The popularity of cryptocurrencies is rapidly increasing, with a growing number of online brokers and exchanges offering digital asset trading to Australian residents. This proliferation of options makes finding reliable crypto trading platforms laborious and time-consuming, but we at Best Brokers are here to simplify the selection process.
Our team has singled out the most reputable brokers where Aussies can trade various cryptocurrencies with low spreads and affordable (or no) commissions. We have personally tested each broker before adding it to our toplist to ensure it delivers nothing short of a superior crypto trading experience. Stick with us as we reveal the 10 best crypto brokers and the top 3 crypto exchanges for Australian traders.
Australian Crypto Brokers Ranked by Trustpilot Score
Forex Broker | Trustpilot Reviews | |
---|---|---|
1. Fusion Markets | 1,662 | 4.9 ⭐ |
2. FP Markets | 6,706 | 4.8 ⭐ |
3. Pepperstone | 2,533 | 4.7 ⭐ |
4. IC Markets | 37,770 | 4.6 ⭐ |
5. AvaTrade | 8,718 | 4.5 ⭐ |
6. PrimeXBT | 122 | 4.4 ⭐ |
7. Global Prime | 142 | 4.4 ⭐ |
8. eToro | 24,180 | 4.2 ⭐ |
9. Plus500 | 13,613 | 4.1 ⭐ |
10. Admirals | 1,770 | 3.8 ⭐ |
Top 10 Australian Crypto Brokers with Low Spreads
Broker | BTCUSD | ETHUSD | SOLUSD | ADAUSD |
---|---|---|---|---|
1. Fusion Markets | 10.63 | 2.59 | 0.143 | 0.0 |
2. eToro | 0.75% | 1% buy, 1% sell | 1% | 1% buy; 1% sell |
3. AvaTrade | 0.10% | 0.15% | 1% | N/A |
4. Global Prime | 64.3 | 6.61 | 0.35 | 0.29 |
5. Axi | 18 | 2 | 0.1 | 0.015 |
6. Pepperstone | 13 | 3 | 2.3 | 4 |
7. IC Markets | 8.71 | 4.56 | 0.10 | 0.001 |
8. PrimeXBT | 0.05% | 0.01 | 0.001 | 0.0001 |
9. Admirals | 0.3% | 0.3% | 1.5% | 1.5% |
10. Plus500 | 0.30% | 8.1 (0.25%) | 3.21 (1.78%) | 0.00578 (1.39%) |
Top 10 Crypto Brokers in Australia
Minimum Deposit $0 Regulation ASIC, VFSC, FSA (Seychelles) Tradable Coins 13 (BTC, ETH, SOL, ADA, BCH, XLM, BNB, and more) Software MT4, MT5, TradingView, cTrader Crypto Leverage 2:1 for Australia, 10:1 for other countries Fees Spread: 10.63 for BTC/USD; No commissions on crypto CFDs Exchange/Wallet Service No Deposit Methods Visa, Mastercard, PayPal, PayID, BinancePay, Bank Wire Transfer, Jeton, Perfect Money, Neteller, Skill, Crypto Withdrawal Methods Skrill, PayPal, Neteller, Bank Wire Transfer, Jeton, AstroPay, Perfect Money, MiFinity, Crypto Fusion Markets is a prominent online broker operating with licenses issued by ASIC, VFSC, and FSA. Australian traders who join its ranks will benefit from low spreads and no commissions for over a dozen cryptocurrency markets like BTC/USD, SOL/USD, ADA/USD, and XLM/USD. The discount broker facilitates cryptocurrency trading through popular platforms like MT4, MT5, TradingView, and cTrader.
Aussie customers can speculate on the rising and falling prices of cryptocurrencies through contracts for difference (CFDs), with the option to leverage their position at a maximum ratio of 2:1. Less experienced clients can get their feet wet in cryptocurrency trading by registering free demo accounts. Fusion Markets offers narrow spreads for high-volume cryptocurrencies, starting from 0.04% for Bitcoin markets and 0.09% for Ethereum.
Clients from Australia can fund their crypto trading activities via a healthy range of safe payment methods, including locally available solutions like PayID. Best of all, Fusion Markets caters to all crypto traders regardless of their budget by waiving its minimum deposit requirements. Aussies can dip their toes into crypto trading with any amount they can afford to spare but minimum withdrawals at Fusion Markets start at $10.
Key Pros
- No minimum deposit requirements
- No commissions on crypto CFDs
- Low spreads for crypto CFDs
- Flexible account funding options with no extra fees
- Negative balance protection for Aussie customers
Key Cons
- A somewhat limited selection of tradable cryptocurrencies
- Low leverage for Aussie crypto traders
- No crypto wallet and staking services
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. eToro
Minimum Deposit $50 for Australia Regulation ASIC, FCA, DFSA, AMF, CySEC, SEC, FSRA, GFSC, MFSA, FSA (Seychelles) Tradable Coins 100+ Software Proprietary Crypto Leverage 2:1 for Australia, 5:1 for Seychelles entity Fees 1% buy/sell fee; 2% for crypto transferring; overnight funding fees of -$36.87595 for BTC CFDs (charged daily on crypto trades) Exchange/Wallet Service Yes (custodial wallet) Deposit Methods Australia: Visa, Mastercard, Visa Electron, Maestro, PayPal, Skrill, Neteller, Bank Transfer; Local Methods: Klarna (Austria, Germany, Switzerland, Belgium), iDeal (the Netherlands), Trustly (Sweden, Norway), Przelewy24 (Poland) Withdrawal Methods Australia: Visa, Mastercard, Visa Electron, Maestro, Neteller, PayPal, Skrill, Bank Transfer; Local Methods: iDeal (the Netherlands), Klarna (Germany, Austria, Belgium, Switzerland), Przelewy24 (Poland) Authorized by ASIC, eToro is a leading online crypto brokerage that enables Aussie customers to effortlessly trade, swap, buy, and sell digital assets, including popular options like Bitcoin, Ethereum, Litecoin, and Ripple. Australian traders can safely hold the cryptocurrencies they purchase in a proprietary custodial wallet that gives them full control over their private keys.
