For example, you might want to go where all other investors in Australia go, or you might value safety best and would like to choose the safest exchange even if it doesn’t have as many coins as other most popular ones. Or you would like to go for the most affordable solution.
This is why we worked hard to compare the best crypto exchanges in Australia by each criterion. And this time we won’t be giving you one list of ranked exchanges. We’ll do something different and see who wins in each important category that defines the best crypto exchange.
But first, let us see 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 safety;
- trading volume – the number of bought/sold coins on an exchange in a given period;
- fees and commissions;
- number of users;
- number of supported coins;
- trading tools – searches, charts, alerts, learning tools, etc.
All of these criteria as a whole 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 in meeting up with them.
Keep reading to find out which crypto exchanges are safe and regulated in Australia, which is the biggest crypto exchange by trading volume, which crypto exchange has the biggest number of users and supported coins, which exchange has the lowest fees and the best customer service.
How the Best Crypto Exchanges in Australia Compare by Regulations?
Making exchanges safe and regulatory compliant has become a big deal, if not the single most important fact when choosing your crypto provider. In Australia, crypto enthusiasts appreciate safety regulations and privacy even more than global popularity or any other criteria. So, which crypto exchanges are safe and regulated in Australia?
eToro is considered the best crypto exchange in Australia, as an exchange trusted by the Australian Securities and Investments Commission (ASIC). eToro also holds licenses from SEC (US) and FCA (UK) and is completely secure. This exchange uses two-factor authentication on all versions of its platform.
eToro in Australia has cash deposits insured for up to AUD 250,000 by the Australian Financial Claims Scheme (FCS). There’s also an AUD 1 million insurance policy from Lloyds of London, which insures cash, CFDs, and securities.
Binance, the largest crypto exchange by volume, was recently put in a “class C” when it comes to safety compliance by The Forbes Magazine. Binance is not supported in Ontario (Canada) and the UK. In May 2022, France became the first big European nation to register Binance as a Digital Asset Service Provider (DASP). In Australia, Binance is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Coinbase and Crypto.com are also the exchanges found as secure since they both use two-factor authentication and the cash held in their wallets is FDIC-insured. In Australia, Coinbase operates in compliance with AUSTRAC Anti Money Laundering regulations. Crypto.com holds the Australian Financial Service License (AFSL).
How the Best Crypto Exchanges in Australia Compare by Trading Volume?
The volume shows the strength of an exchange since exchanges make money with every cryptocurrency trade by charging fees. A larger volume of cryptocurrency transactions leads to fairer cryptocurrency prices and higher liquidity.
If you want to go where the money is, you would probably choose a crypto exchange with the largest 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’s followed by other exchanges big in Australia, like Coinbase, Crypto.com, and eToro.
It’s important to remember that volume changes daily. And this criterion alone is not decisive in which crypto exchange is considered the best in Australia.
How the Best Crypto Exchanges in Australia Compare by Fees and Commissions?
Along with regulatory compliance and safety, fees and commissions are one of the most important factors when choosing a crypto exchange to go with. This 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 without a doubt the best trading platform with super low trading fees. With eToro trading commission is set at just 1% per trade, plus the market spread. You need to deposit only $50 to start trading.
Although Crypto.com has a somewhat lower trading fee than eToro, with eToro debit card fees are significantly lower than Crypto.com. eToro takes 0.5% while Crypto.com takes 4% debit card fee.
Coinbase takes 1.49% per trade, while Binance takes up to 0.10% trading commission.
How 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 its users. The crypto exchange operating in Australia that has the biggest number of users is Coinbase, which has around 98 million verified users in 100 countries.
The second largest is Binance with more than 28.5 million users across the globe. The third place in the number of users is occupied by eToro which covers 59 countries.
Crypto.com has more than 10 million users in 90 countries.
How the Best Crypto Exchanges in Australia Compare by Number of Supported Coins?
The number of coins a crypto exchange supports shows how well it has been regulated, since the coins that do not check out as good are not available for trade. Usually, exchanges that are regulated more can limit the number of cryptocurrencies they can support. For example, Binance’s global brand supports more than 600 cryptocurrencies, while Binance US, as an exchange registered with the FinCEN, supports fewer cryptocurrencies – around 80.
Crypto.com is known for supporting 250 cryptos.
eToro and Coinbase both support the same number of cryptocurrencies – more than 50.
How The Best Crypto Exchanges in Australia Compare by Trading Tools
When it comes to specific tools a crypto 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 which allows you to copy other investors’ trades automatically in real-time. This tool is perfect for young traders that have yet to learn by mimicking other more successful traders.
eToro has one of the best-rated mobile apps in the crypto trading world and is the first to introduce a social-network-styled newsfeed ideal for making connections with other investors.
Crypto.com has one of the best crypto staking platforms in Australia and offers a smart crypto debit card you can use to spend your trading balance in stores. On the other hand, Crypto.com lacks educational resources for beginner investors.
Although Binance additionally offers a good staking platform and an NFT marketplace, this exchange is known for difficulties with profile verification procedures and poor customer support records.
Coinbase offers integrated decentralized finance where you can use one balance on your Coinbase account to trade, stake, borrow, earn, and spend all at the same time. On the other hand, this platform can’t compare with the best crypto exchanges in Australia when it comes to prices and fees.
We have compared the best crypto exchanges in Australia by different criteria and found that eToro is the overall best crypto exchange in Australia because it scores high in the most important criteria.
eToro has the lowest rates while offering high security at the same time. Although it’s not a platform with the largest number of users or the one that will let you trade in any existing crypto, eToro is highly regulatory compliant and has the best resources and tools for new investors to quickly learn all tricks of the trade.