Bitcoin Exchanges in Australia
Bitcoin, the leading cryptocurrency by market capitalization, is now available for trading in Australia after the government approved the flexible regulation of cryptocurrency trades in the country.
As a cryptocurrency investor looking to trade in the country, there are many options for you to choose from. Top on the list of the Bitcoin exchange Australia is popular trading platforms like Binance.
In this article, we explore the different cryptocurrency trading platforms in Australia, the factors to consider, as well as the steps to take to start trading on any Bitcoin exchange in Australia.
Here’s Our List of Top Bitcoin Exchanges in Australia
Over seven cryptocurrency trading platforms are available for Australians who want to start trading cryptocurrencies. Each of these platforms offers distinct features that make them unique.
Below is a table of the top cryptocurrency exchanges you may want to use to trade Bitcoin in Australia:
What Should I Look for in an Australian Bitcoin Exchange?
With a variety of Bitcoin exchanges in Australia, the decision on which of them is ideal for trading can be challenging.
Here are some important factors to consider before you decide on a cryptocurrency exchange to trade in Australia.
These factors include:
Transparency: Bitcoin, just like many other cryptocurrencies, thrive on the transparency of transactions. There are many ways to confirm the transparency of a cryptocurrency exchange. These include the publication of the headquarters, the name(s) of the founders, and the other members of the team. You also want to see if the exchange has measures in place to protect the funds of the users, like if the platform is audited by independent auditing platforms. Also check to see if there are measures to protect the cold storage addresses of users.
Intuitive Interface: Prioritize the cryptocurrency trading platform that has an intuitive interface. With this kind of interface, you will find it easier to trade anytime you want.
Anonymity: It is also important to choose a Bitcoin exchange that bolsters your anonymity. In such a platform, you want to be sure that you are not required to provide much information about yourself.
Suitability: Some of these platforms are ideal for experienced traders, while others are ideal for amateur traders. Consider choosing a cryptocurrency trading platform that offers a mix of both so you can get the most out of advanced trading while working your way up with a beginner-friendly trading interface.
Fees: Cryptocurrency exchanges make a bulk of their revenues from the fees they charge. These fees apply to deposits, withdrawals, and trading. The fees should be low, and the deposit fees should be lower.
Payment Methods: Find an exchange with a host payment methods, including bank transfers, credit cards, debit cards, and cryptocurrency deposits.
Trading Volume: This refers to the availability of trading volumes or liquidity to enable seamless trading. Bitcoin has one of the highest trading volumes because of the continuous inflow of funds to the Bitcoin market. If you want to trade Alternative Coins (Altcoins) like Ripple (XRP), find out if the Bitcoin exchange you intend to use has sufficient liquidity to facilitate the trades.
Regulation: Cryptocurrency trading is both speculative and considered a high-risk financial investment. This is why you want to choose a Bitcoin exchange in Australia that is overseen by a trustworthy financial regulator. As much as the cryptocurrency trading laws in the country are relaxed, check if the exchange is compliant to existing regulations.
Language Selection: Find out the availability of the languages you can communicate in. It is best if the cryptocurrency exchange is multilingual because that makes it easier for you to understand all that the exchange has to offer.
Security: Aside from trading Bitcoin on an exchange, the other thing you want to do is to be confident about the security of your information. Some of the security features to look for are cold storage addresses for offline storage of the customers’ deposits, the use of the “HTTPS” protocol, and the provision of additional security features, such as Two-Factor Authentication (2FA), and withdrawal address whitelisting.
Crypto Pairs: The Bitcoin exchange should also offer a wide range of trading pairs.
What Exchanges are Available to Trade Bitcoin in Australia?
The relaxed cryptocurrency trading laws in Australia make it possible for several Bitcoin exchanges to offer a plethora of cryptocurrency trading and investment options in the country.
The following are seven different Bitcoin exchanges that you can start using today:
Binance – Best for Convenient Bitcoin Trades
Binance is one of the leading cryptocurrency exchanges in the world. It has facilitated different kinds of Bitcoin transactions earning it the reputation as the “world’s largest cryptocurrency exchange.” You can start trading immediately after you verify your account.
These are some of the factors that make Binance one of the most convenient Bitcoin exchanges to trade in Australia:
Binance legally operates in Australia, under InvestbyBit Pty Ltd, a registered cryptocurrency trading platform that is regulated by the Australian Transaction Reports and Analysis Center (AUSTRAC).
Binance Australia also offers lower trading fees, provided you upgrade your account to join the VIP program.
It is possible to deposit money to your trading account via Australian Dollars (AUD). Zero-fees are also applicable.
Trade Bitcoin across several devices, including Windows, Android, iOS, and macOS.
Zero-fee deposits via Osko or PayID.