The multi-regulated brokerage provides Aussies with a choice of over 100 tradable coins, 14 crypto crosses, 1 crypto-fiat pair (ETH/GBP), and 1 commodity-crypto pair (GOLD/BTC). Speculating on crypto prices through CFDs is also an option, with Aussie customers having access to a maximum leverage of 2:1. The platform doubles as a social trading network where registered users can follow expert crypto traders and mirror their positions.
The broker’s platform is quite user-friendly, allowing for a seamless crypto trading experience for customers at all experience levels. Aussie traders can start their crypto adventure by depositing as little as $50 into their live accounts, facing a choice from familiar payment methods like credit and debit cards, bank transfers, PayPal, Skrill, and Neteller. All these solutions are available for withdrawals, which incur a $5 processing fee per request.
Key Pros
- Offers a dedicated custodial wallet for crypto storage
- Facilitates buying, selling, and swapping crypto
- Offers over 100 cryptocurrencies and altcoins
- Upholds high regulatory standards
- Offers cryptocurrency social trading
Key Cons
- Charges $5 per withdrawal request
- Offers fewer features for advanced trading
- Low leverage for cryptocurrency CFDs
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. - 3. AvaTrade
Minimum Deposit $100 Regulation ASIC, CySEC, IIROC, JFSA, CBI, DFSA, FSCA, ISA, BVI FSC Tradable Coins 16 (BTC, ETH, SOL, EOS, MIOTA, XRP, NEO, and more) Software MT4, MT5, ZuluTrade, DupliTrade, AvaTradeGO, AvaSocial Crypto Leverage Retail: 2:1 for Australia and EU; Professional: 20:1 Fees Spread: 0.15% – 2% over market; Overnight fees: vary based on cryptocurrency Exchange/Wallet Service No Deposit Methods Australia: Visa, Mastercard, Maestro, Wire Transfer; Other countries: Skrill, WebMoney, Neteller Withdrawal Methods Australia: Visa, Mastercard, Maestro, Wire Transfer; Other countries: Skrill, Neteller, WebMoney AvaTrade emerges as a viable alternative for all Aussie customers looking for competitive crypto trading conditions, market diversity, and a secure trading environment. Licensed by multiple regulators, including ASIC, AvaTrade accommodates both experienced and fledgling crypto traders by offering flexible live account options and various intuitive platforms for desktop and mobile devices. Customers have access to a decent range of cryptocurrencies tradable through CFDs, including Solana, Bitcoin, Ethereum, Stellar, Dash, and Chainlink.
Trading the GOLD/BTC commodity-crypto pair is also an option for clients seeking portfolio diversification. Aussies can amplify their profit potential with leverage of up to 2:1 for retail accounts and 20:1 for customers qualifying as professional traders. Retail clients have no reason to fear their accounts could slip into the red as AvaTrade safeguards them with negative balance protection.
Savvy crypto traders can further reduce their risk by placing stop-loss and take-profit orders. Fledgling traders can improve their knowledge of the crypto markets with AvaTrade’s ample educational resources. Cryptocurrency copy trading is yet another attractive option for novices who join the AvaTrade community. Aussies can replicate the positions of seasoned experts via robust copy trading platforms like DupliTrade, ZuluTrade, and the proprietary AvaSocial.
Key Pros
- A broad choice of third-party and proprietary platforms
- Low spreads for high-liquidity cryptocurrencies
- Three platforms for crypto copy trading
- A nice range of educational resources for crypto trading
- Licensed by ASIC and other prominent regulators
Key Cons
- A somewhat limited range of payment options for Australians
- Dormant accounts incur fees after three months of inactivity
- Buying and selling actual cryptocurrencies is unavailable
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 4. Global Prime
Minimum Deposit $0 Regulation ASIC, VFSC Tradable Coins 40 (BTC, ETH, DOGE, BNB, ADA, ATOM, BCH, EOS, LTC, and more) Software MetaTrader 4 (desktop, iOS, Android) Crypto Leverage 2:1 for Australia; 5:1 for the VFSC entity Fees Spread: from 0.15; 0.1% commission on crypto trades; overnight funding fees (variable) Exchange/Wallet Service No Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Jeton, Perfect Money, Fasapay, Bank Transfer, Bitcoin, Ethereum, Litecoin, Ripple, Tether, Interac (Canada) Withdrawal Methods Visa, Mastercard, Neteller, Skrill, PayPal, Bank Transfer, Bitcoin, Ethereum, Tether, Litecoin, Ripple Global Prime deserves consideration among traders looking for cost-efficiency, usability, and versatility of tradable cryptocurrency markets. The brokerage positions itself as a great alternative for Australian crypto traders, enabling leveraged trading through CFDs with 40 popular and less-known cryptocurrencies. In addition to standard high-volume options like Bitcoin and Ethereum, Global Prime facilitates trading with rarer altcoins and tokens like MANA, SUSHI, OMG, and MKR.
Aussie retail traders speculating on price movements can use a maximum leverage of 2:1 on their cryptocurrency positions. The broker protects retail accounts from dramatic market fluctuations by offering negative balance protection and investor compensation in the event of insolvency. These extras are exclusively available to clients registering through the ASIC-licensed domain.
As for trading conditions, these are highly competitive at Global Prime. The spreads attached to some crypto crosses are as low as 0.15, while commissions are only 0.1% for cryptocurrency trades. The broker provides outstanding low-latency execution and processes orders within 10 milliseconds on average. Global Prime opens the crypto markets to traders across the board, with a minimum trade size of 0.01 lot.
