Best Crypto Exchange – Australia Today I’m going to answer the question – What’s the Best Crypto Exchange in Australia? I’ll be comparing the major exchanges available to Australians and rating their value based on trading fees, the ability to deposit and withdraw AUD, cybersecurity, assets available, trading volumes and unique features to help you pick the best exchange for your needs.
For the purpose of this article, I’ll be comparing the following exchanges: Binance, Crypto.com, KuCoin, Kraken and OKEx. These are all exchanges that I currently or have previously used. While there are many more exchanges available to Australians, other popular exchanges such as Swyftx and Coinbase either didn’t have available metrics or would have scored too low to be worth including. As such, these are the five exchanges that I can personally vouch for that score high enough on the metrics to be worth using.
To help determine the best crypto exchange in Australia I have included the following 6 metrics:
Each exchange will be rated on a scale of 1-5 for these features, with a final rating out of 30 being given to gauge their overall utility. Under each metric, I’ll break down what it means and explain how each exchange was rated, to give you full transparency on my opinions regarding each exchange.
Trading fees can make or break an exchange, as high fees can eat away at future earnings. As such, it is ideal to find an exchange that offers low fees for executing the types of orders that you generally make. Fees typically vary depending on whether you making a limit order or a market order on exchanges.
When you make a limit order, you are acting as a maker. Makers create buy/sell orders that aren’t immediately executed, as you dictate the price in which you potentially sell or purchase an asset. This creates liquidity meaning that you typically pay less in fees as liquidity benefits exchanges.
People who execute market orders are called ‘takers. Takers buy/sell crypto assets at the market value, meaning that you purchase or sell at the rate of the lowest limit order. This removes liquidity from exchanges, meaning that you typically pay slightly more in fees.
For more information about these fee structures, please refer to this guide:
Below is a table outlining the market and taker fees for the 5 exchanges:
|Exchange||Maker Fee||Taker Fee||Overall Rating out of 5|
As you can see, OKEx, Binance and KuCoin are clearly the cheapest exchanges in terms of trading fees, with OKEx coming out on top due to having a slightly lower maker fee. Additionally, you can reduce these fees by holding >500 OKB (OKEx’s utility token) for a maker and taker fee of 0.075% and 0.095%. With Binance, you can save 25% on maker and taker fees by using the BNB token, reducing the maker and taker fees to 0.075%. Lastly, with KuCoin if you pay using their exchange token KCS, the maker and taker fees are both 0.08%.
As such, all 3 are great options. OKEx offers the best flat rate without holding exchange tokens. Binance has the best-discounted rate when using BNB.
Fiat is a legal tender declared by a government, which in Australia is AUD. Exchanges can charge significant fees to exchange crypto assets into AUD, primarily due to most of these assets being priced in USD. As such, if you are looking to cash out into AUD, it is important to choose the right exchange.
|Exchange||Deposit Fee||Withdrawal Fee||Max Daily Withdrawal||Overall Rating out of 5|
Crypto.com is the most fiat-friendly platform for Australians looking to deposit and withdraw AUD. Binance also offers fee-free deposits and withdrawals but has a lower withdrawal limit which puts it slightly below. Similarly, Kraken offers fee-free deposits and withdrawals but the max withdrawal for beginners is capped at $5,000. OKEx allows AUD purchases but not withdrawals and KuCoin doesn’t support fiat deposits or withdrawals for Australians, making it the least friendly platform for this function.
Another important feature of crypto exchanges is the number of crypto assets or coins available to buy and trade. Having a high amount of available coins can be beneficial for investors, as they have more variety. Additionally, coins that may only be available in one exchange can increase in value exponentially when added to others. For this reason, it is advantageous to have an exchange that offers a wide variety of crypto assets.
Trading pairs are another important metric, as it enables users to exchange coins through a range of different trading pairs. These are typically denoted by USDT, ETH and BTC but may also be through native tokens such as BNB on Binance or CRO on Crypto.com. However, this is generally more useful for traders or people who are looking to grow their BTC/ETH as opposed to the majority of users who want to take profits through stablecoins/fiat.
|Exchamge||Coins||Pairs||Overall Rating out of 5|
KuCoin has the most coins available, including a respectable 896 pairs. This makes KuCoin the best exchange for buying altcoins, as it offers the most variety. Binance is a close second, offering 332 coins but boasting 1230 trading pairs. For this reason, Binance can be seen as the better exchange for traders. However, the additional pairs are primarily due to BNB pairings, meaning that users looking to grow their BTC/ETH will find similar pairings on both exchanges.