Supports over 100 NPP-enabled banks in Australia.
Offers both Instant Buy and Regular Trading options.
Trading is available for personal and corporate accounts on-boarding.
Ironclad security, including SAFU fund protection.
Several deposit methods, including AUD, Credit Cards, and Debit Cards.
Charges as much as 4.5% for debit card deposits.
Doesn’t support many traditional payment methods.
Our Opinion of Binance
While Binance has been consistent with providing quality Bitcoin trading services to Australians, we think that the platform needs to have more on-the-spot trading, and this is because it is not primarily an Australian cryptocurrency exchange.
Despite that, the exchange has done well to offer several ways to trade Bitcoin and other cryptocurrencies.
Binance vs. Other Bitcoin Exchanges in Australia
Binance Australia favorably competes with the other Bitcoin trading platforms in Australia because of the wide range of trading options, including Classic, Advanced, and Peer-to-Peer (P2P) trading options.
The exchange also offers research services. This is an “institutional-grade analysis and reports” of the exchange. The research is done to help the platform offer advanced Bitcoin exchange services to the users.
Binance Australia also has labs, which acts as incubators of new blockchain-based projects, where new cryptocurrency projects will be available for early-stage investment via Binance Launchpad.
CoinSpot – The Best for Beginner-Friendly Bitcoin Trades
CoinSpot has been serving Australian cryptocurrency investors since 2013. In the last eight years, CoinSpot has built a reputation as a user-friendly cryptocurrency exchange.
It is used by both beginners and professional Bitcoin traders.
CoinSpot is a local cryptocurrency exchange. Therefore, the platform accommodates the needs of the average Australian Bitcoin trader.
The platform is also registered with the Australian Transaction Reports and Analysis Center (AUSTRAC). This gives the exchange legitimacy to offer a wide range of cryptocurrency trading options in Australia.
High trading limits
A wide range of cryptocurrencies to trade, including Bitcoin.
Several trading options, including Over-the-Counter (OTC) trading.
The exchange is suitable for beginners and advanced traders.
Convenient trading via the Instant Buy & Sell feature.
24/7 customer support services via Live Chat.
Covers several cryptocurrency markets, such as Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi).
Limited privacy features.
ID verification is required before deposits can be made.
Our Opinion of CoinSpot
As an indigenous Bitcoin exchange in the country, it has performed exceedingly to create inclusive cryptocurrency opportunities.
However, CoinSpot needs to be more flexible with the verification process since users are not allowed to deposit funds and test the platform before verifying their profiles.
CoinSpot vs. Other Bitcoin Exchanges in Australia
CoinSpot compares to the other cryptocurrency trading platforms in Australia because of the localization. This gives it an edge, as the team understands the market very well and has a plethora of tailored solutions for those needs.
Plus500 – The Leading CFD Trading Platform in Australia
Plus500 is a Contract for Difference (CFD) service provider in Australia. As a CFD provider, the platform focuses on offering Australian Bitcoin investors the opportunity to speculate on the price of Bitcoin— whether the price of BTC would go up or down.
Plus500 has been in the CFD market for many years, serving Australia and many other countries. Through this CFD trading platform, you will have instant access to trade most of the popular financial assets in the country. These assets include AUD/USD, S&P/ASX 200, and Bitcoin.
Plus500 offers over 2,000 financial instruments, including Bitcoin, AUD/USD, ASX 200, and many others. It backs this up with tight spreads and leverages up to 1:30. If you are experienced with leverage trading and effective risk management, it will be easy for you to navigate the platform.
Negative balance protection.
Dedicated round-the-clock customer support.
Legally-backed by the AFSL authorization and the licensing by the Australian Securities and Investment Commission (ASIC).
Clients’ funds are held in a segregated account, per the legal requirements in Australia.
Offers mobile CFD trading via Android app, iOS app, WebTrader, and Windows 10 Trader.
Several deposit methods, including MyBank, VISA, iDEAL, MasterCard, giroPay, Bank Transfer, Klarna, and PayPal.
Limited account options
Doesn’t offer copy trading
Our Opinion of Plus500
Through the Plus500 platform, you can speculate on the future price movements of Bitcoin. You can also leverage that opportunity to trade several other financial assets, including commodities, indices, ETFs, shares, and FOREX.
Plus500 vs. Other Bitcoin Exchanges in Australia
Plus500 is not a cryptocurrency exchange. Instead, it is a CFD platform. Therefore, it is operating on a different market segment that allows you to speculate on the price movement of Bitcoin.
Digital Surge – The Best Bitcoin Trading Platform for AUD Transactions
Digital Surge offers trading opportunities via a wide range of cryptocurrencies using the Australian Dollars (AUD).