Key Pros
- No minimum threshold on deposits
- Supports deposits and withdrawals with cryptocurrencies
- Narrow spreads and nominal commissions on crypto trades
- 40 crypto-fiat crosses tradable through CFDs
- A low minimum trade size for cryptocurrency positions
Key Cons
- Supports only MT4 for the time being
- Limited educational materials for rookie crypto traders
- No downloadable proprietary apps for Android and iOS
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. - 5. Axi
Minimum Deposit $200 Regulation ASIC, FSA, FCA, CySEC, DFSA Tradable Coins 30 Software MetaTrader 4 Crypto Leverage 2:1 Fees Spread: 18 pips for BTC/USD; Overnight fees: variable Exchange/Wallet Service No Deposit Methods PayPal, Bank Transfer, Waave, Visa, Mastercard Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer Axi is an ASIC-regulated broker that has won thousands of Aussie customers over with its tight spreads, outstanding product lineup, and highly responsive customer support. The brokerage facilitates crypto trading through the well-known MetaTrader 4 platform, offering a robust range of 30 cryptocurrencies, altcoins, and tokens. From staples such as Bitcoin and Ethereum to new arrivals on the crypto scene like Loopring and Sushi, there are plenty of options to explore here.
The broker charges no commissions on crypto-related trades, which are possible through CFDs only. Retail customers can go long or short without purchasing the underlying digital assets, with the option to use leverage of up to 2:1. The trade size of cryptocurrency positions ranges from 0.01 to 1,000 lots, depending on the coins you trade. Spreads are also coin-specific, averaging 18 pips for BTC/USD.
The broker accepts payments with widespread solutions like Visa, Mastercard, PayPal, and bank transfers, but minimum deposits are on the high end at $200. All leveraged crypto positions are automatically liquidated at a 50% margin as per ASIC requirements. Aussie traders will additionally benefit from negative balance protection and investor compensation.
Key Pros
- Offers narrow spreads and deep liquidity
- Runs on the familiar MetaTrader 4 platform
- Maximum BTC/USD trades of up to 20 lots
- Responsive customer support staff
- Offers a seamless trading experience on mobile devices
Key Cons
- A limited range of payment methods
- High initial deposits for live accounts
- Customer support is not available around the clock
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 6. Pepperstone
Minimum Deposit $0 Regulation ASIC, FCA, CySEC, DFSA, CMA, SCB, BaFin Tradable Coins 21 (BTC, ETH, LTC, UNI, BNB, XLM, XRP, ADA, and more) Software MT4, MT5, cTrader, TradingView Crypto Leverage 2:1 for Australian retail traders Fees Spread: 17 pips for BTC/USD, 2.5 pips for LTC/USD, and 45 pips for the Crypto10 Index Exchange/Wallet Service No Deposit Methods BPAY, Visa, Mastercard, PayPal, Bank Transfer, Skrill, Neteller Withdrawal Methods Visa, Mastercard, Neteller, PayPal, Bank Transfer, Skrill, BPAY Pepperstone is an award-winning broker that caters to customers Down Under with an ASIC license, upholding high security and fairness standards as mandated by the Aussie regulator. It delivers an unrivaled trading experience with intuitive third-party platforms like TradingView, MT5, MT4, and cTrader. Smartphone and tablet users can ride the crypto market’s roller coaster on the go by downloading Pepperstone’s proprietary apps for iOS and Android.
Pepperstone enables Australians to participate in the volatile cryptocurrency markets without the need for setting up a crypto wallet or registering with an exchange. The broker offers a wide range of cryptocurrency CFDs, giving customers the opportunity to profit from the rising or falling prices of crypto crosses like BTC/USD, BTC/EUR, ETH/GBP, LTC/USD, and more. Diversifying your portfolio with crypto indices is another option.
Pepperstone provides regular analysis and insights, enabling traders to keep up to speed with the constantly evolving crypto markets. Traders will benefit from spreads as low as 2.5 pips for certain crypto crosses (LTC/AUD). The renowned broker charges no commissions on cryptocurrency trades.
Key Pros
- A decent selection of cryptocurrency crosses
- 3 global crypto indices available (Crypto10, Crypto20, Crypto30)
- Low spreads and no commissions on crypto CFDs
- A toll-free support telephone line for Aussie customers
- High fill rates for cryptocurrency orders
Key Cons
- Demo accounts are available for 60 days only
- Could use more payment methods for Australian traders
- Some customers report issues with signing into TradingView
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 7. IC Markets
Minimum Deposit $200 Regulation ASIC, CySEC, FSA (Seychelles) Tradable Coins 18 (BTC, ETH, DSH, BCH, LTC, and more) Software MT4, MT5, TradingView, cTrader Crypto Leverage 2:1 Fees Spreads: from 0 pips for XLM/USD, EOS/USD, and DSH/USD; 8.710 for BTC/USD Exchange/Wallet Service No Deposit Methods BPAY, Mastercard, Visa, Neteller, PayPal, Wire Transfer, Broker to Broker, Online Banking, Klarna, Rapidpay, WebMoney, Fasapay Withdrawal Methods Mastercard, Visa, Skrill, PayPal, Neteller, Wire Transfer IC Markets is renowned the world over for offering excellent trading conditions for a varied range of assets, including 18 cryptocurrencies. Popular options include Ethereum, Bitcoin, Dash, and Stellar, although customers also have access to less-known tokens like Emercoin, Luna, Kusama, and NameCoin. The entire cryptocurrency portfolio is tradable through contracts for difference, with a 2:1 cap on leverage for retail clients from Australia.
Crypto positions incur no commissions, with traders paying only the spreads. Speaking of spreads, these are very competitive at IC Markets and go as low as zero pips for cryptocurrency crosses like DSH/USD, EOS/USD, and XLM/USD. The broker is well-regarded for its transparent pricing and lightning-fast order execution, delivering average speeds of 35 milliseconds.
Aussie traders can conveniently fund their live accounts with credit and debit cards, e-wallets, and bank transfers. Domestic bank transfer withdrawals are free and typically arrive at local Australian banks after one business day. Most of the available payment solutions support transactions in AUD, preventing Aussie traders from incurring additional fees for currency conversion. IC Markets is suitable for casual crypto traders as it imposes no inactivity fees on dormant accounts.
