Australian Crypto Exchange Showdown: CoinSpot vs Swyftx, Independent Reserve, Kraken & Others

It is estimated that over 6 million Aussies currently own or have owned some form of cryptocurrency. And that figure is rising every week.

But wth crypto gaining serious traction across the Great Southern Land, more people than ever are finding themselves needing to pick a reliable exchange to facilitate their transactions.
It doesn’t matter if you’re just starting or you’ve been trading digital assets for years. Your choice of platform impacts everything from the fees you have to pay and the security you enjoy to how easy it is to use and your tax reporting obligations.

So, how do you choose which one is right for you?

In this guide, we will explore how the top crypto exchanges in Australia stack up against each other. Hopefully, it will help you find the one that is best suited to your needs.

 

Why Choosing the Right Crypto Exchange Matters

Currently, around 135 active businesses are operating within the Cryptocurrency Exchanges industry in Australia, according to AUSTRAC.

Some cater to beginners looking for a simple way to buy Bitcoin with AUD. However, others are tailored to high-volume traders, SMSF investors, or those who want advanced features like staking and margin trading.

For this reason, it’s worth evaluating what you need most, for example, ease of use, low costs, or powerful tools, before settling on your exchange of choice.

Before we explore some of the main platforms in more detail, check out this breakdown on Kraken vs CoinSpot, Swyftx vs CoinSpot, and CoinSpot vs Independent Reserve.

It provides an overview of how these top platforms compare in terms of trading fees, features, and ease of use.

 

Popular Exchanges in Australia

So, what sets each exchange apart? Here is a brief rundown on some of the main options available to you if you want to invest in Bitcoin or other alternatives.

 

CoinSpot

CoinSpot is often the first stop for new Australian crypto investors. Primarily, that is because it’s clean, easy to use, and offers access to more than 400 cryptocurrencies. Moreover, as it has built-in wallets, NFT support, and compliance with local laws, it’s a comfortable choice among beginners who want a safe and simple experience.

One of the platform’s biggest selling points is its simplicity. However, you should be aware that it’s 1% instant buy/sell fee can add up quickly if you trade often or move in and out of positions regularly.

 

Swyftx

Swyftx has gained popularity across Australia for its balance of usability and features.

The platform is an attractive option for many as it lists lower trading fees at 0.6% and bundled purchases for diversification. It also offers recurring buys to automate investing, and a slick demo mode for those who want to practise before committing real funds.

The great thing about Swyftx is that it has strong customer support, mainly through live chat. While the wider spread on trades might offset the benefits of the low fees for some users, overall, it’s a powerful option for intermediate traders who want more flexibility and control.

 

Independent Reserve

Independent Reserve is known for its professional-grade interface and institutional focus. It also supports multiple currencies, including AUD, NZD, and SGD, and offers comprehensive tax report tools that are tailored for Australian investors.

The platform features an OTC desk, insurance for institutional accounts, and a tiered fee structure that starts at 0.5% and drops as low as 0.02% based on trading volume.

As a result, for those serious about crypto investing or running a self-managed super fund, Independent Reserve is an excellent option.

 

Kraken

Kraken is one of the oldest and most reputable global exchanges and is now widely used by Australians. It supports a strong range of coins and advanced tools like margin and futures trading, as well as staking options for passive income.

Security is a major strength for Kraken, and it has a terrific track record of transparency and reliability.

All things considered, the user interface is probably better suited to experienced traders. So, those looking for deep liquidity and more sophisticated trading options are likely to appreciate what Kraken brings to the table most.

 

Other Contenders Worth Mentioning

While the big four get most of the attention, some other exchanges offer solid features for Australian crypto users.

For instance, Binance Australia benefits from the global Binance ecosystem’s liquidity and trading tools. However, recent regulatory challenges have affected its operations on a local level.
Another to consider is Brisbane-based Digital Surge, which is making waves as it is well-integrated with AUD banking and recognised for its solid customer support.

Elsewhere, eToro Australia appeals to those interested in social trading and copy trading. But its crypto range is more limited. Additionally, Cointree, which is one of Australia’s longest-running exchanges, is known to have a simple interface and a fast onboarding process that most new investors find easy.

 

Our Verdict

All of the exchanges outlined above are reputable. So, if you are interested in investing in crypto, you should be on safe ground with them all.

Ultimately, your choice will depend on what you value most, for instance, fees, simplicity, advanced features, or customer support. And you’ll have to do your homework to find out which one suits you the best.

However, whichever one you choose, the same rule of investing applies to crypto as it does with any other asset. That, of course, is that you should only ever invest what you are prepared to lose.

 

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