Digital Surge is the one-stop spot for AUD-centric Bitcoin transactions. This is because of the dominance of AUD trading pairs for most of the financial assets.
Digital Surge also allows you to add money to your trading account directly from your local bank account. You can use several payment channels to do this, including POLi Pay, Osko, and PayID.
A majority of the assets are held in safe, offline storage.
Price alerts and customized notifications.
Client Manager interface to help you develop an excellent trading strategy.
Regulated by ASIC & AUSTRAC.
Fiat deposits are limited to AUD.
Doesn’t support large amounts of cryptocurrency trades.
Our Opinion of Digital Surge
Digital Surge simplifies the process of buying Bitcoin or any other cryptocurrency for that matter. With the support for AUD transactions, you can now conveniently buy Bitcoin using the funds in your bank account.
The platform also secures your funds via offline storage, as well as the strict compliance with the regulations by ASIC and AUSTRAC.
Digital Surge vs. Other Bitcoin Exchanges in Australia
Digital Surge is ahead of some Bitcoin exchanges in Australia and this is because of the localization of the accepted payment methods.
Unlike the other platforms that require deposits from several payment methods, Digital Surge prioritizes the AUD as the primary deposit method.
Cointree – Australians’ Favorite Cryptocurrency Exchange
Cointree has been in existence since 2013. With entry-level access and sophisticated trading tools, Cointree is another leader in Bitcoin trading.
Cointree offers several trading options cutting across Personal (for beginners), Institutional (for OTC trades), and Self Managed Super Fund (SMSF). The platform can also be tailored to cryptocurrency trading and investment services for wealth managers, accountants, and financial planners.
Low Bitcoin and cryptocurrency trading fees.
Offers up to 160 top-performing cryptocurrency portfolios.
Dedicated account managers for providing expert consultation and personalized services to clients.
Up to 70% referral bonus
Only ideal for beginners.
It has a high-point trading fee.
Our Opinion of Cointree
Cointree has many years of experience serving the needs of Australian cryptocurrency investors. The tailored solutions for cryptocurrency traders, the multiple cryptocurrencies supported and the easy signup process makes it one of the best.
Cointree vs. Other Bitcoin Exchanges in Australia
Cointree helps the average Australian unlock and tap into the awesome opportunities in the cryptocurrency industry. It does this relatively better than most cryptocurrency trading platforms because of the customer-centric approach.
How to Get Started with Bitcoin Exchanges in Australia
The processes involved in trading cryptocurrencies at any of the Australian Bitcoin exchanges start from the signup process. Be sure that you create and set up your account correctly.
These are the steps to guide you:
Create an Account: Create a new trading account using your email address, telephone number, and create a password.
Verify the Account: The account verification processes vary by the platform you are using. The verification starts by clicking on the link sent to the registered email address, confirming your telephone number via voice call or entering a code, and uploading your government-issued documents to confirm your identity.
Deposit Funds: Add money to your account. Take note of supported payment methods. You can deposit money via credit cards, debit cards, PayPal, and VISA. MasterCard, bank transfers, and PoLi Pay might also be supported. Make sure that you add up to the minimum deposit amount.
Trade Bitcoin: You can do this by either using the Limit Order format to set a price you want to pay for Bitcoin or use Market Order for instant purchase.
What Options Do I have to Buy and Sell Bitcoin in Australia
You have 2 major options to trade Bitcoin or any other cryptocurrency in Australia. These options are:
Brokerages: You can buy and sell Bitcoin from a brokerage. What the brokerage does is aid you in the buying and selling process. Ideally, the platform allows you to use the services it offers to own Bitcoin or any other cryptocurrency.
CFD Trading Platform: You may want to speculate on the price of Bitcoin instead of owning the coin. In that case, use a Contract for Difference (CFD) trading platform. Through this platform, you will take advantage of the fluctuations in the crypto market to make quick gains from Bitcoin trades.
Do I have to Pay Tax when Selling Bitcoin for Profits in Australia
Cryptocurrency trading is well-regulated in Australia. This is one of the reasons for the proliferation of Bitcoin exchanges in Australia. According to the Australian Taxation Office (ATO), profits made from cryptocurrency trading are taxable.
The conditions for taxation include:
Using Bitcoin or any other cryptocurrency to pay for goods and services.
Taxing the capital gains made on cryptocurrency trades.
Converting cryptocurrency of any kind to the Australian Dollars (AUD).
Taxes are applied when you make ordinary income from airdrops and staking rewards.
Final Thoughts on Bitcoin Exchange in Australia
Trading Bitcoin in Australia is convenient due to its relaxed regulations and the wide selection of cryptocurrency trading and investing services on offer. Digital Surge might be our pick from the list because the platform offers most of its cryptocurrency services via the local currency.