Key Pros
- Offers spreads from 0 pips for select coins
- Free deposits and withdrawals
- Speedy order execution through IC Markets’ NY4 and LD5 servers
- 24/7 customer care
- Segregates client funds at first-tier Australian banks
Key Cons
- High threshold on minimum deposits ($200)
- Limited withdrawal options
- No ETF trading
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 8. PrimeXBT
Minimum Deposit $1 Regulation FCIS (Lithuania) Tradable Coins 30+ (BTC, ETH, USDT, MATIC, SOL, LTC, XRP, and more) Software Proprietary WebTrader and mobile app Crypto Leverage 100:1 Fees Spread: from 0.1 pips; Maker/Taker Fees: 0.01% / 0.02%; Trading Fee: 0.05% Exchange/Wallet Service Yes Deposit Methods Crypto, Perfect Money, Volet, Visa, Mastercard Withdrawal Methods Crypto, Perfect Money, Visa, Mastercard, Volet PrimeXBT is an all-in-one crypto trading destination trusted by over one million active customers worldwide. Registered and regulated in Lithuania, the platform facilitates cost-effective CFD trading with over 30 cryptocurrencies, with minimum spreads starting from 0.01 pips only. It doubles as a cryptocurrency exchange where users can buy and sell cryptocurrencies or store them in their PrimeXBT wallets.
The platform appeals to crypto investors with its low trading fees of 0.05%, which is considerably lower than other leading exchanges. Maker/taker fees are equally competitive at 0.01% and 0.02%, respectively. Customers looking to purchase cryptocurrencies can conveniently use their Mastercard and Visa-branded cards. They can then exchange their coins for fiat currencies to transfer to their bank accounts.
As a one-spot crypto destination, PrimeXBT provides copy trading services, allowing inexperienced or busy clients to follow and replicate the trades of seasoned crypto investors. Copied traders can earn passive income through performance fees capped at 20%. Crypto futures contracts are also available at PrimeXBT, making for a truly well-rounded crypto trading service.
Key Pros
- A rich collection of tradable crypto instruments
- Access to higher leverage
- Low trading and maker/taker fees
- Very low crypto spreads from 0.1 pips
- Facilitates buying crypto with debit and credit cards
Key Cons
- Support staff is slow to respond at times
- Regulated outside Australia
- A limited range of fiat payment methods
Risk warning: Before engaging with this website and the services made available through it, you should read all relevant Terms & Conditions, policies, and accompanying documentation which govern the Terms of Use of all PrimeXBT products and services. Crypto Futures and CFDs products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. Virtual Assets are volatile and their value may fluctuate, which can lead to potential gains or significant losses. Returns or profits may be subject to capital gains tax. If you do not understand the risks involved, or if you have any questions regarding the PrimeXBT products, you should seek independent financial and/or legal advice if necessary. - 9. Admirals
Minimum Deposit $100 ($1 for Invest MT5 accounts) Regulation ASIC, CySEC, FCA, CIRO, FSCA, JSC (Jordan), CMA (Kenya), FSA (Seychelles), EFSA (Estonia) Tradable Coins 18 coins (27 crypto crosses) Software MT4, MT5, StereoTrader Crypto Leverage 2:1 for retail clients, 20:1 for professionals Fees Spread: 0.3% for BTC/USD and ETH/USD Exchange/Wallet Service Admirals Wallet connects to Bitstamp Deposit Methods Bank Transfer, Mastercard, Visa, Skrill, Neteller, POLi, Klarna, Crypto Withdrawal Methods Bank Transfer, Skrill, Neteller, Visa, Mastercard, Crypto Admiral Markets leverages over two decades of industry experience to deliver superior trading to customers from more than 130 countries. The broker accepts Australian traders with an ASIC license but is also regulated in multiple other jurisdictions, including Cyprus, Jordan, Kenya, and the UK. Aussie crypto enthusiasts can speculate on the prices of 27 crypto crosses, including popular pairs like BTC/USD, ADA/USD, and ETH/EUR.
The minimum contract size for high-volume crypto crosses like BTC/USD is set at 0.01 lots, with a ceiling of 5 lots. Admiral Markets imposes no commissions on cryptocurrency trades and has spreads starting from 0.3% for major crypto crosses. Cryptocurrencies are tradable through MT4 and MT5, with smartphone users having the option to download the broker’s native applications for Android and iOS.
Newly registered customers get to start with minimum deposits of $100 and can fund their live accounts free of charge with credit and debit cards, bank transfers, crypto, and e-wallets (Skrill and Neteller). Aussie traders have the option to top up their balance with the locally available payment solution POLi. Each customer is entitled to one free withdrawal per month. Subsequent withdrawal requests incur additional fees of AU$15 via bank transfers and 1% for e-wallets.
Key Pros
- No commissions on cryptocurrency CFDs
- Supports local payment solutions like POLi
- Offers user-friendly iOS and Android apps
- Spreads as low as 0.3 pips for popular crypto crosses
- Offers multi-currency accounts
Key Cons
- Dormant accounts incur inactivity fees
- Restricts free withdrawals to one request per month
- Customer support is not available around the clock
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 10. Plus500
Minimum Deposit $100 (AU$200) Regulation ASIC, FMA, CySEC, MAS, FCA, ISA, SFCA, FSA (Seychelles) Tradable Coins 20 coins, 1 crypto index Software Proprietary Crypto Leverage 2:1 Fees Spread: 0.3% for BTC/USD, 0.60% for the Crypto 10 Index Exchange/Wallet Service No Deposit Methods BPAY, Visa, Mastercard, Skrill, PayPal, Bank Transfer, Apple Pay Withdrawal Methods Visa, Mastercard, PayPal, Skrill, Bank Transfer Launched in 2008, Plus500 is ideal for Australians looking for a broad range of financial instruments, low-cost trading, and functionality. The broker delivers competitive spreads for over 2,800 markets tradable through CFDs, including 20 cryptocurrencies and altcoins. Aussie customers can broaden their exposure to the digital-asset markets with the Crypto 10 Index.
The comprehensive selection of crypto crosses is accessible via a highly functional proprietary platform guaranteed to entice all traders insisting on simplicity and usability. Plus500 has no commissions on cryptocurrency CFDs and offers spreads of 0.30% for major crypto crosses like BTC/USD. The spread for the Crypto10 Index is twice as wide at 0.60%.
