EToro VS BTCC Crypto Exchanges in Australia for 2024 – Reviews & Guide

Discovering the ideal cryptocurrency exchange in Australia can be challenging, given the wide array of options. From 2019 to 2022, a Statista survey revealed that one in four Australians own crypto, highlighting the soaring demand and subsequent emergence of numerous trading platforms. To navigate this landscape, we’ve crafted a guide evaluating top exchanges based on key criteria: regulatory compliance, fee transparency, and customer support responsiveness. Read on to find your perfect match among Australia’s leading crypto exchanges.

What Are Australia’s Top Crypto Exchanges?

eToro Exchange

Looking for the ultimate crypto trading experience in Australia? Look no further than eToro, the top-rated crypto exchange that offers a comprehensive suite of features for traders of all levels. With real-time insights, customizable risk management tools, staking services, and advanced analysis options, eToro sets the standard for trading excellence. What’s more, its copy trading functionality allows you to mirror the strategies of successful investors within the eToro community, elevating your trading game to new heights. Beyond cryptocurrencies, this ASIC-regulated platform provides access to a wide array of forex, stocks, and ETFs, ensuring a one-stop-shop for all your investment needs. And with a demo account loaded with AUD 100,000, you can test-drive your trading strategies before going live. Aussie traders will appreciate eToro’s straightforward and cost-effective AUD deposit options. When it comes to fees, eToro stands out with its variable trading fees based on the spread, offering a competitive edge in the market. Plus, no commissions on initial trades mean more profits for you. Embrace eToro today and unlock the full potential of your trading journey!

• Best Australian crypto exchange in 2024
• Registered with ASIC
• Pioneer of copy-trading
• Strong community and social focus
• Limited crypto selection (Con)
• High spreads (Con)

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 providing users with powerful trading options.

• 0.03% spot trading fees
• 300+ cryptocurrencies
• CoinLedger Rating: 8.9/10

BTCC has recently unveiled a copy trading feature that offers lead traders an industry-leading profit-sharing rate of 10-15%, calculated based on their 30-day average assets under management (AUM) and settled daily. This innovative features traders to start leading early, enabling them to swiftly build their AUM and maximize their profit-sharing potential. Copy traders, on the other hand, can leverage the expertise of proven lead traders while enjoying flexible customization options such as adjusting position size, setting maximum margin, and defining take profit and stop loss parameters for each order. Additionally, the copy stop loss feature empowers them to manage risk and optimize their portfolios effectively. With two distinct copy trading  a fixed amount or a specific ratio of the lead trader’s traders have the freedom to tailor their futures trading according to their preferences and risk tolerance. Furthermore, they have the liberty to copy up to 10 lead traders without any restrictions on the number of trades they can replicate, providing them with ample opportunities to diversify their trading strategies and maximize their earnings potential. BTCC’s copy trading stands out in the crypto industry, offering a seamless trade management experience. With its unique feature of segregating copy/lead trades from users’ personal trades, daily profit settlement, and notably higher profit sharing rates than competitors, BTCC ensures a more straightforward and lucrative trading journey for its users.

Pionex

Maximize your crypto returns with Pionex! This exchange not only offers seamless transactions but also provides free trading bots to automate your trades, ensuring you never miss a profitable opportunity.

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

Binance

Bi na nc e stands out as an in te rn at io na l cr yp to cu rr en cy ex ch an ge, offering investors a comprehensive array of digital assets tailored for trading. Its advanced trading and investment features, including cryptocurrency futures, margin trading, and leveraged trading, cater to a wide range of trader needs. Notably, the exchange also provides decentralized finance services, staking, savings, and crypto-backed loans, marking its versatility in the crypto space. Unlike many Au st ra li an exchanges, Bi na nc e facilitates trading in multiple fiat currencies, bridging the gap between traditional and digital finance. The identity verification process at Bi na nc e is straightforward, requiring only essential details like government-issued ID, phone, and email verification. Trading limits are determined by your verification level and the specific 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. Binance, a top-tier secure Australian exchange, bounced back strongly after a 2019 hack. Offering impressive discounts for BNB token holders, they recently unleashed the Binance Coin, revolutionizing crypto trades. What’s more, the Binance Visa card, accepted at over 60 million merchants worldwide, now lets you seamlessly use your crypto for everyday transactions. Binance, leading the way in security, convenience, and global reach.

• Binance Australia
  • Pros: World-class exchange with significant liquidity. Trading fees start at 0.1% for maker and taker orders. Features an advanced trading interface accessible on desktop and mobile apps, along with a wide range of crypto services and features.
  • Cons: Can be too complex for those wanting a simple buy-and-hold crypto experience. Limited deposit options for Australians.

Kraken

Kraken, an American-based crypto exchange, offers low fees and supports advanced transactions, making it an excellent choice for seasoned investors worldwide. With its global reach and investor-friendly features, Kraken stands out as a premier platform for experienced traders seeking a cost-effective and comprehensive crypto trading experience.

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

CoinSpot

With over 2.5 million users and 440+ cryptocurrencies supported, CoinSpot stands as a prominent and well-established exchange in Australia since 2013. The platform’s longevity and wide range of offerings make it a top choice for crypto traders.

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

How Does a Cryptocurrency Exchange Work?

Cryptocurrency exchanges in Australia function much like traditional trading platforms, offering accounts that enable users to execute various types of crypto trading orders. Equipped with several advanced trading features, these platforms enhance the depth of trading strategies. Additionally, some exchanges diversify their offerings with options like crypto staking and lending services. Centralized Exchanges (CEX) are managed by a centralized organization, facilitating the direct purchase of crypto with Australian dollars (AUD). However, they may require users to adhere to Know-Your-Customer (KYC) protocols, involving the disclosure of their identity. These exchanges provide a user-friendly gateway into the crypto market, while also ensuring compliance with regulatory requirements.

• Decentralized Exchanges (DEX): These platforms facilitate direct trading between users through smart contracts, eliminating central intermediaries. They utilize Automated Market Makers (AMMs) instead of an order book, enabling instant liquidity access. DEXs offer transparency in fund movements and exchange mechanisms, reducing counterparty and systemic centralization risks. However, they tend to be less user-friendly and don’t support fiat currencies.
• Crypto Brokers: Similar to traditional brokers, crypto brokers serve as financial intermediaries for those wishing to exchange fiat money for cryptocurrencies. They charge a premium for their services. Buying cryptocurrency through a broker is extremely easy, even without much knowledge, but the fees can be higher compared to a crypto exchange. Brokers often don’t provide advanced trading options like margin trading.
• P2P Exchanges: These exchanges enable direct trading of crypto assets between users, allowing individuals to choose their trading partners freely. This approach offers traders more privacy, transparency, asset control, and security, as they can establish their own trading terms.

How Do Australian Crypto Exchanges Operate?

Cryptocurrency exchanges provide the necessary tools for buying and selling crypto assets, operating similarly to traditional stock exchanges. These platforms facilitate the trading of digital currencies, offering investors a seamless experience with competitive fees and robust security features. Unlike traditional exchanges limited by specific trading hours, crypto exchanges remain active 24/7, catering to a global market. Users can access a variety of trading and investment services, all while the exchanges cover their costs through fees imposed on transactions. When it comes to the best crypto exchanges in Australia, they prioritize user-friendliness, security, and efficiency, ensuring a safe and reliable trading environment for all.