbase works in Australia, however to withdraw your profits to an Australian bank you’ll need to send it to another local Australian exchange - or eToro which is open to AU citizens - first, then convert it to AUD.

What’s the best Bitcoin exchange Australia based investors are accepted at?

If you’re mostly interested in investing in Bitcoin - potentially a safer bet for long-term holders than low marketcap altcoins (not including Ethereum) - the three top recommendations we made on this review still apply. eToro supports the widest range of payment methods to buy and sell Bitcoin, including credit cards, e-wallets and Paypal which some exchanges don’t accept.

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