The reputable broker streamlines risk management by offering guaranteed stop-loss orders, among other useful tools. Non-professionals can take advantage of 2:1 leverage and have no reason to fear they would slip into debt as Plus500 safeguards all retail clients from negative balances. On the downside, the broker collects a $10 dormancy fee after three months of inactivity, which may put off less active traders.
Key Pros
- Over 15 years of industry experience
- Listed on the London Stock Exchange (LSE)
- Access to 20 cryptocurrencies and the Crypto 10 Index
- Highly functional proprietary platform for desktop and mobile devices
- Lots of risk management tools, including guaranteed stop losses
Key Cons
- Charges a $10 fee after three months of inactivity
- Could use more payment methods
- No support for MT5 or MT4
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Australian Crypto Exchanges Trustpilot Score
Forex Broker | Trustpilot Reviews | |
---|---|---|
1. CoinJar | 2357 | 4.1 ⭐ |
2. Kraken | 2294 | 1.4 ⭐ |
3. Binance | 4500 | 1.4 ⭐ |
Top 3 Australian Crypto Exchanges Fees
Exchange | Maker/Taker Fees | Staking | Deposits Fees | Withdrawal Fees |
---|---|---|---|---|
1. Binance | Spot & Margin: from 0.1000% / 0.1000% to 0.0120% / 0.0240% (depends on tier); Futures: from 0.0200%/0.0500% to 0.0000%/0.0170% (depends on tier) | 2.94% (ETH) 0.3%~5.6% (SOL Simple Earn) 2.7%~3.88% (USDT Simple Earn); N/A in Australia | 2% for buying crypto with AUD; 2% (Bank Cards); €1 (SEPA Transfer) | Free; €1 (SEPA Transfer) |
2. Kraken | Spots: from 0.25% / 0.40% to 0.00%/0.10% (depends on tier); Margin: 0.02% opening fee; Futures: from 0.0200% / 0.0500% to 0.0000%/0.0100% (depends on tier) | Up to 28% annually |
| CAD:
|
3. CoinJar | Taker fee between 0.10% and 0.06% depending on monthly trading volume; Maker fee between 0.10% and 0.02% depending on monthly trading volume | Offers a point-based rewards program | Free | Free |
Top 3 Crypto Exchanges for Australians
Binance
Binance is one of the most popular exchanges offering crypto trading options to Irish traders. Launched in 2017, Binance has quickly gained popularity thanks to its competitive prices. Binance is a global cryptocurrency exchange reaching over 170 million customers from more than 100 countries, including Australia. The exchange demonstrates a laudable commitment to collaborating with regulators worldwide and has registrations in multiple countries throughout Europe, the Americas, the Middle East, and the Asia-Pacific. It services customers Down Under with authorization from the Australian Transaction Reports and Analysis Centre (AUSTRAC) under registration number 100576141-001.
Diversity is one area Binance excels in, as Aussie clients can swap, buy, and sell north of 350 cryptocurrencies on the spot at a fairly reasonable cost. Maker and taker fees for the available spot markets start at 0.1000% each but can drop all the way down to 0.0120% / 0.0240% at the highest VIP level. Customers looking for a streamlined crypto trading experience will benefit from Binance’s trading bots.
Another service available on the Aussie domain is copy trading where clients can follow seasoned crypto investors and replicate their trades. Cryptocurrencies are available only for spot trading in Australia, a fact that may put off some clients. Futures traders from other jurisdictions, however, are protected against crippling losses through Binance’s Futures Insurance Funds. The exchange has no minimum threshold for deposits but new clients will need at least $10 to start trading crypto on the platform.
Binance Exchange Details | |
---|---|
Minimum Deposit | At least $10 is required to trade crypto |
Regulation | AMF (France), OAM (Italy), FIU (Lithuania), BoS (Spain), FSA (Sweden), AIFC (Kazakhstan), FSRA (Abu Dhabi), CBB (Bahrain), VARA (Dubai), AUSTRAC (Australia), JFSA (Japan), BAPPEBTI (Indonesia), FMA (New Zealand), SEC (Thailand), SFCA (South Africa), SAT (Mexico), CNAD (El Salvador) |
Tradable Coins | 350+ for Binance Australia (500+ globally) |
Ways to Trade Crypto | Spot, Margin Trading (unavailable in Australia), Futures, Copy Trading |
Crypto Leverage | Up to 125:1 |
Maker/Taker Fees |
Spot and Margin*: 0.1000% / 0.1000% for regular users Futures: 0.0200% / 0.0500% |
Wallet Type | Self-Custody |
Deposit Methods | Visa, Mastercard, Bank Transfer, Online Banking, Zen, P2P Express, Crypto, iDeal, PIX |
Withdrawal Methods | Visa, Mastercard, Bank Transfer, Online Banking, Zen |
Key Pros
- Over 350 altcoins readily available at Aussies’ fingertips
- Comprehensive educational content in Binance Academy
- Institutional-grade analysis
- Charges reasonable trading fees
- Offers Futures Insurance Fund to safeguard customers from counterparty liquidations
Key Cons
- Unversed users may find the UI overwhelming
- *No margin trading on the Aussie domain
- Account verification may take some time
Kraken
Kraken is a true trailblazer on the crypto trading scene, whose history dates back to 2011. The company presently serves more than 10 million customers worldwide, including thousands of Australians. Perhaps more importantly, Kraken is registered as a Digital Currency Exchange Provider with the local financial intelligence agency AUSTRAC, asserting its commitment to regulatory compliance.
The company maintains a low-cost exchange where Aussies can buy, sell, swap, and hold over 200 altcoins and tokens. Kraken clients can further diversify their portfolios with non-fungible tokens, facing a choice of over 250 NFTs. Margin trading is an option for Aussies seeking to use leverage. Kraken is, unfortunately, unable to provide futures trading to Australian customers at the moment but is actively working on expanding its product range.
