Note: AGR Technology may receive a commision on sales generated by partner links on this page, but this has no bearing on opinions or evaluations and is at no cost to you. Please consult an authorised financial adviser if you are unsure whether investing is right for you or which investments are right for you.
In 2023 we can expect to see a wide variety of options for Australians looking to invest in cryptocurrencies and other digital assets - but which are the best?
We've researched and gathered a list of some of Australia's top crypto exchanges. This will help you to know exactly where to go when you're ready to take the plunge into crypto investing.
Quick takeaway:
- Coinspot exchange (Our favourite Australian based exchange)
- Binance (Our overall favourite platform all round)
- Coinjar exchange (Our second favourite Australian owned exchange)
- Crypto.com (Simplest for beginners entering the crypto scene)
- Kraken (More advanced options for traders)
- KuCoin (Largest number of supported coins)
Get ready to experience the best the crypto world offers with our top picks for Australian crypto exchanges.
This article will provide an overview of some of the leading crypto exchanges in Australia and discuss their overview features, fees, pros and cons.
FAQ (Frequently Asked Questions)
What is a crypto exchange?
A cryptocurrency exchange is a company that allows customers to exchange cryptocurrencies for other assets such as traditional fiat money or other digital currencies.
Exchanges may accept credit card payments, wire transfers, or other forms of payment in exchange for digital currencies or cryptocurrencies. Withdrawing cryptocurrency is possible on dedicated cryptocurrency exchanges such as Binance and Coinbase.
These platforms make the whole process of creating & managing your crypto wallet easy compared to traditional methods that involved hardware and at times complex software not accessible to non-technical users.
Some exchange platforms such as eToro and RobinHood also allow other types of assets to be traded such as stocks and other fiat currencies (e.g. USD, Euro, and others) in addition to Crypto assets.
What is the safest crypto exchange in Australia?
All crypto exchanges carry some risk as the value of assets can increase or decrease based on the market and economy however most well known brands in the space such as the ones in this list are reputable and safe platforms to use. It's important to make sure you use strong passwords, 2FA and other measures to protect your accounts regardless of the platform you use.
In terms of overall safety we like Coinspot as its an Australian based company and subject to local laws and provides users with security functionality like 2FA codes etc to lockdown your account and keep your crypto assets secure.
Is crypto legal in Australia?
Regulation around crypto in Australia is constantly evolving however as it stands crypto is considered an asset and like everything else is taxable and should be declared in your income.
We suggest treating any profits from crypto as standard income/expenses and keep all associated financial records and work with a qualified accountant to help you best handle taxation and all necessary legal factors.
What crypto exchanges can I use in Australia?
All the exchanges we have listed in this post can be used by Australians wanting to get into the crypto scene including some others not listed here such as eToro & Swyftx.
Can you withdraw cash from Binance in Australia?
Yes if your an Australian resident and verify your details inside the Binance platform you can withdraw your account funds and generally processed to bank accounts within 1-3 business days.
Source(s) cited:
“Cryptocurrency Fee Structure” CoinSpot, www.coinspot.com.au/fees. Accessed 28 Jan. 2023.
[Online]. Available at: https://asic.gov.au/regulatory-resources/digital-transformation/crypto-assets/ (Accessed: 21 January 2023).
How to work out and report CGT on crypto [Online]. Australian Taxation Office . Available at: https://www.ato.gov.au/Individuals/Investments-and-assets/Crypto-asset-investments/How-to-work-out-and-report-CGT-on-crypto/ (Accessed: 28 January 2023).
Ted. “Is Bitcoin Legal in Australia?” Swyftx - Cheap, Easy, Secure, 30 July 2021, swyftx.com/au/blog/is-bitcoin-legal-in-australia/. Accessed 28 Jan. 2023.
“How to Withdraw AUD from Binance.com”, Binance Support. [Online]. Available: https://www.binance.com/en-ZA/support/faq/how-to-withdraw-aud-from-binance-com-546f8070943444d08bf0c528eefce65f. [Accessed: 28-Jan.-2023].
“CoinJar Crunchbase” Accessed January 28, 2023. https://www.crunchbase.com/organization/coinjar.
Disclaimer:
Crypto assets can be highly volatile unregulated investment products and like any type of investment can increase or decrease in value. By no means is this article designed to be financial advice. While we vet each platform we mention on our website and provide regular content updates, we recommend that you conduct extensive research before making investment decisions, form your own opinion, and invest only what you can afford to lose because there is no such thing as a guarantee in investing.
Read the full blog post on our official website here:
https://agrtech.com.au/crypto-blockchain/best-crypto-exchanges-in-australia/
Preview of the link above:
Tags:
Best cryptocurrency exchanges in Australia
Best cryptocurrency trading exchanges that work in Australia
Best crypto exchanges for beginners in Australia
Top-rated crypto exchange apps for day trading
Related content:
Best crypto exchanges in New Zealand
Ethereum vs Bitcoin (Whats the difference)