Cybersecurity is paramount for ensuring that your assets remain safe. An exchange that offers high degrees of cybersecurity is considered reliable and unlikely to be hacked. For this reason, security and trust scores are important factors when picking an exchange. CoinGecko has made this process easy by issuing trust scores. Trust scores are based on the following metrics:
For more information, please refer to their explanation guide:
|Exchange||Cybersecurity Score out of 10||Overall Rating out of 5|
Based on the above metrics, Kraken, Crypto.com and Binance are clearly the best picks, given their 9.5 and above cybersecurity scores. Kraken is the winner with the perfect score. However, all of these exchanges have been deemed safe by CoinGecko’s metrics. The other exchanges have either experienced hacks or have transparency issues with their reporting. However, storing your crypto on exchanges regardless of their security poses an inherent risk, hence the phrase “not your keys, not your coins’.
Another important metric for picking the right crypto exchange is trading volume. Trading volume refers to the number of times a coin has been bought and sold on an exchange in a given time period. This is typically based on a 24-hour period. Put simply, high volume exchanges offer the best opportunities, as the more overall volume an exchange has, the easier it will be for an investor to trade their chosen coin.
|Exchange||Volume (24 Hours)||Overall Rating out of 5|
Binance and OKEx are the largest crypto exchanges by volume across the globe. Crypto.com is ranked 5th, whereas KuCoin is the 11th and Kraken is the 29th. As such, all exchanges excluding Kraken have relatively high volumes when compared to the broader market. However, Binance is the clear winner, having more than 3x as much volume as OKEx, the closest competitor
This metric is often overlooked, but unique features can make or break an exchange. With hundreds of exchanges available to investors, many are looking to stand out from the rest. As such, some of these exchanges offer unique products that aren’t available elsewhere.
|Exchange||Staking Available||Lending Available (Earn)||Special Feature||Overall Rating out of 5|
|Crypto.com||Yes||Yes||Crypto Debit Rewards Card||5|
|KuCoin||Yes||Yes||KuCoin Win (Lottery)||3|
Crypto.com offers a crypto rewards visa card when you deposit $500 or more worth of their native token CRO. This card provides 2% cashback on all purchases and reimburses the cost of Spotify if you use the card to pay for it.
For this reason, I view Crypto.com as having the best unique feature as it has a real-life use case. Binance comes in at a close second, due to having a token launchpad that enables users to get exclusive access to new tokens on the exchange. OKEx provides free BTC rewards for people who participate in simple tasks and tutorials. KuCoin has a lottery and Kraken doesn’t have any unique features, but still provides staking and lending.
|Exchange||Trading Fees||AUD Withdrawals||Available Assets||Cybersecurity||Trading Volume||Unique Features||Overall Rating out of 30|
For most Aussie investors, Binance is the best crypto exchange in Australia. It offers competitive trading fees, free fiat deposits and withdrawals, a high number of coins and pairs, top-tier cybersecurity and the largest daily trading volume. For this reason, Binance is the most recommended exchange for the typical crypto investor.
However, each of these exchanges offers its own merits. For users looking to simply pay the least in trading fees, OKEx is the favourite. For people looking to buy low cap altcoins, KuCoin offers the highest number of available assets, making it ideal for these investors. Cybersecurity-wise, Kraken has the highest possible score, making it arguably the safest exchange. Lastly, Crypto.com offers the greatest utility for depositing and withdrawing AUD in addition to offering exclusive features such as their crypto rewards card.
For these reasons, the ideal exchange will vary depending on your needs. As such, a combination of these exchanges may be beneficial for optimising your investing experience, as they each have their merits.
The following are referral links to the various exchanges, by following the steps detailed steps, you and I can both enjoy a sign-up bonus in the form of discounted trading fees or free BTC.
|Sign Up Link||Sign Up Bonus||Bonus Requirements|
|Binance||10% Discount on Trading Fees||None|
|Crypto.com||$25 USD Reimbursement with any Rewards Card Purchase||Buy and Hold $500 USD worth of CRO to unlock Bonus + 2% Crypto Rewards Card|
|OKEx||$10 in BTC||Spend $100 USD or more on your first crypto purchase|
I have written in-depth guides about some of these exchanges below, here are the links if you’d like to learn more about them such as their security protocols, unique perks and their pros and cons. I have also attached reivews on crypto earn platforms, which can work well with these exchanges to earn greater interest rates on your cryptos