Kraken was among the first crypto exchanges to embrace the proof of reserve concept, backing customers’ balance with real assets. The company is fully transparent in this respect and publishes regular PoR reviews for all clients to peruse. Last but not least, Kraken caters to crypto traders Down Under with familiar local payment solutions like PayID and Osko. The exchange can accommodate all traders as minimum deposits start at $5.
Kraken Exchange Details | |
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Minimum Deposit | $10 (AU$5) |
Regulation | FinCen (US), FCA (UK), FINTRAC (Canada), AUSTRAC (Australia), FSRA (Abu Dhabi), CBI (Ireland), OAM (Italy), BoS (Spain), DNB (the Netherlands) |
Tradable Coins | 200+ coins, 250+ NFTs |
Available Crypto Instruments | Spot, Margin Trading, Futures Contracts* |
Crypto Leverage | 50:1 |
Maker/Taker Fees |
Spot: 0.25% / 0.40% Stablecoins and Pegged Tokens: 0.20% / 0.20% Futures Contracts: 0.0200% / 0.0500% |
Wallet Type | Self-Custody |
Deposit Methods | PayID, Osko Bank Transfers, Mastercard, Visa, Apple Pay, Wire Transfer, Google Pay, PayPal, Etana Custody, Crypto |
Withdrawal Methods | PayID, Osko Bank Transfers, Wire Transfer, Mastercard, Visa, Etana Custody |
Key Pros
- Registered with AUSTRAC
- A choice of more than 250 NTFs on top of over 200 altcoins
- Offers a generous referral program (with AU$150 bonuses)
- Detailed crypto guides available for most of the supported altcoins
- Customer care is on standby 24/7
Key Cons
- DSH, XMR, and ZEC are unavailable to Aussies
- Has had legal issues with SEC in the United States
- *Aussies have no access to futures trading
CoinJar
CoinJar is one of the first crypto exchanges to launch Down Under and has been serving customers from the country since 2013. It enjoys an excellent reputation among Aussies for reliability, security, and transparency, partially due to its AUSTRAC registration. The exchange facilitates spot trading with over 60 popular cryptocurrencies and tokens, including DAI, LTC, UNI, ETH, BTC, and MATIC.
Customers can increase their exposure to the crypto markets by trading CoinJar bundles comprising multiple cryptocurrencies. From what we gather, margin trading and futures contracts are unavailable at CoinJar for the time being. If using leverage is something you wish to do, you should perhaps consider another platform as the exchange does not offer this option, either.
Despite these shortcomings, CoinJar snagged the third spot on our list thanks to its competitive maker/taker fees and overall great trading conditions. Another benefit of trading here is that Aussie customers are eligible for Mastercard-branded CoinJar cards, allowing them to use cryptocurrencies for in-store and online purchases. Getting started with CoinJar is easy and accessible as minimum deposits are $10 only.
CoinJar Exchange Details | |
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Minimum Deposit | $10 |
Regulation | AUSTRAC (Australia), FCA (UK) |
Tradable Coins | 60+ in Australia |
Available Crypto Instruments | Spot Trading |
Crypto Leverage | N/A |
Maker/Taker Fees | 0.10% / 0.10% |
Wallet Type | Custodial |
Deposit Methods | Osko, PayID, Visa, Mastercard, Apple Pay, Google Pay, Bank Transfer |
Withdrawal Methods | Bank Transfer, CoinJar Card, PayID |
Key Pros
- One of the longest-running crypto exchanges in Australia
- Holds over 90% of client assets in secure offline locations
- Voted “Digital Currency Exchange of the Year” at the 2023 Blockies Awards
- Offers Mastercard-branded CoinJar cards
- Supports trading with crypto baskets encompassing multiple coins
Key Cons
- No margin trading and futures contracts
- A somewhat limited range of coins compared to other exchanges
- Mainly geared toward the needs of beginner crypto traders
Legal Status of Cryptocurrency Trading in Australia
The legal status of cryptocurrencies in Australia is somewhat murky as the country lacks specific regulations pertaining exclusively to crypto trading. However, the local financial regulator has introduced several requirements for brokers offering crypto contracts for difference (CFDs) to retail traders based in the country. To begin with, crypto CFD brokers must gain regulatory approval and licenses from the Australian Investments and Securities Commission (ASIC) to offer derivative products to local traders legally.
- Aussies Lost over $774 Million to CFDs between March and April 2020
You can find the full list of licensed crypto brokers in the ASIC licensee register. Since many retail traders grossly underestimate the financial risks associated with leveraged CFDs, ASIC introduced a set of new regulatory rules on these products in March 2021. The measures came after research conducted by the watchdog revealed CFD traders in the country had collectively lost more than $774 million over a single month in 2020.
- ASIC Aligned Crypto Retail Leverage with ESMA Caps
To at least partially curb these losses, the Australian watchdog decided to impose lower caps on the maximum retail leverage brokers can offer for high-risk derivatives, including crypto CFDs. The caps largely coincide with those introduced by the European Securities and Markets Authority (ESMA) in 2018. Upon opening positions in crypto assets, Aussie retail traders can use maximum leverage of 2:1.
For clarification, leverage enables customers to open larger trades with less capital by borrowing additional funds from their brokers. It is a double-edged sword, however, as high leverage can result in significant losses in the event of dramatic price fluctuations. You can read more about how CFDs work in our article on high-leverage crypto trading.
Cryptocurrencies are prone to violent price fluctuations, hence they have the lowest leverage cap out of all asset classes. For comparison, Aussie retail customers have access to maximum leverage of 30:1 for forex CFDs. Additionally, ASIC requires locally licensed brokers to enforce a 50% margin requirement on leveraged crypto positions. This basically means retail clients must be able to cover at least half the size of their crypto positions when using 2:1 leverage.
- Negative Balance Protection for Crypto Margin Accounts
Under the new ASIC requirements, all retail customers trading crypto CFDs with leverage must have access to negative balance protection. The measure prevents retail accounts from slipping into the red when crypto prices move dramatically against traders. ASIC-licensed brokers must automatically close out all losing leveraged positions to counteract any further losses. With this measure in place, Aussie traders can rest assured they will never lose more than their available balance. The Australian watchdog reported a 91% decrease in the combined losses of retail accounts during the first half year after the measure’s introduction.
