For example, you may want to go where all the other investors in Australia go, or you value security more and would like to choose the safest exchange, even if it doesn’t hold as many coins as more popular ones. Or you would like to opt for the most affordable solution.
That is why we worked hard to compare the best cryptocurrency exchanges in Australia based on each criteria. And this time we will not give you a list of ranked exchanges. We will do something different and see who wins in each major category that defines the best cryptocurrency exchange.
But first, let’s look at our criteria.
Criteria for Comparing the Best Crypto Exchanges in Australia – Overview
Here is a short list of the most important criteria that define a crypto exchange. You can compare the best crypto exchanges in Australia (and other countries for that matter) by:
- regulations and security;
- trading volume – the number of coins bought/sold on an exchange in a given period;
- fees and commissions;
- Number of users;
- number of currencies supported;
- trading tools: searches, charts, alerts, learning tools, etc.
All of these criteria taken together should be considered when choosing the best crypto exchange to use in Australia. In this article, we will show you why each of these criteria is important and how the best crypto exchanges in Australia compare to meet them.
Read on to find out which cryptocurrency exchanges are safe and regulated in Australia, which is the largest cryptocurrency exchange by trading volume, which cryptocurrency exchange has the most users and currencies supported, which exchange has the lowest fees and the best customer service.
How do the best crypto exchanges in Australia compare by regulations?
Keeping exchanges safe and compliant has become a big issue, if not the most important fact when choosing your crypto provider. In Australia, crypto enthusiasts value security and privacy standards even more than global popularity or any other criteria. So which cryptocurrency exchanges are safe and regulated in Australia?
eToro is considered the best cryptocurrency exchange in Australia, as a trusted exchange by the Australian Securities and Investments Commission (ASIC). eToro is also licensed by the SEC (US) and FCA (UK) and is completely safe. This exchange uses two-factor authentication on all versions of its platform.
eToro in Australia has cash deposits up to AUD 250,000 insured by the Australian Financial Claims Scheme (FCS). There is also an AUD 1 million insurance policy from Lloyds of London, which insures cash, CFDs and securities.
Binance, the largest cryptocurrency exchange by volume, was recently put into a “class C” when it comes to safety compliance by The Forbes Magazine. Binance is not supported in Ontario (Canada) and the United Kingdom. In May 2022, France became the first major European nation to register Binance as a Digital Asset Service Provider (DASP). In Australia, Binance is registered with the Australian Transaction Reporting and Analysis Center (AUSTRAC).
Coinbase and Crypto.com are also the exchanges that are considered safe as they both use two-factor authentication and the cash they hold in their wallets is FDIC insured. In Australia, Coinbase operates in compliance with the AUSTRAC anti-money laundering regulations. Crypto.com holds the Australian Financial Services License (AFSL).
How do the best crypto exchanges in Australia compare by trading volume?
Volume shows the strength of an exchange, as exchanges make money from each cryptocurrency trade by charging fees. Higher cryptocurrency transaction volume leads to fairer cryptocurrency prices and increased liquidity.
If you want to go where the money is, you would probably choose a crypto exchange with the highest trading volume. That would be Binance, as the best crypto exchange by trading volume. Binance’s average trading volume in 2021 was $76 billion. It is followed by other major exchanges in Australia such as Coinbase, Crypto.com, and eToro.
It is important to remember that the volume changes daily. And this criterion alone is not decisive on which crypto exchange is considered the best in Australia.
How do the best crypto exchanges in Australia compare for fees and commissions?
Along with regulatory compliance and security, fees and commissions are one of the most important factors when choosing a cryptocurrency exchange. That is why we recommend you also read articles that compare the best crypto exchanges in Australia in more detail when it comes to fees and commissions.
Our research has shown that eToro is hands down the best trading platform with very low trading fees. With eToro, the trading fee is set at just 1% per trade, plus market margin. You need to deposit just $50 to start trading.
Although Crypto.com has a somewhat lower trading fee than eToro, eToro’s debit card fees are significantly lower than Crypto.com. eToro charges 0.5%, while Crypto.com charges a 4% debit card fee.
Coinbase charges 1.49% per transaction, while Binance charges a trading fee of up to 0.10%.
How do the best crypto exchanges in Australia compare by number of users?
The size of a crypto exchange can also be illustrated by the number of users. The cryptocurrency exchange operating in Australia with the largest number of users is Coinbase, which has around 98 million verified users in 100 countries.
The second largest is Binance with over 28.5 million users worldwide. The third place in number of users is occupied by eToro which covers 59 countries.
Crypto.com has more than 10 million users in 90 countries.
How do the best crypto exchanges in Australia compare by number of coins supported?
The number of coins a crypto exchange supports shows how well it has been regulated, as coins that don’t turn out so well they are not available for trade. Typically, exchanges that are more highly regulated may limit the number of cryptocurrencies they can support. For example, the global Binance brand supports more than 600 cryptocurrencies, while Binance US, as a FinCEN-registered exchange, supports fewer cryptocurrencies – around 80.
Crypto.com is known to support 250 cryptos.
eToro and Coinbase support the same number of cryptocurrencies: more than 50.
How the Best Crypto Exchanges in Australia Compare by Trading Tools
When it comes to the specific tools that a cryptocurrency exchange offers, these are the everyday things that can make your life as an investor easier. In the end, it all comes down to what service you get for your money’s worth.
The exchange we found that offers the best trading tools is eToro. They came up with an innovative copy trading tool that allows you to copy other investors’ trades automatically in real time. This tool is perfect for young traders who have yet to learn how to imitate other more successful traders.
eToro has one of the highest rated mobile apps in the world of cryptocurrency trading and is the first to feature a social media-style newsfeed, ideal for making connections with other investors.
Crypto.com has one of the best crypto betting platforms in Australia and offers a smart crypto debit card that you can use to spend your trading balance in stores. On the other hand, Crypto.com lacks educational resources for beginner investors.
Although Binance also offers a good staking platform and NFT marketplace, this exchange is known for difficulties with profile verification procedures and poor customer support records.
Coinbase offers built-in decentralized finance where you can use a balance in your Coinbase account to trade, gamble, borrow, earn, and spend all at the same time. On the other hand, this platform cannot be compared to the best cryptocurrency exchanges in Australia when it comes to prices and fees.
We have compared the best cryptocurrency exchanges in Australia based on different criteria and found that eToro is the best overall cryptocurrency exchange in Australia because it scores highly on the most important criteria.
eToro has the lowest fees and offers high security at the same time. While not a platform with the most users or the one that will allow you to trade any crypto in existence, eToro is fully compliant and has the best resources and tools for new investors to quickly learn all the tricks of trading.