Binance Crypto Exchange Review: Top 10 Australia Exchanges Compared

With so many crypto exchanges in Australia, picking the right one can be tough. We’ve broken down the essentials of the top six, helping you make an informed choice based on key factors.

What Are Australia’s Top Crypto Exchanges?

Binance

Binance offers investors a comprehensive suite of digital assets for trading, catering to both novice and experienced traders with its advanced trading and investment features. The exchange stands out for its decentralized finance services, including staking, savings, and crypto-backed loans, providing users with a one-stop solution for their financial needs. What’s more, Binance supports trading in various fiat currencies, a rarity among Australian exchanges, giving investors more flexibility and options. The verification process at Binance is straightforward, requiring only basic details such as government-issued ID and phone and email verification. Trading limits are determined by your verification level and the market you’re trading in. For instance, fiat currency trades are capped at $5,000, while withdrawal limits start at 2 BTC or its equivalent value in AUD. Whether you’re looking to trade cryptocurrencies, explore decentralized finance, or invest in a diverse range of digital assets, Binance has everything you need to take your trading journey to the next level. Binance, despite suffering a hack in 2019, stands tall as one of Australia’s most secure crypto exchanges. Offering significant discounts to BNB token holders, they’ve recently introduced the Binance Coin, further sweetening the deal. What’s more, their Binance Visa card lets you spend your crypto anywhere, with over 60 million merchants worldwide accepting it. That’s why, when it comes to the 10 best exchanges in Australia, Binance securely claims a top spot.

• Binance Australia
  • Pros: World-class exchange with significant liquidity. Trading fees start at 0.1% for maker and taker orders. An advanced trading interface accessible on desktop and mobile apps. A wide range of crypto services and features.
  • Cons: Too complex for some seeking to buy and hold crypto. Limited deposit options for Australians.

Pionex

Pionex, a top crypto exchange in Australia, stands out with its free trading bots for automated transactions, aiming to boost your profits. Among the 10 best exchanges, Pionex shines for its innovative features.

• Fees: 0.05% on spot trading
• Cryptocurrencies supported: 120+
• CoinLedger Rating: 9.1/10

BTCC

BTCC, serving over 1 million users globally, offers margin trading up to 225x. The platform, which was established in 2011, has become renowned for its high-leverage trading options, providing users with powerful tools to maximize their trading potential.

• Fees: 0.03% spot trading
• Cryptocurrency selection: 300+
• CoinLedger Rating: 8.9/10

Swyftx: Top Aussie Exchange

Swyftx, with over 4,600 reviews on TrustPilot and an average rating of 4.6/5, earns a spot on our list of the top 10 crypto exchanges in Australia. The platform has continuously enhanced the user experience, catering to individuals’ needs. You can deposit Australian Dollars (AUD) to buy over 350 cryptocurrencies swiftly. They also offer a referral code for new users to get $20 in free Bitcoin. Once your account is verified, you can deposit AUD funds using various payment methods, including bank transfers, POLi, credit/debit cards, PayID, and cryptocurrencies from your external wallet. Swyftx’s customizable dashboard is great for tracking the digital currencies in your wallet. Additionally, they provide crypto bundles, which are groups of crypto assets that can be purchased in a single transaction or recurring orders. Regarding fees, Swyftx charges between 0.1% and 0.6%, depending on the order value. Looking for top crypto exchanges in Australia? Swyftx stands out with zero fees on AUD deposits from bank accounts. New to crypto? No worries, Swyftx offers a demo mode for trading practice, no real funds needed. Check out our list of the 10 best exchanges, with Swyftx leading the way.

• Swyftx Pros:
  • Offers a wide range of cryptocurrencies for buying and selling.
  • Features a demo mode with $10,000 virtual AUD.
  • Boasts excellent customer ratings and reviews on TrustPilot.
  • Includes an integrated TradingView charting package with advanced tools and indicators.

Kraken

Discover the top 10 cryptocurrency exchanges in Australia. Kraken stands out, offering global services with low fees and support for advanced transactions, ideal for seasoned investors seeking a reliable platform.

• Fees: 0 – 0.26% on Kraken Pro
• Cryptocurrency selection: 200+
• CoinLedger Rating: 9.3/10

CoinSpot

With over 2.5 million users and support for more than 440 cryptocurrencies, CoinSpot stands as one of Australia’s oldest and most trusted crypto exchanges, providing reliable services since its establishment in 2013.

• Fees: 0.1% on spot trading
• Cryptocurrency selection: 440+
• CoinLedger Rating: 9.6/10

Can Australians Purchase Cryptocurrency With Their Debit or Credit Cards?

Many Australian crypto exchanges and international platforms catering to the Australian market allow users to purchase cryptocurrencies using Australian debit and credit cards, offering a quick and convenient way for Aussies to buy crypto. However, some banks or card issuers may restrict or block cryptocurrency purchases, so it’s advisable to check with your financial institution beforehand. Additionally, using cards often incurs higher fees compared to other payment methods like bank transfers, and investors should be aware of any foreign transaction fees that may apply, especially on international platforms. To find the most cost-effective option, investors should compare fees across different exchanges and payment methods. Popular exchanges like Binance Australia support card payments, but it’s essential to consider all factors before making a purchase.

How does Australia tax cryptocurrency?

Cryptocurrency is treated as property in Australia and is therefore subject to Capital Gains Tax (CGT). When disposing of crypto assets, such as selling, trading, or using them to purchase goods and services, any financial gain is taxable. Both individuals and businesses must report these transactions to the Australian Taxation Office (ATO) and pay CGT on any profit. However, if the cryptocurrency is held for more than 12 months before disposal, individuals may be eligible for a 50% CGT discount. Additionally, if cryptocurrencies are used as part of a business, the transactions may be subject to income tax. Regulations are constantly evolving, so it’s crucial for users to consult with a local accountant or financial advisor to ensure compliance with local laws. Moreover, it’s essential for crypto users to keep detailed records of all transactions, including dates, values, and the purpose of each transaction, to ensure accurate tax reporting and compliance with Australian tax laws.

Is Cryptocurrency Subject to Regulation in Australia?

In Australia, cryptocurrency exchanges are subject to regulation by the Australian Transaction Reports and Analysis Centre (AUSTRAC), ensuring compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) legislation. Moreover, the Australian Securities and Investments Commission (ASIC) plays a role in regulating initial coin offerings (ICOs) and financial products linked to crypto-assets. This dual regulatory framework aims to maintain market integrity and protect investors in the dynamic and evolving cryptocurrency landscape.

Does Australia Tax Cryptocurrency Holdings?

Cryptocurrency, recognized as property in Australia, is indeed taxed, specifically under capital gains tax (CGT). Disposal of crypto assets leading to financial gains is taxable, necessitating meticulous record-keeping for precise tax filings. Given the evolving regulatory landscape, it’s imperative for users to consult local accounting or financial experts to stay aligned with the latest tax regulations.

Can Australian Dollars (AUD) Be Used to Purchase Cryptocurrencies?

Most Australian crypto exchanges enable buying cryptocurrencies directly with AUD, eliminating the need to convert to USD. These exchanges often provide AUD trading pairs for top cryptocurrencies like Bitcoin and Ethereum. To deposit AUD, users can choose from various methods, including bank transfers, POLi, PayID, BPAY, and even credit or debit cards on certain platforms.