- Compensation Scheme of Last Resort
The Compensation Scheme of Last Resort (CSLR) launched in April 2024, providing up to $150,000 in compensation to retail customers who have suffered losses due to their financial firms going bankrupt. The CSLR is funded through obligatory payments made by ASIC-licensed financial companies. The requirement extends to credit and financial advice providers and securities dealers, including licensed brokers facilitating cryptocurrency CFD trading.
- Requirements for Cryptocurrency Exchanges in Australia
Running a cryptocurrency exchange in Australia requires registration with the local financial intelligence agency AUSTRAC (Australian Transaction Reports and Analysis Center). Registered entities must verify the identities of their customers before allowing them to engage in the purchase, sale, or exchange of digital assets. Maintaining records of client transactions and complying with local anti-money laundering (AML) and counter terrorist financing (CTF) policies are also among the requirements AUSTRAC-registered exchanges must satisfy.
What Forms of Crypto Trading Are Legal in Australia
From everything written so far, it becomes clear Australians can legally trade crypto through contracts for difference (CFDs) as long as they do so with locally authorized online brokers. CFDs are complex derivative instruments that enable traders to gain exposure to the cryptocurrency markets without purchasing the underlying digital assets.
Crypto CFD and Spot Trading
Crypto CFD traders speculate on the price fluctuations of digital assets and profit when they predict the correct direction in which the prices will move (up or down). They open long (buy) CFD positions if confident the value of a given cryptocurrency will appreciate or go short (sell) when thinking an asset’s prices will deflate. Trading crypto CFDs involves excessive risk and is subject to various restrictions, including lower caps on the maximum leverage available to retail clients.
Residents can also engage in crypto spot trading, which refers to buying and selling digital assets at current market prices with immediate settlement. Spot trading enjoys widespread popularity among Aussie crypto enthusiasts and is available at most AUSTRAC-registered exchanges.
No Binary Options Trading for Aussie Crypto Enthusiasts
In 2021, the Australian financial watchdog ASIC moved to prohibit retail trading with binary options for all asset classes, including cryptocurrencies. The initial plan was to restrict the distribution of binary options for a year and a half but ASIC subsequently decided to extend the ban until late 2031. The ban came after consumer reviews conducted by the watchdog revealed that over 80% of all retail customers lose money when trading binary options.
This over-the-counter instrument offers fixed payouts for making correct predictions about the occurrence or non-occurrence of a specific event within a given period. A binary option could be as simple as whether BTC prices will rise above 70,000 USD before noon on July 30. The trader receives no payout if the binary option expires out of the money. Binary options are simple to grasp but involve substantial risk, which prompted ASIC to clamp down on this instrument.
Limited Access to Crypto Futures and Margin Trading
From what we gather, there are no specific restrictions on leveraged crypto futures and margin trading in Australia. In 2021, ASIC cautioned residents against trading them on offshore platforms, citing the massive losses local investors have suffered due to using excessive leverage. Many exchanges took notice of the warning and ceased offering these products to Australian customers. Binance, KuCoin, and Kraken are the most prominent examples.
Who Regulates Crypto Trading in Australia
As previously mentioned, ASIC is the main regulatory body overseeing crypto CFD brokers operating Down Under. The watchdog grants Australian Financial Services Licenses (AFSL) to online brokers offering crypto derivatives and monitors their operations for compliance with the local regulatory framework. It issues warnings and submits recommendations on mitigating the risks for retail investors. Non-compliant licensees suffer various penalties, including heavy fines, license suspension, and revocation.
Exchange platforms facilitating buying, selling, swapping, and holding digital assets must register with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The agency combats financial crimes like securities fraud, terrorist financing, and money laundering by collecting information from registered entities. AUSTRAC has the remit of refusing, suspending, or canceling registrations if it has reasons to suspect businesses, or crypto exchanges in this case, pose a substantial risk of serious financial crimes.
AUSTRAC-registered exchanges must adopt certain measures to prevent criminal activities, including performing detailed verification checks to confirm their customers’ identities. Registrants must maintain detailed transaction records and regularly report to the agency. AUSTRAC registrations are subject to renewal and expire every three years.
Common Costs Associated with Crypto Trading in Australia
Australians can anticipate several types of additional charges when trading cryptocurrencies, starting with the spreads attached to crypto contracts for difference. Spreads reflect the differences between the bid and ask prices brokers quote for different crypto markets. Wider spreads result in higher trading costs and vice versa. Some brokers may charge a fixed percentage-based commission upon opening or closing crypto positions on top of the spread, although this happens rarely.
When holding leveraged CFD positions overnight, traders incur overnight or rollover fees. Rollover charges are coin-specific and depend on whether you open long or short positions. Overnight fees result from using leverage whereby traders effectively borrow money from their brokers to open larger positions. Respectively, brokers make interest adjustments to margin accounts to cover the costs of funding long leveraged positions overnight. A nominal administrative fee may also be due in this case. Conversely, overnight funding charges are credited to accounts with open short positions.
Crypto exchanges have a different fee structure where clients pay maker or taker fees when buying, selling, or swapping cryptocurrencies. Taker fees are in place when orders are executed immediately, effectively decreasing market liquidity. Maker fees are slightly lower than taker fees as they apply to orders that take longer to fill, adding liquidity to the market.
Most brokers use a tier-based structure where maker and taker fees depend on a client’s monthly or weekly trading volume. The higher your trading volume, the lower your maker/taker fees, and vice versa. The table below uses an example from Binance Australia to demonstrate how this tiered fee system works.
VIP Level | 30-Day Trading Volume | Maker / Taker Fees |
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Regular Customers | Less than $1 million | 0.1000% / 0.1000% |
VIP Level 1 | Over or equal to $1 million | 0.0900% / 0.1000% |
VIP Level 2 | Over or equal to $5 million | 0.0800% / 0.1000% |
VIP Level 3 | Over or equal to $20 million | 0.0420% / 0.0600% |
VIP Level 4 | Over or equal to $75 million | 0.0420% / 0.0540% |
VIP Level 5 | Over or equal to $150 million | 0.0252% / 0.0336% |
VIP Level 6 | Over or equal to $400 million | 0.0210% / 0.0294% |
VIP Level 7 | Over or equal to $800 million | 0.0192% / 0.0288% |
VIP Level 8 | Over or equal to $2 billion | 0.0165% / 0.0275% |
VIP Level 9 | Over or equal to $4 billion | 0.0120% / 0.0240% |
Discounts are available to customers who pay their maker and taker fees using the exchange’s native currency, Binance Coin (BNB). As you can see, this tiered fee structure mostly works to the advantage of professional clients accustomed to trading larger volumes. The average Joe can hardly afford to invest one million dollars per month to benefit from a 0.01% reduction in maker fees.
Last but not least, Aussie traders are also eligible for blockchain fees (gas in the context of Ethereum) when transferring digital coins from one wallet to another. Some trading platforms may charge additionally for withdrawals, currency conversion, or account inactivity. All these charges are platform-specific and can vary wildly, so we recommend you always compare the fees across multiple brokers and exchanges.
Are Profits from Crypto Trading Taxed in Australia
Despite their murky regulatory status, cryptocurrency investments are subject to taxation in Australia. Residents holding cryptocurrencies as an investment are liable for capital gains taxes as the Australian Taxation Office (ATO) treats digital coins like assets, same as stocks and property. Therefore, profits derived from selling, swapping, or exchanging cryptocurrencies are all taxable. The rates vary based on tax bracket and coincide with those for income taxes, as shown in the table below.
Bracket | Income Tax Rates |
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$0 to $18,200 | None |
$18,201 to $45,000 | 16% (¢16 for every dollar above the minimum threshold of $18,200) |
$45,001 to $135,000 | 30% (¢30 for every dollar above the minimum threshold) |
$135,001 to $190,000 | 37% (¢37 per dollar) |
$190,001 or higher | 45% (¢45 per dollar) |
*Applicable to Australian residents from the 2024-2025 tax year and onward
You are liable for capital gains taxes if you sell your BTC for ETH or AUD on profit. Australian laws contain provisions for a 50% tax reduction for residents who hold their assets for more than one year before selling them. For example, let’s assume a person purchases $20,000 worth of Bitcoin and stores it in their wallet for two years before selling it for $30,000, recording capital gains of $10,000.
The investor will only pay capital gains taxes on $5,000 rather than the entire $10,000. This amount is added to their total annual income of $73,000, bringing it to $78,000. Our hypothetical investor is liable for a 30% capital gains tax since their annual income falls into the $45,001-$135,000 tax bracket. Residents can also use their capital losses to reduce their capital gains.
How to Pick Quality Crypto Brokers for Australia
When selecting a cryptocurrency broker or exchange, Australians should consider several important criteria to maximize their crypto trading experience. In the case of crypto exchanges, it is advisable to pick trading platforms that prioritize security by offering cold-storage crypto wallets, investor compensation, and proof of reserve.
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Security and Client Protection Practices
When shopping for a crypto CFD broker, retail traders should always choose broking firms with negative balance protection and investor compensation schemes. In either case, a good trading platform should implement advanced encryption protocols and preferably offer two-factor or biometric authentication as an extra layer of protection upon signing in. -
Commitment to Regulatory Compliance
Regulatory compliance is another aspect to keep in view when selecting where to trade cryptocurrencies. Aussie crypto enthusiasts should always opt for ASIC-regulated brokers. ASIC licenses give them a legal recourse in the event of misconduct, scams, and potential insolvencies. In the case of crypto exchanges, going for AUSTRAC-registered entities is the wisest decision.
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Market Range, User Interface, and Cross Compatibility
The range of tradable crypto markets and the platform’s interface are also worth considering. Quality brokers and crypto exchanges offer a versatile selection of coins to accommodate all crypto traders, regardless of their level of expertise and experience. The platform’s interface should be intuitive but user-friendliness should not come at the expense of fewer analytical tools. It goes without saying mobile compatibility is an absolute must for any self-respecting crypto exchange or broker.
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Spreads and Additional Trading Costs
Crypto traders will inevitably incur additional fees, but the extra charges vary substantially across brokers and exchanges. We advise readers to compare spreads, commissions, and maker/taker fee structures across multiple platforms before settling for any crypto broker or exchange. Steeper fees will slowly but surely eat away at your trading profits.
Australia Crypto Brokers Q&A
The most pronounced difference between brokers and exchanges is that the latter enable customers to buy, sell, and hold cryptocurrencies in dedicated wallets. Traders can earn staking rewards for holding their coins for long periods. Most brokers, on the other hand, only facilitate speculation on crypto price movements without the option of purchasing and selling the underlying digital assets. Brokers and exchanges also rely on different price structures, as discussed earlier.
Brokers charge inactivity fees when customers fail to access their live accounts for extended periods, ranging from three months to two years. Said fees are percentage-based and brokers automatically deduct the monthly amount due from the available balance of dormant accounts. Aussies can circumvent these additional costs by occasionally logging in and placing nominal orders.
This is a standard AML procedure at AUSTRAC-registered exchanges as they must verify the identities of all Aussie customers before allowing them to engage in any crypto trading activities. They will ask you to upload copies of some personal and financial documents as proof of identity and source of funds. Exchanges like Binance offer video identification to speed up the process. Either way, your sensitive information is in good hands as all exchanges encrypt it during transmission.
Aussie crypto traders can conveniently fund their accounts with familiar payment methods like bank cards and wire transfers. Depositing and withdrawing with digital wallets like Skrill and PayPal is commonly an option. Local payment solutions like POLi, BPay, and PayID are also available in some cases.
Yes, most brokers catering to crypto traders from Australia enable them to use the AUD as their base account currency. Setting up an AUD account is highly recommended as it prevents you from incurring additional expenses for currency conversion.